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ISTANBUL, May 23 (Reuters) - Here are news, reports and events that may affect Turkish financial markets on Wednesday.
The lira stood at 4.7775 against the U.S. dollar at 0530 GMT, weakening from a close of 4.6746 on Tuesday and having hit a record low of 4.8450 overnight, bringing its declines so far this year to more than 21 percent.
The yield on the benchmark 10-year bond was at 14.88 percent in spot trade on Tuesday and rose to 14.95 percent in Wednesday-dated trade.
The main BIST 100 share index rose 1.05 percent to 103,327.74 points on Tuesday.
GLOBAL MARKETS Asian shares were mostly weak on Wednesday with investors cautious after U.S. President Donald Trump tempered optimism over progress made so far in trade talks between the world’s two largest economic powers. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.2 percent, while Japan’s Nikkei lost as much as 1.4 percent to hit a 1-1/2-week low and the Shanghai Composite Index retreated 0.6 percent.
ERDOGAN President Tayyip Erdogan will hold regular meetings with Prime Minister Binali Yildirim (1100 GMT) and the head of the National Intelligence Agency (MIT) Hakan Fidan (1230 GMT). He will hold a fast-breaking dinner with former members of parliament (1710 GMT).
AK PARTY NEWS CONFERENCE Mahir Unal, spokesman of Erdogan’s ruling AK Party, will hold a news conference (1100 GMT).
CONFIDENCE INDEX The Turkish Statistical Institute will announce consumer confidence index data for May (0700 GMT).
FORD OTOSAN The automaker will hold a news conference (0630 GMT).
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Istanbul National-100 stock index, interbank lira trading, lira bond trading (Writing by Daren Butler)
| ashraq/financial-news-articles | https://www.reuters.com/article/turkey-factors/turkey-factors-to-watch-on-may-23-idUSL5N1SU0M9 |
North Korea suspends talks with South Korea due to drills 1 Hour Ago CNBC's Eamon Javers reports that talks between North Korea and South Korea are suspended due to military drills in the south. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/north-korea-suspends-talks-with-south-korea-due-to-drills.html |
NEW YORK (AP) — U.S. stocks are climbing Wednesday and have recovered almost all of their losses from the day before as investors hope Italy might be able to avoid a new round of elections. Banks are rising along with bond yields after outsize losses a day ago and energy companies are breaking out of a five-day losing streak as oil prices rise. Smaller companies are surging after they suffered only modest losses the day before.
KEEPING SCORE: The S&P 500 index gained 32 points, or 1.2 percent, to 2,722 as of 12:15 p.m. Eastern time. It lost 1.2 percent Tuesday. The Dow Jones industrial average rose 272 points, or 1.1 percent, to 24,633. The Nasdaq composite added 70 points, or 1 percent, to 7,467. The Russell 2000 index leaped 24 points, or 1.5 percent, to 1,648, which put the index on pace for another record close.
The Russell fell less than the rest of the market on Tuesday and has fared better than other indexes in recent weeks. It closed at an all-time high on May 21.
ITALY IN FOCUS: Stocks in the U.S. and Europe sank Tuesday as investors worried that Italy would have new elections in a few months and that the vote would become a referendum on whether Italy, the third-largest economy in Europe, would stay in the euro. On Wednesday, premier-designate Carlo Cottarelli said there were "new possibilities" to form a government.
Italy's FTSE MIB stock index climbed 2.1 percent after a 2.7 percent drop a day earlier. Prices for Italian government bonds also rose, sending yields down following a huge surge the day before.
The euro rose to $1.1660 from $1.1531 a day earlier, which was its lowest level in almost a year. The dollar rose to 108.98 yen from 108.24 yen.
Germany's DAX climbed 0.9 percent while the FTSE 100 index in Britain rose 0.7 percent. The CAC 40 in France lost 0.2 percent.
BONDS: Bond prices fell. The yield on the 10-year Treasury note rose to 2.85 percent from 2.79 percent. Interest rates rose and bank stocks recovered about half of their losses from Tuesday. When rates rise, banks can make more money on mortgages and other types of loans.
TRADE WOES: A day after the U.S. renewed a threat to raise duties on a $50 billion list of Chinese goods, China's government accused the Trump administration of hurting its credibility by acting erratically and vowed to react if new tariffs are implemented. China said the new threat conflicts with an agreement in mid-May aimed at settling the dispute. It had threatened to respond by raising tariffs on beef, soybeans, and other imports from the U.S.
Investors have moved money into smaller and more U.S.-focused companies in response to the ongoing trade tensions, while multinational companies have had a rougher ride. Unlike the Russell, S&P 500 and Nasdaq, the Dow average has yet to recover from Tuesday's losses.
ENERGY: Energy companies rose as U.S. crude oil climbed 2.4 percent to $68.36 per barrel in New York. Brent crude, used to price international oils, added 2.5 percent to $77.33 a barrel in London.
Exxon Mobil jumped 3.5 percent to $81.18 and Chevron rallied 2.9 percent to $124.88.
Oil prices fell 7.6 percent in the last week following reports OPEC countries and Russia might start producing more oil soon. Those countries cut production at the start of 2017, which helped take U.S. crude from about $50 a barrel in late 2016 to more than $70 this month. They had agreed to keep production at its current levels until the end of this year, but upheaval in Venezuela and new sanctions on Iran could change their plans.
EARNINGS: Wall Street continued to pore over quarterly results from retailers. Dick's Sporting Goods soared 25.2 percent to $38.15 after it raised its annual profit forecast. Its first-quarter report was better than expected thanks in part to strong online sales. Watchmaker Movado Group rallied 15.8 percent to $48.85.
Elsewhere, printer and PC maker HP also raised its profit projections after its earnings and sales surpassed analyst estimates. HP climbed 4 percent to $22.15.
Clothing company Chico's FAS plunged 20.5 percent to $7.95 after its profit fell short of expectations and luxury retailer Michael Kors dropped 13.2 percent to $59.24 following a disappointing forecast for the year. Shoe retailer DSW gave up some of its gains from earlier in the year as it lost 7.1 percent to $24.22.
SURVEY SAYS: Payroll processor ADP said private U.S. businesses added 178,000 jobs in May. That's a solid number even though it's not as many jobs as they added over the winter. ADP reported strong hiring in the construction, education and health care fields as well as professional and business services. The federal government will release a jobs report Friday that also includes hiring by government agencies.
ASIA: Japan's Nikkei 225 stock index dropped 1.5 percent and the Kospi of South Korea dropped 2. The Hang Seng in Hong Kong slipped 1.4 percent.
AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP . His work can be found at https://apnews.com/search/marley%20jay | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/the-associated-press-us-stocks-surge-as-italian-worries-ease-oil-prices-climb.html |
May 15, 2018 / 8:36 PM / in 6 minutes Greece passes asylum bill to ease overcrowding in island camps Reuters Staff 3 Min Read
ATHENS (Reuters) - Greece’s parliament passed a bill on Tuesday aimed at making asylum procedures simpler and faster and to ease overcrowding on its island refugee camps. FILE PHOTO: Refugees and migrants line up to receive their lunch provided by the Greek authorities, at a makeshift camp next to the Moria camp on the island of Lesbos, Greece, November 30, 2017. REUTERS/Alkis Konstantinidis/File Photo
Five camps on Greek islands close to the Turkish coast hold more than double their capacity, government figures show, and have been mired in violence over living conditions and delays in asylum claims that often take months to process.
Human rights groups and the European Commission, which has offered Greece millions of euros in emergency aid, have criticized the government for not doing enough to manage the situation.
Addressing lawmakers before the vote, Migration Minister Dimitris Vitsas acknowledged that the bill “will not magically solve the refugee and migration issue” but said the government wanted to reduce the wait for thousands of asylum seekers.
“What are we seeking to do with this bill? To carry out a speedy processing of asylum claims while respecting the rights of those seeking international protection,” he said. The government also planned to hire more staff, including on the islands, he said. FILE PHOTO: Syrian refugee Bashar Wakaa (3rd L) and his family stand in front of their tents at a makeshift camp for refugees and migrants next to the Moria camp on the island of Lesbos, Greece, November 30, 2017. REUTERS/Alkis Konstantinidis/File Photo
On Monday, a dozen human rights groups criticized the bill, which also foresees a shortened appeals procedure for rejected asylum seekers, saying it would lead to slapdash procedures violating refugees’ rights.
The bill also allows for the imposition of a ban on asylum-seekers traveling beyond the islands until their claims are processed, which had been lifted by Greece’s top administrative court last month.
Greece has for years been a gateway to Europe for refugees fleeing violence in the Middle East and beyond, arriving via Turkey before traveling north to wealthier European nations.
A 2016 European deal with Turkey has stemmed the flow but effectively trapped thousands in Greece until their asylum applications are processed.
Although the number of new arrivals remains well below 2015 levels, the pace has picked up in recent months both through the Greek islands and on Greece’s northern land border with Turkey, United Nations data shows. Reporting by Karolina Tagaris; editing by David Stamp | ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-migrants-greece-asylum/greece-passes-asylum-bill-to-ease-overcrowding-in-island-camps-idUSKCN1IG37J |
BERLIN (Reuters) - German inflation soared more than expected in May, propelled by higher energy costs to its highest level in more than a year and surpassing the European Central Bank’s target of just under 2 percent for the euro zone as a whole.
German consumer prices, harmonized to make them comparable with inflation data from other European Union countries, rose by 2.2 percent year-on-year after an increase of 1.4 percent the month before, the Federal Statistics Office said.
This was the fastest pace since February 2017 and beat a Reuters consensus forecast for a rise of 1.8 percent.
On the month, EU-harmonized prices were up 0.6 percent, the preliminary numbers showed. That compared with the Reuters consensus forecast for an increase of 0.3 percent.
“German inflation is now showing its true colors,” KfW bank economist Joerg Zeuner said, adding that a rate of around 2 percent reflected Germany’s strong upswing.
“It supports the ECB’s path to cautiously exit its unconventional monetary policy,” Zeuner added.
In another sign of accelerating inflation in the euro zone, Spanish consumer prices rose in May at their fastest pace since April 2017, also topping the ECB’s target level as energy costs went up.
The stronger-than-expected inflation figures are likely to play into the hands of policy hawks, including Bundesbank head Jens Weidmann, who want the ECB to end its asset purchases this year and see room for a rate hike towards the middle of 2019.
But investors have dropped long-standing bets that the ECB would raise rates in June 2019 amid signs of weaker economic growth in the euro zone and market turmoil associated with a political crisis in Italy.
In Portugal, annual consumer price inflation rose to 1.0 percent in May, up from 0.4 percent in the previous month, data from the National Statistics Institute showed on Wednesday.
The euro zone will publish preliminary May inflation data on Thursday, with the annual rate expected to rise to 1.6 percent from 1.2 percent in April, according to a Reuters poll.
The German statistics office did not provide a preliminary reading for core inflation. But regional data from the states suggested that higher prices for energy, food and transport were the main drivers of the surge in May.
“The ECB now faces a classic stagflationary shock, with higher inflation and slower growth,” Oxford Economics analyst Nicola Nobile said.
She added, however, that she still expected the ECB to end its bond purchases this year, to avoid the risk of second-round effects on inflation.
FILE PHOTO: The skyline, with its characteristic banking towers, is reflected in river Main in Frankfurt, Germany, October 1, 2017. REUTERS/Kai Pfaffenbach Reporting by Michael Nienaber; additional reporting by Paul Day in Madrid and Axel Bugge in Lisbon; Editing by Maria Sheahan, Larry King
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-economy-inflation/german-inflation-overshoots-ecb-target-in-may-idUSKCN1IV1JC |
SAN FRANCISCO, May 24 (Reuters) - Facebook Inc on Thursday launched an archive of U.S. political ads that appear on the world’s largest social network, showing who paid for them and other details, after an outcry over Russians’ alleged purchase of such ads during the 2016 elections.
The archive tool will be rolled out to other countries in coming months, it added.
Facebook, which has 2.2 billion monthly active users, pledged seven months ago to create a cache, saying on the eve of U.S. congressional hearings that it wanted to increase transparency about its role in political advertising.
Digital services such as Facebook, Twitter Inc and Alphabet Inc’s Google and YouTube have upended how political campaigns reach voters in many countries because of their power at targeting ads at narrow audiences and their low cost compared to television ads.
Beginning on Thursday, all U.S. ads about elections or political issues on Facebook and Instagram, which is owned by Facebook, must be labeled with the payer, Rob Leathern, Facebook’s director of ad product management, said in a post on a company blog. The archive begins with ads that ran in May.
Clicking on the label will take people to a searchable archive with information such as the campaign budget, how many people saw it and the demographics of those people such as age, location and gender, Leathern said.
“We believe that increased transparency will lead to increased accountability and responsibility over time - not just for Facebook but advertisers as well,” Leathern said.
Google and Twitter have said that they plan to build similar searchable databases.
A Russian propaganda arm tried to tamper in the 2016 U.S. elections by posting and buying ads on Facebook, according to the company and U.S. intelligence agencies. Moscow has denied involvement.
In February, the office of U.S. Special Counsel Robert Mueller charged 13 Russians and three Russian companies with participating in a criminal and espionage conspiracy.
The United States is entering a heated political season ahead Nov. 6 elections that will test the strength of President Donald Trump. Voters will choose all 435 members of the House of Representatives and one-third of the 100-member Senate.
Reporting by David Ingram; Editing by Richard Chang
| ashraq/financial-news-articles | https://www.reuters.com/article/facebook-politics/facebook-launches-searchable-archive-of-u-s-political-ads-idUSL2N1SV1FV |
CHICAGO—Chicago Mayor Rahm Emanuel is facing a crowded field of challengers for next February’s election as the two-term mayor continues to tout the city’s business success and braces for a racially charged police-shooting trial this summer.
While the growing pool of candidates indicates the former chief of staff to then President Barack Obama may be vulnerable, Mr. Emanuel still outstrips them all in name recognition and fundraising.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/chicago-mayor-emanuel-faces-crowded-field-in-bid-for-third-term-1525971520 |
May 4 (Reuters) - Verizon Communications Inc:
* VERIZON FILES PRICING TERM SHEET WITH U.S. SEC RELATED TO OFFERING OF $730 MILLION 5.32% NOTES DUE 2053 - SEC FILING Source text - bit.ly/2KCQcsv Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-verizon-files-pricing-term-sheet-w/brief-verizon-files-pricing-term-sheet-with-u-s-sec-related-to-offering-of-730-million-5-32-notes-due-2053-idUSFWN1SB14P |
April 30 (Reuters) - PerkinElmer Inc:
* PERKINELMER - QTRLY EARNINGS PER SHARE FROM CONTINUING OPERATIONS $0.23; QTRLY ADJUSTED EARNINGS PER SHARE $0.63
* PERKINELMER - QTRLY GAAP REVENUE ABOUT $644 MILLION VERSUS $514.1 MILLION LAST YEAR
* PERKINELMER - RAISES FY 2018 GUIDANCE
* PERKINELMER - FOR 2018, SEES GAAP EPS FROM CONTINUING OPERATIONS OF $2.25 AND, ON NON-GAAP BASIS EPS OF $3.60
* Q1 EARNINGS PER SHARE VIEW $0.61, REVENUE VIEW $619.6 MILLION — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $3.53 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-perkinelmer-qtrly-earnings-per-sha/brief-perkinelmer-qtrly-earnings-per-share-from-continuing-operations-0-23-idUSB8N1LI03K |
BARCELONA (Thomson Reuters Foundation) - In a typical Barcelona office scene, two workers chat about last night’s football match before a meeting. But these are not your average employees – one is autistic and the other has Down syndrome.
La Casa de Carlota, in the Spanish city’s trendy Poblenou district, is an advertising agency with a difference, employing people with autism, Down syndrome and other intellectual disabilities as designers.
“People with Down syndrome are very naive ... they have an imagination that is very natural, fresh,” Jose Maria Batalla, who founded La Casa de Carlota - or The House of Charlotte - in 2013, told the Thomson Reuters Foundation.
The innocent and spontaneous way they approach their designs sits very well with the firm’s clients, he said, which include food companies Nestle, Danone and San Miguel, as well as local municipal projects.
Meanwhile, people with autism “see the world in a very special – surrealist – way,” he said, referring to the developmental disorder associated with poor social, emotional and communication skills.
La Casa de Carlota is a rarity anywhere in the world, but it is particularly novel in Spain, where few companies aim to both chase profits and generate social change.
Social enterprise is a term that is rarely used in the southern European country although it does have a tradition of tackling social change through foundations, co-operatives and other non profits.
The sector has grown since 2011 because of cuts to public funding and unemployment caused by Spain’s financial crisis, as well as a burgeoning entrepreneurial spirit, according to Social Enterprise Espana, which represents about 100 such businesses.
CHILD-LIKE
After a briefing, everyone sat down for a two-hour session to design posters for a competition to promote Barcelona’s municipal food markets, organized by the City Hall.
Within minutes, the table was a patchwork of felt tips, chalk, tracing paper, photos and glue as the team made initial designs inspired by photos of a nearby market.
Quim Jane, a 28-year-old with Down syndrome - a genetic disorder that often affects speech and motor skills - filled his paper with feathery black lines, all the while chatting to his neighbor.
Seemingly out of nowhere, a bold market sketch emerged.
The pleasure he took in his work was obvious. “I have been coming since the very beginning, when the studio began and there were just three of us,” he said proudly.
“At this stage, it’s total chaos,” said Batalla. “They make mountains of images ... These then go to the rest of the design team and we select the most interesting ones to use later.”
The studio also employs professional illustrators and takes international design students as interns. The finished images, which tend be unusual and child-like, contain elements of different people’s designs.
“I like trying everything, I do as much as I can,” said Odile Fernandez, who has Down syndrome and, like most of her colleagues, had never worked before joining La Casa de Carlota.
She moved quickly, joining cut-up bits of photos with elegantly-drawn black lines and small bursts of color. Satisfied, she discarded the drawing to one side and took a new blank sheet of paper and started a second design.
Batalla hopes that the work of the studio - which is registered as a limited company - can help to counter prejudices about who is and who is not employed in an office environment.
“They are working with students, other designers – very professional people – they’re not people with Down syndrome just talking to other people with Down syndrome,” he said, adding that it is important they feel involved in normal life.
“In the time of Walt Disney ... it wasn’t normal that a woman worked in a design studio, it was prohibited,” he said.
“Well, 50 years from now, it might be normal to have people with Down’s working in design studios too.”
La Casa de Carlota opened a second design studio in Colombia three years ago.
RECOGNITION There is no formal definition of what constitutes a social enterprise in Spain, according to the European Commission.
“A good number of people and organizations don’t know what a social enterprise is,” said Javier Goizueta, founder of Social Enterprise Espana, the Madrid-based members’ organization.
But interest in businesses doing good has grown as people who used to work for charities got tired of dealing with the bureaucracy and switched to social enterprises, he said.
“Technology and the internet have reduced the costs of marketing and other strategies so people can, with only a little bit of money, set up a social enterprise,” he said.
Another Spanish social enterprise gaining recognition is sustainable fashion brand Ecoalf, which recycles ocean debris, like fishing nets and plastic bottles, into clothes and textiles and also develops innovations to eliminate waste in the sea.
The company, founded in 2012, has stores in Madrid and Berlin and has designed products for brands including the coffee company Starbucks and Swatch watchmakers, and fabric for U.S. fashion label Marc Jacobs.
Reporting by Sophie Davies; Editing by Katy Migiro. 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 to see more stories.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-spain-business-disability/brands-flock-to-spanish-special-needs-designers-with-surreal-talents-idUSKBN1IB009 |
BASEL, Switzerland, May 31, 2018 (GLOBE NEWSWIRE) -- Axovant Sciences (NASDAQ:AXON) today announced that Pavan Cheruvu, M.D., chief executive officer, will present a corporate overview at the Jefferies 2018 Global Healthcare Conference on June 7, 2018 at 9:00 a.m. ET, and at the JMP Securities Life Science Conference on June 21, 2018 at 9:00 a.m. ET.
A live webcast will be available for each conference in the Investors section of Axovant's website at www.axovant.com . A replay will be available for 30 days following each conference.
About Axovant Sciences
Axovant is a clinical-stage biopharmaceutical company dedicated to advancing innovative treatments for patients with serious neurologic and neuropsychiatric conditions. Axovant is committed to developing and commercializing a pipeline of product candidates by identifying and developing novel treatments for unmet needs in neurology and psychiatry.
For more information, visit www.axovant.com .
Contacts:
Investors
Tricia Truehart
(631) 892-7014
[email protected]
Media
Paul Davis
(646) 495-5310
[email protected]
SOURCE Axovant Sciences
Source:Axovant Sciences Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/globe-newswire-axovant-to-present-at-two-upcoming-investor-conferences.html |
May 29, 2018 / 9:01 AM / Updated 21 minutes ago 'Radicalized' Belgian convict kills three before being shot dead Francois Lenoir , Christopher Stern 4 Min Read
LIEGE, Belgium (Reuters) - A man killed two policewomen and a bystander in the Belgian city of Liege on Tuesday before being gunned down at a school in what officials say was a terrorist attack by a radicalized “lone wolf” just out of prison.
The man was named by public broadcaster RTBF as a 36-year-old petty criminal and drug dealer who was let out on day-release just on Monday.
A Belgian lawmaker said he had been on an anti-terrorist police watchlist after being radicalized in jail, apparently as a convert to Islam - raising questions about why he seems to have been freed unsupervised and expected to return.
Officials said the man attacked the policewomen, aged 45 and 53, from behind with a knife - described as a box-cutter by RTBF - around 10:30 a.m. (0830 GMT) on a boulevard in the centre of Belgium’s third city, near the German border.
After slashing the officers, the man seized their handguns and shot both. He shot dead a 22-year-old trainee teacher who was sitting in a car before entering a high school about 100 metres (yards) away and taking two female employees hostage.
That triggered a major intervention by armed police. Pupils were moved to safety as a gunbattle broke out that sent people in the street racing for cover. Four police officers were wounded before the attacker was finally killed.
“The goal of the assassin was to target the police,” Liege police chief Christian Beaupere told a news conference.
The attacker’s profile showed up concerns about the risks of petty criminals, including those not from Muslim backgrounds, being inspired to Islamist violence while incarcerated. Convicts have been behind several recent attacks in Europe, including some using little more weaponry than a knife or rental truck.
The national crisis centre, on high alert since attacks by Islamic State in Paris and Brussels in the past three years, said it had not raised its alert level - an indication the man was acting alone and so follow-up attacks were not expected. Police officers and forensics experts are seen on the scene of a shooting in Liege, Belgium, May 29, 2018. REUTERS/Francois Lenoir
La Libre Belgique newspaper quoted a police source as saying the gunman shouted “Allahu Akbar” - God is greatest in Arabic. Beaupere declined to comment when asked about that.
A Koran and prayer rug were found during a search of his cell, Paris-Match magazine said. Belgian media said he had been put on the radical watchlist last year. De Standaard newspaper said police also suspected him of the murder late on Monday of a criminal associate whose body was found south of Liege.
Confirming that the attacker was on the police watchlist, lawmaker George Dallemagne, who sits on several Belgian parliamentary security committees, tweeted: “The supervision of radicalized prisoners remains tragically flawed.” GUNNED DOWN
Images posted on social media showed elements of the drama:
What appeared to be the bodies of the two police officers, arms bare on a hot sunny morning, wearing protective vests and lying in pools of blood a couple of metres apart outside a cafe; the gunman, dressed in black, waving a pistol in each hand, standing in the middle of the road; and finally the assailant emerging from the school onto the street, firing on police, who gun him down.
Prime Minister Charles Michel and King Philippe visited Liege, the biggest city in Belgium’s French-speaking Wallonia region. An industrial hub on the Meuse river, it was the scene of a mass shooting in 2011, when a man killed four people and wounded over 100 others before turning his gun on himself. Slideshow (25 Images)
A Brussels-based Islamic State cell was involved in attacks on Paris in 2015 that killed 130 people and on Brussels in 2016 in which 32 died.
The Brussels IS cell had links to militants in Verviers, another industrial town close to Liege, where in early 2015 police raided a safe house and killed two men who had returned from fighting with radical Islamists in Syria. Additional reporting by Robert-Jan Bartunek, Alissa de Carbonnel and Philip Blenkinsop in Brussels; writing by Alastair Macdonald; editing by Andrew Roche | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-belgium-shooting/woman-taken-hostage-after-shooting-in-belgian-city-of-liege-report-idUKKCN1IU0VM |
April 30 (Reuters) - INVESTBANK CO:
* Q1 PROFIT 3 MILLION DINARS VERSUS 4.3 MILLION DINARS YEAR AGO
* Q1 NET INTEREST INCOME 7.9 MILLION DINARS VERSUS 7.3 MILLION DINARS YEAR AGO Source: ( bit.ly/2jhF8nT ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jordans-investbank-q1-profit-falls/brief-jordans-investbank-q1-profit-falls-idUSFWN1S714R |
Discussing the possible impact of regulation on tech firms 14 Hours Ago Grant Bowers of Franklin Equity Group says the business models of leading tech companies, known collectively as the FAANG stocks, are "really durable." | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/discussing-the-possible-impact-of-regulation-on-tech-firms.html |
May 8 (Reuters) - Prothena Corporation PLC:
* PROTHENA REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDES RESEARCH AND DEVELOPMENT UPDATE
* Q1 REVENUE $200,000 VERSUS $300,000 * Q1 EARNINGS PER SHARE VIEW $-0.86 — THOMSON REUTERS I/B/E/S
* Q1 REVENUE VIEW $32.7 MILLION — THOMSON REUTERS I/B/E/S * AS OF MARCH 31, 2018, CO HAD $433.1 MILLION IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH AND NO DEBT
* WITH RECENT DISCONTINUATION OF NEOD001 PROGRAM, COMPANY IS DEVELOPING A REORGANIZATION PLAN
* WITH RECENT DISCONTINUATION OF NEOD001 PROGRAM, COMPANY IS ASSESSING ITS RESOURCES RELATIVE TO ITS CURRENT PIPELINE
* EXPECTS TO PROVIDE AN UPDATE DURING Q2 ON REORGANIZATION PLANS AND FINANCIAL GUIDANCE FOR 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-prothena-reports-q1-loss-per-share/brief-prothena-reports-q1-loss-per-share-1-26-idUSASC0A0MR |
CHICAGO and LONDON, May 31, 2018 /PRNewswire/ -- R.J. O'Brien & Associates (RJO), the oldest and largest independent futures brokerage and clearing firm in the United States, announced that its London-based affiliate, R.J. O'Brien Limited (RJO Limited), has moved into new office space in the centre of the City of London. The move to the 100 Cheapside building brings together staff from two distant locations for the first time since the company's acquisition of The Kyte Group in 2015.
Thomas Texier, Managing Director of RJO Limited, said: "This terrific new space at a signature modern building in the heart of London's business district not only accommodates our current staff of 90 but gives us room to grow significantly. We have a brand new, highly enabled operations and technology hub here that supports our region and also benefits our clients and the company on a global basis.
"This move is the culmination of three years of investment, integration and expansion of services, as well as a renewed focus on bringing in individuals of the highest calibre to meet the needs of our institutional, professional trading and direct electronic access clients. We are thrilled to unify the entire team under one roof at an impressive location and intend to continue to hire first-rate institutional brokers and salespeople who reflect the RJO culture and bring new value to our growing customer base."
In the past six months, the firm announced several high-profile new hires, including a Senior Vice President, Business Development, and a veteran institutional brokerage team focused on global macro fixed income futures and options execution.
RJO Limited offers anonymous electronic and voice access to markets across multiple asset classes, including futures and options on all major global exchanges, equity contracts for difference (CFDs) and over-the-counter cleared commodities. The affiliate also provides services beyond clearing and execution, including real-time risk management across asset classes; tailored post-trade services; and state-of-the-art front-, middle- and back-office solutions for sell-side clients wanting to outsource technology and facilities management.
RJO Limited won the award for "Best FCM – Technology" at the CTA Intelligence European Services Awards 2016, after earning the title of "Best FCM – Innovation" for 2015. RJO's UK affiliate also won the Editor's Choice Award at the 2015 FOW International Awards, based on factors including growth prospects, company achievements and successful collaborations and acquisitions.
About R.J. O'Brien Limited and R.J. O'Brien & Associates
R.J. O'Brien Limited provides clearing and settlement services to professional and eligible counterparty clients who transact business on the world's leading futures and options exchanges. It offers clearing and execution-only services, risk management and electronic trading access to exchange-listed financial and commodity derivatives worldwide, as well as proximity and colocation services. RJO Limited is the UK affiliate of R.J. O'Brien & Associates , the oldest and largest independent futures brokerage and clearing firm in the United States. Founded in 1914, RJO offers state-of-the-art electronic trading and 24-hour trade execution on all major futures exchanges worldwide, as well as a full range of clearing services to more than 80,000 clients in Europe, Asia and the Americas.
R.J. O'Brien Limited is authorised and regulated by the Financial Conduct Authority (FRN 114120).
View original content with multimedia: http://www.prnewswire.com/news-releases/rj-obrien-limited-relocates-two-offices-into-one-premier-space-in-city-of-london-300656943.html
SOURCE R.J. O'Brien & Associates | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-r-j-obrien-limited-relocates-two-offices-into-one-premier-space-in-city-of-london.html |
Trade growth story lagging behind global economic expansion: Economist 12 Hours Ago Larry Hatheway, chief economist and head of GAM investment solutions, discusses the health of the global economy. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/trade-growth-story-lagging-behind-global-economic-expansion-economist.html |
COS COB, Conn., May 02, 2018 (GLOBE NEWSWIRE) -- Chicken Soup for the Soul Entertainment, Inc. (“CSS Entertainment”) (Nasdaq:CSSE), a growing media company building online video on-demand (“VOD”) networks that provide positive and entertaining video content for all screens, today announced it will host a conference call and live webcast to discuss the results of first quarter ended March 31, 2018.
