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May 31, 2018 / 4:15 PM / Updated 6 minutes ago Exclusive - Trump says may need to meet North Korea's Kim more than once Reuters Staff 1 Min Read
ABOARD AIR FORCE ONE (Reuters) - U.S. President Donald Trump said on Thursday it may take more than one meeting to seal a denuclearisation deal with North Korea and that he would like Pyongyang to dismantle its nuclear weapons programme as quickly as possible under any agreement. U.S. President Donald Trump waves before boarding Air Force One to depart for travel to Texas from Joint Base Andrews in Maryland, U.S., May 31, 2018. REUTERS/Leah Millis
Trump, in a brief interview with Reuters aboard Air Force One as he flew to Texas for Republican fund-raising events, said he was still hoping to hold a summit with North Korean leader Kim Jong Un on June 12 in Singapore.
He said he will most likely be visited by North Korean envoy Kim Yong Chol on Friday at the White House after the official wraps up meetings with U.S. Secretary of State Mike Pompeo in New York. The North Korean official is carrying a letter to Trump from Kim Jong Un. Reporting by Steve Holland; Editing by Bill Trott | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-northkorea-usa-trump-interview-exclus/exclusive-trump-says-may-need-to-meet-north-koreas-kim-more-than-once-idUKKCN1IW2CP |
NEW YORK, May 30 (Reuters) - Adult film star Stormy Daniels’ attorney is expected to ask a federal judge on Wednesday to address claims that President Donald Trump’s longtime personal lawyer, Michael Cohen, leaked audio recordings seized from Cohen in raids of his home and office to news media outlets.
The issue was among several slated to come up in a hearing before U.S. District Judge Kimba Wood in Manhattan, who is also expected to get an update on a review of materials federal agents seized in the April raids.
Cohen, who has not been charged with any crime, is under investigation by the U.S. attorney’s office in Manhattan regarding his business dealings.
The investigation stems in part from a referral by Special Counsel Robert Mueller, who is probing whether Trump’s 2016 presidential campaign colluded with Russia. Trump has repeatedly said there was no collusion, and Russia has denied interfering in the U.S. presidential elections.
Cohen has worked for Trump for more than a decade, first as counsel at the Trump Organization and later as his personal lawyer.
In 2016, Cohen paid Daniels $130,000. Daniels has said the payment was intended to buy her silence about a sexual encounter she says she had with Trump in 2006. The president has denied the allegation.
Daniels’ outspoken attorney, Michael Avenatti, said in a letter last week that he had reason to believe that Cohen had leaked audio recordings, which he said may relate to his client, to media outlets. Avenatti asked that Wood ask Cohen about the possible leaks.
Avenatti has also asked Wood to allow him to represent Daniels in the Cohen case. He has said he believes some of the seized materials could relate to Daniels, whose real name is Stephanie Clifford.
Cohen has asked Wood to deny Avenatti permission to appear before the federal court, saying he violated court rules by making what he characterized as false statements about Cohen in frequent news media appearances.
After the raids on Cohen’s home and office, Cohen and Trump asked the judge to block prosecutors from reviewing the seized documents, citing attorney-client privilege.
Wood responded by appointing former U.S. District Judge Barbara Jones as a so-called special master to review whether any of the documents were shielded by attorney-client privilege before turning them over to prosecutors.
In a court filing on Tuesday evening, Jones said she had already turned over to prosecutors more than 290,000 seized items that were not marked privileged by Cohen or Trump.
She said that more than a million items from three seized phones had also been designated as not privileged by Cohen and Trump, and would be turned over to prosecutors Wednesday after a final review.
Cohen and Trump have made at least 252 claims of privilege, according to the filing.
A number of Cohen’s financial dealings since Trump’s January 2017 inauguration have become public.
Swiss drugmaker Novartis AG has said it had paid Cohen nearly $1.2 million as a consultant; U.S. telecommunications company AT&T Inc said it made payments of $600,000; and South Korea’s Korea Aerospace Industries Ltd said it hired him for $150,000.
Cohen also received $500,000 from Columbus Nova Llc, a New York company linked to Russian businessman Viktor Vekselberg. The firm has said the transaction had nothing to do with Vekselberg.
Mueller’s investigation, which began in May 2017, has yielded 17 indictments and five guilty pleas so far. (Reporting by Brendan Pierson in New York; editing by Jonathan Oatis)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-trump-cohen/federal-judge-to-hear-from-stormy-daniels-lawyer-in-cohen-case-idUSL2N1T01JJ |
Regarding Jillian Kay Melchior’s “The Bias Response Team Is Watching” (op-ed, May 9): The University of Michigan’s “bias incident and prevention and response coordinator” is charged with enacting cultural appropriation initiatives, but it is deeply offensive to descen//dants of Romans to see the Latin-derived words “cultural” and “appropriation” appropriated by people who may have no roots in Rome. In fact, most of the English language was appropriated from other cultures. It is high time for America to come up with its own alphabet (a word originally stolen from Greek) and vocabulary (Latin) that doesn’t piggyback on... | ashraq/financial-news-articles | https://www.wsj.com/articles/cultures-spread-learning-via-appropriation-1525975660 |
World's most polluted cities named and shamed 5:49pm IST - 02:00 Sat, 28 Apr, 2018 - (1:07) Follow Reuters: Reuters Plus | Reuters News Agency | Brand Attribution Guidelines | Careers
Reuters, the news and media division of Thomson Reuters , is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/02/worlds-most-polluted-cities-named-and-sh?videoId=423212270 |
MINNEAPOLIS, May 07, 2018 (GLOBE NEWSWIRE) -- Tactile Systems Technology, Inc. (“Tactile Medical”) (Nasdaq:TCMD), a medical technology company focused on developing medical devices for the treatment of chronic diseases at home, today reported financial results for the first quarter ended March 31, 2018.
First Quarter 2018 Summary:
First quarter revenues increased 35% year-over-year, to $26.8 million, compared to $19.9 million in first quarter 2017. Flexitouch revenues increased 40% year-over-year, to $24.5 million, compared to $17.5 million in first quarter 2017. Operating loss of $1.8 million, compared to operating loss of $2.9 million in first quarter 2017. Net loss of $0.1 million, compared to net loss of $1.5 million in first quarter 2017. Adjusted EBITDA of $0.1 million compared to Adjusted EBITDA loss of $1.7 million in first quarter 2017.
Highlights Subsequent to Quarter-End:
On April 9, 2018, the Company announced that its latest-generation Flexitouch system, the Flexitouch Plus, is commercially available throughout the United States for the treatment of lymphedema. The Company previously announced U.S. Food and Drug Administration (FDA) 510(k) clearance for the Flexitouch Plus in June 2017, and recently completed its limited market release of the system.
“Our first quarter sales performance, marked by 40% growth in sales of our Flexitouch system, represents an exciting start to 2018 and reflects the increasing awareness of, and demand for, our Flexitouch system in the lymphedema market,” said Gerald R. Mattys, Chief Executive Officer of Tactile Medical. “Our Flexitouch sales growth during the quarter continued to benefit from the expansion of our sales team in recent years, our efforts to target high-volume accounts and our expansion of in-network coverage with commercial insurers. In addition, we saw strong growth in sales to the Veterans Administration hospital system. We also made progress preparing for the commercialization of our latest-generation Flexitouch system, the Flexitouch Plus, which we launched in early April.”
Mr. Mattys continued, “We are increasing our 2018 revenue guidance based on our strong start in the first quarter. We expect to continue leveraging our strong revenue growth into improved profitability in 2018. We remain committed to delivering on our mission to help people with chronic diseases live better and care for themselves at home.”
First Quarter 2018 Financial Results
Revenues for the first quarter of 2018 increased $7.0 million, or 35%, to $26.8 million, compared to $19.9 million for the quarter ended March 31, 2017. The increase in revenues was attributable to an increase of $7.0 million, or 40%, in Flexitouch system sales. This increase was largely driven by expansion of the Company’s salesforce, growth in the Veterans Administration channel, increased physician and patient awareness of the treatment options for lymphedema, and expanded contractual coverage with national and regional insurance payers.
Gross profit for the first quarter of 2018 increased $5.3 million, or 37%, to $19.5 million, compared to $14.2 million in the first quarter of 2017. Gross margin was 72.8% of sales in the first quarter of 2018, compared to 71.7% of sales in the first quarter of 2017.
Operating expenses for the first quarter of 2018 increased $4.2 million, or 25%, to $21.4 million, compared to $17.2 million in the first quarter of 2017. The increase in operating expenses in the first quarter was primarily driven by an increase of $2.4 million, or 24% year-over-year, in sales and marketing expenses due to continued investment in field sales team expansion and marketing activities to increase awareness. The year-over-year increase in operating expenses was also impacted by a $1.5 million, or 26%, increase in reimbursement, general and administrative expenses and a $0.3 million, or 29%, increase in research and development expenses.
Operating loss for the first quarter of 2018 decreased $1.1 million, or 38%, to $1.8 million, compared to an operating loss of $2.9 million in the first quarter of 2017.
Income tax benefit for the first quarter of 2018 was $1.7 million, compared to income tax benefit of $1.4 million in the first quarter of 2017. The increase in the current period tax benefit was due to increased tax-deductible stock-based compensation activity recognized in the current quarter.
Net loss for the first quarter of 2018 decreased approximately $1.5 million, or 97%, to $0.1 million, or $0.00 per share, compared to a net loss of $1.5 million, or $0.09 per share, in the first quarter of 2017. Weighted average shares used to compute net loss per share were 18.0 million and 16.9 million for the first quarters of 2018 and 2017, respectively.
Adjusted EBITDA for the first quarter of 2018 increased approximately $1.8 million year-over-year to $0.1 million, compared to an Adjusted EBITDA loss of $1.7 million in the first quarter of 2017.
Cash Position
At March 31, 2018, cash, cash equivalents and marketable securities were $41.2 million, compared to $43.9 million at December 31, 2017. The Company had no debt outstanding at March 31, 2018.
2018 Financial Outlook
For 2018, the Company now expects revenues in the range of $132 million to $134 million, representing growth of 21% to 23% year-over-year, compared to revenues of $109.3 million in 2017. This compares to the Company’s prior guidance range of $131 million to $133 million.
Conference Call
Management will host a conference call at 5:00 p.m. Eastern Time on May 7 to discuss the results of the quarter with a question and answer session. Those who would like to participate may dial 833-286-5804 (647-689-4449 for international callers) and provide access code 8265599. A live webcast of the call will also be provided on the investor relations section of the Company's website at investors.tactilemedical.com .
For those unable to participate, a replay of the call will be available for two weeks at 800-585-8367 (416-621-4642 for international callers); access code 8265599. The webcast will be archived at investors.tactilemedical.com .
About Tactile Systems Technology, Inc. (DBA Tactile Medical)
Tactile Medical is a leader in developing and marketing at-home therapy devices that treat chronic swelling conditions such as lymphedema and chronic venous insufficiency. Tactile Medical’s Mission is to help people suffering from chronic diseases live better and care for themselves at home. The Company’s unique offering includes advanced, clinically proven pneumatic compression devices, as well as continuity of care services provided by a national network of product specialists and trainers, reimbursement experts, patient advocates and clinicians. This combination of products and services ensures that tens of thousands of patients annually receive the at-home treatment necessary to better manage their chronic conditions. Tactile Medical takes pride in the fact that our solutions help increase clinical efficacy, reduce overall healthcare costs and improve the quality of life for patients with chronic conditions.
Legal Notice Regarding Forward-Looking Statements
This release contains . Forward-looking statements are generally identifiable by the use of words like “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “confident,” “outlook” or “project” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these , as these statements are subject to numerous factors and uncertainties outside of the Company’s control that can make such statements untrue, including, but not limited to, the adequacy of the Company’s liquidity to pursue its complete business objectives; the Company’s ability to obtain reimbursement from third party payers for its products; loss or retirement of key executives; adverse economic conditions or intense competition; loss of a key supplier; entry of new competitors and products; adverse federal, state and local government regulation; technological obsolescence of the Company’s products; technical problems with the Company’s research and products; the Company’s ability to expand its business through strategic acquisitions; the Company’s ability to integrate acquisitions and related businesses; price increases for supplies and components; or the inability to carry out research, development and commercialization plans. In addition, other factors that could cause actual results to differ materially are discussed in the Company’s filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov . The Company undertakes no obligation to publicly update or revise its as a result of new information, future events or otherwise.
Tactile Systems Technology, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
March 31, December 31, (In thousands, except share and per share data) 2018 2017 Assets Current assets Cash and cash equivalents $ 25,313 $ 23,968 Marketable securities 15,928 19,944 Accounts receivable, net 14,209 17,623 Inventories 14,656 11,040 Income taxes receivable 3,947 2,119 Prepaid expenses and other current assets 1,116 2,178 Total current assets 75,169 76,872 Property and equipment, net 3,912 3,776 Other assets Patent costs, net 2,157 2,218 Medicare accounts receivable, long-term 2,971 2,718 Deferred income taxes 2,664 2,662 Other non-current assets 200 201 Total other assets 7,992 7,799 Total assets $ 87,073 $ 88,447 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 5,234 $ 4,253 Accrued payroll and related taxes 4,856 6,706 Accrued expenses 2,031 2,598 Future product royalties 15 17 Other current liabilities 603 945 Total current liabilities 12,739 14,519 Long-term liabilities Accrued warranty reserve, long-term 1,172 1,141 Total liabilities 13,911 15,660 Stockholders’ equity Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued and outstanding as of March 31, 2018 and December 31, 2017 — — Common stock, $0.001 par value, 300,000,000 shares authorized; 18,062,795 shares issued and 18,036,709 shares outstanding as of March 31, 2018;
17,872,465 shares issued and 17,846,379 shares outstanding as of December 31, 2017 18 18 Additional paid-in capital 70,655 70,224 Retained earnings 3,032 3,082 Accumulated other comprehensive loss (50 ) (44 ) Less: treasury stock, at cost — 26,086 shares as of March 31, 2018 and December 31, 2017 (493 ) (493 ) Total stockholders’ equity 73,162 72,787 Total liabilities and stockholders’ equity $ 87,073 $ 88,447
Tactile Systems Technology, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
Three Months Ended March 31, (In thousands, except share and per share data) 2018 2017 Revenues, net $ 26,848 $ 19,850 Cost of goods sold 7,309 5,624 Gross profit 19,539 14,226 Operating expenses Sales and marketing 12,557 10,166 Research and development 1,437 1,118 Reimbursement, general and administrative 7,372 5,874 Total operating expenses 21,366 17,158 Loss from operations (1,827 ) (2,932 ) Other income 91 55 Loss before income taxes (1,736 ) (2,877 ) Income tax benefit (1,686 ) (1,373 ) Net loss $ (50 ) $ (1,504 ) Net loss per common share Basic $ 0.00 $ (0.09 ) Diluted $ 0.00 $ (0.09 ) Weighted-average common shares used to compute net loss per common share Basic 17,996,672 16,878,443 Diluted 17,996,672 16,878,443
Tactile Systems Technology, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
Three Months Ended March 31, (In thousands) 2018 2017 Cash flows from operating activities Net loss $ (50 ) $ (1,504 ) Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization 463 298 Stock-based compensation expense 1,481 957 Change in allowance for doubtful accounts (198 ) (330 ) Changes in assets and liabilities: Accounts receivable 3,612 4,044 Inventories (3,616 ) (379 ) Income taxes (1,828 ) (1,378 ) Prepaid expenses and other assets 63 197 Medicare accounts receivable – long-term (253 ) (46 ) Accounts payable 885 (533 ) Accrued payroll and related taxes (1,850 ) (1,806 ) Accrued expenses and other liabilities (880 ) 183 Future product royalties (2 ) (19 ) Net cash used in operating activities (2,173 ) (316 ) Cash flows from investing activities Proceeds from sales and maturities of marketable securities 5,000 1,000 Purchases of marketable securities — (10,049 ) Purchases of property and equipment (432 ) (700 ) Patent costs — (8 ) Net cash provided by (used in) investing activities 4,568 (9,757 ) Cash flows from financing activities Taxes paid for net share settlement of restricted stock units (1,188 ) (14 ) Proceeds from exercise of common stock options and warrants 138 100 Net cash (used in) provided by financing activities (1,050 ) 86 Net change in cash and cash equivalents 1,345 (9,987 ) Cash and cash equivalents – beginning of period 23,968 30,701 Cash and cash equivalents – end of period $ 25,313 $ 20,714 Supplemental cash flow disclosure Cash paid for taxes $ 284 $ 5 Capital expenditures incurred but not yet paid $ 96 $ 238
Use of Non-GAAP Financial Measures
This press release includes the non-GAAP financial measure of Adjusted EBITDA, which differs from financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Adjusted EBITDA in this release represents net loss less interest income, net, plus income tax benefit, depreciation and amortization and stock-based compensation expense. Adjusted EBITDA is presented because the Company believes it is a useful indicator of its operating performance. Management uses the measure principally as a measure of the Company’s operating performance and for planning purposes, including the preparation of the Company’s annual operating budget and financial projections. The Company believes this measure is useful to investors as supplemental information because it is frequently used by analysts, investors and other interested parties to evaluate companies in its industry. The Company believes Adjusted EBITDA is useful to its management and investors as a measure of comparative operating performance from period to period. In addition, Adjusted EBITDA is used as a performance metric in the Company’s compensation program.
Adjusted EBITDA is a non-GAAP financial measure and as an alternative to, or superior to, net income or loss as a measure of or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP, and it should not be construed to imply that the Company’s future results will be unaffected by unusual or non-recurring items. In addition, the measure is not intended to be a measure of free cash flow for management’s discretionary use, as it does not reflect certain cash requirements such as tax payments, debt service requirements, capital expenditures and certain other cash costs that may recur in the future. Adjusted EBITDA contains certain other limitations, including the failure to reflect our cash expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of Adjusted EBITDA should not be construed to imply that its future results will be unaffected by any such adjustments. Management compensates for these limitations by primarily relying on the Company’s GAAP results in addition to using Adjusted EBITDA on a supplemental basis. The Company’s definition of this measure is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation.
The following table contains a reconciliation of Net Loss to Adjusted EBITDA.
Tactile Systems Technology, Inc.
Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA
(Unaudited)
Three Months Ended March 31, (In thousands) 2018 2017 Net loss $ (50 ) $ (1,504 ) Interest income, net (108 ) (62 ) Income tax benefit (1,686 ) (1,373 ) Depreciation and amortization 463 298 Stock-based compensation 1,481 957 Adjusted EBITDA $ 100 $ (1,684 )
Tactile Systems Technology, Inc.
Supplemental Financial Information
(Unaudited)
The following table summarizes revenues by product ended March 31, 2018 and 2017:
Three Months Ended March 31, Increase (Decrease) (Dollars in thousands) 2018 2017 $ Change % Change Flexitouch System $ 24,530 $ 17,526 $ 7,004 40.0 % Entre / Actitouch Systems 2,318 2,324 (6 ) (0.3 )% Total Revenue $ 26,848 $ 19,850 $ 6,998 35.3 %
Investor Inquiries: Mike Piccinino, CFA Managing Director Westwicke Partners 443-213-0500 [email protected]
Source:Tactile Systems Technology, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-tactile-systems-technology-inc-reports-first-quarter-2018-financial-results-updates-2018-outlook.html |
Despite Friday's high-profile arrest of former movie mogul Harvey Weinstein on charges stemming from multiple allegations of sexual misconduct, many instances of workplace harassment apparently are never even reported.
Of the 12 percent of workers who say they've experienced sexual harassment on the job, 72 percent did not tell their employer about the incident, according to a CareerBuilder survey released early this year. More than half (54 percent) did not confront the perpetrator.
"There's a stigma of shame, denial and fear of consequences that surrounds these victims, making it often difficult for them to come forward," said Rosemary Haefner, chief human resources officer at CareerBuilder.
show chapters Harvey Weinstein charged with rape and sexual abuse 5 Hours Ago | 04:21 Weinstein was charged with rape, criminal sex act, sex abuse and sexual misconduct for incidents involving two separate women, according to a statement from the New York Police Department.
His arrest comes after dozens of women came forward last year with accusations against him of inappropriate sexual behavior. The public allegations helped spur the #MeToo movement, emboldening other victims to disclose abuse by men in power.
Weinstein has previously denied that any of the encounters in question were nonconsensual.
While many victims of workplace sexual harassment keep it to themselves, three-quarters of those who do report an incident say the issue was resolved, according to the CareerBuilder survey.
"Unfortunately, history has shown that there were reasons to be concerned," Haefner said. "But we have seen a shift ... Anyone who feels harassed should come forward."
Workers who experience sexual harassment should be able to feel comfortable going to their companies to resolve the situation, she said.
"Companies need to do a better job making sure all employees understand that sexual harassment will not be tolerated in the workplace and reports will be taken seriously," Haefner said.
Who has felt sexually harassed in the workplace Age Yes 18-34 17 percent 35-44 11 percent 45-54 10 percent 55 and older 9 percent Source: CareerBuilder According to the U.S. Equal Employment Opportunity Commission, you should start by telling the person who is doing the harassment to stop — if you feel comfortable doing so. If you don't feel comfortable making the request, or if the behavior continues despite your efforts, there are some key steps to take.
Here's what you need to know.
The law According to the EEOC, sexual harassment is a form of sex discrimination. Under the Civil Rights Act of 1964, you have the legal right to be protected from discrimination in the workplace if your company has 15 or more employees. State laws or employer policies might also offer additional protections.
Workplace policies Check to see if your company has an anti-harassment policy. It may be on the employer's web site or in its employee handbook, or you can get it from human resources.
If there is a policy in place, follow the steps outlined, which should include options for reporting the incident and filing a complaint.
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While the specifics of company policies will differ, federal guidelines say the employer should promptly conduct an impartial investigation, along with ensuring that the harassment stops in the meantime.
If the investigation determines harassment did occur, EEOC guidelines say disciplinary measures should be proportional to the seriousness of the offense.
Document the harassment Be sure to document the incident in detail, Haefner said.
"Make sure you list all the names of people who may have witnessed the incident," Haefner said.
Then, she said, provide your report to a supervisor or manager, or to your human resources department.
"Make sure you list all the names of people who may have witnessed the incident." -Rosemary Haefner, chief human resources officer at CareerBuilder If your company has no procedure in place for filing a sexual-harassment complaint, you should go to your immediate supervisor. And if that person is the perpetrator?
"Make your complaint to your supervisor's immediate supervisor," Haefner said.
If you don't feel comfortable doing that, consider talking to another manager or supervisor. You should explain what has happened and ask for that person's help in putting a stop to the behavior.
Other options You have the option of filing a charge of discrimination with the EEOC within either 180 or 300 days of the incident, depending on where you work. (Federal employees and job applicants have a different process and time limits).
While you do not need a lawyer to file a complaint with the federal agency, some victims turn to an employment attorney for help with turning to the EEOC. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/in-the-post-harvey-weinstein-era-heres-how-to-report-workplace-abuse.html |
May 15, 2018 / 10:11 AM / Updated 26 minutes ago Egypt says seeks to raise $1 bln by selling stakes in four-six state firms this year Reuters Staff 1 Min Read
CAIRO, May 15 (Reuters) - Egypt is seeking to float shares in four to six state-owned companies this year to raise up to 18 billion Egyptian pounds ($1 billion), the cabinet said in a statement on Tuesday.
The statement said that shares in the oil and petrochemical industries sectors will be offered on the Egyptian stock market starting in June and until the beginning of 2019.
Egypt in March announced the names of 23 state companies that will sell stakes from this year under its plan to raise 80 billion pounds through minority share offerings on the Cairo bourse. $1 = 17.7400 Egyptian pounds Reporting by Ehab Farouk, writing by Sami Aboudi, editing by Louise Heavens | ashraq/financial-news-articles | https://www.reuters.com/article/egypt-privatisation/egypt-says-seeks-to-raise-1-bln-by-selling-stakes-in-four-six-state-firms-this-year-idUSL5N1SM43X |
(Repeats to wider subscribers, with no changes)
* First Cannes festival in post MeToo era
* Cate Blanchett heads rare majority-female jury
* “This is not the Nobel Peace Prize,” she tells reporters
By Robin Pomeroy
CANNES, France, May 8 (Reuters) - The “MeToo” campaign for sexual equality will have “no direct impact” on who wins at the Cannes Film Festival, Cate Blanchett, the head of this year’s majority-female jury, said on Tuesday
Of the 21 films vying for the Palme d’Or, only three are directed by women, the same as last year’s festival which happened before the sexual abuse and harassment allegations that gave birth to a global campaign to get greater female participation in the film business.
When asked whether she was concerned that there were only three female-helmed movies, Blanchett told a news conference:
“A few years ago there were only two!”
“Is (MeToo) going to have a direct impact upon the films in competition this year, six, nine months on? Not specifically. There are several women in competition but they are not there because of their gender, they are there for the quality of their work.”
She added: “Would I like to see more women in competition? Absolutely. Do I expect and hope that’s going to happen in the future? I hope so.”
But, as if to show how women must not be overlooked in cinema, she had a barbed response to a reporter who asked the “filmmakers” - meaning the directors, rather than actors - on the jury to answer “why are movies still important?”
“Actresses: don’t answer that because you have no idea how to answer that question!” Blanchett said with a raised eyebrow to fellow jury members Lea Seydoux and Kristen Stewart (an actress who has recently moved into directing).
The news conference was the last time the five-women, four-men jury will speak to the media until the end of the fortnight of movie screenings which begins on Tuesday with “Everybody Knows”, a Spanish-language drama starring Penelpo Cruz and Javier Bardem, written and directed by the Iranian Asghar Farhadi.
Another Iranian with a movie in competition, Jafar Panahi, will be unable to attend the festival as he is officially banned from film-making by his government. Russian director Kirill Serebrennikov will also be absent as he is under house arrest in Russia on charges his supporters say are politically motivated.
Blanchett, who called their plight “a terrible situation” was asked it that would alter the way their films are judged.
“It’s not a political film festival,” she replied, insisting that all flims will be judged solely on their artistic merits.
“This is not the Nobel Peace Prize, it’s the Palme d’Or.”
The festival runs from May 8 to May 19. (Reporting by Robin Pomeroy; Editing by Angus MacSwan)
| ashraq/financial-news-articles | https://www.reuters.com/article/filmfestival-cannes/rpt-metoo-will-not-sway-cannes-film-contest-says-jury-head-blanchett-idUSL8N1SF6VW |
May 11, 2018 / 11:00 AM / in an hour RPT-FOCUS-Nestle falls behind as millennials warm up to frozen meals Richa Naidu , Melissa Fares 6 Min Read
Solon, OHIO, May 11 (Reuters) - At Nestle’s $50 million research center outside Cleveland, food technicians and packaging experts set out three years ago to remake its frozen food lineup and appeal more to busy, health-conscious adults in their 20s and 30s.
Nestle may have gotten the menu right, but its timing was off. When young consumers came back to the frozen food aisle last year, the company’s supply chain wasn’t ready. The result: It lost market share to rivals.
