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May 25, 2018 / 5:59 PM / Updated 13 minutes ago Penpix of the top women's contenders for the French Open Reuters Staff
(Reuters) - Penpix of the top women’s contenders at the 2018 French Open:
Simona Halep (Romania)
Born: Sept. 27, 1991 (Age 26)
Grand Slam titles: 0
Best Roland Garros performance: Runner-up (2014, 2017)
2018 WTA match record: 28-6
2018 WTA titles: 1
Biggest weapons: Precise shot-making, sharp tactics and fantastic defensive qualities make her a strong contender on clay.
Biggest weakness: Halep shoulders a heavy reputation for folding at key moments in big matches, which is sure to weigh on her if she reaches the business end of the tournament. Also lacks the firepower of some of her rivals.
Jelena Ostapenko (Latvia)
Born: June 8, 1997 (Age 20)
Grand Slam titles: 1
Best Roland Garros performance: Winner (2017)
2018 WTA match record: 12-11
2018 WTA titles: 0
Biggest weapon: Her fearlessness. The Latvian’s groundstrokes scorch the court and she generates tremendous power with her forehand and backhand.
Biggest weakness: Inconsistency. Her go-for-broke attitude on every point means she often racks up as many unforced errors as she does winners.
Garbine Muguruza (Spain)
Born: Oct. 8, 1993 (Age 24)
Grand Slam titles: 2
Best Roland Garros performance: Winner (2016)
2018 WTA match record: 15-9
2018 WTA titles: 1
Biggest weapon: Muguruza’s height enables her to clobber huge groundstrokes and take the ball early. Has already proven herself a Grand Slam champion.
Biggest weakness: Sometimes lacks a Plan B when things do not go her way.
Maria Sharapova (Russia)
Born: April 19, 1987 (Age 31)
Grand Slam titles: 5
Best Roland Garros performance: Winner (2012, 2014)
2018 WTA match record: 12-7
2018 WTA titles: 0
Biggest weapon: Her ferocious fighting spirit makes her one of the toughest opponents to finish off. Powerful groundstrokes help her to control matches from the baseline.
Biggest weakness: Poor court coverage and a lack of variation in her game. It will also be interesting to see how the famously fickle French crowd reacts to the Russian on her first return to Roland Garros since her doping ban.
Caroline Wozniacki (Denmark)
Born: July 11, 1990 (Age 27)
Grand Slam titles: 1
Best Roland Garros performance: Quarter-finals (2010, 2017)
2018 WTA match record: 23-8
2018 WTA titles: 1
Biggest weapon: Wozniacki’s tenacity, rather than searing power, can wear down opponents. Has a cool head under pressure.
Biggest weakness: Lacks a killer shot and has a tendency to get drawn into long rallies at the baseline. Has never looked completely comfortable on the Roland Garros clay.
Serena Williams (U.S.)
World ranking: 453
Born: Sept. 26, 1981 (Age 36)
Grand Slam titles: 23 (Australian Open 2003, 2005, 2007, 2009, 2010, 2015, 2017; French Open 2002, 2013, 2015; Wimbledon 2002, 2003, 2009, 2010, 2012, 2015, 2016; U.S. Open 1999, 2002, 2008, 2012, 2013, 2014)
Best Roland Garros performance: Winner (2002, 2013, 2015)
2018 WTA match record: 2-2
2018 WTA titles: 0
Biggest weapon: One of the best serves in the history of women’s tennis combined with heavy, punishing groundstrokes. An on-court demeanour that can intimidate opponents.
Biggest weakness: A question mark hangs over her fitness level ahead of her first Grand Slam since the birth of her daughter. Compiled by Shrivathsa Sridhar in Bengaluru; Editing by Martyn Herman and Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-penpix-women/penpix-of-the-top-womens-contenders-for-the-french-open-idUKKCN1IQ2PE |
SANTIAGO (Reuters) - President Sebastian Pinera will meet Amazon Web Services Vice President Teresa Carlson on Wednesday, three government sources told Reuters on Tuesday, as the company eyes expansion in Latin America.
FILE PHOTO - Chile's President Sebastian Pinera reviews the honor guard before meeting with his Brazilian counterpart Michel Temer at the Planalto Palace in Brasilia, Brazil April 27, 2018. REUTERS/Adriano Machado Amazon.com Inc aims to expand cloud computing operations in Latin America and has already opened offices in Brazil, Chile, Colombia and Mexico. Carlson, who is vice president, worldwide public sector, visited Argentina this week after the company opened an office in Buenos Aires last month.
Reporting by Antonio de la Jara, writing by Dave Sherwood; Editing by Susan Thomas
| ashraq/financial-news-articles | https://www.reuters.com/article/us-chile-amazon-com/chiles-president-pinera-to-meet-vp-amazon-web-services-sources-idUSKCN1IN2JZ |
MOSCOW, May 7 (Reuters) - Russian Prime Minister-designate Dmitry Medvedev left out deputy prime ministers Igor Shuvalov and Arkady Dvorkovich when listing the deputy prime ministers he was proposing for his new cabinet, RIA news agency reported on Monday.
Other deputy prime ministers not on Medvedev’s list were Dmitry Rogozin, who oversaw the defence sector, and Yuri Trutnev, who was in charge of Russia’s far east. (Reporting by Polina Nikolskaya Writing by Christian Lowe Editing by Katya Golubkova)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/russia-government-deputypm-ommissions/russian-deputy-pms-shuvalov-dvorkovich-wont-be-in-new-govt-ria-idUSR4N1S900A |
0 COMMENTS Valeant Pharmaceuticals International wants a fresh start.
The drug company announced Tuesday that it plans to change its name to Bausch Health this summer as it tries to put several scandals behind it.
A new name is a smart idea, but it won’t be the first time the organization has rebranded itself. In 2010, Biovail merged with Valeant and assumed the name of its lesser-known partner less than two years after the Securities and Exchange Commission had charged Biovail with accounting fraud; those charges were eventually settled.
Back in 2003, ICN Pharmaceuticals , once controlled by the former Prime Minister of Yugoslavia, changed its name to Valeant. “Our new name embodies the core principles that underpin this newly invigorated pharmaceutical company,” the CEO said at the time.
The future Bausch Health is off to a good start. Shares were up 13% Tuesday afternoon after first quarter results pleased investors.
Share this: Heard on the Street Overheard Valeant Previous Citigroup Shares Jump Nearly 4% After Investor ValueAct Reveals Stake | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/08/a-valeant-rebranding/ |
May 31, 2018 / 12:00 PM / Updated 15 minutes ago EBRD publishes guidance for firms disclosing climate impacts Nina Chestney 3 Min Read
LONDON (Reuters) - The European Bank for Reconstruction and Development has published guidance for companies reporting on the physical impact of climate change in their financial results.
Concerns in the financial community that assets are being mispriced because climate risk is not being factored into financial reporting has prompted demand for more meaningful and transparent climate-related financial information.
A global task force set up by the G20, the Task Force on Climate-Related Disclosures (TFCD), has developed a voluntary framework for companies to disclose the financial impact of climate-related risks and opportunities.
Around two thirds of G20 member states have engaged with the framework since its launch last year, a study by the UK-based Cambridge Institute for Sustainability Leadership shows.
However, the TFCD framework does not provide much concrete detail on the metrics for reporting climate risks and opportunities in financial disclosures.
The European Bank for Reconstruction and Development (EBRD) and the Netherlands-based Global Centre for Excellence on Climate Adaptation (GCECA) therefore conducted an analysis with working groups in the financial and corporate sectors to identify a standard set of metrics.
The working groups included representatives from organizations and firms such as the Organization for Economic Co-operation and Development, Allianz, the Bank of England, Barclays, Maersk, Lloyds, Shell, BlackRock and Zurich Asset Management.
They came up with 18 recommendations for firms when disclosing climate impacts, which include projecting physical climate effects, such as droughts, heat stress and extreme rainfall, on their assets or financial instruments’ lifetime, over a five to 20-year timeframe.
Risks beyond 20 years should also be assessed using scenarios to account for uncertainty in climate policy and impacts of climate change, the guidance said.
Another recommendation is for firms to assess the potential changes in their value chains as a result of physical climate impacts and potential market shifts as customer needs change.
Companies should also describe their processes for identifying, assessing and managing climate risks, such as risk management processes, insurance coverage, planned facility moves or retrofits, and corporate climate resilience strategy.
Last week, a survey by a UK committee of lawmakers showed that seven out of Britain’s 25 largest pension funds have committed to report on climate risks in line with the TFCD framework. Eight are considering to do so, while 10 have no plans to do so. Editing by Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/us-climatechange-risks/ebrd-publishes-guidance-for-firms-disclosing-climate-impacts-idUKKCN1IW1L1 |
MOSCOW (Reuters) - Armenian opposition leader Nikol Pashinyan failed to secure a majority of votes in parliament to become prime minister on Tuesday after weeks of protests forced the previous holder of the post to step down.
Pashinyan, who was the only candidate for the post, had called on individual lawmakers to cross party lines and support him after the ruling Republican Party said that it would not vote for him.
Pashinyan received 45 votes, short of the 53 he needed to have a majority in the 105-seat legislature.
Reporting by Hasmik Mkrtchyan; Writing by Gabrielle Tétrault-Farber; Editing by Christian Lowe
| ashraq/financial-news-articles | https://www.reuters.com/article/us-armenia-protests-vote/armenian-opposition-leader-fails-to-win-selection-as-pm-idUSKBN1I241P |
VANCOUVER, British Columbia, May 22, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : Probe Metals Inc. TSX-Venture Symbol / Symbole à la Bourse de croissance TSX : PRB Reason / Motif : At the Request of the Company Pending News / À la demande de la société en attendant une nouvelle Halt Time (ET) / Heure de la suspension (HE) 16 :39 IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L'OCRCVM peut prendre la decision d'imposer une suspension provisoire des negociations sur le titre d'une societe cotee en bourse, habituellement en prevision d'une annonce importante de la part de la societe. Les suspensions de negociations sont imposees suivant le principe que tous les investisseurs devraient avoir un acces egal et simultane a l'information importante au sujet des societes dans lesquelles ils investissent. L'OCRCVM est l'organisme d'autoreglementation national qui surveille l'ensemble des societes de courtage et l'ensemble des operations effectuees sur les marches boursiers et les marches de titres d'emprunt au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-iiroc-trading-halt-suspension-de-laanegociationaparalocrcvma-prb.html |
Good morning from the WSJ City desks in London. WSJ City is the app that delivers concise, smart news on business and finance for mobile. Download for iPhone or Android. Here’s essential reading on today’s developments. MUST READS FROM WSJ CITY Snap elections are months away, but one winner has already emerged from the political chaos sweeping Italy: Matteo […]
What to Do When There's Trouble in Europe? Sell U.S. Banks Next WSJ Wealth Adviser Briefing: Bank Deregulation, College Loans, Fried Chicken | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/30/wsj-city-the-early-winner-from-italys-chaos-us-jeopardises-chinese-talks/ |
Fifth Consecutive Year of Strong Financial Performance
Sales for Video Collaboration up 44% and Gaming up 57%
NEWARK, Calif. & LAUSANNE, Switzerland--(BUSINESS WIRE)-- Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the fourth quarter and full year of Fiscal Year 2018, ended March 31, 2018.
For Fiscal Year 2018:
Sales were the highest ever at $2.57 billion, up 16 percent in US dollars and 13 percent in constant currency, compared to the prior year. GAAP operating income grew 8 percent to $230 million, compared to $212 million a year ago. GAAP earnings per share (EPS) was $1.23, compared to $1.24 a year ago. Fiscal Year 2018 GAAP EPS was impacted by a $22 million ($0.13 per share) one-time net tax expense following the reduction in the U.S. federal income tax rate and other reforms. Non-GAAP operating income grew 14 percent to $287 million, compared to $252 million a year ago. Non-GAAP EPS grew 13 percent to $1.60, compared to $1.41 a year ago. Cash flow from operations grew 20 percent to $346 million – the highest in eight years.
For Q4 Fiscal Year 2018:
Sales grew to $592 million, up 16 percent in US dollars and 9 percent in constant currency, compared to the prior year. GAAP operating income grew to $39 million, and non-GAAP operating income grew to a better-than-expected $55 million. Cash flow from operations reached $90 million.
“Over the past five years we’ve built a business with sustainable growth. We have a resilient and expanding portfolio. We are building five scalable capabilities led by design and engineering,” said Bracken Darrell, Logitech president and chief executive officer. “Fiscal Year 2018 delivered broad-based, double-digit growth led by Gaming and Video Collaboration. Now, as we look to the next five years, we will go on the offense to accelerate the creation of an amazing company.”
Vincent Pilette, Logitech chief financial officer, said, “We’ve delivered a great fiscal year with record sales, and better-than-expected profitability and cash flow from operations. We go into Fiscal Year 2019 with strong momentum, our financial fundamentals in place, and an eye toward shaping the portfolio and reallocating resources to continuously transform.”
Outlook
Logitech confirmed its Fiscal Year 2019 outlook of high single-digit sales growth in constant currency and $310 to $320 million in non-GAAP operating income.
Management Update
On May 2, 2018, L. Joseph Sullivan, the Company’s senior vice president, worldwide operations, announced his retirement and, effective immediately, resigned from the Company’s Group Management Team. The Company accepted this resignation. Mr. Sullivan’s retirement from Logitech will be effective as of February 2, 2019, the end of his contractual notice period.
Prepared Remarks Available Online
Logitech has made its prepared written remarks for the financial results teleconference available online on the Logitech corporate website at http://ir.logitech.com .
Financial Results Teleconference and Webcast
Logitech will hold a financial results teleconference to discuss the results for Q4 and the full Fiscal Year 2018 on Thursday, May 3, 2018 at 8:30 a.m. Eastern Daylight Time and 2:30 p.m. Central European Summer Time. A live webcast of the call will be available on the Logitech corporate website at http://ir.logitech.com .
Use of Non-GAAP Financial Information and Constant Currency
To facilitate comparisons to Logitech’s historical results, Logitech has included non-GAAP adjusted measures, which exclude share-based compensation expense, amortization of intangible assets, purchase accounting effect on inventory, acquisition-related costs, change in fair value of contingent consideration for business acquisition, restructuring charges (credits), gain (loss) on investments in privately held companies, investigation and related expenses, non-GAAP income tax adjustment, and other items detailed under “Supplemental Financial Information” after the tables below. Logitech also presents percentage sales growth in constant currency to show performance unaffected by fluctuations in currency exchange rates. Percentage sales growth in constant currency is calculated by translating prior period sales in each local currency at the current period’s average exchange rate for that currency and comparing that to current period sales. Logitech believes this information, used together with the GAAP financial information, will help investors to evaluate its current period performance and trends in its business. With respect to the Company’s outlook for non-GAAP operating income, most of these excluded amounts pertain to events that have not yet occurred and are not currently possible to estimate
with a reasonable degree of accuracy. Therefore, no reconciliation to the GAAP amounts has been provided for Fiscal Year 2019.
About Logitech
Logitech designs products that have an everyday place in people's lives, connecting them to the digital experiences they care about. More than 35 years ago, Logitech started connecting people through computers, and now it’s a multi-brand company designing products that bring people together through music, gaming, video and computing. Brands of Logitech include Logitech , Ultimate Ears , Jaybird , Logitech G and ASTRO Gaming . Founded in 1981, and headquartered in Lausanne, Switzerland, Logitech International is a Swiss public company listed on the SIX
Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI). Find Logitech at www.logitech.com , the company blog or @Logitech .
This press release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding: our preliminary financial results for the three months and fiscal year ended March 31, 2018, ability to grow and sustain growth, product portfolio, capabilities and their scalability, transformation and creation of an amazing company and its timing, momentum, reallocation of resources, and outlook for Fiscal Year 2019 operating income and sales growth. The forward-looking statements in this release involve risks and uncertainties that could cause Logitech’s actual results and events to differ materially from those anticipated in these forward-looking statements, including, without limitation: if our product offerings, marketing activities and investment prioritization decisions do not result in the sales, profitability or profitability growth we expect, or when we expect it; if we fail to innovate and develop new products in a timely and cost-effective manner for our new and existing product categories; if we do not successfully execute on our growth opportunities or our growth opportunities are more limited than we expect; the effect of pricing, product, marketing and other initiatives by our competitors, and our reaction to them, on our sales, gross margins and profitability; if our products and marketing strategies fail to separate our products from competitors’ products; if we do not fully realize our goals to lower our costs and improve our operating leverage; if there is a deterioration of business and economic conditions in one or more of our sales regions or product categories, or significant fluctuations in exchange rates. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in Logitech’s periodic filings with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2017 and our Annual Report on Form 10-K for the fiscal year ended March 31, 2017, available at www.sec.gov , under the caption Risk Factors and elsewhere. Logitech does not undertake any obligation to update any forward-looking statements to reflect new information or events or circumstances occurring after the date of this press release.
Note that unless noted otherwise, comparisons are year over year.
Logitech and other Logitech marks are trademarks or registered trademarks of Logitech Europe S.A and/or its affiliates in the U.S. and other countries. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company’s website at www.logitech.com .
LOGITECH INTERNATIONAL S.A.
PRELIMINARY RESULTS (In thousands, except per share amounts) - unaudited Three Months Ended Fiscal Years Ended March 31, March 31, GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 2018 2017 2018 2017 Net sales $ 592,426 $ 510,552 $ 2,566,863 $ 2,221,427 Cost of goods sold 377,617 311,303 1,648,744 1,395,211 Amortization of intangible assets and purchase accounting effect on inventory 2,574 1,470 8,878 6,175 Gross profit 212,235 197,779 909,241 820,041 Operating expenses: Marketing and selling 109,572 99,941 435,489 379,641 Research and development 37,616 33,658 143,760 130,525 General and administrative 23,387 24,683 96,353 100,270 Amortization of intangible assets and acquisition-related costs 2,553 1,279 8,930 5,814 Change in fair value of contingent consideration for business acquisition — 1,833 (4,908 ) (8,092 ) Restructuring charges (credits), net — 67 (116 ) 23 Total operating expenses 173,128 161,461 679,508 608,181 Operating income 39,107 36,318 229,733 211,860 Interest income 1,872 1,189 4,969 1,452 Other income (expense), net (1,543 ) 734 (2,437 ) 1,677 Income before income taxes 39,436 38,241 232,265 214,989 Provision for (benefit from) income taxes 5,032 (1,184 ) 23,723 9,113 Net income $ 34,404 $ 39,425 $ 208,542 $ 205,876 Net income per share : Basic $ 0.21 $ 0.24 $ 1.27 $ 1.27 Diluted $ 0.20 $ 0.24 $ 1.23 $ 1.24 Weighted average shares used to compute net income per share: Basic 164,374 162,023 164,038 162,058 Diluted 169,387 166,526 168,971 165,540 Cash dividend per share $ — $ — $ 0.63 $ 0.57 LOGITECH INTERNATIONAL S.A. PRELIMINARY RESULTS (In thousands) - unaudited March 31, March 31, CONDENSED CONSOLIDATED BALANCE SHEETS 2018 2017 Current assets: Cash and cash equivalents $ 641,947 $ 547,533 Accounts receivable, net 214,885 185,179 Inventories 259,906 253,401 Other current assets 56,362 41,732 Total current assets 1,173,100 1,027,845 Non-current assets: Property, plant and equipment, net 86,304 85,408 Goodwill 275,451 249,741 Other intangible assets, net 87,547 47,564 Other assets 120,755 88,119 Total assets $ 1,743,157 $ 1,498,677 Current liabilities: Accounts payable $ 293,988 $ 274,805 Accrued and other current liabilities 281,732 232,273 Total current liabilities 575,720 507,078 Non-current liabilities: Income taxes payable 34,956 51,797 Other non-current liabilities 81,924 83,691 Total liabilities 692,600 642,566 Shareholders' equity: Registered shares, CHF 0.25 par value: 30,148 30,148 Issued and authorized shares—173,106 at March 31, 2018 and 2017 Conditionally authorized shares—50,000 at March 31, 2018 and 2017 Additional paid-in capital 47,234 26,596 Treasury shares, at cost—8,527 and 10,727 shares at March 31, 2018 and 2017, respectively (165,686 ) (174,037 ) Retained earnings 1,232,316 1,074,110 Accumulated other comprehensive loss (93,455 ) (100,706 ) Total shareholders' equity 1,050,557 856,111 Total liabilities and shareholders' equity $ 1,743,157 $ 1,498,677 LOGITECH INTERNATIONAL S.A. PRELIMINARY RESULTS (In thousands) - unaudited Three Months Ended Fiscal Years Ended March 31, March 31, CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 2018 2017 2018 2017 Cash flows from operating activities: Net income $ 34,404 $ 39,425 $ 208,542 $ 205,876 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 11,077 8,642 41,295 41,121 Amortization of intangible assets 4,954 2,749 15,607 9,367 Share-based compensation expense 10,899 9,536 44,138 35,890 Gain on investments in privately held companies (119 ) (22 ) (669 ) (569 ) Deferred income taxes 413 (1,924 ) 7,141 (2,397 ) Change in fair value of contingent consideration for business acquisition — 1,833 (4,908 ) (8,092 ) Other (18 ) 107 (11 ) 107 Changes in assets and liabilities, net of acquisitions: Accounts receivable, net 137,665 92,861 (26,363 ) (46,553 ) Inventories 21,739 (234 ) 16,047 (15,428 ) Other assets 2,045 1,037 (16,908 ) (5,309 ) Accounts payable (134,016 ) (84,636 ) 17,695 24,459 Accrued and other liabilities 1,134 (21,632 ) 44,655 49,917 Net cash provided by operating activities 90,177
47,742 346,261 288,389 Cash flows from investing activities: Purchases of property, plant and equipment (12,155 ) (8,432 ) (39,748 ) (31,804 ) Acquisitions, net of cash acquired — — (88,323 ) (66,987 ) Investment in privately held companies (360 ) (320 ) (1,240 ) (960 ) Proceeds from return of investment in privately held companies — — 237 — Changes in restricted cash — — — 715 Purchases of short-term investments — — (6,789 ) — Sales of short-term investments — — 6,789 — Purchases of trading investments (3,211 ) (1,184 ) (6,053 ) (7,052 ) Proceeds from sales of trading investments 3,214 1,212 6,423 7,124 Net cash used in investing activities (12,512 )
(8,724 ) (128,704 ) (98,964 ) Cash flows from financing activities: Payment of cash dividends — — (104,248 ) (93,093 ) Payment of contingent consideration for business acquisition — — (5,000 ) — Purchases of registered shares (10,314 ) (20,022 ) (30,722 ) (83,786 ) Proceeds from exercise of stock options and purchase rights 10,963 19,219 41,910 39,574 Tax withholdings related to net share settlements of restricted stock units (4,308 ) (5,358 ) (29,813 ) (18,412 ) Net cash used in financing activities (3,659 ) (6,161 ) (127,873 ) (155,717 ) Effect of exchange rate changes on cash and cash equivalents 3,053 1,098 4,730 (5,370 ) Net increase in cash and cash equivalents 77,059 33,955 94,414 28,338 Cash and cash equivalents at beginning of period 564,888 513,578 547,533 519,195 Cash and cash equivalents at end of period $ 641,947 $ 547,533 $ 641,947 $ 547,533 LOGITECH INTERNATIONAL S.A. PRELIMINARY RESULTS (In thousands) - unaudited NET SALES Three Months Ended Fiscal Years Ended March 31, March 31, SUPPLEMENTAL FINANCIAL INFORMATION 2018 2017 Change 2018 2017 Change Net sales by product category: Pointing Devices $ 129,937 $ 119,313 9 % $ 516,637 $ 501,562 3 % Keyboards & Combos 136,787 120,488 14 498,472 480,312 4 PC Webcams 31,776 27,015 18 112,147 107,087 5 Tablet & Other Accessories 27,292 17,528 56 107,942 76,879 40 Video Collaboration 54,709 38,711 41 182,717 127,009 44 Mobile Speakers 13,974 39,975 (65 ) 314,817 301,021 5 Audio-PC & Wearables 55,248 60,332 (8 ) 252,330 246,390 2 Gaming 126,763 71,489 77 491,995 314,362 57 Smart Home 15,892 15,594 2 89,373 65,510 36 Other (1) 48 107 (55 ) 433 1,295 (67 ) Total net retail sales $ 592,426 $ 510,552 16 $ 2,566,863 $ 2,221,427 16 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-logitech-grows-to-highest-ever-fiscal-year-sales-up-16-percent.html |
May 9 (Reuters) - Cohen & Steers Inc:
* COHEN & STEERS INC SAYS CO MAY OFFER FROM TIME TO TIME SHARES OF COMMON STOCK IN ONE OR MORE OFFERINGS - SEC FILING
* COHEN & STEERS INC SAYS SELLING STOCKHOLDERS MAY OFFER FROM TIME TO TIME UP TO 22.9 MILLION SHARES OF CO'S COMMON STOCK IN ONE OR MORE OFFERINGS Source text: ( bit.ly/2I6YJWL ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cohen-steers-says-may-offer-from-s/brief-cohen-steers-says-may-offer-from-shares-of-common-stock-idUSFWN1SG1LO |
Ford suspends production of F-150 trucks 12
Ford has temporarily stopped producing its F-150 trucks because it run out of parts after a fire at a key parts supplier for the best-selling vehicle in the U.S. Aleksandra Michalska reports.
Ford has temporarily stopped producing its F-150 trucks because it run out of parts after a fire at a key parts supplier for the best-selling vehicle in the U.S. Aleksandra Michalska reports. //reut.rs/2G3cS1z | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/10/ford-suspends-production-of-f-150-trucks?videoId=425652290 |
Home » SoftBank funding in GM Cruise might velocity self-driving automobiles SoftBank funding in GM Cruise might velocity self-driving automobiles May 31, 2018 By Fatma Schwarz Leave a Comment
(Reuters) – In a landmark deal that might speed up wide-scale deployment of self-driving automobiles, General Motors Co ( GM.N ) stated on Thursday that Japan’s SoftBank Group Corp ( 9984.T ) will make investments $2.25 billion in GM Cruise Holdings LLC, the carmaker’s autonomous car unit. FILE PHOTO: The brand of SoftBank Group Corp is displayed at SoftBank World 2017 convention in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato
GM shares jumped greater than 10 p.c in pre-market commerce.
It is likely one of the largest investments thus far in self-driving automobiles. In a media briefing early Thursday at GM headquarters in Detroit, President Dan Ammann stated the funding by SoftBank’s $100-billion Vision Fund will allow GM to deploy self-driving autos “at massive scale.”
Chief Executive Officer Mary Barra stated the corporate continues to be “on track” to start deploying its Cruise AVs in industrial journey sharing fleets in 2019. FILE PHOTO: The GM brand is seen in Warren, Michigan October 26, 2015. REUTERS/Rebecca Cook/File Photo
GM can even make investments $1.1 billion within the unit after the deal closes, the corporate stated. gtag('config', 'UA-114047264-2');
SoftBank Vision Fund will personal a 19.6 p.c stake in GM Cruise as soon as the transaction is accomplished.
The companions agreed to not money out their investments in Cruise for at the least seven years, stated Michael Ronen, managing associate of SoftBank Investment Advisers.
Barra sidestepped a query about whether or not GM intends to spin off GM Cruise Holdings as a separate entity, saying GM would “do what’s best for shareholders.”
Ronen soft-pedaled a associated query about whether or not SoftBank intends to consolidate its large investments in a number of the world’s largest journey companies corporations, together with Uber, Didi, Ola and Grab, saying such a choice can be as much as every firm.
GM holds a large stake in Uber rival Lyft.
The SoftBank funding comes at a time when rivals Tesla Inc ( TSLA.O ), Alphabet Inc’s ( GOOGL.O ) Waymo unit and Uber Technologies Inc [UBER.UL] are stepping up efforts to achieve the first-mover benefit within the autonomous car market.
GM Cruise Holdings was arrange not too long ago and its belongings embody Cruise Automation, which heads up GM’s self-driving car improvement and is predicated in San Francisco, and Strobe, a small self-driving sensor developer that Cruise acquired final 12 months. The No. 1 U.S. automaker – which views electrical and autonomous autos because the keystones of future transport – has centered on rolling out self-driving automobiles since its estimated $1 billion acquisition of Cruise Automation in early 2016. Reporting by Sanjana Shivdas in Bengaluru and Paul Lienert in Detroit; Editing by Sriraj Kalluvila and Nick Zieminski Leave a Reply Your email address will not be published. Required fields are marked * Comment | ashraq/financial-news-articles | https://www.reuters.com/article/us-gm-softbank-autonomous/softbank-investment-in-gm-cruise-could-speed-self-driving-cars-idUSKCN1IW1I3/ |
FORT WORTH, Texas, AZZ Inc. (NYSE: AZZ), a global provider of metal coating services, welding solutions, specialty electrical equipment and highly engineered services, today issued its consolidated financial statements contained in the Company's Quarterly Report on Form 10-Q for the third quarter of Fiscal Year 2018, and its audited consolidated financial statements contained in the Company's Fiscal Year 2018 Annual Report on Form 10-K. The Company also announced financial results for the three month periods ended November 30, 2017, and February 28, 2018, as well as the 12 month period ended February 28, 2018.
Management Discussion
Tom Ferguson, president and chief executive officer of AZZ, said, "Although Fiscal 2018 was our 31 st consecutive year of profitability, we faced challenges on several fronts. We encountered cyclical headwinds in demand, commodity input pricing and a secular downturn in the domestic nuclear business that had a direct impact on our top- and bottom-line performance.
On the positive side, we grew the business and our end-markets by making three strategic acquisitions: Powergrid Solutions, Inc. ("PSI"), a business which fits into our switchgear portfolio; Enhanced Powder Coating Ltd. ("EPC"), a powdering coating business that fits into our Metal Coatings segment; and Rogers Brothers Company, a company specializing in spinner galvanizing for small parts such as fasteners, washers and castings. We are extremely pleased with these acquisitions and how they fit into our vision of expanding our Metal Coatings segment and our Electrical Solutions business for our Energy segment. We had a smooth transition integrating these operations into our portfolio and they are already accretive to earnings; which provides us confidence for 2019 and beyond. We also built a new powder coating facility in Crowley, Texas as we look to expand market opportunities for our Metal Coatings segment. Additionally, we successfully acquired the assets of Lectrus out of bankruptcy in March 2018, another enclosure business for our Energy segment, which was accretive immediately after the completion of our integration. Looking ahead, we are off to a solid start in fiscal 2019 as we believe that the cycles for refinery turnarounds have bottomed and are showing much improvement. Galvanizing demand has turned with volumes returning to more normal levels, and recent investments are gaining traction."
"In Metal Coatings we delivered an industry leading operating margin of 21.7% for the year despite the challenges," said Mr. Ferguson. "The headwinds we encountered were higher zinc prices, increased pricing pressure in a few key regions, lower volumes from cyclical downturns in solar and petrochemical markets, with the additional other income effect of writing off a $3.2 million legal settlement due to a bankruptcy from a former competitor. We also took some impairment charges to close two unprofitable galvanizing sites. We remain committed to delivering on the investments made for organic growth, driving operational efficiencies more aggressively, and maintaining an active M&A program to support our strategic growth initiatives. We believe we will gain measurable traction from these strategic initiatives in fiscal 2019."
Mr. Ferguson continued, "Our Energy segment business faced cyclical weakness in refinery turnaround activity which was worsened by the effects of Hurricane Harvey, as well as reduced power generation demand throughout the segment. We also believe that the domestic nuclear power generation market is in secular decline as evidenced by the Westinghouse bankruptcy and the delays and cancellations of nuclear power plant construction projects in the U.S., all of which drove shortfalls in revenue and profits, and caused us to take impairments on $10.5 million in assets used in nuclear services. The majority of our shortfall in top- and bottom-line results for the segment can be attributed to these cyclical and secular challenges, while a smaller portion can be attributed to other write-offs in the segment and certain internal inefficiencies primarily in our Electrical businesses."
Mr. Ferguson continued, "As we previously reported, we took appropriate realignment actions during the year, including a change in leadership of the Electrical platform, restructuring the sales effort, and increasing emphasis on operational excellence and customer satisfaction. We are seeing signs of improvement, and our expectation is for more normalized margins in the business as we move through 2019 and into 2020. The Specialty Welding business was restructured during the year to better align its cost structure, and we invested in the selling organization to help drive WSI's unique value proposition and improve the outlook for fiscal 2019."
Fiscal Year 2019 Guidance
Mr. Ferguson concluded, "We are gaining confidence in our outlook for fiscal 2019 as we see improving market activity in refinery turnarounds and are seeing more robust galvanizing markets. Additionally, we should benefit from improved operational performance with our realigned sales team and expect accretion from our recent acquisitions. We are initiating our fiscal 2019 earnings per fully diluted share guidance range at $1.75 to $2.25, a substantial increase over our Non-GAAP adjusted earnings for fiscal 2018 of $1.35. We are also initiating our fiscal 2019 annual sales guidance range from $900 million to $960 million. We believe we have taken the necessary actions to improve operating performance and with the improved market dynamics, we are optimistic for a much improved fiscal 2019."
Fourth Quarter and Fiscal Year Results
For the twelve-month period, the Company reported revenues of $810.4 million compared to $863.5 million for the comparable period last year, a decrease of 6.2%. Net income for the twelve months was $45.2 million, or $1.73 per diluted share, compared to $61.3 million, or $2.35 per diluted share compared to the prior fiscal year. Although the Company posted $1.73 earnings per diluted share for fiscal 2018, when adjusted for one-time non-recurring items, including the favorable impact of the Tax Cuts and Jobs Act of 2017, the adjusted earnings per share for fiscal 2018 were $1.35 per share (as shown in the attached reconciliation table).
Bookings for fiscal 2018 were $746.5 million, compared to $858.9 million for the prior year, a decrease of 13.1%. Backlog at the end of the 2018 fiscal year was $265.4 million, a decrease of 16.5% compared to backlog at the end of the prior year of $317.9 million. Incoming orders for the year were $746.5 million while revenues for the year totaled $810.4 million, resulting in a book to bill ratio of 0.92. Approximately 41% of the $265.4 million in backlog is expected to be delivered outside of the U.S.
Revenues for the fourth quarter were $200.7 million compared to $184.3 million for the same quarter last year, an increase of 8.9%. Net income for the fourth quarter was $23.5 million, or $0.90 per diluted share, compared to net income of $12.3 million, or $0.47 per diluted share, for last year's fourth fiscal quarter. The increase was primarily from one-time non-recurring items.
Energy Segment
For full year fiscal 2018, Energy segment revenues decreased 13.7% to $421.0 million and the operating loss of $1.8 million was a $54.3 million decline from the prior year. The decrease in net sales for fiscal 2018 was caused by several factors including reduced turnarounds in the U.S. refinery market, continued softness in the petrochemical market, negative impacts from the hurricane Harvey, cancellations and delays in the release of several large projects in the U.S. and overseas. In addition, net sales were negatively impacted by the weak nuclear market coupled with the Westinghouse Electric Company bankruptcy filed on March 29, 2017. Operating margins for the 2018 fiscal year were negative 0.4% as compared to 10.8% in the prior fiscal year. This decrease was attributable to the reduction in refinery turnarounds described above, which typically carry a higher margin, contract cancellations, lower margins on weakness in the Electrical market in the U.S. and the effects from the Westinghouse bankruptcy. In addition, for fiscal 2018, the Company recognized impairment charge of $10.5 million and a provision for doubtful accounts of $2.9 million resulting from an adverse court decision related to certain outstanding accounts receivables.
Revenues for the Energy segment for the fourth quarter of fiscal 2018 were $103.5 million as compared to $102.6 million for the same quarter last year, increasing by 0.9%. Operating income for the segment fell to $1.3 million compared to $10.7 million in the same period last year. Operating margins for the fourth quarter were 1.2% as compared to 10.5% in the prior year period.
Metal Coatings Segment
For full year fiscal 2018, Metal Coatings segment revenues increased 3.7% to $389.4 million and operating income increased 6.7% to $84.3 million compared to $375.5 million and $79.0 million respectively, for the prior fiscal year. The increased revenue was attributable to incremental net sales from our acquisitions during the year and increased prices. These increases were partially offset by decreased volumes in steel processed as a result of softness in the solar, petrochemical, and the oil and gas markets. Operating margins for the 2018 fiscal year were 21.7% compared to 21.0% in the prior fiscal year.
Revenues for the Company's Metal Coatings segment for the fourth quarter of fiscal 2018 were $97.2 million, compared to the $81.6 million in the same period last year, an increase of 19.1%. Operating income was $18 million as compared to $18.4 million in the prior period, a decrease of 1.9%. Operating margins for the fourth quarter were 18.5%, compared to 22.5% in the same period last year.
Conference Call Details
Interested parties can access the conference call by dialing (844) 855-9499 or (412) 317-5497 (international). The call will be webcast via the Internet at http://www.azz.com/investor-relations .
A replay of the call will be available for three days at (877) 344-7529 or (412) 317-0088 (international), confirmation # 10120333, or for 30 days at http://www.azz.com/investor-relations .
There will be a slide presentation accompanying today's event. The Company's slide presentation for the call will be available on the Investor Relations page at www.azz.com .
About AZZ Inc.
AZZ Inc. is a global provider of metal coating services, welding solutions, specialty electrical equipment and highly engineered services to the markets of power generation, transmission, distribution and industrial in protecting metal and electrical systems used to build and enhance the world's infrastructure. AZZ Metal Coatings is a leading provider of metal finishing solutions for corrosion protection, including hot dip galvanizing to the North American steel fabrication industry. AZZ Energy is dedicated to delivering safe and reliable transmission of power from generation sources to end customers, and automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in the energy markets worldwide.
Safe Harbor Statement
Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. This release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand and response to products and services offered by AZZ, including demand by the power generation markets, electrical transmission and distribution markets, the industrial markets, and the hot dip galvanizing markets; prices and raw material cost, including zinc and natural gas which are used in the hot dip galvanizing process; changes in the political stability and economic conditions of the various markets that AZZ serves, foreign and domestic, customer requested delays of shipments, acquisition opportunities, currency exchange rates, adequacy of financing, and availability of experienced management and employees to implement AZZ's growth strategy. AZZ has provided additional information regarding risks associated with the business in AZZ's Annual Report on Form 10-K for the fiscal year ended February 28, 2018 and other filings with the SEC, available for viewing on AZZ's website at www.azz.com and on the SEC's website at www.sec.gov . You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact:
Paul Fehlman, Senior Vice President - Finance and CFO
AZZ Inc. 817-810-0095
Internet: www.azz.com
Lytham Partners 602-889-9700
Joe Dorame, Robert Blum or Joe Diaz
Internet: www.lythampartners.com
---Financial tables on the following page---
AZZ Inc.
Condensed Consolidated Statements of Income
(in thousands, except per share data)
Three Months Ended
Twelve Months Ended
February 28,
2018
February 28,
2017
February 28,
2018
February 28,
2017
(unaudited)
(unaudited)
Net sales
$
200,660
$
184,266
$
810,430
$
863,538
Costs of sales
162,650
137,463
650,121
658,206
Gross margin
38,010
46,803
160,309
205,332
Selling, general and administrative
28,726
25,526
112,061
106,424
Operating income
9,284
21,277
48,248
98,908
Interest expense
3,593
3,573
13,860
14,732
Net loss on sale of property, plant and equipment and insurance proceeds
190
50
765
76
Other (income) expense, net
3,209
(248)
2,724
(1,197)
Income before income taxes
2,292
17,902
30,899
85,297
Income tax (benefit) expense
(21,195)
5,632
(14,270)
24,033
Net income
$
23,487
$
12,270
$
45,169
$
61,264
Earnings per common share
Basic
$
0.91
$
0.47
$
1.74
$
2.36
Diluted
$
0.90
$
0.47
$
1.73
$
2.35
Diluted average shares outstanding
25,998
26,110
26,036
26,097
AZZ Inc.
Segment Reporting
(in thousands)
Three Months Ended
Twelve Months Ended
February 28,
2018
February 28,
2017
February 28,
2018
February 28,
2017
(unaudited)
(unaudited)
Net sales:
Energy
$
103,507
$
102,645
$
421,033
$
488,002
Metal Coatings
97,153
81,621
389,397
375,536
$
200,660
$
184,266
$
810,430
$
863,538
Segment operating income (loss):
Energy
$
1,263
$
10,745
$
(1,766)
$
52,577
Metal Coatings
18,000
18,354
84,332
79,033
Corporate
(9,979)
(7,822)
(34,318)
(32,702)
$
9,284
$
21,277
$
48,248
$
98,908
AZZ Inc.
Condensed Consolidated Balance Sheets
(in thousands)
February 28, 2018
February 28, 2017
Assets:
Current assets
$
329,154
$
297,052
Net property, plant and equipment
216,855
228,610
Other assets, net
482,200
452,692
Total assets
$
1,028,209
$
978,354
Liabilities and shareholders' equity:
Current liabilities
$
131,739
$
136,770
Long term debt due after one year, net
286,609
254,800
Other liabilities
44,658
53,648
Shareholders' equity
565,203
533,136
Total liabilities and shareholders' equity
$
1,028,209
$
978,354
AZZ Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
Twelve Months Ended
February 28, 2018
February 28, 2017
Net cash provided by operating activities
$
78,909
$
111,176
Net cash used in investing activities
(73,939)
(63,344)
Net cash provided by (used in) financing activities
3,800
(76,619)
Effect of exchange rate changes on cash
781
(102)
Net increase (decrease) in cash and cash equivalents
$
9,551
$
(28,889)
Cash and cash equivalents at beginning of period
11,302
40,191
Cash and cash equivalents at end of period
$
20,853
$
11,302
AZZ incorporated
Non-GAAP Disclosure
Adjusted Earnings and Adjusted Earnings Per Share
In addition to reporting financial results in accordance with Generally Accepted Accounting Principles in the United States ("GAAP"), AZZ has provided adjusted earnings and adjusted earnings per share, which are non-GAAP measures. Management believes that the presentation of these measures provides investors with a greater transparency comparison of operating results across a broad spectrum of companies, which provides a more complete understanding of AZZ's financial performance, competitive position and prospects for the future. Management also believes that investors regularly rely on non-GAAP financial measures, such as adjusted earnings and adjusted earnings per share, to assess operating performance and that such measures may highlight trends in the Company's business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP.
The following table provides a reconciliation for the year ended February 28, 2018 between net income and diluted earnings per share calculated in accordance with GAAP to adjusted earnings and adjusted earnings per share, respectively, which are shown net of tax (in thousands, except per share data):
Three Months Ended
Twelve Months Ended
February 28, 2018
February 28, 2018
Amount
Per
Diluted
Share
Amount
Per
Diluted
Share
GAAP net income and GAAP diluted earnings per share
$
23,487
$
0.90
$
45,169
$
1.73
Adjustments to reconcile GAAP to non-GAAP financial measures
Impairment of long-lived assets
2,548
0.10
10,834
0.42
Impairment of accounts receivable due to adverse court decision
—
—
2,881
0.11
Impairment of note receivable from partial project cancellation
—
—
1,314
0.05
Impairment of note receivable with a former competitor due to bankruptcy
3,163
0.12
3,163
0.12
Other disposal and impairment charges
78
0.00
531
0.02
Income tax effect of the non-GAAP adjustments above
(1,563)
(0.06)
(5,055)
(0.19)
Income tax benefit related to 2017 U.S. tax reform
(23,700)
(0.91)
(23,700)
(0.91)
Total non-GAAP adjustments
(19,474)
(0.75)
(10,032)
(0.38)
Non-GAAP net income and diluted earnings per share
$
4,013
$
0.15
$
35,137
$
1.35
with multimedia: releases/azz-inc-reports-financial-results-for-the-third-quarter-fourth-quarter-fiscal-year-2018-and-issues-guidance-for-fiscal-year-2019-300648310.html
SOURCE AZZ Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-azz-inc-reports-financial-results-for-the-third-quarter-fourth-quarter-fiscal-year-2018-and-issues-guidance-for-fiscal-year.html |
David Paul Morris | Bloomberg | Getty Images Mark Zuckerberg, chief executive officer and founder of Facebook
Mark Zuckerberg is highly adept at addressing Facebook's greatest threats.
He spent $1 billion on Instagram because that's where young people were posting photos. After getting rebuffed by Snapchat , he shelled out a whopping $19 billion for WhatsApp to make sure Facebook had a leading messaging platform. And to address Facebook's weakness in consumer devices, he plopped down $2 billion for Oculus .
Now there's blockchain, a technology that, by its very nature, poses a threat to Facebook.
Blockchain is a distributed ledger with data stored across a network of computers and rules that are enforced by its many participants. It's the opposite of Facebook, which is a massive centralized organization that controls all the infrastructure underlying the 2 billion global users on its proprietary social network.