Conference Call Information
To participate in this event, dial in approximately 5 to 10 minutes before the beginning of the call.
Date, Time: Thursday, May 10, 2018, 4:30 p.m. ET. Toll-free: (833) 832-5128 International: (484) 747-6583 A live webcast is available at http://ir.cssentertainment.com/ under the “News & Events” tab
Conference Call Replay Information
Toll-free: (855) 859-2056 International: (404) 537-3406 Reference ID: 3396517
ABOUT CHICKEN SOUP FOR THE SOUL ENTERTAINMENT
Chicken Soup for the Soul Entertainment, Inc. is a growing media company building online video on-demand (“VOD”) networks that provide positive and entertaining video content for all screens. The company also curates, produces and distributes long- and short-form video content that brings out the best of the human spirit, and distributes the online content of its affiliate, A Plus. The company is aggressively growing its business through a combination of organic growth, licensing and distribution arrangements, acquisitions, and strategic relationships. The company is also expanding its partnerships with sponsors, television networks and independent producers. The company’s subsidiary, Screen Media, is a leading global independent television and film distribution company that owns one of the largest independently owned television and film libraries. The company also owns Popcornflix ® , a popular online advertiser-supported VOD (“AVOD”) network, and four additional AVOD networks that collectively have rights to exhibit thousands of movies and television episodes. Chicken Soup for the Soul Entertainment is a subsidiary of Chicken Soup for the Soul, LLC.
FORWARD LOOKING STATEMENTS
This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks (including those set forth in the offering circular) and uncertainties which could cause actual results to differ from the forward looking statements. The company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Investors should realize that if our underlying assumptions for the projections contained herein prove inaccurate or that known or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections.
INVESTOR RELATIONS
James Carbonara
Hayden IR
[email protected]
(646) 755-7412
MEDIA CONTACT
Kate Barrette
RooneyPartners LLC
[email protected]
(212) 223-0561
Source: Chicken Soup for theSoul Entertainment, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-chicken-soup-for-the-soul-entertainment-to-host-first-quarter-conference-call-on-may-10-2018.html |
Walmart unveiled a new perk for employees - college tuition 2 Hours Ago To make this possible, Walmart is partnering with Guild Education. Employees must contribute $1 per day to their tuition and study either business or supply chain management, at one of three institutions. The news comes as the U.S. labor market has been tightening, and Walmart has been sweetening its benefits to retain talent. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/walmart-college-tuition-employees.html |
Zuckerberg outlines steps for fighting fake news on platform 46 Mins Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/zuckerberg-outlines-steps-for-fighting-fake-news-on-platform.html |
Number one risk for markets is trade, CIO says 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/number-one-risk-for-markets-is-trade-cio-says.html |
HOUSTON, May 1, 2018 /PRNewswire/ -- Mattress Firm, the nation's largest specialty mattress retailer, announced today that Scott Thaler has joined the Company as chief marketing officer (CMO). With more than two decades of industry experience, Thaler has been a trailblazer in leading nationally recognized retail-focused campaigns that drive results.
Mr. Thaler will lead the strategy and implementation for advancing Mattress Firm's brand marketing, consumer insights and engagement, and retail marketing activations. In his role as CMO, he will be responsible for overseeing the integration of all Mattress Firm communication initiatives and driving the Company's omni-channel marketing approach.
"We are thrilled to welcome Scott Thaler to the Mattress Firm family. He brings a well-rounded marketing and business perspective and fresh, bold ideas that will help tell our story and demonstrate the value of a good night's sleep," said Steve Stagner, executive chairman, president and CEO of Mattress Firm. "I first met Scott more than 13 years ago when he worked on the Mattress Firm account. He understands our culture, our industry and our customer, and will play a pivotal role in driving our continued retail transformation across all marketing channels."
Thaler joins Mattress Firm after a 14-year career at Zimmerman Advertising, where he served in multiple leadership roles within the agency, including chief interaction officer, chief digital officer and chief client officer. During this time, he worked with more than 50 accounts and played an integral role on retailer, quick service restaurant and furniture brand accounts, including McDonald's, Party City, Michaels, Ashley Furniture, Papa John's and Mattress Firm.
"I'm excited to officially join the Mattress Firm team. From my first interaction with them as a client to now, I've been inspired by the team, their drive and their mission to deliver the best retail experience possible," said Thaler. "I look forward to building the brand to propel the business forward and providing consumers the best value in the industry as the Company continues to innovate as the mattress retailer of the future."
About Mattress Firm
Founded in 1986, Mattress Firm strives to help customers find the beds they want at the price that fits their budget. Today, Mattress Firm has grown to be America's largest mattress specialty retailer, with more than 3,000 neighborhood stores and a passion for helping people find the right bed. Mattress Firm helps customers' budget stretch further with a broad selection of mattresses and bedding accessories from leading manufacturers and brand names, including Serta, Simmons, Dream Bed, tulo and Sleepy's. In 2016, Mattress Firm was acquired by Steinhoff International Holdings. Committed to serving its communities, the Mattress Firm Foster Kids , a program of the Ticket to Dream Foundation , hosts six collection drives a year in communities nationwide to ensure that foster children have the resources needed to succeed.
View original content with multimedia: http://www.prnewswire.com/news-releases/scott-thaler-appointed-chief-marketing-officer-of-mattress-firm-300639470.html
SOURCE Mattress Firm | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-scott-thaler-appointed-chief-marketing-officer-of-mattress-firm.html |
May 9, 2018 / 9:29 AM / Updated 2 hours ago Rugby - Bok blow as Marx ruled out of June series against England Reuters Staff 1 Min Read
JOHANNESBURG (Reuters) - South Africa hooker Malcolm Marx will miss the June international series with England after being sidelined for at least six weeks by a hamstring injury, his Super Rugby the Lions confirmed on Wednesday. FILE PHOTO: Rugby Union - Autumn Internationals - France vs South Africa - Stade de France, Saint-Denis, France - November 18, 2017 South Africa's Malcolm Marx in action REUTERS/Christian Hartmann
“Lions hooker Malcolm Marx has a high grade hamstring tendon tear. He does not require surgery and is not expected to recover for at least six weeks,” the team said in a statement.
Marx, 23, was injured early in his side’s 28-19 away loss to the Wellington Hurricanes last Saturday and will miss the Springboks’ test against Wales in Washington on June 2, as well as the three-match home series against England that will be played on consecutive weekends thereafter.
His powerful performances in 2017 for the Springboks and the Johannesburg-based Lions, who were Super Rugby runners-up, led to Marx being named SA Rugby’s Player of the Year. Reporting By Nick Said; Editing by Amlan Chakraborty | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-safrica-marx/rugby-bok-blow-as-marx-ruled-out-of-june-series-against-england-idUKKBN1IA15E |
May 4 (Reuters) - Megalogic Technology Holdings Ltd :
* QTRLY REVENUE FROM CONTINUING OPERATIONS HK$17.9 MILLION VERSUS HK$16.9 MILLION
* QTRLY PROFIT FROM CONTINUING OPERATIONS HK$2.790 MILLION VERSUS HK$2.743 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-megalogic-technology-holdings-post/brief-megalogic-technology-holdings-posts-qtrly-profit-from-cont-ops-hk2-8-mln-idUSFWN1SB0OM |
HO CHI MINH, Vietnam, May 04, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- Santo Mining Corp. (the "Company") (OTCMarkets:SANP) today announces that Asama of Vietnam has acquired a controlling interest in Santo Mining. Through this acquisition, Asama will expand its market share as the leading South Asian crypto mining company that wishes to integrate its model internationally.
During the days and weeks to come, the company will be going through a corporate restructuring phase, which will include and not be limited to; financial aid, social media, board member and or directorship changes, corporate name change, OTC Markets current status and a strategic roadmap to up-list and become once again a fully reporting SEC publicly listed company.
Mr. Franjose Yglesias, Vice President of Santo Mining, stated; “Many new and exciting changes will be occurring in the immediate few weeks as we transition Santo to Asama, the value to our stakeholders will be enormous in the very near future as the dust settles and Asama unveils its plans for the future.” Additionally, Mr. Duc Thang Dao, Chairman of Asama, stated: “On behalf of the Asama family, we welcome all Santo shareholders to our family. This union is the foundation of our international plan which will include the development of a 100,000 TeraHashes datacenter in North America.”
About ASAMA https://asamafarm.com/
Highly dedicated crypto/blockchain members founded Asama with an expertise in the field of cryptocurrency mining. Asama specializes in the cryptocurrency data mining with over 5,000 machines in 4 locations in Vietnam, blockchain investments and its proprietary cryptocurrency investment-trading platform. Asama is heavily invested in the research and development of high-end, high-efficiency and high-profit returns of cryptocurrency mining computers. The Company is leading the way in the 3 rd generation cryptocurrency proof-of-stake/proof-of-work mining era in Southern Asia, with its continuing research, sale and exchange of electronic components and crypto mining equipment.
About Santo Mining Corp.
Santo Mining Corp, a publicly traded company in the Over-the-Counter (OTC) market, trading under the ticker symbol SANP. Formally an analog mining company in the gold and copper sector, it has now focused on the digital cryptocurrency mining and transactions operations. Our goal is to make mining accessible to all users regardless of age, location, investment, and technical experience. We want to give our miners the opportunity to try out cryptocurrency mining pool and earn cryptocurrency rewards. On a larger scale, we hope to contribute to the development of mining services and subsequently to the development, establishment and adoption of cryptocurrencies both as a currency and as an economic system.
Media contacts:
Mr. Franjose Yglesias
[email protected]
twitter.com/ASAMAGLOBAL
Forward Looking Statements and Disclaimer
Statements made in this press release that express the Company or management's intentions, plans, beliefs, expectations or predictions of future events, are . The words "believe," "expect," "intend," "estimate," "anticipate," "will" and similar expressions are intended to further identify such , although not all contain these identifying words. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the Company's actual activities, results or performance to differ materially from those anticipated or projected in such . The Company cannot guarantee future financial results; levels of activity, performance or achievements and investors should not place undue reliance on the Company's . No information contained in this press release should be construed as any indication whatsoever of the Company's future financial performance, future revenues or its future stock price. The contained herein represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to update or revise such to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. No information in this press release should be construed as any indication whatsoever of the Company's future revenues or results of operations.
Source:Santo Mining Corp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-asama-acquires-a-controlling-interest-in-santo-mining-sanp.html |
SAN RAFAEL, Calif., May 1, 2018 /PRNewswire/ -- Autodesk , Inc. (NASDAQ: ADSK) today announced that it will broadcast its first quarter fiscal 2019 financial results conference call live via its website Thursday, May 24, 2018 at 2:00 p.m. Pacific Time. Autodesk will host a live webcast call at www.autodesk.com/investors . An audio replay webcast and podcast will also be available after 5:00 p.m. Pacific Time on our website at www.autodesk.com/investors . For more information, please call Autodesk Investor Relations at 415-507-6373.
About Autodesk
Autodesk makes software for people who make things. If you've ever driven a high-performance car, admired a towering skyscraper, used a smartphone, or watched a great film, chances are you've experienced what millions of Autodesk customers are doing with our software. Autodesk gives you the power to make anything. For more information visit autodesk.com or follow @autodesk.
Autodesk is a registered trademark of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and services offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.
© 2018 Autodesk, Inc. All rights reserved.
View original content with multimedia: http://www.prnewswire.com/news-releases/autodesk-extends-invitation-to-join-financial-results-conference-call-300639554.html
SOURCE Autodesk, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-autodesk-extends-invitation-to-join-financial-results-conference-call.html |
Shares of online learning company Pluralsight began trading on the Nasdaq at an opening price of $20 per share Thursday, roughly 34 percent above the $15 price at which Pluralsight priced shares in its initial public offering.
The arrival of Pluralsight on public markets suggests that public investors are still eager to invest in smaller technology companies.
Pluralsight first filed to go public on April 16. On May 7, the company said it estimated it would price shares between $10 and $12 each. And on May 15 Pluralsight upped the range to $12-14 per share. Finally, on May 16, the company announced the $15 pricing , coming in above the high end of the most recent range.
At that price, Pluralsight raised $310.5 million at an implied valuation of around $1.97 billion. Morgan Stanley and J.P. Morgan acted as the lead book-running managers in the deal.
While anyone can pay to take Pluralsight's courses online, the company focuses on education for many employees inside companies. In its filing to go public Pluralsight said competitors include Alphabet 's YouTube, Cornerstone OnDemand and Microsoft 's LinkedIn Learning.
Pluralsight offers more than 6,700 courses. At the end of the first quarter the company had 14,830 business customers, and at the end of last year it had more than 695,000 end users. In the first quarter 82 percent of Pluralsight's billings came from business customers.
"Technology is moving faster today than these companies can learn it so that creates a big skills gap around the world," CEO Aaron Skonnard told CNBC's "Squawk on the Street" ahead of the opening trade. "We make it possible for them to learn these skills quickly, keep up with that pace of change and thrive in the digital age."
The company maintains an "army of expert authors" around the world to keep courses up to date and relevant, Skonnard said.
"That's what makes our value proposition unique," he said. "No one else can move as quickly as us to provide that skilled training into the enterprise."
The company's losses and revenue widened in the first quarter, with a $23.16 million loss on $49.64 million in revenue, compared with a $9.81 million loss on $37.24 million in revenue in the first quarter of 2017. Around two-thirds of the company's revenue comes from within the U.S.
Pluralsight was founded in 2004 — Skonnard is one of its four founders — and is based in Farmington, Utah. The company had 890 employees on March 31. Investors include Insight Venture Partners, Iconiq Capital and former U.S. Secretary of Education Arne Duncan.
Pluralsight is part of a collection of tech companies that have gone public in the past few months. Others include DocuSign , Dropbox , Smartsheet and Zuora .
More from Tech Drivers:
Amazon Web Services chief explains why Amazon competitors shouldn't be afraid to use its cloud Dropbox falls despite beating on every count Facebook has no reason to be worried, if you believe the people who attended its big annual conference this year —CNBC's Sara Salinas contributed to this report.
show chapters Software IPOs in focus 5:04 PM ET Fri, 27 April 2018 | 00:43 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/pluralsight-ps-ipo-stock-starts-trading-on-nasdaq.html |
SHANGHAI (Reuters) - China’s stock exchanges have stepped up their scrutiny of the booming asset-backed securities (ABS) market, publishing new rules that require prompt information disclosure and risk management updates from issuers.
China’s ABS market has exploded over the past few years as the government’s crackdown on shadow banking pushed borrowers to alternative sources of finance. Issuance of ABS jumped to 1.5 trillion yuan ($236.84 billion) last year, from almost zero in 2013, according to consultancy China Securities Analytics.
The Shanghai and Shenzhen stock exchanges said at the weekend that regulators supported the development of the market, but also scrutinized its potential risks.
The exchanges stipulate “timely and effective disclosure” on ABS products, on which better-informed investment decisions can be made.
The exchanges also published rules to mitigate default risks, requiring ABS issuers to submit risk-management reports to the stock exchanges every six months.
ABS have been a preferred alternative source of finance for companies struggling to cope with China’s official deleveraging campaign, which has made conventional debt finance harder to get.
Securitization allows the cash flow from a wide range of assets such as loans, real estate, toll ways and scenic parks to be used as collateral for bond-like securities that are sold to investors.
Reporting by Samuel Shen and John Ruwitch; Editing by Eric Meijer
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-abs-rules/chinas-stock-exchanges-tighten-supervision-on-booming-abs-market-idUSKCN1IF04U |
BUENOS AIRES, Argentina--(BUSINESS WIRE)-- Central Puerto S.A (“Central Puerto” or the “Company”) (NYSE: CEPU) the largest private sector power generation company in Argentina, as measured by generated power, announced today that its 2018 first quarter results, originally scheduled for May 10, 2018, will now be reported on May 14, 2018, after market close. Mr. Jorge Rauber, Chief Executive Officer, and Mr. Fernando Bonnet, Chief Financial Officer, will host a conference call to discuss the Company’s financial results on Tuesday, May 15, 2018 at 12:00 p.m. ET.
To access the conference call, please dial:
United States Participants (Toll Free): +1-888-317-6003
Argentina Participants (Toll Free): 0800-555-0645/0800-444-5129
International Participants: +1-412-317-6061
Passcode: 9916655
The Company will also host a live audio webcast of the conference call on the Investor Relations section of the Company's website at www.centralpuerto.com . Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast. The call will be available for replay until May 15, 2019 at +1-412-317-0088 with access code #10120265 and on the Company website under the Investor Relations section.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006540/en/
Central Puerto S.A
Tomás Daghlian, +54 11 4317-5000 int. 2192
Investor Relations Officer
[email protected]
Source: Central Puerto S.A | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-central-puerto-announces-rescheduled-date-for-first-quarter-2018-financial-results-conference-call-and-webcast.html |
May 4 (Reuters) - Banca Popolare di Sondrio ScpA:
* SAID ON THURSDAY THAT IT SIGNED AGREEMENT WITH WINDING DOWN BANK POPOLARE DI VICENZA TO BUY 100 PCT OF PRESTINUOVA
* ACQUISITION PRICE, AMOUNTING TO EUR 53.4 MLN, TO BE PAID IN CASH AT CLOSING, EXPECTED BY END OF Q3
* ESTIMATES THAT THE IMPACT ON CET1 RATIO FROM ACQUISITION WILL BE BELOW 18 BASIS POINTS
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1SB168 |
SEOUL, May 2 (Reuters) - Hyundai Mobis Co Ltd said on Wednesday it planned to buy back and cancel its treasury shares worth 187.5 billion Korean won ($174.31 million).
The South Korean auto parts maker said in a regulatory filing that the share repurchase and cancellation would take place for three years from 2019 as part of its plan to boost returns to its shareholders.
The company also said it will dispose off the treasury shares that it currently owns, worth around 400 billion won at market value, within the next year.
The announcement came after U.S. activist fund Elliott Management called for the company to increase dividends and cancel treasury shares. ($1 = 1,075.7000 won) (Reporting by Ju-min Park and Jane Chung; Editing by Muralikumar Anantharaman)
| ashraq/financial-news-articles | https://www.reuters.com/article/hyundai-mobis-buyback/hyundai-mobis-to-buy-back-cancel-174-mln-of-own-shares-after-elliott-pressure-idUSS6N1R203T |
(Adds Ebitda and details on revenue)
By Carolina Mandl
SAO PAULO, May 2 (Reuters) - Cielo SA, Brazil’s largest payments solutions firm, reported on Wednesday a recurring net income of 932 million reais ($262.42 million) in the first quarter, missing Thomson Reuters analyst consensus as the company faces increasingly tough competition from newcomers.
The company’s Ebitda was 18 percent below analysts consensus, at 1.243 billion reais. Cielo has been losing market share to competitors such as Stone Pagamentos SA and PagSeguro Digital Ltd.
Year-over-year, Cielo’s number of points of sale in stores decreased by around 14 percent. Its net revenue fell 0.6 percent over a year earlier to 2.8 billion reais.
In a statement, Cielo said the contraction is due to changes in taxes and also lower rental revenues. Total transaction value with credit and debit, however, increased 6.3 percent in the same period.
$1 = 3.5515 reais Reporting by Carolina Mandl Editing by Lisa Shumaker and Alistair Bell
| ashraq/financial-news-articles | https://www.reuters.com/article/cielo-results/update-1-brazils-cielo-misses-analysts-estimates-as-competition-toughens-idUSL1N1S923X |
May 15 (Reuters) - Blue Sky Alternative Investments on Tuesday said it expected its full-year net profit after tax to fall by about A$7 million ($5.3 million), following a review of its asset valuations in the wake of damaging allegations by a shortseller.
Blue Sky completed the first phase of an independent review of its asset valuations it announced last week, resulting in certain assets reducing in value, it said in a statement.
This comes after the asset manager pulled its guidance last week as it looks to regain shareholders’ trust following the allegations.
Blue Sky has seen over A$600 million knocked off its market capitalisation since U.S.-based Glaucus Research Group alleged in March it had overstated its size, exaggerated its performance and over-valued assets. ($1 = 1.3289 Australian dollars) (Reporting by Chris Thomas in Bengaluru; Editing by Stephen Coates)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/blue-sky-outlook/australias-blue-sky-expects-fy-profit-fall-after-asset-review-idUSL3N1SL6YU |
SAN DIEGO, May 10, 2018 (GLOBE NEWSWIRE) -- TearLab Corporation (OTCQB:TEAR) (“TearLab” or the “Company”) today reported its consolidated financial results for the first quarter ended March 31, 2018. All dollar amounts are expressed in U.S. currency and results are reported in accordance with United States generally accepted accounting principles except where noted otherwise.
First Quarter and Recent Highlights
First quarter revenue of $6.4 million Income from operations of $0.2 million, compared to operating loss of $3.4 million in first quarter 2017 Expanded the U.S. active device base to 4,713 TearLab Osmolarity Systems Received feedback from the U.S. Food and Drug Administration (FDA) on the 510(k) submission for Tearlab Discovery™ Platform; plans to submit response in Q3 Launched the TearLab Osmolarity System at the 2018 Simpósio Internacional Moacyr Álvaro (SIMASP) Annual Meeting in Brazil in collaboration with Brazilian commercial partner, Adapt Produtos Oftalmológicos Amended loan agreement with CRG to defer the cash interest payments for each quarter in fiscal year 2018 and reduce the minimum liquidity requirement from $5.0 million to $3.0 million. Entered into Restated License Agreement with UCSD to reduce royalty from 5.5% to 3%, retroactive to July 1, 2017 Cash position of $7.4 million as of March 31, 2018
For the three months ended March 31, 2018, TearLab’s net revenues were $6.4 million, a decrease of 3.8% from $6.7 million for the same period in 2017. A net total of 155 TearLab Osmolarity® Systems were added in the first quarter of 2018, of which 51 were under the Company’s Flex program and 42 were purchased outside of the United States.
The following table sets out the estimated annualized revenue per U.S. device and account analysis for the first quarter ended March 31, 2018:
Annualized Annualized Active Active Revenue Revenue Program Devices Accounts Per Device Per Account Purchased 969 841 $ 2,461 $ 2,836 Masters 1,714 211 $ 3,105 $ 25,220 Flex 2,030 747 $ 7,528 $ 20,457 Total 4,713 1,799 The Company’s reported net loss for the first quarter was approximately $0.9 million, or ($0.09) basic loss per share which included a pre-tax reduction of approximately $0.5 million in cost of goods sold related to the Restated License Agreement with UCSD. This compared to a reported net loss of approximately $4.4 million, or ($0.82) basic loss per share in the first quarter of 2017.
“2018 is an important year for TearLab, as we work to achieve FDA clearance for the TearLab Discovery™ System in the U.S. and execute against our new business model,” said Seph Jensen, TearLab’s Chief Executive Officer. “In the first quarter of 2018, we grew our customer base while significantly reducing operating expenses, which demonstrates the health of our core business. In addition, we launched our Osmolarity System in Brazil, Latin America’s largest dry eye market, at the 2018 SIMASP Annual Meeting with the support of our commercial partner in Brazil, Adapt. Overall it was a very positive quarter and we believe our results demonstrate the growing awareness and importance of advanced diagnostics for ocular surface disease.”
About TearLab Corporation
TearLab Corporation ( www.tearlab.com ) develops and markets lab-on-a-chip technologies that enable eye care practitioners to improve standard of care by objectively and quantitatively testing for disease markers in tears at the point-of-care. The TearLab Osmolarity Test, for diagnosing Dry Eye Disease, is the first assay developed for the award-winning TearLab Osmolarity System. TearLab Corporation's common shares trade on the OTCQB Market under the symbol 'TEAR'.
Forward-Looking Statements
This press release contains within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among others, the ability to achieve FDA clearance and the potential success in developing and commercializing the TearLab Discovery™ System and the TearLab Osmolarity System, the success in Brazil of commercializing the TearLab Osmolarity System, the future success of our new commercial model including the ability to lower costs, maintain our current customers and revenue levels and provide the needed resources to complete the development and generate meaningful clinical data of the TearLab Discovery™ System , the ability for the capital we raised to allow us to meet our business objectives and comply with our debt covenants and the ability to raise any future capital that may be needed to achieve our goals and objectives. These involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by the Forward-looking statements are based on management’s current, preliminary expectations and are subject to various risks and uncertainties. Many factors, risks and uncertainties may cause our actual results to differ materially from , including the factors, risks, and uncertainties detailed in our filings with the Securities and Exchange Commission, including but not limited to our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on March 5, 2018, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, which we expect to file with SEC on or about May 11, 2018. We do not undertake to update any except as required by law.
CONTACT: Investor Contact:
The Ruth Group
Lee Roth
Tel: 646-536-7012
[email protected]
TearLab Corp.
Condensed Consolidated Statements of Operations
(Expressed in U.S. Dollars (000's) except for number of shares and net loss per share)
(Unaudited) Three months ended March 31, 2018 2017 Revenue Product sales $ 5,775 $ 5,987 Reader equipment rentals 671 714 Total revenue 6,446 6,701 Cost of goods sold Cost of goods sold (excluding amortization of intangible assets) 1,836 2,542 Cost of goods sold - reader equipment depreciation 288 466 Gross profit 4,322 3,693 Operating expenses Sales and marketing 1,020 3,332 Clinical, regulatory and research & development 1,041 1,564 General and administrative 2,044 2,187 Total operating expenses 4,105 7,083 Gain (loss) from operations 217 (3,390 ) Other income (expense) (1,100 ) (1,031 ) Net loss and comprehensive loss $ (883 ) $ (4,421 ) Weighted average shares outstanding - basic and fully diluted 9,526,122 5,367,311 Net loss per share $ (0.09 ) $ (0.82 )
TearLab Corp.
Consolidated Balance Sheets
(Expressed in U.S. Dollars (000's))
(Unaudited) March 31, December 31, 2018 2017 ASSETS Current assets Cash $ 7,431 $ 7,272 Accounts receivable, net 1,452 1,536 Inventory 1,683 1,998 Prepaid expenses and other current assets 629 690 Total current assets 11,195 11,496 Fixed assets, net 2,460 2,739 Intangible assets, net 7 10 Other non-current assets 50 100 Total assets $ 13,712 $ 14,345 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable $ 1,073 $ 1,720 Accrued liabilities 2,649 2,859 Deferred Rent 34 42 Current portion of long-term debt 3,630 - Total current liabilities 7,386 4,621 Long-term debt, net of current portion 25,770 28,290 Total liabilities 33,156 32,911 Stockholders’ equity (deficit) Capital stock Preferred Stock, $0.001 par value, 10,000,000 authorized, 934 and 2,012 and issued and outstanding at March 31, 2018 and December 31, 2017, respectively - - Common stock, $0.001 par value, 40,000,000 authorized, 10,438,998 and 7,986,998 issued and outstanding at March 31, 2018 and December 31, 2018, respectively 10 8 Additional paid-in capital 510,238 510,235 Accumulated deficit (529,692 ) (528,809 ) Total stockholders’ equity (deficit) (19,444 ) (18,566 ) Total liabilities and stockholders’ equity $ 13,712 $ 14,345
Source:TearLab Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-tearlab-corporation-reports-first-quarter-2018-financial-results.html |
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Casebia Therapeutics, a biopharmaceutical company dedicated to the creation of life-transforming therapeutics through gene-editing technology, has appointed Amy Jennings, Ph.D., as its head of Regulatory Affairs.
Dr. Jennings brings over 15 years’ experience in global regulatory affairs, including leadership positions in some of the world’s leading biopharmaceutical companies. At Casebia, she will be responsible for developing regulatory strategy across the company’s portfolio. She will serve on Casebia’s Executive Leadership Team.
“Amy brings a depth of experience that we believe will be invaluable in formulating our product development and global regulatory strategies,” said James Burns, Ph.D., Casebia’s President and Chief Executive Officer. “She possesses deep regulatory expertise with a proven record of developing and executing on regulatory strategy. Her experience will be essential in accelerating our products into the clinic.”
Dr. Jennings regulatory experience encompasses drug development across multiple therapeutic realms, including diabetes, cardiovascular disease, obesity, viral infections and hematology.
She joins Casebia from Achillion Pharmaceuticals, where she was senior vice president and head of regulatory affairs. There, she was responsible for global regulatory strategy, regulatory operations, quality assurance, medical writing and pharmacovigilance. During her time at Achillion, Dr. Jennings led two successful IND submissions.
Earlier, Dr. Jennings served as Sanofi’s associate vice president for global regulatory affairs in the company’s North American diabetes program. At Sanofi, she led a US and global regulatory affairs team and was also responsible for labeling and advertising/promotions.
Before Sanofi, Dr. Jennings held positions of increasing responsibility at Bristol-Myers Squibb, including leadership of US regulatory affairs for its cardiovascular/metabolics programs. She was ultimately group director in global regulatory affairs for special products. During her tenure at BMS, Dr. Jennings headed US regulatory efforts that led to the approval of two new diabetes drugs.
Amy was a post-doctoral fellow at the Harvard-affiliated Joslin Diabetes Center. She received her Ph.D. in Chemistry from The Ohio State University and her Bachelor of Science in Chemistry from the University of Wisconsin-Madison.
ABOUT CASEBIA THERAPEUTICS
Casebia Therapeutics is a novel joint venture between Bayer and CRISPR Therapeutics, focused on discovering, developing and commercializing CRISPR/Cas9 gene-editing therapeutics to treat the genetic causes of bleeding disorders, autoimmune disease, blindness, hearing loss and heart disease. Launched in March 2016, Casebia has access to gene-editing technology from CRISPR Therapeutics in specific disease areas, as well as access to protein engineering expertise and relevant disease know-how through Bayer. Casebia is a free-standing entity, equally owned by Bayer and CRISPR Therapeutics, with its own scientific leadership and management team. The company’s Board of Directors has equal composition from Bayer and CRISPR Therapeutics. Casebia’s primary base of research operations is in Cambridge, MA, with a second site in San Francisco, CA.