Jeff Hamilton, who heads Nestle’s U.S. food business, said in an interview the company did not have the manufacturing capacity ready to meet extra demand for its Stouffer’s Fit Kitchen and Lean Cuisine meals. He described it as “sudden, significant and beyond our expectations.”
To catch up, Nestle recently increased capacity at several of its U.S. factories, including making adjustments to its plants and adding a new line in its factory in Jonesboro, Arkansas, Hamilton said.
“That doesn’t mean we’re not close to the edge, but I think we’re one step ahead from where we were,” he said.
Investors have long pressed Nestle to improve the performance of its frozen food business, leading the company to bring consultants, focus groups and international chefs to its Ohio research facility to help overhaul its menu. Today, the lineup includes items such Coconut Chickpea Curry and Sweet Earth Veggie Lover’s pizza, advertised as organic or high in vitamin C.
Much of its effort revolved around a pitch to millennials, the young adult demographic that executives believed would purchase frozen meals if they were offered healthier, more modern choices at the right price point.
So when demand began rising a year ago, it should have offered Nestle a chance to quickly quiet critics. Instead, it marked a missed opportunity.
After several flat years, frozen food sales in the United States rose 1.4 percent in the last year, according to Nielsen, the market research firm. Young adults helped drive the surge. In 2017, millennial homes spent 9 percent more than average households per trip on frozen foods.
Yet since September, retailers have sold fewer Nestle frozen entrees than during the same period the prior year, hitting a low point in January when Nestle volumes were about 5 percent down from last year, according to Bernstein analysts who reviewed data from Nielsen.
Competitors filled the gap. Frozen entree sales rose for both Conagra Brands Inc and Pinnacle Foods Inc, two key rivals, according to the data. Conagra’s volumes were up about 10 percent in March, compared with a year ago.
Nestle’s retail sales have started to pick up, but are still well below last year’s levels, Bernstein said. INEXPENSIVE AND EASY
Frozen food is a relatively small part of Nestle’s sprawling portfolio, which also includes Nescafe instant coffee and Pure Life bottled water. It is one of the reasons some investors have called on it to sell the business, saying it would free the Swiss company to focus on more important or higher-growth businesses.
“Nestle will never be able to convince me that management attention on a business like frozen is the same as what they’re giving to high-growth businesses,” said one Nestle investor, who declined to be named.
Frozen meals and pizza accounted for 14 percent of Nestle USA’s $27 billion sales in 2016, or around 4 percent of the company’s global sales of about $89.35 billion. More recent figures were not available.
Instead of divesting the business, Nestle joined other food makers in revamping its product line to win over a new generation of consumers. Frozen food aisles, once dominated by frozen pepperoni pizzas and meat lasagna, now feature meals with trendy ingredients such as cauliflower and quinoa.
The newer entrees cater to a wider variety of cultures and dietary requirements, including people who eat gluten-free, organic or want antibiotic-free meat. They also offer a relatively inexpensive meal choice for younger, cash-strapped shoppers.
“Something as simple as buying frozen food is really just symptomatic of the trends we’re seeing at large,” said Allie Aguilera, Policy and Government Affairs Manager at Young Invincibles, a Washington D.C.-based advocacy group.
“When you’re seeing $400 dollars come out of each paycheck to pay a student loan, that’s certainly going to impact your ability to go grocery shopping in a way that people more traditionally used to.”
Rachel McCarthy, a 26-year-old translator based in Austin, Texas, is among those sought-after millennials turning to frozen meals. Over the past year, she has started buying more Nestle Lean Cuisine entrees, in part because of tight finances.
“They’re inexpensive and require no prep,” McCarthy wrote in a Twitter message. “I make $30,000 a year and have lots of student debt that I’m trying to pay off while also trying to afford to live in Austin where rent prices are rising.”
To ensure it can also cater to wealthier millennials, willing to pay more for higher-end ingredients, Nestle plans to roll out its frozen bowl brand Wildscape to 3,000 stores around the country in the coming weeks. The bowls have taken over a year to develop using millennial focus groups.
Thomas Russo, whose firm Gardner Russo & Gardner has a stake worth more than $1 billion, said he was confident that the company would deliver on the frozen food business, despite the recent supply chain issues.
But, he added: “It’s conceivable that they’ve taken their eye off the ball temporarily.” (Reporting by Richa Naidu in Solon, Ohio and Melissa Fares in New York; Editing by Vanessa O’Connell and Paul Thomasch) | ashraq/financial-news-articles | https://www.reuters.com/article/nestle-frozenfood/rpt-focus-nestle-falls-behind-as-millennials-warm-up-to-frozen-meals-idUSL1N1SH1IK |
NEW YORK--(BUSINESS WIRE)-- Gramercy Property Trust (NYSE: GPT) , a real estate investment trust, announced today that its Board of Trustees declared a second quarter 2018 dividend on the Company’s common shares in the amount of $0.375 per share, payable on July 16, 2018 to common shareholders of record as of the close of business on June 29, 2018.
The Company’s Board also declared a second quarter 2018 dividend on the Company's 7.125% Series A Cumulative Redeemable Preferred Shares in the amount of $0.44531 per share, payable on July 2, 2018 to preferred shareholders of record as of the close of business on June 19, 2018.
About Gramercy Property Trust
Gramercy Property Trust is a leading global investor and asset manager of commercial real estate. The Company specializes in acquiring and managing high quality, income producing commercial real estate leased to high quality tenants in major markets in the United States and Europe.
Forward Looking Statements
This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include, but are not limited to, factors that are beyond the Company's control, including the factors listed in the Company's Annual Report on Form 10-K. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Investors should not place undue reliance upon forward-looking statements.
To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 888-686-0112.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180430006493/en/
Gramercy Property Trust
Ashley M. Mancuso, 212-297-1000
Investor Relations
Source: Gramercy Property Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/business-wire-gramercy-property-trust-declares-second-quarter-2018-dividends.html |
MOSCOW (Reuters) - Russia’s No.2 bank VTB ( VTBR.MM ) said on Thursday it had sold an 11.82 percent stake in food retailer Magnit ( MGNT.MM ) worth 62.5 billion roubles ($1.02 billion) to Marathon Group, which is owned by Russian businessmen.
FILE PHOTO: A police officer stands guard near a sign with the logo of the Russian lender VTB at the Moscow International Business Centre also known as "Moskva-City" in Moscow, Russia November 21, 2017. REUTERS/Maxim Shemetov VTB said its stake in Magnit had decreased to 17.28 percent, adding that it still considered its investment in Magnit in February as a long-term move.
Marathon Group was founded in 2017 by businessmen Alexander Vinokurov and Sergey Zakharov.
“Currently, Magnit is an undervalued asset,” Vinokurov said, according to a statement from Marathon Group. He added that the investors aimed to make Magnit Russia’s top retail chain again.
VTB bought a 29.1 percent stake in Magnit from its founder Sergey Galitskiy, who stepped down as its CEO, for around 138 billion roubles, bringing Kremlin influence into the retail sector for the first time.
Magnit’s stores, which target consumers on lower incomes, have struggled to compete against aggressive discounting by rival X5. Last month, the group reported a 42 percent drop in quarterly net profit and said it was unlikely to pay a dividend this year.
VTB said the decision to sell part of its stake in Magnit was based on several factors, including risk management.
VTB chief executive Andrey Kostin said the bank might buy more Magnit shares from the market, but its stake in the retail chain would not exceed 20 percent, Interfax news agency reported.
Reporting by Maria Kiselyova, Olga Sichkar and Oksana Kobzeva; Writing by Vladimir Soldatkin; Editing by Jason Neely and Edmund Blair
| ashraq/financial-news-articles | https://www.reuters.com/article/us-bank-vtb-divestiture/russias-vtb-sells-part-of-magnit-stake-for-1-billion-idUSKCN1IP0TG |
May 22 (Reuters) - United Financial Bancorp Inc:
* UNITED BANK ANNOUNCES THE PURCHASE OF SIX BANK BRANCHES * UNITED FINANCIAL BANCORP INC - UNITED BANK WILL ASSUME APPROXIMATELY $120 MILLION OF BRANCH DEPOSITS IN TRANSACTION
* UNITED FINANCIAL BANCORP INC - UNDER TERMS OF AGREEMENT, SIX WEBSTER BANK BRANCHES WILL BE PURCHASED BY UNITED BANK
* UNITED FINANCIAL BANCORP INC - EMPLOYEES AT SIX WEBSTER BANK BRANCHES ARE EXPECTED TO JOIN UNITED BANK TEAM Source text: ( bit.ly/2KLv9mK ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-united-bank-announces-purchase-of/brief-united-bank-announces-purchase-of-six-bank-branches-idUSASC0A38C |
(Reuters) - British broadcaster ITV Plc ( ITV.L ) is considering entering into a joint venture valued at 1 billion pounds ($1.33 billion) with BBC to acquire half of broadcaster UKTV, the Telegraph newspaper reported on Monday.
FILE PHOTO: A company sign is displayed outside an ITV studio in London, Britain July 27, 2016. REUTERS/Neil Hall/File Photo /File Photo According to terms of the joint venture, BBC has the right to buy out its partner at a set price before the end of next week, the newspaper reported.
The companies are attempting to create a deal that would compete with entertainment company Netflix Inc ( NFLX.O ), the report said. bit.ly/2sfuS4C
The opportunity to seal the deal will close within two weeks, according to the report.
BBC declined to comment on the Telegraph report. ITV and Discovery did not respond to requests for comment outside regular business hours.
UKTV, whose channels include Dave and Gold, is an independent commercial joint venture between BBC Worldwide and Discovery Inc ( DISCA.O ), which earlier this year completed its acquisition of U.S. broadcaster Scripps Networks Interactive, the former owner of UKTV.
Discovery is working on an alternative plan for breaking up UKTV, the Telegraph said. BBC had earlier approached Sky Plc ( SKYB.L ) as a potential partner in the joint venture but the talks did not work out, the report added.
In November, the Telegraph had reported that BBC’s commercial arm was considering a 500-million-pound bid for full control of UKTV.
ITV is currently in the middle of a strategic review under new Chief Executive Carolyn McCall, who has previously said she would provide investors with an update of the review at the group’s half-year results in July.
($1 = 0.7513 pounds)
Reporting by Kanishka Singh in Bengaluru; Editing by Tom Brown and Diane Craft
| ashraq/financial-news-articles | https://www.reuters.com/article/us-itv-bbc-uktv/itv-mulls-buying-half-of-uktv-in-deal-with-bbc-telegraph-idUSKCN1IT22K |
MOSCOW, May 2 (Reuters) - Armenia’s parliament will hold another vote for the post of prime minister on May 8, its press service said on Wednesday, after a vote on Tuesday failed to secure a majority for opposition leader Nikol Pashinyan.
Pashinyan was the only candidate in the election, which followed weeks of protests in the country’s capital Yerevan. He has since called for a nationwide campaign of civil disobedience. (Reporting by Hasmik Mkrtchyan; Writing by Polina Ivanova; Editing by Christian Lowe)
| ashraq/financial-news-articles | https://www.reuters.com/article/armenia-politics-protests-vote/armenias-parliament-to-hold-fresh-vote-for-pm-on-may-8-idUSR4N1S4012 |
Santelli Exchange: Growth and inflation will determine the level of interest rates 1 Hour Ago CNBC's Rick Santelli discusses how the yield curve will temper the pace of Fed rate increases and describes stagflation as the main outlier. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/santelli-exchange-growth-and-inflation-will-determine-the-level-of-interest-rates.html |
May 18, 2018 / 4:02 AM / Updated 26 minutes ago China retreats from U.S. sorghum probe amid global market havoc Hallie Gu , Josephine Mason 4 Min Read
BEIJING (Reuters) - China dropped its anti-dumping probe into imports of U.S. sorghum on Friday, beating a hasty retreat from a dispute that wreaked chaos across the global grain market and raised concerns about rising costs and financial damage at home. FILE PHOTO: A field of sorghum (milo) grain is seen at a farm outside of Texhoma, Oklahoma, U.S., in this undated photo released to Reuters on April 3, 2018. Courtesy Jerod McDaniel/Handout via REUTERS
The move was seen as a goodwill concession as Chinese Vice Premier Liu He was in Washington for talks aimed at resolving trade tensions between the world’s two largest economies.
China’s Commerce Ministry said in a statement the investigation into a critical ingredient for animal feed and liquor had revealed that anti-dumping and anti-subsidies penalties would inflate living costs for Chinese consumers.
The investigation launched in early February had quickly showed its top trading partner how much financial pain it could inflict on U.S. farmers, analysts said. Last month, Beijing also imposed hefty anti-dumping deposits on imports of the grain.
“China has taught a lesson to the United States and showed how it can hurt U.S. exports,” said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.
“Now they are showing goodwill by halting its anti-dumping investigation into sorghum imports, but it is a cheap way of showing goodwill as the U.S. does not have much sorghum left to export. The next U.S. sorghum crop will be harvested in August.”
Agricultural products are considered one of the most powerful weapons in Beijing’s arsenal because a strike against farm exports to China would hurt mostly states that backed U.S. President Donald Trump.
The United States accounts for more than 90 percent of total sorghum shipments to China, with imports from the U.S. worth just over $1 billion last year.
The deposit scheme brought trade to a halt and disrupted supply chains worldwide, with almost two dozen ships carrying U.S. sorghum stranded at sea, as merchants and buyers scrambled to sell cargoes at big discounts elsewhere.
Frantic Chinese importers, who faced crippling extra costs to doing business, had lobbied the government to rethink the plan.
The probe had sparked worries that tariff-inflated costs for the grain would be passed onto feedmakers and eventually push retail meat prices higher.
Corn, soybean and soymeal futures fell on the news as worries over feedmakers having to find alternative ingredients eased.
The ministry said it would return the deposits it had collected. The news brought some unexpected relief to Chinese buyers who still had cargoes stuck at ports.
“This is great news! We are now saved,” said a private sorghum trader who had over 600 tonnes of U.S. sorghum stranded at a Chinese port. “We will clear our goods immediately today.”
The United States shipped 4.76 million tonnes of sorghum to China in 2017, worth around $1.1 billion and making up the bulk of China’s roughly 5 million tonnes of imports of the grain last year, according to Chinese customs data.
Still, some traders said the ending of the sorghum probe may not be enough to entice them back to doing business with the United States while trade tensions remain high. Beijing still threatens to slap aggressive 25 percent tariffs on a swathe of U.S. farm goods, including sorghum and soybeans.
For many, the damage has already been done. Archer Daniels Midland warned earlier this month it will take a $30 million hit to trading profit due to the dispute.
“The damage has been done, and mainly to the domestic buyer,” said Cherry Zhang, analyst at Shanghai JC Intelligence Co Ltd.
“The government won’t compensate you for the losses out of reselling and demurrage.” Reporting by Tony Munroe, Josephine Mason and Hallie Gu in BEIJING; Additional reporting by Naveen Thukral in SINGAPORE; Editing by Tom Hogue | ashraq/financial-news-articles | https://in.reuters.com/article/usa-trade-china-sorghum/china-drops-anti-dumping-probe-of-u-s-sorghum-imports-idINKCN1IJ09P |
WASHINGTON, May 11, 2018 /PRNewswire-USNewswire/ -- The U.S. Postal Service reported total revenue of $17.5 billion for the second quarter of 2018 (January 1, 2018 - March 31, 2018), an increase of $235 million, or 1.4 percent, compared to the same quarter last year. Shipping and Packages revenue grew by $445 million, or 9.5 percent, while First-Class and Marketing Mail revenue fell by a combined $181 million.
The Postal Service's results for the quarter continued to reflect multi-year trends of growth in Shipping and Packages volume and declining letter volumes, as package volume grew by 69 million pieces, or 5.0 percent, while mail volumes declined by 700 million pieces, or 2.1 percent, compared to the same quarter last year.
"Despite growth in our package business, our financial results reflect systemic trends in the marketplace and the effects of an inflexible, legislatively mandated business model that limits our ability to generate sufficient revenue and imposes costs upon us that we cannot afford," said Postmaster General and CEO Megan J Brennan. "America needs a financially strong Postal Service that can invest in its future and can continue to fulfill the needs of American businesses and consumers. With continued aggressive management and greater legal authority to respond to changes in our marketplace and to control our costs, the Postal Service can return to financial sustainability."
The controllable loss for the quarter was $656 million, compared to controllable income of $12 million for the same quarter last year. This change to controllable loss was driven by a $236 million increase in the controllable portion of the normal cost of retiree health benefits due to changes in actuarial assumptions and a $364 million increase in compensation expenses due to additional hours incurred to support the labor-intensive package business as well as contractual wage adjustments. Additionally, transportation expense grew by $155 million due to highway contract rate inflation as well as higher fuel costs.
Total operating expenses were $18.8 billion for the quarter, an increase of $1.0 billion, or 5.7 percent, compared to the same quarter last year. In addition to the controllable expenses referenced above, unfunded retirement and retiree health benefits grew by a combined $766 million due to changes in actuarial assumptions. Workers' compensation expense declined by $658 million compared to the same quarter last year, resulting primarily from changes in interest rates.
Net loss for the second quarter totaled $1.3 billion, compared to a net loss of $562 million for the same period last year.
"The continued secular decline in First Class mail, rising costs and legislative and regulatory constraints resulted in larger losses this quarter," said Chief Financial Officer Joseph Corbett.
Second Quarter 2018 Operating Revenue and Volume by Service Category Compared to Prior Year
The following presents revenue and volume by category for the three months ended March 31, 2018, and 2017:
Revenue
Volume
(revenue in $ millions; volume in millions of pieces)
2018
2017
2018
2017
Service Category
First-Class Mail
$
6,460
$
6,626
14,701
15,222
Marketing Mail
3,989
4,004
18,604
18,783
Shipping and Packages
5,152
4,707
1,458
1,389
International
736
639
256
244
Periodicals
305
341
1,187
1,315
Other
854
943
68
73
Total operating revenue and volume
$
17,496
$
17,260
36,274
37,026
Selected Second Quarter 2018 Results of Operations and Controllable (Loss) Income
This news release references controllable (loss) income, which is not calculated and presented in accordance with accounting principles generally accepted in the United States (GAAP). Controllable (loss) income is a non-GAAP financial measure defined as net (loss) income adjusted for items outside of management's control and non-recurring items. These adjustments include workers' compensation expenses caused by actuarial revaluation and discount rate changes, and the amortization of PSRHBF, CSRS and FERS unfunded liabilities. The following table presents selected results of operations and reconciles the Postal Service's GAAP net loss to controllable (loss) income and illustrates the (loss) income from ongoing business activities without the impact of non-controllable items for the three months ended March 31, 2018, and 2017:
(results in $ millions)
2018
2017
Operating revenue
$
17,496
$
17,260
Other revenue
7
8
Total revenue
$
17,503
$
17,268
Total operating expenses
$
18,806
$
17,787
Interest and investment income (expense), net
(32)
(43)
Net loss
$
(1,335)
$
(562)
PSRHBF unfunded liability amortization expense 1
297
158
Change in workers' compensation liability resulting from fluctuations in discount
rates
(557)
67
Other change in workers' compensation liability 2
(58)
(21)
CSRS unfunded liability amortization expense 3
479
62
FERS unfunded liability amortization expense 4
415
308
Change in normal cost of retiree health benefits due to revised actuarial
assumptions 5
103
—
Controllable (loss) income
$
(656)
$
12
1 Expense for the accrual for the annual payment due to the PSRHBF by September 30 of the respective fiscal year, based on Postal
Service estimates to OPM's preliminary calculations with updated discount rate assumptions.
2 Net amounts include changes in assumptions, as well as the valuation of new claims and revaluation of existing claims, less current year
claim payments.
3 Expense for the accrual for the annual payment due to OPM by September 30 of the respective fiscal year, to amortize the unfunded CSRS
retirement obligation. The 2018 amounts are based on updated Postal Service estimates resulting from revised actuarial assumptions.
Payments are to be made in equal installments through 2043.
4 Expense for the accrual for the annual payment due to OPM by September 30 of the respective fiscal year, to amortize the unfunded FERS
retirement obligation. The 2018 amounts are based on updated Postal Service estimates resulting from revised actuarial assumptions.
Payments are to be made in equal installments through 2047.
5 Represents the accrual for a portion of the estimated $206 million increase in the annual normal cost payment due September 30, 2018,
attributable to revised actuarial assumptions and discount rate changes. The total annual normal cost payment amount is estimated to be
approximately $3.7 billion, based on Postal Service updates to OPM's previous estimate provided in October 2017 of approximately $3.5 billion.
Complete financial results are available in the Form 10-Q, available at http://about.usps.com/who-we-are/financials/welcome.htm .
Financial Briefing
Postmaster General and CEO Megan J. Brennan and Finance and Planning Vice President Luke Grossmann will host a telephone/Web conference call to discuss the financial results in more detail. The call will begin at 9:00 am ET on May 11, 2018, and is open to news media and all other interested parties.
How to Participate:
US/Canada Attendee Dial-in: 844-340-4622 Conference ID: 4288745
Attendee Direct URL: https://usps.webex.com/usps/onstage/g.php?MTID=eb933a677a55df1f1cbb44bd005711fad
If you cannot join using the direct link above, please use the alternate logins below:
Alternate URL: https://usps.webex.com
Event Number: 992 586 597
The briefing will also be available on live audio webcast (listen only) at:
http://about.usps.com/news/electronic-press-kits/cfo/welcome.htm .
The Postal Service receives no tax dollars for operating expenses and relies on the sale of postage, products and services to fund its operations.
Contact: David Partenheimer
202.268.2599
[email protected]
usps.com/news
View original content: http://www.prnewswire.com/news-releases/us-postal-service-reports-second-quarter-2018-results-300646854.html
SOURCE U.S. Postal Service | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-u-s-postal-service-reports-second-quarter-2018-results.html |
Retail Report Tesla flies in equipment to speed up battery production for Model 3 Tesla has flown six planes full of robots and equipment from Europe to California in an unusual, high-stakes effort to speed up battery production for its Model 3 electric sedan. The shipments of new equipment began arriving in Reno this week, two sources told Reuters. Tesla on Friday declined to comment on whether it has shipped in any new production equipment from Europe. Published 1 Hour Ago Reuters Troy Harvey | Bloomberg | Getty Images Members of the media photograph a Tesla Motor Inc. Model 3 vehicle that is displayed outside the company's Gigafactory in Sparks, Nevada, U.S., on Tuesday, July 26, 2016.
Tesla has flown six planes full of robots and equipment from Europe to California in an unusual, high-stakes effort to speed up battery production for its Model 3 electric sedan, people familiar with the matter told Reuters this week.Transporting equipment for a production line by air is costly and hardly ever done in the automotive industry, and the move underscores Tesla Chief Executive Elon Musk 's urgency to get a grip on manufacturing problems that have hobbled the launch of the high-volume Model 3 and pushed Tesla's finances deep into the red."As usual with Tesla, everything is being done in a massive hurry and money seems to be no obstacle," said one of the two sources. show chapters 3:33 PM ET Tue, 15 May 2018 | 02:24
Tesla on Friday declined to comment on whether it has shipped in any new production equipment from Europe.Investors are closely watching Tesla and its high-profile, often brash CEO to see if the upstart electric vehicle maker can pull off high-volume production of the Model 3, a car with the potential to catapult the niche automaker to a mass producer and assure its financial stability.But manufacturing missteps have led Tesla to repeatedly miss production targets for the sedan, and raised doubts about Musk's promises that the company will stop burning cash by the third quarter of this year. Tesla had free cash flow of negative $1 billion in the first quarter, and earlier this month disclosed that it could offer its Fremont, California, vehicle assembly plant as collateral for debt.Engineers from Tesla's German engineering arm, Grohmann, are now reworking the battery production line at the Gigafactory near Reno, Nevada , in a bid to free up bottlenecks, the person said. The line will become more automated gradually over time, added the source, who was not authorized to speak for attribution. Troy Harvey | Bloomberg | Getty Images Members of the media film machinery inside the Tesla Motor Inc. Gigafactory in Sparks, Nevada.
Musk first disclosed plans for this line on a conference call with analysts in November, after complaining of problems with an original line built by a subcontractor. Musk has told investors the new battery production line will help the carmaker achieve a quantum leap in productivity. The company has noted, however, that it will still be able to reach its target of building 5,000 Model 3s per week by June without the addition of the new line.But Tesla's lack of consistency in its factories has undercut Musk's production promises in the past.Under time pressure to fix problems, Musk has now insisted the new production line should be a no-expenses-spared effort, the source said. That led to the decision to airlift the new production equipment to the United States from Europe, a step carmakers usually avoid by planning production equipment installations months or years ahead of a production launch.The shipments of new equipment began arriving in Reno this week, the two sources told Reuters.It is not clear when the new production system will be ready to start running. Robots frequently need to be recalibrated to adjust for minimal differences in the quality of raw materials they are working with or temperature and humidity differences. Steps to test the quality of materials and recalibrate robots have proven to be a bottleneck that Tesla managers had underestimated, the first source said.Musk has repeatedly complained of "manufacturing hell" trying to ramp up the Model 3, which began production, albeit slowly, last July.In February, Musk said the main bottleneck was still its battery module production, saying Tesla had become "a little overconfident, a little complacent" in its ability to execute.The Gigafactory's battery production is divided into four zones, two of which have experienced problems. Responsibility for two of these zones was originally delegated to subcontractors specialised in integrating complex systems, Musk said."We were promised they would work, and it just didn't work," Musk said during a February conference call. A new design for an automated system for those zones was nearing completion, Musk said in November, adding that Grohmann was "working on the issue and making very rapid progress."One of the problems, both at the Gigafactory and at Tesla's Fremont vehicle manufacturing factory, has been the interface between Tesla and the subcontractors it hires. Sources have told Reuters of communication problems and high managerial turnover, which complicate the execution of big projects.Musk said in early May he planned to rid the company of "barnacles" contractors and subcontractors saying Tesla's reliance on them had become "out of control." WATCH: Elon Musk's big ambitions may be killing Tesla show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/tesla-flies-in-equipment-to-speed-up-battery-production-for-model-3.html |
ZURICH (Reuters) - The Federal Reserve’s interest rate hikes may not pose as big a risk for global financial markets and emerging market economies as many have thought, the U.S. central bank’s chairman said on Tuesday.
Federal Reserve Chairman Jerome Powell attends IMFC plenary during the IMF/World Bank spring meeting in Washington, U.S., April 21, 2018. REUTERS/Yuri Gripas Still, Jerome Powell said global risk sentiment bears watching as the Fed carries out its well-telegraphed gradual policy-rate increases.
“I do not dismiss the prospective risks emanating from global policy normalization,” he said in remarks prepared for delivery to a policy conference sponsored by the International Monetary Fund and the Swiss National Bank.
Though Fed interest-rate decisions have had only limited impact on capital flows into and out of emerging markets in recent years, he said, there may be some investors and institutions that are unprepared for the policy tightening to come.