Imagine a vast online network in the future where we all hang out, chat and buy things, but that's not owned by Facebook or Google or Amazon . That's the promise some people see in blockchain.
"I certainly don't think blockchain is an existential threat to Facebook today," said Spencer Bogart, a partner at Blockchain Capital, a San Francisco-based venture firm that invests in blockchain companies and cryptocurrencies. "Could it be? Yes, longer term. That's why they want to be smart and stay engaged."
On Tuesday, Facebook offered its most significant acknowledgment to date that blockchain is real and not just an overfunded science experiment bolstered by the hype around bitcoin.
David Marcus , one of the company's top executives, the head of its Messenger platform and a former CEO of PayPal , said he's leaving Messenger and "setting up a small group to explore how to best leverage blockchain across Facebook, starting from scratch." Marcus is also a board member at cryptocurrency exchange Coinbase. show chapters 22 Hours Ago | 01:09
It's a vague start for Facebook. But it's notable because of Marcus' high profile and because the announcement comes four months after Zuckerberg said in his 2018 mission statement that he was interested in studying the "positive and negative aspects" of the decentralized nature of technologies like cryptocurrencies.
Recode reported that Marcus will be joined by Instagram executives James Everingham and Kevin Weil , who helped Facebook fend off the threat from Snap with a series of rapid-fire updates to Instagram that mimicked key Snapchat features.
Zuckerberg isn't pulling a WhatsApp or Oculus — at least not yet — and making a multibillion-dollar acquisition to address a competitive threat. He's giving Marcus the tools to see how blockchain can be used internally and to make sure the company is closely monitoring the broader ecosystem and where Facebook may be most vulnerable.
Bogart said Facebook is probably paying close attention to Robinhood, an investing app that targets young audiences and recently launched a crypto trading platform. The Wall Street Journal reported in March that Robinhood's surging popularity among millennials has attracted venture investors, who are poised to value the company at $5.6 billion .
"Apps like Robinhood are occupying a larger percentage of Facebook's most valuable demographic," Bogart said. "Just that screen time — people spending time there instead of Facebook — is a threat to them." 'Opportunity for clever founders'
Blockchain enthusiasts see an opening to take Facebook out of the equation. Messaging app Telegram , which has grown to 200 million users without advertising or any other business model, has raised close to $2 billion from private investors to build a blockchain-based network. And last month, angel investor Jason Calacanis started the Open Book Challenge, in which seven companies will each receive $100,000 in investment money to start building a Facebook replacement.
"Facebook is actively trying to shut down the open web," Calacanis wrote in a blog post about the competition. "That's an opportunity for clever founders to double down on solutions that Facebook and Google do not control."
None of these efforts is foreign to Zuckerberg. He has a knack for understanding what's popular, what's trending and what works. He also has a board that includes venture capitalists Marc Andreessen and Peter Thiel , who have been active investors in crypto and blockchain. Zuckerberg is unlikely to be blindsided.
Whether blockchain technology can exist inside Facebook is an open question. A digital payment system for Messenger and WhatsApp would be an obvious place to start and would certainly make sense as a way for users to send money and buy goods.
But it's easier said than done. Blockchain technology has yet to prove that it can serve tens of millions or hundreds of millions — not to mention billions — of users. Think back to December, when a novel game called CryptoKitties suddenly took off and occupied so much compute power that it clogged up the ethereum network and knocked down other projects.
"The technology is still pretty nascent," said Bogart. "There are scalability challenges." show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/zuckerberg-invests-in-blockchain-to-keep-facebook-relevant.html |
LONDON, May 8 (Reuters) - Britain’s train operators said they will start a process aimed at simplifying the current system of rail fares which means that customers using UK railways can end up paying more for tickets than they should.
The industry body that represents the UK’s train operators said on Tuesday that it was beginning a public consultation on fares and ticketing regulation, alongside which it would commission an independent report, before presenting proposals to government for reform.
Britain’s rail services were privatised in the 1990s and since then different companies have bid to run sections of the network.
The industry body, the Rail Delivery Group (RDG), said that this process had led to layers of requirements building up and as a result it was hard to buy the right ticket.
“Unpicking the regulation of a 10 billion pounds ($13.6 billion) a year fares system that underpins such a vital public service means there are no quick-and-easy solutions,” RDG Chief Executive Paul Plummer said in a statement.
“This consultation will enable us to create a clear roadmap with the country so that we can make the right changes for the long-term more quickly.”
The RDG’s members include Govia Thameslink, a partnership between British company Go-Ahead and France’s Keolis, and First Great Western, part of First Group. ($1 = 0.7372 pounds) (Reporting by Sarah Young, editing by James Davey)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-railway-fares/uk-rail-companies-say-fare-system-should-be-simplified-idUSL8N1SF1P2 |
* Markets hold back ahead of 2018 Australia budget
* Financials lead in Australia
* New Zealand breaks 4 sessions of gains
By Ambar Warrick
May 8 (Reuters) - Australian shares hit a three-month high on Tuesday, led by financials after Australia and New Zealand Banking Group hinted at a share buyback and as local firms tracked a firmer Wall Street finish.
The S&P/ASX 200 index rose 22.8 points, or 0.38 percent, to 6,107.4 by 0257 GMT. The benchmark rose 0.4 percent on Monday.
Sentiment however, was slightly cautious ahead of the federal budget, due to be announced later in the day, with the government expected to announce hefty health and infrastructure spending and deliver tax cuts.
“The market is waiting for a direction from the budget, and at this point I would say it is pretty positive,” said James McGlew, executive director for corporate stockbroking at Perth-based Argonaut.
Financials, which account for about 37 percent of the index by market capitalisation, were the biggest boosts, with Australia and New Zealand Banking rising about 1.4 percent after it flagged a buyback of A$1 billion-A$1.5 billion ($749.90 million-$1.12 billion)
Australia’s three other major commercial banks were also higher.
Investment bank Macquarie Group extended gains into a fourth session, rising about 1.6 percent after clocking a record annual profit last week.
Healthcare stocks were the second biggest boost to the index, with the sector putting on more than 1 percent.
Healthscope Ltd rose more than 4 percent after Canada’s NorthWest Healthcare Properties REIT said it had acquired a 10 percent stake in the company.
Biotherapeutics company CSL Ltd touched a record high and was among the biggest boosts to the Australian benchmark.
Consumer staples were among the few drags on the index, with department store operator Woolworths and wine seller Treasury Wine Estates Ltd falling about 1 percent each.
Australia’s retail sales were surprisingly soft in March with spending falling on everything from clothes to restaurants, hinting that inflation might fall below expectations in the months to come.
Energy stocks were also lower, as Woodside Petroleum fell about 1.2 percent. The stock was the biggest drag on the benchmark energy index. Energy retailer Origin Energy also fell about 1.2 percent.
Oil prices retreated from three-and-a-half-year highs on Tuesday as investors waited on an announcement by U.S. President Donald Trump on whether the United States will reimpose sanctions on Iran.
New Zealand stocks fell slightly, breaking four straight sessions of gains as consumer staples fell.
New Zealand’s benchmark S&P/NZX 50 index fell 14.88 points or 0.17 percent to 8,573.06.
Dairy producer a2 Milk Co, one of the largest stocks on the index, snapped four sessions of gains and fell nearly three percent. The stock was the biggest drag on the benchmark and pulled it down about 27 points. ($1 = 1.3335 Australian dollars) (Reporting by Ambar Warrick in Bengaluru; Additional reporting by Shanima A; Editing by Sam Holmes)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/australia-stocks-midday/australia-shares-hit-3-mth-high-nz-eases-idUSL3N1SF1QI |
May 7 (Reuters) - Mybet Holding Se:
* DGAP-ADHOC: MYBET HOLDING SE: COMPLETE PLACEMENT OF 639,623 NEW SHARES FROM AUTHORIZED CAPITAL 2015/I
* PRIVATE PLACEMENT AT AN ISSUE PRICE OF EUR 1.20 PER NEW SHARE AND ARE ENTITLED TO DIVIDENDS
* CAPITAL STOCK IS TO BE RAISED BY EUR 0.64 MILLION TO EUR 7.04 MILLION Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-mybet-holding-places-639623-new-sh/brief-mybet-holding-places-639623-new-shares-idUSASO0004BJ |
Todd Gordon has seen something in the charts that will have dollar bulls rejoicing.
The TradingAnalysis.com founder says that the greenback has broken out of a downtrend that has been in place since the early '80s.
"Let's consider the longer-term trend of the dollar which has been significantly lower," he said Tuesday on CNBC's "Trading Nation." "In fact, since 1983 the dollar has been in a downtrend, and I think that's come to a close."
On a chart of the dollar index going back to 1983, Gordon points out every big rally and fall in the currency and then connects the peaks of each rally. Each peak over time has been lower, meaning the dollar has made lower highs every rally since 1983, creating the downtrend that Gordon sees.
But the recent bounce in the dollar shows that it has broken the downtrend line and is actually finding a key level of technical support around the 90.00 level.
"It looks like we're beginning to find a support shelf here in the overall dollar, and it looks like we could resume higher," he said.
And Gordon believes that the chart of the dollar-tracking ETF ( UUP ) also points to more upside. A big rally in 2014 took UUP through a resistance level around $23, which then served as a support level when UUP pulled back in 2017. The ETF bounced from that $23 level earlier this year, which leads Gordon to believe that not only can UUP retest its 2017 high near $27, it can even rally above it.
To play for a dollar breakout, Gordon wants to buy the September 24-strike call for 63 cents, or $63 per options contract. This means that Gordon believes UUP will close above $24.63 by September expiration.
The dollar hit a four-month high Tuesday, after posting its best month since November 2016.
Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding.
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/the-dollar-is-doing-something-it-hasnt-done-in-more-than-3-decades.html |
(Reuters) - U.S. online lender LendingClub Corp ( LC.N ) beat analyst expectations for earnings in the first quarter on Tuesday, as it originated more loans through its platform and transaction fees rose.
Excluding one-time items, LendingClub earned 1 cent per share, while analysts on average had expected a loss of 1 cent per share, according to Thomson Reuters I/B/E/S.
LendingClub’s transaction fees rose 12.7 percent in the first quarter ended March 31, helping lift total revenue by 22 percent to $151.7 million.
The San Francisco-based startup originated $2.3 billion in loans in the period, up 18 percent from a year earlier.
The company took in $12.7 million in revenue from the sale of loans, compared with $1.9 million a year earlier.
“We are pleased with our position as we start 2018,” Chief Executive Officer Scott Sanborn said on a call with analysts. “Last year was a time of rebuilding and transforming LendingClub.”
LendingClub, one of the largest companies known as peer-to-peer lenders, runs a website where consumers can apply for loans that are funded either by individual investors or by institutions such as banks.
The company has been restoring its business since May 2016 when it acknowledged issues including the way it had sold loans to an investor, leading to the ouster of its founder and then chief executive.
As with other online lenders, it has also been facing concerns from investors about the quality of its loans and its ability to grow at a fast pace.
The U.S. Federal Trade Commission sued the company last month for allegedly overcharging consumers and misleading them on hidden fees.
LendingClub said that including $17 million of expenses related to ongoing legal costs from government investigations, its net loss for the first quarter widened from the same period last year to $31.2 million.
Sanborn said the company could not yet indicate what changes to its business might result from the lawsuit. “We made pretty clear in our public response, we believe our practices are currently in compliance,” Sanborn said.
The company on Tuesday also maintained its 2018 revenue forecast of between $680 million and $705 million.
Shares of the company rose around 1 percent to $2.85 in after-hours trading on Tuesday.
Reporting by Diptendu Lahiri in Bengaluru and Anna Irrera in New York; Editing by Shounak Dasgupta and Sai Sachin Ravikumar
| ashraq/financial-news-articles | https://www.reuters.com/article/us-lendingclub-results/lendingclub-reports-first-quarter-earnings-above-expectations-idUSKBN1I93HK |
May 2 (Reuters) - Stratasys Ltd:
* STRATASYS RELEASES FIRST QUARTER 2018 FINANCIAL RESULTS * STRATASYS LTD Q1 NON-GAAP SHR $0.05
* STRATASYS LTD Q1 GAAP SHR LOSS $0.24 * STRATASYS LTD Q1 REVENUE $153.8 MLN VS I/B/E/S VIEW $167.5 MLN
* STRATASYS LTD Q1 SHR VIEW $0.08 — THOMSON REUTERS I/B/E/S
* STRATASYS LTD - REITERATED GUIDANCE FOR PROJECTED REVENUE AND NET INCOME FOR FISCAL YEAR ENDING DECEMBER 31, 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-stratasys-reports-q1-non-gaap-eps/brief-stratasys-reports-q1-non-gaap-eps-0-05-idUSASC09YXA |
Italy's political turmoil could hit the continent harder than the Greek financial crisis and the Brexit vote, according to the finance minister of Latvia.
A week of political turbulence in Italy saw dramatic repricing of the country's assets and has triggered fears of market contagion across the entirety of Europe.
Asked during a panel discussion in Paris Wednesday if the recent market activity could eventually impact growth, Latvian minister Dana Reizniece-Ozola was unequivocal.
"Definitely," she said. "I think we can see what an impact Brexit has already caused to the EU in general, and if Italy fails to form a government that might be still pro-European and still dedicated to the reforms and getting the country back within the fiscal stance, that might be a bigger harm to the whole of Europe."
Italy's financial situation was already a major point of concern for the 28-member EU bloc. Its growth is anemic, unemployment is high at 11 percent, and its public debt is 132 percent of gross domestic product (GDP) compared to the euro zone's 87 percent — making it the fifth-most indebted country in the world and the second in Europe, after Greece.
show chapters Why Italy’s political crisis matters for your money 7:11 AM ET Wed, 30 May 2018 | 05:02 Speaking to CNBC's Joumanna Bercetche during the panel at the Organization for Economic Cooperation and Development (OECD), Reizniece-Ozola said, "We could handle Greece, we could and will handle Brexit ... Italy will be too much I think."
Euroskeptic politics Ever since elections in March that saw two populist and euroskeptic parties perform well — the Five Star Movement (M5S) and the far-right wing Lega — markets have become even more worried thanks to pledges by the parties' leaders to cut taxes, increase public spending, and essentially ignore EU fiscal rules. EU officials have been calling on the parties' leaders to remain in compliance with the bloc's fiscal framework.
PIERO CRUCIATTI | AFP | Getty Images Lega far right party leader Matteo Salvini gestures during a press conference held at the Lega headquarter in Milan on March 5, 2018 ahead of the Italy's general election results. A surge for populist and far-right parties in Italy's weekend election could result in a hung parliament with a right-wing alliance likely to win the most votes but no majority, AFP reports. Tensions between pro-EU establishment figures and those skeptical of the European project came to a head over the weekend after Italian President Sergio Mattarella vetoed Lega and M5S's pick for economy minister, Paolo Savona, because of his anti-euro views. The move, which prevents M5S and Lega from being able to form a coalition government, has triggered a constitutional crisis and could prompt fresh elections that could take place as early as July.
Investors fear this could usher in an even stronger victory for populist and anti-euro agendas, as a new election risks serving as a referendum on Italy's existence within the EU.
Assets on a roller coaster The market panic on Tuesday — which saw Italian bond yields spike to their highest level in years and all major markets down, including the Dow Jones and S&P 500 — has planted fears that a financial downturn could seep through the rest of the 19-member euro zone and beyond, rupturing Europe's growth and even forcing the Federal Reserve to hold on its rate hiking plans. This week saw the euro hit its lowest point in more than six months.
show chapters Italy and Greece show that euro zone wealth needs to be redistributed: MEP 5:07 AM ET Wed, 30 May 2018 | 03:21 Uncertainty continued to roil markets through Wednesday, although Italian stocks and bonds have been rebounding on reports that the two anti-establishment parties are renewing efforts to form a government, potentially staving off the prospect of a snap election.
Italian bonds rallied for a second day on Thursday as Italian two-year paper rose 154 basis points from Tuesday's low, marking its biggest increase in 26 years. Italian equities have meanwhile erased more than half of the losses suffered since the open of trade on Monday.
Recovery or contagion? Still, fears loom over potential contagion, which refers to the spread of market disturbances from one region to others and is normally associated with a financial meltdown. The spread of an Italian financial and debt crisis to other countries could cripple their ability to repay government debt without third-party help.
The closest example of this would be Greece , whose debt crisis over the past several years brought chaos onto Europe and still remains a major problem for the continent today, although European safeguards largely prevented contagion.
"Several big countries are already demonstrating they are not in the game," the Latvian minister told CNBC on Thursday. She described this as a burden politically and emotionally as well as financially for the rest of the euro community.
"We see how difficult it is for Greece to take the common agreements on their rescue program, to pursuing the necessary reforms. I'm not so sure that the other member states would be eager now to invest more in some of the countries that probably have not obeyed the strict rules of the game."
Asked if Italy's crisis could spell the end of the euro, Reizniece-Ozola replied, "I wouldn't think so still, because the rest of the countries, in general, we do appreciate having the common currency." But, she added, it could still "trigger" a move in that direction.
Latvia adopted the shared European currency in 2014 and in 2017 saw robust growth of 4.5 percent , aided by EU funds like the European Social Fund, and European Regional Development Fund and the Cohesion Fund. The Baltic country of just under 2 million joined the OECD as its 35th member state in 2016 and has been praised for its fiscal and structural reforms.
While the market panic seems to corroborate Reizniece-Ozola's views earlier in the week, many analysts see the risk of contagion as small, and the risk of a euro departure even smaller. Former IMF Chief Economist Olivier Blanchard told CNBC this week that he believed Europe would be OK, but he was "very worried about Italy."
show chapters Very worried about Italy, but not European contagion: Former IMF chief economist 2:52 AM ET Wed, 30 May 2018 | 01:39 —CNBC's David Reid contributed to this article. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/italy-crisis-will-be-too-much-for-europe-latvia-finance-minister-warns.html |
CHICAGO, May 1, 2018 /PRNewswire/ --
As previously announced, U.S. Cellular will hold a teleconference May 1, 2018, at 9:30 a.m. CDT. Listen to the live call via the Events & Presentations page of investors.uscellular.com .
United States Cellular Corporation (NYSE:USM) reported total operating revenues of $942 million for the first quarter of 2018, versus $936 million for the same period one year ago. Net income attributable to U.S. Cellular shareholders and related diluted earnings per share were $45 million and $0.52, respectively, for the first quarter of 2018, compared to $26 million and $0.31, respectively, in the same period one year ago.
"U.S. Cellular had a strong start to 2018 with positive results in customer satisfaction, revenue trends, network performance, cost reductions and profitability," said Kenneth R. Meyers, U.S. Cellular president and CEO. "Our postpaid handset gross additions were up modestly year over year, and postpaid churn remained very low. Our total customer base increased year over year which, together with increased revenues from device protection plans, helped to offset service plan pricing pressure. We achieved growth in total operating revenues due to increased sales of both higher-priced devices and accessories.
"Our disciplined approach to promotional activity and our diligent focus on cost management resulted in an increase in profitability this quarter. We continue to manage our investments in network capacity to ensure the quality of our network provides an unmatched wireless experience for our customers and remains a competitive advantage. For the fourth time in a row, U.S. Cellular was ranked 'Highest Network Quality Performance among Wireless Cell Phone Users in the North Central Region' in J.D. Power's Wireless Network Quality Performance Study."
2018 Estimated Results
U.S. Cellular's current estimates of full-year 2018 results are shown below. Such estimates represent management's view as of May 1, 2018. Such forward‑looking statements should not be assumed to be current as of any future date. U.S. Cellular undertakes no duty to update such information, whether as a result of new information, future events or otherwise. There can be no assurance that final results will not differ materially from such estimated results.
2018 Estimated Results
Current (1)
Previous
(Dollars in millions)
Total operating revenues
$3,850-$4,050
Unchanged
Adjusted OIBDA (2)(3)
$625-$775
Unchanged
Adjusted EBITDA (2)
$765-$915
Unchanged
Capital expenditures
$500-$550
Unchanged
The following table provides a reconciliation of Net income to Adjusted OIBDA and Adjusted EBITDA for 2018 estimated results, actual results for the three months ended March 31, 2018, and actual results for the year ended December 31, 2017. In providing 2018 estimated results, U.S. Cellular has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, U.S. Cellular believes that the impact of income taxes cannot be reasonably predicted; therefore, U.S. Cellular is unable to provide such guidance.
Actual Results
2018 Estimated
Results (1)
Three Months
Ended March 31,
2018 (1)
Year Ended
December 31,
2017
(Dollars in millions)
Net income (GAAP)
N/A
$
55
$
15
Add back or deduct:
Income tax expense (benefit)
N/A
22
(287)
Income (loss) before income taxes (GAAP)
$
10-160
$
77
$
(272)
Add back:
Interest expense
110
29
113
Depreciation, amortization and accretion expense
635
159
615
EBITDA (Non-GAAP) (2)
$
755-905
$
265
$
456
Add back or deduct:
Loss on impairment of goodwill
–
–
370
(Gain) loss on asset disposals, net
20
1
17
(Gain) loss on sale of business and other exit costs, net
–
–
(1)
(Gain) loss on license sales and exchanges, net
(10)
(7)
(22)
Adjusted EBITDA (Non-GAAP) (2)
$
765-915
$
259
$
820
Deduct:
Equity in earnings of unconsolidated entities
130
38
137
Interest and dividend income
10
4
8
Other, net
–
(1)
–
Adjusted OIBDA (Non-GAAP) (2)(3)
$
625-775
$
218
$
675
Note: Totals may not foot due to rounding differences.
(1)
As of January 1, 2018, U.S. Cellular adopted the new revenue recognition standard, ASC 606, using a modified retrospective approach. Under this method, the new accounting standard is applied only to the most recent period presented. As a result, 2018 amounts include the impacts of ASC 606, but 2017 amounts remain as previously reported.
(2)
EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. U.S. Cellular does not intend to imply that any such items set forth in the reconciliation above are non-recurring, infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of U.S. Cellular's operating results before significant recurring non-cash charges, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of U.S. Cellular's financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management's evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, and gains and losses, while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities. The table above reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income or Income (loss) before income taxes.
(3)
A reconciliation of Adjusted OIBDA (Non-GAAP) to Operating income (GAAP) for March 31, 2018, actual results can be found on U.S. Cellular's website at investors.uscellular.com .
Conference Call Information
U.S. Cellular will hold a conference call on May 1, 2018 at 9:30 a.m. Central Time.
Access the live call on the Events & Presentations page of investors.uscellular.com or at https://www.webcaster4.com/Webcast/Page/1145/25623 . Access the call by phone at 877-407-8029 (US/Canada), no pass code required.
Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.uscellular.com . The call will be archived on the Events & Presentations page of investors.uscellular.com .
About U.S. Cellular
United States Cellular Corporation provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to customers with 5.1 million connections in 22 states. The Chicago-based company had 5,900 full- and part-time associates as of March 31, 2018. At the end of the first quarter of 2018, Telephone and Data Systems, Inc. owned 83 percent of U.S. Cellular. For more information about U.S. Cellular, visit uscellular.com .
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect statements include, but are not limited to: intense competition; the ability to execute U.S. Cellular's business strategy; uncertainties in U.S. Cellular's future cash flows and liquidity and access to the capital markets; the ability to make payments on U.S. Cellular indebtedness or comply with the terms of debt covenants; impacts of any pending acquisitions/divestitures/exchanges of properties and/or licenses, including, but not limited to, the ability to obtain regulatory approvals, successfully complete the transactions and the financial impacts of such transactions; the ability of the company to successfully manage and grow its markets; the access to and pricing of unbundled network elements; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms; the state and federal telecommunications regulatory environment; the value of assets and investments; adverse changes in the ratings of U.S. Cellular debt securities by accredited ratings organizations; industry consolidation; advances in telecommunications technology; pending and future litigation; changes in income tax rates, laws, regulations or rulings; changes in customer growth rates, average monthly revenue per user, churn rates, roaming revenue and terms, the availability of wireless devices, or the mix of services and products offered by U.S. Cellular. Investors are encouraged to consider these and other risks and uncertainties that are discussed in the Form 8-K Current Report used by U.S. Cellular to furnish this press release to the Securities and Exchange Commission, which are incorporated by reference herein.
For more information about U.S. Cellular, visit:
U.S. Cellular: www.uscellular.com
Disclaimer:
U.S. Cellular received the highest numerical score in the North Central region in the J.D. Power 2016 V2, 2017 V1 & V2, and 2018 V1 (tie) U.S. Wireless Network Quality Performance Studies. 2018 Volume 1 study based on 38,595 total responses from 5 providers, measuring the network quality experienced by customers with wireless carriers, surveyed July-December 2017. Your experiences may vary. Visit jdpower.com
United States Cellular Corporation
Summary Operating Data (Unaudited)
As of or for the Quarter Ended
3/31/2018 (1)
12/31/2017
9/30/2017
6/30/2017
3/31/2017
Retail Connections
Postpaid
Total at end of period
4,481,000
4,518,000
4,513,000
4,478,000
4,455,000
Gross additions
129,000
177,000
191,000
174,000
146,000
Feature phones
5,000
5,000
7,000
7,000
7,000
Smartphones
91,000
128,000
132,000
116,000
88,000
Connected devices
33,000
44,000
52,000
51,000
51,000
Net additions (losses)
(37,000)
5,000
35,000
23,000
(27,000)
Feature phones
(15,000)
(15,000)
(15,000)
(15,000)
(19,000)
Smartphones
(1,000)
33,000
44,000
34,000
(9,000)
Connected devices
(21,000)
(13,000)
6,000
4,000
1,000
ARPU (2)
$
44.34
$
44.12
$
43.41
$
44.60
$
45.42
ABPU (Non-GAAP) (3)
$
57.10
$
56.69
$
54.71
$
55.19
$
55.82
ARPA (4)
$
118.22
$
118.05
$
116.36
$
119.73
$
121.88
ABPA (Non-GAAP) (5)
$
152.26
$
151.68
$
146.65
$
148.15
$
149.78
Churn rate (6)
1.23%
1.27%
1.16%
1.13%
1.29%
Handsets
0.97%
1.00%
0.96%
0.91%
1.08%
Connected devices
2.79%
2.84%
2.33%
2.35%
2.55%
Prepaid
Total at end of period
525,000
519,000
515,000
484,000
480,000
Gross additions
88,000
83,000
102,000
73,000
78,000
Net additions (losses)
6,000
4,000
31,000
3,000
(4,000)
ARPU (2)
$
31.78
$
32.42
$
33.12
$
33.52
$
33.66
Churn rate (6)
5.27%
5.09%
4.75%
4.93%
5.69%
Total connections at end of period (7)
5,063,000
5,096,000
5,089,000
5,023,000
4,996,000
Market penetration at end of period
Consolidated operating population
31,469,000
31,834,000
31,834,000
32,089,000
32,089,000
Consolidated operating penetration (8)
16%
16%
16%
16%
16%
Capital expenditures (millions)
$
70
$
213
$
112
$
84
$
61
Total cell sites in service
6,473
6,460
6,436
6,421
6,417
Owned towers
4,099
4,080
4,051
4,044
4,041
(1)
As of January 1, 2018, U.S. Cellular adopted the new revenue recognition standard, ASC 606, using a modified retrospective approach. Under this method, the new accounting standard is applied only to the most recent period presented. As a result, 2018 amounts include the impacts of ASC 606, but 2017 amounts remain as previously reported.
(2)
Average Revenue Per User (ARPU) - metric is calculated by dividing a revenue base by an average number of connections and by the number of months in the period. These revenue bases and connection populations are shown below:
▪
Postpaid ARPU consists of total postpaid service revenues and postpaid connections.
▪
Prepaid ARPU consists of total prepaid service revenues and prepaid connections.
(3)
Average Billings Per User (ABPU) - non-GAAP metric is calculated by dividing total postpaid service revenues plus equipment installment plan billings by the average number of postpaid connections and by the number of months in the period. Refer to the end of this release for a reconciliation of this metric to its most comparable GAAP metric.
(4)
Average Revenue Per Account (ARPA) - metric is calculated by dividing total postpaid service revenues by the average number of postpaid accounts and by the number of months in the period.
(5)
Average Billings Per Account (ABPA) - non-GAAP metric is calculated by dividing total postpaid service revenues plus equipment installment plan billings by the average number of postpaid accounts and by the number of months in the period. Refer to the end of this release for a reconciliation of this metric to its most comparable GAAP metric.
(6)
Churn rate represents the percentage of the connections that disconnect service each month. These rates represent the average monthly churn rate for each respective period.
(7)
Includes reseller and other connections.
(8)
Market penetration is calculated by dividing the number of wireless connections at the end of the period by the total population of consolidated operating markets as estimated by Nielsen.
United States Cellular Corporation
Consolidated Statement of Operations Highlights
(Unaudited)
2018 vs. 2017
Increase
Three Months Ended March 31,
2018 (1)
2017
(Decrease)
(Dollars and shares in millions, except per share amounts)
Operating revenues
Service
$
724
$
746
(3)%
Equipment sales
218
190
14%
Total operating revenues
942
936
1%
Operating expenses
System operations (excluding Depreciation, amortization and accretion reported below)
179
175
2%
Cost of equipment sold
219
228
(4)%
Selling, general and administrative
326
339
(4)%
Depreciation, amortization and accretion
159
153
3%
(Gain) loss on asset disposals, net
1
4
(62)%
(Gain) loss on license sales and exchanges, net
(7)
(17)
61%
Total operating expenses
877
882
(1)%
Operating income
65
54
21%
Investment and other income (expense)
Equity in earnings of unconsolidated entities
38
33
16%
Interest and dividend income
4
3
32%
Interest expense
(29)
(28)
(3)%
Other, net
(1)
(1)
(22)%
Total investment and other income
12
7
69%
Income before income taxes
77
61
27%
Income tax expense
22
33
(33)%
Net income
55
28
97%
Less: Net income attributable to noncontrolling interests, net of tax
10
2
>100%
Net income attributable to U.S. Cellular shareholders
$
45
$
26
69%
Basic weighted average shares outstanding
85
85
-
Basic earnings per share attributable to U.S. Cellular shareholders
$
0.52
$
0.31
68%
Diluted weighted average shares outstanding
86
86
1%
Diluted earnings per share attributable to U.S. Cellular shareholders
$
0.52
$
0.31
68%
(1)
As of January 1, 2018, U.S. Cellular adopted the new revenue recognition standard, ASC 606, using a modified retrospective approach. Under this method, the new accounting standard is applied only to the most recent period presented. As a result, 2018 amounts include the impacts of ASC 606, but 2017 amounts remain as previously reported.
United States Cellular Corporation
Consolidated Statement of Cash Flows
(Unaudited)
Three Months Ended March 31,
2018 (1)
2017
(Dollars in millions)
Cash flows from operating activities
Net income
$
55
$
28
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities
Depreciation, amortization and accretion
159
153
Bad debts expense
19
24
Stock-based compensation expense
8
7
Deferred income taxes, net
15
1
Equity in earnings of unconsolidated entities
(38)
(33)
Distributions from unconsolidated entities
17
11
(Gain) loss on asset disposals, net
1
4
(Gain) loss on license sales and exchanges, net
(7)
(17)
Noncash interest
1
–
Changes in assets and liabilities from operations
Accounts receivable
69
26
Equipment installment plans receivable
(17)
(44)
Inventory
(2)
(3)
Accounts payable
(30)
(78)
Customer deposits and deferred revenues
(26)
(10)
Accrued taxes
5
22
Accrued interest
9
9
Other assets and liabilities
(50)
(39)
Net cash provided by operating activities
188
61
Cash flows from investing activities
Cash paid for additions to property, plant and equipment
(76)
(88)
Cash paid for licenses
(1)
(3)
Cash received for investments
50
–
Cash received from divestitures and exchanges
4
16
Net cash used in investing activities
(23)
(75)
Cash flows from financing activities
Repayment of long-term debt
(5)
(3)
Common shares reissued for benefit plans, net of tax payments
2
3
Other financing activities
(4)
–
Net cash used in financing activities
(7)
–
Net increase (decrease) in cash, cash equivalents and restricted cash
158
(14)
Cash, cash equivalents and restricted cash
Beginning of period
352
586
End of period
$
510
$
572
(1)
As of January 1, 2018, U.S. Cellular adopted the new revenue recognition standard, ASC 606, using a modified retrospective approach. Under this method, the new accounting standard is applied only to the most recent period presented. As a result, 2018 amounts include the impacts of ASC 606, but 2017 amounts remain as previously reported.
United States Cellular Corporation
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
March 31,
December 31,
2018 (1)
2017
(Dollars in millions)
Current assets
Cash and cash equivalents
$
509
$
352
Short-term investments
–
50
Accounts receivable
843
843
Inventory, net
141
138
Prepaid expenses
66
79
Other current assets
32
21
Total current assets
1,591
1,483
Assets held for sale
6
10
Licenses
2,231
2,223
Investments in unconsolidated entities
450
415
Property, plant and equipment, net
2,233
2,320
Other assets and deferred charges
537
390
Total assets
$
7,048
$
6,841
United States Cellular Corporation
Consolidated Balance Sheet Highlights
(Unaudited)
LIABILITIES AND EQUITY
March 31,
December 31,
2018 (1)
2017
(Dollars and shares in millions, except per share amounts)
Current liabilities
Current portion of long-term debt
$
18
$
18
Accounts payable
275
310
Customer deposits and deferred revenues
132
185
Accrued taxes
58
56
Accrued compensation
43
74
Other current liabilities
90
90
Total current liabilities
616
733
Deferred liabilities and credits
Deferred income tax liability, net
526
461
Other deferred liabilities and credits
359
337
Long-term debt, net
1,618
1,622
Noncontrolling interests with redemption features
11
1
Equity
U.S. Cellular shareholders' equity
Series A Common and Common Shares, par value $1 per share
88
88
Additional paid-in capital
1,560
1,552
Treasury shares
(116)
(120)
Retained earnings
2,375
2,157
Total U.S. Cellular shareholders' equity
3,907
3,677
Noncontrolling interests
11
10
Total equity
3,918
3,687
Total liabilities and equity
$
7,048
$
6,841
(1)
As of January 1, 2018, U.S. Cellular adopted the new revenue recognition standard, ASC 606, using a modified retrospective approach. Under this method, the new accounting standard is applied only to the most recent period presented. As a result, 2018 amounts include the impacts of ASC 606, but 2017 amounts remain as previously reported.
United States Cellular Corporation
Financial Measures and Reconciliations
(Unaudited)
Free Cash Flow
Three Months Ended March 31,
2018
2017
(Dollars in millions)
Cash flows from operating activities (GAAP)
$
188
$
61
Less: Cash paid for additions to property, plant and equipment
76
88
Free cash flow (Non-GAAP) (1)
$
112
$
(27)
(1)
Management uses Free cash flow as a liquidity measure and it is defined as Cash flows from operating activities less Cash paid for additions to property, plant and equipment. Free cash flow is a non-GAAP financial measure which U.S. Cellular believes may be useful to investors and other users of its financial information in evaluating liquidity, specifically, the amount of net cash generated by business operations after deducting Cash paid for additions to property, plant and equipment.
Postpaid ABPU and Postpaid ABPA
U.S. Cellular presents Postpaid ABPU and Postpaid ABPA to reflect the revenue shift from Service revenues to Equipment sales resulting from the increased adoption of equipment installment plans. Postpaid ABPU and Postpaid ABPA, as previously defined herein, are non-GAAP financial measures which U.S. Cellular believes are useful to investors and other users of its financial information in showing trends in both service and equipment sales revenues received from customers.
For the Quarter Ended
3/31/2018 (1)
12/31/2017
9/30/2017
6/30/2017
3/31/2017
(Dollars and connection counts in millions)
Calculation of Postpaid ARPU
Postpaid service revenues
$
598
$
598
$
586
$
597
$
608
Average number of postpaid connections
4.50
4.52
4.50
4.47
4.46
Number of months in period
3
3
3
3
3
Postpaid ARPU (GAAP metric)
$
44.34
$
44.12
$
43.41
$
44.60
$
45.42
Calculation of Postpaid ABPU
Postpaid service revenues
$
598
$
598
$
586
$
597
$
608
Equipment installment plan billings
172
170
152
142
139
Total billings to postpaid connections
$
770
$
768
$
738
$
739
$
747
Average number of postpaid connections
4.50
4.52
4.50
4.47
4.46
Number of months in period
3
3
3
3
3
Postpaid ABPU (Non-GAAP metric)
$
57.10
$
56.69
$
54.71
$
55.19
$
55.82
Calculation of Postpaid ARPA
Postpaid service revenues
$
598
$
598
$
586
$
597
$
608
Average number of postpaid accounts
1.69
1.69
1.68
1.66
1.66
Number of months in period
3
3
3
3
3
Postpaid ARPA (GAAP metric)
$
118.22
$
118.05
$
116.36
$
119.73
$
121.88
Calculation of Postpaid ABPA
Postpaid service revenues
$
598
$
598
$
586
$
597
$
608
Equipment installment plan billings
172
170
152
142
139
Total billings to postpaid accounts
$
770
$
768
$
738
$
739
$
747
Average number of postpaid accounts
1.69
1.69
1.68
1.66
1.66
Number of months in period
3
3
3
3
3
Postpaid ABPA (Non-GAAP metric)
$
152.26
$
151.68
$
146.65
$
148.15
$
149.78
(1)
As of January 1, 2018, U.S. Cellular adopted the new revenue recognition standard, ASC 606, using a modified retrospective approach. Under this method, the new accounting standard is applied only to the most recent period presented. As a result, 2018 amounts include the impacts of ASC 606, but 2017 amounts remain as previously reported.
View original content: http://www.prnewswire.com/news-releases/us-cellular-reports-first-quarter-2018-results-300639994.html
SOURCE United States Cellular Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-u-s-cellular-reports-first-quarter-2018-results.html |
Weinstein charged with rape, free on $1 Mln bail 2:46pm EDT - 01:28
The lawyer for disgraced film producer Harvey Weinstein says his client intends to plead not guilty to charges of rape and sex abuse, after being taken to a New York courthouse in handcuffs where he posted a $1 million bail. lawyer for disgraced film producer Harvey Weinstein says his client intends to plead not guilty to charges of rape and sex abuse, after being taken to a New York courthouse in handcuffs where he posted a $1 million bail. //reut.rs/2GP5NC6 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/25/weinstein-charged-with-rape-free-on-1-ml?videoId=430211368 |
SAN DIEGO, May 10, 2018 (GLOBE NEWSWIRE) -- ImageWare ® Systems, Inc. (OTCQB:IWSY), a leader in mobile and cloud-based, multi-modal biometric identity management solutions, reported financial results for the first quarter ended March 31, 2018.
Q1 Summary of Results
Revenue for the first quarter ended March 31, 2018 decreased 23% to $716,000 from $928,000 in the first quarter 2017. Gross profit for the first quarter was $468,000 (65%) as compared with $666,000 (72%) in the first quarter 2017. Net loss was $3.6 million in the first quarter compared with $2.7 million in the first quarter 2017.
Recently Announced Significant Events
In April ImageWare received a $730,000 order from an existing customer for additional licenses of its Biometric Engine® identification software. In January, the company brought on board David Somerville as Sr. Vice President of Sales and Marketing to help the company to navigate the expected increase in worldwide sales activity. Mr. Somerville has over 20 years of high-level experience in the sales and support of security software.
Jim Miller, Chairman and CEO of ImageWare Systems, said, “Revenues in the quarter continued to reflect primarily our legacy business. However, we did see initial orders from several of our sales partners. Thus far in 2018 we have seen our first sales, although modest, under that model from our partners CDW, Fujitsu, Extenua and Avatier. While we have limited direct visibility on when sales projects will actually close, we do know that every project is making progress and our partners have given us good reason to believe that several will close in the second quarter,” Miller concluded.
2018 First Quarter Financial Results Conference Call
The Company will host an investor update call on Thursday, May 10, 2018 at 1:30pm PT (4:30pm ET).The Participant Dial-In Number for the conference call is Domestic/International 1-631-891-4304. Participants should dial in to the call at least five minutes before 1:30pm PT (4:30pm ET) on May 10, 2018. The call can also be accessed “live” online at http://public.viavid.com/index.php?id=129600 .
A replay of the recorded call will be available for 90 days on the Company’s website ( https://iwsinc.com/about/investors/ ). You can also listen to a replay of the call by dialing toll-free 1-844-512-2921 (international only - 1-412-317-6671) starting May 10, 2018, at 7:30pm ET through May 17, 2018 at 11:59 pm ET. Please use PIN Number 10004818.
About ImageWare ® Systems, Inc.
ImageWare Systems, Inc. is a leading developer of mobile and cloud-based identity management solutions, providing patented biometric authentication solutions for the enterprise. Biometric technology uses unique physical characteristics to authenticate a person’s identity. The company delivers next-generation biometrics as an interactive and scalable cloud-based solution. ImageWare brings together cloud and mobile technology to offer multi-factor authentication for smartphone users, for the enterprise, and across industries.
ImageWare’s products support multi-modal biometric authentication including, but not limited to, any individual use or combination of face, voice, fingerprint, iris, palm, and more. All the biometrics can be combined with or used as replacements for authentication and access control tools, including tokens, digital certificates, passwords, and PINS, to provide the ultimate level of assurance, accountability, and ease of use for corporate networks, web applications, mobile devices, and PC desktop environments.
ImageWare is headquartered in San Diego, California, with offices in Portland, Oregon, Ottawa, Ontario, and Mexico City, Mexico. To learn more about ImageWare, visit https://iwsinc.com/ and follow us on Twitter , LinkedIn , YouTube , and Facebook .
Forward-Looking Statements
Any statements contained in this document that are not historical facts are as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “if,” “should” and “will” and similar expressions as they relate to ImageWare Systems, Inc. are intended to identify such . ImageWare may from time to time update publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could final reported results. For a discussion of such risks and uncertainties, see “Risk Factors” in ImageWare’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these , which speak only as of the dates on which they are made.
Investor Relations Contact:
Harvey Bibicoff, CEO
Bibicoff + MacInnis, Inc.
818.379.8500
[email protected]
IWSY - SELECTED COMPARATIVE FINANCIAL HIGHLIGHTS In thousands, except share and per share amounts Three Months Ended March 31, 2018 2017 Revenues Product $ 97 $ 273 Maintenance 619 655 Total Revenues 716 928 Cost of Revenue Product 26 54 Maintenance 222 208 Gross Profit 468 666 65 % 72 % Operating Expenses General & administrative 1,206 967 Sales and marketing 861 761 Research and development 1,799 1,541 Depreciation and amortization 12 21 Total Operating Expenses 3,878 3,290 Loss from operations (3,410 ) (2,624 ) Interest (income) expense, net 173 100 Other (income) expense, net 0 - Income (loss) from continuing operations before income taxes (3,583 ) (2,724 ) Income taxes 0 3 Income (loss) from continuing operations (3,583 ) (2,727 ) Net income (loss) $ (3,583 ) $ (2,727 ) Preferred dividends (769 ) (507 ) Net income (loss) available to common shareholders $ (4,352 ) $ (3,234 ) Per share data - basic Net income (loss) from continuing operations $ (0.04 ) $ (0.03 ) Preferred dividends (0.01 ) (0.01 ) Basic income (loss) per share available to common shareholders $ (0.05 ) $ (0.04 ) Basic weighted-average common shares 94,333,663 91,864,174
IWSY - CONSOLIDATED BALANCE SHEETS March 31, December 31, 2018
2017 Assets: Cash $ 4,558 $ 7,317 Accounts receivable, net 284 458 Inventories 89 79 Other current assets 217 163 Property and equipment, net 40 43 Other assets 35 35 Intangible assets, net 90 93 Goodwill 3,416 3,416 Total Assets $ 8,729 $ 11,604 Liabilities and Shareholders' Deficit: Current liabilities $ 2,779 $ 2,657 Convertible line of credit to related party net of discount 5,821 5,774 Pension obligation 2,060 2,024 Shareholders' equity (deficit) (1,931 ) 1,149 Total Liabilities and Shareholders' Equity (Deficit) $ 8,729 $ 11,604
Source:ImageWare Systems, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-imagewarea-systems-reports-2018-first-quarter-financial-results.html |
BRASILIA, May 16 (Reuters) - Economic activity in Brazil contracted more than expected in March, the central bank said on Wednesday, the latest in a string of indicators suggesting a first-quarter slowdown.
The central bank’s economic activity index fell 0.74 percent from February, more than the median forecast in a Reuters poll of economists of a 0.10 percent decline. (Reporting by Bruno Federowski Editing by Chizu Nomiyama)
| ashraq/financial-news-articles | https://www.reuters.com/article/brazil-economy-activity/brazil-economic-activity-down-more-than-expected-in-march-idUSEMNI5A0S2 |
Move Supports Technology-Centric Vision as Boston Emerges as a Digital Hub
BOSTON--(BUSINESS WIRE)-- Duck Creek Technologies today announced the new location for its corporate headquarters within South Boston’s Innovation District. The move, which is now complete, reaffirms Duck Creek’s commitment to transforming the insurance industry and attracting top talent from Boston’s renowned educational institutions.