For more information, please visit www.casebia.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005315/en/
Casebia Therapeutics
Gretchen Torrey, 857-270-5064
[email protected]
Source: Casebia Therapeutics | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-casebia-therapeutics-appoints-amy-jennings-to-head-its-regulatory-affairs.html |
Echelon Financial Holdings Inc:
* ECHELON INSURANCE REPORTS FIRST QUARTER 2018 RESULTS * Q1 OPERATING EARNINGS PER SHARE C$0.29 FROM CONTINUING OPERATIONS
* Q1 EARNINGS PER SHARE C$0.48 FROM CONTINUING OPERATIONS * ECHELON FINANCIAL HOLDINGS - QTRLY NET EARNED PREMIUMS $71.5 MILLION VERSUS $49 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-echelon-financial-holdings-q1-earn/brief-echelon-financial-holdings-q1-earnings-per-share-c0-48-from-continuing-operations-idUSASC09ZSU |
SAN DIEGO--(BUSINESS WIRE)-- Heritage Global Inc. (OTCQB: HGBL, CSE: HGP) (“Heritage Global,” “HGI” or “the Company”), a value-driven, innovative leader in corporate and financial asset liquidation transactions, valuations and advisory services, today reported financial results for the first quarter ended March 31, 2018 as summarized below.
($ in thousands, except per share amounts) Quarter Ended March 31,
2018 2017 Revenue Services revenue (1) $ 5,039 $ 4,462 Asset sales (2) 775 571 Total revenue 5,814 5,033 Gross profit 4,986 3,681 Operating income 1,405 394 Net income 1,289 255 Net income per share – basic and diluted $ 0.05 $ 0.01 (Non-GAAP Financial Measures) (3) EBITDA $ 1,489 $ 360 Adjusted EBITDA $ 1,550 $ 541 (1)
Services revenue represents revenue generated from activities in which Heritage Global acted as an agent by either brokering a transaction or providing some other fee-based service.
(2)
Asset sales represent revenue generated from activities in which Heritage Global acted in a principal capacity, reselling assets that it had purchased.
(3)
Definitions and disclosures regarding non-GAAP financial information including reconciliations are included at the end of the press release.
First Quarter 2018 Summary of Financial Results:
Total revenues were $5.8 million, compared to the year ago first quarter level of $5.0 million, representing an increase of 16%. The year-over-year growth in total revenues reflects the timing and magnitude of certain asset liquidation transactions and a higher volume of deals for the NLEX division. Services revenue increased 13% to $5.0 million in the first quarter of 2018 from $4.5 million in the first quarter of 2017, while asset sales revenue increased 36% to $0.8 million in the first quarter of 2018 from $0.6 million in the first quarter of 2017. Gross profit, or total revenue net of costs of revenues, increased 35% to $5.0 million from the year ago first quarter level of $3.7 million, due principally to higher services revenue and improved gross margin on the asset sales, which together, resulted in a $0.5 million, or 39%, year-over-year reduction in the cost of total revenue. During the first quarter, Heritage Global completed a number of successful global online sales, including projects for Pfizer, Amgen, Lightsail and Pharmakea. Selling, general and administrative expenses were $3.5 million, compared to $3.2 million in the first quarter of 2017. The increase was largely attributable to variable compensation arrangements. Operating income more than tripled to $1.4 million from the year ago first quarter level of $0.4 million. Heritage Global reported net income of $1.3 million, or net income of $0.05 per share, compared to net income of approximately $0.3 million, or $0.01 per share, in the first quarter of 2017. The continued financial improvement in Heritage Global’s operations is the result of its strong performance of its asset liquidation business line, coupled with continued operational discipline. As a result, 2018 first quarter net income rose 405%, compared to the prior year period. Adjusted EBITDA, a commonly used non-GAAP financial measure, was $1.6 million in the first quarter of 2018, compared to $0.5 million in the first quarter of 2018. Adjusted EBITDA is used by management as a supplemental tool to evaluate the underlying operating performance of the Company on an ongoing basis and should be considered together with Heritage Global’s GAAP financial measures.
Heritage Global Chief Executive Officer, Ross Dove, stated, “Heritage Global began fiscal 2018 on a strong note with solid first quarter performance. The successful execution of our strategies to grow the top-line, coupled with our continued cost management initiatives, resulted in significant gross margin improvement and first quarter operating income and net income growth of 257% and 405%, respectively.
“Our divisions are maturing together into a very synergistic and seamless platform. Clients globally are reaping the benefits of our integrated valuation and disposition platforms working across asset classes from enterprise sales to capital assets to real estate to financial assets as well as patents and trademarks. We are excited to have Heritage on a clear path to execute its strategy of full service value creation.
“In closing, we are extremely pleased with the progress we made in the first quarter and expect the positive momentum to continue throughout 2018. We believe that our platform of innovative global asset solutions, combined with our industry-wide reputation for delivering exceptional service to a growing base of global clients, will allow us to generate sustainable operating profits as we undertake the next phase of growth for the Company. We remain confident that Heritage Global’s ongoing initiatives to improve top and bottom-line performance, combined with the prudent management of our capital structure, are a formula for sustained long term financial growth and the enhancement of shareholder value.”
Definitions and Disclosures Regarding non-GAAP Financial Information
Adjusted EBITDA reflects the standard definition of EBITDA (net income (loss) plus depreciation and amortization, interest and other expense, and provision for income taxes), plus or minus fair value adjustments of contingent consideration and plus stock-based compensation. Management believes that the presentation of this non-GAAP financial measure, when considered together with the GAAP financial measures and the reconciliation to the most directly comparable GAAP financial measure, provides a more complete understanding of the factors and trends affecting the Company than could be obtained absent these disclosures. Management uses Adjusted EBITDA to make operating and strategic decisions and to evaluate the Company’s performance. The Company has disclosed this non-GAAP financial measure so that investors have the same financial data that management uses, with the intention of assisting investors to make comparisons to the Company’s historical operating results and analyze its underlying performance. Management believes that Adjusted EBITDA is a useful supplemental tool to evaluate the underlying operating performance of the Company on an ongoing basis. The use of Adjusted EBITDA is not meant to be, and should not be, considered in isolation or as a substitute for, or superior to, any GAAP financial measure. You should carefully evaluate the financial information cited in the tables at the end of this news announcement which reconciles GAAP reported net income to Adjusted EBITDA for the periods presented herein.
About Heritage Global Inc. ( www.heritageglobalinc.com )
Heritage Global Inc. (OTCQB: HGBL, CSE: HGP) is a value-driven, innovative leader in corporate and financial asset liquidation transactions, valuations and advisory services. Heritage Global focuses on identifying, valuing, acquiring and monetizing underlying tangible and intangible assets in twenty-eight global manufacturing and technology sectors. Heritage Global acts as an adviser, as well as a principal, acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, accounts receivable portfolios, intellectual property, and entire business enterprises.
Forward-Looking Statements
This communication includes forward-looking statements based on our current expectations and projections about future events. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this communication are based on knowledge of the environment in which the Company currently operates and are subject to change based on various important factors, including variability in magnitude and timing of asset liquidation transactions, the impact of changes in the U.S. national and global economies, interest rate and foreign exchange rate sensitivity, as well as other factors beyond the Company's control. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission.
-financial tables follow-
HERITAGE GLOBAL INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands of US dollars, except share and per share amounts) (unaudited) Three Months Ended
March 31,
2018 2017 Revenues: Services revenue $ 5,039 $ 4,462 Asset sales 775 571 Total revenues 5,814 5,033 Operating costs and expenses: Cost of services revenue 559 1,059 Cost of asset sales 269 293 Selling, general and administrative 3,497 3,210 Depreciation and amortization 84 77 Total operating costs and expenses 4,409 4,639 Operating income 1,405 394 Fair value adjustment of contingent consideration — (111 ) Interest expense (116 ) (15 ) Income before income tax expense 1,289 268 Income tax expense — 13 Net income $ 1,289 $ 255 Weighted average common shares outstanding – basic 28,480,148 28,433,092 Weighted average common shares outstanding – diluted 28,489,128 28,467,350 Net income per share – basic $ 0.05 $ 0.01 Net income per share – diluted $ 0.05 $ 0.01 The notes contained in our Quarterly Report on Form 10-Q are an integral part of these consolidated financial statements.
-balance sheets follow-
HERITAGE GLOBAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of US dollars, except share and per share amounts) (unaudited) March 31, 2018
December 31,
2017
ASSETS Current assets: Cash and cash equivalents $ 1,596 $ 2,109 Accounts receivable (net of allowance for doubtful accounts of $0 in 2018 and $71 in 2017) 1,757 384 Inventory – equipment 227 170 Other current assets 387 357 Total current assets 3,697 3,020 Property and equipment, net 179 145 Identifiable intangible assets, net 3,815 3,877 Goodwill 6,158 6,158 Other assets 247 250 Total assets $ 14,366 $ 13,450 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ 4,661 $ 5,019 Current portion of related party debt 262 382 Current portion of third party debt 329 356 Current portion of contingent consideration 2,774 2,774 Other current liabilities 235 133 Total current liabilities 8,261 8,664 Non-current portion of third party debt 755 786 Deferred tax liabilities 512 512 Total liabilities 9,528 9,962 Stockholders’ equity: Preferred stock, $10.00 par value, authorized 10,000,000 shares; issued and outstanding 569 Class N shares at March 31, 2018 and December 31,
2017
6 6 Common stock, $0.01 par value, authorized 300,000,000 shares; issued and outstanding 28,480,148 shares at March 31, 2018 and December 31,
2017
285 285 Additional paid-in capital 284,457 284,396 Accumulated deficit (279,835 ) (281,124 ) Accumulated other comprehensive loss (75 ) (75 ) Total stockholders’ equity 4,838 3,488 Total liabilities and stockholders’ equity $ 14,366 $ 13,450 The notes contained in our Quarterly Report on Form 10-Q are an integral part of these consolidated financial statements.
- EBITDA and Adjusted EBITDA (non-GAAP measures) reconciliation follows –
HERITAGE GLOBAL INC. Reconciliation of EBITDA and Adjusted EBITDA (Non-GAAP Measures) (In thousands of US dollars) (unaudited) Three Months Ended
March 31,
2018 2017 Net Income $ 1,289 $ 255 Add back: Depreciation and amortization 84 77 Interest expense 116 15 Income tax expense — 13 EBITDA 1,489 360 Management add back: Fair value adjustment of contingent consideration — 111 Stock based compensation 61 70 Adjusted EBITDA $ 1,550 $ 541 The notes contained in our Quarterly Report on Form 10-Q are an integral part of these consolidated financial statements.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507006096/en/
Heritage Global Inc.
Scott West, 858-847-0656
Chief Financial Officer
or
JCIR
Jennifer Neuman, Joseph Jaffoni, 212-835-8500
[email protected]
Source: Heritage Global Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-heritage-global-inc-reports-2018-first-quarter-operating-results.html |
(Reuters) - The Federal Reserve should continue its gradual approach to raising interest rates given that inflation has not yet reached the U.S. central bank’s 2 percent goal in a sustained way, Cleveland Fed President Loretta Mester said on Monday.
FILE PHOTO: Cleveland Fed President Loretta Mester takes part in a panel convened to speak about the health of the U.S. economy in New York, NY, U.S., November 18, 2015. REUTERS/Lucas Jackson/File Photo “In my view, the medium-run outlook supports the continued gradual removal of policy accommodation; it seems the best strategy for balancing the risks to both of our policy goals and avoiding a build-up of financial stability risks,” Mester said in prepared remarks for a speech in Paris.
Mester said she does not expect inflation to pick up sharply, adding that while it is close to the Fed’s symmetric 2 percent target, it will only reach that level on a sustainable basis over the next one to two years.
“We want to give inflation time to move back to goal ... this argues against a steep path,” she said.
The Fed unanimously decided to raise borrowing costs at its policy meeting in March. It forecasts another two rate rises for this year, although an increasing number of policymakers see three as a possibility.
Policymakers raised rates three times last year. The Fed’s benchmark overnight lending rate now sits in a target range of 1.50 percent to 1.75 percent.
The Fed’s preferred measure of inflation increased to 1.9 percent in the 12 months through March, effectively bringing price gains to the central bank’s 2 percent target after undershooting that goal in recent years.
Mester, who has a vote on monetary policy this year under a rotation system, also said the central bank could raise rates more rapidly if the U.S. economy grew faster than expected, though she added it could go slower if inflation weakens again.
Her views are consistent with the Fed’s policy statement earlier this month. It emphasized that policymakers do not see their 2 percent inflation target as a ceiling, and will not be unduly concerned with price gains above it for a time.
Mester also used her speech to a central banking conference to once again reiterate her stance that the central bank should begin to analyze whether its inflation framework is fit for the future.
“Now is the time to assess whether changes to our current framework could make monetary policy more effective in achieving our goals,” she said.
Several others on the Fed’s rate-setting committee have also called for a review this year on whether to stick to the current inflation policy, but Fed Chairman Jerome Powell has yet to publicly show support for such a move.
Investors have fully priced in a rate rise at the Fed’s next policy meeting on June 12-13.
Reporting by Lindsay Dunsmuir; Editing by Paul Simao
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-fed-mester/feds-mester-reiterates-support-for-gradual-u-s-rate-increases-idUSKCN1IF0MR |
PARIS (Reuters) - France pledged on Friday to push back against the threat of U.S. sanctions against French companies doing business with Iran, in the wake of Washington’s withdrawal from the international nuclear agreement with Tehran.
French Minister for the Economy and Finance Bruno Le Maire arrives for the Informal meeting of economic and financial affairs ministers (ECOFIN) in Sofia, Bulgaria, April 27, 2018. REUTERS/Stoyan Nenov The French government is seeking waivers and longer transition periods from the United States for companies such as Renault and Total, Finance Minister Bruno Le Maire said, while pressing for European Union measures to improve the bloc’s “economic sovereignty” in the longer term.
“It’s time that European countries opened their eyes,” Le Maire said on Europe 1 radio.
President Donald Trump’s decision to withdraw from the 2015 nuclear deal risks exposing European countries that have since invested in Iran to renewed U.S. sanctions after “wind-down” periods of three to six months expire.
Europe needs new “financial instruments allowing it to be independent from the United States”, Le Maire said.
Germany plans to offer legal advice to help its firms continue to do business in Iran, Economy Minister Peter Altmaier also said on Friday.
France and Germany are among EU countries that had drawn up euro-denominated Iran export finance programs to resist U.S. sanctions. But the severity of Washington’s stance has raised doubts about their viability.
Le Maire said he had asked U.S. Treasury Secretary Steven Mnuchin for temporary or permanent exemptions for French companies, citing carmaker PSA, drug giant Sanofi and food group Danone among those affected - in addition to Renault and oil major Total.
French Foreign Minister Jean-Yves Le Drian also toughened the government’s tone in an interview with Le Parisien.
“We’re telling the Americans that it’s their business what sanctions they impose, but we consider the extraterritoriality of these measures unacceptable,” Le Drian said. “Europeans should not have to pay for U.S. withdrawal from an agreement.”
Reporting by Laurence Frost; Additional reporting by Julie Carriat; Editing by Richard Lough
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-france/france-vows-pushback-against-u-s-sanctions-on-iran-idUSKBN1IC0V6 |
* Dollar index slips back from 4-month highs
* Fed leaves rates unchanged as expected
* Central bank still on track to raise rates in June (Updates prices, adds comments)
By Masayuki Kitano
SINGAPORE, May 3 (Reuters) - The dollar traded below a four-month high against a basket of currencies on Thursday, with the focus shifting to economic data after the Federal Reserve did little to alter market expectations for further interest rate rises this year.
On Wednesday, the Fed left its benchmark overnight lending rate in a target range of between 1.50 percent and 1.75 percent as had been widely expected.
Its rate-setting committee said inflation had “moved close” to its target and that “on a 12-month basis is expected to run near the Committee’s symmetric 2 percent objective over the medium term.”
Analysts said the use of the word “symmetric” suggests that the Fed may allow inflation to run above its 2 percent target, a stance that would limit the need for the central bank to embark on a more aggressive path of monetary tightening in response to recent rises in inflation.
“The Fed is signalling it is keeping to the gradual path and not hiking rates at faster pace (at least for now),” Alvin Liew, senior economist for UOB in Singapore, said in a note.
After the Fed’s policy statement, traders of U.S. short-term interest-rate futures on Wednesday kept bets the Fed will raise interest rates at least two more times this year.
On Wednesday, the dollar’s index against a basket of six major currencies had briefly slipped to around 92.245 after the Fed’s policy statement but later regained its footing to set a four-month high of 92.834 — marking a 4 percent gain from a trough touched in mid-April.
In Asian trade on Thursday, the dollar index stood at 92.508 , having slipped back from that four-month high.
With the Fed’s meeting out of the way, focus is shifting to U.S. jobs data due on Friday for further indications of the strength of the economy and inflation pressures.
The euro rose 0.3 percent to $1.1985, getting some respite after setting a near four-month low of $1.1938 on Wednesday.
A near-term focus for the common currency is euro zone inflation data due later on Thursday, said Mitul Kotecha, senior EM strategist for TD Securities in Singapore.
The euro could come under pressure if the data shows a slowdown in core inflation in the euro zone, Kotecha said, adding that the dollar could see further gains, at least in the near term.
The dollar has been buoyed in recent weeks by the strong U.S. economic outlook and rising yields amid signs of a slowdown in some other developed economies, especially in Europe.
The dollar eased 0.2 percent to 109.65 yen, inching away from a three-month peak of 110.05 yen set on Wednesday.
The pace of the dollar’s rise versus the yen has slowed somewhat, in the wake of the hefty gains seen since April, said Tareck Horchani, head of sales trading in Asia-Pacific for Saxo Markets in Singapore.
“The market is also probably pretty long (dollar/yen) now,” Horchani said, adding that the dollar could face some downside risk against the yen, if U.S. equities come under pressure on Thursday.
Asian shares slipped as hopes waned for real progress in Sino-U.S. trade talks, which are due to kick off on Thursday. (Reporting by Masayuki Kitano Editing by Eric Meijer and Sam Holmes)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-slips-from-4-mth-high-awaits-fresh-catalysts-after-fed-idUSL3N1SA220 |
May 18 (Reuters) - Ocean Power Technologies Inc:
* MATTHEW MAY JOINS OCEAN POWER TECHNOLOGIES AS VICE PRESIDENT, GLOBAL BUSINESS DEVELOPMENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ocean-power-says-matthew-may-joine/brief-ocean-power-says-matthew-may-joined-co-as-vp-global-business-development-idUSASC0A2X1 |
ROME (Reuters) - Giulio Sapelli will not be the joint candidate of the 5-Star Movement and the League as Italy’s prime minister, a 5-Star source said, after the economics professor had announced he had been contacted for the job by both parties.
“It will not be Sapelli,” said the 5-Star source, who asked not to be named.
Sapelli, a 71-year old professor in Milan, told Reuters earlier on Monday that had informed the two parties he was available.
The 5-Star Movement and League were near to a deal on Monday to form a coalition, though they had not announced their choice for prime minister. They are due to hold pivotal talks with the country’s president in the afternoon.
Reporting By Gavin Jones, editing by Steve Scherer
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ATLANTA, The Home Depot®, the world's largest home improvement retailer, today reported sales of $24.9 billion for the first quarter of fiscal 2018, a 4.4 percent increase from the first quarter of fiscal 2017. Comparable sales for the first quarter of fiscal 2018 were positive 4.2 percent, and comp sales in the U.S. were positive 3.9 percent.
Net earnings for the first quarter of fiscal 2018 were $2.4 billion, or $2.08 per diluted share, compared with net earnings of $2.0 billion, or $1.67 per diluted share, in the same period of fiscal 2017. For the first quarter of fiscal 2018, diluted earnings per share increased 24.6 percent from the same period in the prior year.
"We are pleased by the strength of our business despite a slow start to the spring selling season," said Craig Menear, chairman, CEO and president. "Outside of our seasonal business, we had solid results in all markets and categories and are seeing strong momentum in all lines of business during these first few weeks of May. These trends, as well as a favorable housing and macroeconomic backdrop, give us confidence to reaffirm our sales and earnings guidance for fiscal 2018. I would like to thank our associates for their hard work and continued dedication to our customers."
Fiscal 2018 Guidance
Including the adoption of ASU No. 2014-09 discussed below, the Company expects its fiscal 2018 sales to grow by approximately 6.7 percent and comp sales to be up approximately 5.0 percent. The Company also reaffirmed its diluted earnings-per-share growth guidance for the year and expects diluted earnings-per-share growth of approximately 28.0 percent from fiscal 2017 to $9.31.
Recent Accounting Pronouncement – Revenue Recognition
During the first quarter of fiscal 2018, the Company adopted ASU No. 2014-09, which pertains to revenue recognition. The adoption of this standard will not materially impact the Company's consolidated financial statements or related disclosures. Under ASU No. 2014-09, the Company has changed the presentation of certain expenses and cost reimbursements associated with its private label credit card program, certain expenses related to the sale of gift cards to customers, and gift card breakage income. The Company also has changed its recognition of gift card breakage income to be recognized proportionately as redemption occurs, rather than based on historical redemption patterns.
The Company has adopted this standard on a modified retrospective basis. In accordance therewith, financial information prior to fiscal 2018 will not be recast. The consolidated statement of earnings and balance sheet for the first quarter of fiscal 2018 reflect the effect of this accounting policy adoption. The impact of adoption was an increase of $33 million to net sales, a decrease of $98 million to cost of sales, and a corresponding increase of $131 million to operating expenses for the first quarter of fiscal 2018. There is no impact from the Company's adoption on operating income, net earnings or earnings per share. The balance sheet reflects the cumulative impact of adoption using the modified retrospective method as well as the impact of recording the sales return allowance on a gross basis rather than as a net liability. Additional information about the impact of the adoption of ASU No. 2014-09 is available at http://ir.homedepot.com/financial-reports/quarterly-earnings/2018 .
The Home Depot will conduct a conference call today at 9 a.m. ET to discuss information included in this news release and related matters. The conference call will be available in its entirety through a webcast and replay at http://ir.homedepot.com/events-and-presentations .
At the end of the first quarter, the Company operated a total of 2,285 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs more than 400,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index.
###
Certain statements contained herein constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may relate to, among other things, the demand for our products and services; net sales growth; comparable sales; effects of competition; implementation of store, interconnected retail, supply chain and technology initiatives; issues related to the payment methods we accept; state of the economy; state of the residential construction, housing and home improvement markets; state of the credit markets, including mortgages, home equity loans and consumer credit; demand for credit offerings; inventory and in-stock positions; management of relationships with our suppliers and vendors; continuation of share repurchase programs; net earnings performance; earnings per share; dividend targets; capital allocation and expenditures; liquidity; return on invested capital; expense leverage; stock-based compensation expense; commodity price inflation and deflation; the ability to issue debt on terms and at rates acceptable to us; the impact and expected outcome of investigations, inquiries, claims and litigation; the effect of accounting charges; the effect of adopting certain accounting standards; the impact of the Tax Cuts and Jobs Act of 2017; store openings and closures; guidance for fiscal 2018 and beyond; financial outlook; and the integration of acquired companies into our organization and the ability to recognize the anticipated synergies and benefits of those acquisitions. Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about future events. You should not rely on our forward-looking statements. These statements are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond our control or are currently unknown to us – as well as potentially inaccurate assumptions that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include but are not limited to those described in Item 1A, "Risk Factors," and elsewhere in our Annual Report on Form 10-K for our fiscal year ended January 28, 2018 and in our subsequent Quarterly Reports on Form 10-Q.
Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures we make on related subjects in our periodic filings with the Securities and Exchange Commission.
THE HOME DEPOT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
Three Months Ended
in millions, except per share data
April 29,
2018
April 30,
2017
% Change
Net sales
$
24,947
$
23,887
4.4
%
Cost of sales
16,330
15,733
3.8
Gross profit
8,617
8,154
5.7
Operating expenses:
Selling, general and administrative
4,779
4,361
9.6
Depreciation and amortization
457
444
2.9
Total operating expenses
5,236
4,805
9.0
Operating income
3,381
3,349
1.0
Interest and other (income) expense:
Interest and investment income
(22)
(13)
69.2
Interest expense
261
254
2.8
Interest and other, net
239
241
(0.8)
Earnings before provision for income taxes
3,142
3,108
1.1
Provision for income taxes
738
1,094
(32.5)
Net earnings
$
2,404
$
2,014
19.4
%
Basic weighted average common shares
1,152
1,198
(3.8)
%
Basic earnings per share
$
2.09
$
1.68
24.4
Diluted weighted average common shares
1,158
1,204
(3.8)
%
Diluted earnings per share
$
2.08
$
1.67
24.6
Three Months Ended
Selected Sales Data (1)
April 29,
2018
April 30,
2017
% Change
Customer transactions (in millions)
375.9
380.8
(1.3)
%
Average ticket
$
66.02
$
62.39
5.8
Sales per square foot
412.03
394.17
4.5
(1)
Selected Sales Data does not include results for Interline Brands, Inc., which was acquired in fiscal 2015.
THE HOME DEPOT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
in millions
April 29,
2018
April 30,
2017
January 28,
2018
Assets
Cash and cash equivalents
$
3,599
$
3,565
$
3,595
Receivables, net
2,296
2,164
1,952
Merchandise inventories
14,432
13,609
12,748
Other current assets
887
558
638
Total current assets
21,214
19,896
18,933
Net property and equipment
21,928
21,789
22,075
Goodwill
2,281
2,095
2,275
Other assets
1,227
1,164
1,246
Total assets
$
46,650
$
44,944
$
44,529
Liabilities and Stockholders' Equity
Short-term debt
$
350
$
—
$
1,559
Accounts payable
9,726
9,138
7,244
Accrued salaries and related expenses
1,413
1,353
1,640
Current installments of long-term debt
1,199
544
1,202
Other current liabilities
5,445
5,403
4,549
Total current liabilities
18,133
16,438
16,194
Long-term debt, excluding current installments
24,244
22,393
24,267
Other liabilities
2,586
2,151
2,614
Total liabilities
44,963
40,982
43,075
Total stockholders' equity
1,687
3,962
1,454
Total liabilities and stockholders' equity
$
46,650
$
44,944
$
44,529
THE HOME DEPOT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
in millions
April 29,
2018
April 30,
2017
Cash Flows from Operating Activities:
Net earnings
$
2,404
$
2,014
Reconciliation of net earnings to net cash provided by operating activities:
Depreciation and amortization
532
505
Stock-based compensation expense
84
81
Changes in working capital and other, net of acquisition effects
961
1,964
Net cash provided by operating activities
3,981
4,564
Cash Flows from Investing Activities:
Capital expenditures, net of non-cash capital expenditures
(556)
(458)
Proceeds from sales of property and equipment
8
13
Net cash used in investing activities
(548)
(445)
Cash Flows from Financing Activities:
Repayments of short-term debt, net
(1,209)
(710)
Repayments of long-term debt
(10)
(11)
Repurchases of common stock
(1,121)
(1,289)
Proceeds from sales of common stock
14
31
Cash dividends
(1,189)
(1,069)
Other financing activities
115
(33)
Net cash used in financing activities
(3,400)
(3,081)
Change in cash and cash equivalents
33
1,038
Effect of exchange rate changes on cash and cash equivalents
(29)
(11)
Cash and cash equivalents at beginning of period
3,595
2,538
Cash and cash equivalents at end of period
$
3,599
$
3,565
THE HOME DEPOT, INC.
ASU NO. 2014-09 IMPACT OF ADOPTION
(Unaudited)
The Company adopted ASU No. 2014-09, which pertains to revenue recognition, in the first quarter of fiscal 2018. The following table shows the impact of adopting ASU No. 2014-09 on the consolidated statement of earnings for the first quarter of fiscal 2018. The implementation of this accounting standard resulted in an increase in net sales, gross profit, selling, general and administrative, and total operating expenses and a decrease in cost of sales. There was no impact on operating income, net earnings, or earnings per share.
Three Months Ended April 29, 2018
in millions
As Reported
% of
Net Sales
ASU No. 2014-09
Impact
Excluding
ASU No. 2014-09
Impact
% of
Net Sales
Net sales
$
24,947
100.0
%
$
33
$
24,914
100.0
%
Cost of sales
16,330
65.5
(98)
16,428
65.9
Gross profit
8,617
34.5
131
8,486
34.1
Selling, general and administrative
4,779
19.2
131
4,648
18.7
Total operating expenses
5,236
21.0
131
5,105
20.5
THE HOME DEPOT, INC.
ASU NO. 2014-09 IMPACT OF ADOPTION
(Unaudited)
The Company adopted ASU No. 2014-09, which pertains to revenue recognition, in the first quarter of fiscal 2018. The following table shows the impact of adopting ASU No. 2014-09 on the consolidated balance sheet as of April 29, 2018.
April 29, 2018
in millions
As Reported
ASU No. 2014-09
Effect
Excluding
ASU No. 2014-09
Effect
Assets
Receivables, net
$
2,296
$
(46)
$
2,342
Other current assets
887
269
618
Total current assets
21,214
223
20,991
Total assets
46,650
223
46,427
Liabilities and Stockholders' Equity
Other current liabilities
$
5,445
$
124
$
5,321
Total current liabilities
18,133
124
18,009
Other liabilities
2,586
24
2,562
Total liabilities
44,963
148
44,815
Total stockholders' equity
1,687
75
1,612
Total liabilities and stockholders' equity
46,650
223
46,427
THE HOME DEPOT, INC.
PRO FORMA EFFECT OF ASU NO. 2014-09
(Unaudited)
The Company adopted ASU No. 2014-09, which pertains to revenue recognition, in the first quarter of fiscal 2018 using the modified retrospective method. In accordance therewith, financial information prior to fiscal 2018 will not be recast as the modified retrospective method does not permit recasting pre-adoption financial information. The following tables present selected as-reported financial results and the pro forma effect of ASU No. 2014-09 as if the recognition and presentation guidance in the accounting standard had been applied in fiscal 2017. There was no impact on operating income, net earnings, or earnings per share. The fiscal 2017 pro forma financial information included in the tables below is presented for informational purposes only.