To foster global financial stability and growth as the Fed raises rates, he said, the Fed will continue to help build resilience in the financial system and “will communicate our policy strategy as clearly and transparently as possible to help align expectations and avoid market disruptions.”
Powell did not mention the 2013 taper tantrum, when then Fed Chair Ben Bernanke suggested the central bank would soon slow its bond-buying program, taking investors by surprise and triggering a global financial market swoon.
Reporting by Ann Saphir; editing by Diane Craft
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-fed-powell/fed-to-communicate-clearly-to-avoid-market-disruptions-powell-idUSKBN1I90NT |
NAIROBI, May 1 (Reuters) - Safaricom, Kenya’s biggest telecoms company, is piloting a social messaging app that will link to its mobile money platform in an attempt to move the company into the application business, the company said on Tuesday.
Bonga, which means chat in Kiswahili, will be integrated with the company’s popular financial services platform M-Pesa to allow the almost 28 million of its users to communicate beyond sending money to one another, transforming the platform into a type of social network.
“It’s one thing to share information with somebody it’s another thing to make a payment, to send money to somebody,” Kamal Bhattacharya, chief innovation officer at Safaricom, said in a telephone interview. “We want to use this platform to make it much easier ... for people to engage.”
Bhattacharya said that M-Pesa users will be able to message each other on Bonga in three ways: user-to-user, user-to-business and fundraising through “social groups” much like the group function on WhatsApp.
Bonga is the first product launched by the company’s innovation incubator Alpha.
Safaricom is piloting Bonga with it’s staff before planning to launch later this year.
Bhattacharya said the platform will be end-to-end encrypted. “We cannot read the messages, we cannot keep the messages,” he said.
Kenya does not have data privacy laws.
Safaricom is 35 percent owned by South African group Vodacom and 5 percent by Vodacom’s major shareholder Vodafone.
With nearly 30 million users, the company has 69 percent of Kenya’s total mobile phone subscribers.
The introduction of Bonga is part of the company’s strategy to boost revenue and add value to its consumers beyond its offerings of voice calls, mobile money and text messages. Last year it launched Masoko, an e-commerce platform.
It’s first-half revenue announced in November showed that revenue from M-Pesa rose 16 percent, while revenue from phone calls rose by far less - only 4 percent. Mobile internet service revenue rose by nearly a third.
“Our future is to become a platform that enables business in Kenya as well as our consumers to do their work in a different way,” Bhattacharya said. “Messenger platforms are the most popular apps, the most popular approach on the internet today to bring people together.” ($1 = 100.3000 Kenyan shillings) (Reporting by Maggie Fick; Writing by Omar Mohammed, editing by David Evans)
| ashraq/financial-news-articles | https://www.reuters.com/article/kenya-telecoms/safaricom-pilots-messaging-app-linked-to-mobile-money-idUSL8N1S84II |
May 2 (Reuters) - Materion Corp:
* MATERION CORPORATION INCREASES QUARTERLY CASH DIVIDEND * MATERION CORP - DECLARED A Q2 2018 DIVIDEND OF $0.105 PER SHARE OF COMMON STOCK, AN INCREASE OF $0.005 PER SHARE, OR APPROXIMATELY 5% Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-materion-corporation-increases-qua/brief-materion-corporation-increases-quarterly-cash-dividend-idUSASC09Z5Q |
Why Are Two of Europe’s Star Currencies Selling Off? By Joe Wallace May 21, 2018 12:01 pm ET
Dollar bulls are rarely good news for emerging markets. Among those feeling the pinch are two of Europe’s star currencies from 2017: Poland’s zloty has dropped 7.7% against a resurgent dollar over the past month, one of the steepest declines within emerging markets; Hungary’s forint has not been far behind, shedding 7.2%. Like many other emerging-market […] To Read the Full Story Royal Wedding: How Will Meghan Markle Adapt to Life in Britain’s Monarchy? 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BRUSSELS (Reuters) - European Union leaders will discuss on Wednesday shielding European companies doing business with Iran from U.S. sanctions, a senior official said as the bloc is in damage control mode following Washington’s withdrawal from a nuclear deal with Tehran.
The senior EU official said the heads of bloc’s executive European Commission and the foreign service, Jean-Claude Juncker and Federica Mogherini, will brief all 28 EU leaders on options available when they meet over dinner in the Bulgarian capital, Sofia, on Wednesday evening.
Reporting by Gabriela Baczynska; editing by Philip Blenkinsop
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-eunuclearsummit/eu-leaders-to-discuss-iran-economic-options-on-wednesday-official-idUSKCN1IG16I |
Pipeline operator The Williams Cos. said on Thursday it would buy the remaining 26 percent stake that it does not already own in its master limited partnership, William Partners , for $10.5 billion. Williams would give 1.494 of its shares for each share of Williams Partners, with the offer representing a premium of 6.4 percent based on Wednesday's closing price.
The company said the deal will immediately add to cash available to dividends extending the period for which the company is not expected to be cash taxpayer through 2024.
The deal simplifies Williams' corporate structure, streamlines governance and maintains investment-grade credit ratings, the company said.
Shares of Williams Companies were up 2.3 percent to $28 in premarket trading. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/williams-to-buy-rest-of-williams-partners-in-10-point-5-billion-deal.html |
SARAJEVO/BIHAC (Reuters) - Bosnia is struggling to cope with the arrival of thousands of migrants and refugees, many of whom are sleeping in parks in the capital and other towns as they seek passage into western Europe.
The country’s asylum center has 200 beds and 80 to 150 people have arrived each day this month, Security Minister Dragan Mektic said on Monday.
About 4,000 people from Syria, Iraq, Turkey, Algeria and Afghanistan have entered Bosnia this year compared with 755 in 2017 and up to 1,500 are stuck there. Many have faced perilous journeys.
“I was sent back from Croatia six times,” said Omar from Iraq, who arrived in Bosnia with his younger brother after spending two years in Greece. Omar declined to give his last name.
“I must get to Germany because all my family is there,” said the 19-year-old, echoing many others who spoke in the empty old building in Bihac near the Croatian border where he stayed.
More than a million migrants came to Europe in 2015. The so-called Balkan route into western Europe via Turkey, Greece, Macedonia and Serbia was shut in 2016 when Turkey agreed to stop the flow in return for EU aid and a promise of visa-free travel for its own citizens.
But since autumn, following stricter border controls between Serbia, Hungary and Croatia, smugglers have created a new route from Greece via Albania, Montenegro and Bosnia to Croatia and western Europe.
Migrants stranded in Serbia since 2016 are also increasingly crossing to Bosnia and many Iranians are also taking advantage of a visa-free regime introduced last year between Serbia and Iran.
While the International Organisation for Migration (IOM) expects arrivals to continue on average of 350-400 a week, Adnan Tatarevic from Pomozi.ba, a Sarajevo-based NGO that has helped migrants since January, says the numbers are higher.
“We expect about 50,000 arrivals by the end of the year,” Tatarevic told Reuters. International groups helping migrants have urged the government to accommodate people sleeping rough.
“The longer we wait to put accommodation and everything with it in place, the risk is we are creating ... a mini-humanitarian crisis,” said Peter Van Der Auweraert, IOM’s western Balkans coordinator. “It has to be done not in two months time but ... next week.”
Authorities in Sarajevo and the northwestern town of Bihac asked central government for help, saying they worried about health risks given the warmer weather and deteriorating public hygiene. The two cities are also tourism destinations.
Non-governmental organizations and residents, some of whom became refugees themselves during Bosnia’s 1992-95 war, have helped migrants for months but now say they struggle to cope.
Government ministers on Monday pledged to move the migrants to alternative accommodation but warned Bosnia could be forced to close borders unless the migrants can continue their journeys to other EU countries.
Writing by Daria Sito-Sucic; Editing by Matthew Mpoke Bigg
| ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-migrants-bosnia/bosnia-struggles-to-cope-with-arrival-of-thousands-of-migrants-idUSKCN1IG1LS |
AVERAGE Q1 2018 PRODUCTION OF 3,465 BOEPD
CURRENT PRODUCTION EXCEEDING 6,500 BOEPD
REITERATE 2018 EXIT RATE GUIDANCE OF 7,500 BOEPD
SAN ANTONIO, Texas, May 10, 2018 (GLOBE NEWSWIRE) -- Lilis Energy, Inc. (NYSE American:LLEX), an exploration and development company operating in the Permian Basin of west Texas and southeastern New Mexico, today reported financial results for its 2018 first quarter ended March 31, 2018 and provided an operations update.
Ronald D. Ormand, Chairman and Chief Executive Officer, commented, “We are pleased to report substantial progress in executing our strategic plan including delineating our Delaware Basin asset, both geologically and geographically; meeting and exceeding production targets; improving our capital efficiencies and cost structure; continuing to build out and improve our infrastructure, and selectively adding accretive acreage in our core areas. During the first quarter we brought on-line three additional wells targeting the Wolfcamp B and generated an average 3,465 BOEPD, with the gas midstream system not fully operational until mid-April. Our current daily production now exceeds 6,500 BOEPD, and with seven wells in various stages of completion, we expect to meet and exceed our year-end target exit rate of 7,500 BOEPD. With the production increase and the commensurate cash flow and available liquidity, we are fully funded on our capital program through 2018 and we expect to achieve cash flow neutrality by early 2019. The Company’s concentrated and delineated acreage position, increasing production volumes, and strong liquidity position enables the Company to deliver growth in shareholder value both organically and through strategic initiatives.
“We also continue to upgrade our infrastructure and takeaway systems. We are currently negotiating a new crude gathering and transportation agreement which we expect to finalize in the near future. The new agreement will allow the Company to have gathering and transportation access to Gulf Coast markets. In the interim, we have trucking agreements in place for oil and do not anticipate any interruptions in takeaway. We have also executed hedges covering approximately 30% of our oil production with basis swaps in 2018 to assist in mitigating current basis differential risk. Finally, our gas gathering and take-away infrastructure is now fully operational, eliminating the curtailment we experienced in late 2017 and early 2018, and enabling us to meet all our future gas takeaway needs,” Mr. Ormand concluded.
Overview of Financial Results
Lilis Energy’s total revenue was approximately $14.4 million for the three months ended March 31, 2018 as compared to approximately $3.1 million for the three months ended March 31, 2017, representing an increase of approximately $11.3 million. Approximately $8.3 million of the increase was due to higher oil, natural gas and NGL production in the first three months of 2018 compared to the same period in 2017. Higher realized oil and NGL prices of $60.40 and $26.60 per BBL, respectively, partially offset by lower realized prices for natural gas of $2.15 per MCF, increased revenues by approximately $3.0 million for the quarter.
Lilis’ production during the quarter ended March 31, 2018 increased from 84,334 BOE in 2017 to 311,882 BOE in 2018, an increase of 270%. This increase in production was primarily attributable to wells placed on production in the Delaware Basin after March 31, 2017.
Production costs were approximately $3.1 million for the three months ended March 31, 2018, compared to approximately $0.8 million for the three months ended March 31, 2017, an increase of approximately $2.3 million. Production costs per BOE increased to $9.91 for the three months ended March 31, 2018 from $9.83 for the three months ended March 31, 2017, an increase of $0.08 per BOE, or 1%. The 273% increase in production costs was a result of the 270% increase in the Delaware Basin production for the same comparison period.
Production taxes as a percentage of total revenue were 7.1% during the three months ended March 31, 2018 as compared to 4.6% for the three months ended March 31, 2017. The prior period tax was consistent with the Texas oil production tax rate of 4.6%. During the second half of 2017, first sales of oil occurred from two New Mexico oil wells, with a composite tax rate of roughly 8.4% due to state and county production, severance, and ad valorem taxes. In the first three months of 2018, the New Mexico oil sales were approximately one-third of all oil revenues, resulting in the higher overall tax rate versus the prior year period when sales were primarily from Texas.
Recurring general and administrative expenses were $4.8 million during the quarter ended March 31, 2018, compared to $3.4 million during the quarter ended March 31, 2017, an increase of $1.4 million or 41.2%. Approximately $3.0 million of general and administrative costs were non-cash stock-based compensation and $2.6 million were non-recurring cash expenses, including severance, legal and professional fees.
Quarter Ended March 31, 2018 Compared to Quarter Ended March 31, 2017
The following sets forth selected revenue and production data for the quarter ended March 31, 2018 and 2017:
Quarter Ended March 31, 2018 2017
Variance Revenues: Oil $12,589 $2,496 $10,093 2,015 % Natural gas 890 501 389 78 % Natural gas liquids 916 87 829 27 % Total revenues $14,395 $3,084 $11,311 367 % Product Volumes: Oil (Bbls) 208,439 51,491 156,948 305 % Oil (Bbls) - average price $60.40 $48.47 $11.93 25 % Natural gas (MCF) 414,032 172,157 241,875 140 % Natural gas (MCF) - average price $2.15 $2.91 ($0.76 ) -26 % Natural gas liquids (BOE) 34,438 4,150 30,288 730 % Natural gas liquids (BOE) - average price $26.60 $20.72 $5.87 28 % Barrels of oil equivalent (BOE) 311,882 84,334 227,549 270 % Average daily net production (BOE/d) 3,465 937 2,528 270 % Average price per BOE $46.16 $36.57 $9.59 26 % Gathering, processing and marketing (GPM) costs 462 99 363 367 % Production costs $3,090 $829 $2,261 273 % Production taxes 1,023 142 881 620 % Production costs & taxes $4,575 $1,070 $3,505 328 % Production cost/BOE $9.91 $9.83 $0.08 1 % Production taxes per BOE $3.28 $1.68 $1.60 95 % Gathering, processing and marketing cost per BOE $1.48 $0.32 $1.16 367 % Netback after production cost $34.77 $26.41 $8.36 32 % Earnings Per Share $0.14 ($0.32 ) $0.46 143 % Hedging Overview
The company has placed NYMEX WTI production hedges on approximately 2,200 BOPD for the remainder of 2018, approximately 52% of oil production, that yield an average floor of $57.04 and ceiling of $62.66. The company has also placed WTI-Midland basis swaps on approximately 30% of oil production, with an average price of $5.62 for 2018.
Delaware Basin Wells Overview
During the first quarter of 2018, Lilis drilled five and completed three operated horizontal Wolfcamp B wells. Lilis is currently drilling two wells, completing one well and flowing back six horizontal wells.
Production Update:
*BOE/D based on three-stream production to account for liquids rich gas uplift.
For the first quarter of 2018, Lilis Energy’s average daily-realized sales were 3,465 net BOEPD, with current production exceeding 6,500 BOEPD. With the pending completions of seven wells, we expect production to continue to increase during the year. The curtailment issues experienced in the previous quarters due to gas takeaway issues have been fully alleviated with the Company’s midstream system fully operational. The Company reiterates its 2018 exit rate guidance of 7,500 net BOEPD.
Current Activities
The Company’s 2018 development plan is focused on the continued delineation of the acreage, both geographically and geologically, through testing of eastern acreage and additional benches. The Company is also realizing increased cost efficiencies through completion cost reductions, additional water disposal solutions, reduced drilling days, and enhanced and/or improved infrastructure. These cost enhancements should improve drilling and completion cost by approximately $1 million per well in 2018. Moving into the second half of the year, the Company will focus its drilling efforts on longer laterals, including 1 ½ mile wells yielding higher EUR’s and higher internal rates of return.
Currently, the Company has seven wells in the completion and flowback stage targeting the Wolfcamp A, XY, B and Bone Spring. Of those wells, two are located in the eastern portion of the acreage position targeting the Wolfcamp XY and 3 rd Bone Spring and one in the New Mexico acreage targeting the Wolfcamp XY. The Company plans to release the results of the Hippo #2H, AG Hill #1H and Meerkat #1H together within the next 30 days and the Howell #1H, Wildhog #2H and Antelope #1H together within the next 45-60 days.
Flowback Operations:
The Hippo #2H – Wolfcamp B - Currently on well test producing hydrocarbons The AG Hill #1H – Wolfcamp B (Eastern Well) - Currently on well test producing hydrocarbons The Meerkat #1H – Wolfcamp XY - Currently on well test producing hydrocarbons The Howell #1H – Wolfcamp XY (Eastern Well) - Currently on well test producing hydrocarbons The Wildhog #2H – Wolfcamp XY (New Mexico) - Currently on well test producing hydrocarbons The Antelope #1H – 3 rd Bone Spring – Currently on well test
Completion Operations:
The Prizehog #2H – 1 ½ Mile Wolfcamp A (New Mexico) - Currently completing
Drilling Operations:
The Moose #1H – Wolfcamp A - Drilling reached total depth, running casing, prepping for frac The AG Hill #2H – Bone Spring (Eastern Well) - Rigged up, prepping to spud The Axis #1H – prepping to drill
Production Results
Highlights of Lilis Energy’s well results are as follows:
The Lion #1H IP30 rate 1,264 BOE/D – 68% Liquids The Lion #1H IP60 rate 1,023 BOE/D – 67% Liquids The Lion #1H IP90 rate of 831 BOE/D – 67% Liquids
The Lion #1H was turned to sales on June 26, 2017 and had a 24-hour rate of 1,530 BOE/D (69% liquids) or 380 BOE/D per 1,000 lateral ft. The Wildhog BWX State Com #1H IP30 rate 839 BOE/D – 83% Liquids The Wildhog BWX State Com #1H IP60 rate 789 BOE/D – 81% Liquids The Wildhog BWX State Com #1H IP90 rate of 728 BOE/D – 81% Liquids
The Wildhog BWX State Com #1H was turned to sales on August 18, 2017 and had a 24-hour rate of 997 BOE/D (86% liquids) or 219 BOE/D per 1,000 lateral ft. The Prizehog BWZ State Com #1H IP30 rate 919 BOE/D – 87% Liquids The Prizehog BWZ State Com #1H IP60 rate 826 BOE/D – 87% Liquids The Prizehog BWZ State Com #1H IP90 rate of 772 BOE/D – 86% Liquids
The Prizehog BWZ State Com #1H was turned to sales on 10/11/17 and had a 24-hour rate of 1,127 BOE/D (89% liquids) or 239 BOE/D per 1,000 lateral ft. The Tiger #1H IP30 rate 1,264 BOE/D –71 % Liquids The Tiger #1H IP60 rate 1,208 BOE/D – 70% Liquids The Tiger #1H IP90 rate 1,123 BOE/D – 69% Liquids
The Tiger #1H was turned to sales on 10/31/17 and had a 24-hour rate of 1,803 BOE/D (73% liquids) or 439 BOE/D per 1,000 lateral ft. The Kudu #2H IP30 rate 1,147 BOE/D – 82 % Liquids The Kudu #2H IP60 rate 926 BOE/D – 81 % Liquids The Kudu #2H IP90 rate 831 BOE/D - 80 % Liquids
The Kudu #2H was turned to sales on 12/26/17 and had a 24-hour rate of 1,475 BOE/D (75% liquids) or 299 BOE/D per 1,000 lateral ft. The Grizzly #2H IP30 rate 1,194 BOE/D – 71 % Liquids The Grizzly #2H IP60 rate 1,017 BOE/D – 71 % Liquids
The Grizzly #2H was turned to sales on January 29, 2018 and had a 24-hour rate of 1,576 BOE/D (73% liquids) or 333 BOE/D per 1,000 lateral ft. The Lion #3H IP30 rate 1,674 BOE/D – 63 % Liquids
The Lion #3H was turned to sales on February 22, 2018 and had a 24-hour rate of 1,756 BOE/D (65% liquids) or 373 BOE/D per 1,000 lateral ft.
Geology and Geophysics
Successfully drilled a pilot hole on the eastern acreage (Howell #1H) to the top of the Wolfcamp C Logs and sidewall cores currently being analyzed Currently acquiring seismic data covering majority of acreage Full analysis on delineation wells with image logs and engineered completions with tracer data Using seismic to plan and geosteer laterals
Infrastructure Overview
Gas gathering and takeaway infrastructure fully operational Gas curtailment issues resolved Currently negotiating crude gathering and transportation; expect to have agreement finalized in the near term Trucking takeaway in place in the interim
Leasehold Activity
Net acreage approaching 20,000 (approximately 19,400 currently) Leasing pipeline remains very active with 1,000 net acres expected to be added in the near future Over 1,200 net potential locations with over 400 locations supporting longer laterals Focused on increasing Working Interest ownership, operatorship and HBP’ing acreage
Lilis Energy continued its active expansion program in the first quarter of 2018 by growing its footprint through bolt-on acquisitions and organic leasing programs. The most significant acquisition, announced on January 31 st , 2018, was the acquisition of 2,798 overlapping (84% operated) and contiguous net acres in New Mexico. The acquisitions added more than 150 net locations with approximately 75 net locations conducive for longer laterals (1 ½ mile plus), targeting the Wolfcamp A, Wolfcamp B and 2nd Bone Spring. Based on the Company’s current backlog, management expects to add an additional 1,000 net acres in the near future.
About Lilis Energy, Inc.
Lilis Energy, Inc. is a San Antonio-based independent oil and gas exploration and production company that operates in the Permian’s Delaware Basin, considered amongst the leading resource plays in North America. Upon closing of the announced acquisition, the Company’s total net acreage in the Permian Basin is approximately 19,000 acres. Lilis Energy's near-term E&P focus is to grow current reserves and production and to pursue strategic acquisitions in its core areas. For more information, please visit www.lilisenergy.com .
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the federal securities laws. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. These risks include, but are not limited to, our ability to replicate the results described in this release for future wells; the ability to finance our continued exploration, drilling operations and working capital needs; all the other uncertainties, costs and risks involved in exploration and development activities; and the other risks identified in the Company’s Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this press release are made as of the date hereof, and the Company does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.
Forward-looking statements regarding expected production levels are based upon our estimates of the successful completion of drilled wells on schedule and the timely completion of construction and hook-up of our new midstream provider’s midstream system to provide additional takeaway capacity.
Actual sales production rates from our wells can vary considerably from tested initial production (IP) rates and are subject to natural decline rates over the life of the well.
Contact:
Wobbe Ploegsma
V.P. Finance & Capital Markets
210-999-5400, ext. 31
Source:Lilis Energy Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-lilis-energy-reports-first-quarter-2018-operating-and-financial-results.html |
May 7 (Reuters) - Exprivia:
* SAID ON FRIDAY ITS 81 PCT CONTROLLED UNIT ITALTEL AND OPEN FIBER EXTENDED THEIR CONTRACTS RELATED TO DEVELOPMENT OF ULTRA-BROADBAND NETWORK IN WHITE AREAS OF ITALY
* THE OVERALL ECONOMIC VALUE IS WORTH ABOUT EUR 200 MILLION
Source text for Eikon:
(Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1SE0XZ |
0 COMMENTS The first doses of an experimental Ebola vaccine from Merck MRK 0.90% & Co. are expected to arrive before the end of this week in the Democratic Republic of Congo to help contain a new outbreak of the virus that is suspected of killing at least 19 people in the Central African nation.
At least 39 people have been confirmed or are believed to have been infected with Ebola in the country, according to the health ministry. The outbreak appears to have erupted in early April in forested villages reachable only by helicopter or motorbikes near the town of Bokoro. Health officials fear the virus could be spreading to more populous areas.
The outbreak is in Equateur province near the Congo River, a major transport route for the country’s riverside capital of Kinshasa, and the neighboring Republic of Congo’s Brazzaville.
The World Health Organization, in its latest update Monday , said two probable cases had been identified in the Wangata region close to the port city Mbandaka, population 1.2 million.
More
Ebola Funds Pledged for Recovery Are Slow to Come Ebola Vaccines Show Promise in New Study Are We Now Ready for Ebola? How the 2014 Ebola Crisis Unfolded Health officials are following up with at least 390 people who have been identified as contacts of Ebola patients. The virus is transmitted by contact with the blood or fluids of an infected person.
With the outbreak spreading, officials are eager to inoculate health-care workers, family members and others in contact with the individuals who are sick, to stop the spread of the virus in a strategy known as “ring vaccination.” But it will still take several days for the vaccine to be distributed, WHO and Congo officials say.
The shipment of about 4,000 vaccine doses will come from a stockpile that Merck previously supplied to the World Health Organization for storage in Geneva, Switzerland, to be used for a “rapid response to any outbreak,” Merck spokeswoman Pamela Eisele said. Merck plans to send an additional 4,300 doses to WHO to support the response, she said.
That means distribution to the affected areas could happen early next week, said Jessica Ilunga, communications officer for Congo’s public-health ministry.
Merck has maintained a 300,000-dose stockpile in the U.S. and Europe since 2016 under an agreement struck with GAVI, the international vaccine alliance. GAVI supplied $1 million to cover costs of the vaccine rollout, Chief Executive Seth Berkley said.
Merck’s and other experimental Ebola vaccines haven’t received official marketing approval from U.S. or other government regulators, despite the acceleration in vaccine research and development after the 2014-2015 outbreak in West Africa that killed more than 11,000 people.
As a result, countries can’t order experimental vaccines and keep them on hand. Use of the Merck vaccine requires special approval, which can take time.
Once regulators approve a vaccine for marketing, it can be shipped quickly—usually within 48 hours—to an outbreak, said Dr. Berkley of GAVI.Then it can be used pre-emptively, to inoculate health-care workers and others who are likely to come in contact with Ebola patients, said Michael Osterholm, director of the Center for Infectious Disease Policy and Research at the University of Minnesota. Currently, use of the experimental vaccine is generally limited to people who come into contact with infected individuals, he said.
With an approved vaccine, “we could have an Ebola-prepared Africa, where the vaccine is really promoted among health-care workers, emergency responders and burial workers and we could pre-deploy it,” he said.
Merck, based in Kenilworth, N.J., licensed the rights to further develop and market an experimental vaccine in 2014 from NewLink Genetics Corp. , of Ames, Iowa, which had previously licensed it from the Public Health Agency of Canada. The vaccine, code-named V920 , was effective in preventing Ebola virus disease among people who had come into contact with infected people in Guinea in 2015 and 2016, according to a study published in The Lancet.
Both U.S. and European regulators have designated the vaccine a high priority.
Under Merck’s original timetable, the company planned to apply to U.S. government regulators for marketing approval of the vaccine by the end of 2017. That would have set up the possibility of getting U.S. Food and Drug Administration or European Union marketing approval sometime this year.
Merck hasn’t filed because it has encountered “unforeseen facility and engineering issues” at a manufacturing plant it’s building in Burgwedel, Germany, where it plans to make the vaccine, Ms. Eisele said. It also is awaiting results from other clinical studies. Merck plans to file for regulatory approvals in 2019, she said.
GlaxoSmithKline PLC, the U.S. National Institutes of Health, and Johnson & Johnson are among other entities developing other Ebola vaccines. A J&J spokeswoman said the company is maintaining a stockpile of two million dosing regimens of its experimental Ebola vaccine, and is ready to provide them whenever needed. A spokesman for GSK, which co-developed a vaccine with the NIH, said it has stockpiled doses and is closely monitoring the situation.
The Congo government issued import permits for doses of the Merck vaccine last week, shortly after confirmation of the outbreak. The country has set up storage facilities to keep the vaccine doses at the required temperatures of as low as minus-80 degrees Celsius.