The U.S. Chamber of Commerce recently ranked Boston as the city best positioned to lead the “shift to a digital economy.” Duck Creek’s relocation, which includes 175 employees, improves the company’s access to Boston’s vibrant technology community, including current and potential customers, analyst firms, and IT and business talent.
“The insurance industry is undergoing a technology-driven transformation,” said Michael Jackowski, Duck Creek CEO. “The move to the Innovation District directly supports our efforts to design, create, implement, and market Duck Creek’s technology. As insurance companies look to invest in solutions to better serve their customers, Duck Creek is deploying highly-advanced, configurable end-to-end platforms that align specifically with their needs.”
Designed by SGA Architects, the 30,000-square-foot office is located at 22 Boston Wharf Road. The move will accommodate the addition of many new hires, as the company anticipates significant growth in 2018 and beyond.
“Duck Creek is a technology company at its core – and our goal is to pave the way for the future of the insurance industry,” said Matt Foster, Duck Creek’s chief operations officer. “The decision to relocate our headquarters to the Innovation District is further supported by our continuing growth, access to highly- skilled, educated and motivated job candidates, and the collaborative spirit that we’re seeing in Boston.”
About Duck Creek Technologies
Duck Creek Technologies paves a genuine path to the future for P&C insurance companies. Decades of insurance experience underpin advanced technologies specifically designed to accommodate change – allowing carriers to navigate uncertainty and capture market opportunities faster than their competitors. All of the company’s offerings are available standalone or as a full suite, and all are available via Duck Creek OnDemand, the provider’s SaaS solution for the P&C insurance industry. For more information, visit www.duckcreek.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005690/en/
Racepoint Global
Paul Rechichi, 617-624-3295
[email protected]
Source: Duck Creek Technologies | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-duck-creek-technologies-opens-the-doors-to-its-new-headquarters-in-south-bostonas-innovation-district.html |
Trump blasts drugmakers for high U.S. drug prices 01:28
U.S. President Donald Trump criticized drugmakers, health insurers, and pharmacy benefits managers for making prescription drugs unaffordable for Americans, announcing his new plan to lower drug prices. Aleksandra Michalska reports.
U.S. President Donald Trump criticized drugmakers, health insurers, and pharmacy benefits managers for making prescription drugs unaffordable for Americans, announcing his new plan to lower drug prices. Aleksandra Michalska reports. //reut.rs/2rCArZz | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/11/trump-blasts-drugmakers-for-high-us-drug?videoId=426018681 |
Liquid chocolate spills from truck in Poland 4:58pm BST - 01:06
Emergency workers clear liquid chocolate which spilled from an overturned truck on a Polish highway. Rough cut (no reporter narration)
Emergency workers clear liquid chocolate which spilled from an overturned truck on a Polish highway. Rough cut (no reporter narration) //reut.rs/2rupj0M | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/09/liquid-chocolate-spills-from-truck-in-po?videoId=425297013 |
May 23 (Reuters) - Bristow Group Inc:
* BRISTOW GROUP REPORTS FISCAL FOURTH QUARTER AND FULL FISCAL YEAR 2018 RESULTS
* Q4 LOSS PER SHARE $2.84 * Q4 EARNINGS PER SHARE VIEW $-0.66 — THOMSON REUTERS I/B/E/S
* EXPECT FISCAL YEAR 2019 ADJUSTED EBITDA TO BE IN RANGE OF $90 MILLION TO $140 MILLION
* SEES FY TOTAL OPERATING REVENUE ABOUT $1.25 BILLION - $1.35 BILLION
* QTRLY OPERATING REVENUE $341.2 MILLION VERSUS $323.7 MILLION
* Q4 REVENUE VIEW $342.7 MILLION — THOMSON REUTERS I/B/E/S * FY2019 REVENUE VIEW $1.47 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bristow-group-q4-loss-per-share-28/brief-bristow-group-q4-loss-per-share-2-84-idUSASC0A3GX |
BEIJING, May 14 (Reuters) - China’s customs confirmed that Beijing has ramped up inspections of U.S. pork and waste imports, as Reuters reported last week.
China’s customs said that it has increased inspections of U.S. Pork imports after finding problems recently, according to a fax it sent to Reuters.
China’s customs has also taken “regulatory steps on high risk waste imports” since May 4th, it said in the fax.
The U.S. has become the largest exporter of waste that failed checks, the customs said, but the steps are not targeting particular countries and are in line with international practice, the fax said.
China’s customs has not taken extra steps to check imports of U.S. agricultural products, and gives equal treatment to inspection of agricultural products from all countries and districts, it said. (Reporting by Hallie Gu and Josephine Mason; editing by Jason Neely)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-china-agriculture/chinas-customs-says-has-increased-inspections-of-u-s-pork-and-waste-imports-idUSL3N1SL4B6 |
May 19, 2018 / 3:51 AM / Updated 4 hours ago UPDATE 4-PGA Tour Byron Nelson Championship Scores Reuters Staff 9 Min Read May 19 (OPTA) - Scores from the PGA Tour Byron Nelson Championship on Friday -15 Marc Leishman (Australia) 61 66 -14 Aaron Wise (USA) 65 63 -13 Brian Gay (USA) 67 62 -11 Eric Axley (USA) 66 65 Kevin Na (USA) 66 65 Jimmy Walker (USA) 64 67 -10 Matt Jones (Australia) 67 65 Martin Piller (USA) 69 63 Adam Scott (Australia) 67 65 Vaughn Taylor (USA) 68 64 Kevin Tway (USA) 67 65 -9 Keith Mitchell (USA) 65 68 J.J. Spaun (USA) 64 69 -8 Abraham Ancer (USA) 65 69 Branden Grace (South Africa) 66 68 Patrick Rodgers (USA) 67 67 Shawn Stefani (USA) 68 66 Hudson Swafford (USA) 70 64 Mark Wilson (USA) 68 66 -7 Ryan Blaum (USA) 66 69 Joel Dahmen (USA) 67 68 Robert Garrigus (USA) 66 69 Anirban Lahiri (India) 68 67 Nicholas Lindheim (USA) 66 69 Peter Malnati (USA) 69 66 Hideki Matsuyama (Japan) 72 63 Maverick McNealy (USA) 68 67 Troy Merritt (USA) 67 68 Jordan Spieth (USA) 69 66 Peter Uihlein (USA) 65 70 Johnson Wagner (USA) 67 68 -6 Matt Atkins (USA) 69 67 Ben Crane (USA) 68 68 Sung Kang (Korea Republic) 68 68 Tom Lovelady (USA) 66 70 Geoff Ogilvy (Australia) 69 67 Cameron Percy (Australia) 67 69 Scott Piercy (USA) 70 66 Rory Sabbatini (South Africa) 66 70 Michael Thompson (USA) 71 65 -5 Robert Allenby (Australia) 70 67 Ryan Armour (USA) 66 71 Bronson Burgoon (USA) 69 68 Brian Davis (England) 69 68 Derek Fathauer (USA) 70 67 Martin Flores (USA) 70 67 Billy Horschel (USA) 68 69 Denny McCarthy (USA) 71 66 J.T. Poston (USA) 68 69 Andrew Putnam (USA) 68 69 Nick Taylor (Canada) 69 68 Ethan Tracy (USA) 65 72 T.J. Vogel (USA) 66 71 Steve Wheatcroft (USA) 70 67 -4 Sangmoon Bae (Korea Republic) 67 71 Zac Blair (USA) 67 71 Dominic Bozzelli (USA) 67 71 Jonathan Byrd (USA) 65 73 Corey Conners (Canada) 69 69 Roberto Diaz (Mexico) 70 68 Tyler Duncan (USA) 65 73 Fabian Gomez (Argentina) 69 69 Cody Gribble (USA) 71 67 J.B. Holmes (USA) 69 69 Beau Hossler (USA) 70 68 Charles Howell III (USA) 69 69 Russell Knox (Scotland) 69 69 Nate Lashley (USA) 67 71 Parker McLachlin (USA) 71 67 Rod Pampling (Australia) 70 68 Sam Ryder (USA) 70 68 Adam Schenk (USA) 70 68 Robert Streb (USA) 69 69 Brian Stuard (USA) 71 67 Cheng Tsung pan (China PR) 67 71 -3 Brendon De Jonge (Zimbabwe) 69 70 Zecheng Dou (China PR) 69 70 Matt Every (USA) 72 67 Talor Gooch (USA) 67 72 Lanto Griffin (USA) 72 67 Bill Haas (USA) 67 72 Padraig Harrington (Republic of Ireland) 69 70 J.J. Henry (USA) 69 70 John Huh (USA) 70 69 Billy Hurley III (USA) 67 72 Graeme McDowell (Northern Ireland) 67 72 Joaquin Niemann (Chile) 69 70 Sam Saunders (USA) 65 74 Brandt Snedeker (USA) 67 72 -2 Blayne Barber (USA) 72 68 Charlie Beljan (USA) 70 70 David Berganio (USA) 72 68 Chad Campbell (USA) 72 68 Alex Cejka (Germany) 70 70 Harris English (USA) 69 71 Oliver Goss (Australia) 72 68 Tim Herron (USA) 67 73 Stephan Jaeger (Germany) 72 68 Kelly Kraft (USA) 67 73 David Lingmerth (Sweden) 71 69 Hunter Mahan (USA) 70 70 Carl Pettersson (Sweden) 68 72 Seamus Power (Republic of Ireland) 66 74 Dicky Pride (USA) 73 67 Conrad Shindler (USA) 70 70 Ben Silverman (Canada) 70 70 Brett Stegmaier (USA) 71 69 -1 Stuart Appleby (Australia) 71 70 Aaron Baddeley (Australia) 71 70 Daniel Chopra (Sweden) 74 67 Ken Duke (USA) 70 71 Ernie Els (South Africa) 71 70 Sergio Garcia (Spain) 72 69 Michael Kim (USA) 72 69 Matt Kuchar (USA) 72 69 Rick Lamb (USA) 70 71 Steve Marino (USA) 70 71 John Merrick (USA) 72 69 Ryan Palmer (USA) 68 73 Jonathan Randolph (USA) 72 69 John Rollins (USA) 70 71 Andrew Yun (USA) 71 70 Will Zalatoris (USA) 72 69 Xinjun Zhang (China PR) 69 72 0 Angel Cabrera (Argentina) 72 70 James Hahn (USA) 68 74 Rob Oppenheim (USA) 73 69 Omar Uresti (USA) 72 70 1 Cameron Beckman (USA) 69 74 Steven Bowditch (Australia) 75 68 Tommy Gainey (USA) 70 73 Steven Ihm (USA) 73 70 George McNeill (USA) 70 73 Grayson Murray (USA) 70 42 John Senden (Australia) 72 71 Daniel Summerhays (USA) 76 67 Kyle Thompson (USA) 74 69 D.J. Trahan (USA) 78 65 Cameron Tringale (USA) 73 70 Richy Werenski (USA) 70 73 2 David Hearn (Canada) 71 73 Smylie Kaufman (USA) 77 67 Satoshi Kodaira (Japan) 71 73 Ben Martin (USA) 73 71 Troy Matteson (USA) 73 71 Tyrone Van Aswegen (South Africa) 76 68 3 Ryan Baca (USA) 76 69 Kris Blanks (USA) 71 74 Greg Chalmers (Australia) 78 67 4 Ricky Barnes (USA) 73 73 Tom Whitney (USA) 72 74 5 Martin Laird (Scotland) 71 76 6 Noah Goodwin (USA) 71 77 Brendon Todd (USA) 75 73 9 Brian Norman (USA) 76 75 11 David Duval (USA) 80 73 | ashraq/financial-news-articles | https://in.reuters.com/article/golf-pga-scores/pga-tour-byron-nelson-championship-scores-idINMTZXEE5JYINMA8 |
NEW YORK, May 23 (Reuters) - U.S. mortgage bankers are concerned about the coming phaseout of a global interest rate benchmark because, they said at a conference, the transition will entail costs and administrative burdens and the replacement rate is not an ideal substitute.
The London interbank offered rate (LIBOR), whose reputation was tarnished by scandals from trader manipulation, is a benchmark for $200 trillion in dollar-denominated financial products, mostly in interest rate swap contracts.
Roughly $1.2 trillion in mortgages and another $1 trillion in mortgage-backed securities are set against LIBOR, according to the Alternative Reference Rates Committee, a U.S. financial industry group.
A complicated move away from LIBOR could prove disruptive for the mortgage market. It could result in a jump in late mortgage payments due to confusion among homeowners because of the change in their interest rate resets.
“We could see a spike in delinquencies because customers don’t know what have been done,” said Dan Sullivan, a principal at PricewaterhouseCoopers.
Sullivan spoke on a panel about LIBOR at the MBA National Secondary Mortgage Market Conference on Tuesday.
Regulators set LIBOR to be phased out in 2021 and have encouraged alternatives to take its place.
The New York Federal Reserve, together with the Office of Financial Research, a government agency, developed the Secured Overnight Funding Rate (SOFR) as a LIBOR alternative.
One of SOFR’s shortcomings, critics say, is that it is not a measure of what banks charge each other to borrow dollars, which LIBOR does.
“It’s a great index but it’s a risk-free rate. There’s a mismatch there,” said Stephen Kudenholt, co-chair of capital markets at Dentons US LLP.
SOFR is derived from daily trades in the repurchase agreement market where traders use their Treasuries holdings as collateral to obtain overnight cash.
LIBOR is based on a survey of banks on what they charge each other for dollars.
This main difference makes it tough for end users such mortgage lenders and servicers to set prices on loans and related products, according to the panelists.
Moreover, the absence of a vibrant futures market for SOFR makes it tough for traders and lenders to extrapolate a longer-term rate to hedge their interest rate risks, they added.
After SOFR’s launch in April, futures contracts tied to it began trading earlier this month, albeit with low daily volumes.
Dan Fichtler, a MBA director of housing finance policy, said there are concerns about the costs for the industry to overhaul its computer and accounting systems and processes to accommodate the change from LIBOR.
Mortgage servicers also face the burden of notifying and explaining to borrowers about the reference change to their mortgage rates when their floating-rate loans reset in 2021, the panelists said.
Al Qureshi, managing director of analytics at Incenter said he prefers more tweaks to LIBOR rather than abandoning it for an imperfect alternative.
“It’s an apple-and-orange question,” Qureshi said of choosing between the two rate benchmarks.
Reporting by Richard Leong; Editing by Daniel Bases
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-libor-mortgages/u-s-mortgage-industry-wary-of-transition-from-libor-idUSL2N1ST1Z7 |
May 11, 2018 / 12:41 PM / in 27 minutes RPT-Trump drug-pricing speech adds dose of uncertainty for healthcare investors Reuters Staff
(Repeats story originally published on May 10, no change to content)
By Lewis Krauskopf
NEW YORK, May 10(Reuters) - Investors are bracing for widespread volatility in healthcare stocks on Friday, when U.S. President Donald Trump is expected to give a highly anticipated speech about controlling prescription drug prices.
The S&P 500 healthcare sector has declined about 1 percent in 2018, underperforming the broader S&P 500 by more than two percentage points. Investors say concerns about drug pricing regulations have contributed to pressure on group.
Trump’s speech, delayed from earlier in the year, has injected added anxiety. He has addressed the issue of lowering prices in the past, saying as president-elect in January 2017, for example, that drugmakers were “getting away with murder” in what they charge the government for medicines.
“Investors don’t like uncertainty and this speech has created a fair amount of uncertainty,” said Les Funtleyder, healthcare portfolio manager at E Squared Capital Management. “We don’t really know what is necessarily priced in, what level of detriment to all these industries is priced in.”
Healthcare policy speeches by senior government officials in recent weeks also may have changed the thinking of investors.
“The sense is that the proposals could go a little further than what we have seen in the budget and other places,” said Ipsita Smolinski, managing director at healthcare research and consulting firm Capitol Street.
The speech could affect a broad group of stocks in the healthcare sector, which makes up 13.6 percent of the S&P 500.
“The president never shies away from fiery rhetoric, and we expect that in his speech he will finger manufacturers, pharmacy benefit managers (PBMs), insurers, hospitals, and foreign countries as responsible for high drug costs,” Height Capital Markets analyst Andrea Harris said in a note.
Harris said she expects “material headline risk” to the stocks but that the administration “will not implement the most material policies that Trump will suggest in the speech in the next two years, if ever.”
The healthcare sector was rallying on Thursday, up 1 percent in afternoon trading against a 0.7 percent gain by the S&P 500. Shares of companies potentially in the cross-hairs of Trump’s speech were higher, including pharmaceutical wholesaler Cardinal Health Inc and drug-benefit manager Express Scripts Holding Co.
Some analysts said on Thursday that investors could be becoming less worried about the speech while others said it was hard to predict what Trump might say.
Overall, shares of large pharmaceutical and biotech companies have struggled this year. While companies have endured product or other disappointments, analysts have pointed to concerns about pressures on drug-pricing as a cloud over the stocks.
By contrast, healthcare sectors seen as immune to such pricing concerns - makers of medical devices and research tools - have outperformed.
Friday’s speech may provide some clarity for investors, but the prospect of healthcare and drug pricing being a hot topic heading into the mid-term U.S. congressional elections in November may lead worries about the sector to persist.
“Even if we didn’t have a speech, people would be thinking about November and what may or may not happen and wouldn’t be investing with the same gusto that they otherwise would,” Funtleyder said. Additional reporting by Ankur Banerjee in Bangalore; Editing by Steve Orlofsky | ashraq/financial-news-articles | https://www.reuters.com/article/usa-healthcare-stocks/rpt-trump-drug-pricing-speech-adds-dose-of-uncertainty-for-healthcare-investors-idUSL1N1SI0IN |
Good morning from the WSJ City desks in London. WSJ City is the app that delivers concise, smart news on business and finance for mobile. Download for iPhone or Android. Here’s essential reading on today’s developments. MUST READS FROM WSJ CITY Apple said it will spend an additional $100 billion on stock buybacks, ramping up its payout to shareholders WSJ City PM: Barclays Begins Search for New Chairman, EU Concerns Linger Despite Extra Time on Tariffs, Ether Faces Scrutiny Next China Iron-Ore Futures Open to Outside World | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/02/wsj-city-apple-flexes-its-financial-muscles-trumps-trade-agenda-brings-heightened-tensions/ |
One Australian minister is raising concerns about the sustainability of infrastructure developments in the Pacific.
Speaking with CNBC's Oriel Morrison, Concetta Fierravanti-Wells, Australia's minister for international development and the Pacific, stressed the importance for infrastructure investments to "have a productive outcome" without imposing "unnecessary debt burdens."
Asked if Australia had aired its concerns to China , the major supplier of loans in the region over the past few years, she said her country works with Beijing in "various overseas development projects," pointing to a tri-lateral program on malaria in Papua New Guinea. Fierravanti-Wells has previously accused Beijing of funding "roads to nowhere."
"It's really important to take into account the vulnerability of Pacific island countries," said Fierravanti-Wells.
While the involvement of partners and donors to the region was welcome, she said, those investments need to examine the priorities of the Pacific and vulnerabilities of particular countries.
From Australia's perspective, Fierravanti-Wells said, it has committed "almost $4 billion" for overseas development assistance efforts in the form of grants that are focused on the Pacific in a "transparent, open manner."
"The issue, as I said, does come down to a general understanding and appreciation, in particularly the Pacific, a region that has a lot of vulnerabilities," she added, noting that small island states in the region are often located in remote locations with limited sources of revenue.
In reality, Fierravanti-Wells said, "it's one thing if it's development assistance in the form of a grant as opposed to a loan because of course loans carry with them terms, they carry with them conditions." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/australias-concetta-fierravanti-wells-on-infrastructure-investment.html |
May 10 (Reuters) - Terra Tech Corp:
* Q1 REVENUE ROSE 26 PERCENT TO $8.6 MILLION * Q1 LOSS PER SHARE $0.16 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-terra-tech-corp-reports-q1-loss-pe/brief-terra-tech-corp-reports-q1-loss-per-share-0-16-idUSASC0A1LU |
NEW YORK, May 7, 2018 /PRNewswire/ -- Moab Capital Partners, LLC, an SEC-registered independent investment advisor founded in 2006, and related entities ("Moab") which beneficially own approximately 1% of the outstanding common stock of Macquarie Infrastructure Corp. ("MIC" or, the "Company") (NYSE: MIC), issued the following statement today in response to leading independent proxy advisory firm Institutional Shareholder Services Inc.'s ("ISS") recommendation that MIC shareholders vote against three current directors – Norman Brown, George Carmany and James Hooke - at the Company's upcoming annual meeting of shareholders (the "Annual Meeting") scheduled to be held on May 16, 2018. Moab has been a shareholder of MIC since 2011.
Michael Rothenberg, President of Moab, issued the following statement:
"We appreciate and welcome the fact that ISS, the leading independent proxy research advisor, shares our significant concerns over the more than $2 billion in shareholder value destruction at MIC, and has recommended that shareholders vote against three of the Company's incumbent directors who have overseen this precipitous stock price decline and responded with a disingenuous and misleading communication strategy. While we welcome the ISS recommendation for shareholders to vote against Messrs. Brown, Carmany and Hooke, we believe that a fully reconstituted Board is necessary to restore the Board's credibility and realign MIC's strategy to serve the best interests of its shareholders and urge shareholders to vote against all of the Company's nominees at the upcoming Annual Meeting.
We echo the concerns raised by ISS regarding the 'credibility crisis' facing the current Board due to its failure to meaningfully explain MIC's inadequate and poorly timed disclosure of key financial metrics that would have been material to shareholders when the information first became available. We further agree with ISS's assessment that the investor community has imposed a 'mistrust discount' on the MIC stock price as a result of the Board's failure to timely disclose the sudden termination of contracts and resulting downturn in IMTT utilization."
Mr. Rothenberg concluded: "We call for the Board to be immediately refreshed to ensure there is effective independent oversight and restored credibility at MIC. In light of MIC's derailed growth strategy, we believe the best path forward for the Company would be to consider the following: the termination of the Management Services Agreement with a waiver of the Termination Fee, a spin-off of Atlantic Aviation (MIC's largest subsidiary) to shareholders, or exploring an outright sale of the Company."
Key Excerpts from the ISS Report Recommending that MIC Shareholders Vote Against the Re-Election of Messrs. Brown, Carmany and Hooke:
"The fact that the February 2018 meltdown in its stock price effectively wiped out MIC's TSR for the [five-year] period puts the magnitude of the decline in stark focus." "The extent of the one-day stock price drop, which wiped out more than $2 billion in shareholder value, suggests, at a bare minimum, a failed communications strategy . Though it has not been entirely dismissive of the dissident's campaign, the board has clearly focused on presenting its own story to the market, rather than directly addressing each of Moab's arguments . Most of the investor presentation filed in response to Moab's public letter centers on the company's performance and governance; only in the final two pages of the 20-page deck does the company directly counter Moab's criticism. By allowing this credibility crisis to persist, the company has amplified Moab's concerns, such as the dissident's argument (outlined in a May 2 press release) that "with the stock at current levels, fees…could lead the manager to increase leverage and pursue risky growth investments. Although the board has rejected Moab's assertions that the company's compensation structure is the root cause of poor decision-making, it has yet to address this concern in a way that sufficiently mitigates investors' skepticism."
(Emphasis added). "Where MIC's rebuttal appears weakest is in regard to the utilization decline timeframe posited by the dissident. The company has indicated that it only provides disclosure of aggregate utilization, rather than more granular details on capacity, for competitive reasons. Although the board asserts that Moab's allegations are misplaced because the dissident's calculations assume that utilization has declined in linear fashion, it has thus far failed to provide a conclusive, fact-based argument that definitively disproves the dissident's assumptions or calculations. Given the severity of the recent stock price decline, the board may want to reconsider whether the competitive benefits of limited disclosure continue to outweigh the mistrust discount being applied by the market."
(Emphasis added). "Finally, the fact pattern surrounding the Q4 earnings release also raises questions regarding the company's succession planning. Announcing such an abrupt shift in the company's dividend strategy – which the board claims to have thoroughly debated – less than two months after a management changeover first announced in September 2017 further undermines shareholder confidence in the board's long-term focus. Lastly, shareholders may wonder whether the board appropriately considered the optics of appointing the former CEO to the board in the wake of a stock price collapse soon following his resignation."
(Emphasis added). "In this case, a vote-no campaign against the entire board is being used as a blunt instrument to express, at the very least, shareholder frustration with a communications failure that has prompted the market to impose a credibility discount to the company's share price, as well as other concerns, such as with the external manager's compensation structure." "…it seems difficult to exculpate Lead Independent Director Norman Brown for the failure in MIC's communication with shareholders. Brown also serves as Chairman of the Audit Committee, which bears responsibility for what Moab has deemed as insufficient public disclosure. Despite the company's apparent efforts to identify new directors, the board refreshment process may be somewhat overdue. By its own admission in engagement with ISS, the board acknowledged it currently comprises mainly lawyers and bankers. Nomination/Governance Chairman George Carmany likely shoulders some responsibility in that regard. Lastly, former CEO James Hooke, despite overseeing strong performance over a number of years, is accountable for communicating to the market a narrative that changed dramatically immediately following his resignation and election to the board." "We note that shareholders do not have the ability to vote on Chairman Martin Stanley, who is elected by the external manager as the sole holder of the company's special stock." "The dissident's vote-no campaign has raised significant concerns that have not yet been definitively addressed by the board, underscoring a communications failure that resulted in a sudden, staggering loss in shareholder value." "…shareholders are recommended to vote AGAINST incumbent directors Brown, Carmany, and Hooke, who appear to bear the primary responsibility with regard to the factors underlying this subpar communication strategy."
Even if you have previously executed a proxy card in support of the election of MIC's director candidates, you can still change your vote by voting again on the Company's Proxy Card to vote "AGAINST" each and every Board member and help send a strong signal of shareholder dissatisfaction. Only your latest dated proxy will be counted.
Moab looks forward to continuing discussions with fellow shareholders, and we encourage you to contact Michael Rothenberg at the telephone number below.
About Moab Capital Partners, LLC
Moab is an SEC-registered independent investment advisor founded in 2006 and is located in New York, NY.
Investor contact :
Michael Rothenberg
Managing Member
Moab Capital Partners, LLC
212-981-2647
[email protected]
Written materials are submitted voluntarily pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934. This is not a solicitation of authority to vote your proxy. Moab is not asking for your proxy card and will not accept proxy cards if sent. The cost of this filing is being borne entirely by Moab and its affiliates.
PLEASE NOTE: Moab is not asking for your proxy card and cannot accept your proxy card. Please DO NOT send us your proxy card.
Permission to Quote: from the ISS report was neither sought nor obtained.
View original content: http://www.prnewswire.com/news-releases/moab-partners-gratified-that-iss-has-recommended-against-the-re-election-of-three-current-board-members-of-macquarie-infrastructure-corp-300643451.html
SOURCE Moab Capital Partners, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-moab-partners-gratified-that-iss-has-recommended-against-the-re-election-of-three-current-board-members-of-macquarie.html |
BURBANK, Calif., May 3, 2018 /PRNewswire/ -- Tylie Ad Solutions, a leading provider of cross-channel streaming and delivery services, announces the hire of Joanne Eckert as Senior VP of Sales. She joins Tylie during a period of growth, bringing new energy to the sales department as the company gears up for the launch of a new proprietary platform.
Eckert is a veteran of the Ad Sales and Marketing world with over 20 years of experience. An expert in sales strategy, she has a proven ability to land new clients and grow revenue in untapped and under-developed business categories.
"We are excited to welcome Joanne to Team Tylie," said CEO Tylie Jones. "With great tenacity and impressive insight, she makes a great addition. And as a service-driven company, we're thrilled to have a sales rep who understands how to put relationships first."
The first woman-owned business in the male-dominated advertising space, Tylie Ad Solutions is a trusted ally to hundreds of major agencies and brands.
Media contact:
Dash Hawkins
818-209-4134
www.tylie.com
View original content with multimedia: http://www.prnewswire.com/news-releases/tylie-ad-solutions-grows-with-addition-of-joanne-eckert-as-senior-vp-of-sales-300641396.html
SOURCE Tylie Ad Solutions | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-tylie-ad-solutions-grows-with-addition-of-joanne-eckert-as-senior-vp-of-sales.html |
It is actually a credit to Microsoft that its annual developers conference has become a bit boring.
Boring, at least, if you aren’t interested in a company bringing in staggering amounts of revenue and growing at its fastest pace in a decade. Microsoft didn’t even offer the excitement of the latest new device or Windows upgrade at its annual Build soiree that kicked off Monday. Instead it is all about what lies under the hood; specifically, the tools and services built on a massive global network powered by artificial intelligence.... | ashraq/financial-news-articles | https://www.wsj.com/articles/microsofts-quiet-path-to-surprising-growth-1525791280 |
CBS, Redstone brawl escalates into corporate warfare 2:25pm EDT - 01:57
The plot thickened surrounding the battle between the CBS board of directors and the media company's majority shareholder Shari Redstone as the board voted to slash her voting power and canceled its annual shareholder meeting. plot thickened surrounding the battle between the CBS board of directors and the media company's majority shareholder Shari Redstone as the board voted to slash her voting power and canceled its annual shareholder meeting. //reut.rs/2Irvj5L | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/18/cbs-redstone-brawl-escalates-into-corpor?videoId=428156054 |
May 24, 2018 / 10:53 AM / Updated 26 minutes ago Medical device maker Medtronic reports 25.5 pct rise in profit Reuters Staff 1 Min Read
May 24 (Reuters) - Medtronic Plc reported a 25.5 percent rise in quarterly profit on Thursday on higher demand for its heart devices.
Net income attributable to the company rose to $1.46 billion, or $1.07 per share, in the fourth quarter ended April 27, from $1.16 billion, or 84 cents per share, a year earlier.
Revenue rose 2.9 percent to $8.14 billion. (Reporting by Manas Mishra in Bengaluru; Editing by Shailesh Kuber) | ashraq/financial-news-articles | https://www.reuters.com/article/medtronic-results/medical-device-maker-medtronic-reports-25-5-pct-rise-in-profit-idUSL3N1SV4GF |
Caterpillar’s dilemma: keeping up with a surge in demand Wednesday, May 23, 2018 - 01:45
Orders for the mining machines and construction bulldozers made by Caterpillar are surging, but like several other industrial companies, meeting that boom in demand is proving to be a challenge on several fronts.
Orders for the mining machines and construction bulldozers made by Caterpillar are surging, but like several other industrial companies, meeting that boom in demand is proving to be a challenge on several fronts. //reut.rs/2IFQiSK | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/23/caterpillars-dilemma-keeping-up-with-a-s?videoId=429517237 |
May 11, 2018 / 9:03 PM / Updated 5 hours ago Iraqis expect little of first poll since defeat of Islamic State Michael Georgy , Ahmed Aboulenein 5 Min Read
BAGHDAD (Reuters) - Iraq holds its first parliamentary election on Saturday since defeating Islamic State, but few people expect its new leaders to deliver the stability and economic prosperity that have long been promised. A man walks past a campaign poster ahead of the parliamentary election in Kirkuk, Iraq May 11, 2018. REUTERS/Ako Rasheed
The oil producer has been struggling to find a formula for stability since a U.S.-led invasion toppled dictator Saddam Hussein in 2003, and politics has brought only disappointment to most Iraqis.
The three main ethnic and religious groups — the majority Shi’ite Arabs and the Sunni Arabs and Kurds — have been at odds for decades, and the sectarian divisions remain as deep as ever.
Iraqis seem to have little faith that a new parliament will be any more able to tackle their country’s numerous challenges.
Much of the northern city of Mosul was reduced to rubble in fighting to oust Islamic State, and it will require billions of dollars to rebuild. The economy is stagnant. Sectarian tensions, which erupted into 2006-2007, are still a major security threat. And Iraq’s two main backers, Washington and Tehran, are at loggerheads.
“I will participate but I will mark an ‘X’ on my ballot. There is no security, no jobs, no services. Candidates are just looking to line up their pockets, not to help people,” said Jamal Mowasawi, a 61-year-old butcher.
Incumbent prime minister Haider al-Abadi is considered by analysts to be marginally ahead, but victory is far from certain.
Once seen as ineffective, he improved his standing with the victory against Islamic State, which had occupied a third of Iraq.
But he lacks charisma and has failed to improve the economy. He also cannot rely solely on votes from his community as the Shi’ite voter base is unusually split this year. Instead, he is looking to draw support from other groups.
Even if Abadi’s Victory Alliance list wins the most seats, he still has to navigate the long-winded and complicated backroom negotiations required to form a coalition government.
His two main challengers, also Shi’ites, are his predecessor Nuri al-Maliki and Iranian-backed Shi’ite militia commander Hadi al-Amiri.
Amiri spent more than two decades fighting Saddam from exile in Iran. The 63-year-old leads the Badr Organisation, which was the backbone of the volunteer forces that fought Islamic State.
He hopes to capitalise on his battlefield successes. Victory for Amiri would be a win for Iran, which is locked in proxy wars for influence across the Middle East. DISILLUSIONED WITH POLITICIANS
But many Iraqis are disillusioned with war heroes and politicians who have failed to restore state institutions and provide badly needed health and education services.
Critics say Maliki’s sectarian policies created an atmosphere that enabled Islamic State to gain sympathy among some Sunnis as it swept across Iraq in 2014.
Maliki was sidelined soon afterward, after eight years in office, but now feels ready to make a political comeback.
In contrast to Abadi, with his cross-sectarian message, Maliki is again posing as Iraq’s Shi’ite champion, and is proposing to do away with the unofficial power-sharing model in which all the main parties have cabinet representatives.
Maliki, who pushed for U.S. troop withdrawals, and Amiri, who speaks fluent Farsi and spent years in exile in Iran during the Saddam era, are both seen as much closer to Tehran than Abadi.
“It’s the same faces and same programmes. Abadi is the best of the worst; at least under his rule we had the liberation (from Islamic State),” said 50-year-old fishmonger Hazem al-Hassan.
After the fall of Saddam, Iraqis put decades of brutal repression and costly military adventures behind them. But the U.S. occupation was followed by an insurgency and an al Qaeda campaign of bombings that triggered civil war. Then Islamic State imposed a reign of terror across vast areas.
Ever since Saddam fell, ending decades of dominance by the Sunni minority, senior government positions have been unofficially split between Iraq’s main groupings.
The post of prime minister has been reserved for a Shi’ite, the speaker is a Sunni, and the ceremonial presidency has gone to a Kurd - all three chosen by parliament.
More than 7,000 candidates in 18 provinces, or governorates, are running this year for 329 parliamentary seats.
The constitution sets a 90-day deadline for a government to be formed after the election results are formally announced, and the horse-trading can be protracted.
“There is no trust between the people and the governing class,” said Hussein Fadel, a 42-year-old supermarket cashier. “All sides are terrible. I will not vote.” Iraqi security members line up outside a polling station in Mosul. REUTERS/Khalid al-Mousily Reporting by Michael Georgy and Ahmed Aboulenein; Editing by Kevin Liffey | ashraq/financial-news-articles | https://in.reuters.com/article/iraq-election/iraqis-expect-little-of-first-poll-since-defeat-of-islamic-state-idINKBN1IC2L3 |
May 3 (Reuters) - MTN Group Ltd:
* QUARTER ACTIVE MTN MOBILE MONEY CUSTOMERS INCREASED BY 3,9% QOQ TO 22,7 MILLION
* QTRLY GROUP SUBSCRIBERS INCREASED BY 1,9% QUARTER-ON-QUARTER ,WITH NET ADDITIONS OF 4,1 MILLION
* QUARTER GROUP SERVICE REVENUE INCREASED BY 9,1%, QUARTER GROUP DATA REVENUE INCREASED BY 26,9%
* QTRLY MTN SOUTH AFRICA SERVICE REVENUE UP BY 2,5% WHILE EBITDA MARGIN INCREASED BY 150BP YEAR-ON-YEAR (YOY) TO 35,0%
* AIM TO CONCLUDE IPO PROCESS IN NIGERIA AND GHANA DURING 2018
* ON 20 APRIL 2018, RECEIVED ALL REQUIRED REGULATORY APPROVALS TO PROCEED WITH IPO IN GHANA, WHICH WE EXPECT TO LAUNCH IN LATE MAY 2018
* MTN CAMEROON IS WELL ADVANCED IN AGREEING TERMS OF ITS LICENCE AMENDMENTS AND EXPECTS TO SIGN REVISED LICENCE DURING MAY 2018
* MTN BENIN AND GOVERNMENT OF BENIN HAVE CONCLUDED A MEMORANDUM OF UNDERSTANDING
* MOU INCLUDES SETTLEMENT OF FREQUENCY FEES, 5-YEAR LICENCE EXTENSION AND ADDITION OF FTTX TO EXISTING LICENCE CONDITIONS SETTLED BY PAYING XAF35 BILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-mtn-group-qtrly-active-mtn-mobile/brief-mtn-group-qtrly-active-mtn-mobile-money-customers-increased-by-3-9-pct-idUSFWN1SA033 |
– Breakthrough Product is a Major Advance in the Treatment of Patients Hospitalized with Life-Threatening Bleeding –
Rivaroxaban
Apixaban
– Company to Host Conference Call on Friday, May 4, 2018 at 8:30 a.m. ET –
SOUTH SAN FRANCISCO, Calif., May 03, 2018 (GLOBE NEWSWIRE) -- Portola Pharmaceuticals, Inc. ® (Nasdaq:PTLA) today announced that the U.S. Food and Drug Administration (FDA) has approved Andexxa ® [coagulation factor Xa (recombinant), inactivated-zhzo], the first and only antidote indicated for patients treated with rivaroxaban and apixaban, when reversal of anticoagulation is needed due to life-threatening or uncontrolled bleeding.
Andexxa received both U.S. Orphan Drug and FDA Breakthrough Therapy designations and was approved under the FDA’s Accelerated Approval pathway based on the change from baseline in anti-Factor Xa activity in healthy volunteers. Continued approval for this indication may be contingent upon post-marketing study results to demonstrate an improvement in hemostasis in patients.
“Today’s approval represents a significant step forward in patient care and one that the medical community has been eagerly anticipating,” said Stuart J. Connolly, M.D., ANNEXA-4 Executive Committee chairman and professor in the Department of Medicine of the Faculty of Health Sciences at McMaster University in Hamilton, Ontario. “Andexxa’s rapid reversal of the anticoagulating effects of rivaroxaban and apixaban will help clinicians treat life-threatening bleeds, where every minute counts.”
The use of Factor Xa inhibitors is rapidly growing because of their efficacy and safety profile compared to enoxaparin and warfarin in preventing and treating thromboembolic conditions such as stroke, pulmonary embolism and venous thromboembolism (VTE). This growth has come with a related increase in the incidence of hospital admissions and deaths related to bleeding, the major complication of anticoagulation. In the U.S. alone in 2016, there were approximately 117,000 hospital admissions attributable to Factor Xa inhibitor-related bleeding and nearly 2,000 bleeding-related deaths per month.
“We are grateful to the patients who participated in our trials, our clinical trial collaborators, our employees and the FDA for their help in bringing this new drug to market for the benefit of patients with Factor Xa inhibitor-related bleeding,” said Bill Lis, chief executive officer of Portola. “We are proud that Andexxa is a first-in-class medicine discovered in our labs. In addition to Bevyxxa, the first and only anticoagulant approved for extended VTE prevention in acute hospitalized medical patients, Andexxa is our second FDA-approved product with the potential to save lives and have a major impact on global public health. We remain committed to our scientific leadership in the fields of thrombosis and hematologic cancers.”
The approval of Andexxa is supported by data from two Phase 3 ANNEXA studies (ANNEXA-R and ANNEXA-A) published in The New England Journal of Medicine , which evaluated the safety and efficacy of Andexxa in reversing the anticoagulant activity of the Factor Xa inhibitors rivaroxaban and apixaban in healthy volunteers (Figure 1 and Figure 2, respectively). As described in the label, results demonstrated that Andexxa rapidly and significantly reversed anti-Factor Xa activity (the anticoagulant mechanism of these medicines). The median decrease in anti-Factor Xa activity from baseline was 97 percent for rivaroxaban and 92 percent for apixaban.
Figure 1: http://resource.globenewswire.com/Resource/Download/4095503f-3499-484d-b338-8bfafc30b9a2
Figure 2: http://resource.globenewswire.com/Resource/Download/31eec65f-c059-43e3-aab2-f249be97a217
Interim data from the ongoing ANNEXA-4 single-arm, open-label study in patients with major bleeding also were assessed by the FDA as part of its review and approval. Data from 185 evaluable patients showed that Andexxa rapidly and significantly reversed anti-Factor Xa activity when administered as a bolus and sustained this reversal when followed by a 120-minute infusion. The median decrease from baseline was 90 percent for rivaroxaban and 93 percent for apixaban.
For additional Important Safety Information and Andexxa’s full Prescribing Information, please visit http://www.Andexxa.com .
The post-marketing requirement is a clinical trial that randomizes patients to receive either Andexxa or usual care (the type of care the enrolling institution would provide in the absence of Andexxa). This study is scheduled to be initiated in 2019 and be reported in 2023.
“The expansion of available reversal agents for people prescribed newer oral anticoagulant therapies is crucial,” said Randy Fenninger, chief executive officer of the National Blood Clot Alliance, a patient-led, voluntary health advocacy organization. “The availability now of a reversal agent specific to rivaroxaban and apixaban expands choice and enables patients and providers to consider these treatment options with greater confidence.”
Consistent with the Company’s prior plan, Portola expects to launch Andexxa under an Early Supply Program with Generation 1 product in early June. Broader commercial launch is anticipated in early 2019 upon FDA approval of its Generation 2 manufacturing process.
The Marketing Authorization Application (MAA) for andexanet alfa is also under review by the European Medicines Agency. The Committee for Medicinal Products for Human Use (CHMP) communicated a positive trend vote on the MAA in February 2018. A formal opinion from the CHMP is expected by the end of 2018, and the European Commission is expected to issue a decision in early 2019.
Conference Call Details
The live conference call, scheduled for Friday, May 4, 2018 at 8:30 a.m. ET, can be accessed by phone by calling (844) 452-6828 from the U.S. and Canada, or 1 (765) 507-2588 internationally, and using the passcode 1357748. The webcast can be accessed live on the Investor Relations section of the Company's website at http://investors.portola.com . It will be archived for 30 days following the call.
About Andexxa
Andexxa is a recombinant protein specifically designed to bind to Factor Xa inhibitors and rapidly reverse their anticoagulant effect. Andexxa is a modified form of the human Factor Xa molecule, an enzyme that helps blood clot. Andexxa works by acting as a decoy for oral and injectable Factor Xa inhibitors, which target and bind to Factor Xa, which allows them to exert their anticoagulant effect. When Andexxa is given to a patient with Factor Xa inhibitor-related bleeding, it binds to the Factor Xa inhibitor and prevents it from inhibiting the activity of Factor Xa and reverses the anticoagulant effects of the inhibitor.
IMPORTANT INFORMATION FOR ANDEXXA [coagulation factor Xa (recombinant), inactivated-zhzo]
BOXED WARNING: THROMBOEMBOLIC RISKS, ISCHEMIC RISKS, CARDIAC ARREST AND SUDDEN DEATHS
See full prescribing information for complete boxed warning
Treatment with Andexxa has been associated with serious and life‑threatening adverse events, including:
Arterial and venous thromboembolic events Ischemic events, including myocardial infarction and ischemic stroke Cardiac arrest Sudden deaths
Monitor for thromboembolic events and initiate anticoagulation when medically appropriate. Monitor for symptoms and signs that precede cardiac arrest and provide treatment as needed.
Indication
Andexxa [coagulation factor Xa (recombinant), inactivated-zhzo] is indicated for patients treated with rivaroxaban and apixaban, when reversal of anticoagulation is needed due to life-threatening or uncontrolled bleeding.
This indication is approved under accelerated approval based on the change from baseline in anti-Factor Xa (FXa) activity in healthy volunteers. An improvement in hemostasis has not been established. Continued approval for this indication may be contingent upon the results of studies to demonstrate an improvement in hemostasis in patients.
Andexxa has not been shown to be effective for, and is not indicated for, the treatment of bleeding related to any FXa inhibitors other than apixaban and rivaroxaban.