Three Months Ended April 30, 2017
in millions
As Reported
% of
Net Sales
ASU No. 2014-09
Effect
Including
ASU No. 2014-09
Effect
% of
Net Sales
Net sales
$
23,887
100.0
%
$
48
$
23,935
100.0
%
Cost of sales
15,733
65.9
(90)
15,643
65.4
Gross profit
8,154
34.1
138
8,292
34.6
Selling, general and administrative
4,361
18.3
138
4,499
18.8
Total operating expenses
4,805
20.1
138
4,943
20.7
Three Months Ended July 30, 2017
in millions
As Reported
% of
Net Sales
ASU No. 2014-09
Effect
Including
ASU No. 2014-09
Effect
% of
Net Sales
Net sales
$
28,108
100.0
%
$
33
$
28,141
100.0
%
Cost of sales
18,647
66.3
(114)
18,533
65.9
Gross profit
9,461
33.7
147
9,608
34.1
Selling, general and administrative
4,549
16.2
147
4,696
16.7
Total operating expenses
4,998
17.8
147
5,145
18.3
Three Months Ended October 29, 2017
in millions
As Reported
% of
Net Sales
ASU No. 2014-09
Effect
Including
ASU No. 2014-09
Effect
% of
Net Sales
Net sales
$
25,026
100.0
%
$
44
$
25,070
100.0
%
Cost of sales
16,378
65.4
(85)
16,293
65.0
Gross profit
8,648
34.6
129
8,777
35.0
Selling, general and administrative
4,514
18.0
129
4,643
18.5
Total operating expenses
4,968
19.9
129
5,097
20.3
Three Months Ended January 28, 2018
in millions
As Reported
% of
Net Sales
ASU No. 2014-09
Effect
Including
ASU No. 2014-09
Effect
% of
Net Sales
Net sales
$
23,883
100.0
%
$
41
$
23,924
100.0
%
Cost of sales
15,790
66.1
(85)
15,705
65.6
Gross profit
8,093
33.9
126
8,219
34.4
Selling, general and administrative
4,440
18.6
126
4,566
19.1
Total operating expenses
4,904
20.5
126
5,030
21.0
Fiscal Year Ended January 28, 2018
in millions
As Reported
% of
Net Sales
ASU No. 2014-09
Effect
Including
ASU No. 2014-09
Effect
% of
Net Sales
Net sales
$
100,904
100.0
%
$
166
$
101,070
100.0
%
Cost of sales
66,548
66.0
(374)
66,174
65.5
Gross profit
34,356
34.0
540
34,896
34.5
Selling, general and administrative
17,864
17.7
540
18,404
18.2
Total operating expenses
19,675
19.5
540
20,215
20.0
with multimedia: releases/the-home-depot-announces-first-quarter-results-reaffirms-fiscal-year-2018-guidance-300648172.html
SOURCE The Home Depot | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-the-home-depot-announces-first-quarter-results-reaffirms-fiscal-year-2018-guidance.html |
May 1, 2018 / 5:35 PM / Updated 2 hours ago No more #Euroboom? No problem, say investors Kit Rees , Helen Reid 5 Min Read
LONDON (Reuters) - Signs of fading growth momentum across Europe have come as bad news to equity investors hoping for a repeat of 2017’s bumper returns, but many say they’re not ready to throw in the towel yet on companies that are still delivering strong earnings. Euro coins are seen in front of a displayed stock graph in this photo illustration taken in Zenica, Bosnia and Herzegovina, June 30, 2015. REUTERS/Dado Ruvic/Files
European equities were in high favour last year. The region had overcome the 2012 sovereign debt crisis and was finally seeing an economic boom - complete with its own hashtag, #Euroboom.
Some of that enthusiasm has waned since. European stocks still failed to match Wall Street gains, rising just 1.3 percent this year, after surging 10 percent in 2017.
More ominously, a string of economic data has raised doubts that corporate profits will keep rising. That has knocked the index 4.2 percent off January highs and some $19 billion has fled euro equity funds in the past seven weeks, data from EPFR shows.
Funds’ allocations to euro zone equities dropped to a 13-month low in April, according to Bank of America Merrill Lynch, which says “overweight” positions have slipped to 34 percent versus 58 percent last October.
Kevin Gardiner, global investment strategist at Rothschild Wealth Management, is among those disillusioned with the market.
“If Europe didn’t do well last year, when is it going to perform?” said Gardiner, who recommends neutral positioning on continental Europe.
His disappointment is perhaps understandable.
After picking up strongly most of last year, IHS Markit’s flash PMI survey - a key euro zone manufacturing activity gauge — dropped to 14-month lows of 55.2. Business confidence in Germany, the bloc’s growth engine, fell this month to the lowest in over a year.
In a sign analysts were unprepared for such a slowdown, Citi’s economic surprise indicator for the euro zone has fallen to its lowest since June 2012.
If data due on Wednesday shows first-quarter economic growth decelerating significantly from the previous three months, that could be a crucial negative signal for the market, bears say. KEEPING THE KETTLE ON THE BOIL
Not so fast.
Some investors are sticking to their guns - they say economic indicators’ decline from the supercharged levels of last year was to be expected.
“It was kind of too good to be true in that you had PMIs in Europe near 60, which was great and you were thrilled with it and you would take it but ... you just didn’t really feel all that comfortable with it,” said Daniel Morris, senior investment strategist at BNP Paribas Asset Management.
“The higher you go the further you fall, so I think it’s made the decline since seem worse than in fact it really is,” said Morris, who remains “overweight” on Europe.
Another investor, Chris Dyer, director of global equity at Eaton Vance, is keeping European equities as his largest “overweight” within global portfolios, noting that the indicators had hit multi-decade highs last year.
“It’s hard to keep the kettle on the boil for that long, so I’m not too concerned about it coming off,” Dyer said.
The reason for clinging on, investors say, is their belief that regional companies will still deliver robust profits. In 2017, European firms enjoyed their first year of earnings growth in seven years and MSCI Europe should deliver earnings growth of 7.5 percent this year, according to Thomson Reuters I/B/E/S.
This pales in comparison with the 19.8 percent predicted for the S&P 500, but U.S. earnings are widely seen as boosted by hefty tax cuts.
In the first quarter, MSCI Europe earnings are expected to grow 0.6 percent from Q1 2017 in euro terms - which translates to a healthy 12.1 percent in dollar terms, as the euro appreciated sharply in the first quarter.
Finally, the euro zone’s newfound political stability is also reassuring investors, after populist, eurosceptic parties largely failed to make much headway.
The best example of that optimism may be Italy. Italian stocks are among the best performers globally, gaining 9.7 percent year-to-date, led by banking stocks that are well positioned to benefit from growth. That’s despite the likelihood of fresh elections after an inconclusive vote in March.
“The fact that Europe is on a sounder footing and that growth seems to be relatively well-underpinned ... we’re pretty comfortable with that,” said Alistair Wittet, manager of the Comgest Growth Europe ex UK fund. Reporting by Kit Rees and Helen Reid, Editing by Sujata Rao and Larry King | ashraq/financial-news-articles | https://in.reuters.com/article/europe-stocks-slowdown/no-more-euroboom-no-problem-say-investors-idINKBN1I2434 |
Building on fire collapses in Sao Paulo 30
A 22-story abandoned office building occupied by hundreds of squatters was engulfed in flames and collapsed in the center of Sao Paulo early Tuesday. Rough Cut
A 22-story abandoned office building occupied by hundreds of squatters was engulfed in flames and collapsed in the center of Sao Paulo early Tuesday. Rough Cut //reut.rs/2rdDc3q | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/02/building-on-fire-collapses-in-sao-paulo?videoId=423028609 |
SYDNEY (Reuters) - Australia’s trade minister will use a visit to China this week to reinforce ties with his country’s largest trading partner, he said on Wednesday, following a recent souring in relations.
FILE PHOTO: Australia's Minister for Trade, Tourism and Investment Steven Ciobo listens during a joint press conference held on the sideline of the Asia-Pacific Economic Cooperation Ministers Responsible For Trade (APEC MRT 23) meeting in Hanoi, Vietnam May 21, 2017. REUTERS/Hoang Dinh Nam/Pool Steven Ciobo’s arrival in Shanghai on Thursday marks the first trip by an Australian minister in eight months, part of Canberra’s effort to protect access to a market for everything from iron ore to baby formula, analysts said.
“I am not going to paper over the fact that in the past several months the focus has been on the differences,” Ciobo told the Australian Broadcasting Corporation (ABC) in a radio interview.
“I will be ensuring our relationship with China is afforded the priority it deserves.”
Ciobo will hold talks with Chinese officials during his three-day visit.
Relations between Australia and China have been tested just two years into a free trade pact after Australian concerns about Chinese influence spurred legislation banning foreign political donations.
China responded with a formal protest and reportedly withheld visas for Australian government officials, jeopardizing a biennial trade fair, sparking fears the row could escalate and further threaten ties.
Officials of both sides are working to reschedule the trade show, though a source familiar with the discussions said that may not happen.
Ciobo, the last Australian minister to visit China in September 2017, said he would also attend Asia’s largest food and beverage exhibition, SIAL China.
China bought A$93 billion ($69.57 billion) of Australian goods and services last year, underpinning corporate heavyweights such as miners Rio Tinto ( RIO.L ) ( RIO.AX ) and BHP Billiton ( BHP.AX ).
Smaller firms, such as food and beverage maker Bellamy’s Australia ( BAL.AX ), have also profited from its rising demand.
Trade ties are just one aspect of a delicate balancing act for Australia, whose security ties with the United States have limited the closeness of relations with China, analysts said.
China’s construction of islands and military facilities in the South China Sea, through which some $3 trillion in trade passes annually, has fed concern it seeks to curb free movement and extend its strategic reach.
Relations began to sour in November when Prime Minister Malcolm Turnbull, citing “disturbing reports about Chinese influence”, proposed to register lobbyists working for foreign countries. Legislation is set to go to parliament in weeks.
Australian businesses trading with China warn against anti-China sentiment, and analysts say the government appears to be tempering its tone.
“People could lose jobs if Chinese tourists stop coming,” said Nick Bisley, an expert on international relations at Melbourne’s La Trobe University.
“Farmers could go broke if China stops buying agricultural goods, and the government is aware of this. This is why they haven’t continued with the language we saw in 2017.”
($1=1.3367 Australian dollars)
Reporting by Colin Packham; Editing by Darren Schuettler and Clarence Fernandes
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-australia/australias-trade-minister-says-china-ties-a-priority-after-recent-differences-idUSKCN1IH0ML |
Harvey Weinstein was indicted Wednesday on rape and criminal sex act charges, furthering the first criminal case to arise from a slate of sexual misconduct allegations against the former movie mogul.
Manhattan District Attorney Cyrus R. Vance Jr. said the indictment brings Weinstein "another step closer to accountability."
The announcement came hours after Weinstein's lawyers said he'd decline to testify before the grand jury because there wasn't enough time to prepare him and "political pressure" made an indictment unavoidable.
A statement issued through a Weinstein spokesman said the 66-year-old film producer, who has denied the allegations, learned of the specific charges and the accusers' identities only after turning himself in Friday. With a deadline set for Wednesday afternoon to testify or not, his request for more time was denied, the statement said.
show chapters Harvey Weinstein’s fall from grace in Hollywood 11:51 AM ET Fri, 25 May 2018 | 03:52 "Finally, Mr. Weinstein's attorneys noted that regardless of how compelling Mr. Weinstein's personal testimony might be, an indictment was inevitable due to the unfair political pressure being placed on Cy Vance to secure a conviction of Mr. Weinstein," the statement said, referring to Manhattan District Attorney Cyrus R. Vance Jr.
Vance said in a statement that the Weinstein camp's "recent assault on the integrity of the survivors and the legal process is predictable."
"We are confident that when the jury hears the evidence, it will reject these attacks out of hand," Vance said.
Weinstein was charged Friday with rape and criminal sex act charges involving two women in New York, as a grand jury continued hearing evidence in the case; the panel has been at work for weeks. Defendants have the right to testify in a grand jury's secret proceedings but often don't, for various reasons.
Weinstein faces rape and criminal sex act charges involving two women in New York. Dozens more women have accused him of sexual misconduct ranging from harassment to assault in various locales.
He has denied all allegations of nonconsensual sex, and his lawyer, Benjamin Brafman, said Tuesday that Weinstein was "confident he's going to clear his name" in the New York prosecution.
Brafman called the rape allegation "absurd," saying that the accuser and Weinstein had a decade-long, consensual sexual relationship that continued after the alleged 2013 attack.
The woman, who hasn't been identified publicly, told investigators Weinstein confined her in a hotel room and raped her.
The other accuser in the case, former actress Lucia Evans, has gone public with her account of Weinstein forcing her to perform oral sex at his office in 2004. The Associated Press does not identify alleged victims of sexual assaults unless they come forward publicly.
Vance, a Democrat, came under public pressure from women's groups to prosecute Weinstein after declining to do so in 2015, when an Italian model went to police to say Weinstein had groped her during a meeting.
Police set up a sting in which the woman recorded herself confronting Weinstein and him apologizing for his conduct. But Vance decided there wasn't enough evidence to bring charges.
Gov. Andrew Cuomo , also a Democrat, ordered the state attorney general to investigate how Vance handled that matter.
WATCH: The state of Harvey Weinstein's assets show chapters Looking at the state of Harvey Weinstein's assets 11:24 AM ET Fri, 25 May 2018 | 02:05 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/harvey-weinstein-indicted-in-new-york-rape-case.html |
May 7 (Reuters) - Trident Ltd:
* RECOMMENDED FINAL DIVIDEND OF 0.30 RUPEES PER SHARE Source text - reut.rs/2KJPb1I
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-trident-recommends-final-dividend/brief-trident-recommends-final-dividend-of-0-30-rupees-share-idUSFWN1SE0SF |
May 8 (Reuters) - U.S. satellite TV operator Dish Network Corp reported a 6 percent fall in quarterly revenue on Tuesday, hurt by a drop in its pay-TV subscriptions.
Net income attributable to the company fell to $368 million, or 70 cents per share, for the first quarter ended March 31, from $376 million, or 76 cents per share, a year earlier.
Revenue fell to $3.46 billion from $3.68 billion last year. (Reporting by Sonam Rai in Bengaluru and Sheila Dang in New York; Editing by Arun Koyyur)
| ashraq/financial-news-articles | https://www.reuters.com/article/dish-network-results/dish-network-quarterly-revenue-drops-6-pct-idUSL3N1SF420 |
May 30, 2018 / 1:51 PM / Updated 10 minutes ago Coca-Cola Co's Africa distributor to invest $100 mln in Kenya over next 5 years Omar Mohammed 2 Min Read
NAIROBI, May 30 (Reuters) - Coca-Cola Beverages Africa (CCBA), the continent’s largest soft drinks bottler, said on Wednesday it would invest $100 million in Kenya over the next five years to improve infrastructure and launch new products.
The company, which sells and distributes Coca-Cola Co products in Africa, plans to introduce 50 new products in Kenya to add to more than 130 existing ones in the country, local Managing Director Daryl Wilson said in an interview.
“As the middle class is (growing)... they are wanting more variety,” he said, adding the new offerings would include various sugar-free and flavoured water beverages.
“Kenyan tastes are growing, the need for new brands is growing,” he said.
This month, the company launched a 7 billion Kenyan Shilling ($69 million) new juice line at its Nairobi plant. It operates four bottling plants in Kenya.
CCBA’s distribution system includes 300 official distributors reaching across the country of 45 million people.
The company operates in a dozen sub-Saharan African countries including Ethiopia and South Africa.
Kenya is second in terms of profits to Ethiopia, Wilson said, where the company has plans to open at least four or five factories in the next five years.
While Kenya’s economy offers a conducive business environment, bad rural roads take a toll on vehicles distributing products, Wilson said.
Another challenge is electricity, where inconsistent availability of power in some of its plants has forced it to deploy generators, which are expensive.
Wilson urged the government to “look at opportunities to reduce (the cost of) electricity, because it’s a big component of ours.” $1 = 101.3500 Kenyan shillings Reporting by Omar Mohammed; Editing by Maggie Fick and Mark Potter | ashraq/financial-news-articles | https://www.reuters.com/article/kenya-business-ccba/coca-cola-cos-africa-distributor-to-invest-100-mln-in-kenya-over-next-5-years-idUSL5N1T14VH |
May 8 (Reuters) - Utility Corp:
* UTILITY CORP. DECLARES MONTHLY DIVIDEND AND SPECIAL DIVIDEND
* UTILITY CORP - BOARD OF DIRECTORS HAS DECLARED A SPECIAL DIVIDEND OF $0.1375 PER CLASS C SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-utility-corp-declares-special-divi/brief-utility-corp-declares-special-dividend-of-0-1375-per-class-c-share-idUSASC0A0JD |
BERLIN (Reuters) - French President Emmanuel Macron said on Wednesday that U.S. President Donald Trump’s decision to pull out of the 2015 Iran nuclear deal was a mistake and Europe needed to stick to the agreement and discuss broadening it.
“Along with our partners, we need to prevent tensions escalating in the region,” Macron told Germany’s ARD television, according to an interpreter’s German translation. “It is therefore necessary, as of today, to immediately broaden the topics of discussion to make it possible for all parties to move towards a broader agreement at some point.”
Reporting by Michelle Martin and Andrea Shalal; Editing by Peter Graff
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-france-macron/frances-macron-calls-for-broader-iran-nuclear-deal-idUSKBN1IA2VS |
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If you are a woman in these camps, you face even more horrific treatment. You are routinely raped in the most violent of ways, sometimes by multiple assailants, for days on end. If you become pregnant by your rapist, you will be forced to undergo an abortion, many times with no pain killers whatsoever.
And if you try to hide your pregnancy, in an attempt to save the life of your unborn child, you will be killed in the most horrific of ways, but only after you watch your baby murdered beforehand.
Such descriptions are grotesque, but must be retold—again and again—to serve a constant reminder of the nature of the regime that we are now trying to negotiate with. All the photo-ops and slick media campaigns to rehabilitate the Kim family’s image can’t wash away the blood this regime has on its hands.
While I am hopeful that Kim Jong Un may have had his come to Jesus moment and truly wants to give up his nuclear weapons and potentially open his nation economically and politically, history cries out for us to be wary. The Kim family’s victims—including America’s own Otto Warmbier and millions more—demand from us such skepticism.
Commentary by Harry J. Kazianis, director of defense studies at the Center for the National Interest. He also serves as executive editor of its publishing arm, The National Interest . He previously served as part of the foreign policy team for the 2016 presidential campaign of Senator Ted Cruz. Follow him on Twitter @Grecianformula .
For more insight from CNBC contributors, follow | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/north-korea-freed-3-prisoners-it-still-cant-be-trusted.html/ |
Milken Institute Global Conference Guggenheim investment chief sees stocks rising 20% more before a recession-fueled sell-off "I think stocks will go up another 15 to 20 percent, but ultimately, when the recession arrives — and it will arrive — there's going to be a very hard sell-off in equities," says Scott Minerd of Guggenheim Partners. He says stocks will look more attractive to investors in the near term as valuations come down due to higher risk premiums. Minerd also reiterate s his call for a 40 to 45 percent drop in stocks starting in late 2019 and into 2020 as the U.S. economy enters a recession. 8 Hours Ago | 03:45
Investors should expect a surge in stocks over the next 12 to 18 months before they fall off a cliff amid a recession in 2020, according to Scott Minerd of Guggenheim Partners.
"I think stocks will go up another 15 to 20 percent, but ultimately, when the recession arrives — and it will arrive — there's going to be a very hard sell-off in equities," the firm's global chief investment officer told CNBC's Brian Sullivan at the 2018 Milken Global Investment Conference on Tuesday. The interviewed aired on CNBC's " Worldwide Exchange ."
He said stocks will look more attractive to investors in the near term as valuations come down due to higher risk premiums. Adam Jeffery | CNBC Scott Minerd
"Right now, in the penultimate year before a recession, because we think a recession is coming in 2020, that typically is a very good year for equities," Minerd said. But "the longer the expansion has been, the more likely the sell-off will be hard."
The U.S. economy is on its second-longest expansion on record, growing for 106-straight months. However, U.S. stocks have been under pressure in 2018. Year to date, the S&P 500 is down nearly 1 percent after reaching an all-time high on Jan. 26.
Minerd also reiterated his call for a 40 to 45 percent drop in stocks starting in late 2019 and into 2020 as the U.S. economy enters a recession. He previously made his prediction last month during another interview with CNBC.
"Recessions occur when the economy reaches constraints. As the economy reaches constraints, prices begin to rise and the Federal Reserve has to raise interest rates and, as I like to say: Every economic expansion does not die of old age; it dies because the Federal Reserve shoots it in the head," Minerd said Tuesday. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/guggenheim-investment-chief-sees-stocks-rising-20-percent-more-before-a-recession-fueled-sell-off.html |
HUNT VALLEY, Md.--(BUSINESS WIRE)-- Omega Healthcare Investors, Inc. (NYSE:OHI) (“Omega”) today announced that it has received court approval to begin the orderly transition to new operators of 23 of the 42 facilities currently operated by its tenant, 4 West Holdings, Inc. (together with certain of its affiliates, “Orianna”).
Court approval came on May 11, 2018, from the United States Bankruptcy Court for the Northern District of Texas, which is presiding over Orianna’s reorganization under chapter 11 of the Bankruptcy Code. Orianna’s chapter 11 bankruptcy case is styled In re 4 West Holdings, Inc., Case No. 18-30777-hdh11 (Bankr. N.D. Tex.). Copies of all materials filed in this action are available at http://www.omnimgt.com/4west .
Also on May 11, the Bankruptcy Court approved on a final basis the $30 million senior secured debtor-in-possession financing provided by Omega to Orianna, which has been used to repay in full Orianna’s prior working capital lender and will also be used to provide Orianna with additional liquidity to fund on-going business operations. Additionally, the Bankruptcy Court approved procedures for the solicitation of competing proposals for the sale or restructuring of the 19 remaining Omega facilities currently operated by Orianna.
Taylor Pickett, Omega’s Chief Executive Officer, stated, “We are pleased to have completed this phase of the process and look forward to transitioning these 23 facilities to new operators. We remain confident that the 42 current Orianna facilities will generate rent or rent equivalents within our previously stated range of $32 million to $38 million upon completion of the planned transitions and sales.” Mr. Pickett continued, “Together with the restructuring of the Signature Healthcare portfolio reported last week, we have made substantial progress in resolving the issues relating to these two portfolios.”
Signature Healthcare Portfolio Restructuring
As previously reported in our Form 10-Q filing last week, Omega and Signature Healthcare entered into a consensual out-of-court restructuring agreement on May 7, 2018. As part of the restructuring, Signature Healthcare was reorganized to separate each of its primary portfolios with its three major landlords into distinct lease silos. Signature Healthcare formed Agemo to be the holding company of the lessees of the Omega portfolio.
In connection with the Signature Healthcare restructuring, Omega agreed to: (1) defer up to $6.3 million of rent per annum for 3 years commencing May 1, 2018; (2) provide capital expenditure funds of approximately $4.5 million per year for 3 years to be used for the general maintenance and capital improvements of our 59 facilities; (3) extend a 7-year working capital term loan at 7% for an amount up to $25 million with a maturity date of April 30, 2025; (4) extend the term of the master lease by two years to December 31, 2030 and (5) extend the maturity date of the existing term loan by two years to December 31, 2024.
As part of the restructuring, Signature Healthcare entered into new working capital credit facilities with its new working capital lender for each of its separate silos, including Agemo.
Omega is a real estate investment trust that invests in the long-term healthcare industry, primarily in skilled nursing and assisted living facilities. Its portfolio of assets is operated by a diverse group of healthcare companies, predominantly in a triple-net lease structure. The assets span all regions within the US, as well as in the UK.
This press release includes within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All Omega’s or its tenants’, operators’, borrowers’ or managers’ expected future financial condition, results of operations, cash flows, funds from operations, dividends and dividend plans, financing opportunities and plans, capital markets transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, facility transitions, growth opportunities, expected lease income, continued qualification as a REIT, plans and objectives of management for future operations and statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will” and other similar expressions are . These are inherently uncertain, and actual results may differ from Omega’s expectations. Omega does not undertake a duty to update these , which speak only as of the date on which they are made.
Omega’s actual results may differ materially from those reflected in such as a result of a variety of factors, including, among other things: (i) uncertainties relating to the business operations of the operators of Omega’s properties, including those relating to reimbursement by third-party payors, regulatory matters and occupancy levels; (ii) regulatory and other changes in the healthcare sector; (iii) changes in the financial position of Omega’s operators; (iv) the ability of any of Omega’s operators in bankruptcy to reject unexpired lease obligations, modify the terms of Omega’s mortgages and impede the ability of Omega to collect unpaid rent or interest during the pendency of a bankruptcy proceeding and retain security deposits for the debtor’s obligations; (v) the availability and cost of capital; (vi) changes in Omega’s credit ratings and the ratings of its debt securities; (vii) competition in the financing of healthcare facilities; (viii) Omega’s ability to maintain its status as a REIT; (ix) Omega’s ability to sell assets held for sale or complete potential asset sales on a timely basis and on terms that allow Omega to realize the carrying value of these assets; (x) Omega’s ability to re-lease, otherwise transition or sell underperforming assets on a timely basis and on terms that allow Omega to realize the carrying value of these assets; (xi) the effect of economic and market conditions generally, and particularly in the healthcare industry; (xii) the potential impact of changes in the skilled nursing and assisted living facility markets or local real estate conditions on the Company’s ability to dispose of assets held for sale for the anticipated proceeds or on a timely basis, or to redeploy the proceeds therefrom on favorable terms; (xiii) changes in interest rates; (xiv) changes in tax laws and regulations affecting REITs; and (xv) other factors identified in Omega’s filings with the Securities and Exchange Commission. Statements regarding future events and developments and Omega’s future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future, are forward looking statements. Omega undertakes no obligation to update any contained in this announcement.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005718/en/
Omega Healthcare Investors, Inc.
Bob Stephenson, CFO, 410-427-1700
Source: Omega Healthcare Investors, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-omega-receives-approval-to-transition-majority-of-orianna-portfolio-signature-portfolio-restructuring-completed.html |
May 14, 2018 / 3:12 PM / Updated 6 minutes ago Saudi Arabian soccer referee story withdrawn Reuters Staff 1 Min Read
HONG KONG (Reuters) - An alert and story on Saudi Arabia banning a World Cup referee for a match-fixing attempt were sent in error. No statement was issued by the Saudi Arabian Football Federation.
A replacement story will be issued should a statement be made. | ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-referee-ban/soccer-saudi-arabian-world-cup-referee-banned-for-match-fixing-attempt-idUSKCN1IF23U |
TORONTO, May 25, 2018 (GLOBE NEWSWIRE) -- Xorax Family Trust (" Xorax ") acquired 5,000 Class A multiple voting shares (the " Acquired Shares ") (the " Class A Multiple Voting Shares ") of FSD Pharma Inc. (formerly, Century Financial Capital Group Inc.) (the " Issuer "). The Acquired Shares represent 33.33% of the issued and outstanding Class A Multiple Voting Shares of the Issuer.
On May 24, 2018, the Issuer completed its acquisition of 100% of the issued and outstanding securities of FV Pharma Inc. (" FV Pharma ") by way of a "three-cornered" statutory amalgamation of FV Pharma and a wholly-owned subsidiary of the Issuer (the " Acquisition ").
In connection with the closing of the Acquisition, the Issuer issued 15,000 Class A Multiple Voting Shares to the former holders of FV Pharma Class A voting shares.
Following completion of the Acquisition, Xorax has control over 5,000 Class A Multiple Voting Shares of the Issuer, representing 33.33% of all the issued and outstanding Class A Multiple Voting Share of the Issuer.
The acquisition of the Acquired Shares by Xorax was made for investment purposes. Xorax may from time to time dispose of, or acquire, additional securities of the Issuer as circumstances warrant.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues , which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Issuer is a reporting issuer containing information with respect to the foregoing matters (the " Early Warning Report "). A copy of the Early Warning Report will appear at www.sedar.com .
Contact Information:
Xorax Family Trust
[email protected]
Source:Xorax Family Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/globe-newswire-xorax-family-trust-acquires-ownership-of-class-a-multiple-voting-shares-of-fsd-pharma-inc.html |
May 2, 2018 / 11:40 AM / Updated 26 minutes ago COLUMN-Sanctions turmoil exposes alumina pricing fragility: Andy Home Reuters Staff
(The opinions expressed here are those of the author, a columnist for Reuters)
* Alumina and aluminium prices: tmsnrt.rs/2remUIh
By Andy Home
LONDON, May 2 (Reuters) - A semblance of normality has returned to the aluminium market after three weeks of turmoil caused by the imposition of U.S. sanctions on Russian oligarch Oleg Deripaska and his Rusal empire.
The extension of the sanctions deadline until Oct. 23 and the potential for some sort of political deal have helped calm troubled waters.
The London Metal Exchange (LME) three-month aluminium price hit a seven-year high of $2,718 per tonne on April 19 but is now trading back down around the $2,250 level.
The same, however, cannot be said of the raw materials market.
Alumina supply was already tightening thanks to the partial, continuing outage at Hydro’s Alunorte plant in Brazil.
The prospect of losing Rusal material as well sent prices stratospheric, revealing both the fragile nature of the alumina supply chain and its dysfunctional pricing model.
This is an industry that has given up its natural price hedge but not yet embraced a new pricing mechanism.
The events of the last three weeks have shown just how dangerous that can be. FRAGILE SUPPLY CHAIN
Even before the April 6 announcement of sanctions on Rusal, the alumina supply chain was struggling.
In February a Brazilian court ordered a 50 percent cut in output at the Alunorte refinery following allegations of a waste spill. That ruling has just been upheld by a local judge.