Congo has experience in dealing with Ebola outbreaks. The country has had nine in the past four decades, most recently in May 2017 in a remote location in the Bas-Uele province near the Ebola River, after which the virus was named in 1976. The government didn’t use the experimental vaccine in the 2017 outbreak partly because it hadn’t yet reviewed a study protocol necessary for its use and the outbreak fizzled out quickly.
This time, the government is better prepared, Ms. Ilunga said. “After last year’s outbreak, government has been putting in place more preventive measures,” she said.
Write to Peter Loftus at [email protected] , Nicholas Bariyo at [email protected] and Betsy McKay at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/ebola-vaccine-headed-to-congo-to-help-contain-outbreak-1526405259 |
1:44 p.m. ET Share
The switch became more attractive after Congress passed the new tax law Getty Images Henry Kravis, Josee Marie Kravis and Goldman Sachs CEO Lloyd Blankfein
By Miriam Gottfried Chris Cumming
KKR & Co. said Thursday it would convert to a corporation from a partnership, a structural change that many publicly traded private-equity firms have been contemplating on the heels of sweeping U.S. tax legislation.
The partnership structure, with its multiple share classes and special tax-reporting requirements, has long limited the pool of investors willing or able to own shares of private-equity firms. Firms were nonetheless reluctant to change their structure because of the tax advantages of partnerships.
KKR KKR, +3.84% hopes the change will make the stock more attractive to mutual funds and other institutional investors, which mostly don’t invest in publicly traded partnerships. This lack of demand has depressed KKR’s stock price, said Scott Nuttall, KKR’s co-president and co-chief operating officer.
“It became clear to us that we’ve been fishing in a small pond with a slow leak and wondering why we weren’t catching anything,” he said on a conference call Thursday to discuss the firm’s first-quarter financial results. | ashraq/financial-news-articles | https://www.wsj.com/articles/kkr-to-ditch-partnership-structure-and-become-corporation-1525344720?mod=searchresults&page=1&pos=2 |
HOFFMAN ESTATES, Ill., May 31, 2018 /PRNewswire/ -- Sears Holdings Corporation ("Holdings," "we," "us," "our," or the "Company") (NASDAQ: SHLD) today announced financial results for its first quarter ended May 5, 2018. As a supplement to this announcement, a presentation and a pre-recorded conference and audio webcast are available at our website http://searsholdings.com/invest.
In summary, the Company reported a net loss attributable to Holdings' shareholders of $424 million ($3.93 loss per diluted share) for the first quarter of 2018. This compares to net income attributable to Holdings' shareholders of $245 million ($2.29 earnings per diluted share) reported for the first quarter of 2017, which included a gain of $492 million recognized in conjunction with the sale of the Craftsman brand. Adjusted EBITDA was $(225) million in the first quarter of 2018, as compared to $(220) million in the prior year first quarter.
The Company generated total revenues of approximately $2.9 billion during the first quarter of 2018, compared with revenues of $4.2 billion in the prior year quarter, with store closures contributing to nearly two thirds of the decline. Total comparable store sales declined 11.9% during the quarter, comprised of a 9.5% decline at Kmart and a 13.4% decline at Sears. While total comparable store sales declined, the Company did experience positive comparable store sales at both Kmart and Sears in several categories, including apparel, footwear and jewelry.
Edward S. Lampert, Chairman and Chief Executive Officer of Holdings, said, "In a challenging quarter, we continued to focus on our strategic transformation, identifying additional opportunities to streamline operations and adjust inventory and operating expenses while staying focused on our Best Members, Best Categories and Best Stores. Our Shop Your Way membership program and Integrated Retail Strategy are our key priorities, and we continue to look for new ways to leverage our Shop Your Way ecosystem to drive improvements in value for our members and to increase the frequency and amount of their engagement."
"As we look to the remainder of 2018 and beyond, we remain committed to restoring positive Adjusted EBITDA and will continue to explore opportunities to unlock the full potential of our assets for our shareholders. This includes exploring third-party partnerships involving several of our businesses - such as Sears Home Services, Innovel, Kenmore and DieHard - and gaining further momentum around our new smaller store formats that blend brick and mortar and online experiences. We believe these initiatives, among others, will help us to strengthen the Company and better position it for the future."
Highlights include:
At May 30, 2018, we had $360 million of availability under our revolving credit facility and $281 million of capacity under our general debt basket; Agreement with Citi Retail Services, subsequent to quarter end, for a long-term extension of our 15-year co-brand and private label credit card relationship along with long-term marketing arrangements that include ongoing enhancements to the Shop Your Way ® Mastercard rewards program, which resulted in $400 million of net cash flow to the Company; Collaboration with Amazon.com , subsequent to quarter end, to provide full-service tire installation and balancing for customers who purchase any brand of tires on Amazon.com . This makes Sears Auto the first nationwide auto service center to offer Amazon.com customers the convenient Ship-to-Store tire solution integrated into the Amazon.com checkout process. In addition, DieHard all-season passenger tires will now be sold on Amazon.com . This program builds on the success of our earlier launches of Kenmore and DieHard products on Amazon.com , significantly expanding the reach of those brands; Expansion of LEASE IT program online, making Sears the only national full-service retailer to offer customers a robust assortment of products to lease both online and in-store; Expansion of exclusive apparel lines with Jaclyn Smith; Strategic partnership with Truxx to provide our members with unique incentives when they access the innovative truck-sharing platform; and Strategic partnership with GasBuddy and its Pay with GasBuddy gasoline payment service, which entitles users to a discount on nearly every gallon of gas they pump.
Rob Riecker, Chief Financial Officer of Holdings, said, "To support our transformation efforts, we continue to take important, proactive steps to address our capital structure, enhance our liquidity position and provide the Company with additional financial flexibility. We intend to take further action with respect to certain near-term maturities of our debt, including through repayments, refinancings and extensions of such debt."
Financial Position
At May 5, 2018, the Company had utilized approximately $994 million of our $1.5 billion revolving credit facility due in 2020, consisting of $901 million of borrowings and $93 million of letters of credit outstanding. The amount available to borrow under our credit facility was approximately $20 million, which reflects the effect of our springing fixed charge coverage ratio covenant and the borrowing base limitation in our revolving credit facility, which varies based on our overall inventory and receivables balances. Availability under our general debt basket was approximately $251 million at May 5, 2018. On a pro forma basis, assuming the payment received from the Citi transaction on May 18, 2018, the amount available to borrow under our revolving credit facility would have been $420 million.
The Company's total cash balances were $466 million at May 5, 2018, including restricted cash of $280 million, compared to $336 million at February 3, 2018, which included restricted cash of $154 million. Short-term borrowings totaled $1.7 billion at May 5, 2018, consisting of $901 million of revolver borrowings, $570 million of line of credit loans, $140 million of borrowings under the incremental real estate loan and $93 million of borrowings under the new secured loan.
On March 14, 2018, we closed on the Secured Loan and Mezzanine Loan facilities, pursuant to which the Company received aggregate gross proceeds of $440 million and will contribute $407 million of the proceeds into the Sears pension plans. This relieves the Company of contributions to its pension plans for approximately two years (other than a $20 million supplemental payment due in the second quarter of 2018), further reducing its pension liability.
During the first quarter of 2018, the Company also repaid $300 million of our Term Loan due in 2019 and completed private exchange offers and negotiated exchanges of and amendments to certain of its non-first lien debt. As a result of the transactions relating to the non-first lien debt, the maturity of approximately $170 million of the Company's 6 5/8% Senior Secured Notes was extended to October 2019, and the interest on these notes, approximately $214 million of the Company's 8% Senior Unsecured Notes, the Company's $300 million second lien term loan and $100 million of notes issued by a subsidiary of the Company, is payable in kind at the Company's option which, if elected, would reduce cash interest by approximately $60 million per year.
Total long-term debt (including current portion of long-term debt and capital lease obligations) was $3.5 billion and $3.2 billion at May 5, 2018 and February 3, 2018, respectively.
Strategic Actions
As part of our ongoing efforts to streamline the Company's operations and focus on our Best Stores, we have identified approximately 100 non-profitable stores, 72 of which will begin store closing sales in the near future. A list of the 72 stores will be posted in the "News/Media" section of searsholdings.com ( http://searsholdings.com/media/company-statements ) by mid-day. We continue to evaluate our network of stores, which are a critical component in our transformation, and will make further adjustments as needed and as warranted.
Separately, as previously announced on May 14, 2018, a special committee of the board of directors of the Company (the "Special Committee") has initiated a formal process to explore the sale of the Kenmore brand and related assets, the Sears Home Improvement Products business of the Sears Home Services division and the PartsDirect business of the Sears Home Services division (collectively, the "Sale Assets"). The Special Committee, which consists solely of independent directors, continues to evaluate the letter, dated April 20, 2018, from ESL Investments, Inc. expressing interest in participating as a purchaser of all or a portion of the Sale Assets.
Adoption of Accounting Standards Update: Revenue from Contracts with Customers
Effective in the first quarter of 2018, the Company adopted a new accounting standard related to revenue recognition using the full retrospective method. Accordingly, comparative financial statements of prior years have been adjusted to apply the new standard retrospectively. The adoption of the new revenue standard impacted the accounting for our Shop Your Way program, revenues from gift cards and merchandise returns. The expense for Shop Your Way points was previously recognized as customers earned points and recorded within cost of sales. The new guidance requires the Company to allocate the transaction price to products and points on a relative standalone selling price basis, deferring the portion of revenue allocated to the points and recognizing a contract liability for unredeemed points. The change in the accounting for the Shop Your Way program reduced revenue but had no impact to gross margin. The new guidance also changed the timing of recognition of the unredeemed portion of our gift cards, which was previously recognized using the remote method. The new guidance requires application of the proportional method. The Company reports revenues from merchandise sales net of estimated returns. The new guidance requires the Company to record both an asset and a liability for anticipated customer returns.
Adjusted EBITDA
In addition to our net income (loss) attributable to Holdings' shareholders determined in accordance with Generally Accepted Accounting Principles ("GAAP"), for purposes of evaluating operating performance, we use Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA"), which is a non-GAAP measure. The tables attached to this press release provide a reconciliation of GAAP to the as adjusted amounts. We believe that our use of Adjusted EBITDA provides an appropriate measure for investors to use in assessing our performance across periods, given that these measures provide adjustments for certain significant items which may vary significantly from period to period, improving the comparability of year-to-year results and is therefore representative of our ongoing performance. Therefore, we have adjusted our results for them to make our statements more useful and comparable. However, we do not, and do not recommend that you, solely use Adjusted EBITDA to assess our financial and earnings performance.
As a result of the Seritage and JV transactions, Adjusted EBITDA for the first quarter of 2018 and 2017 included additional rent expense of approximately $32 million and $45 million, respectively. Due to the structure of the leases, the Company expects that our cash rent obligations to Seritage and the joint venture partners will continue to decline, over time, as space in these stores is recaptured. From the inception of the Seritage transaction to date, we have received recapture notices on 64 properties and also exercised our right to terminate the lease on 65 properties.
Forward-Looking Statements
This press release contains forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about our ability to enhance our financial flexibility and liquidity to successfully fund our transformation, our ability to achieve cost savings initiatives, vendors' lack of willingness to do business with us or to provide acceptable payment terms or otherwise restricting financing to purchase inventory or services, our ability to effectively compete in a highly competitive retail industry, our ability to successfully implement our integrated retail strategy to transform our business into a member-centric retailer, our ability to successfully manage our inventory levels, initiatives to improve our liquidity through inventory management and other actions, the process being overseen by the Special Committee to explore the sale of the Sale Assets, and other statements that describe the Company's plans. Whenever used, words such as "will," "expect" and other terms of similar meaning are intended to identify such forward-looking statements. Forward-looking statements, including these, are based on the current beliefs and expectations of our management and are subject to significant risks, assumptions and uncertainties, many of which are beyond the Company's control, that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Detailed descriptions of other risks relating to Sears Holdings are discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. While we believe that our forecasts and assumptions are reasonable, we caution that actual results may differ materially. We intend the forward-looking statements to speak only as of the time made and do not undertake to update or revise them as more information becomes available, except as required by law.
About Sears Holdings Corporation
Sears Holdings Corporation (NASDAQ: SHLD) is a leading integrated retailer focused on seamlessly connecting the digital and physical shopping experiences to serve our members - wherever, whenever and however they want to shop. Sears Holdings is home to Shop Your Way ® , a social shopping platform offering members rewards for shopping at Sears and Kmart, as well as with other retail partners across categories important to them. The Company operates through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation, with full-line and specialty retail stores across the United States. For more information, visit www.searsholdings.com .
Sears Holdings Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
Amounts are Preliminary and Subject to Change
13 Weeks Ended
millions, except per share data and percentages
May 5,
2018
April 29,
2017
REVENUES
Merchandise sales
$
2,212
$
3,329
Services and other
679
870
Total revenues
2,891
4,199
COSTS AND EXPENSES
Cost of sales, buying and occupancy - merchandise sales
1,899
2,779
Gross margin dollars - merchandise sales
313
550
Gross margin rate - merchandise sales
14.2
%
16.5
%
Cost of sales and occupancy - services and other
387
489
Gross margin dollars - services and other
292
381
Gross margin rate - services and other
43.0
%
43.8
%
Total cost of sales, buying and occupancy
2,286
3,268
Total gross margin dollars
605
931
Total gross margin rate
20.9
%
22.2
%
Selling and administrative
906
1,221
Selling and administrative expense as a percentage of total revenues
31.3
%
29.1
%
Depreciation and amortization
67
87
Impairment charges
14
15
Gain on sales of assets
(165)
(741)
Total costs and expenses
3,108
3,850
Operating income (loss)
(217)
349
Interest expense
(166)
(128)
Interest and investment income (loss)
1
(2)
Other loss
(33)
(46)
Income (loss) before income taxes
(415)
173
Income tax (expense) benefit
(9)
72
NET INCOME (LOSS) ATTRIBUTABLE TO HOLDINGS' SHAREHOLDERS
$
(424)
$
245
NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO HOLDINGS' SHAREHOLDERS
Diluted earnings (loss) per share
$
(3.93)
$
2.29
Diluted weighted average common shares outstanding
108.0
107.2
Sears Holdings Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
Amounts are Preliminary and Subject to Change
millions
May 5,
2018
April 29,
2017
February 3,
2018
ASSETS
Current assets
Cash and cash equivalents
$
186
$
236
$
182
Restricted cash
280
28
154
Accounts receivable
345
479
343
Merchandise inventories
2,838
3,884
2,798
Prepaid expenses and other current assets
305
327
346
Total current assets
3,954
4,954
3,823
Property and equipment (net of accumulated depreciation and amortization of $2,357, $2,803 and $2,381)
1,626
2,130
1,729
Goodwill
269
269
269
Trade names and other intangible assets
1,160
1,251
1,168
Other assets
274
483
284
TOTAL ASSETS
$
7,283
$
9,087
$
7,273
LIABILITIES
Current liabilities
Short-term borrowings
$
1,704
$
551
$
915
Current portion of long-term debt and capitalized lease obligations
432
584
968
Merchandise payables
494
961
576
Other current liabilities
1,471
1,712
1,575
Unearned revenues
616
725
641
Other taxes
204
293
247
Total current liabilities
4,921
4,826
4,922
Long-term debt and capitalized lease obligations
3,043
3,146
2,249
Pension and postretirement benefits
1,329
1,677
1,619
Deferred gain on sale-leaseback
329
504
362
Sale-leaseback financing obligation
347
183
247
Other long-term liabilities
1,302
1,637
1,474
Long-term deferred tax liabilities
125
647
126
Total Liabilities
11,396
12,620
10,999
DEFICIT
Total Deficit
(4,113)
(3,533)
(3,726)
TOTAL LIABILITIES AND DEFICIT
$
7,283
$
9,087
$
7,273
Total common shares outstanding
108.3
107.3
107.8
Sears Holdings Corporation
Segment Results
(Unaudited)
Amounts are Preliminary and Subject to Change
13 Weeks Ended May 5, 2018
millions, except store data and percentages
Kmart
Sears
Domestic
Sears
Holdings
Total revenues
$
797
$
2,094
$
2,891
Total cost of sales, buying and occupancy
644
1,642
2,286
Gross margin dollars
153
452
605
Gross margin rate
19.2
%
21.6
%
20.9
%
Selling and administrative
251
655
906
Selling and administrative expense as a percentage of total revenues
31.5
%
31.3
%
31.3
%
Depreciation and amortization
9
58
67
Impairment charges
6
8
14
Gain on sales of assets
(40)
(125)
(165)
Total costs and expenses
870
2,238
3,108
Operating loss
$
(73)
$
(144)
$
(217)
Number of:
Kmart Stores
365
—
365
Full-Line Stores
—
506
506
Specialty Stores
—
23
23
Total Stores
365
529
894
13 Weeks Ended April 29, 2017
millions, except store data and percentages
Kmart
Sears
Domestic
Sears
Holdings
Total revenues
$
1,447
$
2,752
$
4,199
Total cost of sales, buying and occupancy
1,184
2,084
3,268
Gross margin dollars
263
668
931
Gross margin rate
18.2
%
24.3
%
22.2
%
Selling and administrative
392
829
1,221
Selling and administrative expense as a percentage of total revenues
27.1
%
30.1
%
29.1
%
Depreciation and amortization
13
74
87
Impairment charges
5
10
15
Gain on sales of assets
(597)
(144)
(741)
Total costs and expenses
997
2,853
3,850
Operating income (loss)
$
450
$
(101)
$
349
Number of:
Kmart Stores
624
—
624
Full-Line Stores
—
626
626
Specialty Stores
—
25
25
Total Stores
624
651
1,275
Sears Holdings Corporation
Adjusted EBITDA
(Unaudited)
Amounts are Preliminary and Subject to Change
13 Weeks Ended
millions
May 5,
2018
April 29,
2017
Net income (loss) attributable to Holdings per statement of operations
$
(424)
$
245
Income tax expense (benefit)
9
(72)
Interest expense
166
128
Interest and investment (income) loss
(1)
2
Other loss
33
46
Operating income (loss)
(217)
349
Depreciation and amortization
67
87
Gain on sales of assets
(165)
(741)
Impairment charges
14
15
Before excluded items
(301)
(290)
Closed store reserve and severance
76
76
Other (1)
18
15
Amortization of deferred Seritage gain
(18)
(21)
Adjusted EBITDA
$
(225)
$
(220)
(1)
The 13-week period ended May 5, 2018 consisted of items associated with an insurance transaction and natural disasters, while the 13-week period ended April 29, 2017 consisted of transaction costs associated with strategic initiatives.
Sears Holdings Corporation
Adjusted EBITDA
(Unaudited)
Amounts are Preliminary and Subject to Change
13 Weeks Ended
May 5, 2018
April 29, 2017
millions
Kmart
Sears
Domestic
Sears
Holdings
Kmart
Sears
Domestic
Sears
Holdings
Operating income (loss) per statement of operations
$
(73)
$
(144)
$
(217)
$
450
$
(101)
$
349
Depreciation and amortization
9
58
67
13
74
87
Gain on sales of assets
(40)
(125)
(165)
(597)
(144)
(741)
Impairment charges
6
8
14
5
10
15
Before excluded items
(98)
(203)
(301)
(129)
(161)
(290)
Closed store reserve and severance
28
48
76
34
42
76
Other (1)
—
18
18
—
15
15
Amortization of deferred Seritage gain
(2)
(16)
(18)
(4)
(17)
(21)
Adjusted EBITDA
$
(72)
$
(153)
$
(225)
$
(99)
$
(121)
$
(220)
% to revenues
(9.0)
%
(7.3)
%
(7.8)
%
(6.8)
%
(4.4)
%
(5.2)
%
(1)
The 13-week period ended May 5, 2018 consisted of items associated with an insurance transaction and natural disasters, while the 13-week period ended April 29, 2017 consisted of transaction costs associated with strategic initiatives.
NEWS MEDIA CONTACT:
Sears Holdings Public Relations
(847) 286-8371
View original content: http://www.prnewswire.com/news-releases/sears-holdings-reports-first-quarter-2018-results-300656991.html
SOURCE Sears Holdings Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-sears-holdings-reports-first-quarter-2018-results.html |
May 14 (Reuters) - Unifi Inc:
* VALUEACT SPRING MASTER FUND - ACQUIRED UNIFI SECURITIES BASED ON BELIEF THAT THEY WERE “UNDERVALUED”, REPRESENTED “ATTRACTIVE INVESTMENT OPPORTUNITY”
* VALUEACT SPRING MASTER FUND SAYS ANTICIPATE HAVING FURTHER DISCUSSIONS WITH UNIFI’S DIRECTORS IN CONNECTION WITH ITS INVESTMENT
* VALUEACT SPRING MASTER FUND REPORTS 5.0% STAKE IN UNIFI AS OF MAY 11 - SEC FILING
* VALUEACT SPRING MASTER FUND SAYS TALKS WITH UNIFI COVER RANGE OF ISSUES, INCLUDING WHETHER IT MAKES SENSE FOR VALUEACT CAPITAL EMPLOYEE TO BE ON BOARD Source text: ( bit.ly/2ICOj0K ) Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-unifi-inc-says-valueact-spring-acq/brief-unifi-inc-says-valueact-spring-acquired-cos-securities-based-on-belief-that-they-were-undervalued-idUSFWN1SL0D4 |
ATLANTA, May 03, 2018 (GLOBE NEWSWIRE) -- GeoVax Labs, Inc. (OTCQB:GOVX), a biotechnology company developing human vaccines, today announced its financial results for the three months ended March 31, 2018 and provided an update on its vaccine development programs.
Robert T. McNally Ph.D., GeoVax’s President and CEO, commented, “The promise of our technology is evident by our continued success in attracting government sponsorship of our programs, as well as our growing list of excellent collaborators in virtually every disease area in which we are working. I am pleased with our progress thus far during 2018 and am happy to share this update.”
Recent highlights for 2018 include:
The NIH awarded us a Fast-Track Phase I/II SBIR grant to advance our Lassa Fever vaccine . The $300,000 grant is for Phase I of the project; we anticipate a total project budget of up to $1.9 million following the anticipated Phase II award. The grant will enable preclinical testing of our vaccine candidates in preparation for human clinical trials. The work will be performed in collaboration with the Institute of Human Virology at the University of Maryland, The Scripps Research Institute (Scripps), and the University of Texas Medical Branch.
We began a collaboration with Vaxeal Holding SA, expanding our cancer vaccine program to include the design, construction, characterization and animal testing of vaccine candidates using our MVA-VLP vaccine platform with Vaxeal’s proprietary designed genetic sequences. This project is complementary to, and does not overlap with, our ongoing collaboration with ViaMune, Inc. for co-developing cancer immunotherapies based on the MUC1 tumor-associated antigen.
We began a collaboration with CaroGen Corporation for the development of a combination immunotherapy treatment for chronic hepatitis B virus (HBV) infection. This project will include testing our MVA-VLP-HBV vaccine candidate in combination with CaroGen’s HBV Virus-like Vesicles (VLVs) vaccine candidate in prophylactic and therapeutic animal models of HBV.
Excellent results from a rigorous preclinical study of our Ebola vaccine were published in the peer-reviewed open access journal Scientific Reports by Nature Research. In this study, we demonstrated 100% single-dose protection provided by our vaccine to rhesus macaques challenged with a lethal dose of Ebola virus. The article can be viewed at www.nature.com/articles/s41598-017-19041-y .
We continued to attend and present at various scientific conferences including American Society for Microbiology (ASM) Biothreats conference in Baltimore, MD, the World Vaccine Congress in Washington, DC, and the National Foundation for Infectious Diseases (NFID) Annual Conference on Vaccinology Research in Bethesda, MD. These venues provide valuable networking opportunities to bring our technologies to the attention of the broader scientific community and to potential collaborators and partners.
Our preventive HIV vaccine program continued with clinical trial support from the NIH and the next trial expected to commence in late 2018.
Our collaboration with American Gene Technologies International, Inc. (AGT) for use of our vaccine in combination with AGT’s gene therapy for development of a functional cure for HIV is on track with a Phase 1 trial sponsored by AGT expected to begin later this year.
We continued work for our Zika vaccine (with NIH grant support) and our malaria vaccine program (in collaboration with the Burnet Institute in Australia.
Financial Review
GeoVax reported a net loss for the three months ended March 31, 2018 of $621,813, or $0.01 per share, based on 124.2 million weighted average shares outstanding. For the three months ended March 31, 2017, the Company reported a loss of $548,341, or $0.01 per share, based on 55.4 million weighted average shares outstanding.
The Company reported revenues of $221,299 for the three months ended March 31, 2018, primarily related to grants from the NIH. This compares to $295,735 of grant revenues reported for the same period in 2017. Research and development (R&D) expenses were $486,994 for the three months ended March 31, 2018, compared with $551,795 for the comparable period in 2017. General and administrative (G&A) expenses were $357,228 and $292,667 for the three months ended March 31, 2018 and 2017, respectively. Cash balances were $571,154 at March 31, 2018, as compared to $312,727 at December 31, 2017.
Summarized financial information is attached. Further information concerning the Company’s financial position and results of operations are included in its Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission.
About GeoVax
GeoVax Labs, Inc., is a clinical-stage biotechnology company developing human vaccines against infectious diseases using its Modified Vaccinia Ankara-Virus Like Particle (MVA-VLP) vaccine platform. The Company’s development programs are focused on preventive vaccines against HIV, Zika virus, hemorrhagic fever viruses (Ebola, Sudan, Marburg, and Lassa), and malaria, as well as therapeutic vaccines for chronic hepatitis B infections and cancers. GeoVax’s vaccine platform supports in vivo production of non-infectious VLPs from the cells of the very person receiving the vaccine, mimicking a natural infection, stimulating both the humoral and cellular arms of the immune system to recognize, prevent, and control the target infection. For more information, visit www.geovax.com .
Forward-Looking Statements
Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, including whether: GeoVax can develop and manufacture its vaccines with the desired characteristics in a timely manner, GeoVax's vaccines will be safe for human use, GeoVax's vaccines will effectively prevent targeted infections in humans, GeoVax’s vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete vaccine development, there is development of competitive products that may be more effective or easier to use than GeoVax's products, GeoVax will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which GeoVax has no control. GeoVax assumes no obligation to update these forward-looking statements and does not intend to do so. More information about these factors is contained in GeoVax's filings with the Securities and Exchange Commission including those set forth at "Risk Factors" in GeoVax's Form 10-K.
Contact:
Robert T. McNally, Ph.D.
GeoVax Labs, Inc.