SELECT IMPORTANT SAFETY INFORMATION
Thromboembolic Risk
Arterial and venous thromboembolic events, ischemic events, sudden deaths, or events where a thrombotic event could not be ruled out were observed within 30 days post- Andexxa administration in 33 of the 185 patients (17.8%) evaluable for safety in the ongoing ANNEXA-4 study. The median time to these events was six days. Of the 86 patients who were re-anticoagulated prior to a thrombotic event, 11 (12.7%) patients experienced a thromboembolic event, ischemic event, cardiac event or death.
Monitor patients treated with Andexxa for signs and symptoms of arterial and venous thromboembolic events, ischemic events, and cardiac arrest. To reduce thromboembolic risk, resume anticoagulant therapy as soon as medically appropriate following treatment with Andexxa.
No thromboembolic events were observed in 223 healthy volunteers who received Factor Xa inhibitors and were treated with Andexxa.
The safety of Andexxa has not been evaluated in patients who experienced thromboembolic events or disseminated intravascular coagulation within two weeks prior to the life-threatening bleeding event requiring treatment with Andexxa. Safety of Andexxa also has not been evaluated in patients who received prothrombin complex concentrates, recombinant Factor VIIa, or whole blood products within seven days prior to the bleeding event.
Re-elevation or Incomplete Reversal of Anti-FXa Activity
The time course of anti-FXa activity following Andexxa administration was consistent among the healthy volunteer studies and the ANNEXA-4 study in bleeding patients. Compared to baseline, there was a rapid and substantial decrease in anti-FXa activity corresponding to the Andexxa bolus. This decrease was sustained through the end of the Andexxa continuous infusion. Following the infusion, there was an increase in anti-FXa activity, which peaked four hours after infusion in ANNEXA-4 subjects. After this peak, the anti-FXa activity decreased at a rate similar to the clearance of the FXa inhibitors.
Thirty-eight patients who were anticoagulated with apixaban had baseline levels of anti-FXa activity > 150 ng/mL. Nineteen of these 38 (50%) patients experienced a > 93% decrease from baseline anti-FXa activity after administration of Andexxa. Eleven patients who were anticoagulated with rivaroxaban had baseline anti-FXa activity levels > 300 ng/mL. Five of the 11 patients experienced a > 90% decrease from baseline anti-FXa activity after administration of Andexxa.
Adverse Reactions
The most common adverse reactions (≥ 5%) in patients receiving Andexxa were urinary tract infections and pneumonia.
The most common adverse reactions (≥ 3%) in healthy volunteers treated with Andexxa were infusion-related reactions.
Immunogenicity
As with all therapeutic proteins, there is potential for immunogenicity. Low titers of anti-Andexxa antibodies were observed in 26/145 healthy subjects (17%); 6% (9/145) were first observed at Day 30 with 20 subjects (14%) still having titers at the last time point (days 44 to 48). To date, the pattern of antibody response in patients in the ANNEXA-4 study has been similar to that observed in healthy volunteers with 6% of the patients having antibodies against Andexxa (6/98 patients). None of these anti-Andexxa antibodies were neutralizing. No antibodies cross-reacting with FX or FXa were detected in healthy subjects (0/145) or in bleeding patients to date (0/98).
Portola Pharmaceuticals, Inc.
Portola Pharmaceuticals is a commercial-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics that could significantly advance the fields of thrombosis and other hematologic diseases. The Company’s two FDA-approved medicines are Bevyxxa ® (betrixaban), the first and only oral, once-daily Factor Xa inhibitor, and Andexxa ® [coagulation factor Xa (recombinant), inactivated-zhzo], the first and only antidote for the Factor Xa inhibitors rivaroxaban and apixaban. The company also is advancing cerdulatinib, a SYK/JAK inhibitor for the treatment of hematologic cancers.
Forward-Looking Statements
This announcement contains forward-looking statements, including statements relating to Portola Pharmaceuticals’ expectations regarding post-marketing commitments required for Andexxa, the potential of Andexxa to save lives in the U.S. and other countries and the timing of commercial availability of Andexxa and regulatory milestones in Europe. These statements are subject to significant risks and uncertainties, and actual results could differ materially from those projected. Portola Pharmaceuticals cautions investors not to place undue reliance on the forward-looking statements contained in this release. These risks and uncertainties include, without limitation, risks and uncertainties that physicians may not see the benefits of utilizing Andexxa for the indications which it is approved; the ability of Portola to continue to manufacture Andexxa and to expand approved manufacturing facilities; the possibility of unfavorable results from additional clinical trials involving Andexxa; the risk that the EMA, may not approve Andexxa in the currently anticipated timelines or at all, and that any marketing approvals may have significant limitations on its use; the risk that Portola may not obtain additional regulatory approvals necessary to expand approved indications for Andexxa; and other general business risks which could have a material adverse impact on Portola’s business, including risks associated with the launch of Portola’s first product Bevyxxa ® ; regulatory actions or delays or government regulation generally; Portola’s ability to obtain or maintain proprietary intellectual property protection; the particular prescribing preferences of physicians and patients; global trends toward health care cost containment, including government, payor and general public pricing and reimbursement pressures; general economic and industry conditions, including the effects of the persistently weak economic and financial environment in many countries; safety, quality or manufacturing issues. Risks and uncertainties relating to Portola Pharmaceuticals and its business can be found in the “Risk Factors” section of Portola Pharmaceuticals’ Annual Report on Form 10-K for 2017, which was filed with the SEC on March 1, 2018, as updated by subsequent periodic reports filed by Portola with the SEC, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K which are deemed “filed” with the SEC. Portola Pharmaceuticals undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in Portola Pharmaceuticals’ expectations.
Investor Contact:
Cara Miller
Portola Pharmaceuticals
[email protected] Media Contact:
Christie Teller
Pure Communications
[email protected]
Source:Portola Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-u-s-fda-approves-portola-pharmaceuticalsa-andexxaa-first-and-only-antidote-for-the-reversal-of-factor-xa-inhibitors.html |
May 5, 2018 / 4:27 PM / Updated 4 hours ago Swansea still in deep trouble after Bournemouth loss Reuters Staff 1 Min Read Soccer Football - Premier League - AFC Bournemouth vs Swansea City - Vitality Stadium, Bournemouth, Britain - May 5, 2018 Bournemouth's Tyrone Mings and team mates celebrate as Swansea City's Tammy Abraham looks dejected after the match REUTERS/David Klein BOURNEMOUTH 1 SWANSEA CITY 0
Swansea City’s hopes of salvaging their place in the Premier League suffered a potentially grievous blow as Ryan Fraser’s deflected strike earned Bournemouth a 1-0 win on Saturday to secure another season of top-flight football for the Cherries.
Bournemouth ended a run of three straight defeats when Andrew Surman rolled a 37th-minute free kick across the edge of the box to the diminutive Fraser, whose shot cannoned off Alfie Mawson to leave Lukasz Fabianski with no chance. Slideshow (3 Images)
Jordan Ayew should have equalised minutes later only to shoot wide from six metres but although they had their chances, Carlos Carvalhal’s side were unable to add to their 33-point haul in the danger zone.
Swansea, winless in seven matches, have two more games at home to relegation rivals Southampton and doomed Stoke City but Eddie Howe’s Bournemouth, who could have won more convincingly but for fine keeping from Fabianski, are safe. Reporting by Ian Chadband, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-bou-swa/swansea-still-in-deep-trouble-after-bournemouth-loss-idUKKBN1I60MW |
WASHINGTON (AP) — A federal court has ruled that the Education Department violated privacy laws with regard to students defrauded by the Corinthian for-profit college chain.
In a break with Obama administration policy, Education Secretary Betsy DeVos announced in December that some students cheated by the now-defunct schools would only get a part of their federal student loan forgiven. In order to determine how much to forgive, the agency analyzes average earnings of graduates from similar programs.
But a California district court ruled late Friday that the department's use of Social Security Administration data in order to calculate loan forgiveness violates the Privacy Act. The court ordered that the Education Department stop the practice and stop debt collection from these students.
The court also said that it needs to hear more from the agency and plaintiffs in the class-action suit in order to decide whether or not to compel the agency to return to full loan forgiveness. A hearing is scheduled for June 4.
The decision marks an important victory for students challenging the partial loan forgiveness rule.
Toby Merill, director of the Project on Predatory Student Lending at Harvard University, which is representing the students, hailed the decision.
"The notion that students got anything other than negative value from Corinthian has been roundly disproved by student experience and the judgment of employers and the legitimate higher education sector," Merill said in a statement. "
An Education Department spokesperson did not respond to a request for comment Saturday.
DeVos said the approach of the Obama administration left room for potential abuse and unfairly burdened taxpayers who ended up paying for those loans with their taxes. DeVos said her new procedure will take into account the value a student received from their education and compensate them for what they didn't get.
But critics slammed the new rule as unfair since tens of thousands of Corinthian students have already received full loan discharge under the Obama administration. They said some students will not be able to get a full refund just by virtue of working a minimum-wage job in an unrelated field and making some income.
One of the plaintiffs in the suit, Jennifer Craig, borrowed $9,000 to attend a Corinthian medical insurance and billing program in 2014, but she never received her diploma because the school shut down in 2015. She was unable to get a job in her area of study because the school did not provide her with the necessary practical training. The Education Department only forgave 20 percent of her loan. Craig says that she and her husband live in poverty and are unable to pay off the remaining 80 percent.
The Obama administration cracked down hard on for-profit colleges accused of fraud and shut down Corinthian and other major chains and tightened regulations for the schools. The administration spent $550 million to fully forgive the loans of tens of thousands of students.
There are currently nearly 100,000 claims from students still pending at the department. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/26/the-associated-press-court-govt-violated-privacy-law-for-defrauded-students.html |
WASHINGTON (Reuters) - U.S. President Donald Trump on Friday blasted drugmakers and healthcare “middlemen” for making prescription drugs unaffordable for Americans, but healthcare stocks rose as it became clear the administration had avoided taking aggressive and direct measures to cut drug prices.
Health and Human Services Secretary Alex Azar listens as U.S. President Donald Trump delivers a speech about lowering prescription drug prices from the Rose Garden at the White House in Washington, U.S., May 11, 2018. REUTERS/Jonathan Ernst Trump said his administration would take aim at the “middlemen” in the drug industry who became “very very rich,” an apparent reference to health insurers and pharmacy benefit managers. He also said the pharmaceutical industry is making an “absolute fortune” at the expense of American taxpayers.
Foreign governments “extort” unreasonably low prices from U.S. drugmakers, Trump also said in a speech delivered as his health deputies released a series of proposals to address high drug costs.
But Zeke Emanuel, an expert on drug pricing and fellow at the Center for American Progress, said on CNN that to bring drug prices down, Trump would need to address drugmakers more directly.
“His rhetoric is taking them on, but the facts are he is not taking them on,” Emanuel said.
Healthcare shares dipped on Trump’s comments but quickly recovered as details of Trump’s blueprint on drug pricing circulated and the S&P 500 Health index .SPXHC rose 1.1 percent.
Slideshow (6 Images) Reporting by Yasmeen Abutaleb in Washington, additional reporting by Caroline Humer and Michael Erman in New York; editing by Bill Berkrot
| ashraq/financial-news-articles | https://in.reuters.com/article/us-usa-trump-drugpricing/trump-blasts-drugmakers-payers-for-high-u-s-drug-prices-idINKBN1IC2C0 |
HOLLYWOOD, Fla. & MIAMI--(BUSINESS WIRE)-- On May 29, 2018, after the NYSE closing, HEICO Corporation (NYSE: HEI.A) (NYSE: HEI) will release its financial results for the second quarter ended April 30, 2018. The earnings release will be available through the Internet on the Company’s web site at http://www.heico.com .
In order to assist interested parties in scheduling their participation in HEICO teleconferences, the Company issues advance notices of conference calls.
HEICO will hold a conference call on Wednesday, May 30, 2018 at 9:00 a.m. Eastern Daylight Time to discuss its second quarter results. Individuals wishing to participate in the conference call should dial: US and Canada (877) 586-4323, International (706) 679-0934, wait for the conference operator and provide the operator with the Conference ID 2364879. A digital replay will be available two hours after the completion of the conference for 14 days. To access, dial: (404) 537-3406, and enter the Conference ID 2364879 .
The Company has two classes of common stock traded on the NYSE. Both classes, the Class A Common Stock (HEI.A) and the Common Stock (HEI), are virtually identical in all economic respects. The only difference between the share classes is the voting rights. The Class A Common Stock (HEI.A) receives 1/10 vote per share and the Common Stock (HEI) receives one vote per share. The stock symbols for HEICO’s two classes of common stock on most web sites are HEI.A and HEI. However, some web sites change HEICO’s Class A Common Stock symbol (HEI.A) to HEI/A or HEIa.
HEICO Corporation is engaged primarily in the design, production, servicing and distribution of products and services to certain niche segments of the aviation, defense, space, medical, telecommunications and electronics industries through its Hollywood, Florida-based Flight Support Group and its Miami, Florida-based Electronic Technologies Group. HEICO’s customers include a majority of the world’s airlines and overhaul shops, as well as numerous defense and space contractors and military agencies worldwide, in addition to medical, telecommunications and electronics equipment manufacturers. For more information about HEICO, please visit our website at www.heico.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515005894/en/
HEICO Corporation
Victor H. Mendelson, 305-374-1745 Ext. 7590
or
Carlos L. Macau, Jr., 954-987-4000 Ext. 7570
Source: HEICO Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-heico-corporation-announces-regular-quarterly-conference-call.html |
SEOUL (Reuters) - Former North Korea spy chief and senior official Kim Yong Chol is headed to the United States after stopping over in Beijing, presumably for talks with U.S. officials regarding a possible summit between North Korean leader Kim Jong Un and President Donald Trump, South Korea’s Yonhap News Agency said on Tuesday.
Kim Yong Chol has been closely involved with talks with South Korea as well and his visit to the United States would further indicate preparations for the historic summit are moving ahead.
(The story corrects destination to United States, not Washington.)
Reporting by Christine Kim; Editing by Michael Perry
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-usa-official/former-north-korea-spy-chief-heads-to-washington-for-talks-with-u-s-officials-yonhap-idUSKCN1IU0AS |
May 10, 2018 / 8:29 PM / in 5 minutes Chipmaker Nvidia's revenue beats but data center miss weighs on shares Reuters Staff 3 Min Read
(Reuters) - Nvidia Corp’s ( NVDA.O ) quarterly revenue topped Wall Street estimates on Thursday as demand jumped for its graphics chips used in data centers and gaming devices. FILE PHOTO: The logo of Nvidia Corporation is seen during the annual Computex computer exhibition in Taipei, Taiwan May 30, 2017. REUTERS/Tyrone Siu/File Photo
But sales in its closely watched data center unit fell short of expectations, sending its shares down 2.5 percent in extended trading.
The U.S. chipmaker has diversified its revenue streams by turning to new growth areas such as data centers, artificial intelligence and self-driving cars, while also benefiting from robust sales in its biggest business of supplying graphics chips used in gaming.
Revenue from Nvidia’s data center business, which powers cloud-based services such as Amazon Web Services, Microsoft Azure as well as Google’s, rose 71 percent to $701 million, but missed analysts’ estimate of $703 million, according to Thomson Reuters I/B/E/S.
Revenue from Nvidia’s best-known business of gaming chips, also used by cryptocurrency miners, rose 68 percent to $1.72 billion, beating analysts’ average estimate of $1.65 billion.
However, revenue fell 1 percent quarter-over-quarter in the unit, suggesting a moderating growth from cryptocurrency.
A cryptocurrency boom has powered growth at Nvidia and rival Advanced Micro Devices Inc ( AMD.O ) as their graphics chips provide the high computing ability needed to mine popular virtual currencies such as bitcoin and ethereum, but the sector is battling volatility caused by swings in the currency’s value.
Revenue from Nvidia’s automotive business, which includes its Drive platform used in self-driving cars, rose 4 percent to $145 million, also topping analysts’ estimate of $132 million.
Nvidia suspended self-driving tests across the globe in March after an Uber Technologies Inc [UBER.UL] autonomous vehicle struck and killed a 49-year-old woman in Arizona.
The company’s net income rose to $1.24 billion, or $1.98 per share, in the first quarter ended April 29, from $507 million, or 79 cents per share, a year earlier.
Total revenue rose to $3.21 billion from $1.94 billion.
Excluding items, Nvidia earned 2.05 cents per share.
Analysts on average had expected revenue of $2.91 billion, according to Thomson Reuters I/B/E/S. Reporting by Sonam Rai in Bengaluru and Stephen Nellis in San Francisco; Editing by Sriraj Kalluvila | ashraq/financial-news-articles | https://www.reuters.com/article/us-nvidia-results/chipmaker-nvidias-revenue-surges-65-6-percent-idUSKBN1IB2X8 |
April 30 (Reuters) - Byte Computer SA:
* FY 2017 TURNOVER AT EUR 20.9 MILLION VERSUS EUR 25.1 MILLION YEAR AGO
* FY NET LOSS AT EUR 394,843 VERSUS EUR 926,015 YEAR AGO * FY EBITDA AT EUR 1.0 MILLION VERSUS EUR 0.6 MILLION YEAR AGO Source text : bit.ly/2jhDgLT Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-byte-computer-sa-fy-2017-net-loss/brief-byte-computer-sa-fy-2017-net-loss-at-eur-394843-idUSFWN1S714E |
May 9 (Reuters) - TMX Group Ltd:
* TMX GROUP LIMITED REPORTS RECORD RESULTS FOR FIRST QUARTER Q1/18
* Q1 EARNINGS PER SHARE C$1.13 * Q1 EARNINGS PER SHARE VIEW C$1.30 — THOMSON REUTERS I/B/E/S
* Q1 REVENUE C$207.2 MILLION VERSUS I/B/E/S VIEW C$201 MILLION
* SAYS INCREASED QUARTERLY DIVIDEND BY 8 CENTS PER COMMON SHARE, UP 16% TO 58 CENTS PER COMMON SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tmx-group-limited-reports-q1-adjus/brief-tmx-group-limited-reports-q1-adjusted-eps-of-c1-33-idUSASC0A19D |
VANCOUVER, British Columbia, May 23, 2018 (GLOBE NEWSWIRE) -- Chakana Copper Corp. (TSX-V:PERU) (OTC:CHKKF) (FWB:1ZX) (the “ Company ” or “ Chakana ”), is pleased to announce that it has expanded its mineral rights at the Soledad project (the “Project”) optioned from Condor Resources Inc. Chakana now has, or can earn, a 100% interest in 2,018.89 hectares covering the cluster of nine known breccia pipes shown in Figure 1. The Project is located 35 km south of the Pierina mine in the prolific Miocene metallogenic belt of Peru. The new mineral rights were acquired through an option, an outright purchase, and staking.
Map showing original Soledad land position optioned from Condor Resources (blue) and expanded land position (black outline).
Maps showing gold in surface rock samples collected by Condor Resources and Mariana Resources over (A) Bx 1, and (B) Bx 5. For additional results and a discussion of the sampling and analytical methods see www.chakanacopper.com Readers are cautioned that surface rock samples are, by nature, selective and are unlikely to represent average grades on the Project.
Maps showing gold in surface rock samples collected by Chakana over (A) the Huancarama Breccia Complex, and (B) the Paloma East and Paloma West pipes. For additional results and a discussion of the sampling and analytical methods see www.chakanacopper.com . Readers are cautioned that surface rock samples are, by nature, selective and are unlikely to represent average grades on the Project.
Images showing surface expression of Bx 1, Bx 5, Huancarama Breccia Complex, and Paloma East and West. Note drill rig for scale for Bx 1 and Bx 5. Main massif on right at Huancarama measures approximately 60 m across. Distance between Paloma East and Paloma West is 220 metres. Rock samples from: Bx 1 (A) shingle breccia, (B) mosaic breccia (field of view 1.5 m wide); Bx 5 (C) shingle breccia, (D) mosaic breccia; Huancarama (E) mosaic breccia, (F) shingle breccia; Paloma West (G) shingle breccia, Paloma East (H) shingle breccia.
“The expansion and consolidation of our mineral rights at Soledad is strategic as it covers four additional mineralized tourmaline breccia pipes and it allows access to the cluster of breccia pipes from the valley below,” said President and CEO David Kelley. “The four additional pipes include the Huancarama Breccia Complex, Paloma East and West pipes, and Perenne, bringing the total number of principal pipes to nine. All have characteristic surface mineralization and breccia textures that make them highly prospective drill targets. In addition, there are eleven areas with strongly altered andesitic volcanic rock consisting of sheeted quartz-sericite-tourmaline veining now believed to be the vertical expression of blind breccia bodies,” added Mr. Kelley.
Previous surface rock chip and channel sampling over Breccia Pipes 1 and 5 (Bx 1 and Bx 5, respectively) by Condor Resources and Mariana Resources show strongly anomalous gold results (Fig. 2). Recent rock chip and channel sampling by Chakana over the Paloma and Huancarama pipes show a similar strong geochemical response to Bx1 and Bx5 (Fig. 3). Sampling of the Perenne pipe is in progress.
“These sampling results are highly encouraging as they suggest a style of mineralization similar to what we have already drilled in Bx 1 and Bx 5. The Huancarama Breccia Complex is especially exciting as it is the largest exposure of mineralized breccia we have encountered thus far at surface,” states Kelley.
Huancarama is a breccia complex with a main massif on the east that measures approximately 60 metres in diameter. It is surrounded by 5 additional breccia bodies that extend to the west for 200 metres and a collapse zone adjacent to the massif that measures 30 by 50 metres (Fig. 3). The main massif is strongly anomalous in gold with values up to 9.6 g/t Au. Limited sampling of the peripheral breccia bodies show that they are anomalous with values up to 1.23 g/t Au. The collapse feature is reported to have resulted from historic underground removal of mineralized material allowing the ground above to collapse. The breccia complex is at an elevation of 3,950 metres, 450 metres below the highest pipe Breccia Pipe 6 (Bx 6) with an elevation of 4,400 metres.
The Paloma pipes include two prominent breccia pipes along a northeast trending structural zone (Fig. 3). Paloma East is a conical shaped pipe with a diameter of 25 metres. The larger Paloma West pipe measures 30 by 40 metres and is surrounded by smaller breccia bodies and strongly sericite-altered andesitic tuff. The northeast trending Paloma zone measures 340 metres and ranges in elevation from 4,000 to 4,165 metres. Surface rock samples are strongly anomalous with values up to 7.79 g/t Au (Fig. 3).
Breccia textures and alteration are consistent between the different breccia pipes with shingle and mosaic breccia being most common (Fig. 4). Alteration consists of pervasive quartz-sericite-tourmaline replacement of all primary minerals in the host andesitic crystal-lithic tuff. Drilling at Bx 1 and Bx 5 has shown that both types are breccia can be strongly mineralized, with exceptional grades found in shingle breccia at the breccia pipe margin. Chakana began a 16,000m drill program in August of 2017 designed to determine the economic potential of several quartz-tourmaline-sulfide breccia pipes that crop out at surface. A total of 14,700m have been drilled to date in 55 holes. Highlights from Chakana drilling include 113.0m of 1.17% Cu, 3.58 g/t Au, and 51.5 g/t Ag (3.95% Cu_eq) from surface in Bx 1, and 164.0m of 0.51% Cu, 1.68 g/t Au and 27.4 g/t Ag (1.84% Cu_eq) from 12m in Bx 5 (see news releases dated Feb 7 and Feb 22, 2018 at www.chakanacopper.com ).
Summary of Land Acquisition
In the first transaction, 10 mining concessions totaling 630.73 hectares were acquired April 1, 2018 through a purchase option agreement between Chakana Resources S.A.C. and a Peruvian family. Pursuant to this option agreement, Chakana Resources S.A.C. can acquire a 100% interest in the optioned properties in consideration for aggregate cash payments of US$2,300,000 over 4.5 years with US$1,500,000 of this amount due up exercise of the option. Under the terms of the option agreement, the vendors are entitled, upon exercise of the option, to a 2% NSR that Chakana can purchase at any time for USD $2,000,000.
Two smaller mining concessions totaling 31.84 hectares were purchased outright from a private Peruvian company and an individual for USD$200,000. There are no retained royalties.
An additional 217.63 hectares of mining concessions have been acquired directly by Chakana through application with the Instituto Geológico Minero y Metalúrgico (INGEMMET).
Sampling and Analytical Procedures
Chakana follows rigorous sampling and analytical protocols that meet industry standards. Samples for assay are stored in a secured area until transport in batches to the ALS facility in Callao, Lima, Peru. Samples are processed under the control of ALS with the samples including certified reference materials, a coarse and finely-crushed blank and duplicates samples. All samples are analyzed using the ME-MS41 procedure in order to obtain a comprehensive multi-element overview of the geochemistry. Gold is analyzed by ME-MS41 (not considered reliable), AA24 (higher precision) and GRA22 when values exceed 10 g/t. Over limit silver, copper, lead and zinc is analyzed using the OG-46 procedures.
Additional information concerning the Project is available in a technical report prepared in accordance with National Instrument 43-101 made available on Chakana’s SEDAR profile at www.sedar.com .
Qualified Person
Technical information in this news release has been approved by David Kelley, Qualified Professional - Geology designation from the Mining and Metallurgical Society of America, the President, CEO and a Director of Chakana and a Qualified Person as defined by NI 43-101 – Standards of Disclosure for Mineral Projects . Mr. Kelley has verified the sampling and analytical procedures and has reviewed the assay data set out in this News Release during continued visits to the Soledad project; inspection of samples at site prior to shipment to the assay laboratory; and as the direct recipient of the corresponding assay results from the assay laboratory.
ON BEHALF OF THE BOARD
(signed) “ David Kelley ”
David Kelley
President and CEO
For further information contact:
Michelle Borromeo, Manager – Corporate Communications
Phone: 604-715-6845
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Chakana to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information relates to, among other things, the interpretation of the nature of the mineralization at the Project, the potential to grow the Project, the potential to expand the mineralization, the planning for further exploration work, the ability to de-risk the potential exploration targets, and our belief about the unexplored parts of the Project. These forward-looking statements are based on management’s current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward- looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
Photos accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/c9337e0e-1be4-4b85-a34a-3c0492a3b043
http://www.globenewswire.com/NewsRoom/AttachmentNg/63f1cd31-41ce-49d0-b7d7-b4aee62fe37f
http://www.globenewswire.com/NewsRoom/AttachmentNg/2b9de922-b3ad-4a51-9d46-352cef1d9f1f
http://www.globenewswire.com/NewsRoom/AttachmentNg/3ef9ad31-2cdd-4f03-8868-9d95263a87f6
Source:Chakana Copper Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-chakana-copper-acquires-four-new-breccia-pipes-doubles-soledad-land-position.html |
May 4, 2018 / 10:06 PM / Updated 25 minutes ago Obesity in pregnancy linked to early puberty for girls Lisa Rapaport 4 Min Read
(Reuters Health) - Mothers who are overweight or obese during pregnancy are more likely to have daughters go through early puberty than pregnant women who are a normal weight, a U.S. study suggests.
Researchers examined medical records for nearly 15,300 mother-daughter pairs. Compared to daughters whose mothers were a normal weight during pregnancy, girls whose mothers were obese were 39 percent more likely to develop breasts early, the study found - typically, seven months sooner.
Some girls, particularly white and Asian girls, also developed pubic hair earlier when their mothers were obese during pregnancy, though this wasn’t true for Hispanic daughters, and African-American girls actually had later pubic hair development under these circumstances.
“It has been known that obesity during pregnancy or excess gestational weight gain can lead to complications of pregnancy as well as (negative) birth outcomes and childhood obesity,” said lead study author Dr. Ali Kubo of the Kaiser Permanente Northern California Division of Research in Oakland. “Our study extends the previous knowledge showing that obesity and (high blood sugar) may also influence pubertal timing.”
“Young age at puberty in girls is associated with numerous adverse emotional and behavioral outcomes, including higher risk for anxiety, depression, body dissatisfaction, early sexual initiation and pregnancy during adolescence, and later in life, risks of cardiac problems, all-cause mortality, and breast and reproductive cancers,” Kubo said by email.
Children who go through early puberty may be shorter than average adults because their bones may stop growing at a younger age, and they are also at increased risk of obesity as adults. During adolescence, they may face an increased risk of social and emotional problems and earlier sexual experiences.
Some recent research points to earlier puberty onset in the general population, especially in girls in developed countries. Environmental factors like diet, obesity and chemicals that mimic human hormones have all been suspected of playing a role.
In the current study, which was drawn from data collected between 2003 and 2017, researchers also found that when mothers were overweight but not obese during pregnancy, daughters were 21 percent more likely to experience early breast development than girls with normal weight pregnant mothers.
In addition, women who had high blood sugar during pregnancy were more likely to have daughters go through early breast development, researchers report in the American Journal of Epidemiology.
The study wasn’t a controlled experiment designed to prove whether or how women’s weight during pregnancy directly influences puberty timing in their daughters.
Still, the results underscore a need for women . . . to focus on healthy habits and achieving a healthy weight before they consider a pregnancy, said Dr. Amos Grunebaum, a researcher at Weill Cornell Medicine in New York City who wasn’t involved in the study.
“Obesity changes the whole body and is part of the `metabolic syndrome,’ a cluster of conditions that occur together, and also increases the risk of heart disease, stroke, and diabetes,”Grunebaum said by email. “With obesity, a woman’s hormones are abnormal, and . . . as this study shows it can affect the developing fetus with long term consequences.”
SOURCE: bit.ly/2HQzsvN American Journal of Epidemiology, online April 16, 2018. | ashraq/financial-news-articles | https://in.reuters.com/article/us-health-puberty/obesity-in-pregnancy-linked-to-early-puberty-for-girls-idINKBN1I52LO |
Party City, the party supply store, says it has become the first national retail chain in the U.S. to offer a range of decorations for the Muslim holy month of Ramadan and the festival of Eid al-Fitr, which ends the Ramadan fast.
According to a CNN report , the chain is selling the decorations online and trialling them in a limited number of stores, and demand has been “very strong.”
Ramadan began at sundown on Tuesday evening, and Eid al-Fitr begins at sundown on June 14. According to Islamic belief, the month of Ramadan commemorates the archangel Gabriel’s visit to the prophet Muhammad, in which he began to reveal the Quran, Islam’s central religious text.
The U.S. has a growing Muslim population, estimated to total 3.45 million at the moment, but surveys have shown that many still don’t believe the religion is accepted in the American mainstream.
As an article in the Houston Chronicle notes, Muslin community leaders have for years been urging retailers to tap into the expanding Muslim market, which has an estimated purchasing power of up to $200 billion.
Party City’s decorations provide just one example of this happening. Last year, Mattel (mat) released its first hijab-wearing Barbie doll , and Nike (nke) started selling sporting hijabs .
The retailers’ efforts are “a step forward to making Muslims feel welcomed,” American Muslim woman Farah Zubair told the Chronicle . | ashraq/financial-news-articles | http://fortune.com/2018/05/16/party-city-ramadan-2018-eid-al-fitr-islam-muslim-retail/ |
May 1 (Reuters) - Publix:
* SAYS COMPARABLE STORE SALES FOR Q1 OF 2018 INCREASED 5.1 PERCENT
* SAYS SALES FOR Q1 OF 2018 WERE $9.3 BILLION, A 6.8 PERCENT INCREASE FROM LAST YEAR’S $8.7 BILLION
* SAYS QTRLY EPS EXCLUDING IMPACT OF FAIR VALUE ADJUSTMENT $0.96
* SAYS EPS FOR Q1 INCREASED TO $0.93 FOR 2018 Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-publix-reports-51-pct-increase-in/brief-publix-reports-5-1-pct-increase-in-q1-comparable-store-sales-idUSFWN1S80K3 |
LONDON (Reuters) - Sterling rose on Monday as the dollar weakened against its rivals and investors focused on economic data that could help the pound recover after the Bank of England last week held rates and cut its growth projections.
Pound notes and coins are seen inside a cash register in a bar in Manchester, Britain September 6, 2017. REUTERS/Phil Noble At GMT 1010 the pound was up 0.4 percent at $1.3589 and trading flat against the euro to 88.20 pence..
On Thursday the BoE held interest rates steady as expected but cut its growth and inflation projections for this year and next, sending sterling to a four-month low against the dollar.
The decision left traders sceptical about whether the central bank will hike rates at all this year.
Market expectations of a rate hike in August are currently below 50 percent compared to nearly 60 percent at the start of last week.
Analyst at ING, though, said that the chances of a summer interest rate hike were being underestimated and that strong unemployment data on Tuesday could send the pound on a trajectory toward $1.37-1.38 range.
“An overall solid UK jobs report would go a long way to rekindling some of the lost BoE policy tightening sentiment in recent weeks,” said ING FX strategist Viraj Patel, in a note to clients.
Reporting by Tom Finn; Editing by Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-sterling/sterling-rises-as-dollar-hits-soft-patch-data-eyed-idUSKCN1IF0W5 |
JACKSONVILLE, Fla., May 14, 2018 /PRNewswire/ -- Southeastern Grocers, LLC ("SEG" or "the Company") announced today that the United States Bankruptcy Court for the District of Delaware (the "Court") has confirmed the Company's Amended Prepackaged Chapter 11 Plan (the "Plan"). The Company expects to complete its financial restructuring process and emerge from Chapter 11 in the coming weeks, after the conditions of the Plan are satisfied.
As previously announced, the Plan will decrease overall debt levels by approximately $600 million (including $522 million of debt exchanged for equity in the reorganized Company) and strengthen the Company's balance sheet, allowing SEG to invest in the business to further support its financial health and long-term success.
Anthony Hucker, President and Chief Executive Officer of SEG, said, "We are delighted with the Court's swift approval which marks a major milestone in the transformation and correction of our business. This confirmation paves the way for us to emerge as a strong, viable business that is well-positioned to succeed in the competitive retail market.
"I want to thank our dedicated associates who have remained focused on ensuring our customers and communities can count on us. We're rooted in our purpose and now firmly on our path to success. We're eager to show our customers how far we've come – and how far we're going – as we emerge from this process."
SEG will continue to operate more than 575 stores under the BI-LO, Fresco y Más, Harveys Supermarket and Winn-Dixie banners, providing great service, quality and value throughout the seven states that SEG serves.
Additional information about the Company's restructuring efforts is available at www.segrocers.com/restructuring . Court documents and additional information can be found at a website administered by the Company's claims agent, Prime Clerk, at http://cases.primeclerk.com/SEG .
Advisors
Weil, Gotshal & Manges LLP is serving as legal counsel, Evercore is serving as investment banker, and FTI Consulting Inc. is serving as restructuring advisor to SEG.
About Southeastern Grocers
Southeastern Grocers, LLC, (SEG) parent company and home of BI-LO, Fresco y Más, Harveys Supermarket and Winn-Dixie grocery stores, is one of the largest conventional supermarket companies in the U.S. SEG grocery stores, liquor stores and in-store pharmacies serve communities throughout the seven southeastern states of Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina and South Carolina. BI-LO, Fresco y Más, Harveys Supermarket and Winn-Dixie are well-known and well-respected regional brands with deep heritages, strong neighborhood ties, proud histories of giving back, talented and caring associates and strong commitments to providing the best possible quality and value to customers. For more information, visit www.bi-lo.com , www.frescoymas.com , www.harveyssupermarkets.com and www.winndixie.com .
Cautionary Statements Regarding Forward-Looking Information
Certain statements in this press release constitute forward-looking statements. Such statements are not historical fact and are forward-looking statements. Certain of these forward-looking statements can be identified by the use of words such as "believes," "anticipates," "expects," "intends," "plans," "projects," "estimates," "assumes," "may," "should," "could," "would," "shall," "will," "seeks," "targets," "future," or other similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors, and our actual results, performance or achievements could differ materially from results, performance or achievements expressed in these forward-looking statements. Such statements include, but are not limited to, statements relating to the court-supervised restructuring process, descriptions of management's strategy, plans, objectives, expectations, or intentions, including the ability to support the company's operations during the restructuring process and descriptions of assumptions underlying any of the above matters and other statements that are not historical fact.
The above factors, risks and uncertainties are difficult to predict, contain uncertainties that may materially affect actual results and may be beyond the Company's control. New factors, risks and uncertainties emerge from time to time, and it is not possible for management to predict all such factors, risks and uncertainties. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore any of these statements may prove to be inaccurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the results or conditions described in such statements or the Company's objectives and plans will be achieved. These forward-looking statements speak only as of the date such statements were made or any earlier date indicated, and the Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changes in underlying assumptions or otherwise. If the Company were in any particular instance to update or correct a forward-looking statement, investors and others should not conclude that the Company would make additional updates or corrections thereafter.
Joe Caldwell
Jed Repko or Meaghan Repko
Senior Manager; Corporate Communications
Joele Frank, Wilkinson Brimmer Katcher
904-318-7197
212-355-4449
[email protected]
View original content: http://www.prnewswire.com/news-releases/southeastern-grocers-plan-of-reorganization-confirmed-by-court-300647955.html
SOURCE Southeastern Grocers, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-southeastern-grocers-plan-of-reorganization-confirmed-by-court.html |
HOLMDEL, N.J., May 8, 2018 /PRNewswire/ -- Vonage Holdings Corp. (NYSE: VG), a business cloud communications leader, today announced results for the quarter ended March 31, 2018.
Consolidated Results
"We are proud of our strong first quarter financial results and the progress we are making transforming Vonage into a cloud communications leader," said Vonage CEO Alan Masarek. "We believe that communications is key to driving business transformation. Our unique platform strategy of combining unified communications and embedded communications is delivering better business outcomes to our customers by linking employee and customer communications seamlessly into company workflows."
For the first quarter of 2018, Vonage reported revenues of $254 million, a 4% increase from the year ago quarter. Income from Operations was $18 million, up from $5 million in the prior year. Adjusted Operating Income Before Depreciation and Amortization ("Adjusted OIBDA") 1 was $42 million, up from $37 million in the prior year. GAAP net income was $25 million or $0.11 per share, up from $6 million or $0.03 per share in the year ago quarter. Adjusted net income 2 was $31 million or $0.13 per share, up from $15 million or $0.07 per share in the year ago quarter.
Business Segment Results and Highlights
Vonage Business total revenues were $137 million, representing 54% of total consolidated revenues and 22% GAAP growth.
UCaaS revenues were $95 million, of which $74 million were service revenues. Service revenues increased 16% year-over-year on an organic 3 basis. Nexmo revenues (which are all service revenues) were $42 million, a year-over-year increase of 42% on an organic 4 basis. Increased registered developers on the Nexmo API Platform to 485,000, a sequential increase of 55,000. Launched a new comprehensive channel program to accelerate adoption of business cloud communications in mid-market and enterprise segments. Announced Vee, a virtual assistant chatbot enabling Vonage Business Cloud users to streamline managing account services via simple, natural language text commands.
The Company created new Vonage Business KPIs to better reflect how it manages its UCaaS and Nexmo products on a combined basis. The new KPIs are:
Service Revenue per Customer, which includes UCaaS and Nexmo products. The Company is providing this metric to enable investors to track Vonage's "land and expand" strategy and its move to the mid-market and Enterprise. Service revenue per customer in the first quarter of 2018 was $328, a 3% year-over-year increase. Business Churn, which measures revenue churn on a combined basis, was 1.2% in the first quarter of 2018, consistent with the year ago quarter.
Consumer Segment Results and Highlights
Consumer revenues were $117 million in the first quarter of 2018 compared to $132 million in the prior year, a decline of 11%. Consumer customer churn was 1.9%, flat sequentially and down from 2.2% in the year ago quarter. Average revenue per line ("ARPU") in Consumer was $26.58, up from $26.10 in the year ago period. The Consumer segment ended the first quarter with approximately 1.4 million subscriber lines. Consumer's tenured customers, defined as those with the Company for more than two years, increased to 83% of the base. The churn rate of this tenured cohort is 1.4%.
Conference Call and Webcast
Management will host a conference call to discuss first quarter 2018 financial results and other matters at 8:30 AM Eastern Time. To participate, please dial (866) 891-8177. International callers should dial (412) 902-6756.
A live webcast of the event will be available on the Vonage Investor Relations website. A replay of the call and webcast will be available shortly after the conclusion of the call and may be accessed through Vonage's Investor Relations website or by dialing (877) 344-7529 or (412) 317-0088, passcode 10119659.
(1) This is a non-GAAP financial measure. Refer below to Table 4 for a reconciliation to GAAP income from operations.
(2) This is a non-GAAP financial measure. Refer below to Table 5 for a reconciliation to GAAP net income.
(3) We define organic UCaaS growth as the increase in UCaaS revenues after giving pro forma effect for the exclusion of one-time items. See Table 3 for reference.
(4) We define organic Nexmo growth as the increase in Nexmo revenues after giving pro forma effect for the change in accounting treatment with respect to certain Nexmo revenues being recognized on a gross rather than net basis. See Table 3 for reference.
VONAGE HOLDINGS CORP.
TABLE 1. CONSOLIDATED FINANCIAL DATA
(Amounts in thousands, except per share amounts)
Three Months Ended
March 31,
December 31,
March 31,
2018
2017
2017
(unaudited)
(unaudited)
(unaudited)
Statement of Operations Data:
Revenues
$
253,573
$
254,020
$
243,347
Operating Expenses:
Cost of revenues
(excluding depreciation and amortization
of $6,434, $6,811, and $6,782,
respectively)
103,567
103,266
94,889
Sales and marketing
77,136
78,006
81,931
Engineering and development
10,820
7,634
8,370
General and administrative
27,582
24,126
35,086
Depreciation and amortization
16,800
18,003
17,947
235,905
231,035
238,223
Income from operations
17,668
22,985
5,124
Other income (expense):
Interest expense
(3,161)
(3,483)
(3,703)
Other income (expense), net
(253)
327
(215)
(3,414)
(3,156)
(3,918)
Income before income tax
14,254
19,829
1,206
Income tax benefit (expense)
10,270
(75,102)
4,707
Net income (loss)
$
24,524
$
(55,273)
$
5,913
Earnings (loss) per common share:
Basic
$
0.11
$
(0.24)
$
0.03
Diluted
$
0.10
$
(0.24)
$
0.02
Weighted-average common shares outstanding:
Basic
233,034
229,339
220,371
Diluted
248,481
229,339
239,486
VONAGE HOLDINGS CORP.
TABLE 1. CONSOLIDATED FINANCIAL DATA - (Continued)
(Dollars in thousands, except per share amounts)
Three Months Ended
March 31,
December 31,
March 31,
2018
2017
2017
(unaudited)
(unaudited)
(unaudited)
Statement of Cash Flow Data:
Net cash provided by operating activities
$
23,468
$
47,458
$
17,261
Net cash used in investing activities
(6,397)
(7,111)
(6,759)
Net cash used in financing activities
(25,062)
(39,485)
(13,540)
Capital expenditures, intangible assets, and
development of software assets
(6,397)
(8,061)
(7,081)
March 31,
December 31,
2018
2017
(unaudited)
Balance Sheet Data (at period end):
Cash and cash equivalents
$
23,536
$
31,360
Restricted cash
1,835
1,967
Accounts receivable, net of allowance
43,927
44,159
Inventory, net of allowance
2,934
2,971
Prepaid expenses and other current assets
34,006
31,285
Property and equipment, net
44,296
46,754
Goodwill
377,735
373,764
Software, net
22,511
22,252
Deferred customer acquisition costs, current and non-current
38,138
—
Intangible assets, net
166,506
173,270
Deferred tax assets
111,653
110,892
Other assets
20,647
20,007
Total assets
$
887,724
$
858,681
Accounts payable and accrued expenses
$
105,666
$
115,472
Deferred revenue, current and non-current
29,180
30,576
Total notes payable, net of debt related costs and indebtedness
under revolving credit facility, including current portion
232,915
232,515
Other liabilities
7,765
7,220
Total liabilities
$
375,526
$
385,783
Total stockholders' equity
$
512,198
$
472,898
VONAGE HOLDINGS CORP.
TABLE 2. SUMMARY CONSOLIDATED OPERATING DATA
(Amounts in thousands, except per line/seat amounts)
(unaudited)
The table below includes revenues and cost of revenues that our management uses to measure the growth and operating performance of the business focused portion of our business:
Business
Three Months Ended
March 31,
December 31,
March 31,
2018
2017
2017
Revenues:
Service
$
116,302
$
113,304
$
91,797
Access and product (1)
12,531
13,349
13,854
Service and Access and product
128,833
126,653
105,651
USF
7,835
7,447
6,151
Total Business Revenues
$
136,668
$
134,100
$
111,802
Cost of Revenues:
Service (2)
$
52,982
$
50,013
$
37,409
Access and product (1)
14,491
14,369
14,988
Service and Access and product
67,473
64,382
52,397
USF
7,840
7,447
6,151
Cost of Revenues
$
75,313
$
71,829
$
58,548
Service margin %
54.4
%
55.9
%
59.2
%
Gross margin % ex-USF (Service and
Access and product margin %)
47.6
%
49.2
%
50.4
%
Gross margin %
44.9
%
46.4
%
47.6
%
(1) Includes customer premise equipment, access, and shipping and handling.