Alunorte is the world’s largest single converter of bauxite to alumina and the continued outage translates to an annualised supply hit of almost three million tonnes.
When the news of sanctions against Rusal broke on April 6, the initial reaction was registered in the aluminium price, both the LME basis price and U.S. physical premiums.
It was only after a few days that the market realised just how vulnerable to sanctions were Rusal’s overseas bauxite and alumina operations.
And how vulnerable Western world aluminium smelters are to sudden changes in the raw materials supply chain.
At one stage there was a very real prospect of Rio Tinto halting shipments of bauxite to Rusal’s Aughinish refinery in Ireland, which in turn could have caused several European aluminium smelters to close.
That nightmare scenario has been deferred, but not completely dispelled.
The industry has got used to existing on lean inventories, some refineries holding less than one week’s operating stock, and ignored the increasing complexity of alumina trading between big entities such as Rusal.
On paper Rusal is almost self-sufficient in alumina. In practice, it trades a significant part of that material. Sales to third parties totalled 2.3 million tonnes last year, compared with group production of 7.8 million tonnes.
Alumina flows are accordingly more intricate and less transparent as producers and traders switch and swap tonnages across regions and time-frames.
Graphic on aluminium and alumina relative price performance: BROKEN PRICING
The alumina price has shown no indication of tracking the aluminium price lower.
The CME spot alumina contract, which is linked to the S&P Global Platts alumina price index, is holding the recent highs, closing Tuesday valued at $643 per tonne.
It’s still playing catch-up with the physical market, where prices have surged to $700 and above in the last couple of weeks.
The combination of a high alumina price and low aluminium price crushes operating margins for those smelters which do not enjoy their own vertically-integrated feed.
And few of them have any price hedge.
The industry used to link its alumina pricing to the LME aluminium contract, an unsophisticated but largely effective way of cushioning input costs against the sort of metal price blow-out we’ve just seen.
But around the turn of the decade Alcoa led a producer shift to pricing alumina on the basis of spot market indices compiled by price assessors such as Platts, Metal Bulletin and CRU.
Alcoa is now pricing around 95 percent of its third party alumina sales basis either an index or the spot market, it said in its Q1 results.
Most of the other big players in the market have followed suit.
There are two problems here.
The first is the nature of spot market pricing.
Speaking at last week’s CRU aluminium conference in London, Anthony Everiss, head of the group’s alumina and bauxite research, conceded that the record highs seen in the CRU index were based on just three or four cargoes, each around 30,000-35,000 tonnes in size.
This is a highly marginal tonnage in the global alumina market and symptomatic of the problems facing all the companies attempting to assess the alumina price.
The spot market is still too small and too China-oriented to offer a truly global pricing mechanism.
And the CME contract, based on one of those indices, is itself still too small to offer any practicable hedging opportunity.
Launched in 2016, it has yet to build any critical trading mass. Cumulative volumes in the first quarter were just 87,500 tonnes, less than the handful of spot cargoes used to calculate the underlying indices.
Yet on such insignificant tonnages turns the global alumina price and with it the operating margin for a significant part of the Western world’s smelter system. NEW CONTRACT, MORE COMMITMENT
The LME is itself planning to launch an alumina contract either late this year or early next year, in theory doubling the number of hedging venues.
But, like the CME, it too will be using a vanilla futures contract template with pricing indexed back to one of the core alumina price assessors.
The underlying issues of how those prices are set in the physical market and low liquidity in the paper market remain.
What really needs to happen is for producers such as Alcoa and Rio Tinto to extend their enthusiastic embrace of non-LME pricing to committing the tonnages to make that pricing work in trading venues such as the CME and LME.
They have just been given a major wake-up call about the broken nature of the current alumina pricing model.
They will ignore it at their own peril and that of a good part of the aluminium smelter sector. (Editing by David Evans) | ashraq/financial-news-articles | https://www.reuters.com/article/alumina-pricing-ahome/column-sanctions-turmoil-exposes-alumina-pricing-fragility-andy-home-idUSL8N1S9420 |
May 17 (Reuters) - Valvoline Inc:
* VALVOLINE TO ACQUIRE GREAT CANADIAN OIL CHANGE, ITS FIRST INTERNATIONAL QUICK-LUBE ACQUISITION
* VALVOLINE INC - FINANCIAL TERMS WERE NOT DISCLOSED.
* VALVOLINE INC - ACQUISITION WILL EXPAND VALVOLINE’S EXISTING QUICK-LUBE NETWORK TO OVER 1,200 COMPANY-OWNED AND FRANCHISED LOCATIONS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-valvoline-to-acquire-great-canadia/brief-valvoline-to-acquire-great-canadian-oil-change-idUSASC0A2VA |
SEOUL (Reuters) - U.S. President Donald Trump said North Korea’s decision to release three American detainees would have a positive effect on the upcoming summit between the United States and North Korea, said a South Korean presidential spokesman on Wednesday.
In a phone call with South Korean President Moon Jae-in, Trump also told Moon that U.S. Secretary of State Mike Pompeo had had very constructive talks with North Korean leader Kim Jong Un, Blue House spokesman Kim Eui-kyeom told reporters via mobile message.
Trump and Moon spoke shortly after Trump announced on Twitter that Pompeo was returning home from Pyongyang with the three men who were freed after the secretary of state met with the North Korean leader.
Reporting by Christine Kim; Editing by Peter Graff
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-usa-southkorea/trump-says-release-of-detainees-by-north-korea-will-be-positive-for-u-s-north-korea-summit-south-korea-idUSKBN1IA2HB |
May 10 (Reuters) - Eloxx Pharmaceuticals Inc:
* ELOXX PHARMACEUTICALS REPORTS FIRST QUARTER 2018 FINANCIAL AND OPERATING RESULTS AND PROVIDES BUSINESS UPDATE
* QTRLY LOSS PER SHARE $0.31 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-eloxx-pharmaceuticals-reports-q1-l/brief-eloxx-pharmaceuticals-reports-q1-loss-per-share-0-31-idUSASC0A1JB |
NEW DELHI (Reuters) - Few things are more painful than watching an ageing athlete falter as they try to summon up the old magic and Yuvraj Singh’s fans have endured a shared agony over the course of this year’s Indian Premier League (IPL).
Yuvraj Singh bats in the nets during a cricket practice session in Mohali March 29, 2011. REUTERS/Adnan Abidi/File Photo When India belatedly embraced Twenty20 cricket 12 years ago, Yuvraj’s rise to greatness in the limited-overs format appeared just a matter of time.
After all, few could hit the cricket ball as cleanly and as far as the southpaw did. And although Kevin Pietersen once ridiculed him as a “pie-chucker”, Yuvraj’s brand of left-arm spin was more than handy.
When not doing either, Yuvraj torched the turf in the point region with an infectious zeal, a rare quality in an Indian squad not then known for their agility.
He was a key cog in India’s World Twenty20 triumph in South Africa in 2007 and was adjudged player-of-the-tournament in the team’s victorious 50-over World Cup triumph four years later.
He was unable to replicate that form in the IPL, though, and his stints with Kings XI Punjab, Pune Warriors, Royal Challengers Bangalore, Sunrisers Hyderabad and Delhi Daredevils have been underwhelming.
Back at the team where he started his IPL career, Yuvraj has endured a particularly torrid tournament this year - alternating between warming the bench and being shuffled around the batting order at Punjab.
“He is a legend in Indian cricket,” Punjab head coach Brad Hodge said on Saturday.
“But we all know sooner or later good things, good times always have to come to an end. But when that is (for Yuvraj), I am not the person to answer.”
Time seemed to have robbed Yuvraj of his touch and the 36-year-old has scratched around for 65 runs from six innings, while going wicketless with the ball.
The spectacular flourish that became his trademark has been replaced by tentative jabs at the ball, or fatal pre-determined shots.
For someone who wielded a willow that appeared to have sweet-spots wherever the ball made contact, Yuvraj struggled to find the middle of the bat against modest bowlers in less demanding circumstances.
His laboured batting was reminiscent of his struggle in the final of the 2014 World Twenty20 against Sri Lanka which, many believe, cost India the title.
Yuvraj was not even picked for Sunday’s final group match against Chennai Super Kings, which Punjab lost to finish seventh in the eight-team league.
His repeated failures to roll back the years have evoked mixed emotions in cricket-mad India.
On social media, his detractors mock his paunch, while his fans and conspiracy theorists claimed he never had the backing of Punjab skipper Ravichandran Ashwin.
Others still found it just too painful to watch the struggle of a batsman who smashed six sixes in a Stuart Broad over in the 2007 World Twenty20, and pleaded with him to hang up his bat.
The all-rounder, who played the last of his 304 one-day internationals last year, thinks he might just have another year in him.
“I’ve been playing international cricket since 2000. It has been almost 17-18 years on and off. So, I will definitely take a call after 2019,” he said last month.
FILE PHOTO: Cricket - India v England - Third One Day International - Eden Gardens, Kolkata, India - 22/01/2017. India's Yuvraj Singh walks off the field after his dismissal. REUTERS/Rupak De Chowdhuri/File Photo Reporting by Amlan Chakraborty; Editing by ...
Advertise with Us | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-t20-ipl-yuvraj/cricket-yuvraj-struggles-on-as-the-magic-wanes-idINKCN1IN0QQ |
May 3, 2018 / 8:24 AM / Updated 31 minutes ago Senior Chinese diplomat meets North Korean leader Kim Reuters Staff 1 Min Read
BEIJING (Reuters) - The Chinese government’s top diplomat State Councillor Wang Yi has met North Korean leader Kim Jong Un, China’s Foreign Ministry said on Thursday in a brief statement. FILE PHOTO - China's State Councilor and Foreign Minister Wang Yi gestures during a signing ceremony in Beijing, China May 1, 2018. REUTERS/Damir Sagolj/Pool/File Photo
Wang is currently visiting Pyongyang. Reporting by Ben Blanchard; Editing by Darren Schuettler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-northkorea-china-minister/senior-chinese-diplomat-meets-north-korean-leader-kim-idUKKBN1I40PY |
Ms. Cavanaugh brings diversity and extensive investment management and banking sector experience to the Board
SEATTLE--(BUSINESS WIRE)-- HomeStreet, Inc. (Nasdaq:HMST) (the “Company” or “HomeStreet”), the parent company of HomeStreet Bank (the “Bank”), today announced that it has appointed Sandra Cavanaugh to the board of directors (the “Board”) of the Company and the board of directors of the Bank. Ms. Cavanaugh previously served as chief executive officer and president of U.S. Private Client Services at Russell Investments, where she was responsible for all advisor sold business within the U.S. and oversaw the firm’s $45 billion mutual fund business from 2010 until her retirement in 2016. Prior to that, Ms. Cavanaugh was an Executive Vice President at Sun Trust Bank during 2009 and held senior executive positions at Washington Mutual / JP Morgan Chase, including as president of two of their subsidiaries, WM Financial Services and WM Funds Distributor and Shareholder Services. Since retiring from Russell Investments, Ms. Cavanaugh has been providing financial consulting services.
As previously announced, the Human Resources and Corporate Governance Committee (the “HRCG”) of the Board recommended Ms. Cavanaugh’s appointment following a search for a candidate that meets the diversity goals set forth in the Company’s Principles of Corporate Governance. Ms. Cavanaugh was identified to the Company by an external executive recruitment firm, was appointed to fill a vacancy created by the expansion of the Board and does not replace any of the existing directors of the Company.
”Sandra will complement our Board with her deep experience in the banking and financial institutions industries, specifically her background in asset management and financial product creation and distribution,” said Scott M. Boggs, Lead Independent Director of HomeStreet. “Her skills and experience are a natural fit to our Board and her commitment to serving the community perfectly aligns with HomeStreet’s values. We look forward to her contribution in executing our strategic plan."
“I am excited to be joining the HomeStreet Board and to bring my expertise and perspective to help inform the strategic goals of the Company,” said Sandra Cavanaugh. “HomeStreet’s achievement converting from a troubled thrift to a diversified commercial and consumer bank has been impressive, and I look forward to assisting the Company in furthering this transformation and enhancing shareholder value.”
About HomeStreet, Inc.
HomeStreet, Inc. (Nasdaq:HMST) is a diversified financial services company headquartered in Seattle, Washington, serving consumers and businesses in the Western United States and Hawaii through its various operating subsidiaries. The company operates two primary business segments: Mortgage Banking, which originates and purchases single family residential mortgage loans, primarily for sale into secondary markets; and Commercial & Consumer Banking, including commercial real estate, commercial lending, residential construction lending, retail banking, private banking, investment, and insurance services. Its principal subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation. Certain information about our business can be found on our investor relations web site, located at http://ir.homestreet.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530006086/en/
HomeStreet, Inc.
Investor Relations:
Gerhard Erdelji, 206-515-4039
[email protected]
or
Media Relations:
Michael Brandt, 206-876-5506
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Source: HomeStreet, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-homestreet-appoints-sandra-cavanaugh-to-board-of-directors.html |
LONDON, May 15, 2018 /PRNewswire/ -- Aon plc (NYSE:AON), the leading global professional services firm providing a broad range of risk, retirement and health solutions, has announced that Eric Andersen, Chief Executive Officer of Aon Benfield, and Michael O'Connor, Chief Executive Officer of Aon Risk Solutions, have been appointed Co-Presidents of the firm, effective immediately. As co-presidents, O'Connor and Andersen will continue to report to Aon's Chief Executive Officer, Greg Case, whose contract was recently extended by the Board of Directors until April of 2023.
Aon also announced it will retire the firm's remaining business unit brands – Aon Risk Solutions and Aon Benfield, which follows the retirement of the Aon Hewitt business unit brand in 2017 – and create an integrated global Operating Committee, co-led by Andersen and O'Connor. Both moves are designed to increase the rate of innovation across the firm and make it easier for colleagues to work together to bring the best of Aon to clients.
Aon previously announced a single P&L structure, which is part of an ongoing effort to increase colleague connectivity and accelerate reinvestment in innovation that serves clients. That effort is overseen by Aon's global CFO Christa Davies, whose contract was also recently extended by the Board of Directors until April of 2023.
"Aon's evolution into a leading global professional services firm has been driven by the tireless efforts of colleagues to work across our portfolio to deliver the best advice and solutions to clients," said Aon CEO, Greg Case. "This announcement recognizes those efforts and takes steps to remove structural barriers so that we can innovate new sources of value and realize the full potential of our firm."
Case added, "The appointment of Mike and Eric as co-presidents reflects the enormous contributions that they have made to the ongoing success of our firm. Both have proven track records and have played critical leadership roles across Aon, ensuring that they understand the breadth of our capabilities and how to bring them together to best serve our clients."
"I've worked side-by-side with Mike for the better part of a decade and am excited by the opportunity to continue that partnership in this new role," said Eric Andersen. "As much success as Aon has enjoyed, I believe that we have only just begun to realize our potential. By working together more closely, we can create more value for clients and exciting new opportunities for colleagues."
Mike O'Connor added, "I look forward to taking on this broader role and am energized by the idea of doing so with Eric. Our new global operating committee has an opportunity to further unite the business in a way that makes the whole of Aon greater than the sum of its parts. In doing so, we can bring our best to clients and deliver on the full potential of our integrated firm."
Case concluded, "By almost any measure, Aon has never been stronger or better positioned in the marketplace. That strength comes from the depth of our senior leadership team. I'm grateful to them for their support of these decisions and for agreeing to take on additional responsibilities. Our other exceptional solution line leaders, Cary Grace, CEO of Retirement Solutions, and John Zern, CEO of Health Solutions, as well as our Chief Operations Officer, John Bruno, will each add substantially to their remit."
"Cary Grace will now be responsible for Global M&A Integration in addition to her global leadership of Retirement Solutions, reinforcing the importance of adding new capabilities to address emerging client need and John Zern will add to his global Health Solutions responsibilities by also becoming CEO of North America for Commercial Risk Solutions, further underscoring the opportunity we have to work together across solution lines to create client value," said Case. "Now, more than ever, we believe that the insights we deliver through Data & Analytics are critical to unlocking the next wave of value for our clients and driving our long-term growth. That is why I have asked our Chief Operations Officer, John Bruno, to take on the additional role of CEO, Data & Analytic Services, and work closely with me and our CFO, Christa Davies, to enhance our current offerings and accelerate the commercialization of new data-driven, content solutions."
About Eric Andersen
Andersen has served in a number of important leadership positions throughout his over 20-year career at Aon, most recently as CEO of Aon Benfield and prior to that was CEO of Aon Risk Solutions Americas. Andersen first joined Aon in 1997 via the acquisition of Minet. Prior to that, Andersen also worked in London at Alexander Howden. Andersen earned an MBA in Finance from Fordham University and a Bachelor of Arts degree in Political Science from Colgate University. He sits on the board of Covenant House New Jersey, an organization that helps homeless, at-risk and runaway youth.
About Michael O'Connor
O'Connor joined Aon in 2008 and has served in various important leadership roles at Aon, most recently as CEO of Aon Risk Solutions and prior to that as COO of Aon Risk Solutions and Aon Benfield. Prior to Aon, O'Connor was a partner at McKinsey & Company, where he served as a leader for the North American Financial Services practice and the North American Insurance practice. O'Connor holds a Juris Doctor from the University of Chicago and an MBA in Finance and Management Information System as well as a Bachelor of Business Administration degree from the University of Notre Dame. O'Connor serves on the board of the Rush University Medical Center.
About Aon
Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
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SOURCE Aon plc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-aon-appoints-eric-andersen-and-michael-oconnor-as-co-presidents-of-the-firm.html |
May 17, 2018 / 1:48 PM / Updated 11 minutes ago EMERGING MARKETS-Brazil yield curve flattens after central bank holds rates Reuters Staff 4 Min Read By Bruno Federowski BRASILIA, May 17 (Reuters) - Yields on short-term Brazilian interest rate future contracts jumped on Thursday after the central bank unexpectedly left its benchmark rate untouched, while the Brazilian real outperformed its peers. The bank kept the Selic rate at 6.50 percent, contradicting widespread expectations of a 25 basis-point cut. Policymakers attributed the decision to "the recent change in the balance of risks to prospective inflation," which economists widely understood as a reference to the recent global emerging-market currency selloff. Short-term rate yields spiked in early trading as investors adjusted their bets following the interest rate surprise. Long-term yields slipped due to expectations that tighter monetary policy in the short-term may allow the central bank to hike rates less than expected in the future. The Brazilian real also found some support in the central bank move, weakening less than its Latin American peers as emerging markets extended their recent losses across the board. "Markets will take the surprising decision as a sign that the central bank is concerned with the current emerging market environment and its implications on the pace of depreciation," economists at Nomura Securities wrote in a report. "In other words, market could read the decision as a sign that the central bank is committed to take further steps to avoid outsized pressure" on the currency. The central bank has already sold currency swaps to cushion the currency's decline, which has been underpinned by concerns that a widening U.S. fiscal deficit and accelerating inflation could bump up U.S. interest rates. Yet Nomura economists said the relief in the Brazilian real is likely to be temporary as the October presidential elections, set to be the most hard-to-predict in decades, weigh on appetite for the nation's assets. "We expect the real to return to its underperformance path in the short term, unless there is a clear change in the presidential election landscape, with signs that a pro-market candidate is likely to win," the report said. Key Latin American stock indexes and currencies at 1330 GMT: Stock indexes daily YTD % % change Latest change MSCI Emerging Markets 1148.24 -0.59 -0.29 MSCI LatAm 2806.08 -0.7 -0.08 Brazil Bovespa 85356.46 -1.36 11.72 Chile IPSA 5730.72 0.05 2.99 Chile IGPA 28977.29 0.07 3.56 Currencies daily YTD % % change Latest change Brazil real 3.6789 -0.03 -9.94 Mexico peso 19.7110 -0.72 -0.06 Chile peso 631.51 -0.17 -2.67 Colombia peso 2872.34 -0.46 3.82 Peru sol 3.27 -0.21 -1.01 Argentina peso (interbank) 24.1000 0.79 -22.82 Argentina peso (parallel) 24.9 -0.40 -22.77 (Reporting by Bruno Federowski Editing by Susan Thomas) | ashraq/financial-news-articles | https://www.reuters.com/article/emerging-markets-latam/emerging-markets-brazil-yield-curve-flattens-after-central-bank-holds-rates-idUSL2N1SO0PH |
May 23 (Reuters) - AECOM:
* AECOM AWARDED 15-YEAR, US$3.1 BILLION CONTRACT TO PROVIDE U.S. AIR FORCE WITH RANGE SUPPORT SERVICES
* AECOM - VALUE OF CONTRACT WILL BE ADDED TO AECOM’S BACKLOG FOR Q3 OF FISCAL YEAR 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-aecom-awarded-15-year-us31-bln-con/brief-aecom-awarded-15-year-us3-1-bln-contract-to-provide-u-s-air-force-with-range-support-services-idUSFWN1SU0IW |
IRVINE, Calif.--(BUSINESS WIRE)-- Ingram Micro Inc. today announced financial results for the fourth quarter ended Dec. 30, 2017. Ingram Micro experienced strong global demand, led by double-digit growth in all business lines, including technology solutions, commerce and lifecycle services and cloud. Worldwide 2017 fourth quarter sales were $13.78 billion, an increase of 13 percent in USD, with gross margin of 6.21 percent. This compares to sales of $12.24 billion and gross margin of 6.48 percent in the 2016 fourth quarter. The translation of foreign currencies versus last year had a positive impact of approximately 4 percentage points on worldwide sales. 2017 fourth quarter non-GAAP operating income was $217 million, or 1.57 percent of revenue, and non-GAAP net income was $141 million. This compares to 2016 fourth quarter non-GAAP operating income of $206 million, or 1.68 percent of revenue, and non-GAAP net income of $121 million. 2017 fourth quarter gross margin, non-GAAP operating income and non-GAAP net income were impacted by a higher mix of sales of lower margin, consumer focused product lines globally, lower profit contribution from the company’s U.S. mobility business, and continued strategic investments in the company’s cloud and commerce and fulfillment businesses. 2017 fourth quarter GAAP operating income and net income was $172 million, or 1.25 percent of revenue, and $56 million, respectively, including: The pre-tax negative impact of $19 million in restructuring, merger, acquisition and transition costs primarily related to retention payments and the vesting of restricted shares and stock options due to HNA Group’s acquisition of Ingram Micro; and the pre-tax negative impact of $23 million in amortization expense. This compares to 2016 fourth quarter GAAP operating income and net loss of $5 million, or 0.04 percent of revenue, and loss of $35 million, respectively.
Non-GAAP Disclosures
In addition to GAAP results, Ingram Micro is reporting non-GAAP operating income, non-GAAP operating margin and non-GAAP net income for the 2017 fourth quarter and the fiscal year ended December 30, 2017. These non-GAAP measures exclude charges associated with reorganization, merger, acquisitions, integration and transition costs, including those associated with the company’s previously announced cost savings programs, and the amortization of intangible assets. These non-GAAP financial measures also exclude a loss on the sale of affiliates. Non-GAAP net income also excludes the impact of foreign exchange gains or losses related to the translation effect on Euro-based inventory purchases in Ingram Micro’s pan-European entity and an additional tax expense related to the impact of the US tax reform. 2017 year-to-date non-GAAP net income also excludes a non-cash tax benefit primarily related to the reversal of a valuation allowance against certain deferred tax assets in Australia. 2016 year-to-date non-GAAP net income excludes a loss on the sale of an affiliate and a gain related to a legal settlement. The non-GAAP measures noted above are primary indicators that Ingram Micro’s management uses internally to conduct and measure its business and evaluate the performance of its consolidated operations and operating segments. Ingram Micro’s management believes these non-GAAP financial measures are useful because they provide meaningful comparisons to prior periods and an alternate view of the impact of acquired businesses. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP. These non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting Ingram Micro’s business. A material limitation associated with these non-GAAP measures as compared to the GAAP measures is that they may not be comparable to other companies with similarly titled items that present related measures differently. The non-GAAP measures should be considered as a supplement to, and not as a substitute for or superior to, the corresponding measures calculated in accordance with GAAP. A reconciliation of GAAP to non-GAAP financial measures for the periods presented is attached to this press release.
About Ingram Micro Inc.
Ingram Micro helps businesses realize the promise of technology™. It delivers a full spectrum of global technology and supply chain services to businesses around the world. Deep expertise in technology solutions, mobility, cloud, and supply chain solutions enables its business partners to operate efficiently and successfully in the markets they serve. More at www.ingrammicro.com .
© 2018 Ingram Micro Inc. All rights reserved. Ingram Micro and the registered Ingram Micro logo are trademarks used under license by Ingram Micro Inc.
Ingram Micro Inc. Consolidated Balance Sheet (Amounts in 000s) (Unaudited) December 30, December 31, 2017 2016 ASSETS Current assets: Cash and cash equivalents $ 549,558 $ 796,164 Restricted cash 14,379 64,916 Trade accounts receivable, net 7,626,191 6,354,905 Inventory 4,471,440 3,902,626 Other current assets 618,733 691,253 Total current assets 13,280,301 11,809,864 Property and equipment, net 417,439 381,876 Goodwill 990,372 904,920 Intangible assets, net 385,152 445,646 Other assets 299,879 176,643 Total assets $ 15,373,143 $ 13,718,949 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Accounts payable $ 7,760,380 $ 7,174,946 Accrued expenses 881,672 856,627 Short-term debt and current maturities of long-term debt 127,512 559,773 Total current liabilities 8,769,564 8,591,346 Long-term debt, less current maturities 1,982,118 832,459 Other liabilities 298,904 181,393 Total liabilities 11,050,586 9,605,198 Stockholder's equity 4,322,557 4,113,751 Total liabilities and stockholder's equity $ 15,373,143 $ 13,718,949 Ingram Micro Inc. Consolidated Statement of Income (Amounts in 000s) (Unaudited) Thirteen Weeks Ended December 30, 2017 December 31, 2016 Net sales $ 13,784,599 $ 12,242,766 Cost of sales 12,929,159 11,449,573 Gross profit 855,440 793,193 Operating expenses: Selling, general and administrative 640,935 600,279 Amortization of intangible assets 22,676 25,277 Reorganization costs 3,709 4,141 Merger related costs 12,872 155,795 Loss on sale of affiliates 3,028 2,880 683,220 788,372 Income from operations 172,220 4,821 Other expense (income): Interest income (8,394 ) (2,347 ) Interest expense 25,730 21,647 Net foreign currency exchange (gain) loss (7,489 ) 3,171 Other 5,615 8,448 15,462 30,919 Income (loss) before income taxes 156,758 (26,098 ) Provision for income taxes 101,165 8,550 Net income (loss) $ 55,593 $ (34,648 ) Ingram Micro Inc. Consolidated Statement of Income (Amounts in 000s) (Unaudited) Fifty-two Weeks Ended December 30, 2017 December 31, 2016 Net sales $ 46,674,792 $ 41,928,799 Cost of sales 43,725,552 39,069,585 Gross profit 2,949,240 2,859,214 Operating expenses: Selling, general and administrative 2,341,483 2,258,953 Amortization of intangible assets 91,153 98,497 Reorganization costs 15,130 35,868 Merger related costs 89,785 170,400 Loss on sale of affiliates 3,028 17,758 2,540,579 2,581,476 Income from operations 408,661 277,738 Other expense (income): Interest income (17,337 ) (7,561 ) Interest expense 102,936 79,911 Net foreign currency exchange (gain) loss (17,862 ) 16,013 Other 19,831 18,666 87,568 107,029 Income before income taxes 321,093 170,709 Provision for income taxes 122,135 70,283 Net income $ 198,958 $ 100,426 Ingram Micro Inc. Consolidated Statement of Cash Flows (Amounts in 000s) (Unaudited) Fifty-two Weeks Ended December 30, 2017 December 31, 2016 Cash flows from operating activities: Net income $ 198,958 $ 100,426 Adjustments to reconcile net income to cash used by operating activities: Depreciation and amortization 202,926 203,708 Share-based compensation 28,056 27,626 Unpaid merger related costs 54,262 129,022 Excess tax benefit from stock-based compensation - (9,267 ) Gain on marketable securities, net (8,215 ) (2,890 ) Gain on sale of property and equipment (3,244 ) (2,158 ) Loss on sale of affiliates 3,028 17,758 Noncash charges for interest and bond discount amortization 4,223 2,818 Deferred income taxes (44,177 ) (7,981 ) Changes in operating assets and liabilities, net of effects of acquisitions:
Trade accounts receivable (915,120 ) (692,491 ) Inventory (388,553 ) (498,706 ) Other current assets 2,435 (239,822 ) Accounts payable 257,586 869,194 Change in book overdrafts (91,398 ) 9,844 Accrued expenses 59,838 30,783 Cash used by operating activities (639,395 ) (62,136 ) Cash flows from investing activities: Capital expenditures (139,647 ) (110,579 ) Movements from (to) restricted cash 50,537 (64,916 ) Sale of marketable securities, net 1,280 5,397 Realized gain on marketable securities, net - (1,415 ) Proceeds from sale of property and equipment 3,654 2,377 Proceeds from sale of affiliates 10,025 23,307 Return of investment 4,350 - Acquisitions, net of cash acquired (82,748 ) (174,972 ) Cash used by investing activities (152,549 ) (320,801 ) Cash flows from financing activities: Proceeds from exercise of stock options - 7,828 Excess tax benefit from stock-based compensation - 9,267 Redemption of senior unsecured notes (300,000 ) - Equity contribution from Parent 37,500 149,324 Settlement of stock-based awards due to Merger (48,997 ) (84,408 ) Other consideration for acquisitions (20,138 ) (2,091 ) Dividends paid to shareholder (105,758 ) - Net proceeds from revolving credit facilities 983,376 160,986 Cash provided by financing activities 545,983 240,906 Effect of exchange rate changes on cash and cash equivalents (645 ) 2,928 Decrease in cash and cash equivalents (246,606 ) (139,103 ) Cash and cash equivalents, beginning of year 796,164 935,267 Cash and cash equivalents, end of year $ 549,558 $ 796,164 Ingram Micro Inc. Supplementary Information Income from Operations - Reconciliation of GAAP to Non-GAAP Information (Amounts in Millions) (Unaudited) Thirteen Weeks Ended December 30, 2017 December 31, 2016 Net Sales $ 13,784.6 $ 12,242.8 GAAP Operating Income $ 172.2 $ 4.8 Reorganization, integration and transition costs 6.0 16.9 Amortization of intangible assets 22.7 25.2 Merger related costs 12.9 155.8 Loss on sale of affiliates 3.0 2.9 Non-GAAP Operating Income $ 216.8 $ 205.6 GAAP Operating Margin 1.25 % 0.04 % Non-GAAP Operating Margin 1.57 % 1.68 % Fifty-two Weeks Ended December 30, 2017 December 31, 2016 Net Sales $ 46,674.8 $ 41,928.8 GAAP Operating Income $ 408.7 $ 277.7 Reorganization, integration and transition costs 29.7 80.1 Amortization of intangible assets 91.2 98.5 Merger related costs 89.8 170.4 Loss on sale of affiliates 3.0 17.8 Settlement of a class action lawsuit - (3.8 ) Non-GAAP Operating Income $ 622.4 $ 640.7 GAAP Operating Margin 0.88 % 0.66 % Non-GAAP Operating Margin 1.33 % 1.53 % Ingram Micro Inc. Supplementary Information Reconciliation of GAAP to Non-GAAP Financial Measures (Amounts in Millions) (Unaudited) Thirteen Weeks Ended December 30, 2017 December 31, 2016 Net Income Net Income (Loss) As Reported Under GAAP $ 55.6 $ (34.6 ) Reorganization, integration and transition costs 4.0 13.2 Amortization of intangible assets 15.1 19.8 Merger related costs 8.6 121.9 Loss on sale of affiliates 2.0 2.2 Pan-Europe foreign currency exchange gain (0.3 ) (1.9 ) Impact of US tax reform 55.6 - Non-GAAP Financial Measure $ 140.6 $ 120.6 Fifty-two Weeks Ended December 30, 2017 December 31, 2016 Net Income Net Income As Reported Under GAAP $ 199.0 $ 100.4 Reorganization, integration and transition costs 20.8 58.6 Amortization of intangible assets 63.7 72.0 Merger related costs 63.7 132.6 Loss on sale of affiliates 2.0 12.4 Settlement of a class action lawsuit - (2.6 ) Pan-Europe foreign currency exchange loss (gain) 2.4 (0.7 ) Reversal of a valuation allowance against certain deferred tax assets in Australia (30.6 ) - Impact of US tax reform 55.6 - Non-GAAP Financial Measure $ 376.6 $ 372.7 Note: Amounts above are net of applicable income taxes.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180430006212/en/
Ingram Micro Inc.