[email protected]
678-384-7220
FINANCIAL TABLES FOLLOW
GEOVAX LABS, INC. Condensed Consolidated Statements of Operations Information (amounts in thousands, except per share data) Three Months Ended March 31, 2018 2017 Grant and collaboration revenues $ 221 $ 296 Operating expenses: Research and development 487 552 General and administrative 357 292 844 844 Loss from operations (623 ) (548 ) Other income (expense), net 1 - Net loss $ (622 ) $ (548 ) Net loss per common share $ (0.01 ) $ (0.01 ) Weighted average shares outstanding 124,170 55,351
Condensed Consolidated Balance Sheet Information (amounts in thousands) March 31,
2018 Dec. 31,
2017 Assets: Cash and cash equivalents $ 571 $ 313 Other current assets 231 135 Total current assets 802 448 Property, net 26 31 Other assets 11 11 Total assets $ 839 $ 490 Liabilities and stockholders’ equity (deficiency) Current liabilities $ 919 $ 811 Note payable, net of current portion 49 - Stockholders’ equity (deficiency) (129 ) (321 ) Total liabilities and stockholders’ equity (deficiency) $ 839 $ 490 Shares Outstanding 141,737 106,737
Source:GeoVax, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-geovax-reports-2018-first-quarter-financial-resultsaand-development-program-updates.html |
The U.S.-China trade spat is cutting into the flow of soybeans, pork and other commodities from U.S. farms to one of the world’s biggest markets.
Since early April, when China announced tariffs on some U.S. agricultural goods and threatened to target others, Chinese importers have canceled purchases of corn and cut orders for pork while dramatically reducing new soybean purchases, according to U.S. Department of Agriculture data. Chinese importers’ new orders of sorghum, a grain used in animal feed, have dwindled while cancellations... RELATED VIDEO U.S.-China Trade Tensions: What Business Leaders Say With increasing trade tensions between China and the U.S., top executives at the Wall Street Journal D.Live conference talk about how that will affect business. | ashraq/financial-news-articles | https://www.wsj.com/articles/china-tensions-chill-u-s-soybean-pork-trade-1525426200 |
NEW YORK, May 09, 2018 (GLOBE NEWSWIRE) -- bRealTime and Clearstream have merged to form EMX, a new programmatic marketplace. EMX will offer more powerful media solutions across supply, demand and data to publishers, advertisers, ad tech providers and agencies, including increased efficiencies, heightened transparency and an overall lift in ROI.
EMX combines the services of bRealTime, an automated global marketplace specializing in direct-to-consumer access through technologies like header bidding, with Clearstream, the leading deterministic data and decisioning platform for advertisers and brands. As an integrated business, EMX gives clients access to a unified supply chain providing access to more audiences on all screens, including TV, OOH, mobile and desktop.
Mike Zacharski , formerly CEO of bRealTime, has been named CEO of EMX. Brian Mandelbaum , previously CEO of Clearstream, will assume the role of President & Chief Strategy Officer. They will lead the ongoing development of EMX’s industry-leading products, which combine premium supply, demand and data under one solution. The new EMX business is supported by a team of veteran digital media practitioners, data scientists and technologists.
“The digital marketplace has given marketers the power to reach and engage with consumers in seemingly limitless ways, however, with its meteoric rise, it has brought a new breed of challenges – from fraud, excessive complexity and cost, to black box behavioral data sets,” said Zacharski. “With EMX, we have pioneered a new industry standard that helps solve for these issues.”
Additional benefits of EMX include:
Increased scale, increased transparency and increased ROI for all parties. Publisher and advertiser transactions are united in a single space, giving publishers access to more advertising partners, and advertisers access to more publisher partners, increasing scale for both. Parties have greater oversight of the entire programmatic process, as well as access to more data about how their content and strategies are performing, increasing transparency and safety for both. Increased transparency and data access allows both parties to better optimize their outputs, maximizing ROI for all. Simplifies the programmatic transaction process for clients with bespoke tools and solutions.
Continued Zacharski: “By bringing our proprietary tools and talented specialists together, we’ve been able to create a marketplace using best-of-breed technologies that deliver genuine ROI for both publishers and advertisers.”
PRESS CONTACT:
Marielena Santana
DiGennaro Communications
[email protected]
ABOUT EMX
EMX is a digital solutions provider that connects publishers, advertisers and agencies with consumer data, proprietary tools and innovative technology through EMX’s programmatic media marketplace. Formed from the union of bRealTime and Clearstream, EMX provides increased scale, transparency and data access, allowing both advertisers and publishers to better optimize their outputs, thus optimizing ROI for all.
Source: EMX | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-brealtime-and-clearstream-merge-to-form-emx-a-new-digital-media-marketplace.html |
Texas Instruments Inc:
* TEXAS INSTRUMENTS PRICES $1.3 BILLION OF INVESTMENT GRADE NOTES
* TEXAS INSTRUMENTS INC - PRICING OF $1.3 BILLION OF 4.150% SENIOR UNSECURED NOTES DUE MAY 15, 2048 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-texas-instruments-prices-13-billio/brief-texas-instruments-prices-1-3-billion-of-investment-grade-notes-idUSASC09YE4 |
April 30 (Reuters) - ARAB JORDAN INVESTMENT BANK COMPANY PSC :
* Q1 PROFIT ATTRIBUTABLE TO SHAREHOLDERS 4.3 MILLION DINARS VERSUS 4.8 MILLION DINARS YEAR AGO
* Q1 NET INTEREST INCOME 10.8 MILLION DINARS VERSUS 11.9 MILLION DINARS YEAR AGO Source:( bit.ly/2rbysey ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-arab-jordan-investment-bank-q1-pro/brief-arab-jordan-investment-bank-q1-profit-falls-idUSFWN1S7108 |
SAN FRANCISCO (Reuters) - Uber Technologies Inc’s growth has slowed as a series of scandals has allowed the ride-hailing company’s chief U.S. competitor, Lyft Inc, to grab more market share, digital research firm eMarketer said in a report on Monday.
The Uber logo is displayed on a screen during the Women In The World Summit in New York City, U.S., April 12, 2018. REUTERS/Brendan McDermid The research firm has lowered its forecasts for Uber’s growth for the next several years. It projects 48 million U.S. adults will use Uber at least once this year, up 18 percent from last year but well off eMarketer’s earlier forecast of more than 51 million.
EMarketer based its analysis on data from Uber and Lyft, such as trip numbers and app downloads, as well as customer surveys from researchers at JP Morgan and other firms.
The report quantifies the effect of a series of scandals at Uber last year, which included an internal probe of sexual harassment and workplace behavior; a U.S. Department of Justice investigation into whether Uber managers violated U.S. laws against bribery of foreign officials; a lawsuit by Alphabet Inc ( GOOGL.O ) alleging trade secrets theft that Uber settled for $245 million; and the departure of Uber’s chief executive officer, who was pushed out by investors concerned about the growing list of problems.
Uber did not respond to a request for comment.
Meanwhile, Lyft has grown quickly, adding more than 160 cities last year, benefiting from Uber’s tarnished image and as a later entry into markets where people are already familiar with ride-hailing services, eMarketer said. On Monday, Lyft said it has 35 percent of the national ride-hailing market, and in 16 U.S. markets its share exceeds 40 percent.
An illuminated sign appears in a Lyft ride-hailing car in Los Angeles, California, U.S. September 21, 2017. Picture taken September 21, 2017. REUTERS/Chris Helgren “Uber’s brand image took an even bigger hit than expected as it grappled with a series of scandals and PR disasters in 2017,” said Shelleen Shum, eMarketer’s forecasting director. “Lyft, which had been rapidly expanding its coverage, seized on the opportunity to brand itself as a more socially conscious alternative.”
The research firm said it has lowered its forecast for Uber’s growth every year through 2021, reflecting the company’s competitive disadvantage after last year’s problems. EMarketer’s previous projections pegged the number of Uber users in 2017 at about 44 million, but the actual number ended up being fewer than 41 million.
Even so, Uber remains the dominant U.S. ride-hailing company. At the end of this year it will have about 77 percent of the market, down from 90 percent in 2016, while Lyft will have 48 percent, up from nearly 29 percent, according to eMarketer.
EMarketer’s projections for 2022 show Uber with nearly 74 percent of customers and Lyft with 59 percent of ride-hailing customers. Some people use both services.
Lyft operates in roughly the same number of U.S. cities as Uber, as well as in Toronto. Uber operates across the globe, although it has retreated from Southeast Asia, Russia and China after losing billions of dollars competing with local rivals.
Reporting by Heather Somerville; Editing by Leslie Adler
| ashraq/financial-news-articles | https://in.reuters.com/article/us-uber-growth/study-finds-ubers-growth-slows-after-year-of-scandal-lyft-benefits-idINKCN1IF31A |
May 9, 2018 / 8:37 AM / Updated 3 hours ago Her Royal Likeness - Meghan Markle waxwork unveiled before wedding Reuters Staff 2 Min Read
LONDON (Reuters) - A waxwork of Meghan Markle was unveiled on Wednesday at Madame Tussauds museum in London, 10 days before the U.S. actress weds Prince Harry.
The wax figure wears a green dress like the one Markle wore on the day her engagement was announced, as well as a replica of her diamond engagement ring, designed for her by Harry.
The wax figure of the prince, originally created to mark his 30th birthday, has been updated with a new beard.
The couple’s waxworks will be accessible to the public the day before their wedding. Madame Tussauds is one of London’s most popular tourist attractions, with people queuing to take selfies with wax figures of celebrities past and present.
The museum said visitors named Meghan or Harry would enjoy free entry on the day of the ceremony.
“Excitement ahead of the royal wedding is reaching fever pitch and we have been inundated with questions about when people can finally meet ‘Their Royal Likenesses’,” said Edward Fuller, general manager of Madame Tussauds.
Harry, the 33-year-old grandson of Queen Elizabeth and sixth-in-line to the throne, and Markle, 36, who starred in the U.S. TV legal drama “Suits”, will marry in Windsor on May 19. Slideshow (7 Images) | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-royals-waxwork/her-royal-likeness-meghan-markle-waxwork-unveiled-before-wedding-idUSKBN1IA0YO |
May 2 (Reuters) - TransDigm Group Inc:
* TRANSDIGM GROUP PRICES OFFERING OF $500 MILLION OF SENIOR SUBORDINATED NOTES
* NOTES WILL BE ISSUED AT A PRICE OF 99.240 PCT OF THEIR PRINCIPAL AMOUNT
* UNIT OF CO PRICED PRIVATE OFFERING OF $500 MILLION AGGREGATE PRINCIPAL AMOUNT OF 6.875 PCT SENIOR SUBORDINATED NOTES DUE 2026 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-transdigm-group-prices-offering-of/brief-transdigm-group-prices-offering-of-500-million-of-senior-subordinated-notes-idUSASC09ZAL |
* Euro struggles near $1.18 mark * Dollar rise leaves Yen at weakest since January * Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh (Recasts, updates prices in text, adds comment, FX table, changes byline, dateline; previous LONDON) By Gertrude Chavez-Dreyfuss NEW YORK, May 17 (Reuters) - The dollar climbed to a four-month peak against the yen on Thursday, bolstered by the rise in U.S. Treasury yields that suggests a more upbeat outlook for the world's largest economy. U.S. benchmark 10-year yields hit a high of 3.122 percent, the highest in nearly seven years. "The near-term picture remains positive for the dollar with Treasury yields showing few signs of topping, a move that makes the buck a more enticing bet to income-seekers," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. Rising yields reflect continued optimism about the U.S. economy, reinforcing expectations that the Federal Reserve would raise borrowing rates at least two more times this year. The dollar rose to its strongest versus the Japanese yen since Jan. 23 at 110.80 yen. It was last at 110.71, up 0.3 percent on the day. The dollar index rose 0.1 percent to 93.461, below its 2018 high of 93.632. The euro, meanwhile, fell to near a five-month low against the dollar on Thursday on concerns about the demands of populist parties likely to form Italy's next government. Italy's anti-establishment 5-Star Movement and the anti-immigrant League, which are working to draft a coalition program, may ask the European Central Bank to forgive 250 billion euros of debt. But broader Italian markets held up better on Thursday as investors played down the broader impact on euro zone political stability and questioned whether the Italian parties would really follow through on such plans. The euro slipped to $1.1799, just above the $1.1763 2018 low it hit on Wednesday. The euro has slumped six cents from more than $1.24 in three weeks after a huge dollar rally. Investors are betting U.S. interest rates will need to rise further, while other central banks are postponing monetary tightening. That has forced investors who took big positions against the dollar anticipating a fall in 2018 to unwind and cover their positions, pushing the greenback even higher. "This sense of a market that is not particularly well prepared for a euro decline is supported by the benign valuations still evident in the pricing of six-month and 12-month implied volatility," BNY Mellon analysts said in a note, referring to prices of a measure of expected swings in the value of the euro. Sterling gave up earlier gains after the UK government dismissed a media report that Britain wanted to stay in the European Union's customs union after Brexit. | ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-rises-to-4-month-high-vs-yen-on-higher-u-s-treasury-yields-idUSL5N1SO4QT |
May 30, 2018 / 11:01 AM / Updated an hour ago Former OW Bunker manager sentenced to 18-month jail term Jacob Gronholt-Pedersen 2 Min Read
COPENHAGEN (Reuters) - A Danish court on Wednesday sentenced the former manager of OW Bunker’s Singapore subsidiary to 18 months in prison after he was found guilty of granting credit outside his mandate, contributing to the bankruptcy of the marine fuel oil supplier.
The 2014 bankruptcy of OW Bunker, then the world’s leading supplier of marine fuel oil with a 7 percent market share, sent shockwaves through the global shipping industry and left investors and business partners scrambling to cover their losses.
The city court of Aalborg said it found Lars Moller, head of Dynamic Oil Trading in Singapore, guilty of giving a trading partner an unrecoverable credit worth $90.2 million without having the authority to do so from the management in Denmark and without recording it in the company’s accounting system.
The prosecutor had sought a fiver-year jail sentence for breach of trust.
The court said that Moller had not acted with the intention of benefiting himself or others.
OW Bunker filed for bankruptcy in Denmark in November 2014 after revealing losses at Dynamic Oil Trading as well as hedging losses of almost $300 million at its Danish headquarters, a marked change of fortunes for a company valued at $1 billion when it listed in March that year.
Moller’s defense lawyer Anders Nemeth told TV2 broadcaster the 18-month sentence was “not unexpected” and that it still was not clear whether Moller would appeal against the verdict.
Arvid Andersen, another of Moller’s defense lawyers, previously told Reuters there had been no criminal activity.
A group of 26 institutional investors, including two of the largest pension funds in Denmark, ATP and PFA, is also waging a legal campaign against the former management of OW Bunker. The investors accuse OW Bunker of misleading them in its 2014 initial public offering. Reporting by Jacob Gronholt-Pedersen; Editing by David Goodman and Alexandra Hudson | ashraq/financial-news-articles | https://www.reuters.com/article/us-ow-bunker-fraud/former-ow-bunker-manager-sentenced-to-18-month-jail-term-idUSKCN1IV1AT |
PHNOM PENH (Reuters) - Cambodia’s election panel on Friday began a campaign to get voters to turn out for a July 29 general election, despite the concerns of some Western nations and the United Nations that the vote might not be free or fair after a key opposition party ban.
The campaign comes amid repeated calls from former opposition leader Sam Rainsy for Cambodians to boycott the election if his dissolved Cambodian National Rescue Party (CNRP) is not allowed to take part.
The National Election Committee (NEC) held question-and-answer sessions with about 800 students in the southwestern province of Takeo, following a lecture about the vote.
“We want to come here to explain the truth and the true work of the NEC,” its spokesman, Dim Sovannarom, told Reuters.
He said the students’ questions mostly concerned whether the vote would be legitimate without the CNRP, which the Supreme Court dissolved last year, leaving fewer political parties in the fray.
The campaign will also feature television programs to increase awareness about voting rights and the identity documents voters need to take to polling stations, he added.
Government critics say the election will almost certainly hand victory to Prime Minister Hun Sen and his Cambodian People’s Party and extend Hun Sen’s 33-year rule.
The CNRP was dissolved last November after its leaders were charged with treason for allegedly plotting to overthrow Hun Sen’s government with the help of the United States.
The CNRP and the United States have denied the accusations, which followed the arrest of current party leader Kem Sokha on treason charges over the alleged plot.
Kem Sokha has denied the charges, called them a ploy to help Hun Sen to be re-elected.
The election would not be “genuine” without the CNRP’s participation, the UN’s special rapporteur on human rights in Cambodia, Rhona Smith, said this week.
In a Facebook post on Friday, Hun Sen said urging people not to vote was illegal.
“The propaganda urging people not to vote violates the laws of the country,” he added.
Reporting by Prak Chan Thul; Editing by Clarence Fernandez
| ashraq/financial-news-articles | https://www.reuters.com/article/us-cambodia-election/cambodia-launches-campaign-to-get-voters-to-turn-out-for-july-election-idUSKBN1I50U7 |
May 21, 2018 / 1:09 PM / Updated 12 hours ago Motor racing-Canadian businessman Latifi buys into McLaren Reuters Staff 1 Min Read
LONDON, May 21 (Reuters) - Canadian businessman Michael Latifi, whose son Nicholas currently races in Formula Two, has bought a stake of around 10 percent in the McLaren Group that includes the Formula One team.
McLaren, announcing the move on Monday, said the 203 million pound ($272.55 million) investment “significantly strengthens the group’s balance sheet and underpins its ambitious growth plans”.
The Group includes the McLaren Automotive, McLaren Racing and McLaren Applied Technologies companies.
The Group emphasised that there was no connection between the deal and the 22-year-old Latifi’s racing career. $1 = 0.7448 pounds Reporting by Alan Baldwin, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/motor-f1-mclaren/motor-racing-canadian-businessman-latifi-buys-into-mclaren-idUKL5N1SS36O |
May 2 (Reuters) - AFYON CIMENTO:
* SELLS LAND PROPERTY AT 79.9 MILLION LIRA IN AFYON PROVINCE Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-afyon-cimento-sells-land-property/brief-afyon-cimento-sells-land-property-at-79-9-mln-lira-in-afyon-province-idUSFWN1S9128 |
PARIS, Tenn.—Republican Don Sundquist, a onetime governor of Tennessee, has a history of feuding with Marsha Blackburn, a GOP state politician turned U.S. congresswoman. Last month, Mr. Sundquist was spooked by signs a Democrat could win in his red state and decided to bury the hatchet and endorse Ms. Blackburn, who is now running for the Senate.
“We need to keep that seat Republican,” Mr. Sundquist said in an interview. “Some things are more important in politics than personal feelings.”
... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-battle-for-the-senate-runs-through-tennessee-1525877942 |
May 25, 2018 / 2:01 AM / a few seconds ago Democrat running for Iowa governor quits after sex allegations Reuters Staff 2 Min Read
(Reuters) - A Democratic candidate among front-runners in the race for Iowa governor dropped out on Thursday after accusations of sexual misconduct by three women.
State Senator Nate Boulton, 38, was among six Democrats vying for the gubernatorial nomination in a June 5 primary. The winner will face Republican Governor Kim Reynolds and a Libertarian candidate in November.
“Today, I am suspending my campaign for governor. I want to thank all my supporters for their hard work this past year,” Boulton said on Twitter.
Boulton bowed out of the race a day after the Des Moines Register reported that three women had accused him of sexually inappropriate behavior.
The newspaper reported that one woman said Boulton repeatedly grabbed her buttocks at a bar in 2015 and that two others accused Boulton of inappropriate behavior when he was in law school more than a decade ago.
Boulton, a lawyer, had polled second among Democratic candidates in a Des Moines Register/Mediacom Iowa Poll this month with 20 percent support, 11 points behind retired businessman Fred Hubbell
Boulton issued a statement in which he apologized and said, “While I depart this campaign for governor with a heavy heart, I remain resolved to the greater cause (of) creating a future Iowa we can all be proud to call our home.”
The Republican Party of Iowa had no comment about his withdrawing from the race. On Wednesday, party Chairman Jeff Kaufmann called the accusations “deeply disturbing” and called for Boulton to leave the campaign.
Besides the governorship, Republicans control Iowa’s legislature and have a majority in the state’s congressional delegation.
Since last October, dozens of high-profile men have been fired or have resigned from their jobs in politics, media, entertainment and business after facing accusations of sexual misconduct by women and men, including Hollywood producer Harvey Weinstein. Reporting by Ian Simpson in Washington | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-politics-iowa/democrat-running-for-iowa-governor-quits-after-sex-allegations-idUSKCN1IQ087 |
Warren Buffett's Berkshire Hathaway reported larger holdings of the Israeli pharmaceutical company Teva Pharmaceutical for the first quarter. The conglomerate also increased its stake on St. Louis-based agricultural product giant Monsanto .
Berkshire more than doubled its stake in Teva, to 40 million shares, in the first three months of this year after first reporting a stake of 18.8 million shares in the fourth quarter of last year. The changes are reflected in Berkshire's latest regulatory filing on Tuesday, but they only report holdings up to the end of March.
Shares of Teva rose 3.3 percent in premarket trading Wednesday.
show chapters Buffett adds Teva in 13F filing 16 Hours Ago | 00:55 Berkshire also reported adding 7.3 million shares of Monsanto in the first quarter, to total 19 million shares. The Justice Department recently approved German conglomerate Bayer AG's $62 billion deal to buy Monsanto. Shares of Monsanto rose 0.1 percent before the bell.
Buffett told CNBC earlier this month Berkshire had exited its stake in International Business Machines and had added 75 million shares of Apple in the quarter. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/buffetts-berkshire-adds-to-stakes-in-teva-and-monsanto-in-the-first-quarter.html |
ZURICH (Reuters) - A 104-year-old Australian scientist travelled to Switzerland to end his life, telling a news conference on Wednesday the nation’s liberal assisted suicide laws let him commit suicide legally, in contrast to his home where it remains forbidden.
David Goodall, 104, holds a news conference a day before he intends to take his own life in assisted suicide, in Basel, Switzerland May 9, 2018. REUTERS/Stefan Wermuth Ecologist David Goodall, who is not terminally ill, said he was ready for the end. He answered reporters questions in the Swiss city of Basel while accompanied by members of groups that help people kill themselves.
He understood that his death, planned for Thursday, would be by lethal injection, though he did not know what time or many details about the procedure. Some family members would be present, he said.
“One should be free to choose the death, when death is at an appropriate time,” said Goodall, a member of the Order of Australia who wore a pullover emblazoned with the words “Aging Disgracefully.”
“My abilities have been in decline over the past year or two, my eyesight over the past six years. I no longer want to continue life. I’m happy to have the chance tomorrow to end it.”
Assisted suicide has been legal in Switzerland since the 1940s, if performed by someone with no direct interest in the death. The Netherlands legalised euthanasia in 2002 for patients considered to be suffering unbearable pain with no cure.
In many countries, however, physician-assisted suicide or euthanasia are illegal.
David Goodall, 104, reacts during a news conference a day before he intends to take his own life in assisted suicide, in Basel, Switzerland May 9, 2018. REUTERS/Stefan Wermuth Australia has forbidden such practices, though the state of Victoria became the first to pass an euthanasia bill last November to allow terminally ill patients to end their lives. It takes effect in June 2019.
Goodall was born in London in 1914 and moved in 1948 to Australia, where he was a lecturer at the University of Melbourne. An expert in arid shrublands, he also worked in Britain and held academic posts at U.S. universities.
While visibly straining to hear questions, Goodall answered them clearly and in detail after they were repeated with a microphone. He said he felt a “sense of pressure,” given media attention on his end-of-life journey to Switzerland.
“I don’t feel that anyone else’s choice is involved,” he said. “It’s my own choice to end my life tomorrow.”
Goodall had not given much thought to a last meal, as he said his culinary choices have grown more limited. He had not considered music to accompany his death, but thought Beethoven’s 9th Symphony might be nice, he said, before singing a few lines.
David Goodall, 104, holds a news conference a day before he intends to take his own life in assisted suicide, in Basel, Switzerland May 9, 2018. REUTERS/Stefan Wermuth Goodall said he is not without regrets: “There are many things I would like to do, but it’s too late. I’m content to leave them undone.”
Reporting by John Miller; Editing by Peter Graff
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://in.reuters.com/article/swiss-euthanasia-goodall/australian-scientist-104-plans-to-kill-himself-with-swiss-option-idINKBN1IA2Q6 |
CALGARY, Alberta, May 03, 2018 (GLOBE NEWSWIRE) -- Hemostemix Inc. (“ Hemostemix ” or the “ Company ”) (TSX VENTURE:HEM) is pleased to announce that it has treated its first patient under its continuing Phase II Clinical Trial for critical limb ischemia (“CLI”). The first patient was treated at the Vancouver Coastal Health Research Institute (“VCHRI”), a world leader in translational health research for new therapies, led by the principal investigator, Dr. York N. Hsiang, MB ChB MHSc FRCSC.
As previously announced, the VCHRI is the Company’s first Canadian trial site that is actively onboarding patients for the continuing trial. The Company has approximately 14 additional clinical trial sites located in Canada and the United States that are in various stages of the on-boarding process including 5 sites that have approved the Company’s clinical trial agreement pending final review board or budget approvals.
The ongoing Phase II clinical trial investigates the safety and efficacy of the Company’s lead product, ACP-01. The Company’s patented process results in producing specific stem cells that have the ability to support the generation of new blood vessels to combat the life-threatening complications of CLI. The stem cells are raised and expanded from the patient’s blood and then re-injected into the diseased tissue. The results of the current clinical trial will determine whether the curative effects seen in Phase I trials of ACP-01 will be equally strong in a larger and more varied patient group.
“We are thrilled to be participating in the clinical trial of this potentially game-changing therapy for patients with CLI. This trial is an important step forward in technology for treating vascular diseases such as CLI.” said Dr. Hsiang.
“This first patient treatment is a critical milestone for Hemostemix as we continue to advance ACP-01 as a potentially revolutionary treatment for CLI and other diseases,” states Kyle Makofka, Chief Executive Officer and President of Hemostemix. “The millions of patients who suffer from CLI have limited treatment options outside of amputation, so the benefits of ACP-01 therapy could be a vital treatment option resulting in bettering lives.”
The Company is also pleased to announce the appointment of Kristin Gulka, CPA, CA as the Company's Chief Financial Officer effective May 1, 2018, subject to regulatory approval.
Ms. Gulka has over 10 years of financial, accounting and management experience for public and private companies. For the past 7 years, she worked in a number of roles, including controller and corporate controller, within the finance department at Ferus, a Calgary-based energy service and liquid natural gas company with operations throughout North America. Prior thereto, she was interim controller at SemBioSys Genetics Inc., a biotechnology company conducting phase I and II clinical trials. Kristin was named to the National Honour Roll when she completed her Uniform Final Exam (now known as the Common Final Examination) and went on to achieve her Chartered Professional Accountant (CA) designation. She also obtained a Bachelor of Commerce (Accounting) degree from the University of Calgary.
The Company also announces the departure of David Berman from the position of Chief Financial Officer, but he will remain with the Company on a temporary consulting basis. We thank David for his contributions to the Company and wish him well with his future endeavors.
"We are delighted to have Kristin Gulka join Hemostemix in the capacity of CFO. Her extensive experience in accounting and strong financial oversight make her a welcome member of the executive team, as we move forward with Hemostemix's global initiatives," said Kyle Makofka.
ABOUT HEMOSTEMIX INC.