(2) Excludes depreciation and amortization of $4,973, $5,169, and $4,875 for the quarters ended March 31, 2018, December 31, 2017, and March 31, 2017, respectively.
The table below includes revenues and cost of revenues that our management uses to measure the growth and operating performance of the consumer focused portion of our business:
Consumer
Three Months Ended
March 31,
December 31,
March 31,
2018
2017
2017
Revenues:
Service
$
104,394
$
107,674
$
119,117
Access and product (1)
91
27
203
Service and Access and product
104,485
107,701
119,320
USF
12,420
12,219
12,225
Total Business Revenues
$
116,905
$
119,920
$
131,545
Cost of Revenues:
Service (2)
$
14,014
$
17,485
$
22,100
Access and product (1)
1,794
1,733
2,016
Service and Access and product
15,808
19,218
24,116
USF
12,446
12,219
12,225
Cost of Revenues
$
28,254
$
31,437
$
36,341
Service margin %
86.6
%
83.8
%
81.4
%
Gross margin % ex-USF (Service and
Access and product margin %)
84.9
%
82.2
%
79.8
%
Gross margin %
75.8
%
73.8
%
72.4
%
(1) Includes customer premise equipment, access, and shipping and handling.
(2) Excludes depreciation and amortization of $1,461, $1,642, and $1,907 for the quarters ended March 31, 2018, December 31, 2017, and March 31, 2017, respectively.
VONAGE HOLDINGS CORP.
TABLE 2. SUMMARY CONSOLIDATED OPERATING DATA - (Continued)
(unaudited)
The table below includes key operating data that our management uses to measure the growth and operating performance of the business focused portion of our business:
Business
Three Months Ended
March 31,
December 31,
March 31,
2018
2017
2017
Service revenue per customer
$
328
$
328
$
317
Business revenue churn
1.2
%
1.2
%
1.2
%
Average monthly revenues per seat (1)
$
42.70
$
43.71
$
43.98
Seats (at period end) (1)
751,199
727,085
658,792
UCaaS revenue churn (1)
1.3
%
1.2
%
1.4
%
(1) UCaaS only
The table below includes key operating data that our management uses to measure the growth and operating performance of the consumer focused portion of our business:
Consumer
Three Months Ended
March 31,
December 31,
March 31,
2018
2017
2017
Average monthly revenues per line
$
26.58
$
26.33
$
26.10
Subscriber lines (at period end)
1,439,669
1,492,067
1,648,927
Customer churn
1.9
%
1.9
%
2.2
%
VONAGE HOLDINGS CORP.
TABLE 3. RECONCILIATION OF GAAP BUSINESS REVENUES TO ADJUSTED BUSINESS REVENUES
(Amounts in thousands)
(unaudited)
Three Months Ended
March 31,
December 31,
March 31,
2018
2017
2017
Total Business revenues (1)
$
136,668
$
134,100
$
111,802
Total UCaaS revenues (1)
$
94,680
$
94,215
$
85,557
Hosted Infrastructure Sale
—
—
(1,621)
Adjusted total UCaaS revenues
94,680
94,215
83,936
Less: Product revenues
12,531
13,349
13,854
Less: USF revenues
7,835
7,447
6,151
Adjusted total UCaaS service revenues
$
74,314
$
73,419
$
63,931
Total CPaaS revenues (1)
$
41,988
$
39,885
$
26,245
Net-to-gross revenue reporting adjustment
—
—
3,374
Adjusted total CPaaS revenues
$
41,988
$
39,885
$
29,619
(1) Total Business revenues is comprised of revenues from UCaaS and CPaaS
VONAGE HOLDINGS CORP.
TABLE 4. RECONCILIATION OF GAAP INCOME FROM OPERATIONS
TO ADJUSTED OIBDA AND TO ADJUSTED OIBDA MINUS CAPEX
(Amounts in thousands)
(unaudited)
Three Months Ended
March 31,
December 31,
March 31,
2018
2017
2017
Income from operations
$
17,668
$
22,985
$
5,124
Depreciation and amortization
16,800
18,003
17,947
Share-based expense
6,709
8,035
7,064
Acquisition related transaction
and integration costs
—
—
139
Organizational transformation
109
1,101
—
Acquisition related consideration
accounted for as compensation
827
823
6,763
Adjusted OIBDA
42,113
50,947
37,037
Less:
Capital expenditures
(3,250)
(6,125)
(3,701)
Acquisition and development of software assets
(3,147)
(1,936)
(3,380)
Adjusted OIBDA Minus Capex
$
35,716
$
42,886
$
29,956
VONAGE HOLDINGS CORP.
TABLE 5. RECONCILIATION OF GAAP NET INCOME TO
NET INCOME EXCLUDING ADJUSTMENTS
(Amounts in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
December 31,
March 31,
2018
2017
2017
Net income (loss)
$
24,524
$
(55,273)
$
5,913
Amortization of acquisition
- related intangibles
8,830
9,220
8,999
Acquisition related transaction
and integration costs
—
—
139
Acquisition related consideration
accounted for as compensation
827
823
6,763
Organizational transformation
109
1,101
—
Tax impact on TCJA
—
69,378
—
Tax effect on adjusting items
(3,301)
(4,604)
(6,569)
Adjusted net income (loss)
$
30,989
$
20,645
$
15,245
Earnings (loss) per common share:
Basic
$
0.11
$
(0.24)
$
0.03
Diluted
$
0.10
$
(0.24)
$
0.02
Weighted-average common
shares outstanding:
Basic
233,034
229,339
220,371
Diluted
248,481
229,339
239,486
Earnings (loss) per common share,
excluding adjustments:
Basic
$
0.13
$
0.09
$
0.07
Diluted
$
0.12
$
0.08
$
0.06
Weighted-average common shares outstanding:
Basic
233,034
229,339
220,371
Diluted
248,481
245,725
239,486
VONAGE HOLDINGS CORP.
TABLE 6. FREE CASH FLOW
(Amounts in thousands)
(unaudited)
Three Months Ended
March 31,
December 31,
March 31,
2018
2017
2017
Net cash provided by operating activities
$
23,468
$
47,458
$
17,261
Less:
Capital expenditures
(3,250)
(6,125)
(3,701)
Acquisition and development of software
assets
(3,147)
(1,936)
(3,380)
Free cash flow
$
17,071
$
39,397
$
10,180
VONAGE HOLDINGS CORP.
TABLE 7. RECONCILIATION OF NOTES PAYABLE, INDEBTEDNESS UNDER REVOLVING CREDIT FACILITY, AND CAPITAL LEASES TO NET DEBT
(Dollars in thousands)
(unaudited)
March 31,
December 31,
2018
2017
Current maturities of capital lease obligations
$
81
$
140
Current portion of notes payable
18,750
18,750
Notes payable and indebtedness under revolving
credit facility, net of current maturities and debt related costs
214,165
213,765
Unamortized debt related cost
585
672
Gross debt
233,581
233,327
Less:
Unrestricted cash
23,536
31,360
Net debt
$
210,045
$
201,967
About Vonage
Vonage (NYSE: VG) is redefining business communications. True to our roots as a technology disruptor, we've embraced technology to transform how companies communicate to create better business outcomes. Our unique cloud communications platform brings together a robust unified communications solution with the agility of embedded communications APIs. This powerful combination enables businesses to collaborate more productively and engage their customers more effectively across messaging, chat, social media, video and voice.
The Company also provides a robust suite of feature-rich residential communication solutions.
Vonage Holdings Corp. is headquartered in Holmdel, New Jersey, with offices throughout the United States, Europe, Asia, and Israel. Vonage ® is a registered trademark of Vonage Marketing LLC, owned by Vonage America Inc. For more information, visit www.vonage.com .
Use of Non-GAAP Financial Measures
This press release includes measures defined as non-GAAP financial measures by Regulation G adopted by the Securities and Exchange Commission, including: adjusted Operating Income Before Depreciation and Amortization ("adjusted OIBDA"), adjusted OIBDA less Capex, adjusted net income, net debt (cash), free cash flow and adjusted revenues.
Adjusted OIBDA
Vonage uses adjusted OIBDA as a principal indicator of the operating performance of its business.
Vonage defines adjusted OIBDA as GAAP income (loss) from operations excluding depreciation and amortization, share-based expense, acquisition related transaction and integration costs, change in contingent consideration, acquisition related consideration accounted for as compensation, organizational transformation costs and loss on sublease.
Vonage believes that adjusted OIBDA permits a comparative assessment of its operating performance, relative to its performance based on its GAAP results, while isolating the effects of depreciation and amortization, which may vary from period to period without any correlation to underlying operating performance; of share-based expense, which is a non-cash expense that also varies from period to period; of one-time acquisition related transaction and integration costs, acquisition related consideration accounted for as compensation and change in contingent consideration, organizational transformation costs and loss on sublease.
The Company provides information relating to its adjusted OIBDA so that investors have the same data that the Company employs in assessing its overall operations. The Company believes that trends in its Adjusted OIBDA are valuable indicators of the operating performance of the Company on a consolidated basis.
The Company does not reconcile its forward-looking adjusted OIBDA to the corresponding GAAP measure of income from operations due to the significant variability and difficulty in making accurate forecasts with respect to the various expenses we exclude, as they may be significantly impacted by future events the timing and nature of which are difficult to predict or are not within the control of management. As such, the Company has determined that reconciliations of this forward-looking non-GAAP financial measure to the corresponding GAAP measure is not available without unreasonable effort.
Adjusted OIBDA less Capex
Vonage uses adjusted OIBDA less Capex as an indicator of the operating performance of its business. The Company provides information relating to its adjusted OIBDA less Capex so that investors have the same data that the Company employs in assessing its overall operations. The Company believes that trends in its Adjusted OIBDA less Capex are valuable indicators of the operating performance of the Company on a consolidated basis because they provide our investors with insight into current performance and period-to-period performance.
Adjusted net income
Vonage defines adjusted net income, as GAAP net income (loss) excluding amortization of acquisition-related intangible assets, acquisition related transaction and integration costs, change in contingent consideration, acquisition related consideration accounted for as compensation, loss on sublease and tax effect on adjusting items.
The Company believes that excluding these items will assist investors in evaluating the Company's operating performance and in better understanding its results of operations as amortization of acquisition-related intangible assets is a non-cash item, one-time acquisition related transaction and integration costs, change in contingent consideration, acquisition related consideration accounted for as compensation, loss on sublease and tax effect on adjusting items are not reflective of operating performance.
Net debt (cash)
Vonage defines net debt (cash) as the current maturities of capital lease obligations, current portion of notes payable, notes payable and indebtedness under revolving credit facility, net of current maturities and debt related costs, and capital lease obligations, net of current maturities, less unrestricted cash and marketable securities.
Vonage uses net debt (cash) as a measure of assessing leverage, as it reflects the gross debt under the Company's credit agreements and capital leases less cash available to repay such amounts. The Company believes that net cash is also a factor that first parties consider in valuing the Company.
Free cash flow
Vonage defines free cash flow as net cash provided by operating activities minus capital expenditures, purchase of intangible assets, and acquisition and development of software assets.
Vonage considers free cash flow to be a liquidity measure that provides useful information to management about the amount of cash generated by the business that, after the acquisition of equipment and software, can be used by Vonage for debt service and strategic opportunities. Free cash flow is not a measure of cash available for discretionary expenditures since the Company has certain non-discretionary obligations such as debt service that are not deducted from the measure.
The non-GAAP financial measures used by Vonage may not be directly comparable to similarly titled measures reported by other companies due to differences in accounting policies and items excluded or included in the adjustments, which limits its usefulness as a comparative measure. These non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.
Adjusted Revenues
Vonage uses adjusted Business revenues to illustrate the impact of one-time items for UCaaS and CPaaS revenues.
Safe Harbor Statement
This press release contains forward-looking statements, including statements about acquisitions, acquisition integration, growth priorities or plans, revenues, adjusted OIBDA, churn, seats, lines or accounts, average revenue per user, cost of telephony services, the Company's share repurchase plan, capital expenditures, new products and related investment, and other statements that are not historical facts or information, that constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. In addition, other statements in this press release that are not historical facts or information may be forward-looking statements. The forward-looking statements in this release are based on information available at the time the statements are made and/or management's belief as of that time with respect to future events and involve risks and uncertainties that could cause actual results and outcomes to be materially different. Important factors that could cause such differences include, but are not limited to: he competition we face; the expansion of competition in the cloud communications market; our ability to adapt to rapid changes in the cloud communications market; the nascent state of the cloud communications for business market; our ability to retain customers and attract new customers cost effectively; the risk associated with developing and maintaining effective internal sales teams and effective distribution channels; risks related to the acquisition or integration of businesses we have acquired; security breaches and other compromises of information security; risks associated with sales of our services to medium-sized and enterprise customers; our reliance on third party hardware and software; our dependence on third party facilities, equipment, systems and services; system disruptions or flaws in our technology and systems; our ability to scale our business and grow efficiently; our dependence on third party vendors; the impact of fluctuations in economic conditions, particularly on our small and medium business customers; our ability to comply with data privacy and related regulatory matters; our ability to obtain or maintain relevant intellectual property licenses; failure to protect our trademarks and internally developed software; fraudulent use of our name or services; intellectual property and other litigation that have been and may be brought against us; reliance on third parties for our 911 services; uncertainties relating to regulation of business services; risks associated with legislative, regulatory or judicial actions regarding our business products; risks associated with operating abroad; risks associated with the taxation of our business; risks associated with a material weakness in our internal controls; governmental regulation and taxes in our international operations; liability under anti-corruption laws or from governmental export controls or economic sanctions; our dependence on our customers' broadband connections; restrictions in our debt agreements that may limit our operating flexibility; foreign currency exchange risk; our ability to obtain additional financing if required; any reinstatement of holdbacks by our credit card processors; our history of net losses and ability to achieve consistent profitability in the future; our ability to fully realize the benefits of our net operating loss carry-forwards if an ownership change occurs; certain provisions of our charter documents/ and other factors that are set forth in the "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2017, in the Company's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. While the Company may elect to update forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, and therefore, you should not rely on these forward-looking statements as representing the Company's views as of any date subsequent to today.
(vg-f)
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SOURCE Vonage Holdings Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-vonages-first-quarter-highlighted-by-innovation-on-vonage-business-cloud-platform-and-strong-business-cloud-growth.html |
BOSTON, May 16, 2018 /PRNewswire/ -- John Hancock Retirement Plan Services (JHRPS) has promoted Preston Carbone to regional vice president with a focus on southern Wisconsin, western Illinois and eastern Iowa. In this role, he is responsible for sales and relationship development with financial representatives and plan consultants throughout the territory. He reports to Kent Lepard, divisional vice president, JHRPS.
"We are very pleased to promote Preston to this position," said Bob Carroll, national sales manager, JHRPS. "He has shown a tremendous understanding of the retirement plan marketplace and consistently demonstrates a great ability to help advisors as they serve clients and participants."
Carbone joined John Hancock in 2011 in JHRPS' consolidation area where he worked directly with 401(k) participants to help consolidate retirement assets. Subsequently, he became a retirement plan sales associate in 2013 working directly with financial advisors on 401(k) plan sales and then a business development director responsible for uncovering and increasing sales and maintaining key broker/dealer relationships through multiple distribution channels.
"Having worked with Preston over the past few years, I am very excited about what he'll bring to this role," added Lepard. "It's going to be a win-win for advisors and clients as we look to expand in this area."
Carbone earned a Bachelor of Science in Finance from Bentley University. He is an accredited Wealth Management Advisor and holds Series 7 and 63 licenses in addition to a life insurance license.
About John Hancock Retirement Plan Services
As of December 31, 2017, John Hancock Retirement Plan Services serviced over 57,000 plans with over 2.8 million participants and $164 billion in FUM Assets. 1
About John Hancock and Manulife
John Hancock is a division of Manulife Financial Corporation, a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States, and Manulife elsewhere. We provide financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. Assets under management and administration by Manulife and its subsidiaries were over $1.1 trillion (US$850 billion) as of March 31, 2018. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com .
One of the largest life insurers in the United States, John Hancock supports approximately 10.7 million Americans with a broad range of financial products, including life insurance , annuities , investments, 401(k) plans , and college savings plans . We also offer advice through Signator, a network of independent financial advisors. Additional information about John Hancock may be found at johnhancock.com .
1 John Hancock Retirement Plan Services consists of John Hancock Life Insurance Company (U.S.A.) (not licensed in New York), John Hancock Life Insurance Company of New York (licensed in New York), Valhalla, New York and John Hancock Retirement Plan Services, LLC. Approximate unaudited figures for John Hancock Retirement Plan Services division, provided on a U.S. statutory basis.
John Hancock Life Insurance Company (U.S.A.) (John Hancock USA), John Hancock Life Insurance Company of New York (John Hancock New York), and John Hancock Retirement Plan Services, LLC are collectively referred to as "John Hancock".
John Hancock Retirement Plan Services, Boston, MA 02210.
NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED
©2018 All rights reserved.
PR-2018-26
MGR043018449311
View original content: http://www.prnewswire.com/news-releases/john-hancock-retirement-plan-services-promotes-preston-carbone-regional-vice-president-focusing-on-southern-wisconsin-western-illinois-and-eastern-iowa-300649585.html
SOURCE John Hancock Retirement Plan Services | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-john-hancock-retirement-plan-services-promotes-preston-carbone-regional-vice-president-focusing-on-southern-wisconsin-western.html |
May 24, 2018 / 11:40 AM / Updated 30 minutes ago Further moderation in euro zone growth possible: ECB minutes Balazs Koranyi 4 Min Read
FRANKFURT (Reuters) - Euro zone growth could slow further and uncertainty is on the rise but the bloc’s expansion remains solid and broad-based, European Central Bank policymakers concluded in April, the minutes of the meeting showed on Thursday. FILE PHOTO: European Union flags flutter outside the European Central Bank (ECB) headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach/File Photo
With the ECB’s 2.55 trillion euros of quantitative easing bond buying set to expire in September, policymakers are debating whether to wind down purchases or keep the stimulus for longer given an unexpected slowdown in growth and rising political risk, particularly in Italy.
“Uncertainty surrounding the outlook had increased and caution was seen as warranted in interpreting recent developments, also because the moderation in growth appeared to be broad-based across countries and sectors,” the ECB said in the minutes of its April 26 meeting.
“A more pronounced weakening of demand, notably related to external factors, could therefore not be ruled out.”
Indicators from GDP to PMI data are all pointing to a major slowdown and the question is whether activity will level off at a lower rate or if more weakness is coming, after growth rose to unsustainable levels around the turn of the year.
For now, policymakers have played down concerns, arguing that growth is still robust and above the bloc’s potential, so the ECB could still end asset purchases before the close of the year as inflation pressures will continue to build.
But policymakers privately argue that the slowdown could mean a first rate hike comes later than currently expected and the overall interest rate path would be more shallow as the ECB could hardly afford a major tightening in financial conditions.
They also worry that Italy’s would-be government may loosen fiscal policy excessively and roll back a pension reform, setting off market turbulence that could undermine investor confidence.
Policymakers appeared to play down worries over growth, also taking comfort in strengthening wage pressures, which could eventually accelerate inflation.
“The underlying strength of the economic expansion remained broadly intact,” the ECB said, adding that risks to growth remained balanced.
Markets have pushed back rate hike expectations from next April to June 2019 but analysts polled by Reuters still overwhelmingly expect the bond buys to end this year after a short taper.
While one-off factors contributed to the unexpected economic weakness, policymakers noted that capacity constraints were becoming evident in parts of the bloc, which could weigh on growth over the longer term.
Seemingly dropping their earlier concern about a strong euro, the minutes showed no major discussion about the currency, suggesting policymakers were comfortable with the euro’s level.
In a potential relief for the bank, the euro has weakened over 5 percent against the dollar, a boost for export prices and inflation. Crude oil prices have also surged, with Brent LCOc1 hitting $80 per barrel this week, pointing to higher prices in the coming months.
One policymaker at the meeting argued that inflation was close to a sustained adjustment towards the ECB’s target, a precondition for ending asset buys, but the majority said there was insufficient evidence for such a conclusion.
The ECB has said it expects inflation to hover around 1.5 percent for the rest of the year — still well below the ECB’s target of just under 2 percent — but some expect a spike in the coming months, due in part to higher oil prices. Reporting by Balazs Koranyi; Editing by Catherine Evans | ashraq/financial-news-articles | https://www.reuters.com/article/us-ecb-policy/further-moderation-in-euro-zone-growth-possible-ecb-minutes-idUSKCN1IP1QN |
WASHINGTON (Reuters) - U.S. President Donald Trump told French President Emmanuel Macron on Tuesday that the United States was going to pull out of the international nuclear agreement with Iran, the New York Times reported, citing a person briefed on the conversation.
FILE PHOTO: U.S. President Donald Trump arrives for the launch of first lady Melania Trump's "Be Best" initiative in the Rose Garden at the White House in Washington, U.S., May 7, 2018. REUTERS/Kevin Lamarque The source said the United States is preparing to reinstate all sanctions it had waived as part of the deal and impose additional economic penalties, the Times reported.
Reporting by Tim Ahmann and Makini Brice; Editing by David Aelxander
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-decision/trump-tells-macron-u-s-to-pull-out-of-iran-deal-new-york-times-idUSKBN1I9282 |
AT&T CEO says hiring Trump lawyer 'big mistake' 2:50pm EDT - 02:08
AT&T on Friday ousted its top lobbyist, and the No. 2 wireless carrier’s chief executive officer said in a memo it was “big mistake” to hire Michael Cohen, President Donald Trump’s personal attorney, for advice on working with the Trump administration.
AT&T on Friday ousted its top lobbyist, and the No. 2 wireless carrier’s chief executive officer said in a memo it was “big mistake” to hire Michael Cohen, President Donald Trump’s personal attorney, for advice on working with the Trump administration. //reut.rs/2KVLpSY | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/11/att-ceo-says-hiring-trump-lawyer-big-mis?videoId=425951921 |
WASHINGTON (Reuters) - President Donald Trump, who has repeatedly pledged to revive American manufacturing, said on Wednesday that “big news” was coming that would be welcomed by U.S. auto workers, and he suggested it was somehow linked to NAFTA trade talks.
FILE PHOTO: U.S. President Donald Trump speaks at the Susan B. Anthony List 11th Annual Campaign for Life Gala at the National Building Museum in Washington, U.S., May 22, 2018. REUTERS/Al Drago “There will be big news coming soon for our great American Autoworkers. After many decades of losing your jobs to other countries, you have waited long enough!” Trump said in a tweet.
Auto trade has been one of the biggest obstacles in negotiating an update to the North American Free Trade Agreement between the United States, Canada and Mexico. Trump has threatened to scrap the pact, which has been in place for two decades.
Asked about NAFTA and automakers before departing the White House for an event in New York, Trump told reporters the trade talks had been tough but that U.S. auto workers would be happy, appearing to draw a link between the two.
“NAFTA is very difficult. Mexico has been very difficult to deal with. Canada has been very difficult to deal with. They have been taking advantage of the United States for a long time. I am not happy with their requests. But I will tell you in the end we win, we will win and we’ll win big,” he said.
He then called Mexico and Canada “spoiled” and said what they had asked for was “not fair.”
“But I will tell you our auto workers are going to be extremely happy.”
Asked earlier about the tweet, the White House declined to comment, and the office of the U.S. Trade Representative referred queries to the White House.
Automakers had scrambled after the tweet to get details, with some speculating that Trump could be referring to trade with the European Union. In a meeting earlier this month with major automakers, Trump threatened to impose big tariffs on EU-built vehicles, according to three people briefed on the talks.
As for NAFTA, the United States and Mexico have deadlocked over U.S. demands for wage increases in the auto sector and for a boost in the North American content in cars. Last week, the top U.S. trade official said the three countries were “nowhere close to a deal.”
At the same time, Washington and South Korea are working to finalize language in an updated U.S.-Korean Free Trade Agreement. Trump hinted at the possibility of “good news” on trade with South Korea during a meeting on Tuesday with South Korean President Moon Jae-in.
“We will have some pretty good news, I think, on trade,” he told reporters as the two leaders sat down.
Additional reporting by Makini Brice, David Shepardson and David Lawder; writing by Lisa Lambert; editing by Jonathan Oatis and Jeffrey Benkoe
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-autos/trump-teases-big-news-for-u-s-auto-workers-idUSKCN1IO1YM |
May 17 (Reuters) - Hasbro Inc:
* HASBRO ANNOUNCES ADDITIONAL $500 MILLION SHARE REPURCHASE AUTHORIZATION & QUARTERLY CASH DIVIDEND ON COMMON SHARES
* HASBRO ANNOUNCES ADDITIONAL $500 MILLION SHARE REPURCHASE AUTHORIZATION & QUARTERLY CASH DIVIDEND ON COMMON SHARES
* SETS QUARTERLY CASH DIVIDEND OF $0.63PER SHARE * AT END OF Q1, $139.2 MILLION REMAINED AVAILABLE IN CURRENT SHARE REPURCHASE AUTHORIZATION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hasbro-announces-additional-500-mi/brief-hasbro-announces-additional-500-million-share-repurchase-authorization-idUSASC0A2TK |
CHELMSFORD, Mass., May 1, 2018 /PRNewswire/ -- Brooks Automation, Inc. (Nasdaq: BRKS), a leading worldwide provider of automation and cryogenic solutions for multiple markets including semiconductor manufacturing and life sciences, today reported financial results for the second quarter of 2018, ended March 31, 2018.
Fiscal Second Quarter of 2018 Financial and Operational Highlights:
Revenue was $207 million, 9% higher compared to 2018 Q1 and 22% higher compared to 2017 Q2; Life Sciences segment revenue was $49 million, 2% higher compared to 2018 Q1 and 40% higher compared to 2017 Q2; Semiconductor Solutions Group segment revenue was $159 million, 12% higher compared to 2018 Q1 and 18% higher compared to 2017 Q2; GAAP Net Income was $67 million with diluted EPS of $0.95; Non-GAAP Net Income was $28 million with diluted EPS of $0.40; and Cash flow from operations was $20 million.
Summary of GAAP and Non-GAAP Earnings
Quarter Ended
March 31,
December 31,
March 31,
Dollars in thousands, except per share data
2018
2017
2017
GAAP net income
$
67,020
$
16,486
$
14,005
GAAP diluted earnings per share
$
0.95
$
0.23
$
0.20
Non-GAAP net income
$
28,267
$
22,503
$
19,839
Non-GAAP diluted earnings per share
$
0.40
$
0.32
$
0.28
A reconciliation of non-GAAP measures to the most nearly comparable GAAP measures follows the consolidated balance sheets, statements of operations and statements of cash flows included in this release.
Management Comments
"Our second quarter 2018 results continue to highlight the strength of our business model and the leadership positions we hold in our two operating segments," commented Steve Schwartz, CEO of Brooks Automation. "The Semiconductor Solutions Group delivered outstanding year-over-year revenue growth on the strength of our vacuum automation portfolio. Life Sciences grew 40% year-over-year, recorded its eleventh consecutive quarter of sequential revenue growth, produced record operating profits, and is tracking to achieve its targeted 10% operating margin by our fourth fiscal quarter. In April, we closed on two acquisitions that broaden our base for growth and continued momentum."
GAAP Summary
Revenue for the second quarter of fiscal 2018 increased 9% to $207 million compared to the first quarter of fiscal 2018. The growth was driven by a 12% increase in the Brooks Semiconductor Solutions Group segment and a 2% increase in the Brooks Life Sciences segment. Gross profit margin was 40.6%, up 90 basis points from the first quarter of fiscal 2018. Operating expenses of $60 million increased 11%, or $6 million, from the previous quarter due to higher variable compensation and professional services, including M&A expenses. The company reported a $44 million benefit in income tax expense, driven by a $46 million reversal of the valuation allowance reserve against U.S. deferred income tax assets. In accounting for the valuation allowance release in the quarter, the Company considered the first quarter estimated impact of $5 million related to the toll charge under US Tax Reform, which was previously noted to be offset with fully reserved tax attributes. GAAP net income in the quarter was $67 million and diluted earnings per share was $0.95.
The amortization of intangible assets, restructuring charges, impact of purchase price accounting adjustments, charges related to M&A and special charges are appropriately included in the GAAP summary of earnings discussed above. The impact on earnings of such non-GAAP adjustments is referenced in the unaudited table included within this press release.
In the following analysis of the non-GAAP results, Brooks adjusted the GAAP results for the impact of amortization of intangible assets, restructuring charges, purchase price accounting adjustments and charges related to M&A to provide investors better perspective on the results of operations, which the Company believes is more comparable to the similar analysis provided by its peers. Brooks also excludes special charges or gains, such as impairment losses, gains or losses from the sale of assets, as well as other gains and charges that are assessed to not be representative of the normal operations of the business. In this context, the Company has also removed the effect of reversing the valuation allowance reserve on the U.S. deferred income tax assets.
Results of Q2 Fiscal 2018 (Non-GAAP Discussion)
Non-GAAP net income was $28 million in the second quarter, resulting in non-GAAP earnings per share of $0.40. On a non-GAAP basis, both income measures were 26% higher than in the first quarter of 2018 and 42% higher compared to the second fiscal quarter of 2017.
As noted above, revenue for the second fiscal quarter of 2018 was $207 million, up 9% compared to the first quarter of 2018 and 22% higher than the second quarter of 2017. The Semiconductor Solutions segment revenue of $159 million was 12%, or $17 million, higher compared sequentially to the first fiscal quarter. The Life Sciences segment revenue was $49 million, 2% higher sequentially and 40% higher compared to the second quarter of 2017. On an organic basis, the Life Sciences segment revenue increased 16% year over year.
Adjusted gross margin, which excludes amortization, purchase accounting impacts, and special charges, was 41.1% in the second quarter and improved 30 basis points from the prior quarter. The Life Sciences segment drove the improvement with non-GAAP adjusted gross margin of 39.8% in the second quarter, 340 basis points higher than the first quarter. The sequential improvement in the Life Sciences segment was driven by improved margins in core infrastructure products and a more favorable mix of storage services revenue this quarter. As explained in the prior quarter, genomics services, which are performed by a subcontractor and carry lower margins, have a seasonal peak in December and are lower in the March quarter, providing the improved mix. The Semiconductor Solutions segment non-GAAP adjusted gross margin was 41.5% in the second quarter, which was 80 basis points lower than last quarter's results, reflecting a weaker mix of product revenue which carried higher production costs. In summary, the total non-GAAP adjusted gross profit of $85 million increased $8 million compared to the prior quarter, driven by revenue expansion in both segments and significant margin expansion in Life Sciences.
Bookings for the Semiconductor Solutions segment in the second quarter totaled $184 million, compared to $166 million in the first quarter. The Life Sciences segment booked a total of $54 million of new contract value in the second quarter, compared to $59 million in the first quarter.
Non-GAAP operating expense of $53 million increased $4 million compared to the prior quarter, driven by higher variable compensation accruals and professional services.
Adjusted income from operations in the second quarter was $32 million, increasing 14% compared to the first quarter and 51% compared to the second fiscal quarter of 2017. The second quarter operating margin was 15.5%, expanding 70 basis points sequentially and 290 basis points year-over-year. The second quarter segment operating margins were 19.8% in Semiconductor Solutions and 6.4% in Life Sciences, both increasing sequentially and year-over-year.
Non-Operating expenses, including net interest expense and foreign exchange impacts, improved 43% in the second quarter compared to the first quarter of 2018. Net interest expense of $1.8 million for the quarter, was 9% lower than the first quarter. Foreign exchange losses of $0.5 million in the second quarter were $1.5 million less compared to the first quarter. Separately, joint venture earnings provided $1.4 million of income net of tax in the second quarter, which was $0.8 million lower than in the first quarter.
Cash flow from operations was $20 million in the second quarter bringing the total of cash, cash equivalents, and marketable securities to $245 million as of March 31, 2018 compared to $232 million at the end of the first quarter. Following the close of the quarter, the Company closed on two separate acquisitions, which used $16 million of cash, net of cash received, to date.
Quarterly Cash Dividend
The Company additionally announced that the Board of Directors has reiterated a dividend of $0.10 per share payable on June 22, 2018 to stockholders of record on June 1, 2018. Future dividend declarations, as well as the record and payment dates for such dividends, are subject to the final determination of the Company's Board of Directors.
Guidance for Fiscal Third Quarter 2018
The Company announced revenue and earnings guidance for the third quarter of fiscal 2018. Revenue is expected to be in the range of $215 million to $225 million and non-GAAP diluted earnings per share is expected to be in the range of $0.40 to $0.46. GAAP diluted earnings per share for the third quarter is expected to be in the range of $0.28 to $0.34, reflecting the anticipated impact of amortization, purchase price accounting, and restructuring.
Conference Call
Brooks management will webcast its second quarter earnings conference call today at 4:30 p.m. Eastern Time. During the call, Company management will respond to questions concerning, but not limited to, the Company's financial performance, business conditions and industry outlook. Management's responses could contain information that has not been previously disclosed.
The call will be broadcast live over the Internet and, together with presentation materials referenced on the call, will be hosted at the Investor Relations section of Brooks' website at www.brooks.com , and will be archived online on this website for convenient on-demand replay. In addition, you may call 800-908-8792 (US & Canada only) or 303-223-0118 to listen to the live webcast.
About Brooks Automation, Inc.
Brooks is a leading worldwide provider of automation and cryogenic solutions for multiple markets including semiconductor manufacturing and life sciences. Brooks' technologies, engineering competencies and global service capabilities provide customers speed to market and ensure high uptime and rapid response, which equate to superior value in their mission-critical controlled environments. Since 1978, Brooks has been a leading partner to the global semiconductor manufacturing market as a provider of precision automation and cryogenic vacuum solutions. Since 2011, Brooks has applied its automation and cryogenics expertise to meet the sample storage needs of customers in the life sciences industry. Brooks' life sciences offerings include a broad range of products and services for on-site infrastructure for sample management in temperatures of ‑20°C to -150°C, as well as comprehensive outsource service solutions across the complete life cycle of biological samples including collection, transportation, processing, storage, protection, retrieval and disposal. Brooks is headquartered in Chelmsford, MA, with operations in North America, Europe and Asia. For more information, visit www.brooks.com .
"Safe Harbor Statement" under Section 21E of the Securities Exchange Act of 1934
Some statements in this release are made under Section 21E of the Securities Exchange Act of 1934. These statements are neither promises nor guarantees but involve risks and uncertainties, both known and unknown, that could cause Brooks' financial and business results to our expectations. They are based on the facts known to management at the time they are made. These include, but are not limited to statements about our revenue and earnings expectations, our ability to increase our profitability, our ability to improve or retain our market position, and our ability to deliver financial success in the future. Factors that could cause results to differ from our expectations include the following: the volatility of the industries the Company serves, particularly the semiconductor industry; our possible inability to meet demand for our products due to difficulties in obtaining components and materials from our suppliers in required quantities and of required quality; the inability of customers to make payments to us when due; the timing and effectiveness of cost reduction and cost control measures; price competition; disputes concerning intellectual property; uncertainties in global political and economic conditions, and other factors and other risks, including those that we have described in our filings with the Securities and Exchange Commission, including but not limited to our Annual Report on Form 10-K, current reports on Form 8-K and our quarterly reports on Form 10-Q. As a result we can provide no assurance that our future results will not be materially different from those projected. Brooks expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based. Brooks undertakes no obligation to update the information contained in this press release.
CONTACTS:
Sherry Dinsmore
Brooks Automation
978.262.2400
[email protected]
John Mills
Partner
ICR, LLC
646.277.1254
[email protected]
BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
Three Months Ended
Six Months Ended
March 31,
March 31,
2018
2017
2018
2017
Revenue
Products
$
160,491
$
132,613
$
302,675
$
254,727
Services
46,769
36,720
93,913
74,561
Total revenue
207,260
169,333
396,588
329,288
Cost of revenue
Products
94,358
82,023
178,534
157,701
Services
28,673
22,786
58,610
50,120
Total cost of revenue
123,031
104,809
237,144
207,821
Gross profit
84,229
64,524
159,444
121,467
Operating expenses
Research and development
13,125
11,345
26,324
22,190
Selling, general and administrative
47,236
37,518
88,412
69,479
Restructuring charges
49
860
49
1,835
Total operating expenses
60,410
49,723
114,785
93,504
Operating income
23,819
14,801
44,659
27,963
Interest income
356
227
504
294
Interest expense
(2,196)
(97)
(4,377)
(193)
Gain on settlement of equity method investment
—
—
—
1,847
Other expense, net
(261)
(283)
(1,912)
(534)
Income before income taxes and earnings of equity method investments
21,718
14,648
38,874
29,377
Income tax (benefit) provision
(43,880)
3,420
(41,030)
6,220
Income before equity in earnings of equity method investments
65,598
11,228
79,904
23,157
Equity in earnings of equity method investments
1,422
2,777
3,602
4,719
Net income
$
67,020
$
14,005
$
83,506
$
27,876
Basic net income per share
$
0.95
$
0.20
$
1.19
$
0.40
Diluted net income per share
0.95
0.20
1.18
0.40
Dividend declared per share
0.10
0.10
0.20
0.20
Weighted average shares outstanding used in computing net income per share:
Basic
70,220
69,600
70,340
69,388
Diluted
70,613
70,149
70,908
70,073
BROOKS AUTOMATION, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except share and per share data)
March 31,
September 30,
2018
2017
Assets
Current assets
Cash and cash equivalents
$
194,016
$
101,622
Marketable securities
40,655
28
Accounts receivable, net
141,501
120,828
Inventories
126,594
106,395
Prepaid expenses and other current assets
26,803
23,138
Total current assets
529,569
352,011
Property, plant and equipment, net
60,700
58,462
Long-term marketable securities
10,508
2,642
Long-term deferred tax assets
47,572
1,692
Goodwill
275,228
233,638
Intangible assets, net
102,182
83,520
Equity method investment
35,134
28,593
Other assets
5,648
6,070
Total assets
$
1,066,541
$
766,628
Liabilities and Stockholders' Equity
Current liabilities
Current portion of long term debt
$
2,000
$
—
Accounts payable
65,110
49,100
Deferred revenue
22,067
24,292
Accrued warranty and retrofit costs
8,289
8,054
Accrued compensation and benefits
23,105
27,065
Accrued restructuring costs
416
1,708
Accrued income taxes payable
8,713
11,417
Accrued expenses and other current liabilities
28,716
25,142
Total current liabilities
158,416
146,778
Long-term debt
194,870
—
Long-term tax reserves
1,428
1,687
Long-term deferred tax liabilities
6,308
3,748
Long-term pension liabilities
2,081
1,979
Other long-term liabilities
5,605
4,792
Total liabilities
368,708
158,984
Stockholders' Equity
Preferred stock, $0.01 par value - 1,000,000 shares authorized, no shares issued or
outstanding
—
—
Common stock, $0.01 par value - 125,000,000 shares authorized, 84,001,725 shares
issued and 70,539,856 shares outstanding at March 31, 2018, 83,294,848 shares issued
and 69,832,979 shares outstanding at September 30, 2017
840
833
Additional paid-in capital
1,886,435
1,874,918
Accumulated other comprehensive income
24,497
15,213
Treasury stock at cost - 13,461,869 shares
(200,956)
(200,956)
Accumulated deficit
(1,012,983)
(1,082,364)
Total stockholders' equity
697,833
607,644
Total liabilities and stockholders' equity
$
1,066,541
$
766,628
BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)
Six Months Ended
March 31,
2018
2017
Cash flows from operating activities
Net income
$
83,506
$
27,876
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
17,634
13,730
Gain on settlement of equity method investment
—
(1,847)
Stock-based compensation
10,129
6,884
Amortization of premium on marketable securities and deferred financing costs
217
28
Earnings of equity method investments
(3,602)
(4,719)
Loss recovery on insurance claim
(1,103)
—
Deferred income tax benefit
(49,156)
334
Other gains on disposals of assets
—
(117)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable
(16,949)
(9,672)
Inventories
(16,233)
(7,341)
Prepaid expenses and other current assets
(17,248)
(2,256)
Accounts payable
14,899
10,072
Deferred revenue
(2,783)
14,425
Accrued warranty and retrofit costs
(16)
792
Accrued compensation and tax withholdings
(4,151)
(1,799)
Accrued restructuring costs
(1,336)
(3,799)
Accrued expenses and other current liabilities
9,619
707
Net cash provided by operating activities
23,427
43,298
Cash flows from investing activities
Purchases of property, plant and equipment
(5,675)
(5,153)
Purchases of marketable securities
(49,560)
—
Sales and maturities of marketable securities
100
—
Acquisitions, net of cash acquired
(64,988)
(5,346)
Purchases of other investments
—
(170)
Proceeds from sales of property, plant and equipment
200
—
Net cash used in investing activities
(119,923)
(10,669)
Cash flows from financing activities
Proceeds from issuance of common stock
1,395
960
Proceeds from term loan
197,554
—
Payment of deferred financing costs
(318)
(27)
Repayment of term loan
(500)
—
Common stock dividends paid
(14,125)
(13,945)
Net cash provided by (used in) financing activities
184,006
(13,012)
Effects of exchange rate changes on cash and cash equivalents
4,884
(764)
Net increase in cash and cash equivalents
92,394
18,853
Cash and cash equivalents, beginning of period
101,622
85,086
Cash and cash equivalents, end of period
$
194,016
$
103,939
Notes on Non-GAAP Financial Measures:
These financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management adjusted the GAAP results for the impact of amortization of intangible assets, restructuring charges, purchase price accounting adjustments and charges related to M&A to provide investors better perspective on the results of operations which the Company believes is more comparable to the similar analysis provided by its peers. Management also excludes special charges and gains, such as impairment losses, gains and losses from the sale of assets, as well as other gains and charges that are not representative of the normal operations of the business. In this context, the Company has also removed the effect of reversing the valuation allowance reserve on the U.S. deferred income tax assets. Management strongly encourages investors to review our financial statements and publicly-filed reports in their entirety and not rely on any single measure.