Damon Wright
(714) 382-5013
[email protected]
Source: Ingram Micro Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/business-wire-ingram-micro-reports-fourth-quarter-financial-results.html |
May 7 (Reuters) - Addus Homecare Corp:
* ADDUS HOMECARE ANNOUNCES FIRST-QUARTER 2018 FINANCIAL RESULTS
* Q1 EARNINGS PER SHARE $0.42 * Q1 EARNINGS PER SHARE VIEW $0.39 — THOMSON REUTERS I/B/E/S
* QTRLY SAME-STORE SALES INCREASE 4.6%
* QTRLY NET SERVICE REVENUE $109.4 MILLION VERSUS $101.6 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-addus-homecare-reports-q1-adjusted/brief-addus-homecare-reports-q1-adjusted-earnings-per-share-0-42-idUSASC0A060 |
Cramer: Snap's conference call was like SNL parody 3 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/02/cramer-snaps-conference-call-was-like-snl-parody.html |
Harry Potter casts new spell over Bloomsbury book sales 8:40am EDT - 00:53
Harry Potter publisher Bloomsbury has reported its highest annual revenue since 2007, when last of the seven-part original series written by J. K. Rowling was published, sending the company's shares to a 10-year high. As Sonia Legg reports, nearly 21 years after its debut, the Harry Potter series continued to drive sales for Bloomsbury, with special editions of the boy wizard's adventures boosting demand.
Harry Potter publisher Bloomsbury has reported its highest annual revenue since 2007, when last of the seven-part original series written by J. K. Rowling was published, sending the company's shares to a 10-year high. As Sonia Legg reports, nearly 21 years after its debut, the Harry Potter series continued to drive sales for Bloomsbury, with special editions of the boy wizard's adventures boosting demand. //reut.rs/2KL4O8h | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/22/harry-potter-casts-new-spell-over-blooms?videoId=429307946 |
6:31 PM ET Mon, 7 May 2018 | 01:57
The once-hot chip stocks have sunk from the highs, and one trader says it's a make-or-break week for the group as Nvidia gets ready to report earnings.
The SMH semiconductor ETF has skyrocketed in the past two years, up nearly 95 percent since 2015. However, Dan Nathan, co-founder and editor of RiskReversal.com, says the group could be facing a critical moment when the ETF's third-largest holding, Nvidia , reports earnings this week.
So far this year the chip stocks ETF has only managed to rally 4 percent. This compared with its near 13 percent rise in the same time period last year.
"This is going to be a big one for the SMH here," Nathan said Monday on CNBC's " Fast Money ."
According to Nathan, mixed earnings from the group's top holdings, Intel and Taiwan Semiconductor , now have the SMH "sitting on key support" around the $100 level.
"When you think about those two, Intel and Taiwan [Semiconductor], they went two very different ways right after their earnings," Nathan said.
Shares of Intel rose 7 percent in after-hours trading following its earnings late last month, and are now up more than 15 percent year to date. This while Taiwan Semiconductor fell nearly 6 percent in premarket trading off its report and is now down around 1 percent since January.
A big catalyst for both stocks comes from Apple — a top customer for their semiconductor products. Despite shares of the iPhone maker surging to new highs in the past week, Taiwan Semiconductor and Intel have largely sat out the rally.
Nathan believes this could put more pressure on the broader group when Nvidia reports after the bell Thursday.
"The [SMH] is 11 percent from its highs and only 5.5 percent from its recent lows," Nathan said. "If Nvidia were to do the impossible and guide down, I think the semiconductor sector could go a bit lower ... about the mid to low 90s."
Shares of the semiconductor ETF were up Tuesday afternoon, trading around $101.64. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/chip-stocks-gearing-up-for-a-make-or-break-moment-this-week-trader.html |
HONG KONG (Reuters) - Shanghai Dasheng Agriculture Finance Technology Co Ltd. said on Tuesday two of its units had defaulted on loan repayments totaling $14 million, the latest Chinese company to default amid a crackdown on financial risk.
The news sent the stock down 19.8 percent to an all-time low at HK$0.073 in early trade on Tuesday.
It is the latest in a wave of corporate debt defaults amid a government-led campaign to crack down on risky financing, and follows a reminder recently from China’s securities regulator that exchanges should monitor default risks.
China Energy Reserve & Chemicals Group Co said on Monday it failed to repay a $350 million bond that matured earlier this month due to a “tightening in credit conditions”.
Shanghai Dasheng said the Pudong Branch of Bank of Shanghai Co Ltd had filed a claim against its units, Shanghai Dasheng Agricultural Products Co Ltd and Shanghai Dasheng Agro-chemical Co Ltd, for breaching loan agreements amounting to 89.9 million yuan ($14 million), and all related interests.
The company and its controlling shareholder, Shenzhen Dasheng Agricultural Group Co Ltd, which are the guarantors to the loans, were named as defendants in the claim. Hearings are scheduled for June 21.
The petrochemcial products trader said it is seeking legal advice on the proceedings and the impact on its financial position would become clearer after the hearings.
Reporting by Donny Kwok; Editing by Darren Schuettler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-shanghai-dasheng-default/shanghai-dasheng-units-default-on-14-million-loan-repayments-stock-dives-idUSKCN1IU06M |
Grew Revenue by 22%, to $20.0 Million
Executed In-Network Contract with Anthem
Company Raises 2018 Annual Revenue Guidance
Conference Call and Webcast Today at 4:30 p.m. ET
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)-- Veracyte, Inc. (Nasdaq: VCYT) today announced financial results for the first quarter ended March 31, 2018 and provided an update on recent business progress. For the first quarter of 2018, revenue was $20.0 million, an increase of 22%, compared to $16.4 million for the first quarter of 2017.
“We had a great quarter in which we beat revenue and genomic test volume growth expectations and generated strong momentum across our business,” said Bonnie Anderson, chairman and chief executive officer of Veracyte. “Our team converted the majority of our thyroid business to the next-generation Afirma Genomic Sequencing Classifier, gained in-network status with Anthem and significantly accelerated our Percepta business. Additionally, we unveiled our new, RNA sequencing-based Afirma Xpression Atlas, which positions us to deliver even more value to physicians, while enabling new collaborations – beginning with Loxo Oncology – to help advance precision medicine efforts.”
First Quarter 2018 Financial Results
For the first quarter of 2018, as compared to the first quarter of 2017:
Revenue was $20.0 million, an increase of 22%; Genomic Volume was 6,864, an increase of 18%; Gross Margin was 61%, a decline of 1%; Operating Expenses, Excluding Cost of Revenue were $21.1 million, an increase of 20%; Net Loss and Comprehensive Loss was ($9.2) million, an increase of 12%; Basic and Diluted Net Loss Per Common Share was ($0.27), an increase of 13%; Cash Burn 1 was $7.6 million, an improvement of 8%; and Cash and Cash Equivalents was $27.2 million at March 31, 2018.
1 A reconciliation of net cash used in operating activities to cash burn has been provided in the financial statement tables included in this press release. An explanation of cash burn is also included below under the heading “Non-GAAP Financial Measures.”
First Quarter 2018 and Recent Business Highlights
Commercial Growth:
Reported 6,864 genomic tests in the first quarter of 2018, representing 18% growth as compared to the first quarter of 2017, and transitioned approximately 70% of the company’s thyroid business to the next-generation Afirma Genomic Sequencing Classifier (GSC), ahead of plan; and Doubled the number of institutions that submitted samples for Percepta testing in the first quarter of 2018, compared to the fourth quarter of 2017.
Reimbursement Expansion:
Executed an in-network contract with Anthem, an independent Blues plan and one of the nation’s largest health benefits companies. This achievement nearly completes Veracyte’s contracting efforts to make the Afirma classifier available to patients nationally as an in-network service.
Evidence Development:
Presented the first real-world clinical utility data for the Afirma GSC at ENDO 2018 demonstrating that the genomic test enabled significantly more patients to avoid unnecessary thyroid surgery, compared to the original Afirma test; Published the INTENSITY study in BMC Pulmonary Medicine, quantifying the challenges of obtaining an IPF diagnosis and the resulting negative impact on patients – and underscoring the clinical need for the Envisia classifier; and Received acceptance of an abstract for a validation study demonstrating the performance of the Afirma Xpression Atlas to be presented at the American Association of Clinical Endocrinologists’ (AACE) 27 th Annual Scientific & Clinical Congress in May 2018.
Scientific Innovation:
Unveiled the Afirma Xpression Atlas, an extension of the Afirma GSC, at ENDO 2018 in an oral presentation detailing the RNA sequencing-based platform’s ability to derive rich genomic content – 761 DNA variants and 130 RNA fusions in over 500 genes that are associated with thyroid cancer – from thyroid fine needle aspiration samples; and Entered into a research collaboration with Loxo Oncology, which will leverage Veracyte’s Afirma Xpression Atlas platform to advance Loxo Oncology’s development of therapies for patients with genetically defined cancers, including thyroid cancer.
Updated 2018 Financial Outlook
Veracyte is increasing its 2018 annual revenue guidance to $83 million to $86 million, from its prior guidance of $81 million to $83 million. The company reiterates its annual cash burn guidance of $18 million to $22 million.
Conference Call and Webcast Details
Veracyte will host a conference call and webcast today at 4:30 p.m. Eastern Time to discuss the company's financial results and provide a general business update. The call may be accessed as follows:
Veracyte First Quarter 2018 Conference Call 4:30 p.m. ET Today
Website: http://investor.veracyte.com
Dial-in number (U.S.): (855) 541-0980 International Number: (970) 315-0440 Conference ID: 8389069 The webcast replay will be available on the company's website approximately two hours following completion of the call.
About Veracyte
Veracyte (Nasdaq: VCYT) is a leading genomic diagnostics company that is providing trustworthy and actionable answers that fundamentally improve patient care when current diagnostic tests are uncertain. The company's products uniquely combine genomic technology, clinical science and machine learning to provide answers that give physicians and patients a clear path forward without risky, costly surgery that is often unnecessary. Since its founding in 2008, Veracyte has commercialized three genomic tests, which are transforming the diagnosis of thyroid cancer, lung cancer and idiopathic pulmonary fibrosis and collectively target a $2 billion market opportunity. Veracyte is based in South San Francisco, California. For more information, please visit www.veracyte.com and follow the company on Twitter (@veracyte).
Veracyte, Afirma, Percepta, Envisia, the Veracyte logo, and the Afirma logo are trademarks of Veracyte, Inc.
Forward-Looking Statements
This press release contains " " within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "expect," "believe," "should," "may," "will" and similar references to future periods. Examples of include, among others, our belief that we have a strong foundation in place to drive revenue growth, our beliefs regarding momentum in our business and potential drivers of future growth, our expectations regarding full-year 2018 revenue and cash burn, our introduction of our Afirma Xpression Atlas platform, our expectations regarding our ability to receive Medicare reimbursement and expand commercialization of our Envisia Genomic Classifier, our expectations for the continued expansion in the commercialization of Percepta and our ability to drive revenue growth across our endocrinology and pulmonology franchises. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, anticipated events and trends, the economy and other future conditions. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to our history of losses since inception; our ability to enhance the performance of our Afirma classifier; our ability to successfully transition to our next-generation Afirma Genomic Sequencing Classifier; the performance and acceptance of our Percepta and Envisia classifiers; our ability to increase usage of and reimbursement for the Afirma and Percepta classifiers and to obtain adequate reimbursement for our Envisia classifier, as well as any future products we may develop or sell; our ability to continue our momentum and growth; our dependence on a few payers for a significant portion of our revenue; and other risks set forth in the company's filings with the Securities and Exchange Commission, including the risks set forth in the company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018. These speak only as of the date hereof and Veracyte specifically disclaims any obligation to update these .
Non-GAAP Financial Measures
To supplement our consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States (GAAP), we monitor and consider cash burn, which is a non-GAAP financial measure. This non-GAAP financial measure is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly-titled measures presented by other companies. We define cash burn as net cash used in operating activities plus net capital expenditures, such as net purchases of property and equipment. We believe cash burn to be a liquidity measure that provides useful information to management and investors about the amount of cash consumed by the operations of the business, including our purchases of property and equipment. A limitation of using this non-GAAP measure is that cash burn does not represent the total change in cash and cash equivalents for the period because it excludes cash provided by or used for other investing and financing activities. We account for this limitation by providing information about our capital expenditures and other investing and financing activities in the statements of cash flows in our financial statements in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K and by presenting cash flows from investing and financing activities in our reconciliation of cash burn. In addition, it is important to note that other companies, including companies in our industry, may not use cash burn, may calculate cash burn in a different manner than we do or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of cash burn as a comparative measure.
Because of these limitations, cash burn should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of cash burn to net cash used in operating activities provided in the tables below.
VERACYTE, INC.
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(In thousands of dollars, except share and per share amounts)
Three Months Ended March 31, 2018 2017 Revenue $ 20,041 $ 16,432 Operating Expenses: Cost of revenue 7,867 6,297 Research and development 3,675 4,030 Selling and marketing 11,543 7,336 General and administrative 5,644 6,019 Intangible asset amortization 267 267 Total operating expenses 28,996 23,949 Loss from operations (8,955 ) (7,517 ) Interest expense (448 ) (800 ) Other income, net 226 100 Net loss and comprehensive loss $ (9,177 ) $ (8,217 ) Net loss per common share, basic and diluted $ (0.27 ) $ (0.24 ) Shares used to compute net loss per common share, basic and diluted 34,271,254 33,823,889 VERACYTE, INC. CONDENSED BALANCE SHEETS (In thousands) March 31, December 31, 2018 2017 (Unaudited) (1) Assets Current assets: Cash and cash equivalents $ 27,152 $ 33,891 Accounts receivable 13,198 12,716 Supplies inventory 4,557 5,324 Prepaid expenses and other current assets 2,142 1,997 Total current assets 47,049 53,928 9,215 9,688 Finite-lived intangible assets, net 12,800 13,067 Goodwill 1,057 1,057 Restricted cash 603 603 Other assets 466 326 Total assets $ 71,190 $ 78,669 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 3,356 $ 3,853 Accrued liabilities 8,483 8,175 11,839 12,028 Long-term debt 25,016 24,938 Capital lease liability, net of current portion 233 308 Deferred rent, net of current portion 4,094 4,170 Total liabilities 41,182 41,444 Total stockholders’ equity 30,008 37,225 Total liabilities and stockholders’ equity $ 71,190 $ 78,669 (1) The condensed balance sheet at December 31, 2017 has been derived from the audited financial statements at that date included in the Company's Form 10-K filed with the Securities and Exchange Commission dated February 27, 2018.
VERACYTE, INC. CONDENSED STATEMENT OF CASH FLOWS (Unaudited) (in thousands of dollars) Three Months Ended March 31, 2018 2017 Operating activities Net loss $ (9,177 ) $ (8,217 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 980 902 Stock-based compensation 1,175 1,572 Other income
(93 ) - Amortization of debt issuance costs 8 26 Interest on end-of-term debt obligations 70 - Changes in operating assets and liabilities: Accounts receivable (482 ) (369 ) Supplies inventory 767 32 Prepaid expenses and other current assets (239 ) (244 ) Other assets (140 ) 7 Accounts payable (510 ) 528 Accrued liabilities and deferred rent 228 (2,323 ) Net cash used in operating activities (7,413 ) (8,086 ) Investing activities Purchases of property and equipment (227 ) (615 ) Proceeds from sale of property and equipment - 440 Net cash used in investing activities (227 ) (175 ) Financing activities Proceeds from the issuance of common stock in a public offering, net of costs - 200 Proceeds from legal settlement regarding short-swing profits 403 - Payment of capital lease liability (71 ) (66 ) Proceeds from the exercise of common stock options and employee stock purchases 569 414 Net cash provided by financing activities 901 548 Net decrease in cash, cash equivalents and restricted cash (6,739 ) (7,713 ) Cash, cash equivalents and restricted cash at beginning of year 34,494 59,942 Cash, cash equivalents and restricted cash at end of year $ 27,755 $ 52,229 Supplementary cash flow information of non-cash investing and financing activities: Purchases of property and equipment included in accounts payable and accrued liabilities $ 56 $ - Interest paid on debt $ 356 $ 770
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
(Unaudited)
(in thousands of dollars)
March 31, December 31, 2018 2017 Cash and cash equivalents $ 27,152 $ 33,891 Restricted cash in long-term assets, deposit for lease security 603 603 Total cash, cash equivalents and restricted cash $ 27,755 $ 34,494 RECONCILIATION OF NET CASH USED IN OPERATING ACTIVITIES TO CASH BURN
(Unaudited)
(in thousands of dollars)
Three Months Ended March 31, 2018 2017 Net cash used in operating activities $ (7,413 ) $ (8,086 ) Plus purchases of property and equipment (227 ) (615 ) Less proceeds from the sale of property and equipment - 440 Cash burn $ (7,640 ) $ (8,261 ) Net cash used in investing activities $ (227 ) $ (175 ) Net cash provided by financing activities $ 901 $ 548
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006526/en/
Veracyte, Inc.
Media:
Tracy Morris, 650-380-4413
[email protected]
or
Investors:
Keith Kennedy, 650-243-6357
[email protected]
Source: Veracyte, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-veracyte-announces-first-quarter-2018-financial-results.html |
April 30 (Reuters) - Zee Entertainment Enterprises Ltd :
* RESIGNATION OF BHARAT KEDIA AS CFO Source text - bit.ly/2HGCaZ2 Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-zee-entertainment-enterprises-cfo/brief-zee-entertainment-enterprises-cfo-bharat-kedia-resigns-idUSFWN1S70OI |
History shows that when a new President arrives in Washington, many elements of his campaign agenda do not survive the first 100 days in office. Others are jettisoned over the course of the following several months as political hopes collide with Beltway reality. Yet after a promising start in 2017, it appears that Donald Trump’s effort to eliminate government red tape is not only still active but may even be accelerating.
That’s the news today from Washington’s unofficial scorekeeper of the federal regulatory burden, Wayne... | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-the-six-billion-dollar-man-1527022106 |
May 10 (Reuters) - BIOLASE Inc:
* BIOLASE ANNOUNCES 1-FOR-5 REVERSE STOCK SPLIT COMMON STOCK WILL BEGIN TRADING ON SPLIT-ADJUSTED BASIS ON MAY 11
* BIOLASE INC - 1-FOR-5 REVERSE STOCK SPLIT WILL BECOME EFFECTIVE AT 11:59 P.M. ET ON THURSDAY, MAY 10, 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-biolase-announces-1-for-5-reverse/brief-biolase-announces-1-for-5-reverse-stock-split-common-stock-will-begin-trading-on-split-adjusted-basis-on-may-11-idUSASC0A1B7 |
- Preliminary efficacy data from Phase 1/2 ICONIC trial to be presented as an oral presentation at the 2018 ASCO Annual Meeting -
- Company to host conference call and webcast today at 8:00 AM ET -
CAMBRIDGE, Mass., May 09, 2018 (GLOBE NEWSWIRE) -- Jounce Therapeutics, Inc. (NASDAQ:JNCE), a clinical stage company focused on the discovery and development of novel cancer immunotherapies and predictive biomarkers, today reported financial results and provided a corporate update for the quarter ended March 31, 2018.
“The first quarter of 2018 has marked a time of consistent progress for our JTX-2011 clinical program and preclinical pipeline,” said Richard Murray, Ph.D., chief executive officer and president of Jounce Therapeutics. “We remain focused on our key value drivers that we set forth at the start of 2018 as we work to transform the cancer treatment paradigm by delivering immunotherapies with long-lasting benefits. The current unmet medical need for many cancer types remains high and Jounce is committed to understanding the tumor microenvironment and how to interrogate it in meaningful and successful ways.”
Upcoming Clinical Milestones and Research Highlights:
Jounce will report preliminary efficacy data from two ICONIC Phase 2 combination cohorts, gastric cancer and triple negative breast cancer, at the 2018 American Society of Clinical Oncology (ASCO) Annual Meeting. Jounce remains on track to initiate a JTX-2011 and CTLA-4 inhibitor combination arm of ICONIC, starting with safety dose escalation, and expects to provide further updates this year. In April 2018, Jounce presented two posters at the 2018 American Association for Cancer Research (AACR) Annual Meeting. The data, from genomic and histology-based nonclinical translational studies, identified ICOS as a potential target for therapeutic intervention for gastric cancer and triple negative breast cancer, supporting the inclusion of these cancer types in the ongoing ICONIC trial. Jounce remains on track to file an Investigational New Drug (IND) application for JTX-4014, its internal anti-PD-1 antibody in 2018. Jounce announced that it advanced its first, tumor associated macrophage candidate from its Translational Science Platform into IND-enabling studies.
First Quarter 2018 Financial Results:
Cash Position: As of March 31, 2018, cash, cash equivalents and investments were $237.2 million, compared to $257.9 million as of December 31, 2017. This decrease was due to operating costs incurred during the quarter. Collaboration Revenue: Collaboration revenue was $11.2 million for the first quarter of 2018, compared to $20.3 million for the same period in 2017. Collaboration revenue represents revenue recognition relating to the $225.0 million upfront payment received in July 2016 upon the execution of Jounce’s global strategic collaboration with Celgene. The decrease in collaboration revenue was primarily due to the adoption of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (ASC 606) . Under ASC 606, Jounce has transitioned from recognizing revenue on a straight-line basis to recognizing revenue based on the pattern of performance under the global strategic collaboration with Celgene. Research and Development (R&D) Expenses: R&D expenses were $18.2 million for the first quarter of 2018, compared to $15.0 million for the same period in 2017. The increase in R&D expenses was primarily due to $1.4 million in increased employee compensation costs related to increased headcount, $0.8 million in increased clinical and regulatory costs related to the Phase 1/2 ICONIC study of JTX-2011 and $0.7 million in increased external research and development costs, primarily attributable to IND enabling activities related to JTX-4014. General and Administrative (G&A) Expenses: G&A expenses were $6.8 million for the first quarter of 2018, compared to $5.6 million for the same period in 2017. The increase in G&A expenses was primarily due to $0.9 million in increased employee compensation costs primarily related to stock-based compensation expense and $0.4 million in increased professional services fees primarily attributable to operating as a public company. Net (Loss) Income : Net loss was $13.0 million for the first quarter of 2018, or a basic and diluted net loss per share attributable to common stockholders of $0.40. Net income was $0.4 million for the same period in 2017, or a basic and diluted net loss per share attributable to common stockholders of $0.02 as a result of preferred stock dividends that were accrued prior to the completion of Jounce’s initial public offering. The increase in net loss per share attributable to common stockholders is primarily attributable to the decrease in collaboration revenues and the increase in operating expenses from the first quarter of 2017 to the first quarter of 2018.
Financial Guidance:
Based on its current plans, Jounce continues to expect cash burn on operating expenses and capital expenditures for the full year 2018 to be approximately $80.0 million to $100.0 million and expects to record approximately $50.0 million to $60.0 million in collaboration revenue in 2018 from the recognition of the Celgene upfront payment received in 2016.
Given the strength of its balance sheet, Jounce expects its existing cash, cash equivalents and investments to be sufficient to enable the funding of its operating expenses and capital expenditure requirements for at least the next 24 months.
Conference Call and Webcast Information:
Jounce Therapeutics will host a live conference call and webcast today at 8:00 a.m. ET. To access the conference call, please dial (866) 916-3380 (domestic) or (210) 874-7772 (international) and refer to conference ID 3760478. The live webcast can be accessed under "Events & Presentations" in the Investors and Media section of the company's website at www.jouncetx.com. The webcast will be archived and made available for replay on the company’s website approximately two hours after the call and will be available for 30 days.
Cautionary Note Regarding Forward-Looking Statements:
Various statements in this release concerning Jounce’s future expectations, plans and prospects, including without limitation, Jounce’s expectations regarding operating expenses, capital expenditures, collaboration revenue and other financial results, release of data from the Phase 1/2 ICONIC trial, expansion of the JTX-2011 program, the filing of an IND for JTX-4014 and the timing, progress and results of preclinical studies and clinical trials for Jounce’s product candidates and any future product candidates may constitute for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws and are subject to substantial risks, uncertainties and assumptions. You should not place reliance on these forward looking statements, which often include words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “on track,” “plan,” “predict,” “target,” “potential” or similar terms, variations of such terms or the negative of those terms. Although the Company believes that the expectations reflected in the are reasonable, the Company cannot guarantee such outcomes. Actual results may those indicated by these as a result of various important factors, including, without limitation, Jounce’s ability to successfully demonstrate the efficacy and safety of its product candidates and future product candidates, the preclinical and clinical results for its product candidates, which may not support further development and marketing approval, the potential advantages of Jounce’s product candidates, the development plans of its product candidates, actions of regulatory agencies, which may affect the initiation, timing and progress of pre-clinical studies and clinical trials of its product candidates, Jounce’s ability to obtain, maintain and protect its intellectual property, Jounce’s ability to manage operating expenses, Jounce’s ability to maintain its collaboration with Celgene, as well as those risks more fully discussed in the section entitled “Risk Factors” in Jounce’s most recent annual or quarterly report and in other reports that Jounce has filed with the Securities and Exchange Commission. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any , whether as a result of new information, future events or otherwise.
About Jounce Therapeutics
Jounce Therapeutics, Inc. is a clinical stage immunotherapy company dedicated to transforming the treatment of cancer by developing therapies that enable the immune system to attack tumors and provide long‑lasting benefits to patients. Through the use of its Translational Science Platform, Jounce first focuses on specific cell types within tumors to prioritize targets, and then identifies related biomarkers designed to match the right immunotherapy to the right patient. Jounce’s lead product candidate, JTX-2011, is a monoclonal antibody that binds to and activates ICOS and is currently in the Phase 2 portion of the Phase 1/2 ICONIC trial. For more information, please visit www.jouncetx.com.
Jounce Therapeutics, Inc. Condensed Consolidated Statements of Operations (unaudited) (amounts in thousands, except per share data) Three Months Ended
March 31, 2018 2017 Revenue: Collaboration revenue—related party $ 11,195 $ 20,289 Operating expenses: Research and development 18,162 14,959 General and administrative 6,802 5,577 Total operating expenses 24,964 20,536 Operating loss (13,769 ) (247 ) Other income, net 741 632 Net (loss) income $ (13,028 ) $ 385 Reconciliation of net (loss) income to net loss attributable to common stockholders: Net (loss) income $ (13,028 ) $ 385 Accrued dividends on Series A convertible preferred stock — (268 ) Accrued dividends on Series B convertible preferred stock — (318 ) Accrued dividends on Series B-1 convertible preferred stock — (208 ) Net loss attributable to common stockholders $ (13,028 ) $ (409 ) Net loss per share attributable to common stockholders, basic and diluted $ (0.40 ) $ (0.02 ) Weighted-average common shares outstanding, basic and diluted 32,373 23,543 Jounce Therapeutics, Inc.
Selected Condensed Consolidated Balance Sheet Data (unaudited)
(amounts in thousands) March 31, December 31, 2018 2017 Cash, cash equivalents and investments $ 237,175 $ 257,851 Working capital $ 186,650 $ 193,046 Total assets $ 276,117 $ 296,660 Total deferred revenue—related party $ 151,878 $ 116,160 Total stockholders’ equity $ 110,286 $ 167,109 Investor and Media Contact:
Komal Joshi
Jounce Therapeutics, Inc.