Hemostemix is a publicly traded clinical-stage biotechnology company that develops and commercializes innovative blood-derived cell therapies for medical conditions not adequately addressed by current treatments. It is the first clinical-stage biotech company to test a stem-cell therapy in an international, multicenter, Phase II clinical trial for patients with critical limb ischemia (“CLI”), a severe form of peripheral artery disease (“PAD”) caused by reduced blood flow to the legs. The Phase II trial targets a participant’s diseased tissue with proprietary cells grown from his or her blood that can support the formation of new blood vessels. The Company’s intellectual property portfolio includes over 50 patents issued or pending throughout the world. Hemostemix has a manufacturing contract with Aspire Health Science, LLP (“Aspire”), for the production of ACP-01 and for research and development purposes at Aspire’s Orlando, Florida, facility. Building towards commercialization, Hemostemix has also licensed the use, sale and import of ACP-01 for certain indications to Aspire in certain jurisdictions. The Company is continuing research and development of its lead product, ACP-01 with other applications, including cardiovascular, neurological and vascular indications.
For more information, please visit www.hemostemix.com or email [email protected] .
Contact:
Kyle Makofka, President and CEO
Suite 1049, 150 – 9 th Avenue S.W.
Calgary, Alberta T2P 3H9
Phone: (403) 506-3373
E-Mail: [email protected]
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined under the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Forward-Looking Statements
This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential,” and similar expressions, or that events or conditions “will,” “would,” “may,” “could,” or “should” occur. Although Hemostemix believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of Hemostemix management on the date such statements were made. By their nature forward-looking statements are subject to known and unknown risks, uncertainties, and other factors which may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the Company’s stage of development, future clinical trial results, long-term capital requirements and future ability to fund operations, future developments in the Company’s markets and the markets in which it expects to compete, risks associated with its strategic alliances and the impact of entering new markets on the Company’s operations. Each factor should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. Hemostemix expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
Source:Hemostemix Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-hemostemix-announces-first-patient-treated-in-phase-ii-clinical-trial.html |
May 21, 2018 / 1:40 PM / Updated 42 minutes ago Commentary: Nickel's star performance underpinned by old and new drivers Andy Home Nickel is turning out to be the star performer of the major industrial metals so far this year. A view of nickel-ore mine Zambales Diversified Metals Corporation ordered closed by Environment secretary Regina Lopez in Sta Cruz Zambales in northern Philippines February 7, 2017. REUTERS/Erik De Castro
True, the London Metal Exchange (LME) price has retreated from April’s three-year high of $16,690 as panic that U.S. sanctions on Russia might be extended to Norilsk Nickel has dissipated.
But at a current $14,650 per tonne, LME three-month nickel is still up 16 percent on the start of the year. Tin, the second strongest performer among the LME base metals pack, is up by just two percent.
In China the Shanghai Futures Exchange (ShFE) contract largely ignored London’s Russian jitters but has also just notched up its highest trading level in three years.
Both London and Shanghai markets are being buoyed by falling visible inventory, which is reinforcing a bullish narrative of supply shortfall.
(Graphic on relative performance of major LME contracts: tmsnrt.rs/2LiDHlT )
(Graphic on LME and ShFE nickel stocks: tmsnrt.rs/2LgOOvX ) FALLING STOCKS, RISING DEFICIT
LME stocks of nickel have fallen every month since August last year.
At 303,576 tonnes, they are down by 63,036 tonnes, or 17 percent, on the start of 2018 and are now at their lowest level since June 2014.
Stocks registered with the ShFE closed last week at 33,000 tonnes, their lowest level since October 2015, when the Shanghai contract was in its infancy.
Combined exchange stocks of 336,600 tonnes are now a long way off the highs above 500,000 tonnes seen during the first quarter of 2016.
This erosion of visible inventory reinforces the picture of a supply shortfall painted by the International Nickel Study Group (INSG).
The INSG forecast in April that the world refined nickel market would register a shortfall of 117,000 tonnes this year.
It follows a similar sized deficit in 2017 and marks a significant revision from the Group’s previous assessment in October 2017 that the deficit this year would be around 53,000 tonnes.
Key to that revision is an upgrade of expected global consumption growth from 5 percent to 7 percent this year. OLD DRIVER
A core driver of that strong demand growth is nickel’s traditional usage sector, stainless steel.
Global stainless production rose by 5.8 percent to a record 48.1 million tonnes last year, according to the International Stainless Steel Forum (ISSF).
China is the world’s largest producer of stainless steel and the country’s output increased by almost 5 percent last year.
But every other region saw production growth as well, ranging from 1.3 percent in Western Europe to 22 percent in the ISSF’s “others” category, which comprises Russia, Brazil, Indonesia, South Africa and South Korea.
Stainless production, and therefore nickel consumption, is expected to rise again this year, albeit at a slightly less stellar pace.
However, if this were just a stainless steel story, the impact on nickel’s fortunes would be more muted.
Nickel production is also rising fast, particularly in Indonesia, the core supplier of nickel ore to China’s nickel pig iron (NPI) sector, which is itself increasingly integrated with the country’s stainless steel producers.
The part reversal of a 2014 ban on the export of unprocessed nickel ore has reinvigorated Indonesian production.
The country’s mined production jumped by 74 percent to 345,000 tonnes in 2017 and maintained that rate of growth in the first two months of this year, according to the INSG.
The impact is there to see in China’s trade figures, with imports of Indonesian nickel ore accelerating to 3.3 million tonnes in the first quarter of 2018 from just 300,000 tonnes in the same period of 2017.
The resumption of this raw materials flow is expected to cause a rebound in China’s own NPI output as well as underpin continued growth in the off-shored NPI capacity now located in Indonesia itself.
If this were just a stainless steel story, in other words, the supply gap would be narrowing over the course of this year, as originally expected by the INSG in its October 2017 assessment. NEW DRIVER
However, the nickel price is no longer just a function of being an input into the stainless steel production process.
Nickel is an increasingly bifurcated market, one part oriented towards stainless and the other towards use in the super-alloys and battery sectors.
Indeed, “nickel-containing batteries” got their first specific mention in the INSG April forecast for having “a positive effect on nickel usage”, a trend that “is expected to continue”.
None of the current Indonesian production surge is going anywhere near a lithium battery. Neither nickel ore nor nickel pig iron is suitable for conversion into the form of the metal, sulfate, that is used for batteries.
Battery-makers need refined metal, or what the nickel industry terms “Class 1” material.
Precisely the sort of nickel that qualifies for good delivery on the LME and the Shanghai exchanges and precisely the sort of nickel that is now leaving those exchanges.
Not that the battery sector is by itself causing the run on visible inventory.
There are other factors in the mix, not least the decision by the world’s largest nickel producer Vale to idle capacity in response to what were until very recently super-low prices.
But there is a sense that the battery supply chain may be starting to stock up on what is already a key metallic input and one that is expected to gain in importance as battery-makers use more nickel and less cobalt in their configurations.
Moreover, the battery story has charged investor enthusiasm ever since it burst onto the nickel scene during LME Week last October.
LME broker Marex Spectron estimates that speculators are currently long nickel to the tune of 9 percent of open interest, making it the largest speculative long in the base metals pack.
Nickel’s traditional price driver, the stainless sector, is the foundation on which the current price strength rests but the extra spice is coming from the battery sector, even if somewhat preemptively via supply chain hoarding and investor interest.
There remains an underlying tension between booming production of nickel for usage by stainless steel mills and lagging output of Class 1 nickel that could be used by battery-makers.
But for now, old and new drivers are both pushing nickel in the same direction.
The opinions expressed here are those of the author, a columnist for Reuters. Editing by Louise Heavens | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-metals-nickel-ahome/commentary-nickels-star-performance-underpinned-by-old-and-new-drivers-idUKKCN1IM1DQ |
MOSCOW (Reuters) - Russian Foreign Minister Sergei Lavrov said on Thursday that Moscow has urged Iran and Israel to avoid acts that could lead to a spiral of conflict.
Iranian forces in Syria launched a rocket attack on Israeli army bases in the Golan Heights early on Thursday, Israel said, prompting one of the heaviest Israeli barrages against Syria since the conflict there began in 2011.
Reporting by Andrey Ostroukh; Editing by Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-lavrov/russias-lavrov-says-urged-iran-israel-to-avoid-acts-leading-to-conflict-idUSKBN1IB1KK |
May 10, 2018 / 11:30 AM / Updated an hour ago Trump's Iran decision puts Iraq leaders to the test Samia Nakhoul 6 Min Read
BAGHDAD (Reuters) - President Donald Trump’s decision to withdraw from the Iranian nuclear deal has cast a shadow over an already fraught election in Iraq, where Tehran and Washington have vied for influence since the U.S.-led invasion toppled Saddam Hussein in 2003. Iraqi Prime Minister Haider al-Abadi speaks during the Tokyo Conference on Supporting Job Creation and Vocational Training to Facilitate Weapons Reduction for Iraqi Society in Tokyo, Japan, April 5, 2018. REUTERS/Toru Hanai
The removal of a Sunni dictatorship cleared the path for the country’s Shi’ite majority, from which the three top contenders for the premiership, including incumbent Haider al-Abadi, are drawn. The outcome of the May 12 ballot is too close to call.
Whoever wins must balance Iraq’s interests - and the need to reduce the struggling economy’s dependence on oil - with those of the United States and Iran, whose intensifying rivalry makes that more difficult.
Abadi and his main rivals - predecessor Nuri al-Maliki and new challenger Hadi al-Amiri, a hardline militia commander at the head of a powerful paramilitary coalition aligned with Iran - tilt heavily towards Tehran.
With Trump increasing pressure on Iran, its Shi’ite clerical leadership will be even more determined to maintain its patronage in Iraq.
For Iran, Iraq is the most important Arab state, even more than Syria and Lebanon, where it also holds political and military sway. That is because Iran and Iraq share a border and Iraq is positioned in the heart of the Gulf region.
Iraq is also Iran’s main route for supplying arms and fighters to Syria, where it has deployed with allied Iraqi and Lebanese Shi’ite militias to back President Bashar al-Assad in the civil war.
One concern for Iraq is the risk of clashes between the 5,000 U.S. troops there and Shi’ite paramilitaries notionally under Baghdad’s command but answering to Iran’s Revolutionary Guards, and to supreme leader Ayatollah Ali Khamenei.
“The Iraqis are very worried. They don’t want Iraq to become a new theatre of ... war between Iran and the United States,” said one senior Western envoy. “If there is a war between Iran and the United States, part of it will be here.”
The U.S. and Iran had found a common enemy in Islamic State, which at one point held about a third of Iraq, mainly in the north and the west.
Its rapid advance owed much to the collapse of Iraq’s army, hollowed out by the sectarian policies of the Maliki government.
Many Iraqis attribute the jihadis’ subsequent defeat to men like Amiri and the Iranian-trained militias, rather than to U.S.-led coalition forces.
America mainly provided air power, while relying on Kurdish fighters on the ground in both Syria and Iraq. PROXY WAR
But while Iran sees Iraq as the most strategically important Arab state, some experts believe Tehran will focus more on Israel and the Syrian battlefield.
The conflict there threatens to draw in Israel. Only hours after Trump’s announcement on the Iran nuclear deal it launched air strikes against what it says were Iranian and Hezbollah assets, creeping closer to Israel’s borders.
Iranian forces in Syria shelled Israeli army outposts across the Syrian frontier overnight, Israel said, prompting one of the heaviest Israeli strikes in Syria since the war began in 2011.
Iraq’s foreign ministry called Trump’s decision “hasty and rash”, and said Washington’s withdrawal from the nuclear accord “goes in the direction of escalation which would bring nothing but destruction and the desolation of war” in the Middle East.
In the worst-case scenario, diplomats in the region said, Iran would target U.S. interests in Iraq as their militias did in 2005 by firing rockets into the U.S. embassy in Baghdad. But Iran might prefer to steer clear of Iraq and use Syria instead. IRAQI DILEMMA
Iraq’s Shi’ite leaders nonetheless face a dilemma about how to balance policy between the United States and Iran.
Some Iraqi leaders, among them Abadi, say they want to steer clear of U.S.-Iranian rivalries.
They would “want to follow the model of non-aligned policies, friends of all”, said another Western diplomat.
Others, including Amiri, believe that Iraq’s single most important relationship is with Iran, and that they have to reinforce that relationship.
Also important to Iraq is building bridges with the minority Sunni community, although some politicians are wary of Abadi’s tentative rapprochement with Sunni Saudi Arabia, nurtured after decades of estrangement.
“Their greatest nightmare is to wake up and have the Sunnis or Arabs undermine their ascendancy and dominance in the system, as happened with Daesh,” said the second Western diplomat, referring to Islamic State’s advances in 2014.
“They are reminded that Iran will be their ultimate resort when that nightmare happens ... When the (Islamic State) caliphate was declared, they (the Iranians) were the first to come to their rescue, not the U.S. or anybody else.”
Iraq’s Shi’ites do not want to be dominated by Iran, but Trump’s move this week against Tehran may make that harder.
“After (Trump’s decision) the question is how do you implement a balanced policy when Iran will use Iraq’s airspace to arm its militias in Syria? What will they do?”, said the diplomat.
Powerful militias trained, funded and armed by Iran and led by Amiri might answer to Tehran rather than Baghdad.
Iran’s Islamic Revolutionary Guard Corps has built Shi’ite militias at the heart of the so-called Popular Mobilisation Forces (PMF) into a structure to rival the Iraqi army and security forces.
It did something similar within Lebanon’s Shi’ite Hezbollah movement, which has helped Tehran project military strength across the region. Editing by Mike Collett-White | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear-iraq-analysis/trumps-iran-decision-puts-iraq-leaders-to-the-test-idUKKBN1IB1IS |
May 2, 2018 / 12:54 AM / Updated 15 hours ago Gabelli's new fund sees pets as pick of the litter for investors Trevor Hunnicutt 2 Min Read
(Reuters) - A potential new U.S. fund could help investors profit from their devotion to cats, dogs and other house pets.
The company run by investor Mario Gabelli is hatching plans to invest a forthcoming fund in “any” sector that “supports the well-being of pets and pet parents,” according to offering documents filed with the U.S. Securities and Exchange Commission (SEC).
The SEC on Tuesday approved a request by Nasdaq Inc that would let the exchange bring the “Gabelli Pet Parent Fund - Companion Pets, Their Parents, and The Ecosystems” to market quickly.
The proposed fund’s managers from the GAMCO Investors Inc Gabelli Funds unit will have wide latitude to invest in stocks of firms that make pharmaceuticals, toys and exercise equipment for four-legged animals, birds, fish and other critters.
Thomas Kwan, chief investment officer of Hong Kong-based Harvest Global Investments Ltd, told the Reuters Global Investment 2018 Outlook Summit last year that people in China, whose population is 1.4 billion, are taking care of pets better, and will buy more from companies making products such as pet food than they once did.
Some analysts think companies focused on the pet market could be poised to turn in stronger growth than their rivals as consumers spend more money on their animals, for instance trading up and buying higher-quality organic dog food.
That potential spurred two big acquisitions this year in the processed foods market with J. M. Smucker Co buying Rachael Ray Nutrish dog food maker Ainsworth Pet Nutrition for about $1.9 billion last month and Cheerios cereal maker General Mills Inc buying Blue Buffalo Pet Products Inc for nearly $8 billion in February.
Overall, U.S. consumers spent $70 billion on pets in 2017, up four percent from the prior year, with additional increases expected in 2018, according to the American Pet Products Association Inc, a trade group. Reporting by Trevor Hunnicutt; Editing by Jennifer Ablan | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-funds-pets/gabellis-new-fund-sees-pets-as-pick-of-the-litter-for-investors-idUSKBN1I304J |
May 23 (Reuters) - Nasdaq Stock Market:
* SAYS TRADING HALT STATUS IN ROCKWELL MEDICAL CHANGED TO “ADDITIONAL INFORMATION REQUESTED” FROM COMPANY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nasdaq-stock-market-changes-tradin/brief-nasdaq-stock-market-changes-trading-halt-status-in-rockwell-medical-idUSFWN1SU0UX |
May 9, 2018 / 8:04 AM / Updated 11 hours ago Cricket: England's Wood ends IPL stint to boost test prospects Reuters Staff 2 Min Read
(Reuters) - England fast bowler Mark Wood has returned home from the ongoing Indian Premier League (IPL) to play for Durham in a bid to keep his place in the test side, the 28-year-old has said. Cricket - New Zealand vs England - Second Test - Hagley Oval, Christchurch, New Zealand - March 30, 2018 - England's Mark Wood in action. REUTERS/Paul Childs/Files
Wood played for the Chennai Super Kings in their opening win against champions Mumbai Indians but was not picked in their next nine matches.
“The decision has been made for me to return home to England to prepare for the English summer,” Wood wrote in an Instagram post.
“Having worked so hard to get back in the test team, and because I’m not currently in the CSK side, I am coming home to play for Durham to hopefully put my name in the hat for test match selection.”
Wood has played 11 tests for England, the last against New Zealand at Christchurch from March 30-April 3, and has taken 28 wickets.
He will be available for Durham’s County Championship match against Derbyshire this week and will hope to make the England squad for the two-test series against Pakistan starting later this month.
“It’s a massive boost to have Mark available for Friday. On the occasions we’ve had him available to play for us over the last few years, he’s made some great contributions,” Durham head coach Jon Lewis said in a statement.
“He comes back to us with a big point to prove and is eager to nail down his spot in the England test side.
“The IPL didn’t give him the playing opportunities he would have liked but he has still learnt from great players and this is a move which suits all parties.” Reporting by Sudipto Ganguly in Mumbai; editing by Amlan Chakraborty | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-india-ipl-wood/cricket-englands-wood-ends-ipl-stint-to-boost-test-prospects-idINKBN1IA0WE |
Delta Air Lines will fly nonstop from the U.S. to India for the first time in a decade, a decision the airline said was due to recent agreements over three of its Middle Eastern rivals' practices.
The flights will begin next year and either depart from New York's John F. Kennedy International Airport or Delta's home base at Hartsfield-Jackson Atlanta International Airport, but the airline has not made a final decision.
Delta's announcement came after agreements this year appeared to put to rest a bitter, years-long dispute with three Persian Gulf airlines — Qatar Airways, Emirates and Etihad — which U.S. airlines said received government subsidies making it impossible for the U.S. carriers to compete in certain markets.
show chapters Delta CEO: Higher oil prices 'forces discipline' 9:05 AM ET Thu, 12 April 2018 | 05:43 Delta CEO Ed Bastian told CNBC earlier this month the airline intended on returning to markets, including India, where it had been "hurt" by the three carriers.
In January, Qatar agreed to open its books and provide financial statements. Earlier this month, the United Arab Emirates agreed to a similar deal with the Trump administration. Bastian credited the administration for allowing the airline to restart the service to India. The three Persian Gulf carriers involved in the dispute with their U.S. competitors offer frequent service from their hubs to India.
"This move will mark a return to India for Delta, which was forced to exit the market after subsidized state-owned airlines made service economically unviable," the company said in its announcement
The service requires government approval, Delta said, adding that it plans to also expand its code-sharing agreement with local partner Jet Airways to carry passengers to other destinations in India.
United Airlines is the only U.S. airline that currently flies nonstop to India from the United States. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/delta-plans-first-nonstop-flights-from-the-us-to-india-in-a-decade.html |
Independent Equity Research is published in the framework of the Tel Aviv Stock Exchange (TASE) Analysis Program
TEL AVIV, Israel, May 10, 2018 /PRNewswire/ -- TASE analysis project was launched in 2016 in order to raise the investors' level of knowledge of TASE listed technology and life-science companies and the markets in which the companies operate, thus creating appropriate pricing and increasing the exposure of investors from Israel and abroad. Its goal is to encourage investments in these companies by removing the barrier of lacking understanding in the market.
In order to maintain professional, independent and unbiased analysis, the companies signed an agreement with the TASE to receive the analysis services for an obligatory period of two years. The companies cannot withdraw from the project during this period. The analysis is funded by the companies surveyed with funding from the Chief Scientist and the TASE.
Summary of Highlights
Safe-T released its annual report on 25 March, 2018 detailing the following:
The company developed and is now promoting, in partnership with its distributors, a dedicated certification program.
The company believes that further measures taken during 2017, such as replacing distributors, recruiting a team in the US, appointing a CMO and so on, have laid strong foundations that will soon materialize into more contracts and increased revenues.
Going forward, Safe-T's growth strategy comprises;
Monetization on its extensive distribution and partner network Boosting marketing and sales activities, focusing on enhancing their brand and reputation Continued investment in R&D, improving existing products and developing new ones
Safe-T's patented technology is recognized by experts and has been the recipient of prestigious awards such as the Fortress Cyber Security Award for Compliance and Authentication & Identity (April 2018) and a 2018 InfoSec Award (March 2018).
We view the company as an attractive one, but believe that it entails the typical risks for a small-cap company in the rapidly growing cybersecurity space.
Major clients in each of the company's target industrial verticals, indicate market confidence. If the company successfully penetrates the North American and European markets, it may be acquired in the coming years, as the consolidation trend surges.
We maintain Safe-T's equity value at $53M / NIS 188M corresponding to a target price ranging between NIS 8.91 and NIS 9.88; a mean of NIS 9.38.
Net Revenues (Gross Profit) in 2017 increased to $513K from $331K in 2016, an increase of 55%. The growth can be attributed to an expanded customer base. Safe-T's Software Define Access platform addresses real needs and a large and growing market totaling over $6 billion in 2018, according to Frost & Sullivan estimates
About the company - Safe-T Group Ltd. ("Safe-T"), listed on the Tel Aviv Stock Exchange since 2016, is a cybersecurity company that was founded in 2013 in Israel. The company develops and markets its Software Defined Access Solution, which is designed to mitigate attacks on business-critical services, applications and data for a wide range of industries, including financial, healthcare, government and manufacturing organizations. Deployed globally, its product protects thousands of employees in enterprises and governments entities, securing their data, services, applications and networks from internal and external data threats. The software mitigates data threats such as un-authorized access to data, services, and networks, as well as data-related threats that include data exfiltration, leakage, malware, ransomware, and fraud. Headquartered in Israel, Safe-T is active in North America, APAC, Africa, and Europe.
For the full report please click here
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Contact us: Start the discussion
Contact:
Kristi Cekani
Corporate Communications - Frost & Sullivan, Europe
P: +39.02.4851.6133
E: [email protected]
http://www.frost.com
View original content: http://www.prnewswire.com/news-releases/frost--sullivan-publishes-annual-update-on-safe-t-ltd---companys-2017-financial-results-are-in-line-with-expectations-stock-target-price-unchanged-at-nis-9-38--300646269.html
SOURCE Frost & Sullivan | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-frost-sullivan-publishes-annual-update-on-safe-t-ltd--companys-2017-financial-results-are-in-line-with-expectations-stock.html |
TOKYO—Beaten back in its bid for control of Xerox Corp., Fujifilm Holdings Corp. now must decide whether it wants to keep trying to double down on copiers—plus potentially pay more to do so.
Xerox on Tuesday said it might scrap its agreement to be taken over by Fujifilm, as it handed board control to Xerox shareholders who have criticized the Japanese company’s dealings.
Meanwhile,... | ashraq/financial-news-articles | https://www.wsj.com/articles/fujifilm-shouldnt-replicate-xerox-deal-investors-say-1525265689 |
JOHANNESBURG (Reuters) - An inquiry into allegations of influence peddling revolving around former president Jacob Zuma and businessman friends of his will begin formal public hearings in August and could take two years or more, the head of the commission said on Thursday.
The allegations around Zuma, forced from office in February by his ruling African National Congress (ANC) party, and the wealthy Gupta family have tarred major companies, among them, KPMG and McKinsey, and triggered the revolt against Zuma.
Zuma and the Guptas, who are Indian nationals, have consistently denied wrongdoing.
KPMG sacked its South African leadership in September last year after it found work done for companies owned by the Gupta family, “fell considerably short” of its standards.
Deputy Chief Justice Raymond Zondo, who is the head of the inquiry, said in a televised news briefing that the inquiry would likely take 18 months to two years “based on what we know now.”
“It may well be that when the investigations go on we find that actually there needs to be more time than that,” he said.
The commission stems from a 2016 anti-graft report by the Public Protector, a regulatory office with a robust constitutional mandate, that called for an investigation into what is known in South Africa as “state capture.”
The commission will be able to make recommendations for prosecutions.
Reporting by Ed Stoddard; Editing by Alexandra Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-safrica-corruption/south-africa-probe-into-influence-peddling-to-start-hearings-in-august-idUSKCN1IP2RI |
NASHVILLE, Tenn., CoreCivic, Inc. (NYSE:CXW) (the Company) announced today its financial results for the first quarter of 2018.
First Quarter 2018 Highlights
Total revenue of $440.9 million Net income of $37.8 million CoreCivic Community revenue of $24.8 million, up 45% from the prior year quarter CoreCivic Properties revenue of $11.6 million, up 18% from the prior year quarter Diluted EPS of $0.32 Normalized FFO per diluted share of $0.53 Adjusted EBITDA of $92.1 million
"Our first quarter presented multiple positive developments for the Company as we were activating two new state contracts in Ohio and Kentucky, completed acquisitions that continue to diversify the services and real estate solutions we provide to our government partners, and are actively pursuing multiple market opportunities that have the potential to contribute positively to our future growth," said Damon T. Hininger, CoreCivic's President and Chief Executive Officer. "We are also pleased with the recent private placement of 20-year notes to fully finance the construction of our new facility in Lansing, Kansas, and believe the investment grade pricing of these notes provide us with a very competitive solution for other jurisdictions in need of replacement facilities."
First Quarter 2018 Results
Net income generated in the first quarter of 2018 totaled $37.8 million, or $0.32 per diluted share, compared with $50.0 million, or $0.42 per diluted share, in the first quarter of 2017. Adjusted for special items, net income in the first quarter of 2018 was $38.3 million, or $0.32 per diluted share (Adjusted Diluted EPS), compared with adjusted net income in the first quarter of 2017 of $50.4 million, or $0.43 per diluted share. Special items in the first quarter of 2018 included expenses associated with mergers and acquisitions (M&A) of $0.5 million, while special items in the first quarter of 2017 included M&A expenses of $0.1 million and asset impairments of $0.3 million.
Funds From Operations (FFO) was $62.2 million, or $0.52 per diluted share, in the first quarter of 2018, compared with $73.7 million, or $0.62 per diluted share, in the first quarter of 2017. Normalized FFO, which excludes the aforementioned special items, was $62.7 million, or $0.53 per diluted share, in the first quarter of 2018, compared with $74.1 million, or $0.63 per diluted share, in the first quarter of 2017.