Quarter Ended
March 31, 2018
December 31, 2017
March 31, 2017
per diluted
per diluted
per diluted
Dollars in thousands, except per share data
$
share
$
share
$
share
GAAP net income
$
67,020
$
0.95
$
16,486
$
0.23
$
14,005
$
0.20
Adjustments:
Purchase accounting impact on inventory and
contracts acquired
—
—
1,160
0.02
382
0.01
Amortization of intangible assets
5,611
0.08
5,493
0.08
4,355
0.06
Restructuring charges
49
0.00
—
—
860
0.01
Merger costs
2,666
0.04
613
0.01
936
0.01
Reversal of valuation allowance against deferred tax assets
(46,158)
(0.65)
—
—
—
—
Tax effect of adjustments
(922)
(0.01)
(578)
(0.01)
(699)
(0.01)
Tax Reform - rate change applied to deferred tax liabilities
—
—
(671)
(0.01)
—
—
Non-GAAP adjusted net income
28,266
0.40
22,503
0.32
19,839
0.28
Stock based compensation, pre-tax
5,320
—
4,809
—
4,386
—
Tax rate
10
%
—
15
%
—
17
%
—
Stock-based compensation, net of tax
4,778
0.07
4,068
0.06
3,641
0.05
Non-GAAP adjusted net income - excluding stock-based compensation
$
33,044
$
0.47
$
26,571
$
0.37
$
23,480
$
0.33
Shares used in computing non-GAAP diluted net income per share
—
70,613
—
70,864
—
70,149
Six Months Ended
March 31, 2018
March 31, 2017
per diluted
per diluted
Dollars in thousands, except per share data
$
share
$
share
GAAP net income
$
83,506
$
1.18
$
27,876
$
0.40
Adjustments:
Purchase accounting impact on inventory and
contracts acquired
1,160
0.02
452
0.01
Amortization of intangible assets
11,104
0.16
8,413
0.12
Impairment of other assets
—
—
Restructuring charges
49
0.00
1,835
0.03
Merger costs
3,279
0.05
1,185
0.02
Less: Fair value adjustment of equity investment
—
—
(1,847)
(0.03)
Add: True-up of BioCision stub period adjustment
—
—
203
—
Reversal of valuation allowance against deferred tax assets
(46,158)
(0.65)
—
—
Tax effect of adjustments
(1,501)
(0.02)
(976)
(0.01)
Tax Reform - rate change applied to deferred tax liabilities
(671)
(0.01)
—
—
Non-GAAP adjusted net income
50,768
0.72
37,141
0.53
Stock-based compensation, pre-tax
10,129
—
6,884
—
Tax rate
13
%
—
16
%
—
Stock-based compensation, net of tax
8,857
$
0.12
5,783
0.08
Non-GAAP adjusted net income - excluding stock-
based compensation
$
59,625
$
0.84
$
42,924
$
0.61
Shares used in computing non-GAAP diluted net income per share
—
70,908
—
70,073
Quarter Ended
March 31, 2018
December 31, 2017
March 31, 2017
Dollars in thousands
$
%
$
%
$
%
GAAP gross profit/gross margin percentage
$
84,229
40.6
%
$
75,215
39.7
%
$
64,524
38.1
%
Adjustments:
Amortization of completed
technology
982
0.5
%
904
0.5
%
1,061
0.6
%
Purchase accounting impact on
inventory and contracts acquired
—
0.0
%
1,160
0.6
%
382
0.2
%
Non-GAAP adjusted gross profit/gross margin percentage
$
85,211
41.1
%
$
77,279
40.8
%
$
65,967
39.0
%
Six Months Ended
March 31, 2018
March 31, 2017
Dollars in thousands
$
%
$
%
GAAP gross profit/gross margin percentage
$
159,444
40.2
%
$
121,467
36.9
%
Adjustments:
Amortization of completed technology
1,886
0.5
%
2,054
0.6
%
Purchase accounting impact on
inventory and contracts acquired
1,160
0.3
%
452
0.1
%
Non-GAAP adjusted gross profit/gross margin percentage
$
162,490
41.0
%
$
123,973
37.6
%
Quarter Ended
Six Months Ended
March 31,
December 31,
March 31,
March 31,
March 31,
Dollars in thousands
2018
2017
2017
2018
2017
GAAP net income
$
67,020
$
16,486
$
14,005
$
83,506
$
27,876
Adjustments:
Less: Interest income
(356)
(149)
(227)
(504)
(294)
Add: Interest expense
2,196
2,181
97
4,377
193
Add: Income tax provision
(43,880)
2,850
3,420
(41,030)
6,220
Add: Depreciation
3,500
3,029
2,623
6,530
5,318
Add: Amortization of completed technology
982
904
1,061
1,886
2,054
Add: Amortization of customer relationships
and acquired intangible assets
4,629
4,589
3,294
9,218
6,358
Earnings before interest, taxes, depreciation and amortization
$
34,091
$
29,890
$
24,273
$
63,983
$
47,725
Quarter Ended
Six Months Ended
March 31,
December 31,
March 31,
March 31,
March 31,
Dollars in thousands
2018
2017
2017
2018
2017
Earnings before interest, taxes, depreciation and
amortization
$
34,091
$
29,890
$
24,273
$
63,983
$
47,725
Adjustments:
Less: Fair value adjustment of equity method investment
—
—
—
—
(1,847)
Add: Stock-based compensation
5,320
4,809
4,386
10,129
6,884
Add: Restructuring charges
49
—
860
49
1,835
Add: BioCision stub period adjustment
—
—
—
—
203
Add: Purchase accounting impact on inventory and contracts acquired
—
1,160
382
1,160
452
Add: Merger costs
2,666
613
936
3,279
1,185
Adjusted earnings before interest, taxes, depreciation and amortization
$
42,126
$
36,472
$
30,837
$
78,600
$
56,437
Quarter Ended
Six Months Ended
March 31,
December 31,
March 31,
March 31,
March 31,
Dollars in thousands
2018
2017
2017
2018
2017
GAAP selling, general and administrative
expenses
$
47,236
$
41,175
$
37,518
$
88,412
$
69,479
Adjustments:
Less: Amortization of customer relationships
and acquired intangible assets
(4,629)
(4,589)
(3,294)
(9,218)
(6,358)
Less: Merger costs
(2,666)
(613)
(936)
(3,279)
(1,185)
Non-GAAP adjusted selling, general and administrative expenses
$
39,941
$
35,973
$
33,288
$
75,915
$
61,936
Research and development expenses
$
13,125
$
13,200
$
11,345
$
26,324
$
22,190
Non-GAAP adjusted operating expenses
$
53,066
$
49,173
$
44,633
$
102,239
$
84,126
Quarter Ended
Six Months Ended
March 31,
December 31,
March 31,
March 31,
March 31,
Dollars in thousands
2018
2017
2017
2018
2017
GAAP equity in earnings of equity method
investments
$
1,422
$
2,180
$
2,777
$
3,602
$
4,719
Adjustments:
Add: BioCision stub period adjustment
—
—
—
—
203
Non-GAAP adjusted equity in earnings of equity
method investments
$
1,422
$
2,180
$
2,777
$
3,602
$
4,922
Brooks Semiconductor Solutions Group
Brooks Life Sciences
Quarter Ended
Quarter Ended
March 31,
December 31,
March 31,
March 31,
December 31,
March 31,
Dollars in thousands
2018
2017
2017
2018
2017
2017
GAAP gross profit
$
65,299
$
59,453
$
51,325
$
18,930
$
15,762
$
13,199
Adjustments:
Amortization of completed
technology
570
533
626
412
371
435
Purchase accounting impact on
inventory and contracts acquired
—
—
125
—
1,160
257
Non-GAAP adjusted gross profit
$
65,869
$
59,986
$
52,076
$
19,342
$
17,293
$
13,891
Brooks Semiconductor Solutions Group
Brooks Life Sciences
Six Months Ended
Six Months Ended
March 31,
March 31,
March 31,
March 31,
Dollars in thousands
2018
2017
2018
2017
GAAP gross profit
$
124,752
$
96,794
$
34,692
$
24,673
Adjustments:
Amortization of completed technology
1,103
1,253
783
801
Purchase accounting impact on inventory and
contracts acquired
—
125
1,160
327
Non-GAAP adjusted gross profit
$
125,855
$
98,172
$
36,635
$
25,801
Brooks Semiconductor Solutions Group
Brooks Life Sciences
Quarter Ended
Quarter Ended
March 31,
December 31,
March 31,
March 31,
December 31,
March 31,
Dollars in thousands
2018
2017
2017
2018
2017
2017
GAAP gross margin
41.1
%
41.9
%
38.1
%
39.0
%
33.2
%
38.1
%
Adjustments:
Amortization of completed technology
0.4
%
0.4
%
0.5
%
0.8
%
0.8
%
1.3
%
Purchase accounting impact on
inventory and contracts acquired
—
%
—
0.1
%
—
%
2.4
%
0.7
%
Non-GAAP adjusted gross margin
41.5
%
42.3
%
38.7
%
39.8
%
36.5
%
40.1
%
Brooks Semiconductor Solutions Group
Brooks Life Sciences
Six Months Ended
Six Months Ended
March 31,
March 31,
March 31,
March 31,
Dollars in thousands
2018
2017
2018
2017
GAAP gross margin
41.5
%
37.0
%
36.1
%
36.3
%
Adjustments:
Amortization of completed technology
0.4
%
0.5
%
0.8
%
1.2
%
Purchase accounting impact on inventory and
contracts acquired
—
%
—
%
1.2
%
0.5
%
Non-GAAP adjusted gross margin
41.9
%
37.6
%
38.2
%
37.9
%
Brooks Semiconductor Solutions Group
Brooks Life Sciences
Total Segments
Quarter Ended
Quarter Ended
Quarter Ended
March 31,
December 31,
March 31,
March 31,
December 31,
March 31,
March 31,
December 31,
March 31,
Dollars in thousands
2018
2017
2017
2018
2017
2017
2018
2017
2017
GAAP operating profit
$
30,836
$
26,362
$
20,003
$
2,683
$
(140)
$
1,290
$
33,519
$
26,222
$
21,293
Adjustments:
Amortization of completed technology
570
533
626
412
371
435
982
904
1,061
Purchase accounting impact
on inventory and contracts
acquired
—
—
125
—
1,160
257
—
1,160
382
Non-GAAP adjusted operating profit
$
31,406
$
26,895
$
20,754
$
3,095
$
1,391
$
1,982
$
34,501
$
28,286
$
22,736
Total Segments
Corporate
Total
Quarter Ended
Quarter Ended
Quarter Ended
March 31,
December 31,
March 31,
March 31,
December 31,
March 31,
March 31,
December 31,
March 31,
Dollars in thousands
2018
2017
2017
2018
2017
2017
2018
2017
2017
GAAP operating profit (loss)
$
33,519
$
26,222
$
21,293
$
(9,700)
$
(5,382)
$
(8,132)
$
23,819
$
20,840
$
14,801
Adjustments:
Amortization of completed
technology
982
904
1,061
—
—
—
982
904
1,061
Amortization of customer
relationships and acquired
intangible assets
—
—
—
4,629
4,589
3,294
4,629
4,589
3,294
Restructuring charges
—
—
—
49
—
860
49
—
860
Purchase accounting impact
on inventory and contracts
acquired
—
1,160
382
—
—
—
—
1,160
382
Merger costs
—
—
—
2,666
613
936
2,666
613
936
Non-GAAP adjusted operating profit (loss)
$
34,501
$
28,286
$
22,736
$
(2,356)
$
(180)
$
(3,042)
$
32,145
$
28,106
$
21,334
Brooks Semiconductor Solutions Group
Brooks Life Sciences
Total Segments
Six Months Ended
Six Months Ended
Six Months Ended
Dollars in thousands
March 31, 2018
March 31, 2017
March 31, 2018
March 31, 2017
March 31, 2018
March 31, 2017
GAAP operating profit
$
57,198
$
37,374
$
2,543
$
1,402
$
59,741
$
38,776
Adjustments:
Amortization of completed
technology
1,103
1,253
783
801
1,886
2,054
Purchase accounting impact on
inventory and contracts acquired
—
125
1,160
327
1,160
452
Non-GAAP adjusted operating profit
$
58,301
$
38,752
$
4,486
$
2,530
$
62,787
$
41,282
Total Segments
Corporate
Total
Six Months Ended
Six Months Ended
Six Months Ended
Dollars in thousands
March 31, 2018
March 31, 2017
March 31, 2018
March 31, 2017
March 31, 2018
March 31, 2017
GAAP operating profit (loss)
$
59,741
$
38,776
$
(15,082)
$
(10,813)
$
44,659
$
27,963
Adjustments:
Amortization of completed
technology
1,886
2,054
—
—
1,886
2,054
Amortization of customer
relationships and acquired intangible
assets
—
—
9,218
6,358
9,218
6,358
Restructuring charges
—
—
49
1,835
49
1,835
Purchase accounting impact on
inventory and contracts acquired
1,160
452
—
—
1,160
452
Merger costs
—
—
3,279
1,185
3,279
1,185
Non-GAAP adjusted operating profit (loss)
$
62,787
$
41,282
$
(2,536)
$
(1,435)
$
60,251
$
39,847
View original content: http://www.prnewswire.com/news-releases/brooks-automation-reports-results-of-fiscal-second-quarter-of-2018-ended-march-31-2018-300640445.html
SOURCE Brooks Automation, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-brooks-automation-reports-results-of-fiscal-second-quarter-of-2018-ended-march-31-2018.html |
NEW YORK (Reuters) - New York state on Monday authorized the Gemini Trust Co exchange founded by internet entrepreneurs Cameron and Tyler Winklevoss to offer trading of the privacy-focused cryptocurrency Zcash, making it the world’s first licensed Zcash exchange.
FILE PHOTO: Entrepeneurs Tyler and Cameron Winklevoss arrive at the Metropolitan Museum of Art Costume Institute Gala (Met Gala) to celebrate the opening of "Manus x Machina: Fashion in an Age of Technology" in the Manhattan borough of New York, May 2, 2016. REUTERS/Lucas Jackson The state’s Department of Financial Services said it also approved Gemini to offer custody services and trading of Bitcoin Cash and Litecoin in the future.
Zcash’s market value was roughly $1.3 billion on Monday, according to CoinMarketCap.com, while Bitcoin Cash and Litecoin’s respective values were $25 billion and $8.3 billion. Bitcoin’s market value was about $150.1 billion.
“With smart and thorough regulatory oversight, the development and long-term growth of the industry will remain thriving,” Financial Services Superintendent Maria Vullo said in a statement.
Cryptocurrencies are digital tokens that use encryption techniques to secure transactions. Industry critics say the market is opaque and vulnerable to risks such as money laundering.
Last month, then-New York Attorney General Eric Schneiderman asked Gemini and 12 other cryptocurrency trading platforms to provide details about their operations and safety measures.
Zcash incorporates the technology “zk-snark,” short for zero-knowledge succinct non-interactive argument of knowledge, which lets people trade with each other in anonymity.
Gemini said it expects to begin accepting Zcash deposits on Saturday, May 19, with trading to begin three days later.
“We are proud be the first licensed exchange in the world to offer Zcash trading and custody services and look forward to providing customers with a safe, secure, and regulated place to buy, sell, and store Zcash,” Gemini Chief Executive Tyler Winklevoss said in a statement provided by Vullo’s office.
The Winklevosses, who are 36-year-old twins, in 2008 reached a $65 million settlement with Facebook Inc and founder Mark Zuckerberg over who had the idea for the social media website.
They also competed in the men’s rowing competition at the 2008 Summer Olympics in Beijing.
Reporting by Jonathan Stempel in New York; editing by Chizu Nomiyama and Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-new-york-cryptocurrency-gemini-winkle/new-york-lets-winklevoss-firm-offer-new-cryptocurrency-services-idUSKCN1IF1YX |
May 15, 2018 / 4:38 PM / Updated 27 minutes ago Tears and joy as Egyptian Christians killed in Libya laid to rest Mostafa Salem 3 Min Read
AL-OUR, EGYPT (Reuters) - Tears mixed with joy on Tuesday as the remains of 20 Christians were laid to rest in Egypt’s Minya province more than three years after they were kidnapped and beheaded in Libya in an attack that provoked rare Egyptian air strikes. Priests pay their respects by a memorial where the remains of the bodies of 20 Egyptian Christians beheaded in Libya by Islamic State in 2015, are buried in al-Our village south of Cairo, Egypt May 15, 2018. REUTERS/Amr Abdallah Dalsh
The return of the bodies of 20 Egyptian Copts has brought families in rural Egypt a chance for some closure after years in mourning with little hope of having the bodies of their loved ones being recovered for burial.
“Everyone stood beside the martyr that belongs to him and cried a little, but they were tears of longing, nothing more,” said Bishri Ibrahim, father of Kerolos, one of the victims, at the funeral service at a church in the village of al-Our in Minya province, where they were all laid to rest.
“But we are happy and joyful that they have returned to the village. This is a blessing for the country and to all Copts all over the world,” he added.
Thirteen of the 21 Libya victims came from al-Our, a rural town of around 10,000 people south of Cairo.
President Abdel Fatah al-Sisi ordered the Church, named The Church of the Martyrs of Faith and Homeland, to be built soon after the incident and dedicated in their memory.
Sisi also ordered a wave of air strikes on the Islamic State’s militant bases in Libya.
The remains of the victims, who were flown from Libya about a private jet to Cairo on Monday night, were placed inside cylinder-shaped containers covered in velvet cloth with the names of each victim and interred under the church altar.
Families said the burial place would be opened as a shrine for visitors. A view shows the church where a funeral ceremony for the remains of the bodies of 20 Egyptian Christians beheaded in Libya by Islamic State in 2015, is taking place in al-Our village south of Cairo, Egypt May 15, 2018. REUTERS/Amr Abdallah Dalsh
The victims had been among the many poor Egyptians who risked their lives to find work in the lawless chaos of Libya following the downfall of Muammar Gaddafi in 2011 and civil war.
A video posted by Islamic State in January 2015 showed 21 people — 20 Egyptian Copts and one Ghanaian Christian — lined up on a Libyan beach in orange jumpsuits before they were executed.
“I wanted to see Milad come back from Libya on his feet after his struggle and hard work to earn a living in a harsh life abroad,” 55-year-old Zaki Hanna, the father of one of the victims.
“But thanks be to God, he died a hero, did not beg anyone to spare his life and he and his brothers, the martyrs, did not abandon their faith or homeland.”
Bashir Estephanos, whose two younger brothers were killed by Islamic State in Libya, said all Christians in al-Our village had been praying for the past three years for the bodies of the “martyrs” to be found.
Libyan authorities recovered the bodies in October after the area where they were buried was recaptured from the militant Islamist group.
“Our prayers were answered, so thanks be to God from the bottom of our hearts,” he said, speaking before the bodies arrived in the village. The son of one of the Egyptian Christians who were beheaded in Libya by Islamic State in 2015, touches his father's picture at a church in al-Our village south of Cairo, Egypt May 15, 2018. REUTERS/Amr Abdallah Dalsh
The head of the Coptic Church in Egypt, Pope Tawadros II, was at the airport to receive the remains when they arrived in Cairo on Monday night. Reporting by Mostafa Salem; writing by Sami Aboudi; editing by Richard Balmforth | ashraq/financial-news-articles | https://in.reuters.com/article/uk-libya-egypt/tears-and-joy-as-egyptian-christians-killed-in-libya-laid-to-rest-idINKCN1IG2KQ |
SAN JOSE (Thomson Reuters Foundation) - After a trio of boys in the working-class neighborhood of La Carpio told Alicia Aviles they wanted to play musical instruments instead of football, she set her sights on creating a symphony orchestra for one of the poorest districts in Costa Rica’s capital.
Starting with a few plastic recorders and a guitar in a run-down building, La Carpio’s musicians now perform in the nation’s biggest theaters, and Aviles’ idea has mushroomed into a vibrant arts and education scheme that has helped transform the area.
“How your skin prickles when you hear the kids from your own community who have a violin in their hands instead of a pistol,” said Aviles, one of thousands of Nicaraguan migrants who have settled in La Carpio.
“When I hear them play, I think I’m in heaven,” said the former school teacher, who worked as a cook when she moved to Costa Rica with her five children.
Bordered by polluted rivers and a huge rubbish dump, the packed district, with one of Central America’s biggest migrant communities, has long been associated with crime and its people marginalized, said Maris Stella Fernandez, co-founder of SIFAIS (Integrated System of Art Education for Social Inclusion).
On a Saturday afternoon, the sounds of Elgar and indie rock poured from the “Cave of Light” wooden building rising above corrugated-iron roofs, where SIFAIS provides more than 100 free workshops each week - from music lessons to judo and English.
Girls twirled in ballet classes, while women learned about medicinal plants in the high-fenced garden, and engineers arrived with a cake to mark the installation of solar panels that will generate half of the non-profit foundation’s power.
Practicing his cello as the sun streamed through the wooden slats cladding the building, Brayan Blandon Ordonez said he was a bundle of nerves before a recent symphonic rock concert in front of a packed audience at the National Theater.
Dedicating 90 minutes to cello practice each day as he finishes his high-school diploma, the 19-year-old wants to find a way to combine music with a career as a mechanical engineer.
SIFAIS has enabled local people to take music classes, an opportunity few had before, he said, as children ran up the ramps connecting floors.
“It’s opened a lot of courses which give people the chance to learn something new,” he told the Thomson Reuters Foundation. “It opens doors for people.”
For musical director Andrei Montero, who took some of La Carpio’s musicians on tour to Nicaragua last year, the chance for them to play alongside international soloists and conductors in top venues is invaluable.
TALENT-SPOTTING
A SIFAIS festival in July will pull in musicians and conductors from around Costa Rica, the United States, Europe and Mexico, with some bringing donated instruments for the La Carpio students who have also been invited to play in France.
While music instills discipline and commitment, confidence remains a challenge for some young people from the area, said Montero. Some of those who managed to get into university to study music have struggled to pay the fees, he added.
There is a lot of talent in La Carpio, but that is not appreciated by the media or people in other parts of the city, contributing to a significant drop-out rate, said Montero, who runs the organization’s orchestra and chamber group.
“Part of my challenge is to continue educating the community that they have the same qualities as anyone with money, and they can achieve whatever they set out to do,” he said.
Driving through La Carpio’s narrow streets lined with concrete-block houses and shops, Fernandez, a communications specialist from San Jose, said she had been shocked by the dismal conditions for some families when the music classes started seven years ago.
“It was really run-down ... it’s incredible what just a few recorders started to develop,” she said, adding that La Carpio’s dangerous reputation initially made many volunteers nervous.
Now streets have been paved, many houses have sprouted a second floor, and better policing has helped cut violent crime, said her colleague Aviles, although dealers still peddle drugs, water supplies are erratic and affordable housing hard to find.
Some mothers who dropped out of education are returning to finish high school, and attitudes to work and family are changing, Aviles added, with fewer people now giving their children fizzy drinks for breakfast.
SHAKING OFF STIGMA Volunteer Wendy Valverde, playing games with four children in the SIFAIS library, said the community had suffered from stigma and a reputation for crime.
“But in reality, the children and their families are looking to succeed,” she said.
The project will soon receive high-tech gear worth $100,000 to teach computer programing and robotics, largely funded by donations from shoppers at a chain of local home-ware stores.
Besides broadening horizons for La Carpio’s children, some local women trained at SIFAIS now run a business making and selling handbags and purses from recycled fabrics, each with a tag giving their producers’ story.
Marisol Quezada, who found a job as a maid when she first arrived in Costa Rica but now runs sewing courses and helps make the accessories, said about half the people in the workshop were migrants from Nicaragua like herself.
“There are people who are older who can’t get work elsewhere who can find something here,” said Quezada in the noisy workshop amid sewing machines draped with fabric.
Creating chances for vulnerable communities rather than giving cash handouts reaps longer-term rewards, said Aviles, who wants more funding for scholarships, as well as for other poor neighborhoods to start similar projects.
“Many gringos (foreigners) come to the community, thinking that giving money solves the problem of poverty,” she added. “Don’t give us money - give people opportunities.”
Reporting by Sophie Hares; editing by Megan Rowling. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, climate change, resilience, women's rights, trafficking and property rights. Visit news.trust.org/
| ashraq/financial-news-articles | https://www.reuters.com/article/us-costa-rica-youth-music/youth-orchestra-changes-the-tune-for-costa-rica-shantytown-idUSKCN1IT1S6 |
Global PMI: business slows - best days over? Wednesday, May 23, 2018 - 01:46
Euro zone economic growth slowed much more sharply than expected this month, which along with weaker inflation suggests a stiffer policy challenge for the European Central Bank ahead. As David Pollard reports, data from Japan also disappointed.
Euro zone economic growth slowed much more sharply than expected this month, which along with weaker inflation suggests a stiffer policy challenge for the European Central Bank ahead. As David Pollard reports, data from Japan also disappointed. //reut.rs/2KQtv3l | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/23/global-pmi-business-slows-best-days-over?videoId=429599777 |
May 27, 2018 / 1:58 PM / Updated 8 minutes ago U.S. officials in North Korea for summit prep: Washington Post Reuters Staff 1 Min Read
WASHINGTON (Reuters) - A group of U.S. officials crossed into North Korea on Sunday for talks on preparations for a summit between President Donald Trump and North Korean leader Kim Jong Un, The Washington Post reported. FILE PHOTO: A combination photo shows U.S. President Donald Trump and North Korean leader Kim Jong Un (R) in Washignton, DC, U.S. May 17, 2018 and in Panmunjom, South Korea, April 27, 2018 respectively. REUTERS/Kevin Lamarque and Korea Summit Press Pool/File Photos
The newspaper, citing a person familiar with the arrangements, said former U.S. Ambassador to South Korea Sung Kim was summoned from his current post in the Philippines to lead the preparations. Reporting by Doina Chiacu; Editing by Frances Kerry | ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-talks/u-s-officials-in-north-korea-for-summit-prep-washington-post-idUSKCN1IS0H2 |
May 17, 2018 / 12:09 AM / Updated 3 hours ago In Bangladesh, some 60 babies a day born in Rohingya camps - U.N Reuters Staff 2 Min Read
UNITED NATIONS (Reuters) - Around 60 babies a day are being born in vast refugee camps in Bangladesh, sheltering hundreds of thousands of mainly Rohingya Muslims who have fled Myanmar, the United Nations children’s agency UNICEF said on Wednesday.
Nearly 700,000 Rohingya fled to Cox’s Bazar in Bangladesh in the past nine months after a Myanmar military crackdown that the United Nations, United States and Britain have denounced as ethnic cleansing. Myanmar has denied that any ethnic cleansing occurred.
UNICEF said in a statement that since the crisis began more than 16,000 babies had been born in the camps, of which only about 3,000 were delivered in health facilities.
“Around 60 babies a day are taking their first breath in appalling conditions, away from home, to mothers who have survived displacement, violence, trauma and, at times, rape,” said Edouard Beigbeder, UNICEF’s Representative in Bangladesh.
U.N. Security Council envoys visited the refugee camps in April.
“It is impossible to know the true number of babies who have been or will be born as a result of sexual violence,” Beigbeder said. “It is vital that each and every new and expectant mother and every new-born receive all the help and support they need.”
Rohingya insurgent attacks on security posts in Myanmar’s Rakhine state last August sparked a military operation that Myanmar has said was legitimate. Last November, Myanmar’s military released a report in which it denied all accusations of rape by security forces.
A senior Bangladesh health ministry official, who declined to be named due to sensitivity of the matter, said last week that so far 18,300 pregnant women had been identified in the camps and the rough total estimate was around 25,000.
In March the United Nations launched an appeal for $951 million to help the Rohingya refugees for the rest of the year, but it is less than 20 percent funded. Reporting by Michelle Nichols | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-myanmar-rohingya-bangladesh-un/in-bangladesh-some-60-babies-a-day-born-in-rohingya-camps-u-n-idUKKCN1II00M |
May 18 (Reuters) - Destination Maternity Corp:
* NATHAN MILLER SAYS DESTINATION MATERNITY BOARD SHOULD IMMEDIATELY TAKE ACTION TO REJECT THE ORCHESTRA AGREEMENT "AS INVALID" - SEC FILING Source bit.ly/2ILbIgz Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nathan-miller-says-destination-mat/brief-nathan-miller-says-destination-maternity-should-take-action-to-reject-orchestra-agreement-as-invalid-idUSFWN1SP0Y8 |
IAG is not expecting to announce a deal to buy Norwegian Air Shuttle soon and would not make a hostile bid, its chief executive said, adding his airline group had growth opportunities on its own.
Norwegian said earlier this month it had rejected two approaches from IAG, the owner of British Airways, Iberia, Aer Lingus and Vueling, because they undervalued the company.
"This isn't a deal I have to do. We have expressed an interest. If they don't want to be bought by IAG, fine," IAG CEO Willie Walsh told Reuters on the sidelines of a CAPA-Centre for Aviation conference. "I am not going to do anything hostile, that's not my style."
He said his last contact with Norwegian was several weeks ago and he wasn't expecting any imminent meetings.
"If we do something, we are responsible and would make the required announcements, but I am not expecting to have to do anything in the coming weeks or months," he said.
When asked about other possible bidders for Norwegian, Walsh said IAG would not be drawn into a bidding war and that IAG could also grow in the low-cost long-haul area with its Level brand.
"We are not going to engage in any ridiculous bidding wars ... We know what the value to us would be and that doesn't change because somebody else expresses an interest."
Shares in Norwegian dropped 7 percent after the comments.
Walsh also said IAG would place an order for 20-25 widebody jets at the end of this year or the first half of next year, highlighting Boeing's 777x as a contender. IAG is also in talks for additional 777-300ERs, he said, whether directly from Boeing or as second hand aircraft on lease.
On engine issues that have hit airlines across the world, he said IAG may have to ground five or six 787 Dreamliners with Rolls-Royce Trent 1000 engines this summer and that he was disappointed by the engine maker's response.
"We're a big Rolls customers, we've got a lot of Rolls engines, and I don't think they've responded as positively to this problem with the industry as I would have expected," he said.
IAG is hoping to lease three Airbus A330 planes and crew from Qatar Airways to make up for the shortfall in the summer. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/iag-boss-says-norwegian-not-a-must-have-deal-wont-go-hostile.html |
SHENZHEN/SHANGHAI, China (Reuters) - At its high-tech laboratories in the Chinese manufacturing hub of Shenzhen, Beike Biotechnology is developing medical robots that could help treat cancer. It has big plans to export these to markets like the United States.
Sewing machines for sale are on display at a showroom run by Zhejiang Bote Sewing Machine Co Ltd, in Yiwu, Zhejiang province, China April 10, 2018. REUTERS/Brenda Goh/Files Those plans are now under threat. The robots, which help develop cell cultures used in stem cell therapies, are on a sprawling list of products threatened with steep U.S. tariffs amid a simmering trade stand-off between Washington and Beijing.
The company is already factoring U.S. tariffs into its plans and order pipeline for next year and has tasked its sales teams with finding new markets to make up an expected shortfall from the United States.
Beike, a domestic leader in stem cell technology with government support and long-standing ties overseas, illustrates the stakes for China Inc after Washington and Beijing kicked off trade talks on Thursday and ended Friday.
Led by U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He, the talks were aimed at defusing tensions between the world’s top two economies and avert a full-blow trade war that could rattle companies in the United States and China.
Officials from both countries reached a consensus on some aspects of the trade dispute, but disagreements over other issues remain “relatively big”, China’s Xinhua news agency said.
The talks were held amid signs that trade frictions are growing. China’s major ports of entry have increased checks on fresh fruit imports from the United States, five Chinese industry sources told Reuters.
In the meantime, manufacturers are watching developments nervously.
“The trade sanctions between China and the U.S. will certainly have a huge impact on us,” Hu Xiang, Beike’s founder and chairman, said at the firm’s Shenzhen headquarters.
“We are developing a completely automated cell culture robot, which comes within the scope of the tariffs,” he said. He added that the company had received significant purchase intent orders from U.S. buyers that could be hit hard.
The machines have various robotic parts which move the cell cultures and keep them in a controlled environment as they grow.
The United States is threatening to slap tariffs of 25 percent on over 1,300 Chinese products, including medical devices, robots and sewing machines, valued at around $50 billion. That follows levies on aluminium and steel.
The U.S. tariffs could go into effect in June following the completion of a 60-day consultation period. China has threatened retaliation in equal measure, including tariffs on major U.S. exports like soybeans and aircraft.
EXPANSION PLANS Beike is not alone. Interviews around China with business leaders in medical devices, apparel, manufacturing, steel products, printing and others underscore how broadly the trade war threat is being felt.
Some are already seeing tangible impacts and are shifting sales elsewhere or scrapping factory expansion plans as U.S. orders drop. Others are grappling with the uncertain outlook the trade war threat brings.
China’s state media said on Friday that reaching a deal to avert a trade war would not be easy and “failure would herald a slugfest of tariffs that would leave global trade reeling”.
Other companies that could be hit include the likes of Hebei Huayang Steel Pipe Co Ltd, a manufacturer in the city of Cangzhou in eastern Hebei province that has seen U.S. orders dry up over the last few months as trade tensions have risen.
The firm makes metal pipes used for transporting things like oil, gas or water which it said normally take three months to produce and ship to clients.
U.S. buyers were worried about paying extra tariffs if the policy came into effect, Steven Yue, a sales manager at the Hebei-based firm, said at the company’s manufacturing facility.
“We were planning to expand in the United States this year,” he said. Yue added that the company would now look to adjust its plans for the U.S. market in the expectation that a new tariff policy would come into effect.
Yue said U.S. buyers would still need to buy the products from somewhere, and there would likely be more trans-shipments, whereby products avoid tariffs by being sold to middlemen in a third country before being shipped to the United States.
In the southern city of Dongguan, another firm, Wagon International Co Ltd, is seeing a weaker performance from U.S. sales of its metal accessories for luxury brands and its soccer merchandise that it makes as an authorized partner of FIFA - although it’s not all trade related.
“Because they didn’t get into the World Cup, sales forecasts there are about 60-70 percent lower than what we had estimated,” Perry Chou, Wagon’s vice president told Reuters, referring to the United States. He added that trade frictions would however hit others areas of the firm’s business.
“GOING TO WAR” In the port city of Ningbo, Joan Lu is anxious about rising pressures on the price of the fabric printers her company sells - 40 percent of which go to the U.S. market - as clients look for discounts to offset higher import levies.
“The whole industry is worried,” Lu said. “Future orders from clients will certainly come under pricing pressure, that’s for sure.” Lu added: “It’s not just a little extra - it’s 25 percent. If we’re talking a $10,000 deal then you’d be adding $2,500.”
Lu said her company would not abandon the U.S. market, “but we are putting all our energy into developing other markets”.
The United States is China’s largest trading partner with $506 billion worth of U.S. imports from the country last year, according to U.S. trade data. A large trade surplus with the United States is partly behind recent tensions.
In Yiwu - a sprawling city known for exporting huge volumes of gadgets, toys and Christmas decorations - merchants were more circumspect about the impact, but were keeping close tabs on developments.
“We’ve been following the news on our phones,” said Yang Dingju, a manager at Zhejiang Bote Sewing Machine Co Ltd, as he peeled an orange inside his store in a cavernous trading hall.
He added, however, that most of his buyers were in less developed markets like the Middle East and Africa, which would dull any impact.
Chen Haiying, who worked for another Yiwu firm selling sewing scissors and sewing machine parts, was at a loss as to why sewing machines were on the U.S. list, but said a full-blown trade war would have a wider ripple effect.
“If we really go to war with the United States then it will affect everyone,” he said.
Workers inspect steel pipes at a steel mill of Hebei Huayang Steel Pipe Co Ltd in Cangzhou, Hebei province, China March 19, 2018. REUTERS/Muyu Xu/Files Reporting by Samantha Vadas in SHENZHEN, Brenda Goh in YIWU, Muyu Xu in CANGZHOU, Adam Jourdan in SHANGHAI, Cate Cadell in BEIJING and Jiang Xihao in DONGGUAN; Writing by Adam Jourdan; Editing by Philip McClellan
| ashraq/financial-news-articles | https://in.reuters.com/article/usa-trade-china-manufacturing/tinker-tailor-robot-maker-in-china-trade-war-threat-casts-long-shadow-idINKBN1I50KQ |
May 11, 2018 / 6:35 AM / Updated 7 hours ago NHL - High-flying Winnipeg Jets ready to roll the dice against Vegas Reuters Staff 2 Min Read
(Reuters) - The Winnipeg Jets thumped the Nashville Predators 5-1 in a Game Seven decider on Thursday to book a first trip to the Western Conference Final, where they will face a Vegas Golden Knights team that has smashed expectations in its inaugural season. May 10, 2018; Nashville, TN, USA; Nashville Predators defenseman P.K. Subban (76) scores a goal past Winnipeg Jets goalie Connor Hellebuyck (37) during the first period in game seven of the second round of the 2018 Stanley Cup Playoffs at Bridgestone Arena. Mandatory Credit: Christopher Hanewinckel-USA TODAY Sports
The Jets jumped out to an early lead against the top-seeded Predators in the series decider thanks to the physical play of Paul Stastny, who finished with two goals and an assist.
Jets coach Paul Maurice said pushing the tempo and playing loose were the keys to his team’s success against the Predators, a formula the squad will look to recreate when it battles the Knights in Game One in Winnipeg on Saturday. May 10, 2018; Nashville, TN, USA; Winnipeg Jets goalie Connor Hellebuyck (37) celebrates with teammates after a win against the Nashville Predators in game seven of the second round of the 2018 Stanley Cup Playoffs at Bridgestone Arena. Mandatory Credit: Christopher Hanewinckel-USA TODAY Sports
“They came out and did the two things that we wanted them to do in this game and that was play fast but also enjoy playing the game,” Maurice told reporters. Slideshow (10 Images)
“Play with some confidence and some courage. And we did that right from the start. We had good jump.”
The Knights, whose hometown of Sin City stands in stark contrast to the humble streets of Canada’s Winnipeg, are playing with house money after becoming the third expansion team in NHL history to make the playoffs in its first season.
The Knights swept the Los Angeles Kings and dispatched the San Jose Sharks in six games to book their ticket to the third round, where they will hope the spectacular play of goalie Marc-Andre Fleury will help quiet the speedy Jets.
“They’re a fast team and they have a lot of offense for sure,” Vegas forward Jonathan Marchessault said, according to the Las Vegas Sun.
“They have unbelievable players on that roster and it will definitely be a tough task.” Reporting by Rory Carroll; Editing by John O'Brien | ashraq/financial-news-articles | https://www.reuters.com/article/us-icehockey-nhl-wpg-vgk/nhl-high-flying-winnipeg-jets-ready-to-roll-the-dice-against-vegas-idUSKBN1IC0IE |
NEWTON, Mass.--(BUSINESS WIRE)-- Purchase intent-driven marketing and sales services company TechTarget, Inc. (Nasdaq: TTGT) today announced three (3) months ended March 31, 2018 by posting them to its website. Please visit TechTarget’s Investor Information section of our website at http://investor.techtarget.com to view our Letter to Shareholders with supplemental financial information.
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Source: TechTarget, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-techtarget-reports-first-quarter-2018-conference-call-and-webcast.html |
May 21 (Reuters) - Harsco Corp:
* HARSCO RENEWS AND EXTENDS LOGISTICS AND PACKAGING CONTRACT WITH ARCELORMITTAL ATLANTIQUE & LORRAINE (AMAL) IN FRANCE
* HARSCO - AWARDED 4 NEW LOGISTICS & PACKAGING CONTRACTS - WITH ARCELORMITTAL ATLANTIQUE & LORRAINE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-harsco-extends-logistics-and-packa/brief-harsco-extends-logistics-and-packaging-contract-with-arcelormittal-atlantique-lorraine-idUSFWN1SS0G6 |
Q1 Total Revenue of $59.9 million, Up 15.4% from Q1 2017
Q1 Subscription and Support Revenue of $46.5 million, Up 17.5% from Q1 2017
AMES, Iowa--(BUSINESS WIRE)-- Workiva Inc. (NYSE: WK), a leader in data collaboration, reporting and compliance solutions, today announced financial results for its first quarter ended March 31, 2018.
“We posted strong results in the first quarter of 2018, highlighted by an increase of 15.4% in total revenue over the same quarter last year, with subscription and support revenue up 17.5% and professional services revenue up 8.7%,” said Matt Rizai, Chairman and Chief Executive Officer of Workiva. “We outperformed our guidance for quarterly revenue, operating loss and loss per share.”
First Quarter 2018 Financial Highlights
Revenue: Total revenue for the first quarter of 2018 reached $59.9 million, an increase of 15.4% from $51.9 million in the first quarter of 2017. Subscription and support revenue contributed $46.5 million, up 17.5% versus the first quarter of 2017. Professional services revenue was $13.4 million, an increase of 8.7% compared to the same quarter in the prior year. Adoption of ASC 606 caused recognition of professional services revenue to be $1.7 million less for the first quarter of 2018 than what would have been recognized under the legacy standard. Gross Profit: GAAP gross profit for the first quarter of 2018 was $43.4 million compared with $37.7 million in the same quarter of 2017. GAAP gross margin was 72.4% versus 72.6% in the first quarter of 2017. Non-GAAP gross profit for the first quarter of 2018 was $43.7 million, an increase of 15.3% compared with the prior year's first quarter, and non-GAAP gross margin was 73.0% compared to 73.1% in the first quarter of 2017. Loss from Operations: GAAP loss from operations for the first quarter of 2018 was $9.5 million compared with a loss of $6.0 million in the prior year's first quarter. Non-GAAP loss from operations was $3.6 million, compared with non-GAAP loss from operations of $1.8 million in the first quarter of 2017. Adoption of ASC 606 caused loss from operations to be $0.2 million less for the first quarter of 2018 than what would have been recognized under the legacy standard. Net Loss: GAAP net loss for the first quarter of 2018 was $9.6 million compared with a net loss of $5.8 million for the prior year's first quarter. GAAP net loss per basic and diluted share was $0.22 compared with a net loss per basic and diluted share of $0.14 in the first quarter of 2017. Non-GAAP net loss for the first quarter of 2018 was $3.7 million compared with a net loss of $1.7 million in the prior year's first quarter. Non-GAAP net loss per basic and diluted share was $0.09 compared with a net loss per basic and diluted share of $0.04 in the first quarter of 2017.
Key Metrics
Customers: Workiva had 3,119 customers as of March 31, 2018, a net increase of 294 customers from March 31, 2017. Revenue Retention Rate: As of March 31, 2018, Workiva's revenue retention rate (excluding add-on revenue) was 95.7%, and the revenue retention rate including add-on revenue was 105.3%. Add-on revenue includes the change in both seats purchased and seat pricing for existing customers. Revenue retention rates are calculated using the legacy accounting standard ASC 605. Revenue retention rates will be calculated using ASC 606 when comparable data becomes available. Large Contracts: As of March 31, 2018, Workiva had 335 customers with an annual contract value (ACV) of more than $100,000, up 34.0% from 250 customers at March 31, 2017. Workiva had 151 customers with an ACV of more than $150,000, up 49.5% from 101 customers in the first quarter of last year.
Financial Outlook
As of May 2, 2018, Workiva is providing guidance for its second quarter 2018 and full year 2018 as follows:
Second Quarter 2018 Guidance :
Total revenue is expected to be in the range of $55.7 million to $56.2 million. GAAP loss from operations is expected to be in the range of $16.9 million to $17.4 million. Non-GAAP loss from operations is expected to be in the range of $10.0 million to $10.5 million. GAAP net loss per basic and diluted share is expected to be in the range of $0.40 to $0.41. Non-GAAP net loss per basic and diluted share is expected to be in the range of $0.24 to $0.25. Net loss per basic and diluted share is based on 43.3 million weighted-average shares outstanding.
Full Year 2018 Guidance :
Total revenue is expected to be in the range of $235.5 million to $237.0 million. GAAP loss from operations is expected to be in the range of $56.3 million to $57.8 million. Non-GAAP loss from operations is expected to be in the range of $30.0 million to $31.5 million. GAAP net loss per basic and diluted share is expected to be in the range of $1.32 to $1.35. Non-GAAP net loss per basic and diluted share is expected to be in the range of $0.72 to $0.75. Net loss per basic and diluted share is based on 43.5 million weighted-average shares outstanding.
Quarterly Conference Call
Workiva will host a conference call today at 5:00 p.m. ET to review the Company’s financial results for the first quarter and full year 2018, in addition to discussing the Company’s outlook for the second quarter and full year 2018. To access this call, dial 866-393-4306 (domestic) or 734-385-2616 (international). The conference ID is 4168126. A live webcast of the conference call will be accessible in the “Investor Relations” section of Workiva’s website at www.workiva.com . A replay of this conference call can also be accessed through May 9, 2018 at 855-859-2056 (domestic) or 404-537-3406 (international). The replay pass code is 4168126. An archived webcast of this conference call will also be available an hour after the completion of the call in the “Investor Relations” section of the Company’s website at www.workiva.com .
About Workiva
Workiva delivers Wdesk, a leading enterprise cloud platform for data collaboration, reporting and compliance that is used by thousands of organizations worldwide, including over 70 percent of the Fortune 500 ® . Companies of all sizes, state and local governments and educational institutions use Wdesk to help mitigate risk, improve productivity and gain confidence in their data-driven decisions. For more information about Workiva (NYSE:WK), please visit workiva.com.
Read the Workiva blog: www.workiva.com/blog
Follow Workiva on LinkedIn: www.linkedin.com/company/workiva
Like Workiva on Facebook: www.facebook.com/workiva
Follow Workiva on Twitter: www.twitter.com/workiva
Claim not confirmed by FORTUNE or Time Inc. FORTUNE 500 ® is a registered trademark of Time Inc. and is used under license. FORTUNE and Time Inc. are not affiliated with, and do not endorse products or services of, Workiva Inc.
Non-GAAP Financial Measures
The non-GAAP adjustments referenced herein relate to the exclusion of stock-based compensation. A reconciliation of GAAP to non-GAAP historical financial measures has been provided in Table I at the end of this press release. A reconciliation of GAAP to non-GAAP guidance has been provided in Table II at the end of this press release.
Workiva believes that the use of non-GAAP gross profit and gross margin, non-GAAP loss from operations, non-GAAP net loss and non-GAAP net loss per share is helpful to its investors. These measures, which are referred to as non-GAAP financial measures, are not prepared in accordance with generally accepted accounting principles in the United States, or GAAP. Non-GAAP gross profit is calculated by excluding stock-based compensation expense attributable to cost of revenues from gross profit. Non-GAAP gross margin is the ratio calculated by dividing non-GAAP gross profit by revenues. Non-GAAP loss from operations is calculated by excluding stock-based compensation expense from loss from operations. Non-GAAP net loss is calculated by excluding stock-based compensation expense, net of tax, from net loss. Non-GAAP net loss per share is calculated by dividing non-GAAP net loss by the weighted- average shares outstanding as presented in the calculation of GAAP net loss per share. Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash expenses, Workiva believes that providing non-GAAP financial measures that exclude stock-based compensation expense allows for more meaningful comparisons between its operating results from period to period. Workiva’s management uses these non-GAAP financial measures as tools for financial and operational decision making and for evaluating Workiva’s own operating results over different periods of time.
Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in Workiva’s industry, as other companies in the industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on Workiva’s reported financial results. Further, stock-based compensation expense has been and will continue to be for the foreseeable future a significant recurring expense in Workiva’s business and an important part of the compensation provided to its employees. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Investors should review the reconciliation of non-GAAP financial measures to the comparable GAAP financial measures included below, and not rely on any single financial measure to evaluate Workiva’s business.
Safe Harbor Statement
Certain statements in this press release are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about the Company’s expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” “outlook,” “guidance” or the negative of those terms or other comparable terminology.
Please see the Company’s documents filed or to be filed with the Securities and Exchange Commission, including the Company’s annual reports filed on Form 10-K and quarterly reports on Form 10-Q, and any amendments thereto for a discussion of certain important risk factors that relate to forward-looking statements contained in this report. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company’s control. These and other important factors may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
###
WORKIVA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
Three months ended March 31, 2018 2017 (unaudited) Revenue Subscription and support $ 46,470 $ 39,540 Professional services 13,436 12,364 Total revenue 59,906 51,904 Cost of revenue Subscription and support (1) 8,802 7,637 Professional services (1) 7,709 6,581 Total cost of revenue 16,511 14,218 Gross profit 43,395 37,686 Operating expenses Research and development (1) 20,127 15,536 Sales and marketing (1) 21,006 18,713 General and administrative (1) 11,768 9,421 Total operating expenses 52,901 43,670 Loss from operations (9,506 ) (5,984 ) Interest expense (450 ) (455 ) Other income, net 343 612 Loss before provision for income taxes (9,613 ) (5,827 ) Provision for income taxes 5 9 Net loss $ (9,618 ) $ (5,836 ) Net loss per common share: Basic and diluted $ (0.22 ) $ (0.14 ) Weighted-average common shares outstanding - basic and diluted 42,858,756 41,108,611 (1) Includes stock-based compensation expense as follows:
Three months ended March 31, 2018 2017 (unaudited) Cost of revenue Subscription and support $ 171 $ 140 Professional services 150 100 Operating expenses Research and development 1,021 493 Sales and marketing 1,113 659 General and administrative 3,450 2,747 WORKIVA INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, 2018 December 31, 2017 (unaudited) Assets Current assets Cash and cash equivalents $ 65,256 $ 60,333 Marketable securities 15,801 16,364 Accounts receivable, net 39,202 28,800 Deferred commissions 3,845 2,376 Other receivables 949 975 Prepaid expenses 6,216 6,444 Total current assets 131,269 115,292 Property and equipment, net 39,801 40,444 Deferred commissions, non-current 5,489 — Intangible assets, net 1,158 1,118 Other assets 920 861 Total assets $ 178,637 $ 157,715 Liabilities and Stockholders’ Deficit Current liabilities Accounts payable $ 5,913 $ 3,060 Accrued expenses and other current liabilities 26,383 20,212 Deferred revenue 110,943 104,684 Deferred government grant obligation 129 217 Current portion of capital lease and financing obligations 1,161 1,168 Total current liabilities 144,529 129,341 Deferred revenue, non-current 20,968 22,709 Deferred government grant obligation 258 278 Other long-term liabilities 3,966 3,896 Capital lease and financing obligations 18,134 18,425 Total liabilities 187,855 174,649 Stockholders’ deficit Common stock 43 42 Additional paid-in-capital 257,297 248,289 Accumulated deficit (266,574 ) (265,337 ) Accumulated other comprehensive income 16 72 Total stockholders’ deficit (9,218 ) (16,934 ) Total liabilities and stockholders’ deficit $ 178,637 $ 157,715 WORKIVA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three months ended March 31, 2018 2017 (unaudited) Cash flows from operating activities Net loss $ (9,618 ) $ (5,836 ) Adjustments to reconcile net loss to net cash provided by operating activities Depreciation and amortization 872 891 Stock-based compensation expense 5,905 4,139 Provision for doubtful accounts 44 286 Amortization of premiums and discounts on marketable securities, net 18 31 Recognition of deferred government grant obligation (108 ) (538 ) Changes in assets and liabilities: Accounts receivable 6,542 2,686 Deferred commissions (1,649 ) (2 ) Other receivables 27 840 Prepaid expenses 231 804 Other assets (58 ) (23 ) Accounts payable 2,677 1,017 Deferred revenue (2,345 ) 4,096 Accrued expenses and other liabilities (755 ) (5,811 ) Net cash provided by operating activities 1,783 2,580 Cash flows from investing activities Purchase of property and equipment (9 ) (121 ) Purchase of marketable securities — (4,091 ) Maturities of marketable securities 500 3,001 Purchase of intangible assets (64 ) (31 ) Net cash provided by (used in) investing activities 427 (1,242 ) Cash flows from financing activities Proceeds from option exercises 3,075 806 Taxes paid related to net share settlements of stock-based compensation awards (1,342 ) (936 ) Proceeds from shares issued in connection with employee stock purchase plan 1,370 — Principal payments on capital lease and financing obligations (298 ) (297 ) Net cash provided by (used in) financing activities 2,805 (427 ) Effect of foreign exchange rates on cash (92 ) 12 Net increase in cash and cash equivalents 4,923 923 Cash and cash equivalents at beginning of period 60,333 51,281 Cash and cash equivalents at end of period $ 65,256 $ 52,204 TABLE I WORKIVA INC.
RECONCILIATION OF NON-GAAP INFORMATION
(in thousands, except share and per share)
Three months ended March 31, 2018 2017 Gross profit, subscription and support $ 37,668 $ 31,903 Add back: Stock-based compensation 171 140 Gross profit, subscription and support, non-GAAP $ 37,839 $ 32,043 As a percentage of subscription and support revenue, non-GAAP 81.4 % 81.0 % Gross profit, professional services $ 5,727 $ 5,783 Add back: Stock-based compensation 150 100 Gross profit, professional services, non-GAAP $ 5,877 $ 5,883 As a percentage of professional services revenue, non-GAAP 43.7 % 47.6 % Gross profit, as reported $ 43,395 $ 37,686 Add back: Stock-based compensation 321 240 Gross profit, non-GAAP $ 43,716 $ 37,926 As percentage of revenue, non-GAAP 73.0 % 73.1 % Research and development, as reported $ 20,127 $ 15,536 Less: Stock-based compensation 1,021 493 Research and development, non-GAAP $ 19,106 $ 15,043 As percentage of revenue, non-GAAP 31.9 % 29.0 % Sales and marketing, as reported $ 21,006 $ 18,713 Less: Stock-based compensation 1,113 659 Sales and marketing, non-GAAP $ 19,893 $ 18,054 As percentage of revenue, non-GAAP 33.2 % 34.8 % General and administrative, as reported $ 11,768 $ 9,421 Less: Stock-based compensation 3,450 2,747 General and administrative, non-GAAP $ 8,318 $ 6,674 As percentage of revenue, non-GAAP 13.9 % 12.9 % Loss from operations $ (9,506 ) $ (5,984 ) Add back: Stock-based compensation 5,905 4,139 Loss from operations, non-GAAP $ (3,601 ) $ (1,845 ) As percentage of revenue, non-GAAP (6.0 )% (3.6 )% Net loss $ (9,618 ) $ (5,836 ) Add back: Stock-based compensation 5,905 4,139 Net loss, non-GAAP $ (3,713 ) $ (1,697 ) As percentage of revenue, non-GAAP (6.2 )% (3.3 )% Net loss per basic and diluted share: $ (0.22 ) $ (0.14 ) Add back: Stock-based compensation 0.13 0.10 Net loss per basic and diluted share, non-GAAP $ (0.09 ) $ (0.04 ) Weighted-average common shares outstanding - basic and diluted, non-GAAP 42,858,756 41,108,611 TABLE II WORKIVA INC.
RECONCILIATION OF NON-GAAP GUIDANCE
(in thousands, except share and per share data)
Three months ending June 30, 2018 Year ending December 31, 2018 Loss from operations, GAAP range $ (16,900 ) - $ (17,400 ) $ (56,300 ) - $ (57,800 ) Add back: Stock-based compensation 6,900 6,900 26,300 26,300 Loss from operations, non-GAAP range $ (10,000 ) - $ (10,500 ) $ (30,000 ) - $ (31,500 ) Net loss per share, GAAP range $ (0.40 ) - $ (0.41 ) $ (1.32 ) - $ (1.35 ) Add back: Stock-based compensation 0.16 0.16 0.60 0.60 Net loss per share, non-GAAP range $ (0.24 ) - $ (0.25 ) $ (0.72 ) - $ (0.75 ) Weighted-average common shares outstanding - basic and diluted 43,300,000 43,300,000 43,500,000 43,500,000
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006315/en/
Workiva Inc.
Investors:
Adam Rogers, 515-663-4493
[email protected]
or
Media:
Kevin McCarthy, 515-663-4471
[email protected]
Source: Workiva Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-workiva-announces-first-quarter-2018-financial-results.html |
BERLIN/FRANKFURT, May 22 (Reuters) - The following are some of the factors that may move German stocks on Tuesday:
U.S. TRADE German companies are concerned that U.S. President Donald Trump is increasingly thinking only of America rather than just putting his country first, the head of Germany’s DIHK Chambers of Commerce told media.
IRAN The United States on Monday demanded Iran make sweeping changes — from dropping its nuclear program to pulling out of the Syrian civil war — or face severe economic sanctions as the Trump administration hardened its approach to Tehran.
The German government will help German firms with business in Iran where it can, but cannot entirely shield them from the U.S. decision to quit the Iran nuclear deal and reimpose sanctions against Tehran, the economy minister told a newspaper.
DEUTSCHE BANK Postbank plans to close more than 100 of its 1,000 branches by the end of the year, a board member told Bild am Sonntag, in a move unrelated to the bank’s troubled parent company Deutsche Bank.
Separately, Deutsche Bank finance chief James von Moltke told Boersen-Zeitung he did not expect any more major restructuring costs next year comparable to the expenses for the integration of Postbank or the restructuring of the investment bank.
RWE, UNIPER Germany could reduce its coal-fired power generation capacity by half in the coming years if planned grid expansion and the addition of new gas-fired plants come online on schedule, the head of its energy regulator said.
DIALOG SEMICONDUCTOR Dialog Semiconductor Chief Executive Jalal Bagherli said in an interview that his company would remain an important supplier to Apple amid reports that the U.S. tech giant will develop its own chips, Euro am Sonntag reported.
EVOTEC Evotec and Celgene have entered into a long-term strategic drug discovery and development partnership to identify new therapeutics in oncology, Evotec said late on Sunday.
Under the terms of the agreement, Evotec will receive an upfront payment of $65 million and may be eligible to receive significant milestone payments as well as tiered royalties on each licensed programme, it said.
INDEX CHANGES AS OF SEPT. 24 Deutsche Boerse is planning a major shakeup of the composition of the MDAX, SDAX and TecDAX that affects technology stocks. It will publish shadow indices on June 18.
ANNUAL GENERAL MEETINGS BET-AT-HOME.COM - 7.50 eur/shr dividend proposed
EX-DIVIDEND
FRESENIUS - 0.75 eur/shr dividend
ANALYSTS’ VIEWS MBB SE - Berenberg cuts target price to EUR 121 from Eur 122
OVERSEAS STOCK MARKETS US markets closed.
Nikkei -0.1 pct, Shanghai stocks -0.4 pct.
Time: 5.19 GMT.
GERMAN ECONOMIC DATA No economic data scheduled.
DIARIES REUTERS TOP NEWS (Reporting by Andreas Cremer, Tom Sims, Maria Sheahan and Caroline Copley)
| ashraq/financial-news-articles | https://www.reuters.com/article/germany-stocks-factors/german-stocks-factors-to-watch-on-may-22-idUSL5N1SP1H8 |
Shares of social media company Snap plummeted by as much as 20 percent Wednesday following disappointing earnings, and Wall Street still sees room on the downside.
The company significantly missed revenue estimates in its latest report and said its next quarter year-over-year revenue growth rate will "decelerate substantially," partially due to ad prices. The company also missed analysts target for daily active users and revenue per user.
As a result, multiple firms published bearish notes and knocked down their price targets for Snap's stock.
Morgan Stanley dropped its price target to $8, about $6 below where the stock closed Tuesday, and remains underweight. Snap was trading at $11.45 on Wednesday morning, down nearly 19 percent on the day.
"1Q:18 miss and forward ad commentary speak to continued challenges SNAP faces in turning its business model around," Morgan Stanley analyst Brian Nowak said in a note to clients Wednesday.
Michael Nagle | Bloomberg | Getty Images Pedestrians pass in front of Snap Inc. signage displayed on the exterior of the New York Stock Exchange (NYSE) during the company's initial public offering (IPO) in New York, U.S., on Thursday, March 2, 2017. Nowak cited user churn, the bungled app redesign , poor performance on Androids and advertiser concerns as headwinds expected to continue into the second quarter.
Analysts at Piper Jaffray were "skeptical" after the results, projecting an $11.50 price target. It cited leadership and said competition from Instagram could add to the pain.
"Snap is a poorly structured company that is demonstrating a clear pattern of mismanagement," Piper Jaffray analyst Sam Kemp said in a note to clients. "We think the negative news cycle around Snap will continue and advertisers will likely continue to approach Snap skeptically."
Analysts at Deutsche Bank were also bearish, keeping a $12 price target with a hold rating.
"Snapchat risks losing its 'cool' status with users frustrated by the redesign, which makes advertisers increasingly unlikely to put money into Snap advertising without clear ROI returns,"
Deutsche Bank's Lloyd Walmsley said in a note to clients Wednesday.
"We think Snap is a 'show me' stories to advertisers (and investors), and has to move fast to change the narrative, particularly given its cash burn levels," Walmsley said.
Credit Suisse dropped its price target from $21 to $16, still above where the stock was trading Wednesday. While its analysts called the quarter "conviction-testing," they maintained their outperform rating.
"As shares have already retraced back almost all of the gains, we elect to maintain our Outperform rating for now given the upside potential but acknowledge that further patience may be required," Deutsche Bank's Stephen Ju said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/after-snap-stock-crash-wall-street-analysts-see-more-pain-ahead.html |
May 2 (Reuters) - Deutsche Boerse AG:
* ISS URGES SHAREHOLDERS TO VOTE AGAINST RATIFICATION OF ACTIONS OF FORMER DEUTSCHE BOERSE CEO KENGETER
* ISS TO DEUTSCHE BOERSE SHAREHOLDERS AT AGM: SOME SHAREHOLDERS MAY WISH TO VOTE AGAINST THE DISCHARGE OF THE SUPERVISORY BOARD MEMBERS IN LIGHT OF CONCERNS OVER THE SUPERVISORY BOARD’S HANDLING OF THE ALLEGATIONS AGAINST THE FORMER CEO Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-iss-urges-deutsche-boerse-sharehol/brief-iss-urges-deutsche-boerse-shareholders-to-vote-against-actions-of-former-ceo-idUSF9N1RV00U |
LOUISVILLE, Ky., May 9, 2018 /PRNewswire/ -- Creative Realities, Inc. ("Creative Realities," "CRI," or the "Company") (OTCQX: CREX), a leading provider of digital marketing solutions, announced plans to report its financial results for the three months ended March 31, 2018 on the afternoon of Tuesday, May 15, 2018. A conference call with management to review the results is scheduled for Wednesday, May 16, 2018 at 9:00 am Eastern Time. The call will be hosted by Rick Mills, Chief Executive Officer, John Walpuck, Chief Operating and Financial Officer, and Will Logan, Vice President of Finance.
Prior to the call, participants should register at http://bit.ly/criearnings2018Q1 . Once registered, participants can use the weblink provided in the registration email to listen to the live webcast.
Following the live webcast, a replay will be available approximately two hours after the webcast on our website for at least 30 days.
About Creative Realities, Inc.
Creative Realities helps retailers and brands use the latest technologies to inspire shopper engagement in and around the Store. Founded over 15 years ago, the firm's evolving client base has led to recognized leadership in deploying technology aligned with strategic and consumer behavior goals at Retail. The firm has delivered consumer/shopper experiences, and is actively providing recurring services today, across diverse categories: Automotive, Apparel & Accessories, Banking, Baby/Children, Beauty, CPG, Department Stores, Electronics, Fashion, Fitness, Foodservice/QSR, Financial Services, Gaming, Luxury, Mass Merchants, Mobile Operators, and Pharmacy Retail. The Company's ConeXus subsidiary designs, installs and services high-end audio-visual networks for global retailers, luxury brands, digital out-of-home (DOOH) companies, advertising networks, and outdoor clients. The company has five offices across North America and active installations in more than 10 countries.
Cautionary Note on Forward-Looking Statements
This press release contains certain statements that would be deemed "forward-looking statements" under Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and includes, among other things, discussions of our business strategies, future operations and capital resources. Words such as "may," "likely," "anticipate," "expect" and "believe" indicate forward-looking statements.
These forward-looking statements may reflect management's present expectations and estimates regarding future expenses, revenue and profitability, trends affecting our financial condition and results of operations, operating efficiencies, revenue opportunities, potential new markets, and the ability of the Company to effectively compete in a highly competitive market. Nevertheless, and despite the fact that management's expectations and estimates are based on assumptions management believes to be reasonable and data management believes to be reliable, the Company's actual results, performance, or achievements are subject to future risks and uncertainties, any of which could materially affect the Company's actual performance. Risks and uncertainties that could affect such performance include, but are not limited to: the adequacy of funds for future operations; future expenses, revenue and profitability; trends affecting financial condition and results of operations; ability to convert proposals into customer orders; the ability of customers to pay for products and services; the impact of changing customer requirements upon revenue recognition; customer cancellations; the availability and terms of additional capital; ability to develop new products; dependence on key suppliers, manufacturers and strategic partners; industry trends and the competitive environment; the impact of the Company's financial condition upon customer and prospective customer relationships; and the impact of losing one or more senior executives or failing to attract additional key personnel. These and other risk factors are discussed in Company reports filed with the Securities and Exchange Commission.
Given these uncertainties, and the fact that forward-looking statements represent management's estimates and assumption as of the date of this press release, you should not attribute undue certainty to these forward-looking statements. We assume no obligation to update any forward-looking statements publicly, or to update the reasons why actual results could differ materially from those anticipated in any forward-looking statements contained in this press release, even if new information becomes available in the future.
View original content: http://www.prnewswire.com/news-releases/creative-realities-inc-schedules-earnings-call-for-quarter-ended-march-31-2018-300645187.html
SOURCE Creative Realities, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-creative-realities-inc-schedules-earnings-call-for-quarter-ended-march-31-2018.html |
Selling drugs is a relationship business. It's best to do it in person. That is why, on a summer evening in 2012, Alec Burlakoff was out for dinner with Steven Chun, the owner of Sarasota Pain Associates. Burlakoff was a sales manager for Insys Therapeutics, an Arizona-based pharmaceutical company with only one branded product, a new and highly potent opioid painkiller called Subsys. Chun was a doctor who prescribed a lot of opioids.
The location was a moderately expensive seafood restaurant in Sarasota, Fla., with linen tablecloths and large windows overlooking the bay. The sun was still high in the sky. Gleaming powerboats lined the docks outside, and a warm breeze rippled the water. On one side of the table were Burlakoff and Tracy Krane, an Insys sales representative. Krane was a newcomer to the industry, tall with dark brown hair in a bob. Burlakoff, then 38, with a slight frame and a boyish restlessness, was her new boss. He had years of experience in the opioid market. Colleagues marveled over his shameless push to make the sale, but he had a charisma that was hard to resist. Even people who didn't trust him couldn't help liking him.
Krane was there to learn the business, and the meeting made a vivid impression. Chun, then 49 and stout, had impeccable credentials: He was trained at the University of Washington, Cornell Medical College and the Memorial Sloan Kettering Cancer Center. He had been married at the Fifth Avenue Presbyterian Church in Manhattan, to a Juilliard-trained violinist who is the daughter of a former chief executive of Korean Air, but had since divorced. At Burlakoff's invitation, he had brought his girlfriend at the time, a woman in her mid-20s, to dinner.
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For Insys, Chun was just the right kind of doctor to pursue. In the late 1990s, sales of prescription opioids began a steep climb. But by the time Subsys came to market in 2012, mounting regulatory scrutiny and changing medical opinion were thinning the ranks of prolific opioid prescribers. Chun was one of the holdouts, a true believer in treating pain with narcotics. He operated a busy practice, and 95 percent of the Medicare patients he saw in 2015 had at least one opioid script filled. Chun was also a top prescriber of a small class of painkillers whose active ingredient is fentanyl, which is 50 to 100 times as powerful as morphine. Burlakoff's product was a new entry to that class. On a "target list," derived from industry data that circulated internally at Insys, Chun was placed at No. 3. The word inside the company for a doctor like Chun was a "whale."
In the few months since Subsys was introduced, demand was not meeting expectations. Some of the sales staff had already been fired. If Burlakoff and Krane could persuade Chun to become a Subsys loyalist, it would be a coup for them and for the entire company. The drug was so expensive that a single clinic, led by a motivated doctor, could generate millions of dollars in revenue.
Over dinner, Burlakoff grew expansive, Krane recalled. She marveled at the way he drew on a wealth of information about the doctor — intelligence gathered over the course of years — without letting on just how much he knew. Before he worked for Insys, Burlakoff worked for Cephalon, Insys's chief competitor, and he knew a bit about Chun's romantic history, Krane said. He also knew that Chun liked to visit the casinos up in Tampa, so Burlakoff made a point of talking about his own penchant for gambling, according to Krane. She had no idea if he was telling the truth.
It is unclear whether Burlakoff knew that Chun was also, at that moment, in the middle of an expensive legal battle. The previous year, two nurses who formerly worked for him secretly filed a whistle-blower suit charging "widespread billing schemes" intended to defraud the government, and federal agents executed a search warrant on his clinic. (Chun would later pay $750,000 to the Department of Justice to resolve the claims. He was never charged with a crime and denies all wrongdoing.)
What is clear is that Burlakoff thought that Chun was a tremendous prize. After briefly extolling the virtues of Subsys, Krane recalled, Burlakoff finally arrived at the true purpose of the dinner. He had a proposition to make. Insys wanted to sign Chun up, he said, for the company's speaker program, which was just getting underway.
Speaker programs are a widely used marketing tool in the pharmaceutical business. Drug makers enlist doctors to give paid talks about the benefits of a product to other potential prescribers, at a clinic or over dinner in a private room at a restaurant. But Krane and some fellow rookie reps were already getting a clear message from Burlakoff, she said, that his idea of a speaker program was something else, and they were concerned: It sounded a lot like a bribery scheme.
Burlakoff left the dinner in a great mood, Krane said, confident that Chun would come on board. The doctor did become an Insys speaker later that year, and sales did improve, not only in Chun's Florida office but also around the country, as more doctors signed on. By the next year, according to the company, net revenue from Subsys sales would increase by more than 1,000 percent, to $95.7 million .
But the new reps were right to be worried. The Insys speaker program was central to Insys' rapid rise as a Wall Street darling, and it was also central to the onslaught of legal troubles that now surround the company. Most notable, seven former top executives, including Burlakoff and the billionaire founder of Insys, John Kapoor, now await trial on racketeering charges in federal court in Boston. The company itself, remarkably, is still operating.
The reporting for this article involved interviews with, among other sources, seven former Insys employees, among them sales managers, sales reps and an insurance-authorization employee, some of whom have testified before a grand jury about what they witnessed. This account also draws on filings from a galaxy of Insys-related litigation: civil suits filed by state attorneys general, whistle-blower and shareholder suits and federal criminal cases. Some are pending, while others have led to settlements, plea deals and guilty verdicts.
In the Insys case, prosecutors are looking to break new ground in holding the pharmaceutical and medical industry accountable in connection with the current opioid crisis. They're attacking both ends of the pharma sales transaction; 11 prescribers face charges or have been convicted over their ties to Insys, and Chun has recently been subpoenaed for medical records related to Subsys. In looking into Insys's relationship to providers like him, investigators are revealing just how opioids are sold at the point they first enter the national bloodstream — in the doctor's office.
THE OPIOID CRISIS, now the deadliest drug epidemic in American history, has evolved significantly over the course of the last two decades. What began as a sharp rise in prescription-drug overdoses has been eclipsed by a terrifying spike in deaths driven primarily by illicitly manufactured synthetic opioids and heroin, with overall opioid deaths climbing to 42,249 in 2016 from 33,091 in 2015. But prescription drugs and the marketing programs that fuel their sales remain an important contributor to the larger crisis. Heroin accounted for roughly 15,000 of the opioid deaths in 2016, for instance, but as many as four out of five heroin users started out by misusing prescription opioids.
By the time Subsys arrived in 2012, the pharmaceutical industry had been battling authorities for years over its role in promoting the spread of addictive painkillers. The authorities were trying to confine opioids to a select population of pain patients who desperately needed them, but manufacturers were pushing legal boundaries — sometimes to the breaking point — to get their products out to a wider market.
Even as legal penalties accrued, the industry thrived. In 2007, three senior executives of Purdue Pharma pleaded guilty in connection with a marketing effort that relied on misrepresenting the dangers of OxyContin, and the company agreed to pay a $600 million settlement. But Purdue continued booking more than $1 billion in annual sales on the drug. In 2008, Cephalon likewise entered a criminal plea and agreed to pay $425 million for promoting an opioid called Actiq and two other drugs "off-label" — that is, for unapproved uses. That did not stop Cephalon from being acquired three years later, for $6.8 billion.
Subsys and Actiq belong to a class of fentanyl products called TIRF drugs. They are approved exclusively for the treatment of "breakthrough" cancer pain — flares of pain that break through the effects of the longer-acting opioids the cancer patient is already taking around the clock. TIRFs are niche products, but the niche can be lucrative because the drugs command such a high price. A single patient can produce six figures of revenue.
Fentanyl is extremely powerful — illicitly manufactured variations, often spiked into heroin or pressed into counterfeit pills, have become the leading killers in the opioid crisis — and regulators have made special efforts to restrict prescription fentanyl products. In 2008, for instance, the F.D.A. rebuffed Cephalon's application to expand the approved use for a TIRF called Fentora; in the company's clinical trials, the subjects who did not have cancer demonstrated much more addictive behavior and propensity to substance abuse, which are "rarely seen in clinical trials," F.D.A. officials concluded. An F.D.A. advisory committee reported that, during the trials, some of the Fentora was stolen. The agency later developed a special protocol for all TIRF drugs that required practitioners to undergo online training and certify that they understood the narrow approved use and the risks.
Despite these government efforts, TIRF drugs were being widely prescribed to patients without cancer. Pain doctors, not oncologists, were the dominant players. This was common knowledge in the industry. Although it is illegal for a manufacturer to promote drugs for off-label use, it is perfectly legal for doctors to prescribe any drug off-label, on their own judgment. This allows drug makers like Insys to use a narrow F.D.A. approval as a "crowbar," as a former employee put it, to reach a much broader group of people.
That points to a major vulnerability in policing the opioid crisis: Doctors have a great deal of power. The F.D.A. regulates drug makers but not practitioners, who enjoy a wide latitude in prescribing that pharmaceutical companies can easily exploit. A respected doctor who advocates eloquently for wider prescribing can quickly become a "key opinion leader"; invited out on the lucrative lecture circuit. And any doctor who exercises a free hand with opioids can attract a flood of pain patients and income. Fellow doctors rarely blow the whistle, and some state medical boards exercise timid oversight, allowing unethical doctors to continue to operate. An assistant district attorney coping with opioids in upstate New York told me that it's easy to identify a pill-mill doctor, but "it can take five years to get to that guy." In the meantime, drug manufacturers are still seeing revenue, and that doctor is still seeing patients, one after another, day after day.
JOHN KAPOOR, the founder of Insys, has flirted with legal trouble throughout his long career as a pharmaceutical entrepreneur. Raised in India, where he was the first in his family to go to college, he immigrated to the United States to pursue a doctorate, he has said, with five dollars in his pocket. He amassed a fortune with a series of pharmaceutical ventures, mostly in the unglamorous arena of generic drugs. One of his companies, Lyphomed, drew sanctions from the F.D.A. related to manufacturing problems, leading to recalls and a consent decree. After he sold Lyphomed to a Japanese firm in 1990, personally reaping more than $100 million, the buyer sued him, claiming that he had been deceptive about the company's regulatory difficulties. He settled out of court. Another of Kapoor's big investments, Akorn, was delisted from Nasdaq during his tenure as chief executive for filing unaudited financial statements, but his stake, held in trust, is now worth hundreds of millions, despite new controversy over possible breaches of F.D.A. requirements at the company.
Kapoor, now 74, bankrolled Insys almost entirely on his own for over a decade, shepherding Subsys on the long road to approval by the Food and Drug Administration. What motivated him, he has often said, was seeing his wife, Editha, suffering from metastatic breast cancer, before her death in 2005 at 54.
Often called Dr. Kapoor, he more closely resembles an academic than a business titan, with glasses and a signature mop of graying hair. But employees found that Kapoor could be aggressive and unyielding. At Insys he was known to pound the table; he dressed down a manager in front of colleagues. People who worked for him speak of the need to "survive" him.
Kapoor believed that he had the best product in its class. All the TIRF drugs — for transmucosal immediate-release fentanyl — deliver fentanyl through the mucous membranes lining the mouth or nose, but the specific method differs from product to product. Actiq, the first TIRF drug, is a lozenge on a stick. Cephalon's follow-up, Fentora — the branded market leader when Subsys arrived — is a tablet meant to be held in the cheek as it dissolves. Subsys is a spray that the patient applies under the tongue. Spraying a fine mist at the permeable mouth floor makes for a rapid onset of action, trials showed.
Once the F.D.A. gave final approval to Subsys in early 2012, the fate of Insys Therapeutics rested on selling it in the field. The industry still relies heavily on the old-fashioned way of making sales; drug manufacturers blanket the country with representatives who call on prescribers face to face, often coming to develop personal relationships with them over time.
To carry out a delicate sales campaign, Insys made some unusual choices. Overseeing the launch under Kapoor, then the executive chairman, would be his 36-year-old protégé, Michael Babich, who had been named the Insys chief executive. A tall Chicagoan, Babich had worked for Kapoor in various roles since he was in his 20s, when Kapoor recruited him from an asset-management firm. Kapoor introduced Babich to the staff as a rising talent, but he had never led a sales effort for an F.D.A.-approved drug. According to former Insys managers, Babich tended to defer to Kapoor, who was, after all, putting up his own money.
To build the sales force, Insys hired a number of notably attractive people in their 20s and 30s, mostly women — not an uncommon tactic in the industry. But Insys reps tended to be particularly inexperienced, often with no background in pharmaceutical sales. "They were hiring people straight out of college," said Jim Coffman, who worked as a regional sales trainer at Insys in 2012. "So there was a certain naïveté, which played into their objectives and goals." The company was offering salaries well below market rates — typically paying a rep $40,000 when other companies would offer twice that amount — but dangling the lure of stock options and unusually large commissions.
Examining detailed TIRF sales data purchased from third parties, Insys executives zeroed in on an important fact: The entire market was anchored by a relatively small pool of prescribers. Winning the business of a handful of carefully selected practitioners per state could be enough to make Insys the market leader. The names at the top of the chart were well known in the field.
Insys managers divided the existing base of TIRF prescribers into deciles, according to how many scripts they wrote. The "high decile" practitioners tended not to specialize in treating cancer pain, according to the Boston indictment, but Insys went right after them. Sales reps were instructed to call on them multiple times a week, to the point of sitting in their waiting rooms for hours, angling for a moment with the doctor. As one manager told me, "You fish where the fish are."
A SPEAKER PROGRAM was in the works at Insys from the start, but in the first months after Subsys hit the market, it had not gotten underway. During that period, Kapoor was disappointed by the sales of the drug, according to former employees. Managers thought the expectations were unrealistic, given that the company had beginner reps and entrenched competitors, but Kapoor didn't want to hear it. He and Babich would soon meet with each regional sales manager one on one at the home office, and some meetings would be contentious. Turnover in the sales staff was running high.
It was then that Alec Burlakoff arrived, asking about a job. Burlakoff had a history that might have put off some potential employers. In 2002, Eli Lilly fired him as a sales rep amid an investigation by the Florida attorney general's office into a supposed scheme to send unsolicited pills — a slow-release form of Prozac — to patients through the mail. When Burlakoff and two other fired employees sued Lilly in return, claiming the plan was approved by management, they gained media attention nationwide. Burlakoff said in a court filing that his reputation in the industry was permanently scarred. (The case was settled.) When Burlakoff later sold Actiq and Fentora at Cephalon, he was based in the Southeast region, a hot spot in the investigations into the promotion of both those drugs.
Former Insys employees consistently describe Burlakoff's arrival as a turning point. Insys initially hired him to head the Southeast region, but within three months, he was promoted to run the entire sales force. The speaker program swiftly became the centerpiece of the sales effort, and Burlakoff made it clear how he wanted it to work.
He explained it all to Tracy Krane on the first day they met, she told me, while they were sitting in her white Cadillac CTS. It was a conversation she later recounted, she said, in a grand-jury proceeding in connection with the Boston criminal case. Burlakoff had traveled to her territory to join her on a "ride along," coaching her through sales calls on an oppressively sunny day, and they had just left Chun's office. The ostensible purpose of a pharma-speaker program, as Krane understood it, was to spread the word about the drug through peer-to-peer marketing. With "honorariums" changing hands, the potential for a subtle corruption is clear, but Burlakoff was not subtle. He told Krane, she said, that the real target was not the audience but the speaker himself, who would keep getting paid to do programs if and only if he showed loyalty to Subsys. It was a quid pro quo or, as the Department of Justice later called it, a kickback. "He boiled it right down," Krane recalled: We pay doctors to write scripts. That's what the speaker program is.
Krane didn't know all the rules, she told me, but this didn't sound right. She turned to Burlakoff and asked, "Isn't that illegal?"
He brushed off the question, Krane said, with a tone she likened to patting a child on the head and telling her not to worry — the worst that could happen was the company would have to pay a settlement. If Burlakoff in fact said this, he had some reason. It was during his time at Cephalon that the company handily survived its penalty for engaging in illegal promotional schemes.
Emails that have surfaced in court and public-records requests give the flavor of the sales messages that top executives were sending. One week after Burlakoff was hired, Babich, the chief executive, wrote an email to his sales managers, directing them to make sure that reps understood "the important nature of having one of their top targets as a speaker. It can pay big dividends for them." Burlakoff urged on his sales staff, peppering them with emails and texts that alternated between the tropes of motivational speaking ("we are all starting a new opportunity to be our very best when we get out of bed tomorrow!") and arm-twisting reminiscent of "Glengarry Glen Ross." "PROGRAMS ARE THE ONLY THING THAT MATTERS," he wrote. "WHY DO SOME OF YOU REFUSE TO ACKNOWLEDGE THIS PROVEN FACT?"
The speaker events themselves were often a sham, as top prescribers and reps have admitted in court. Frequently, they consisted of a nice dinner with the sales rep and perhaps the doctor's support staff and friends, but no other licensed prescriber in attendance to learn about the drug. One doctor did cocaine in the bathroom of a New York City restaurant at his own event, according to a federal indictment. Some prescribers were paid four figures to "speak" to an audience of zero.
Burlakoff appears at first to have tried to shield Kapoor from the details of the Insys speaker programs, or I.S.P.s, as they were sometimes called in-house. "I need your guidance on how to present to Dr. Kapoor I.S.P.'s in a way — where he won't get involved," he wrote to Babich in an email obtained through a public-records request. Babich replied, "You got it." Top executives, however, soon prepared documents for Kapoor, according to the Boston indictment, that explicitly calculated the I.S.P. "return on investment" for each speaker and indicated that underperformers could be culled from the program. Prosecutors have not yet presented evidence that Kapoor in fact saw the documents.
But Kapoor also had a direct contact out in the field, a New Jersey rep at the bottom of the hierarchy named Susan Beisler, who left a paper trail that could present legal difficulties for Kapoor. Beisler, then in her late 30s, seems to have had a close relationship with Kapoor, signing one email "many hugs and kisses," according to a pending lawsuit filed by the New Jersey attorney general. Beisler complained to Kapoor that the speaker money "being thrown" at certain doctors was giving an unfair edge to their reps, particularly Burlakoff's "friends," according to the suit. Burlakoff had hired a number of Cephalon alumni he knew, reps who had pre-existing relationships with key doctors. As early as the summer of 2013, according to a federal indictment, an Insys rep — possibly Beisler — wrote to Kapoor that it was "so not right" that one high-prescribing doctor was "getting $2,500 a pop to eat at fancy steakhouses in NYC often," adding, "I don't think anyone even goes to his 'programs." The following year, according to the Boston indictment, Insys quadrupled the budget devoted to the speaker program to $10 million. In the end, the Top 10 speakers each made more than $200,000.
INSYS WASN'T JUST winning over top TIRF prescribers from the competition. It was creating new ones. One star rep in Florida, later promoted to upper management, told another rep that when she went in search of potential speakers, she didn't restrict herself to the top names, because, after all, any doctor can write scripts, and "the company does not give a [expletive] where they come from." (Some dentists and podiatrists prescribed Subsys.) She looked for people, she said, "that are just going through divorce, or doctors opening up a new clinic, doctors who are procedure-heavy. All those guys are money hungry." If you float the idea of becoming a paid speaker "and there is a light in their eyes that goes off, you know that's your guy," she said. (These remarks, recorded by the rep on the other end of the line, emerged in a later investigation.)
Unsurprisingly, tactics like these attracted some questionable figures to the program. In an email that surfaced in a lawsuit brought by the Illinois attorney general, a sales rep in the state reported directly to Babich about a pain-management doctor named Paul Madison: "Dr. Madison runs a very shady pill mill that only accepts cash," the rep wrote. "He is extremely moody, lazy and inattentive. He basically just shows up to write his name on the prescription pad, if he shows up at all." Insys was not deterred, it appears. According to the Boston indictment, Babich and Burlakoff hired a former exotic dancer named Sunrise Lee as a sales manager, and she helped court Madison as an Insys speaker. The company paid Madison tens of thousands dollars even after he was indicted on insurance-fraud charges that are still pending. (He pleaded not guilty.) According to the Illinois suit, which Insys later settled, he single-handedly accounted for 58 percent of the Subsys prescribed in Illinois over a three-year period.
In a March 2013 email to the sales force, Burlakoff singled out five reps at the top of the company leader board and noted that they "literally have their entire business being driven by basically one customer." These "customers" were the top five Subsys prescribers in the nation, according to a pending lawsuit brought by the state of Arizona, and all were well-compensated Insys speakers. Three have been convicted of felonies; one has not been charged but had his license revoked. Only one remains in practice.
As a result of Insys's approach to targeting doctors, its potent opioid was prescribed to patients it was never approved to treat — not occasionally, but tens of thousands of times. It is impossible to determine how many Subsys patients, under Kapoor, actually suffered from breakthrough cancer pain, but most estimates in court filings have put the number at roughly 20 percent. According to Iqvia data through September 2016, only 4 percent of all Subsys prescriptions were written by oncologists.
Jeff Buchalter, 34, a decorated Iraq war veteran, was one off-label Subsys patient. His doctor, William Tham, a paid Insys speaker, prescribed the drug to treat pain stemming from Buchalter's wartime injuries, eventually raising the dose well beyond the maximum amount indicated by the F.D.A. Buchalter was taking it 12 times a day, not four to six, and alternating between the two highest doses, a medical chart from Tham's clinic shows. Eventually, he had to be put under sedation in intensive care at Fort Belvoir, Va., while he went through withdrawal from Subsys and other prescription drugs. "I am frankly astonished at the amount of opioids the patient has been prescribed," a hospital specialist noted in his records. Buchalter is suing Insys and Tham. (Tham's lawyer, Andrew Vernick, told me, "He has done nothing wrong in this case, and he is not involved in any of the allegations that have been raised against Insys throughout the country.")
Buchalter said Subsys gave him relief from pain, but it changed him into someone he did not recognize. He had always defined himself as a hard worker with integrity. With his eyes darting around the room as he spoke, he told me he became an addict, his day revolving around the next dose: He slept under his desk at the office, where boxes of Subsys filled the drawers, and his house went into foreclosure. Buchalter looked troubled and tired when we met. His hands were visibly dirty. "I've been absent from my life for years," he told me. "What I remember is who I was when my daughter was born, and when I was a soldier."
THE PREVALENCE OF off-label prescribing, while legal, did initially present Insys with a challenge. Owing to the risk and expense of Subsys, nearly all health insurers required prior authorization and would pay for the drug only for its sole approved use: breakthrough cancer pain. Only about one-third of Subsys prescriptions were being approved for reimbursement in late 2012. So Insys created an internal division dedicated to improving that number.
According to a former employee and multiple court filings, including a manager's guilty plea, the company offered to relieve doctors' offices of insurance hassles and take on the task of getting prescriptions covered. Insys' "prior authorization specialists" — workers who the company motivated with bonuses — would contact insurers or their contractors, giving the impression they were calling from the prescribing doctor's office. They used what managers called "the spiel," which led insurers to believe that patients had cancer when they did not. Sometimes they would falsify medical charts and outright lie, former staff members have acknowledged. Babich, the chief executive, was involved in arranging for this unit's phone system to block Caller ID to disguise the fact that calls were not coming from the doctor's office, according to the Boston indictment.
The initiative worked. By the following spring, a company estimate pegged the approval rate for commercial insurers at 87 percent.
With insurance approval now catching up with prescriptions, Insys revenue and market share were climbing sharply, but a serious threat was brewing within. Within six months of the Subsys launch, one rep based in Texas, Ray Furchak, started to consider reporting Insys to government authorities. The speaker program, he felt, amounted to a thinly disguised kickback scheme, and he was also concerned that management was pushing an overly high dose of Subsys to first-time patients, despite boldface F.D.A. warnings of the dangers. Furchak began to collect emails and texts as evidence.
He soon filed a whistle-blower complaint against the company, as well as John Kapoor. But the defendants did not know they had been sued for months — the case proceeded under seal.
While Insys's fortunes were on the rise, Furchak's suit was under review at the Justice Department. In cases like his, called qui tams , a whistle-blower sues on behalf of the government, claiming fraud, and stands to share in any recovered funds. Justice Department lawyers quietly conducted interviews, weighing whether to intervene and join the plaintiff in the suit. It was one of hundreds of decisions like it that qui tam investigators face at any given time. An investigator at the Department of Health and Human Services, Michael Cohen, told me the federal government faces an overwhelming amount of health care fraud: "We call it a tsunami."
Fortunately for Insys, the Justice Department declined to intervene in Furchak's case. A lawyer familiar with the decision cited the difficulty of proving significant damages; Insys was not a big fish yet. Furchak did what most people do in this situation: He dropped the suit. The judge ordered his complaint unsealed, but the media took no notice at the time. Insys was free to go on doing what it was doing. It would be a long time before the law caught up to it.
In May 2013, two months after the Justice Department decision, the company went public. At an event at the Nasdaq MarketSite in Times Square, Kapoor and Babich stood smiling, surrounded by a group of cheering Insys executives.
By the end of 2013, Subsys would become the most widely prescribed branded TIRF, according to a company S.E.C. filing . In an ebullient "State of the Union" message to the sales force that October, Babich joked about hiring midget wrestlers to perform at the next national sales meeting. Now the competition was going to come after Insys, he said. "One problem they have ... they don't have a chance in hell!"
Insys became the year's best-performing initial public offering, on a gain of over 400 percent. That December, the company disclosed that it had received a subpoena from the Office of the Inspector General at Health and Human Services, an ominous sign. But a CNBC interviewer made no mention of it when he interviewed Babich a few weeks later. Instead he said, "Tell us what it is about Insys that has investors so excited."
BY THEN, THOUGH, Insys management had identified a potential worry in the Southeast region. Xiulu Ruan and John Patrick Couch, each a well-compensated Insys speaker, jointly owned and operated a pain clinic in Mobile, Ala., that served thousands of clients. Their main location occupied a one-story brown building on a commercial strip on the western outskirts of the city, adjacent to a Shell station.
Ruan was able to successfully recommend an Insys rep for their territory, a 27-year-old named Natalie Perhacs. Ruan had been asking her out to dinner for several months, to no avail; now she would be in his clinic several times a week. In her previous job, Perhacs's salary was just over $30,000, but in two years selling Subsys almost exclusively to Ruan and Couch, she made $700,000. (Perhacs later pleaded guilty to conspiracy to violate a federal anti-kickback statute.)
Ruan and Couch had many patients legitimately in need of pain treatment. But it would be difficult to miss, from regularly visiting the clinic or from prescribing data alone, that something was awry. "Oh, everybody knew it," a nurse at a different Mobile practice told me.