(857) 320-2523
[email protected]
Source:Jounce Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-jounce-therapeutics-reports-first-quarter-2018-financial-results.html |
24 COMMENTS It’s mind-bending: Several days into an online debate, there is still not a clear scientific consensus as to why some people hear “Yanny” and others “Laurel” when they listen to a now-viral clip posted online.
For about a week, the debate has engulfed the internet as self-proclaimed Yannies and Laurels battle over whose ears—and brains—are right. People have posted memes and gifs featuring couples fighting over misspoken names, wizards casting spells , a fed-up Jack Torrance from the horror film The Shining, and of course the singer Yanni to express their confusion and disbelief that others could experience the exact same thing in completely different ways. The scientific theories as to what’s going on are also plentiful.
Scientists do agree that ambiguity plays a role. The recording is low quality, which means the brain is hit with an ambiguous stimulus. Any time that happens, scientists say, the brain rushes in to fill in the gaps. That patching depends on experience. What’s going on in the Yanny v. Laurel scenario is still to be determined.
The origin of the clip is unclear but the debate took off after a Twitter user posted a quiz asking readers to vote, spurring more than 80,000 retweets—and some questions for scientists. This sort of thing has happened before. In February 2015, a similar debate raged online over the color of a striped dress. Some saw it as black and blue, others as white and gold.
The Yanny-Laurel sound bite is the latest example of a so-called sensory illusion, a type of mind trick played on one or more of the five senses, say several psychologists. One example is the phantom pain amputees sometimes feel in their missing limbs. Psychologists are interested in such illusions because they can provide insights—not just about how brains generally process information but about popular culture and even individuals.
People subconsciously bring “a lot of themselves” to what they hear, says Diana Deutsch, a psychology professor at the University of California, San Diego. She has done research on so-called phantom words, or words “that are not really there.”
In her research, Dr. Deutsch has played looping sound clips of nonsensical chatter and asked listeners to write down what they hear. The lists, she says, can reflect people’s mood or history. Spanish speakers hear Spanish words; war veterans say they hear things like “kill” or “don’t die;” and randy college coeds sometimes perceive “words I shouldn’t repeat over the phone,” she said.
“It’s like a Rorschach test,” said Dr. Deutsch, who is writing a book on how humans perceive speech and music.
More
Essay: Science Can Tell You the Color of the Dress Anatomy of a Tear-Jerker Video: Scientists Discover Human Brain Is a Living Word Cloud In the case of Yanny and Laurel, she hears neither, but instead a mashup that sounded something like “yeary,” she said. She thinks most people are hearing Laurel or Yanny because the words are right there on the screen in the viral tweet. The effect is known as priming and has to do with how experience can bias perception.
“If you were to present different words visually instead, some people may well hear the sound that corresponds to what they’re seeing,” she added. Visual cues tend to override other senses.
A similar phenomenon is at work when people misperceive song lyrics or spoken words. So-called mondegreens happen when the brain parses words in ways that aren’t correct, but make some logical sense because of prior expectations. For instance, in Jimi Hendrix’s “Purple Haze,” the artist sings, “Excuse me while I kiss the sky.” But the particular sequence of consonants, plus expectations of what people normally kiss, creates a “slip of the ear,” according to Andrew Nevins, a linguist at University College London. The lyrics are often mistaken for “Excuse me while I kiss this guy.”
From the Archives “What color is this dress?” sparks fierce debate on Twitter and in offices. Columbia University’s Dr. Kenneth Miller explains why we see different colors. Photo: Facebook/Caitlin Jae (Originally published Feb. 27, 2015) In the case of Yanny and Laurel, some posited it was all a conspiracy and a random sound generator was spoofing the world.
But that theory doesn’t resonate with Pascal Wallisch, a New York University assistant professor of psychology. He said he ran the recording through a spectral analyzer to “confirm it’s not a party trick,” he said. Others have done similar tests and posted their results to social media. He and his teaching assistant also heard different names simultaneously. “What’s really compelling is that you have two different people who hear two different things at the same time,” he said.
His sound judgment: The phenomenon is real and the differences in perception might boil down to the frequencies that people are most used to hearing. That could explain why—at least anecdotally—older people tend to hear Laurel, which corresponds to lower frequencies. As people age, higher ones become harder to hear. Another possibility: Speakers on different devices filter out different frequencies, which might also explain why some people have heard the clip both ways. More research is needed to know for sure, other scientists said.
Write to Daniela Hernandez at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/yanny-or-laurel-your-brain-hears-what-it-wants-to-1526581025 |
April 30 (Reuters) - Hispania Activos Inmobiliarios SOCIMI SA:
* MODIFIES CERTAIN CONDITIONS IN SECTION 8 OF BID OVER HISPANIA SA TO CLARIFY TERMS OF POTENTIAL DIVIDEND DISTRIBUTION ON DEAL
* PRICE OF HISPANIA BID SHALL BE REDUCED IN AMOUNT EQUIVALENT TO GROSS AMOUNT PER SHARE DISTRIBUTED PRIOR TO SETTLEMENT OF BID Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-alzette-investment-modifies-certai/brief-alzette-investment-modifies-certain-conditions-of-dividend-impact-on-hispania-sa-bid-idUSFWN1S71BF |
KUALA LUMPUR (Reuters) - Malaysia’s anti-graft agency chief said on Tuesday that witnesses went missing and he received death threats while pursuing a probe into a financial scandal that implicated former Prime Minister Najib Razak in 2015.
“I was threatened to be fired, asked to retire early, take leave early, and be pulled into the training department,” Mohd Shukri Abdull told reporters at a press conference, later adding that he received a bullet at his home.
The Malaysian Anti-Corruption Commission (MACC) has reopened a probe into suspicious money transfers into Najib’s bank account from SRC International, a former unit of 1Malaysia Development Berhad (1MDB), the state fund at the heart of the scandal.
Najib arrived at the MACC headquarters earlier on Tuesday. Mohd Shukri Abdull told reporters that Najib had been summoned to give a statement on the SRC transfers and there was not an intention to detain or charge him at this point.
Reporting by Rozanna Latiff; Editing by Simon Cameron-Moore
| ashraq/financial-news-articles | https://in.reuters.com/article/malaysia-politics-macc/malaysias-anti-graft-chief-says-received-death-threat-witnesses-went-missing-idINKCN1IN0CF |
TOKYO (Reuters) - Finance Minister Taro Aso said on Tuesday that Japan will host a G20 financial leaders’ meeting in Fukuoka, western Japan, over June 8-9 next year.
Japan's Deputy Prime Minister and Finance Minister Taro Aso arrives at G-20 plenary during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018. REUTERS/Yuri Gripas Japan will chair next year’s G20 leaders’ summit meeting in the western Japanese city of Osaka on June 28-29, 2019.
Aso made the announcement at a news conference after a cabinet meeting.
Reporting by Tetsushi Kajimoto; Editing by Eric Meijer
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-japan-economy-g20/japan-to-host-g20-finance-chiefs-meeting-over-june-8-9-next-year-minister-idUSKBN1I9053 |
May 3, 2018 / 9:07 AM / a few seconds ago Merck KGaA family says unreservedly behind the pharma unit Reuters Staff 1 Min Read
DARMSTADT, Germany (Reuters) - The family behind Germany’s Merck KGaA ( MRCG.DE ) said it was fully committed to the group’s pharmaceuticals unit, even if cancer immunotherapy hopeful avelumab does not achieve blockbuster sales. FILE PHOTO: A logo of drugs and chemicals group Merck KGaA is pictured in Darmstadt, Germany January 28, 2016. REUTERS/Ralph Orlowski/File Photo
“Pharma is one of our three pillars and we absolutely stand behind it. If avelumab doesn’t become a blockbuster there are enough highly interesting products in our pipeline,” said family representative Frank Stangenberg-Haverkamp, speaking at an event marking the group’s 350-year anniversary at its Darmstadt, Germany headquarters. Reporting by Patricia Weiss; Writing by Ludwig Burger; Editing by Maria Sheahan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-merck-merkel-family/merck-kgaa-family-says-unreservedly-behind-the-pharma-unit-idUKKBN1I40TZ |
MANILA (Reuters) - Philippine President Rodrigo Duterte said on Thursday he had invited a self-exiled Communist rebel leader home for “make or break” peace talks, and would let him leave the country afterwards, despite moves to declare him a terrorist.
Philippine President Rodrigo Duterte reviews honour guards upon his arrival during the Philippine Navy's 120th anniversary in Metro Manila, Philippines May 22, 2018. REUTERS/Romeo Ranoco Before becoming president, Duterte promised to revive a stuttering peace process to end nearly five decades of conflict that has killed more than 40,000 people.
But that effort has been fraught with problems and he abandoned talks in November, complaining of duplicity and repeated rebel attacks.
On Thursday, Duterte said he had invited Jose Maria Sison, founder and leader of the Communist Party of the Philippines, to return after three decades in exile to restart the stalled negotiations.
“He has agreed, and I gave him a window of two months, very small,” he said.
“I will see to it and will personally escort him to the airport,” Duterte added, promising to let Sison return to exile in the Netherlands, regardless of the outcome.
Sison made no immediate comment on Thursday regarding Duterte’s remarks, but had expressed readiness last week to return home for talks.
Duterte has repeatedly threatened to abort the peace process completely, but appears unwilling to do so.
Sison was once Duterte’s university lecturer and the two are known for hurling colorful insults at each other.
Sison has lived in Europe since the late 1980s, after his release from jail following the fall of dictator Ferdinand Marcos. This week, he told ABS-CBN news he was willing to come home to resume talks.
The government has asked a court to declare Sison and hundreds of CPP and NPA members “terrorists”. It is not clear if Duterte’s latest olive branch will affect that request.
Reporting by Manuel Mogato; Editing by Martin Petty and Clarence Fernandez
| ashraq/financial-news-articles | https://www.reuters.com/article/us-philippines-rebels/philippine-president-asks-exiled-maoist-leader-to-return-home-for-talks-idUSKCN1IP1XA |
LONDON (Reuters) - The euro rose off four-month lows on Thursday, shrugging off data showing an unexpected slowdown in euro zone inflation, while elsewhere most currencies recovered some ground versus the dollar as the greenback’s recent rally paused.
FILE PHOTO: U.S. dollar notes are seen in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration/File Photo Euro zone inflation slowed to 1.2 percent year-on-year in April, down from 1.3 percent in March, and core inflation fell even more, raising questions about the European Central Bank’s plan for withdrawing its monetary stimulus.
The dollar has erased all its 2018 losses in the past fortnight. It surged on expectations the United States would raise rates faster than had been forecast the rapid unwinding of positions by investors short the dollar.
But the dollar’s rally came to a halt overnight after the Federal Reserve in its policy meeting did little to alter market expectations for further rate rises this year.
Comments from the Fed were “possibly disappointing for dollar bulls”, but the main reason for the euro’s resilience on Thursday was profit-taking after the dollar’s rapid move higher, said Jane Foley, currencies strategist at Rabobank.
Foley said buyers of euros remained at risk of weaker euro zone economic data.
“We are no longer seeing data. The market is still a bit too long euros and remains vulnerable,” she said.
The euro slipped slightly after the inflation numbers but recovered and rose 0.3 percent to $1.9986. It also firmed against sterling and the yen.
RATE DIFFERENTIALS The Fed left its benchmark overnight lending rate in a target range of between 1.50 percent and 1.75 percent as expected on Wednesday.
Analysts interpreted its comments on inflation as a signal it may allow prices rises beyond its target, a stance that would limit the need for it to embark on a more aggressive path of tightening.
The dollar index slipped 0.1 percent.
“The market will have to get used to the fact that in order to prevent an economic overheating interest rates in the U.S. will continue to rise,” Commerzbank analysts said, predicting that rate differentials between countries would have a greater bearing on currencies and could cement euro/dollar around $1.20.
The dollar has been buoyed in recent weeks by the strong U.S. economic outlook and rising Treasury yields. U.S. jobs data on Friday should give further indications of the strength of the economy and inflationary pressures.
Elsewhere, Norway’s central bank kept rates on hold on Thursday and reiterated that a rise was likely after the summer. Analysts said that the consistency in the Norges bank’s position was more hawkish than other central banks.
The crown rose 0.6 percent versus the euro to 9.6470, more than 1 percent versus the dollar and 0.1 percent versus the Swedish crown.
Commodity-linked currencies like the Canadian and Australian dollars recovered some recent lost ground.
The loonie rose half a percent to C$1.2823.
The Aussie increased 0.6 percent to $0.7539 cents after data showed a jump in the country’s trade surplus for March. The currency had dropped to $0.7473 this week, its lowest since mid-2017.
Editing by Raissa Kasolowsky, Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-global-forex/dollar-near-four-month-highs-recovers-from-post-fed-dip-idUSKBN1I402M |
May 16 (Reuters) - Veloxis Pharmaceuticals A/S:
* VELOXIS PHARMACEUTICALS - MAINTAINS ITS 2018 OUTLOOK OF OPERATING LOSS BEFORE ACCOUNTING FOR STOCK COMPENSATION IN RANGE OF USD 6 MILLION–12 MILLION
* REG-VELOXIS PHARMACEUTICALS ANNOUNCES FINANCIAL RESULTS FOR THE FIRST THREE MONTHS OF 2018
* QTRLY PRODUCT REVENUE FOR Q1 2018 WAS TUSD 7,265 AN INCREASE OF 142% COMPARED TO SAME PERIOD LAST YEAR
* VELOXIS MAINTAINS ITS 2018 OUTLOOK OF REVENUES TO BE IN RANGE OF USD 32 MILLION- USD 40 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-corrected-veloxis-pharmaceuticals/brief-corrected-idUSL5N1SN7LQ |
CALGARY, Alberta, May 14, 2018 (GLOBE NEWSWIRE) -- Iron Bridge Resources Inc. (“ Iron Bridge ”, “ IBR ” or the “ Company ”) (TSX:IBR) today reports its financial results for the three months ended March 31, 2018.
First Quarter 2018 Results Commentary
Production
In the first quarter, average daily production from the Company’s Gold Creek field was 1,256 boe/d, weighted 31% light crude oil and NGLs. First quarter output was affected by intentional production outages on existing producers due to new well completion and battery expansion operations. During the quarter, producing horizontal wells located at IBR’s Gold Creek 2-23 Facility surface lease were deliberately shut-in to facilitate completion operations conducted on two infill development horizontal wells (the “ 8-21 ” and “ 02/8-21 ”) located on the same pad site as the existing producers. As a result of these shut-ins, two (2.0 net) Montney wells (the “ 3-22 ” and “ 4-18 ”) produced intermittently for only 64% (58 days) and 53% (48 days) of the time, respectively. Immediately prior to these well shut-ins, production from the Company’s three (3.0 net) Montney horizontal producers on the 2-23 surface pad, including the 15-23 well, approximated 1,700 boe/d (based on field estimates). The Company’s new 8-21 and 02/8-21 wells were both tied-in and brought on-production at the end of April 2018. IP30 production rates from these wells is expected to be press released near the end of May 2018. Current production for the Company (based on field estimates) is approximately 3,600 boe/d, with a number of wells still shut-in.
Adjusted Funds Flow and Field Operating Netback
First quarter 2018 adjusted funds flow was $0.97 million ($0.01 per share basic). The Company’s adjusted funds flow is expected to increase substantially with the aforementioned higher current production levels and ongoing optimization of its cost structure. IBR’s Gold Creek field operating netback during the first quarter was $16.69/boe, as compared to an operating netback of $10.67/boe in the preceding fourth quarter of 2017.
P&NG Revenue
The Company’s reported petroleum and natural gas (“ P&NG ”) revenue in the first quarter was $3.39 million, with light crude oil and NGLs sales accounting for 67% of such. There was no realized commodity hedging activity in the quarter. IBR’s light oil sales price in the first quarter for its Gold Creek production (43 degree API) was $72.45/bbl, approximating the Edmonton Par light crude benchmark price of $72.31/bbl. IBR’s first quarter sales gas price of $2.40/Mcf was at a premium to the AECO benchmark price, as its Gold Creek Montney gas benefits from a relatively-higher heat content as compared to the standard heat conversion used in the AECO benchmark pricing. IBR’s realized NGLs sales price in the first quarter was $55.82/bbl, approximately 77% of its realized light oil sales price at Gold Creek.
Royalty Expense
P&NG royalty expense in the first quarter was positively impacted by a Crown gas cost allowance royalty recovery in the amount of $280 thousand. Excluding this credit adjustment, IBR’s first quarter corporate royalty rate would have been 4% of P&NG revenue. At Gold Creek, a significant portion of the Company’s current Montney production and future new well production, benefits from the Alberta Government’s Modernized Royalty Framework , which provides for a pre-payout drilling and completion cost allowance based on a revenue minus cost royalty structure across all hydrocarbons, a post-payout royalty rate based on commodity prices, and the reduction of royalty rates for mature wells. IBR’s significant Gold Creek Montney leasehold position of 49,920 gross acres (49,600 net acres) is substantially all Crown-lease based.
Net Operating Expense
First quarter 2018 net operating expenses of $6.36/boe. This was 39% lower than the preceding fourth quarter 2017 per-unit expense of $10.43/boe. In the first quarter, a prior period operating cost recovery of approximately $445 thousand contributed to lower reported operating costs. IBR’s strategic transition to a geographically-concentrated, Montney-focused play at Gold Creek, in conjunction with higher production levels, is expected to support optimized per-unit net operating costs on a go-forward basis.
Net Transportation Expense
Per-unit net transportation costs were $8.29/boe in the first quarter. ‘Take-or-pay’ fixed charges associated with under-utilized firm service volume obligations on both the Pembina Peace Pipeline and Alliance Pipeline systems due to the aforementioned lower production levels in the first quarter, coupled with muted third-party mitigation of excess natural gas firm service, resulted in higher realized per-unit net transportation expense. The per-unit impact of these under-utilized fixed charges on the Company’s reported first quarter net transportation expenses was approximately $5.00/boe. Prospectively, IBR’s higher current production levels will mitigate the under-utilized firm service charges experienced in the first quarter.
G&A Expense
Iron Bridge’s first quarter 2018 head office general and administrative (“ G&A ”) aggregate costs, both cash and expensed, were lower than the comparative first quarter of 2017 and the preceding fourth quarter of 2017. First quarter 2018 expensed G&A amounted to $1.08 million, a significant decrease of 42% from the $1.87 million in the comparative first quarter of 2017 and a 37% decrease from the $1.73 million expensed in the fourth quarter of 2017, reflecting cost optimization initiatives undertaken by the Company. Presently, IBR employs 16 head office personnel, of which 13 employees are full-time. For 2018, the Company is estimating G&A expenses to average approximately $1.1 million per quarter (on average).
Capital Expenditures
In the first quarter, the Company completed its winter drilling and completions capital program with investment of approximately of $19 million, which included the drilling of three (3.0 net) horizontal Montney wells, high-intensity completion operations on two (2.0 net) Montney development horizontal wells (8-21 and 02/8-21), and a new water injection well completion (the “ 02/2-23 ”). Two of the wells drilled in the quarter were ‘step-out’ Montney delineation, land-holding horizontal wells which will continue 41 sections of prospective leasehold past its primary expiry date through to the year 2020. First quarter 2018 facilities and well equipment costs were $5.2 million, which included well equipping and tie-in connection capital for the 8-21 and 02/8-21 producers and the 02/2-23 water injection well. Invested capital also included significant enhancement work to the Company’s Gold Creek 2-23 Facility. This battery was re-configured in order to more efficiently handle high-volume wells and to facilitate future development and growth. As a result, throughput capacity at the battery has been increased from approximately 2,400 boe/d (prior to this work) to in excess of 6,000 boe/d currently. In addition to its own capital investment at Gold Creek, the Company remains quite encouraged by strong offsetting well results and very active field activity by operators proximal to IBR’s acreage.
Normal Course Issuer Bid
In the first quarter, in connection with the Company’s normal course issuer bid, share buy-back program (the “ NCIB ”), a total of 545,172 shares were purchased for cancellation for $366 thousand. The cancelled shares have been removed from share capital. Since commencement of its NCIB in November 2017, the Company has purchased a total of 1.77 million shares for cancellation for a total of $1.17 million.
Liquidity and Capital Resources
At the end of the first quarter, the Company had $15.5 million of cash-on-hand, an undrawn bank credit facility of $5.0 million, a $9.0 million share investment in Tangle Creek Energy Ltd., and net accounts payable of $17.6 million (net of accounts receivable and deposits.) During the first quarter, the Company recorded $158 thousand of interest income.
Iron Chain Technology Corp.
IBR continues to progress its cryptocurrency mining pilot at its Gold Creek 2-23 battery site. Cryptocurrency mining equipment and a fit-for-purpose containerized facility is expected to be powered-up and operational near the end of the second quarter of 2018. The Company will provide progress updates as they become available. In the first quarter, approximately $25 thousand was invested in data mining gear in addition to approximately $24 thousand incurred in connection with advisory and consulting services.
Annual General Meeting of Shareholders
Iron Bridge will hold its annual general meeting of shareholders on Monday, June 4, 2018 at 3:00 p.m. (Calgary time) at the Altius Centre in the Conference Room, 2 nd floor (+15 level), 500- Fourth Avenue S.W., Calgary, Alberta. Standard matters to be acted upon at the annual general meeting will include: i) presentation of the audited consolidated financial statements for fiscal 2017; ii) election of the current six (6) directors to the Board of Directors of the Company; and, iii) re-appointment of the Company’s auditors.
The Company’s interim condensed consolidated financial statements and associated Management’s Discussion and Analysis for the three month period ended March 31, 2018 will be available on IBR’s website at www.ironbridgeres.com within “ Investors ” under “ Financials ”. Additionally, these documents will be filed later today on the System for Electronic Document Analysis and Retrieval (“ SEDAR ”). After such filing, these documents can be retrieved electronically from the SEDAR system by accessing IBR’s public filings under “ Search for Public Company Documents ” within the “ Search Database ” module at www.sedar.com .
For more information, please contact:
IRON BRIDGE RESOURCES INC.
Rob Colcleugh
Chief Executive Officer
(403) 930-6333
[email protected]
Dean Bernhard
Vice President, Finance and Chief Financial Officer
(403) 930-6304
[email protected]
Suite 1200, 500 - 4 th Avenue SW
Calgary, Alberta, Canada
T2P 2V6
Abbreviations
bbl or bbls barrel or barrels Mcf/d thousand cubic feet per day Mbbl thousand barrels MMcf/d million cubic feet per day bbls/d barrels per day MMcf Million cubic feet boe barrels of oil equivalent Bcf billion cubic feet Mboe thousand barrels of oil equivalent psi pounds per square inch boe/d barrels of oil equivalent per day kPa kilopascals NGLs natural gas liquids GJ Gigajoule WTI West Texas Intermediate GJ/d Gigajoules per day AECO Alberta Energy Company IP30 Initial production on the first 30 days of production Reader Advisories
Oil and Gas Matters
In this news release IBR has adopted a standard for converting thousands of cubic feet (" mcf ") of natural gas to barrels of oil equivalent (“ boe ”) of 6 mcf:1 boe. Use of boes may be misleading, particularly if used in isolation. The boe rate is based on an energy equivalent conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of the 6:1 conversion ratio, utilizing the 6:1 conversion ratio may be misleading as an indication of value.
Any references in this news release to production test rates, flow-back results, flow test results and production flow test rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will commence production and decline thereafter. These test results are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for the Company. Furthermore, neither a pressure transient analysis or a well-test interpretation has been carried out yet, and as such, test results should be considered to be preliminary until such analysis or interpretation has been completed.
Forward-Looking Statements
The information in this news release contains certain forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions. More particularly and without limitation, this news release contains forward-looking information relating to: expected production rates and adjusted funds flow; expected timing of mining operations and commercial arrangements with respect to IBR’s cryptocurrency mining operations; expected results and cost structure with the Company’s transition to a geographically concentrated Montney-focused play; and, estimated G&A expenses in 2018. In addition, statements relating to reserves are forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.
With respect to forward-looking statements contained in this news release, IBR has made assumptions regarding, but not limited to: conditions in general economic and financial markets; effects of regulation by governmental agencies; current and future commodity prices and royalty regimes; future exchange rates; royalty rates; future operating costs; availability of skilled labor; availability of drilling and related equipment; timing and amount of capital expenditures; the impact of increasing competition; the price of crude oil and natural gas; that the Company will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that the Company's conduct and results of operations will be consistent with its expectations; available pipeline capacity; that the Company will have the ability to develop the Company's properties in the manner currently contemplated; that the Company will be able to drill, complete and tie-in wells in the manner and on the timing described herein; current or, where applicable, proposed assumed industry conditions, laws and regulations will continue in effect or as anticipated; and the estimates of the Company's production and reserves volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects.
These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control, including: the impact of general economic conditions; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices and foreign exchange and interest rates; stock market volatility and market valuations; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; geological, technical, drilling and processing problems and other difficulties in producing petroleum reserves; obtaining required approvals of regulatory authorities; unexpected drilling results; the Company is unable to achieve its objectives; that the anticipated resource potential in the Gold Creek area is not achieved; changes in capital expenditures, reserves or reserves estimates and debt service requirements; the occurrence of unexpected events involved in the exploration for, and the operation and development of, oil and gas properties, including hazards such as fire, explosion, blowouts, cratering, and spills, each of which could result in substantial damage to wells, production facilities, other property and the environment or in personal injury; changes or fluctuations in production levels; delays in anticipated timing of drilling and completion of wells; lack of available capacity on pipelines; the lack of availability of qualified personnel; uncertainties associated with estimating oil and natural gas reserves; and ability to access sufficient capital from internal and external sources. Many of these risks and uncertainties and additional risk factors are described in the Company's Annual Information Form for the year ended December 31, 2017, which is available at www.sedar.com .
The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits that the Company will derive from them. The Company’s forward-looking statements are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements.
Non-GAAP Measures
Within this news release, the Company may use non-GAAP measures as an indicator of the Company’s performance. These non-GAAP measures are not prescribed by International Financial Reporting Standards (" IFRS ") and do not have standardized meanings or methods of calculation and therefore, such measures may not be comparable to similar measures presented by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods and therefore such metrics should not be unduly relied upon.
Adjusted Funds Flow
Adjusted funds flow represents cash provided from (used in) operating activities before: decommissioning obligation cash expenditures, and changes in non-cash working capital from operating activities. As an indicator of the Company’s performance, the term adjusted funds flow contained within should not be considered as an alternative to, or more meaningful than, cash provided from (used in) operating, financing or investing activities, as determined in accordance with IFRS. Adjusted funds flow is widely accepted as a financial indicator of an exploration and production company’s ability to generate cash which is used to internally fund exploration and development capital activities and to service debt. This measure is widely used by shareholders and investors in the valuation, comparison and investment recommendations of companies within the upstream oil and gas exploration and production industry.
Field Operating Netback or Operating Netback
The term field operating netback or operating netback refers to realized wellhead revenue (including realized gains or losses on commodity risk management contracts) less royalties, net operating expenses and net transportation costs per barrel of oil equivalent. The Company believes that this financial netback measure is useful supplemental information to analyze operating performance and provide an indication of the results generated by the Company's principal business activities. Investors should be cautioned that this measure should not be construed as an alternative to other measures of financial performance as determined in accordance with IFRS.
Net Operating Expenses
Net operating expenses are calculated as operating expenses less the component of other income pertaining to gathering, compression, road use and other income. This metric is expressed on a total and per boe basis. Management uses this metric to determine the net cash cost related to operating expenses and to provide supplemental information to analyze operating performance.
Net Transportation Costs
Net transportation expenses are calculated as transportation expenses less the component of other income pertaining to transportation income. This metric is expressed on a total and per boe basis. Management uses this metric to determine the net cash cost related to transportation costs and to provide supplemental information to analyze operating performance.
Source: Iron Bridge Resources Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-iron-bridge-resources-reports-first-quarter-2018-financial-results.html |
The acquisition encompasses the management of 13.3 million payment cards, 1.4 billion transactions, POS terminals and ATMs
MILAN & NEW YORK--(BUSINESS WIRE)-- SIA, a European high-tech leader in payment infrastructure and services, and First Data Corporation (NYSE: FDC), a global leader in commerce-enabling technology, have signed an agreement for SIA to acquire First Data’s card processing businesses in parts of Central and Southeastern Europe for €375 million. In 2017, these businesses generated a combined revenue of approximately €100 million for First Data.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180524006178/en/
This acquisition by SIA provides card processing, card production, call center and back-office services, including 13.3 million payment cards, 1.4 billion transactions, in addition to the management of POS terminals and ATMs. These businesses are primarily located in 7 countries: Greece, Croatia, Czech Republic, Hungary, Romania, Serbia and Slovakia.
First Data remains highly committed to the European issuer processing business, maintaining its focus on serving its significant client base, primarily with its leading VisionPLUS platform.
As a result of the transaction, SIA will become a leading player in processing and services in the region. The agreement includes the transfer of about 1,400 First Data employees into SIA.
“This acquisition is in line with our strategy to become the leading European independent digital payments platform. SIA is further strengthening its position in the e-payments international market, increasing its market shares in e-money high-growth countries,” said Massimo Arrighetti, CEO of SIA.
“This transaction aligns with our focus on portfolio management. While these are solid businesses, aspects of their operations are no longer core to our strategy, and this sale allows us to deploy the proceeds to create value in line with our capital allocation priorities,” said Frank Bisignano, Chairman and CEO of First Data. “We believe we have found an excellent partner for this transaction as SIA’s integrated payment infrastructure and service offerings and presence across Europe make it the perfect home for these businesses and puts our former customers in capable hands.”
The deal is expected to close in the third quarter of 2018 and is subject to normal closing conditions.
Deutsche Bank and K&L Gates were respectively financial advisors and counsel to First Data on the transaction.
HSBC acted as financial advisor to SIA, White & Case as legal advisor and PWC as tax and accounting due diligence advisor.