Per share results in the first quarter of 2018 compared with the first quarter of 2017 were negatively impacted by approximately $0.02 per share as a result of the expiration of a contract with the Federal Bureau of Prisons (BOP) at our Eden Detention Center in April 2017, $0.02 per share as a result of start-up expenses at our Lee Adjustment Center that we are activating pursuant to a new contract with the Kentucky Department of Corrections announced in November 2017, and an increase in interest expense of $0.02 per share as a result of the repayment of floating rate, short-term borrowings under our revolving credit facility with net proceeds from the issuance in October 2017 of $250.0 million of ten-year unsecured senior notes at a fixed interest rate of 4.75%. The prior year quarter also reflected a surge of U.S. Immigration and Customs Enforcement (ICE) populations that did not recur in the first quarter of 2018. Financial results in the first quarter of 2018 were positively impacted by increased utilization of existing contracts by the U.S. Marshals Service (USMS) and contributions from new contracts with the states of Ohio and Nevada, the city of Mesa and Cibola County, New Mexico.
EBITDA was $97.1 million in the first quarter of 2018, compared with $105.5 million in the first quarter of 2017. Adjusted EBITDA was $92.1 million in the first quarter of 2018, compared with $100.1 million in the first quarter of 2017. Adjusted EBITDA excludes the aforementioned special items, and includes the portion of rental payments for the South Texas Family Residential Center (STFRC) that is classified as depreciation and interest expense in our consolidated financial statements.
Adjusted net income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO and their corresponding per share amounts, are measures calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP). Please refer to the Supplemental Financial Information and related note following the financial statements herein for further discussion and reconciliations of these measures to GAAP measures.
CoreCivic Safety
Total revenue for CoreCivic Safety in the first quarter of 2018 was $404.5 million compared with $418.7 million in the first quarter of 2017. The decrease in revenue compared with the prior year quarter principally resulted from the following previously disclosed events:
Expiration of four managed-only contracts with the state of Texas in the second and third quarters of 2017. While these facilities collectively generated $12.2 million of total revenue in the first quarter of 2017, they only contributed $0.1 million of operating income before depreciation and amortization during such period. Expiration of a contract with the BOP at our Eden Detention Center in April 2017, which resulted in a reduction to revenue of $7.9 million. The unprecedented surge in ICE detainee populations in the prior year quarter that did not recur in the first quarter of 2018, which resulted in a reduction to revenue of $5.9 million.
We entered into a number of new contracts and expanded existing contracts that favorably impacted the first quarter of 2018 by generating:
$5.7 million of additional revenue compared with the prior year quarter at our Northeast Ohio Correctional Center primarily as a result of (i) an amended contract with the state of Ohio to house up to an additional 996 offenders that commenced in the third quarter of 2017, which is expected to reach normalized occupancy in the second quarter of 2018, and (ii) a new contract executed during the fourth quarter of 2016 with ICE to house detainees at this facility; $7.2 million of additional revenue compared to the prior year quarter under existing contracts with the USMS; and $2.7 million of additional revenue compared to the prior year quarter under new contracts with the state of Nevada, the city of Mesa, Arizona and Cibola County, New Mexico.
CoreCivic Community
Total revenue for CoreCivic Community in the first quarter of 2018 was $24.8 million compared with $17.1 million in the first quarter of 2017. The increase in revenue compared with the prior year quarter principally resulted from the following previously disclosed events:
$3.3 million of additional revenue compared with the prior year quarter as a result of the acquisition of six additional residential reentry facilities, representing an aggregate of 849 additional beds, since the beginning of the first quarter 2017. $4.1 million of additional revenue compared with the prior year quarter generated from non-residential correctional alternative revenue, resulting from the January 2018 acquisition of Rocky Mountain Offender Management Systems, LLC.
CoreCivic Properties
Total revenue for CoreCivic Properties in the first quarter of 2018 was $11.6 million compared with $9.9 million in the first quarter of 2017. The increase in revenue compared with the prior year quarter principally resulted from the previously disclosed acquisition of the 261,000-square foot Capital Commerce Center in Tallahassee, Florida in January 2018.
Second Amended and Restated Senior Credit Facility
On April 17, 2018, we entered into a Second Amended and Restated Credit Agreement (the "New Credit Agreement") in an aggregate principal amount of up to $1.0 billion, replacing the Company's existing $900.0 million revolving credit facility and term loan, which had an outstanding balance of $198.0 million on the revolving credit facility and $82.5 million on the term loan as of March 31, 2018 (collectively, the "Existing Credit Facility"). The New Credit Agreement provides for a term loan of $200.0 million and a revolving credit facility in an aggregate principal amount of up to $800.0 million. The New Credit Agreement, among other things, extends the maturity of the Existing Credit Facility from July 2020 to April 2023, and increases the total leverage covenant of the Existing Credit Facility from 5.0x to 5.5x. The New Credit Agreement also contains an "accordion" feature that provides for uncommitted incremental extensions of credit in the form of increases in the revolving commitments or incremental term loans of up to $350.0 million, as requested by CoreCivic, and provides additional flexibility by increasing certain permitted investment, disposition, and borrowing thresholds. Interest rate margins, unused facility fees, and commitment fees for letters of credit are unchanged from the Existing Credit Facility, except for the addition of a new interest rate margin and fee tier to accommodate the increase in the covenant for total leverage from 5.0x to 5.5x. All other terms remain substantially the same. We currently expect to report a charge of approximately $1.0 million during the second quarter of 2018 for the write-off of a portion of existing loan costs and other costs associated with the New Credit Agreement.
Private Placement of 4.43% Non-Recourse Senior Secured 20 Year Notes
On April 20, 2018, CoreCivic of Kansas, LLC, a wholly-owned subsidiary of the Company, priced $159.5 million in aggregate principal amount of non-recourse senior secured notes, in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. We will use the proceeds of the private placement to fund the previously disclosed construction of a new 2,432-bed correctional facility with administrative and support buildings located in Lansing, Kansas, along with costs and expenses of the project. The new correctional facility will replace the 2,405-bed Lansing Correctional Facility, the State's largest correctional complex for adult male inmates, which was originally constructed in the 1860s. The non-recourse senior secured notes will have a yield to maturity of 4.43% and will be scheduled to mature approximately twenty years following completion of the project, expected to occur during the first quarter of 2020. Upon completion of construction, we will lease the new correctional facility to the Kansas Department of Corrections for a twenty-year term. The private placement is expected to close in the second quarter of 2018.
2018 Financial Guidance
Based on current business conditions we are providing the following financial guidance for the second quarter 2018 and the following updated full year 2018:
Second Quarter 2018 Full Year 2018 Prior Guidance Current Guidance Diluted EPS $0.32 to $0.33 $1.40 to $1.48 $1.40 to $1.46 Adjusted EPS per diluted share $0.33 to $0.35 $1.41 to $1.49 $1.42 to $1.48 FFO per diluted share $0.52 to $0.54 $2.22 to $2.30 $2.22 to $2.28 Normalized FFO per diluted share $0.53 to $0.55 $2.23 to $2.31 $2.24 to $2.30 During 2018, we expect to invest approximately $121.5 million to $131.0 million in capital expenditures, consisting of approximately $59.5 million to $64.0 million in prison construction and expenditures related to potential land acquisitions, including primarily capital expenditures associated with the construction project in Lansing, Kansas; approximately $28.5 million in maintenance capital expenditures on real estate assets; and approximately $33.5 million to $38.5 million for capital expenditures on other assets and information technology.
Supplemental Financial Information and Investor Presentations
We have made available on our website supplemental financial information and other data for the first quarter of 2018. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Financial Information” of the Investors section. We do not undertake any obligation, and disclaim any duties to update any of the information disclosed in this report.
Management may meet with investors from time to time during the second quarter of 2018. Written materials used in the investor presentations will also be available on our website beginning on or about May 18, 2018. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Events & Presentations” of the Investors section.
Webcast and Replay Information
We will host a webcast conference call at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) on Thursday, May 3, 2018, to discuss our first quarter 2018 financial results and updated full year 2018 outlook. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Events & Presentations” of the Investors page. The conference call will be archived on our website following the completion of the call. In addition, there will be a telephonic replay available beginning at 1:00 p.m. central time (2:00 p.m. eastern time) on May 3, 2018, through 1:00 p.m. central time (2:00 p.m. eastern time) on May 11, 2018. To access the telephonic replay, dial 888-203-1112 in the U.S. and Canada. International callers may dial +1 719-457-0820 and enter passcode 3256598.
About CoreCivic
The Company is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through corrections and detention management, government real estate solutions, and a growing network of residential reentry centers to help address America’s recidivism crisis. We are a publicly traded real estate investment trust (REIT) and the nation’s largest owner of partnership correctional, detention and residential reentry facilities. We also believe we are the largest private owner of real estate used by government agencies. The Company has been a flexible and dependable partner for government for more than 30 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at http://www.corecivic.com/ .
Forward-Looking Statements
This press release contains statements as to our beliefs and expectations of the outcome of future events that are "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include, but are not limited to, the risks and uncertainties associated with: (i) general economic and market conditions, including, but not limited to, the impact governmental budgets can have on our contract renewals and renegotiations, per diem rates, and occupancy; (ii) fluctuations in our operating results because of, among other things, changes in occupancy levels, competition, contract renegotiations or terminations, increases in costs of operations, fluctuations in interest rates and risks of operations; (iii) our ability to obtain and maintain correctional, detention, and residential reentry facility management contracts because of reasons including, but not limited to, sufficient governmental appropriations, contract compliance, negative publicity, and effects of inmate disturbances; (iv) changes in the privatization of the corrections and detention industry, the public acceptance of our services, the timing of the opening of new facilities and the commencement of new management contracts, as well as our ability to utilize current available beds; (v) changes in government policy regarding the utilization of the private sector for corrections, detention, and residential reentry capacity and our services; (vi) changes in government policy and in legislation and regulation of corrections and detention contractors that affect our business, including but not limited to, California's utilization of out-of-state contracted correctional capacity and the continued utilization of the STFRC by ICE under terms of the current contract, and the impact of any changes to immigration reform and sentencing laws (Our company does not, under longstanding policy, lobby for or against policies or legislation that would determine the basis for, or duration of, an individual's incarceration or detention.); (vii) our ability to successfully identify and consummate future acquisitions and our ability to successfully integrate the operations of completed acquisitions and realize projected returns resulting therefrom; (viii) increases in costs to develop or expand correctional, detention, and residential reentry facilities that exceed original estimates, or the inability to complete such projects on schedule as a result of various factors, many of which are beyond our control, such as weather, labor conditions, cost inflation, and material shortages, resulting in increased construction costs; (ix) our ability to meet and maintain qualification for taxation as a REIT; and (x) the availability of debt and equity financing on terms that are favorable to us. Other factors that could cause operating and financial results to differ are described in the filings we make from time to time with the Securities and Exchange Commission.
CoreCivic takes no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services.
CORECIVIC, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
ASSETS March 31,
2018 December 31,
2017 Cash and cash equivalents $ 56,400 $ 52,183 Accounts receivable, net of allowance of $997 and $782, respectively 212,634 254,188 Prepaid expenses and other current assets 19,566 21,119 Total current assets 288,600 327,490 Property and equipment, net of accumulated depreciation of $1,512,573 and $1,475,951, respectively 2,825,203 2,802,449 Goodwill 44,779 40,927 Non-current deferred tax assets 11,194 12,814 Other assets 94,674 88,718 Total assets $ 3,264,450 $ 3,272,398 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable and accrued expenses $ 269,458 $ 277,804 Income taxes payable 3,957 3,034 Current portion of long-term debt 12,429 10,000 Total current liabilities 285,844 290,838 Long-term debt, net 1,455,265 1,437,187 Deferred revenue 36,327 39,735 Other liabilities 52,804 53,030 Total liabilities 1,830,240 1,820,790 Commitments and contingencies Preferred stock ― $0.01 par value; 50,000 shares authorized; none issued and outstanding at March 31, 2018 and December 31, 2017, respectively - - Common stock ― $0.01 par value; 300,000 shares authorized; 118,544 and 118,204 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 1,185 1,182 Additional paid-in capital 1,795,671 1,794,713 Accumulated deficit (360,618 ) (344,287 ) Accumulated other comprehensive loss (2,028 ) - Total stockholders’ equity 1,434,210 1,451,608 Total liabilities and stockholders’ equity $ 3,264,450 $ 3,272,398 CORECIVIC, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
For the Three Months
Ended March 31, 2018 2017 REVENUES: Safety 404,498 418,683 Community 24,800 17,054 Properties 11,615 9,872 Other 3 75 440,916 445,684 EXPENSES: Operating Safety 296,503 300,709 Community 19,367 12,015 Properties 3,114 2,423 Other 167 156 Total operating expenses 319,151 315,303 General and administrative 24,971 24,826 Depreciation and amortization 38,089 36,257 Asset impairments - 259 382,211 376,645 OPERATING INCOME 58,705 69,039 OTHER (INCOME) EXPENSE: Interest expense, net 19,036 16,490 Other (income) expense (43 ) 17 18,993 16,507 INCOME BEFORE INCOME TAXES 39,712 52,532 Income tax expense (1,935 ) (2,485 )
NET INCOME
$
37,777
$
50,047 BASIC EARNINGS PER SHARE $ 0.32 $ 0.42 DILUTED EARNINGS PER SHARE $ 0.32 $ 0.42 DIVIDENDS DECLARED PER SHARE $ 0.43 $ 0.42 CORECIVIC, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
CALCULATION OF ADJUSTED NET INCOME AND ADJUSTED DILUTED EPS
For the Three Months
Ended March 31, 2018 2017 Net income $ 37,777 $ 50,047 Special items: Expenses associated with mergers and acquisitions 518 130 Asset impairments - 259 Adjusted net income $ 38,295 $ 50,436 Weighted average common shares outstanding – basic 118,359 117,782 Effect of dilutive securities: Stock options 101 420 Restricted stock-based awards 49 57 Weighted average shares and assumed conversions - diluted 118,509 118,259 Adjusted Diluted Earnings Per Share $ 0.32 $ 0.43 CALCULATION OF FUNDS FROM OPERATIONS AND NORMALIZED FUNDS FROM OPERATIONS
For the Three Months
Ended March 31, 2018 2017 Net income $ 37,777 $ 50,047 Depreciation of real estate assets 24,408 23,699 Funds From Operations $ 62,185 $ 73,746 Expenses associated with mergers and acquisitions 518 130 Goodwill and other impairments - 259 Normalized Funds From Operations $ 62,703 $ 74,135 Funds From Operations Per Diluted Share $ 0.52 $ 0.62 Normalized Funds From Operations Per Diluted Share $ 0.53 $ 0.63 CORECIVIC, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
CALCULATION OF EBITDA AND ADJUSTED EBITDA
For the Three Months
Ended March 31, 2018 2017 Net income $ 37,777 $ 50,047 Interest expense 19,275 16,702 Depreciation and amortization 38,089 36,257 Income tax expense 1,935 2,485 EBITDA $ 97,076 $ 105,491 Expenses associated with mergers and acquisitions 518 130 Depreciation expense associated with STFRC lease (4,057 ) (4,057 ) Interest expense associated with STFRC lease (1,482 ) (1,674 ) Asset impairments - 259 Adjusted EBITDA $ 92,055 $ 100,149 CORECIVIC, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
CALCULATION OF ADJUSTED NET INCOME, NORMALIZED FUNDS FROM OPERATIONS & ADJUSTED EBITDA GUIDANCE
For the Quarter Ending
June 30, 2018 For the Year Ending
December 31, 2018 Low End of Guidance High End of Guidance Low End of Guidance High End of Guidance Net income $ 37,750 $ 39,750 $ 166,800 $ 173,800 Refinancing charges 1,000 1,000 1,000 1,000 Expenses associated with mergers and acquisitions 250 250 1,200 1,200 Adjusted net income $ 39,000 $ 41,000 $ 169,000 $ 176,000 Net income $ 37,750 $ 39,750 $ 166,800 $ 173,800 Depreciation of real estate assets 24,000 24,000 97,000 97,000 Funds From Operations $ 61,750 $ 63,750 $ 263,800 $ 270,800 Refinancing charges 1,000 1,000 1,000 1,000 Expenses associated with mergers and acquisitions 250 250 1,200 1,200 Normalized Funds From Operations $ 63,000 $ 65,000 $ 266,000 $ 273,000 Diluted EPS $ 0.32 $ 0.33 $ 1.40 $ 1.46 Adjusted EPS per diluted share $ 0.33 $ 0.35 $ 1.42 $ 1.48 FFO per diluted share $ 0.52 $ 0.54 $ 2.22 $ 2.28 Normalized FFO per diluted share $ 0.53 $ 0.55 $ 2.24 $ 2.30 Net income $ 37,750 $ 39,750 $ 166,800 $ 173,800 Interest expense 19,000 19,000 76,000 76,000 Depreciation and amortization 38,000 38,000 153,500 153,500 Income tax expense 1,000 1,000 6,000 5,500 EBITDA $ 95,750 $ 97,750 $ 402,300 $ 408,800 Refinancing charges 1,000 1,000 1,000 1,000 Expenses associated with mergers and acquisitions 250 250 1,200 1,200 Depreciation expense associated with STFRC lease (4,100 ) (4,100 ) (16,500 ) (16,500 ) Interest expense associated with STFRC lease (1,500 ) (1,500 ) (5,500 ) (5,500 ) Adjusted EBITDA $ 91,400 $ 93,400 $ 382,500 $ 389,000 NOTE TO SUPPLEMENTAL FINANCIAL INFORMATION
Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO, and, where appropriate, their corresponding per share metrics are non-GAAP financial measures. CoreCivic believes that these measures are important operating measures that supplement discussion and analysis of the Company's results of operations and are used to review and assess operating performance of the Company and its facilities and their management teams. CoreCivic believes that it is useful to provide investors, lenders and security analysts disclosures of its results of operations on the same basis that is used by management. FFO, in particular, is a widely accepted non-GAAP supplemental measure of REIT performance, grounded in the standards for FFO established by the National Association of Real Estate Investment Trusts (NAREIT).
NAREIT defines FFO as net income computed in accordance with generally accepted accounting principles, excluding gains (or losses) from sales of property and extraordinary items, plus depreciation and amortization of real estate and impairment of depreciable real estate. EBITDA, Adjusted EBITDA, and Normalized FFO are useful as supplemental measures of performance of the Company's facilities because such measures do not take into account depreciation and amortization, or with respect to EBITDA, the impact of the Company's tax provisions and financing strategies. Because the historical cost accounting convention used for real estate assets requires depreciation (except on land), this accounting presentation assumes that the value of real estate assets diminishes at a level rate over time. Because of the unique structure, design and use of the Company's properties, management believes that assessing performance of the Company's properties without the impact of depreciation or amortization is useful. However, a portion of the rental payments for the STFRC is classified as depreciation and interest expense for financial reporting purposes. Adjusted EBITDA includes such depreciation and interest expense in order to more properly reflect the cash flows associated with this lease. CoreCivic may make adjustments to FFO from time to time for certain other income and expenses that it considers non-recurring, infrequent or unusual, even though such items may require cash settlement, because such items do not reflect a necessary component of the ongoing operations of the Company. Normalized FFO excludes the effects of such items. CoreCivic calculates Adjusted Net Income by adding to GAAP Net Income expenses associated with the Company’s debt refinancing, mergers and acquisitions (M&A) activity, restructuring charges, and certain impairments and other charges that the Company believes are unusual or non-recurring to provide an alternative measure of comparing operating performance for the periods presented. Even though expenses associated with mergers and acquisitions may be recurring, the magnitude and timing fluctuate based on the timing and scope of M&A activity, and therefore, such expenses, which are not a necessary component of the ongoing operations of the Company, may not be comparable from period to period.
Other companies may calculate Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO differently than the Company does, or adjust for other items, and therefore comparability may be limited. Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO and their corresponding per share measures are not measures of performance under GAAP, and should not be considered as an alternative to cash flows from operating activities, a measure of liquidity or an alternative to net income as indicators of the Company's operating performance or any other measure of performance derived in accordance with GAAP. This data should be read in conjunction with the Company's consolidated financial statements and related notes included in its filings with the Securities and Exchange Commission.
Contact: Investors: Cameron Hopewell - Managing Director, Investor Relations - (615) 263-3024
Financial Media: David Gutierrez, Dresner Corporate Services – (312) 780-7204
Source:CoreCivic, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-corecivic-reports-first-quarter-2018-financial-results.html |
LOS ANGELES (Reuters) - Hometown and racial pride fired up royal wedding watchers across the United States on Saturday, from pre-dawn partiers wearing pajamas and fancy hats in Los Angeles to Twitter posts from Miami to Indianapolis hailing “the blackest royal wedding the U.K. has ever seen.”
Britain’s Prince Harry and his wife Meghan wave as they ride a horse-drawn carriage after their wedding ceremony at St George’s Chapel in Windsor Castle in Windsor, Britain, May 19, 2018. REUTERS/Damir Sagolj Television broadcasts of Prince Harry tying the knot with Hollywood actress Meghan Markle, who is biracial, drew cheers from crowds who had gathered in the otherwise dark outdoor courtyard of Cat & Fiddle pub in Los Angeles long before dawn.
Excitement revved up with each gesture acknowledging African-American heritage - from the fervent sermon of Reverend Michael Curry to a choir singing black spirituals to the performance of cellist Sheku Kanneh-Mason, the first black musician to win the BBC Young Musician of the Year award.
“This little light of mine sung by a black choir to end the royal wedding. I am LIVING,” tweeted Morgan Palmer, an African-American college student in Athens, Georgia.
Markle, whose African-American mother was her only family member attending the wedding, has emerged as an inspiration to some black Americans who see her new social status as proof that life does not have to be limited by preconceptions and arbitrary social boundaries.
Doria Ragland, mother of the bride, the Prince of Wales and the Duchess of Cornwall walk down the steps of St George's Chapel in Windsor Castle after the wedding of Prince Harry and Meghan Markle in Windsor, Britain, May 19, 2018. Jane Barlow/Pool via REUTERS Curry’s sermon touched on America’s painful history of slavery and civil rights struggles to emphasize the power of love. Curry, the first African-American bishop of the Episcopal Church, Quote: d from Dr Martin Luther King and “There is a Balm in Gilead,” a spiritual sung by slaves during the Civil War.
Social media lit up with posts from across the United States expressing pride for the recognition and respect for black culture.
“This was officially the blackest royal wedding the U.K. Has ever seen. A black cellist and a gospel choir singing ‘Lean On Me’ as they walked out of the church! Come thru Meghan!” tweeted @MrAnthonyBlack, a blogger from Miami, Florida.
Meghan Markle with her mother Doria Ragland departs for her wedding to Britain's Prince Harry, in Taplow, Britain, May 19, 2018. REUTERS/Darren Staples “As a Methodist Pastor I really enjoyed the royal tradition of the wedding ceremony mixed in with the black church,” Dr Charles Harrison, senior pastor of Barnes United Methodist Church in Indianapolis, wrote on Twitter.
At the pub, Leslie Thurston of Los Angeles, who is African-American, listened to the crowd laugh at royal family members’ apparently staid reaction to Curry’s spirited speech.
“I loved the very authentic, down-to-earth, deep message that he gave about the power of love,” Thurston said. “There were a lot of interesting reactions but that doesn’t mean they didn’t like it. Let’s embrace the differences and be as one.”
The lively pub crowd enjoyed pints of English beer, royal-themed cocktails and British favorites like sausage rolls and scones with clotted cream.
Popular tipples included the “Bloody Harry,” billed as a modern take on the Bloody Mary, but with added ginger as a cheeky nod to Prince Harry’s red hair, and the Markle Sparkle – prosecco with elderflower liqueur to represent the couple’s elderflower wedding cake.
Chezere Brathwaite, 50, who lives in Los Angeles but is originally from London, cheered the ceremony for combining modernity and ancient rituals.
“I’m glad that they put both cultures into the ceremony. It was a bit fire and brimstone for those back home,” she said.
Reporting by Jane Ross and Lucy Nicholson in Los Angeles; Additional reporting and writing by Barbara Goldberg in New York; Editing by Daniel Wallis and Matthew Lewis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-royals-world-usa/african-americans-hail-uk-royal-weddings-nod-to-black-history-culture-idUSKCN1IK0MR |
NEW YORK (Reuters) - Part-time workers account for half of Walmart Inc’s ( WMT.N ) workforce, up from 20 percent in 2005, according to a labor group report on Friday that examined the company’s increased shift away from more expensive full-time employees.
FILE PHOTO: A worker prepares the frozen food section at a newly built Walmart Super Center prior to its opening in Compton, California, U.S., January 10, 2017. REUTERS/Mike Blake/File Photo The report from the Organization United for Respect (OUR), formerly called OUR Walmart, said 69 percent of the part-time employees it surveyed would prefer the stability and greater income of a full-time job. Walmart’s share of part-time workers is well above the industry average of around 30 percent, it said.
Over 7,000 Walmart hourly employees participated in the survey. The responses were collated online from 87 percent of them, or 6,176 current employees, the report said. OUR, which split from the United Food & Commercial Workers International Union (UFCW) in 2015, says it is a network of over 150,000 people working in low wage retail jobs and its largest support base is within Walmart.
The retailer’s spokesman, Kory Lundberg, said the company has a majority full-time hourly workforce, without giving numbers. “We have more full-time jobs than any private business in America and we have seen that percentage go up over the last few years.”
Lundberg said the company converts about 150,000 workers from part time to full time annually and employees can pick up extra hours by signing up for eligible unfilled shifts in their stores.
FILE PHOTO: The logo of Walmart is seen on shopping trolleys at their store in Sao Paulo, Brazil February 14, 2018. REUTERS/Paulo Whitaker/File photo Part-time employees receive fewer benefits, earn less pay for the same work as full-time associates and often find it hard to climb the ranks within the company.
According to research from the Bureau of Labor Statistics, only 9 percent of part-time workers prefer full-time jobs. Labor experts say that number takes into account a broad cross-section of the industry and not the specific subset of minimum wage workers that make up much of Walmart’s ranks.
Walmart employs around 1.5 million people in the United States and is the largest private employer in the country. The company raised its minimum wage for hourly employees to $11 an hour in January, its third minimum wage increase since 2005, after benefiting from the corporate tax cut plan.
The company is gearing up for its annual shareholders meeting next week, a celebrity-studded affair that draws thousands of workers from around the world. OUR and other labor groups annually release reports before the shareholder meeting.
Four out of five part-time black, Latino and Asian hourly Walmart employees who participated in the survey described themselves as “involuntary part-time” employees - those who would prefer to work full-time - the survey showed.
About 60 percent of the part-time workers surveyed also said their hours declined after Walmart launched a new scheduling system in 2016.
Arianna Smith, a Walmart employee in Barstow, California, said her hours had been cut. “I went from working more than 40 hours a week at $11 an hour to being scheduled for only 16-24 hours each week.”
Guirlene Mazarin, who works at Walmart’s store in Miami Gardens, Florida, said her part-time schedule is random.
“Even though I am available to work additional hours, I’m only scheduled for approximately 30 hours every week,” she said. Mazar said her schedule prevents her from planning for the week, adding a second part-time job or being available to pick up her daughter from school.
Fifty-five percent of part-time employees also said they did not have enough food to meet their basic needs. Walmart employees are among the largest groups on food stamp subsidies, according to labor experts.