In 2014, the doctors each averaged one prescription for a controlled substance roughly every four minutes, figuring on a 40-hour week. A typical pill mill makes its money from patients paying in cash for their appointments, but Ruan and Couch had a different model: A majority of their scripts were filled at a pharmacy adjacent to their clinic called C&R — for Couch and Ruan — where they took home most of the profits. The pharmacy sold more than $570,000 of Subsys in a single month, according to Perhacs's criminal plea. Together the two men amassed a collection of 23 luxury cars.
Two former patients told me that people approached them to buy or sell prescription drugs in the clinic's parking lot. "There was always one or two out there," Alice Byrd Jordan said.
One patient, Keith Bumpers, told me that he had thought his doctor at the clinic was "Dr. Justin." Justin Palmer was a nurse practitioner who testified that he routinely forged Couch's name on prescriptions. He was one of three medical staff members at the clinic who were personally misusing painkillers at work. One of them died by suicide; the other two admitted seeing patients while impaired. A patient named Tamisan Witherspoon, who was prescribed Subsys off-label and became addicted, testified that a nurse practitioner at the clinic, Bridgette Parker, spoke incoherently and collapsed asleep in an exam room in front of her. Witherspoon recognized the state Parker was in, because she had been there herself, she said, from taking Subsys. "I started to cry," Witherspoon said on the witness stand, "because I realized that she was in trouble and so was I."
In court testimony, Perhacs acknowledged that in late 2013, there was a "sense of panic" at Insys regarding the situation at the clinic in Mobile. The problem was that the clinic wasn't generating enough money for the company.
"Dr. Ruan and Dr. Couch are way down," Burlakoff wrote to Perhacs. "Can you assist please. ... This was the topic of conversation today with Dr. Kapoor and Mike."
In fact, Couch and Ruan were still writing a lot of Subsys scripts. But they had started prolifically prescribing a Subsys competitor too: Abstral, then made by Galena Biopharma. One reason Insys was losing out on potential sales, according to the Boston indictment, was that C&R Pharmacy was having trouble getting enough Subsys from distributors to keep it in stock — because of measures designed to combat the opioid crisis.
The flow of controlled substances through distributors, which are the middlemen between drug companies and pharmacies, is strictly regulated, and distributors have paid hefty settlements for failing to notify the Drug Enforcement Administration of "suspicious orders" of controlled substances from particular pharmacies. Couch and Ruan's pharmacy was hitting caps with their distributor, according to Perhacs's testimony — an "enormous barrier," a manager wrote to her. In internal emails cited in the Boston indictment, leadership scrambled to find a way to beat the competition and get around the caps at the same time. One executive wrote that "certain parties would be at risk" if they were not careful. Sales reps in the region felt they needed assistance. A manager wrote to Perhacs, "Hopefully with a little help from above we can land this."
On Feb. 13, 2014, the help arrived. Two men flew to Alabama to have dinner at a steakhouse with Couch and Ruan and their pharmacists, booking rooms for the night at the Renaissance Hotel by the Mobile River. The two men who flew to Mobile for this meeting were the chief executive, Michael Babich, and the billionaire founder of Insys Therapeutics, John Kapoor.
Over dinner, according to the Boston indictment, Kapoor and Babich struck a remarkable agreement with the pharmacists and the doctors, who were operating a clinic rife with opioid addiction among the staff: Insys would ship Subsys directly to C&R Pharmacy. An arrangement like this is "highly unusual" and a "red flag," according to testimony from a D.E.A. investigator in a related trial. As part of the terms of the deal, the pharmacy would make more money on selling the drug, with no distributor in the loop. And there would be another anticipated benefit for all involved: Everyone could sell more Subsys without triggering an alert to the D.E.A.
IT WAS NOT long after that dinner in Alabama that the troubles at Insys came more clearly into public view. Early in 2014, according to a former employee at Insys headquarters cited in a shareholder suit, top executives learned that a major Subsys "whale" based in Michigan, Gavin Awerbuch, was under investigation. Awerbuch was a well-paid speaker and, by a large margin, the top prescriber of Subsys to Medicare patients. Further details have emerged in the Boston indictment and other court filings. Burlakoff had personally cultivated Awerbuch, flying to Michigan to take him out to dinner and then writing an email to colleagues: "Expect a nice 'bump' fellas."
As it turned out, unfortunately for Insys, Awerbuch was under the eye of authorities even before Subsys went on the market. He was submitting insurance claims for bogus tests and liberally writing opioid scripts. As investigators closed in on him, his fondness for a new drug called Subsys caught their eye. He prescribed it to one patient complaining of mild to moderate back pain. That patient was an undercover agent.
Awerbuch was arrested in May 2014 and charged with illegally prescribing Subsys and insurance fraud. Insys's stock took an immediate hit, on heavy trading volume.
In an email the previous September, Burlakoff had written to Babich and others, "Let's make some money," adding that it was the Awerbuchs "of the world that keep us in business, let's get a few more." Now Insys executives scrambled to distance themselves from the doctor. Subsys was not sold directly to doctors, who make their own decisions, they explained in a news release: "Insys only sells Subsys through D.E.A. approved wholesalers who monitor and track prescribing activity."
With news of Awerbuch's arrest, the New Jersey sales rep Susan Beisler wrote to a friend: "Yup. [Expletive]." When the friend responded that it was bad for the doctor but not for Insys, Beisler replied: "The thing is they bribed the [expletive] out of that guy to write. The complaint shows ten other docs they also bribed."
It was a telling remark: In fact, the Awerbuch criminal complaint merely presented a chart of the Top 10 Subsys prescribers to Medicare patients. Names were withheld, but other details were provided. An executive at Galena, then the maker of Abstral, sent a screenshot of the list to Ruan, who was easily identifiable. The next day, Ruan began redirecting his Insys speaker fees to philanthropic purposes. "He runs away from that Insys money as fast as he can," the assistant United States attorney Christopher Bodnar later told a jury.
With Awerbuch's fall, Beisler apparently thought that Insys was done, but for her bosses, and for their investors, this wasn't over. After a dip, revenues recovered and the stock resumed its climb. Insys kept paying speaker fees to physicians with disciplinary histories — and doing so out in the open, because a newly implemented provision of the Affordable Care Act meant that drug makers' payments to doctors were now publicly posted. Burlakoff continued on the job for more than a year. Investors shrugged over the Awerbuch news and the bad press surrounding the speaker program. The subpoena Insys had received about its sales practices was "not particularly unusual," one bullish Wall Street analysis noted later that year, adding, "we're pretty sure that the worst-case outcome for Insys is some sort of fine." The first hard-hitting report of several by Roddy Boyd of the Southern Investigative Reporting Foundation, in April 2015, jolted the stock, but again it recovered and moved higher, with sales still climbing.
Insys sustained another blow when federal agents descended on Ruan and Couch's clinic in Mobile in May 2015. They were there to seize evidence and arrest the doctors, Kapoor and Babich's dinner companions the previous year.
The local medical community felt the impact of the raid. Because refills are generally not allowed on controlled substances, patients typically visited the clinic every month. For days, dozens of them lined up outside in the morning, fruitlessly trying to get prescriptions from the remaining staff or at least retrieve their medical records to take elsewhere. But other providers were either booked up or would not take these patients. "Nobody was willing to give the amount of drugs they were on," a nurse in the city said. Melissa Costello, who heads the emergency room at Mobile Infirmary, said her staff saw a surge of patients from the clinic in the ensuing weeks, at least a hundred, who were going through agonizing withdrawal.
Two months after the raid in Mobile, Insys' stock reached an all-time high.
AT DAWN ONE MORNING LAST OCTOBER, several S.U.V.s entered a gated community in Phoenix and drove up a mountainside road. Federal agents climbed out and entered a sprawling house with their weapons drawn. They took John Kapoor into custody at 7 a.m. When he appeared eight hours later in federal court, surrounded by indigent defendants being arraigned at the same time, he was wearing untied running shoes and gym shorts that appeared to be on backward.
Prosecutors had advanced from targeting lower-level employees toward the heart of the company, securing some guilty pleas along the way, including one from Michael Babich's wife, Natalie Levine, a former Insys rep, on bribery charges. Babich, Burlakoff, Sunrise Lee and three other former senior Insys executives were indicted simultaneously on bribery and fraud charges, and months passed while Insys insiders wondered whether Kapoor would go untouched. Now they had their answer.
Kapoor and the six other executives charged in Boston have pleaded not guilty and await trial, scheduled for January. For prosecutors at the Department of Justice, this is uncharted territory. When pharmaceutical companies have been heavily penalized over marketing schemes and fraud, their leaders have typically settled the cases — or, more rarely, pleaded to misdemeanors — and walked away. The Insys defendants not only face criminal prosecution but stand accused of racketeering under the RICO Act, a law more commonly invoked against organized-crime families and drug gangs. The industry will be paying attention.
Kapoor's lawyer, Beth Wilkinson, declined to comment in detail on the case, but did say, "We will vigorously defend Dr. Kapoor in court." Lawyers for Burlakoff, Babich, Lee, Levine and Madison either declined or did not respond to detailed requests for comment. A lawyer for Beisler, who has not been charged with a crime, also declined to comment. Awerbuch pleaded guilty to accepting bribes and health care fraud and has been sentenced to jail time. Ruan and Couch were convicted on multiple felony counts and are in prison. They have appealed. Krane was fired by Insys in November 2012; the company cited poor sales performance. She no longer works in the drug industry.
Insys itself is still producing Subsys, though sales have fallen considerably. (Overall demand for TIRFs has declined industrywide.) The company is now marketing what it calls the "first and only F.D.A.-approved liquid dronabinol," a synthetic cannabinoid, and is developing several other new drugs. Some analysts like the look of the company's pipeline of new drugs and rate the stock a "buy." In a statement , the company said its new management team consists of "responsible and ethical business leaders" committed to effective compliance. Most of its more than 300 employees are new to the company since 2015, and its sales force is focused on physicians "whose prescribing patterns support our products' approved indications," the company said. Insys has ended its speaker program for Subsys.
In Florida, Dr. Steven Chun is still seeing patients. The indictment against the Insys executives details the company's relationship to 10 unnamed Subsys prescribers. Having worked to identify all of them, I was virtually certain that Chun is "Practitioner #9." Three others have already been sentenced to prison time; Chun has not been charged with any crime. In February, after multiple attempts to contact him, I visited his Florida clinic unannounced.
Chun works out of the third floor of a two-tone stucco building flanked by palm trees, in prosperous Lakewood Ranch, a master-planned community. Adjacent to the medical complex housing his clinic is a tidy outdoor retail and entertainment area called Main Street at Lakewood Ranch. In Chun's orderly waiting room, when I visited, an elderly man with a walker and a plaid shirt sat silently under the fluorescent lights. The clinic looked nothing like the pill mill that I had stopped by a few days earlier. It looked like a doctor's office.
I did not expect Chun to agree to see me, but I was led down a long hallway into his personal office. Wearing dark blue scrubs with his name embroidered at the breast, he shook my hand and motioned for me to sit on a red leather sofa while he sat back in his chair, taking a sip from a thermos. A framed diploma hung on the wall behind him.
The practice of pain management has changed since Chun was in training in the 1990s, he said. There are so many regulations. People in pain have fewer and fewer places to go. And now, he said, he's caught up in this Insys case.
Chun said that his prescribing of Subsys had nothing to do with the money that Insys paid him (more than $275,000, according to the Boston indictment). He believed in the product and he enjoyed doing the speaker programs. It suited his ego to take a teaching role, he said, smiling.
Asked for comment at press time, Chun defended his practice, saying he has never been accused of malpractice or disciplined by the state of Florida. He has complied with subpoenas related to Subsys, he said, and he has not been contacted directly by investigators in connection with Insys. He said a vast majority of his TIRF prescriptions are on-label, for patients with cancer or a history of cancer. He said he always tells patients, "Unless you have cancer, I'm not going to prescribe this for you."
Chun said Subsys prescriptions went up 10 percent at most after he joined the speaker program. (The Boston indictment contradicts this account.) He said he only heard about the Insys "scam" after he left the program and saw no reason he was being associated with doctors who participated. He concluded, "I follow the rules."
While Chun and I were speaking, staff members knocked on the door and entered every 30 minutes or so, carrying pieces of paper for Chun to sign. Chun explained that the nurse practitioner he worked with is not licensed to prescribe Schedule II controlled substances, the most tightly regulated category of legal drugs. The sheets of paper were prescriptions, and he signed them two to four at a time without pausing to read them over. As soon as the knock came on the door, without looking down, he would make a swift motion with his hand to retrieve his pen from his breast pocket and click the button on the top.
Down the hall, patients were presumably making the trip, in that cycle familiar to us all, from the waiting room to the exam room and finally home. Naturally the patient in the next room had no idea what Chun and I were discussing. He probably did not see that a sales rep stopped by and brought lunch for the clinic staff, getting a wave from Chun through the open door. It's very likely that a pharmacy rang up a prescription for that patient on his way home, but the real sale had already happened, out of his sight. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/the-pain-hustlers-insys-therapeutics-paid-millions-to-doctors.html |
LJUBLJANA, May 9 (Reuters) - Chinese household appliances maker Hisense Electric has offered the best bid of 12 euros ($14.22) per share for Gorenje, the Slovenian appliances producer said.
It added in a statement on Wednesday that Hisense will announce a takeover bid for Gorenje within 15 days. The price was offered on condition that Hisense acquires at least 50 percent of Gorenje’s shares.
The bid values Gorenje at about 293 million euros. ($1 = 0.8437 euros) (Reporting by Marja Novak Editing by Alexander Smith)
| ashraq/financial-news-articles | https://www.reuters.com/article/gorenje-ma/chinas-hisense-bids-12-euros-share-for-slovenias-gorenje-idUSL8N1SG7U5 |
SAN CARLOS, Calif. (AP) _ Iovance Biotherapeutics Inc. (IOVA) on Thursday reported a loss of $26.5 million in its first quarter.
The San Carlos, California-based company said it had a loss of 31 cents per share. Losses, adjusted for stock option expense, came to 26 cents per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 29 cents per share.
Iovance Biotherapeutics shares have increased 86 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $14.85, more than doubling in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on IOVA at https://www.zacks.com/ap/IOVA | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/the-associated-press-iovance-biotherapeutics-1q-earnings-snapshot.html |
May 25, 2018 / 12:34 PM / Updated an hour ago Baku wants a June race date and revised F1 contract Alan Baldwin 3 Min Read
MONACO (Reuters) - Azerbaijan wants to return to a June slot on the Formula One calendar and is trying to renegotiate its contract post-2020 so that it pays less in race-hosting fees and gains more commercial benefits.
Promoter Arif Rahimov told reporters at the Monaco Grand Prix that the current contract was a binding commitment for five races from 2016 but with a break clause before a subsequent five.
That clause has to be activated before the end of June.
“We haven’t triggered the break clause, we’re negotiating on the second part of the contract,” said Rahimov.
Azerbaijan pays more than most for its race in Baku and any reduction in fees would hit commercial rights holders Liberty Media’s balance sheet.
Rahimov said he hoped his bill could be closer to the average for long-haul ‘flyaway’ races.
Although contracts are confidential, the global average fee of the current 21 races’ is around $30.6 million, and some $40 million for those outside of Europe, according to the racefans.net website.
Baku’s bill, thanks to an annual escalator clause, is estimated to have climbed to more than $60 million.
“We do definitely want to be there in the average of the flyaway races. That’s not the only thing we’re discussing with FOM (Formula One Management),” said Rahimov. “It’s most of the other commercial terms in the contract too.
“They (Liberty) want to try the new approach too so its a bilateral effort to make this viable for all of us.”
Rahimov hoped everything could be sorted before the end of June: “I think we’ll come to some agreement,” he said.
A recent economic study carried out by PricewaterhouseCoopers showed Azerbaijan gaining a net economic impact of around $280 million from the race, over two years. The media value was put at an additional $100 million.
This year’s race was held in April and for the second year in a row served up a thriller with Mercedes driver Lewis Hamilton winning.
The 2016 and 2017 grands prix were in June, when the weather is warmer, and Rahimov said that remained the preferred date because three or four months were needed to set everything up on the city streets.
“If we are in April, then really we have to start in the winter and you have adverse weather, all the rains and winds that stops you from working effectively,” he said. “Ideally we would like to hold the race in June.” Reporting by Alan Baldwin, editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-monaco-azerbaijan/baku-wants-a-june-race-date-and-revised-f1-contract-idUKKCN1IQ1NX |
BAKU, May 29 (Reuters) - Azerbaijan launched the first phase of a pipeline project on Tuesday to supply gas to Turkey and southern Europe, part of a European effort to reduce reliance on Russian energy supplies.
The Southern Gas Corridor pipeline project, which involved $40 billion investment, will supply about 6 billion cubic metres (bcm) of gas a year to Turkey and, by the first quarter of 2020, it will supply a further 10 bcm a year to Europe.
The gas is being lifted from Azerbaijan’s Shah Deniz field.
The pipeline will compete with the Russian-built TurkStream pipeline that is due to become operational at the end of 2019.
Russia’s Gazprom now supplies about 34 percent of Europe’s gas market, the company’s main source of revenue.
TurkStream’s first line, with a capacity for 15.75 bcm a year, will supply Turkish consumers. In a second phase, it will supply the same amount of gas across Turkey to southern Europe.
The rival project, the Southern Gas Corridor, could be extended if promising new Azerbaijan gasfields, such as Absheron, could be developed, officials have said. (Reporting by Nailia Bagirova Writing by Vladimir Soldatkin Editing by Polina Ivanova and Edmund Blair)
| ashraq/financial-news-articles | https://www.reuters.com/article/azerbaijan-gas-corridor/azerbaijan-launches-pipeline-project-to-turkey-eyes-europe-idUSL5N1T02VY |
May 9, 2018 / 2:32 PM / Updated 23 minutes ago Oil market points to 'tighter for longer' as Trump ditches Iran deal Amanda Cooper 3 Oil shot to nearly $80 a barrel this week after U.S. President Donald Trump walked away from the Iran nuclear deal and the futures market structure shows investors are preparing for a tight supply-demand balance to get even tighter. FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. REUTERS/Ernest Scheyder/File Photo
Brent crude futures LCOc1 are hovering around $77 a barrel, having risen by around 10 percent in the last six weeks as U.S. rhetoric around Iran grew increasingly hawkish.
But it is the widening of the premium of the nearer-dated contracts over those for delivery further in the future that highlights investors’ concern over the already-delicate balance between crude production and consumption.
The so-called “Dec/Dec” spread, the difference between the nearest December Brent contract and that for December the following year, is at its widest for five years, when Iran was subject to harsh sanctions that cut its oil exports by 40 percent in just 24 months to around 1.3 million bpd by late 2013, around half of what it currently exports.
Ignoring pleas by allies, Trump on Tuesday pulled out of an international accord on Iran’s nuclear activities that had been agreed in late 2015, raising the risk of conflict in the Middle East and casting uncertainty over global oil supplies at a time when supply of crude is already falling short of demand.
The Brent December 2019 futures contract LCOZ9 is trading a full $6 lower than the December 2018 contract LCOZ8, the widest for any December/December spread since 2013.
Graphic: Brent crude futures show investor concern over Iran - reut.rs/2rvuVc1
At that time, conflict had engulfed fellow OPEC member Libya, driving its oil production down to little more than 200,000 barrels per day from around 1.4 million bpd in the space of 12 months.
Syria, as now, was in the throes of civil war and Islamic State militants were taking ground in Iraq, while North Korea alarmed the world with threats of missile attacks against the United States and South Korea.
The Organisation of the Petroleum Exporting Countries remains committed to a two-year pledge to cut output by 1.8 million bpd jointly with key rivals including Russia.
The group’s output is around 2 million bpd higher than it was back in 2013, but global demand has grown by nearly 7.5 million bpd since then.
The oil market can ill-afford yet more shortfalls in production, especially given the drop in global inventories of crude and refined products to a three-year low, involuntary outages in major producers such as Venezuela and a shortage of new upstream projects.
Graphic: Iran's crude oil trade - reut.rs/2Im15k1 Reporting by Amanda Cooper; Editing by Adrian Croft | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-oil-futures/oil-market-points-to-tighter-for-longer-as-trump-ditches-iran-deal-idUKKBN1IA2C2 |
Markets seeing just small bump in the road here, says strategist 50 Mins Ago Burns McKinney, Allianz Global Investors portfolio manager, and David Kelly, J.P. Morgan Funds chief global strategist, discuss the moves in the market today on the cancellation of the U.S.-North Korea talks and other geopolitical risks. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/markets-seeing-just-small-bump-in-the-road-here-says-strategist.html |
CARLSBAD, Calif.--(BUSINESS WIRE)-- Ra Medical Systems, Inc. today announced that it has confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of its common stock. The number of shares of common stock to be sold and the price range for the proposed offering have not yet been determined. The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (“Securities Act”). This announcement is being issued in accordance with Rule 135 under the Securities Act.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529005185/en/
Ra Medical Systems, Inc.
Jeffrey Kraws, 609-306-2274
Source: Ra Medical Systems, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-ra-medical-systems-announces-confidential-submission-of-draft-registration-statement-for-proposed-initial-public-offering.html |
In recent elections, Democrats have faced attacks related to health-care costs, with the party being blamed for premium increases on Affordable Care Act exchanges during the Obama years.
Now, as many health insurers are seeking to impose double-digit rate increases on those marketplaces, a number of recent surveys suggest Republicans may take the lion’s share of the blame, with Democrats viewed more favorably on the issue ahead of November’s midterm elections.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/democrats-long-blamed-for-heath-care-costs-seek-to-shift-ownership-to-gop-1527512400 |
May 3, 2018 / 8:14 AM / Updated 16 minutes ago UPDATE 2-Norway central bank keeps key rate at 0.50 pct, outlook unchanged Reuters Staff 3 Min Read
(Adds detail, reactions, updates crown)
OSLO, May 3 (Reuters) - Norway’s central bank kept its key policy interest rate unchanged at a record low 0.50 percent on Thursday, as expected by all 15 economists polled by Reuters, and maintained its guidance.
The outlook and the balance of risks for the Norwegian economy do not appear to have changed substantially since the March rate meeting, the board of Norges Bank said in a unanimous decision.
“This was very much in line with expectations, nothing that would change the outlook for a hike in September,” said DNB Markets economist Jeanette Stroem Fjaere.
The bank in its March policy report called for a rate rise “after the summer”, which most economists polled by Reuters took to mean a hike was pencilled in for September.
“The Executive Board’s assessment is that the upturn in the Norwegian economy appears to be continuing broadly in line with the picture presented in the March Report,” the central bank said.
The crown currency strengthened to an intra-day high of 9.6726 against the euro from 9.7110 before the announcement. It then backtracked somewhat and was trading at 9.6925 at 0824 GMT.
Markets interpreted the outlook as reasonably confident at a time when its European peers such as the European Central Bank (ECB) and the Swedish central bank have struck a relatively more cautious note, ING economist Jonas Goltermann said.
“The Norwegians are staying the course at a time when everybody else including the ECB is sounding a bit more cautious and that is being perceived as slightly more confident than its (the Norwegian central bank’s) peers,” he added.
In its statement, the bank said that underlying inflation was below the inflation target, but that “driving forces” indicated that it would rise.
Core inflation year-on-year, which excludes the volatile oil and shipping sectors, fell to 1.2 percent in March from 1.4 percent in February, below expectations for a rise of 1.5 percent in a Reuters poll.
The finance ministry lowered in March the bank’s inflation target to 2.0 percent from 2.5 percent previously.
“The low inflation from March is not influencing their judgement,” said SEB Chief Strategist Erica Blomgren.
“In sum, the market has seen weaker data during the spring but the central bank does not give any impression that it will delay a rate hike.” (Reporting by Camilla Knudsen, Ole Petter Skonnord, and Terje Solsvik in Oslo and Tommy Wilkes in London Writing by Gwladys Fouche Editing by Raissa Kasolowsky) | ashraq/financial-news-articles | https://www.reuters.com/article/norway-rates/update-1-norway-central-bank-keeps-key-rate-at-0-50-pct-outlook-unchanged-idUSL8N1SA2Q0 |
Burberry bags profit rise ahead of Tisci design era Wednesday, May 16, 2018 - 01:12
Burberry has beat profit forecasts as a strategy to re-energise its luxury brand showed early promise ahead of the arrival of its new designer Riccardo Tisci. Lea Jakobiak reports.
Burberry has beat profit forecasts as a strategy to re-energise its luxury brand showed early promise ahead of the arrival of its new designer Riccardo Tisci. Lea Jakobiak reports. //reut.rs/2rLHWO8 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/16/burberry-bags-profit-rise-ahead-of-tisci?videoId=427421605 |
EditorsNote: Numerous factual changes throughout
Ben Zobrist, Anthony Rizzo and Kyle Schwarber homered and Jason Heyward had three hits Tuesday as the visiting Chicago Cubs topped the slumping Pittsburgh Pirates, 8-6.
The Cubs, who took the lead for good with three runs in the seventh off reliever Edgar Santanta (2-1), will go for a series sweep Wednesday.
The Pirates blew an early three-run lead. Despite scoring two in the ninth on Starling Marte’s single, they have lost four straight and nine of 11.
Chicago’s Jon Lester (5-2) wasn’t as strong as he had been lately — he had allowed five runs total over his previous five starts. He gave up four runs and eight hits in six innings, with six strikeouts and no walks.
Closer Brandon Morrow recorded his 12th save.
Pirates rookie Nick Kingham, making his fourth major league start, allowed three runs and eight hits in 5 2/3 innings, with four strikeouts and two walks.
Pittsburgh took a 2-0 lead in the first. After Austin Meadows doubled on a ball center fielder Ian Happ misjudged, Marte knocked him in with a double to left. Josh Bell followed with an RBI single.
Elias Diaz extended the lead to 3-0 with his third homer on Lester’s first pitch in the second.
Chicago cut into the lead in the fifth. Lester hit a one-out single before Zobrist hit his third homer, to right, to make it 3-2.
Meadows hit his fourth homer, a full-count, leadoff shot to right-center, in the bottom of the fifth to restore the Pirates’ two-run lead, 4-2.
In the sixth, Heyward hit a two-out double and scored on Lester’s single to right to make it 4-3. It was Lester’s second career two-hit game.
Rizzo hit a one-out homer, his eighth, in the seventh for a 4-4 tie. Willson Contreras singled and raced home on Happ’s double for a 5-4 lead. An out later, Happ scored on Heyward’s single to make it 6-4.
Schwarber’s two-run homer, his 10th, off Michael Feliz made it 8-4 in the eighth.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-pit-chc-recap/cubs-slug-three-homers-to-beat-pirates-8-6-idUSMTZEE5UIS2Z01 |
out@ (Adds U.S. threat of new Iran sanctions as early as next week, paragraph 8)
* U.S. withdrawal could stoke conflicts in Middle East
* France, Germany, Britain say 2015 agreement not dead
* France urges Iran to stick to deal, consider broader talks
* Iran says it has plan to cope with U.S. ditching of deal
* EU may retaliate for any U.S. steps against trade with Iran
*
*
* GRAPHIC-Irans nuclear facilities https://tmsnrt.rs/2K9tVRX
*
WASHINGTON/PARIS, May 9 (Reuters) - Dismayed European allies sought on Wednesday to salvage the Iran nuclear deal and preserve their Iranian trade after President Donald Trump withdrew the United States from the landmark accord and ordered sanctions reimposed on Tehran.
"The deal is not dead. There's an American withdrawal from the deal but the deal is still there," French Foreign Minister Jean-Yves Le Drian said.
But Iranian President Hassan Rouhani, a pragmatist who helped engineer the 2015 deal to ease Iran's economically crippling isolation, told French counterpart Emmanuel Macron in a phone call that Europe had only a "limited opportunity" to preserve the pact, the Iranian Students' News Agency reported.
"(Europe)... must, as quickly as possible, clarify its position and specify and announce its intentions with regard to its obligations," ISNA quoted Rouhani as telling Macron.
Macron, who like other European leaders had lobbied Trump to keep the agreement that was struck before the Republican president took office in January 2017, urged Rouhani to keep respecting the deal and consider broader negotiations.
Trump said on Tuesday he would revive U.S. economic sanctions, which would penalize foreign firms doing business with Tehran, to undermine what he called "a horrible, one-sided deal that should have never, ever been made".
On Wednesday, he said Iran would now either negotiate or "something will happen." It was not immediately clear what actions he was suggesting would take place.
The White House said later that Trump was preparing to impose new sanctions on Iran, perhaps as early as next week, but gave no details.
Iran has drafted a "proportional" plan to cope with the U.S. withdrawal, the official news agency, IRNA, quoted government spokesman Mohammad Baqer Nobakht as saying. He said without elaborating that budgets had been drawn up to handle various scenarios.
The fruit of more than a decade of diplomacy, the nuclear agreement was clinched in July 2015 by the United States, France, Britain, Germany, Russia, China and Iran.
It was designed to prevent Iran developing a nuclear bomb in return for the removal of sanctions that had crippled its economy, not least by Washington threatening to penalize businesses anywhere in the world that traded with Iran.
Trump complained that the deal, the signature foreign policy achievement of his Democratic predecessor, Barack Obama, did not address Iran's ballistic missile program, its nuclear activities beyond 2025 or its role in conflicts in Yemen and Syria.
His decision raises the risk of deepening conflicts in the Middle East, puts the United States at odds with European diplomatic and business interests and casts uncertainty over global oil supplies. Oil prices rose more than 2 percent, with Brent touching a 3-1/2-year high.
The U.S. pullout could also strengthen hardliners in Iranian politics at the expense of moderates like Rouhani who had pinned their hopes on the deal to boost living standards in Iran, with limited success so far.
Iranian Supreme Leader Ayatollah Ali Khamenei, a hardliner, said: "Mr Trump, I tell you on behalf of the Iranian people: You've made a mistake. ... I said many times from the first day: Don't trust America."
'REGION DESERVES BETTER'
Le Drian, German Chancellor Angela Merkel and the International Atomic Energy Agency (IAEA) all said Iran was honoring its commitments under the accord.
"The region deserves better than further destabilisation provoked by American withdrawal," Le Drian said.
Later on Wednesday, U.S. Defense Secretary Jim Mattis sought to allay concerns that Washington had alienated itself from close allies with Trump's decision.
"We will continue to work alongside our allies and partners to ensure that Iran can never acquire a nuclear weapon, and will work with others to address the range of Iran's malign influence," Mattis told a U.S. Senate hearing.
"The president could not affirm as required that this agreement was being lived up to," Mattis said. "We now have the opportunity to move forward to address those shortcomings and make it more compelling."
The European Union said it would ensure sanctions on Iran remain lifted, as long as Tehran meets its commitments.
The Kremlin said Russian President Vladimir Putin was "deeply concerned" by the withdrawal, the RIA news agency said.
Merkel said that while the existing deal should not be called into question, there should be discussion of "a broader deal that goes beyond it".
British Foreign Secretary Boris Johnson spoke of a "follow-on agreement," but said it was up to Washington to come up with concrete proposals. Macron said he wanted a broader discussion with all relevant parties on the development of Iran's nuclear programme after 2025, when key elements of the current deal start to expire, as well as Iran's ballistic missile programme and wider Middle East issues.
Iranian officials will next week meet counterparts from France, Britain and Germany. Khamenei appeared sceptical whether they could deliver: "I don't trust these three countries."
The chances of saving the deal without Washington depend largely on whether international firms are willing and able to keep trading with Iran despite the threat of U.S. sanctions.
In a sign of what may be in store, Trump's ambassador to Berlin tweeted within hours of taking up his post that German businesses should halt activities in Iran at once.
French Finance Minister Bruno Le Maire said the United States should not consider itself the world's "economic policeman".
Britain, France and Germany said they would do all they could to protect their business interests in Iran, yet it was unclear how far they would be able to shield firms from U.S. sanctions.
Brussels has a "blocking statute" at its disposal that bans any EU company from complying with U.S. sanctions and does not recognise any court rulings that enforce American penalties.
But the statute has never been used and is seen by European governments more as a political weapon than a regulation, because its rules are vague and difficult to enforce.
British Prime Minister Theresa May's spokesman made the limits of potential action clear: "UK businesses may wish to consider the implications for their business activities in Iran and, where necessary, seek appropriate legal advice."
European companies including carmaker PSA, plane manufacturer Airbus and engineering group Siemens all said they were watching the situation.
A senior French diplomat said businesses would ultimately be forced to choose between their Iranian economic interests and their potential U.S. interests, adding: "Generally, that decision is quickly made in favour of the U.S."
'DEATH TO AMERICA!"'
Hardliner lawmakers in Iran's parliament burned a U.S. flag and a symbolic copy of the deal, known officially as the Joint Comprehensive Plan of Action (JCPOA), chanting: "Death to America!"
Rouhani, who could be weakened by a blow to Iran's economy, struck a more conciliatory tone in a televised speech, saying Iran would negotiate with EU countries, China and Russia.
"If at the end of this short period, we conclude that we can fully benefit from the JCPOA with the cooperation of all countries, the deal will remain," he said.
The Trump administration kept the door open to negotiating another deal, but it is far from clear whether the Europeans would pursue that option or be able to win Iran over.
Abandoning the pact was one of the most consequential decisions of Trump's "America First" policy, which has led him to quit the global Paris climate accord, come close to a trade war with China and pull out of an Asian-Pacific trade deal.
It also appeared to reflect the growing influence of Iran hawks such as new national security adviser John Bolton and Secretary of State Mike Pompeo, who arrived in Pyongyang on Wednesday to prepare for a summit that Trump hopes will secure North Korea's denuclearization.
COMPLYING WITH DEAL
Iran denies long-standing Western suspicions that it tried in the past to develop atomic weapons and says its nuclear energy program has been for peaceful purposes.
Senior U.S. officials themselves have said several times that Iran is in technical compliance with the nuclear pact.
Renewing sanctions would make it much harder for Iran to sell its oil abroad or use the international banking system.
Iran is the Organization of the Petroleum Exporting Countries's third-largest member, pumping about 3.8 million barrels per day of crude, or just under 4 percent of global supply. China, India, Japan and South Korea buy most of its 2.5 million bpd of exports.
Iran's rial currency plunged to a record low against the U.S. dollar in the free market, after sliding for months because of a weak economy, financial difficulties at local banks and heavy demand for dollars among Iranians who feared that renewed U.S. sanctions would hit Iranian exports hard.
Among the few nations to welcome Trump's decision were Israel and Saudi Arabia, Iran's arch-foes in the Middle East, regarding it as a political victory.
(Graphic showing Irans nuclear facilities https://tmsnrt.rs/2K9tVRX)
(Additional reporting by Steve Holland, Tim Ahmann, Makini Brice, Warren Strobel, Jonathan Landay, Arshad Mohammed, Patricia Zengerle, David Lawder and Mohammad Zargham in Washington, Ayenat Mersie in New York, Sybille de La Hamaide, John Irish and Tim Hepher in Paris, Parisa Hafezi in Ankara, David Milliken and Bozorgmehr Sharafedin in London and Andrew Torchia in Dubai; Writing by Angus MacSwan and Kevin Liffey; Editing by Mark Heinrich and Peter Cooney) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/reuters-america-wrapup-7-europeans-work-to-save-iran-deal-and-business-after-trump-pulls-out.html |
VANCOUVER, British Columbia, May 17, 2018 (GLOBE NEWSWIRE) -- Cannabis Wheaton Income Corp. (TSX-V:CBW) (" Cannabis Wheaton " or the " Company ") is pleased to announce that it has closed its previously announced acquisition (the “ Transaction ”) of all of the outstanding securities of Dosecann Inc. (“ Dosecann ”), a late-stage “Licensed Dealer” applicant pursuant to the Narcotic Control Regulations (the “ NCR ”).
Located in the biotech hub of Charlottetown, Prince Edward Island, Dosecann is currently completing the buildout of a 42,000 square foot facility, purpose-built for the research, development, extraction, formulation, filling and packaging of cannabis-based products. Upon receipt of regulatory approval, Dosecann will leverage its state-of-the-art facility to begin developing a range of value added cannabis-based products for the Company and its streaming partners to ultimately be sold to medical cannabis patients and, upon approval, into the natural health product and adult-use cannabis markets.
Pursuant to the acquisition agreement dated April 3, 2018, the Company has acquired all of the outstanding securities of Dosecann (the “ Dosecann Securities ”) by way of a “three-cornered amalgamation” (the “ Acquisition ”) for an aggregate purchase price of up to $38,000,000, payable in common shares of the Company to the holders of the Dosecann Securities (the “ Consideration Shares ”), subject to the satisfaction of certain post-closing time and performance-based milestones. As part of the Acquisition, all outstanding convertible securities of Dosecann have either been converted into Dosecann common shares and exchanged for Consideration Shares or have otherwise been exchanged for convertible securities of Cannabis Wheaton based on the exchange ratio used in the Acquisition.
The Company has issued 24,494,496 Consideration Shares at a deemed price of $1.47, of which 9,630,947 are subject to performance based milestone release. In addition, the Company has assumed the obligations of the existing Dosecann common share purchase warrants, resulting in the issuance of 5,071,248 common share purchase warrants in the capital of the Company (the “ Replacement Warrants ”). Each whole Replacement Warrant entitles the holder to purchase one common share of the Company at an exercise price of $0.962 until January 2020. As a result of the closing of the Transaction, Dosecann is now a wholly-owned subsidiary of the Company.
Upon receipt of a Dealer’s Licence pursuant to the NCR, Dosecann will serve a critical role in the “mid-stream” segment of Cannabis Wheaton’s platform. Dosecann will be the Company’s primary facility for various value enhancing intellectual property related activities such as extraction, processing, branding and licensing, product development and manufacturing, research and development, and various international opportunities. The Company also intends to utilize the Dosecann facility for the commercialization of various cannabis products available under the Company’s recently announced license agreement with Dixie Brands, Inc., as permitted by applicable law.
Hugo Alves, President and Director of Cannabis Wheaton stated, “The addition of Dosecann to the Cannabis Wheaton platform provides us with a strategic regulatory tool that we believe will be increasingly important under the proposed Cannabis Act. We couldn’t be more excited to be working with the high caliber team Greg Boone has put together to develop Dosecann into a true ‘center of excellence’ in the creation of intellectual property, product development and commercialization. We believe the Dosecann team’s proven ability to take pharmaceutical, natural health products, and consumer packaged goods from conceptualization to commercialization will be of huge value to the Company’s wholly owned subsidiaries and streaming partners as we enter the next leg of growth in the domestic and international markets for cannabis products.”
Greg Boone, Founder and CEO of Dosecann commented, “The Dosecann team is delighted to partner with Cannabis Wheaton as we near the completion and licensing of our purpose-built facility. Given their in-depth industry knowledge and exceptionally strong management team, we believe Cannabis Wheaton is the perfect partner to bring Dosecann’s unique product formulations to market. We look forward to collaborating with Hugo and his team going forward.”
Dr. Christina Woollard, Dosecann’s Chief Science Officer states, “I joined Dosecann because I was confident that Dosecann would play a significant role in the Canadian cannabis industry. I have dedicated my career to the study and commercialization of patient focused medicines and I look forward to leveraging my 18 years of experience as the Head of Pharmaceutical Development for GW Pharmaceuticals to help Dosecann become the benchmark cannabis manufacturing and development facility in Canada.”
ON BEHALF OF THE BOARD
" Chuck Rifici " Chairman & CEO
About Cannabis Wheaton (TSX-V:CBW)
Cannabis Wheaton is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. Our mandate is to facilitate growth for our partners by providing them with financial support and sharing our collective industry experience. Our partners all have different visions, voices and brand values, and all share a common goal—to build a world-class industry based on ethics, diversity, quality and innovation.
About Dosecann
Dosecann Inc. is a PEI-based Licensed Dealer applicant currently completing the buildout of a 42,000-square foot GMP compliant facility. Within the purpose-built facility, Dosecann intends to accommodate product development, extraction, formulation, filling and packaging. Dosecann is developing a suite of cannabis products across a variety of delivery methods for both domestic and international medical and adult use markets.
Investor Relations:
For more information about investing in Cannabis Wheaton, please visit: http://www.wheatonincome.com or contact our Investor Relations Team:
Email: [email protected]
1-833-695-2414
Stay Connected:
Follow up on Twitter @WheatonIncome
Media Enquiries (only):
For media enquiries or to set up an interview please contact:
Sarah Bain, VP External Affairs
Email: [email protected]
Phone: 613.230.5869
Notice Regarding Forward Looking Information:
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. Forward-looking information includes, but is not limited to: the proposed licensing of Dosecann's facility and the expected timing to obtain all necessary licenses required for the proposed operation of the facility; expected growth into domestic and international markets as a result of the Acquisition; Dosecann's critical role in the "mid-stream" segment of Cannabis Wheaton’s platform; and the intended use of the Dosecann facility. By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company or, following completion of the Acquisition, Dosecann, to be materially different from those expressed or implied by such information and statements.
A number of factors could cause actual results to differ materially from a conclusion, forecast or projection contained in the forward-looking information in this release including, but not limited to, whether: Dosecann is able to obtain and maintain a Dealer’s Licence; the Company is able to successfully manage the integration of Dosecann's operations with its own; the Dosecann facility can be completed in the manner currently proposed or at all; Dosecann can obtain all necessary governmental and regulatory permits and approvals for the facility, and whether such permits and approvals can be obtained in a timely manner; the counterparties to the acquisition agreement and related transaction agreements comply with their respective obligations under the acquisition agreement and related transaction agreements; and general economic, financial market, legislative, regulatory, competitive and political conditions in which the Company and Dosecann operate will remain the same. Additional risk factors are disclosed in the revised annual information form of the Company for the financial year ended December 31, 2016 dated May 23, 2017.
New factors emerge from time to time, and it is not possible for management to predict all of those factors or to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The forward-looking information in this release is based on information currently available and what management believes are reasonable assumptions. Forward-looking information speaks only to such assumptions as of the date of this release. In addition, this release may contain forward-looking information attributed to third party industry sources, the accuracy of which has not been verified by the Company. The purpose of forward-looking information is to provide the reader with a description of management's expectations, and such forward-looking information may not be appropriate for any other purpose. Readers should not place undue reliance on forward-looking information contained in this release.
The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Cannabis Wheaton Income Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-cannabis-wheaton-announces-closing-of-dosecann-acquisition.html |
May 9, 2018 / 3:18 PM / Updated 37 minutes ago Greece passes law to end 'regime of grief' on adoption red tape Reuters Staff 3 Min Read
ATHENS (Reuters) - Greece approved legislation on Wednesday speeding up child adoption and allowing same-sex couples to become guardians of orphans, cutting a morass of bureaucracy where candidate parents and thousands of children are trapped waiting for years.
There is an average six-year waiting time for prospective parents to go through the adoption process, a key deterrent for thousands of people. The new process limits waiting time to 8-12 months, although many cases will be subject to court approval.
“This regime of grief comes to an end today,” Labor Minister Effie Achtsioglou told parliament.
The law, which also sets up a registry of minors under adoption and candidate parents, was approved by a majority of lawmakers in the 300-seat parliament, after a heated debate.
A provision allowing same-sex couples in a civil partnership agreement to become guardians of parentless children led to protests from the Orthodox Church and unrest in Prime Minister Alexis Tsipras’s left-right coalition.
Most of the lawmakers in his right-wing ally’s Independent Greeks party, rejected the article, with one lawmaker saying that it was “absurd” during the debate. Two of his Syriza party lawmakers also voted against the article.
Tsipras said attention should be shifted to “the state’s stance towards the children who are deprived of a normal life and grow up in institutions, children that in the eyes of the state have been invisible, one would say children of a lesser God.”
He said that the state currently cannot determine the exact number of orphans. One leftist lawmaker put the number of children living in care centers at about 3,000.
According to data from the Greek statistics agency cited in the bill, adoptions in the country fell to 216 in 2016 from 563 in 2012. More than a quarter of a million children are adopted each year worldwide.
Adoption by single sex couples is allowed in at least 12 European Union member states including France, Portugal and Spain, according to a 2016 European parliament paper. Reporting by Renee Maltezou; Editing by Ken Ferris | ashraq/financial-news-articles | https://www.reuters.com/article/us-greece-parliament-adoptions/greece-passes-law-to-end-regime-of-grief-on-adoption-red-tape-idUSKBN1IA2HL |
May 23 (Reuters) - Israel Chemicals Ltd:
* ICL - ANNOUNCES FINAL RESULTS OF CASH TENDER OFFER FOR ANY AND ALL OF ITS $800 MILLION AGGREGATE PRINCIPAL OUTSTANDING 4.500% SENIOR NOTES DUE 2024 Source text - bit.ly/2GIvy6L Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-icl-announces-final-results-of-cas/brief-icl-announces-final-results-of-cash-tender-offer-for-existing-notes-idUSFWN1SU0AA |
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