About First Data
First Data (NYSE: FDC) is a global leader in commerce-enabling technology and solutions, serving approximately six million business locations and 4,000 financial institutions in more than 100 countries around the world. The company’s 22,000 owner-associates are dedicated to helping companies, from start-ups to the world’s largest corporations, conduct commerce every day by securing and processing more than 3,000 transactions per second and $2.4 trillion per year.
About SIA
SIA is European leader in the design, creation and management of technology infrastructures and services for Financial Institutions, Central Banks, Corporates and the Public Sector, in the areas of payments, cards, network services and capital markets. SIA Group provides its services in 48 countries, and also operates through its subsidiaries in Austria, Germany, Romania, Hungary and South Africa. The company also has branches in Belgium and the Netherlands, and representation offices in the UK and Poland.
In 2017, SIA managed 13.1 billion clearing transactions, 6.1 billion card transactions, 3.3 billion payments, 56.2 billion financial transactions and carried 784 terabytes of data on the network.
The Group is made up of eight companies: the parent SIA, the Italian companies Emmecom (innovative network applications), P4cards (card processing), SIApay (advanced collection and payment services) and Ubiq (innovative technology solutions for marketing), Perago in South Africa, PforCards in Austria and SIA Central Europe in Hungary.
The Group, which currently has over 2,000 employees, closed 2017 with revenues of €567.2 million.
For more information, go to www.sia.eu/en .
Safe Harbor
Statements in this press release regarding First Data Corporation’s business which are not historical facts are “forward-looking statements.” All forward-looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected including the parties’ ability to successfully satisfy the normal closing conditions.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524006178/en/
SIA
Filippo Fantasia
Head of Media Coordination
Phone: +39 02.6084.2833
Mobile: +39 335.1202713
Email: [email protected]
Valentina Piana
Media Coordination
Phone: +39 02.6084.2334
Mobile: +39 342.0467761
Email: [email protected]
@SIA_pressoffice
First Data
Peter Poillon
Investor Relations
Phone: +1 212 266 3565
Email: [email protected]
Mia Shernoff
Public Relations
Phone: +1 212 515 0225
Email: [email protected]
Source: First Data Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-sia-acquires-card-processing-businesses-in-central-and-southeastern-europe-from-first-data.html |
LONDON (Reuters) - For Donna Werner, an American, traveling more than seven hours and 3,000 miles will all have been worth it if she just gets a look and a wave from Britain’s newly-married royal couple on Saturday.
Donna Werner from the U.S., who is a super-fan of Britain's Royal Family, poses outside Windsor Castle ahead of Prince Harry and Meghan Markle's wedding, in Windsor, May 16, 2018. REUTERS/Marko Djurica Werner, 66, from New Fairfield, Connecticut, has joined thousands of others who will camp out for several nights in the streets of Windsor in the hope of catching a glimpse of Prince Harry and U.S. actress Meghan Markle on their wedding day.
“I want them to come through those gates. I want them to look at me, wave and smile,” Werner said outside Windsor Castle, dressed head to toe in a mix of British and U.S. flag-themed attire, including a shirt that read “Prince Harry, I’m still available. Last chance!”
“That will make it all worthwhile. It really will.”
A self-proclaimed “royal super-fan”, Werner, a married, stay-at-home mom, has made the trip across the Atlantic for several royal occasions in Britain, including the weddings of Prince Andrew in 1986 and Prince William in 2011 and Queen Elizabeth’s 90th birthday celebration in 2016.
Donna Werner from the U.S., who is a super-fan of Britain's Royal Family, poses outside Windsor Castle ahead of Prince Harry and Meghan Markle's wedding, in Windsor, May 16, 2018. REUTERS/Marko Djurica For her, it’s all about being part of a love story.
“This is a real life fairytale. It has come true for one little girl... I’m so happy for her and I’m so happy for Harry,” said Werner, who planned to spend her first night under the stars in a sleeping bag on Wednesday.
Armed also with hand warmer heat packets, she will camp there till Saturday to ensure she gets a good view of Prince Harry and Meghan Markle’s carriage procession after they have tied the knot in a ceremony at St George’s Chapel in the castle.
Donna Werner from the U.S., who is a super-fan of Britain's Royal Family, arranges flags and decorations near the spot she has chosen outside Windsor Castle from which to witness Prince Harry and Meghan Markle's carriage procession after their wedding, in Windsor, May 16, 2018. REUTERS/Marko Djurica “It is such an experience. People think it would be fun to do, but to actually buy a plane ticket and then to sleep on the streets for three to four nights,” she said.
“At my age most people are, like, ‘give me a hotel’.”
In recent days, headlines around the royal wedding have been dominated by news that Meghan’s father, Thomas Markle, will not attend his daughter’s wedding following reports that he staged paparazzi photos and suffered a heart attack.
Werner, who has described her penchant for the royal family as “a little obsession,” had strong words about the drama.
“I really think it stinks,” she said.
“I just still think you have to be there for your daughter. Just suck it up.”
Reporting by Alex Fraser; Writing by Cassandra Garrison; Editing by Gareth Jones
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-royals-superfan-arrival/american-super-fan-to-sleep-on-windsor-streets-for-glimpse-of-royal-couple-idUSKCN1IH1YT |
May 4, 2018 / 10:59 PM / Updated 4 hours ago U.S. drug agency suspends Louisiana distributor over opioid sales Reuters Staff 3 Min Read
WASHINGTON (Reuters) - The U.S. Drug Enforcement Administration said on Friday it had suspended a Louisiana pharmaceutical distributor from selling controlled substances for allegedly selling unusually large quantities of opioids to pharmacies without reporting the sales.
The DEA said it suspended Morris & Dickson Co, a privately owned drug wholesaler based in Shreveport, on Wednesday after an investigation showed “it failed to properly identify large suspicious orders for controlled substances sold to independent pharmacies with questionable need for the drugs.”
“Opioid distributors have a legal obligation not to facilitate the illicit diversion of drugs,” Attorney General Jeff Sessions said in the statement by the DEA, which is part of the U.S. Justice Department.
“That obligation has never been more important than it is right now as we face the deadliest drug crisis in American history,” Sessions said.
Morris & Dickson filed in federal court on Thursday for an injunction against the suspension, and U.S. District Judge Elizabeth Foote in Shreveport has scheduled a hearing for Tuesday on its request for a temporary restraining order, according to court records.
The probe, which focused on purchases of Oxycodone and Hydrocodone, showed that in some cases, pharmacies were allowed to buy as much as six times the quantity of narcotics they would normally order, the DEA statement said.
Family-owned Morris & Dickson was founded in 1841 and is the largest independently owned and privately held drug wholesale distributor in the United States, according to its court filing.
The U.S. government is trying to crack down on opioid abuse through a number of measures, including a proposal last month to tighten rules governing the amount of prescription opioid painkillers that drugmakers can manufacture in a given year.
Sessions has created an opioid task force and deployed prosecutors to hard-hit areas of the country with a mandate to bring more cases against traffickers.
According to the Centers for Disease Control and Prevention, 42,000 people died nationwide from opioid overdoses in 2016, the last year with publicly available data. Reporting by Eric Walsh, additional reporting by Nate Raymond in New York, editing by G Crosse | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-justice-opioids/u-s-drug-agency-suspends-louisiana-distributor-over-opioid-sales-idUKKBN1I52NR |
The U.S. House of Representatives will vote for a second time on a massive farm bill after the measure was defeated last week, the No. 3 Republican in the chamber said, according to Roll Call newspaper.
The vote on the $867 billion bill will be held on June 22, Republican Representative Steve Scalise said, Roll Call reported.
Prior to the farm bill vote, the House will consider a conservative immigration bill sponsored by House Judiciary Committee Chairman Bob Goodlatte and House Homeland Security Committee Chairman Michael McCaul, Roll Call Quote: d Scalise as saying.
“We’re looking at moving the farm bill on June 22 and having the Goodlatte-McCaul bill come up the third week of June,” Scalise told reporters, according to Roll Call.
Scalise’s office did not immediately respond to a request for comment from Reuters.
Roll Call said it was not immediately clear if the timing would appease members of the House Freedom Caucus, a group of about 30 of the most conservative Republican lawmakers.
The farm bill failed on Friday after Freedom Caucus members withheld their support. They had asked Republican leaders not to hold the vote until the Goodlatte-McCaul immigration bill could be considered.
Scalise said the Goodlatte-McCaul bill, which would give temporary protections to young illegal immigrants but not offer citizenship, was currently short of the votes needed to the pass the House, according to Roll Call.
He said there was an effort underway to find another immigration measure that could pass the chamber, Roll Call said.
Reporting by Eric Beech; Editing by Kevin Drawbaugh and Sandra Maler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-congress-farm-bill/farm-bill-to-get-second-vote-in-u-s-house-in-june-roll-call-idUSKCN1IN06I |
KUALA LUMPUR (Reuters) - Malaysia is dropping a plan for a high-speed rail link between its capital, Kuala Lumpur, and Singapore, and will talk with its southern neighbour about the agreement to build it, Malaysia’s prime minister said in an interview published on Monday.
Malaysia's Prime Minister Mahathir Mohamad is seen on video conference screen during the Wall Street Journal CEO Conference in Tokyo, Japan May 15, 2018. REUTERS/Toru Hanai Mahathir Mohamad, the 92-year-old who triumphed over scandal-plagued Najib Razak in a general election this month, has made it a priority to cut the national debt and pledged to review major projects agreed by the previous government.
“We need to do away with some of the unnecessary projects, for example the high-speed rail, which is going to cost us 110 billion ringgit ($28 billion) and will not earn us a single cent. That will be dropped,” Mahathir Mohamad told the Financial Times.
The project, valued by analysts at about $17 billion, is out for tender and is scheduled to be completed by 2026.
Singapore’s government did not immediately have any comment on Mahathir’s reported vow to scrap the project.
Mahathir had previously said there were high financial penalties for pulling out of the project and Malaysia would try to find out how it could reduce those costs.
“We have an agreement with Singapore,” Mahathir said. We have to talk with Singapore about dropping that project.”
Mahathir has also said his government was haggling with Chinese partners over the terms of a $14 billion rail deal aimed at connecting the South China Sea at the Thai border in the east with the strategic shipping routes of the Straits of Malacca in the west.
He estimates that Malaysia could cut almost a fifth of its $250 billion national debt and liabilities by scrapping such big projects.
Additional reporting by Jack Kim; Editing by Clarence Fernandez, Robert Birsel
| ashraq/financial-news-articles | https://in.reuters.com/article/malaysia-politics-rail-singapore/malaysia-pm-to-drop-high-speed-rail-project-with-singapore-ft-idINKCN1IT0PG |
SAN JOSE, Calif., May 23, 2018 /PRNewswire/ -- (NASDAQ: VIAV) Viavi Solutions Inc. ("VIAVI") today announced that on May 22, 2018 it has entered into privately negotiated agreements with certain holders of its outstanding 0.625% Senior Convertible Notes due 2033 (the "2033 Notes") pursuant to which VIAVI will exchange $151.5 million aggregate principal amount of 2033 Notes for $155.5 million aggregate principal amount of newly issued 1.75% Senior Convertible Notes due 2023 (the "New Notes") (the "Exchange Transactions"). Following the closing of the Exchange Transactions, $277.0 million aggregate principal amount of 2033 Notes will remain outstanding with terms unchanged. VIAVI also announced that on May 22, 2018, it has entered into subscription agreements pursuant to which VIAVI has agreed to sell in a private placement to institutional accredited investors $69.5 million aggregate principal amount of New Notes (the "Private Placement"). The Exchange Transactions and the Private Placement are expected to close concurrently on or about May 29, 2018, subject to customary closing conditions.
When issued:
The New Notes will represent senior unsecured obligations of VIAVI and pay interest semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2018, at a rate of 1.75% per annum; The New Notes will mature on June 1, 2023, unless earlier converted, redeemed or repurchased; The New Notes will be convertible at the option of holders in certain circumstances and during certain periods into cash up to their principal amount, and into cash, shares of VIAVI's common stock or a combination of cash and VIAVI's common stock at VIAVI's election for the conversion value above the principal amount, if any. The initial conversion rate is 71.7231 shares of VIAVI's common stock per $1,000 principal amount of New Notes, which is equivalent to an initial conversion price of approximately $13.94 per share and will be subject to customary anti-dilution adjustments. This represents an approximately 37.5% conversion premium over the closing price of $10.14 of VIAVI's common stock on May 22, 2018; and VIAVI may redeem for cash all or any portion of the New Notes, at its option, on or after June 1, 2021, under certain circumstances at a redemption price equal to 100% of the principal amount of the New Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
VIAVI will not receive any cash proceeds from the Exchange Transactions. In exchange for issuing the New Notes pursuant to the Exchange Transactions, VIAVI will receive and cancel the exchanged 2033 Notes. VIAVI estimates that net cash proceeds from the Private Placement will be approximately $67.3 million after deducting estimated offering expenses for both the Exchange Transactions and the Private Placement. VIAVI intends to use net cash proceeds from the Private Placement for general corporate purposes.
The New Notes and any of VIAVI's common stock issuable upon conversion of the New Notes have not been registered under the Securities Act or under any state securities laws and may not be offered or sold without registration under, or an applicable exemption from, the registration requirements. This announcement does not constitute an offer to sell, nor is it a solicitation of an offer to buy, these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or any jurisdiction.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause actual results to differ materially from those projected. Such statements may include, without limitation, statements regarding the ability to complete the exchange transactions. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including, without limitation, the following: (i) general market conditions, including market factors affecting the price of bonds and equity securities, (ii) the amount of cash generated from the business, (iii) prevailing interest rates, (iv) VIAVI's expectations regarding its use of the proceeds from the sale of New Notes for cash in the Private Placement and (v) the existence of alternative uses for VIAVI's cash.
For more information on these and other risks affecting VIAVI's business and any forward-looking statements, please refer to the "Risk Factors" section included in Part I, Item 1A of VIAVI's Annual Report on Form 10-K for the year ended July 1, 2017 filed with the Securities and Exchange Commission on August 29, 2017. The forward-looking statements contained in this news release are made as of the date hereof and VIAVI does not assume any obligation to update such statements.
About VIAVI Solutions
VIAVI (NASDAQ: VIAV) is a global provider of network test, monitoring and assurance solutions to communications service providers, enterprises, network equipment manufacturers, civil, government, military and avionics customers, supported by a worldwide channel community including VIAVI Velocity Partners. We deliver end-to-end visibility across physical, virtual and hybrid networks, enabling customers to optimize connectivity, quality of experience and profitability. VIAVI is also a leader in high performance thin film optical coatings, providing light management solutions to anti-counterfeiting, consumer electronics, automotive, defense and instrumentation markets. Learn more about VIAVI at www.viavisolutions.com . Follow us on VIAVI Perspectives , LinkedIn , Twitter , YouTube and Facebook .
Investors Contact:
Bill Ong, 408-404-4512; [email protected]
Press Contact:
Amit Malhotra, 202-341-8624; [email protected]
Source: VIAVI Financials
View original content with multimedia: http://www.prnewswire.com/news-releases/viavi-announces-private-exchange-transactions-regarding-outstanding-0-625-senior-convertible-notes-due-2033-and-private-placement-of-225-0-million-of-new-senior-convertible-notes-due-2023--300653339.html
SOURCE VIAVI Financials | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-viavi-announces-private-exchange-transactions-regarding-outstanding-0-point-625-percent-senior-convertible-notes-due-2033-and.html |
* U.S. wants to sell China more oil, gas and food products
* But U.S. exports constrained by bottlenecks, regulatory hurdles
* Top Asia buyers of U.S. crude oil: tmsnrt.rs/2IRqD8Z
By Florence Tan and Dominique Patton
SINGAPORE/BEIJING, May 21 (Reuters) - China has pledged to buy more U.S. goods to reduce America’s huge trade deficit and help avoid exacerbating a trade war between the world’s two biggest economies, with energy and commodities high on Washington’s list of products for sale.
The U.S. trade war with China is “on hold” after the governments agreed to drop tariff threats and work on a wider agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday. Washington is especially keen to sell more of the United States’ surging oil and gas production.
Yet infrastructure bottlenecks mean energy and commodity exports can grow only gradually, and only if U.S. oil, gas and other goods remain cost attractive against global competition.
Morgan Stanley estimates it could take up to three years to increase Chinese purchases of U.S. goods by $60 billion to $90 billion, with a rise in agricultural imports in the near term followed by energy.
OIL & GAS Total U.S. oil and gas exports to China in 2017 were worth $4.3 billion, based on average prices, a far cry from a deficit reduction target of $200 billion.
But U.S. exports are rising, and China has spent $2 billion on U.S. oil in the first quarter of 2018 alone.
Increased purchases of U.S. oil will help China replace Iranian supplies, which are expected to fall as the United States re-imposes sanctions on Tehran.
“Buying U.S. crude would help with the Iranian situation in ... that these barrels from the U.S. would provide additional supplies at a time when buyers will be expected to cut Iranian volumes,” said Michal Meidan of consultancy Energy Aspects.
China’s U.S. oil import bill this year could rise to $9 billion to $11 billion with purchases rising to 300,000 to 400,000 barrels per day (bpd) in the second half of 2018, according to Energy Aspects.
That would still be only a fraction of China’s import needs of 9.6 million bpd in April, worth around $20 billion. And while U.S. exports may grow somewhat, infrastructure bottlenecks for the time being hold back sales.
U.S. oil export terminals are small by global standards and the biggest tankers - Very Large Crude Carriers (VLCCs) - don’t fit through the Panama Canal. Having to take the detour around Africa, they are at a cost disadvantage against producers from the Middle East, Africa and Europe.
Washington also wants the United States to export more liquefied natural gas (LNG) to China.
While LNG shipments have increased, there are only two U.S. export facilities, both of which have largely contracted out their supplies. There are also restraints in China due to pipeline and terminal capacities.
U.S. LNG exports to China could eventually surge if Chinese companies become partners in many of the U.S. export projects that still seek financing.
AGRICULTURE China could direct its state-owned soybean crushers to buy more of America’s surplus oilseed, said Paul Burke, North Asia regional director for the U.S. Soybean Export Council.
That would potentially add 14 million tonnes of imports worth $6 billion to this year’s trade bill, at the expense of major exporters, Brazil and Argentina.
Soybeans were the United States’ second-largest export to China by value, worth $12 billion last year.
China easing controls on processing imports of genetically modified strains of corn and fully allocating its low-tariff import quota for wheat would also add to grain shipments.
Analysts reckon buying more poultry, beef and pork would be another way to boost trade, but tough import regulations would likely limit volumes without big concessions from Beijing.
Beijing removed anti-dumping tariffs on U.S. poultry in February after eight years, but a ban due to avian influenza remains in place. Without the ban, the U.S.-China poultry business could be worth up to $600 million, an industry expert estimated.
China has in the past made large purchases of American pork for its strategic reserves. There is also strong demand for imported meat among the country’s middle class consumers.
But China has zero tolerance on the use of growth promoter beta-agonist ractopamine, widely used by U.S. pork farmers, and synthetic hormones used in U.S. beef.
The government lifted a 14-year-old ban on U.S. beef last year, but it has only approved a dozen processors for export.
In the first quarter, U.S. imports accounted for less than 1 pct of China’s total beef imports, but a pick-up in purchases would challenge Australia, Brazil and Uruguay.
“Big (meat) purchases and shipments need time to put together. You can’t just turn on the spigot,” said an industry source who declined to be identified.
Reporting by Florence Tan in SINGAPORE and Dominique Patton in BEIJING; Additional reporting by Osamu Tsukimori in TOKYO and Jane Chung in SEOUL; Editing by Henning Gloystein, Josephine Mason and Tom Hogue
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-china/explainer-u-s-commodity-exports-to-china-to-rise-amid-trade-talks-but-volumes-are-capped-idUSL3N1SP418 |
May 14, 2018 / 5:29 PM / Updated 44 minutes ago Sturgeon warns of catastrophic 'no deal' Brexit Alessandra Galloni , Alistair Smout 4 Min Read
LONDON (Reuters) - Prime Minister Theresa May’s failure to come up with a coherent Brexit stance means the United Kingdom is at greater risk of spiralling towards a “no deal” Brexit with catastrophic consequences, Scotland’s leader said. Scotland's First Minister, Nicola Sturgeon, speaks at a Reuters Newsmaker event, in London, Britain May 14, 2018. REUTERS/Peter Nicholls
In a step that will shape the United Kingdom’s prosperity and global influence for generations to come, Britain is due to leave the European Union on March 29 next year, though the terms of the separation are still unclear.
Scottish First Minister Nicola Sturgeon said she felt there was no majority for a hard Brexit in the country but that the United Kingdom was at a juncture when momentum could swing either towards a softer Brexit or a “no deal” Brexit.
“At some point that majority for the least damaging Brexit, a softer Brexit, at some point has to assert itself,” Sturgeon told a discussion at Thomson Reuters in London.
“The danger, if I am being less optimistic, or pessimistic, is that the whole process crashes before that can emerge because time is running out and the clock is ticking.” Related Coverage Spain and Catalonia could learn from Scotland, Sturgeon says
Both the EU and the UK need an agreement to keep trade flowing between the world’s biggest trading bloc and the sixth largest global economy, though a transition period until the end of 2020 could limit the disruption to global trade.
May is trying to strike a trade deal with the EU by October while at the same time negotiating with her party and senior members of her divided minority government over Brexit.
The other 27 members of the EU combined have about five times the economic might of Britain. They also have a strong incentive to deny the UK a deal so attractive it might encourage others to follow the British example. Scotland's First Minister, Nicola Sturgeon, speaks at a Reuters Newsmaker event, hosted by Reuters Global Editor, Alessandra Galloni, in London, Britain May 14, 2018. REUTERS/Peter Nicholls
“I guess there is a real risk - probably a greater risk today than there was three, six, nine months ago - of the whole process falling apart,” Sturgeon said. “There is a real risk of a no deal Brexit and that would be pretty catastrophic.”
Sturgeon, who commands 35 Scottish National Party lawmakers in the Westminster parliament, said there was a real chance of parliament forcing the government to remain in the customs union. “INDEPENDENCE FOR EVER”
Sturgeon, who took the helm of the Scottish National Party after Scots voted to reject independence in a September 2014 referendum, said the idea was far from dead.
“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. Slideshow (3 Images)
Scots voted 55-45 to stay in the United Kingdom in a 2014 referendum, while the United Kingdom voted 52-48 to leave the EU in the 2016 Brexit vote.
Sturgeon, 47, 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 realised,” she said.
Sturgeon said her party had launched a commission to examine the policy options for its stance on the currency of an independent Scotland. It will report within the next few weeks.
“My party does not propose or support using the euro, so the options the commission has been looking at: sterling in a currency union, sterling outwith a currency union, or a process that would lead to a distinctive Scottish currency over time,” she said.
When asked about a reported ban at Donald Trump’s luxury Scottish golf resort of Irn Bru, the nation’s most popular soft drink, Sturgeon chuckled.
The ban on the luminous orange drink at Trump Turnberry, a sprawling estate on the west coast of Scotland with dramatic sea views, caused a furore in Scotland.
“It makes for a great headline: Trump bans Irn Bru from Turnberry,” Sturgeon said with a smile. “He is very keen to proclaim his Scottish connections, his mother was born on the Scottish islands, so I’m sure he likes Irn Bru.” Editing by Guy Faulconbridge and Andrew Roche | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-scotland/scotlands-sturgeon-warns-of-catastrophic-no-deal-brexit-idUKKCN1IF2HQ |
May 15, 2018 / 7:24 AM / Updated 10 minutes ago Nikkei drops in choppy trade; Toshiba up on chip unit sale Ayai Tomisawa 3 Min Read
TOKYO, May 15 (Reuters) - Japanese stocks pulled back from a recent 3-1/2 month high on Tuesday, hit by profit-taking, though bank shares staged a rally on hopes of strong earnings for the sector.
The Nikkei share average ended 0.2 percent lower to 22,818.02 after trading in positive territory in early trade.
Traders said with the Nikkei reaching resistance of 23,000, profit-taking may accelerate especially in the face of geopolitical tensions in the Middle East.
“Japanese companies’ earnings were almost over and the market has mostly priced in the results. Investors may take profits from the recent rises in stocks as there are potential selling catalysts globally,” said Hikaru Sato, a senior technical analyst at Daiwa Securities.
Tuesday’s losers include real estate companies, with Mitsubishi Estate stumbling 5.2 percent and Mitsui Fudosan falling 3.1 percent.
Toshiba Corp was under the spotlight, rising 3.5 percent after it said it expects net income to jump 33 percent this financial year thanks to profits from the planned $18 billion sale of its memory chip unit. It also said that it would return benefits to shareholders after it sold its chip unit.
The banking sector rose 1.2 percent, with Mitsui Sumitomo Financial Group advancing 2.1 percent after it reported a 3.9 percent rise in annual net profit helped by lower bad loan costs and gains from equity holdings.
It also said it would buy back up to 1.4 percent of its own shares worth 70 bln yen.
Mitsubishi UFJ Financial Group and Mizuho Financial Group, which will report their earnings after the market close, rose 1.7 percent and 0.8 percent, respectively.
Meanwhile, MSCI changed constituents for its indexes on Monday. MSCI Japan Index added CyberAgent, Kobayashi Pharmaceutical Co, SG Holdings Co and Tokyo Century Corp. A mixed reaction followed the news, with CyberAgent declining 2.8 percent, Kobayashi falling 3.7 percent, SG Holdings rising 1.7 percent and Tokyo Century dropping 3.1 percent.
MSCI deleted Hachijuni Bank, Kyushu Financial Group and Mixi Inc.
The broader Topix was flat at 1,805.15. (Editing by Sam Holmes) | ashraq/financial-news-articles | https://www.reuters.com/article/japan-stocks-close/nikkei-drops-in-choppy-trade-toshiba-up-on-chip-unit-sale-idUSL3N1SM3CI |
May 10 (Reuters) - Trade Desk Inc:
* SEES FY 2018 REVENUE AT LEAST $433 MILLION * Q1 REVENUE $85.7 MILLION VERSUS I/B/E/S VIEW $73.2 MILLION
* QTRLY DILUTED EPS $0.20 * QTRLY NON-GAAP DILUTED EPS $0.34
* SEES Q2 2018 REVENUE OF $103 MILLION * Q2 REVENUE VIEW $93.1 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-trade-desk-q1-revenue-857-million/brief-trade-desk-q1-revenue-85-7-million-versus-i-b-e-s-view-73-2-million-idUSASC0A1JK |
(Reuters) - Rafa Nadal swept into the quarter-finals of the Italian Open on Thursday with a ruthless 6-4 6-1 victory over Canadian teenager Denis Shapovalov.
Tennis - ATP World Tour Masters 1000 - Italian Open - Foro Italico, Rome, Italy - May 17, 2018 Spain's Rafael Nadal celebrates winning his third round match against Canada's Denis Shapovalov REUTERS/Max Rossi The top seed, who will reclaim the world number one ranking from Roger Federer if he wins his eighth title in Rome, turned in a near-flawless performance, losing only five service points as he honed in on victory in an hour and 22 minutes.
“It was a solid match for me,” Nadal said. “I started with some mistakes on the return but with my serve, I didn’t lose many points.”
The Spaniard will resume his quest for his first title in Rome in five years against Italian Fabio Fognini.
Tennis - ATP World Tour Masters 1000 - Italian Open - Foro Italico, Rome, Italy - May 17, 2018 Spain's Rafael Nadal in action during his third round match against Canada's Denis Shapovalov REUTERS/Max Rossi Fognini battled hard to reach the quarters, coming from 2-4 down in the opening set to beat German Peter Gojowczyk 6-4 6-4.
Former world number one Novak Djokovic is also in the quarter-finals for the first time this year.
Djokovic, back after a troublesome elbow injury, showed flashes of his formidable best as he beat Spain’s Albert Ramos-Vinolas 6-1 7-5 and will meet Japan’s Kei Nishikori in the next round.
Slideshow (3 Images) Nishikori, who like Djokovic is trying to come back from injury, was in complete control against Philipp Kohlschreiber, defeating the German 6-1 6-2.
Defending champion Alexander Zverev scraped past Britain’s Kyle Edmund 7-5 7-6(11) after squandering seven match points, and claimed an 11th consecutive victory that set up a quarter-final clash with ninth seed David Goffin.
Belgian Goffin was leading 6-2 4-5 against fifth seed Juan Martin del Potro when the Argentine was forced to retire with what appeared to be a groin injury that throws his participation at the French Open into doubt. The Paris major begins on May 27.
“I was worried so I decided to stop the game at the end of the second set to see the doctor and see what they say,” Del Potro said. “I will do all of the exams now and then I will try to make a good decision for the future.”
Fourth seed Marin Cilic displayed plenty of patience during his 6-3 6-4 win over Frenchman Benoit Paire.
The Croatian dropped his serve early in the second set, but stayed calm, controlling play from the baseline and picking his moments to turn up the heat.
Cilic will face Pablo Carreno Busta for a place in the semi-finals.
Reporting by Simon Jennings in Bengaluru, editing by Pritha Sarkar
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-rome-men/nadal-djokovic-romp-into-rome-quarter-finals-idUSKCN1II2Y8 |
May 2 (Reuters) - Williams Companies Inc:
* QTRLY ADJUSTED INCOME PER SHARE $0.19 * Q1 EARNINGS PER SHARE VIEW $0.21 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-williams-qtrly-earnings-per-share/brief-williams-qtrly-earnings-per-share-0-18-idUSASC09Z5H |
April 30 (Reuters) - AL-AQARIA TRADING INVESTMENT COMPANY PLC:
* Q1 NET LOSS AFTER TAX JOD 45,666 VERSUS PROFIT OF JOD 244,250 YEAR AGO Source:( bit.ly/2r8Gc1J ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-al-aqaria-trading-investment-posts/brief-al-aqaria-trading-investment-posts-q1-loss-idUSFWN1S70G0 |
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