Reporting by Nandita Bose in New York; Editing by Dan Grebler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-walmart-workers/half-of-walmarts-workforce-are-part-time-workers-labor-group-idUSKCN1IQ295 |
New peanut allergy test is safer, more accurate 7:11am EDT - 01:43
A new method of testing for peanut allergies in children appears to be far more efficient and with fewer risks than the blood and oral tests that have been used for decades.
A new method of testing for peanut allergies in children appears to be far more efficient and with fewer risks than the blood and oral tests that have been used for decades. //reut.rs/2FErZhn | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/03/new-peanut-allergy-test-is-safer-more-ac?videoId=423484838 |
SANTIAGO (Reuters) - Chile’s government on Monday announced the creation of an office to slash red tape for large investment projects as President Sebastian Pinera seeks to boost economic and job growth in the world’s top copper producer.
Chile's President Sebastian Pinera listens to his national anthem at the Planalto Palace in Brasilia, Brazil April 27, 2018. REUTERS/Adriano Machado Center-right Pinera said he would create an executive Office of Large Sustainable Projects dedicated to reducing excess bureaucracy faced by investors in the South American nation, which scores poorly on regulatory complexity at the Organization for Economic Co-operation and Development (OECD).
“We have a portfolio of projects that are stalled or paralyzed for an array of reasons... No country can give itself that luxury, and even less so one that aspires to development without poverty,” Pinera said.
Growth slowed sharply in Chile under Pinera’s predecessor, Michelle Bachelet, as sluggish copper prices hit the country’s mining sector and business leaders blamed the center-left Bachelet’s social and labor reforms for stoking uncertainty in Latin America’s most stable economy.
In July S&P downgraded Chile’s debt for the first time since the 1990s.
Pinera, who took office in March following an election campaign in which he promised to re-ignite growth, said the new office would serve as a one-stop-shop for investors to help coordinate permitting among government agencies.
Mega projects like the Alto Maipo hydroelectric complex near Santiago and the $2.5 billion Dominga copper and iron mine proposal have become symbols in recent years of the increasing difficulties of doing business in what remains one of Latin America’s most open economies.
In addition to the new government agency, Pinera presented a separate bill to Chile’s Congress to digitize municipal permitting, create dedicated environmental staff to attend investors seeking permits for large projects and overhaul the registry that documents mining concessions for easier reference.
Reporting by Antonio de la Jara, writing by Dave Sherwood; Editing by Dan Grebler
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-chile-economy/chile-announces-new-agency-meant-to-slash-red-tape-idUSKCN1IF2NN |
(Reuters) - U.S. funds increased recommendations for bond holdings to a more than two-year high in May and cut equities to the lowest since October, citing the political crisis in Italy and rising risks of a trade war, a Reuters poll showed.
A member of the Italian elite military unit Cuirassiers' Regiment, who are honour guards for the Italian president, stands guard inside the Qurinal palace before Carlo Cottarelli meeting with Italy's President Sergio Mattarella at the Quirinal Palace in Rome, Italy, May 29, 2018. REUTERS/Alessandro Bianchi Stocks, the euro and Italian bonds were hit this week on concerns a eurosceptic government in Italy could threaten Europe’s hard-won financial stability over recent years.
The benchmark 10-year U.S. Treasury yield US10YT=RR fell by the most in one day in nearly two years on Tuesday, while two-year note yields had their biggest daily spill in more than nine years.
That has drawn the attention of global fund managers as well as short-term traders.
The monthly survey of 12 U.S.-based asset managers taken May 15-31 showed global bond allocations accounted for an average 35.8 percent, up from 34.9 percent the previous month, and the highest since February 2016.
Stock allocations were cut to 56.9 percent, down from a 4-1/2-year high of 57.9 percent in April. The remainder was spread among cash, property and alternative investments.
“The situation in Europe looks very uncertain and unless there is absolute clarity on what happens in Italy, it is best to shelter into Treasuries,” said a fund manager at a very large U.S. investment firm.
“For now, we will just have to see how things progress on that front. There is also the risk of an escalation in trade frictions.”
For the moment, there appears to be no let-up. Washington will announce plans to impose import tariffs on steel and aluminum from the European Union this week, Reuters sources briefed on the matter said.
Reporting and polling by Rahul Karunakar and Vivek Mishra; Editing by Toby Chopra
| ashraq/financial-news-articles | https://www.reuters.com/article/us-funds-poll-usa/u-s-funds-dash-to-safety-on-italian-crisis-and-trade-fears-reuters-poll-idUSKCN1IW1EA |
The Silicon Valley cities that are home to Google and Apple Inc. are considering the kind of per-employee tax that Seattle recently drew criticism for imposing.
Mountain View, Calif., and nearby Cupertino are both weighing possible ballot measures this fall. Officials said the taxes could raise money to help manage local problems tied to rapid growth, including traffic and a need for affordable housing.
“We... | ashraq/financial-news-articles | https://www.wsj.com/articles/swamped-by-growth-silicon-valley-weighs-taxing-big-employers-1527163201 |
WASHINGTON (Reuters) - The United States on Tuesday imposed sanctions on five Iranians it said had provided Yemen’s Houthis with expertise and weaponry that were then used to launch missiles at cities and oil infrastructure in Saudi Arabia.
U.S. Treasury Secretary Steve Mnuchin speaks during a TV interview at the White House in Washington, U.S., May 21, 2018. REUTERS/Kevin Lamarque In a statement, the U.S. Treasury named the individuals as Mehdi Azarpisheh, Mohammad Jafari, Mahmud Kazemabad, Javad Shir Amin, and Sayyed Mohammad Tehrani. It said the first four individuals had worked with the Houthis through Iran’s Revolutionary Guards, while Tehrani had helped with the financing of the Revolutionary Guard.
The fresh sanctions, part of President Donald Trump’s pledge to economically suffocate Iran in hopes of hampering the country’s development of nuclear weapons, come one day after Secretary of State Mike Pompeo said the United States would soon crack down on Iran’s support for the Houthis. Yemen’s government has been pitched against the Iran-aligned Houthi movement since 2015 in a war driving the country to the verge of famine.
Reporting by Tim Ahmann and Lisa Lambert; editing by Chizu Nomiyama and Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-usa-sanctions/u-s-sanctions-five-iranians-it-links-to-revolutionary-guard-corps-idUSKCN1IN1Z9 |
If you run into my children in the next few weeks, a warning: they might be a nightmare. I mean, more of a nightmare than they usually are. They might be especially cranky and tired, demanding cheese sticks and juice boxes. They might wind up on the floor, kicking and howling, like an adult at the Apple Genius Bar.
It’s not their fault. It’s mine.
I’ve... | ashraq/financial-news-articles | https://www.wsj.com/articles/staying-up-to-watch-lebron-jamess-magic-1525270287 |
May 21 (Reuters) - Coherus BioSciences Inc:
* COHERUS ANNOUNCES PROPOSED PUBLIC OFFERING OF COMMON STOCK
* COHERUS BIOSCIENCES INC SAYS COMMENCED UNDERWRITTEN PUBLIC OFFERING OF $75,000,000 OF SHARES OF ITS COMMON STOCK Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-coherus-announces-proposed-public/brief-coherus-announces-proposed-public-offering-of-common-stock-idUSASC0A347 |
May 22 (Reuters) - Raymond James Financial Inc:
* RAYMOND JAMES RAISES QUARTERLY DIVIDEND, ANNOUNCES INCREASE IN SECURITIES REPURCHASE AUTHORIZATION
* RAYMOND JAMES FINANCIAL - DECLARED QTRLY CASH DIVIDEND OF $0.30 PER SHARE, UP 20% FROM $0.25 PER SHARE IN PREVIOUS QUARTER
* RAYMOND JAMES - INCREASED ITS REPURCHASE AUTHORIZATION WITH RESPECT TO COMPANY'S COMMON STOCK AND OUTSTANDING SENIOR NOTES TO $250 MILLION Source text: ( bit.ly/2v86Onm ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-raymond-james-raises-quarterly-div/brief-raymond-james-raises-quarterly-dividend-idUSFWN1ST0PC |
Microsoft — like most other major tech companies — is in the middle of an epic battle for top talent.
Chuck Edward, head of talent acquisition at Microsoft tells CNBC Make It that each year, Microsoft hires between 15,000 and 20,000 workers externally and approximately the same number internally.
"Sometimes the term 'war for talent' maybe sounds cliche, but in our world within technology it is fierce," says Edward. "We talk about the digital transformation all the time. As all workers digitally transform, the demand for people that can support and service that continues to go up, up, up, up, up. That means the demand continues to go up, up, up for very specific skills."
The company employs roughly 124,000 workers worldwide, receives millions of applicants each year and interviews thousands of people each day.
Despite these huge figures, Edward says part of Microsoft's winning strategy in the talent recruitment arena is to make the applicant pool even bigger. Microsoft is among a growing group of major companies that no longer screen out candidates that do not have college degrees. Instead, the company chooses to "screen in" candidates that may have the skills necessary to excel but not the diploma to prove it.
So if you want to apply for a job at Microsoft, go for it — everyone is welcome — but that doesn't mean it's going to be a walk in the park. You will still have to compete with those millions of other applicants.
Here's what Microsoft is looking for and how you can land a job there:
Courtesy of Microsoft Chuck Edward Fine-tune your LinkedIn profile In 2016, Microsoft purchased LinkedIn for $26 billion. Today, the tech company actively searches through LinkedIn profiles to find potential new hires.
"We leverage LinkedIn every day all day to try to find great candidates and reach out to them," says Edward. "We're already looking at people's profiles, so the profiles matter."
Microsoft uses both human recruiters and predictive automated intelligence to search through potential candidates.
"We have recruiters that have LinkedIn licensing who are mining candidates all the time as a key part of our sourcing strategies," explains Edward. "We also have algorithms that more and more will provide us candidates that are possible fits."
In order to take advantage of this dynamic, candidates should make sure their profiles include language that recruiters and AI are searching for. Check the job opening for keywords and skills and make sure those appear on your profile.
Bloomberg | Getty Images Microsoft employees Ask thoughtful questions and be ready to show your work Applying for a job at Microsoft can be broken down into four stages. First, candidates search through and apply to job opportunities on the Microsoft job page . Once they have created their profile, applicants can search for openings, create job alerts and view the status of their applications.
Next, recruiters review every application and they reach out to those who appear to be a strong match. Candidates who are not contacted will have their information stored and will be notified if they qualify for a different position.
Third, applicants are screened by a recruiter or a hiring manager, typically over the phone. During this stage, Microsoft is looking to confirm a candidate's qualifications and screening for "a strong desire to learn, high intelligence, a passion for technology and an entrepreneurial spirit."
The final step is a series of in-person interviews, typically three to six hour-long interviews. Depending on the position, candidates will be asked to write code, share their creative portfolio or provide examples of work in other ways.
Most importantly, this is when candidates should ask as many thoughtful questions as possible.
Billy H.C. Kwok/Bloomberg via Getty Images An employee holds cards displaying the logo of Microsoft Corp. Don't overthink it "Its OK to be nervous," says Edward. "People try too hard I think to manage their emotions."
That's one reason why he gives Microsoft applicants some unconventional advice: Don't overdo it on the prep work.
"When people overly prepare and they want to look right they can get themselves into trouble," he says. Some people, he argues, can become robotic with their pre-planned answers to questions and can easily be thrown off by unconventional questions.
The best thing you can do to put yourself in a good position to land a job at Microsoft, he says is to bring some honest proof. Be able to clearly explain the exact skills you possess, provide examples of how you have learned and grown in your role and show evidence of how you have led and worked with others.
"Be curious and do a little bit of homework, but when they come they really should be prepared to have an honest dialogue and to ask great questions," says Edward.
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How to land a job at Facebook How to land a job at Reddit How to land a job at Tesla show chapters Suzy Welch: Beware of these 3 common job interview traps 8:55 AM ET Tue, 8 May 2018 | 01:28 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/how-to-land-a-job-at-microsoft.html |
ISTANBUL (Reuters) - The U.S. decision to move its embassy to Jerusalem encouraged Israeli forces to kill dozens of Palestinian protesters on the Gaza border, Turkey’s Foreign Ministry said on Monday, adding that the embassy move disregarded the rights of Palestinians.
A fire truck is seen in a burning field on the Israeli side of the border fence between Israel and Gaza near kibbutz Mefalsim, Israel, May 14, 2018. REUTERS/Amir Cohen “We curse the massacre carried out by Israeli security forces, encouraged by this step, on the Palestinians participating in peaceful demonstrations,” the statement said after health officials said Israeli forces killed at least 28 Palestinians along the Gaza border on Monday.
Reporting by Daren Butler; Editing by Dominic Evans
| ashraq/financial-news-articles | https://in.reuters.com/article/israel-usa-embassy-turkey/turkey-says-u-s-embassy-move-encouraged-massacre-by-israeli-security-forces-idINKCN1IF1QN |
* Dollar index trades above previous day’s 1-1/2 week low
* Previous day’s rise in U.S. 10-year yield supports dollar
* U.S. retail sales data coming up later on Tuesday
By Masayuki Kitano
SINGAPORE, May 15 (Reuters) - The dollar inched higher against a basket of currencies on Tuesday, having pulled up from its lowest level in more than a week as hopes for easing global trade tensions pushed U.S. bond yields higher.
The dollar’s index versus a basket of six major peers rose 0.1 percent to 92.638, inching away from a trough of 92.243 set on Monday, which was the lowest for the dollar index since May 2.
The benchmark 10-year U.S. Treasury yield was steady in Asian trading on Tuesday at 2.999 percent, after rising 2 basis points on Monday.
The U.S. 10-year bond yield had edged higher on Monday, as trade tensions eased in the wake of U.S. President Donald Trump’s pledge to help Chinese telecommunications company ZTE Corp, which has been penalised for violating U.S. sanctions with Iran.
The dollar index had scaled a four-month high of 93.416 last week, as a rise in U.S. Treasury yields highlighted the wide interest rate gap between the United States and some other developed economies, and bolstered the dollar’s appeal.
Although the dollar’s rally has lost steam after soft April U.S. consumer price data released last week raised doubts as to whether the U.S. Federal Reserve would raise interest rates as many as four times in 2018, some traders remain upbeat about its near-term outlook.
Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore, said he is comfortable remaining long U.S. dollar, with interest rate differentials still likely to work in the greenback’s favour.
“The only thing I can really see right now is the...interest rate differential,” Innes said.
Innes added that he would probably stay with his dollar positive view until there is either a wave of positive economic data from countries other than the United States, or until the European Central Bank starts to sound “overtly hawkish instead of just tentatively”.
The euro edged up 0.1 percent to $1.1934, but remained below Monday’s high of $1.1996, which was the common currency’s highest level since May 3.
The euro had strengthened on Monday after European Central Bank policymaker Francois Villeroy de Galhau said that the ECB could give fresh guidance on the timing of its first rate hike as the end of its exceptional bond purchases approaches.
Despite the dollar’s recent rally, some analysts remain sceptical about the chances of a sustained push higher in the greenback.
Growing worries about the U.S. budget deficit, which is projected to balloon to more than $1 trillion in 2019 due to a government spending splurge and large corporate tax cuts, have dimmed the outlook for the greenback, along with concerns about the country’s current account deficit.
Against the yen, the dollar rose 0.1 percent to 109.74 yen . The greenback faces resistance on technical charts at levels around 110.00 yen, having set a three-month high of 110.05 yen in early May.
Investors are focused this week on speeches by Fed officials, as well as economic indicators such as U.S. retail sales data due later on Tuesday. (Reporting by Masayuki Kitano Additional reporting by Karen Brettell in New York; Editing by Sam Holmes)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-inches-higher-supported-by-u-s-bond-yields-idUSL3N1SL58X |
May 1, 2018 / 9:44 PM / Updated 21 hours ago U.S. approves Novartis cell therapy for lymphoma Deena Beasley 2 Min Read
(Reuters) - U.S. regulators approved Novartis’ cell therapy Kymriah for treatment of patients with a second type of blood cancer, large B-cell lymphoma, that has worsened despite two or more earlier lines of therapy, the Swiss drugmaker said on Tuesday. FILE PHOTO: Swiss drugmaker Novartis' logo is seen at the company's plant in the northern Swiss town of Stein, Switzerland October 23, 2017. REUTERS/Arnd Wiegmann/File Photo
The new indication puts Kymriah in direct competition with Gilead Sciences’ Yescarta, which was approved by the U.S. Food and Drug Administration in October for treatment of adults with diffuse large B-cell lymphoma who have failed to respond to other treatments.
Both Kymriah and Yescarta are chimeric antigen receptor T-cell therapies, or CAR-Ts, which reprogram the body’s own immune cells to recognize and attack malignant cells.
Kymriah, given as a one-time treatment, was approved in August for patients up to age 25 with acute lymphoblastic leukemia, the most common form of childhood cancer in the United States.
For pediatric leukemia, Novartis priced Kymriah at $475,000 and said it would bill for the therapy only if patients responded within 30 days of treatment. For lymphoma patients, the Swiss company has matched Yescarta’s $373,000 price and does not offer any outcomes-based price concessions.
Clinical trials have shown that a significant number of lymphoma patients may not respond to Kymriah until several months after treatment, making it difficult to measure outcomes within a defined period of time, said Pascal Touchon, head of cell and gene oncology at Novartis.
Kymriah is also approved for adults with high grade B-cell lymphoma and diffuse large B-cell lymphoma arising from follicular lymphoma.
The new FDA label for Kymriah notes that clinical trials showed that about 50 percent of patients responded to the treatment, and that the duration of those responses has not yet been determined.
Touchon said the 41 cancer treatment centers so far approved to administer Kymriah for pediatric leukemia are also certified for the lymphoma indication. Reporting by Deena Beasley in Los Angeles and Ishita Chigilli Palli in Bengaluru; editing by Jonathan Oatis and Leslie Adler | ashraq/financial-news-articles | https://uk.reuters.com/article/us-novartis-pharmaceuticals/novartis-says-kymriah-receives-second-fda-approval-idUKKBN1I24GP |
Motorola Solutions Inc:
* SETS REGULAR QUARTERLY DIVIDEND OF $0.52PER SHARE Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-motorola-solutions-sets-regular-qu/brief-motorola-solutions-sets-regular-quarterly-dividend-of-0-52per-share-idUSFWN1SM167 |
MOORESTOWN, N.J., Destination Maternity Corporation (NASDAQ: DEST), the world's leading maternity apparel retailer, today issued the following statement in response to a May 10, 2018 report from Institutional Stockholder Services ("ISS") relating to the election of directors to Destination's Board of Directors at the Company's May 23rd, 2018 Annual Meeting of Stockholders. The Board urges Destination's stockholders to vote on the WHITE proxy card " FOR " the Company's highly qualified slate of nominees: Barry Erdos, Melissa Payner-Gregor, Peter Longo and Pierre-André Mestre .
"We appreciate and share ISS's concerns about handing over control of your Company to the dissident Miller Group, including the significant risks inherent in such a change. Furthermore, while we strongly disagree with ISS's refusal to recommend the full slate of Destination's highly qualified, experienced and engaged Director nominees, we are pleased that ISS recommends voting the WHITE proxy card and recognizes the importance of Peter Longo's and Pierre-André Mestre's continued Board membership to Destination's future growth plans and continued success. We are confident stockholders will reach the conclusion that all of Destination's nominees, including Mr. Erdos, the Chairman of the Board, and Ms. Payner-Gregor, Destination's interim CEO, are the most qualified individuals to continue to execute the Company's ongoing initiatives."
In its report, ISS said:
The company's recent results are showing some positive signs.
Recent improvements in sales… may give shareholders hope that improvement is finally occurring.
…the board's refreshment [by the addition of Mr. Longo and Mr. Mestre] does appear appropriate.
…the dissident's failure to disclose a sufficiently detailed business plan, along with the fact that none of the dissident's nominees have previously served on public company boards, raises some concern regarding a complete replacement of the board.
…the dissident has not presented a strong enough business plan to justify election of a majority slate, which could bring additional risk to shareholders.
If the dissident nominees were to gain control of the board, shareholders could face business risks, as well as risks associated with a potentially suboptimal transaction. Twice so far in 2018, the company has rejected offers made by the dissident - at discounts to where the stock was trading - which could have resulted in the dissident owning at least 49.9 percent of DEST shares. Shareholders may be concerned that a dissident-controlled board might be more agreeable to such a transaction.
"We believe the four nominees put forth by a dissident group of stockholders led by the Miller Group would not be additive to your Board and lack the decades of corporate leadership and board experience in the retail and apparel industry currently represented in Destination's Boardroom. We strongly urge stockholders to reject the Gold proxy card , reject the Miller Group's efforts to gain control of your Company , and reject the Miller Group's efforts to replace the Company's entire Board with unproven, untested and less qualified individuals ."
With the Annual Meeting rapidly approaching, Destination urges stockholders to protect the value of their investment by voting " FOR " ALL of the Company's highly-qualified director nominees on the WHITE proxy card: Barry Erdos, Melissa Payner-Gregor, Peter Longo and Pierre-André Mestre.
Stockholders can vote by telephone, online or by signing and dating the enclosed WHITE proxy card and returning it in the postage-paid envelope.
If you have any questions, require assistance in voting your WHITE proxy card,
or need additional copies of the Company's proxy materials,
please contact Okapi Partners at the phone numbers or email listed below.
Okapi Partners LLC
1212 Avenue of the Americas, 24 th Floor
New York, New York 10036
+ 1 (212) 297-0720 (Main)
+ 1 (855) 208-8903 (Toll-Free)
Email: [email protected]
About Destination Maternity
Destination Maternity Corporation is the world's largest designer and retailer of maternity apparel. As of February 3, 2018 Destination Maternity operates 1,124 retail locations in the United States, Canada and Puerto Rico, including 487 stores, predominantly under the trade names Motherhood Maternity®, A Pea in the Pod® and Destination Maternity®, and 637 leased department locations. The Company also sells merchandise on the web primarily through its brand-specific websites, motherhood.com and apeainthepod.com , as well as through its destinationmaternity.com website. Destination Maternity has international store franchise and product supply relationships in the Middle East, South Korea, Mexico, Israel and India. As of February 3, 2018 Destination Maternity has 188 international franchised locations, including 15 standalone stores operated under one of the Company's nameplates and 173 shop-in-shop locations.
Forward-Looking Statements
The Company cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this news release or made from time to time by management of the Company, including those regarding real estate opportunities, sales, additional borrowing capacity, expected SG&A savings and various business initiatives, involve risks and uncertainties, and are subject to change based on various important factors. The following factors, among others, could affect the Company's ability to realize such savings and could cause actual results to differ materially from those expressed or implied in any such forward-looking statements: the strength or weakness of the retail industry in general and of apparel purchases in particular, our ability to successfully manage our various business initiatives, our ability to successfully manage our real estate relationships, overall economic conditions and other factors affecting consumer confidence, demographics and other macroeconomic factors that may impact the level of spending for apparel (such as fluctuations in pregnancy rates and birth rates), availability of suitable store locations, our ability to develop and source merchandise and other factors set forth in the Company's periodic filings with the U.S. Securities and Exchange Commission (the "SEC"), or in materials incorporated therein by reference. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and persons reading this news release are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this letter. The Company assumes no obligation to update or revise the information contained in this letter (whether as a result of new information, future events or otherwise), except as required by applicable law.
Important Additional Information
Destination Maternity, its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from Destination Maternity stockholders in connection with the matters to be considered at Destination Maternity's 2018 Annual Meeting to be held on May 23, 2018. On April 23, 2018, Destination Maternity filed a definitive proxy statement (the "Proxy Statement") and form of White proxy card with the SEC in connection with any such solicitation of proxies from Destination Maternity stockholders. INVESTORS AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY STATEMENT AND ACCOMPANYING WHITE PROXY CARD WITH RESPECT TO THE 2018 ANNUAL MEETING, AND OTHER DOCUMENTS FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY AS THEY CONTAIN IMPORTANT INFORMATION. Detailed information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, is set forth in the Proxy Statement and other materials to be filed with the SEC in connection with Destination Maternity's 2018 Annual Meeting. Stockholders may obtain the Proxy Statement, any amendments or supplements to the Proxy Statement and other documents filed by Destination Maternity with the SEC for no charge at the SEC's website at www.sec.gov . Copies will also be available at no charge at the Investor Relations section of our corporate website at http://investor.destinationmaternity.com .
: releases/iss-joins-fellow-proxy-advisory-firm-glass-lewis-in-recommending-destination-maternity-stockholders-vote-on-the-companys-white-proxy-card-300647154.html
SOURCE Destination Maternity Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-iss-joins-fellow-proxy-advisory-firm-glass-lewis-in-recommending-destination-maternity-stockholders-vote-on-the-companys-white.html |
The latest U.S. proposal for updating NAFTA's automotive rules would carry a four-year phase-in to meet a higher, 75 percent regional value threshold as well as new labor content rules requiring substantial work at hourly wages of at least $16.
A summary of the proposal, seen by Reuters and circulating among auto industry officials based on descriptions from Canadian and Mexican trade negotiators, would require the $16 wage on work comprising 40 percent of the value of light-duty passenger vehicles and 45 percent for pickup trucks.
The wage demand, pushed by U.S. Trade Representative Robert Lighthizer during intensive talks in Washington last week on modernizing the North American Free Tree Agreement, are aimed at preserving U.S. and Canadian auto production and putting upward pressure on Mexico's low auto wages.
The Center for Automotive Research has estimated that Mexican auto assembly workers average under $6 an hour, with workers in parts plants averaging less than $3 an hour.
The U.S. proposal calls for overall regional value content to rise to 75 percent from the current 62.5 percent, but significantly lower than USTR's initial 85 percent demand.
Automakers would get a four-year phase-in rate for light passenger vehicles, but only two years for pickup trucks, which are a key high-value product segment that USTR views as important for U.S. production.
WATCH: Auto industry group on NAFTA implications show chapters Auto industry research group on NAFTA implications 12:32 PM ET Thu, 26 April 2018 | 01:13 | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/us-wants-4-year-phase-in-for-higher-nafta-auto-content-thresholds.html |
In a message to staff today, Reuters Editor-in-Chief Steve Adler wrote about World Press Freedom Day:
Reuters logo Colleagues,
On World Press Freedom Day, we recognize the many journalists around the world who risk their lives and their freedom to report the news. Today, especially, we think of our dedicated colleagues Wa Lone and Kyaw Soe Oo, who have spent 143 day imprisoned in Myanmar simply for doing their jobs. We continue to call for their immediate release.
Today and every day, Reuters is committed to the principles of press freedom, and we believe a free press is fundamental to any democracy. World Press Freedom Day is an opportunity to reaffirm our commitment to producing independent, unbiased journalism that helps people make better-informed decisions in their professional and personal lives. As we reflect on our responsibilities as journalists, I’d like to bring your attention to this blog post from eighteen months ago – “Covering Trump the Reuters way” – as a reminder of the rules and beliefs that continue to govern our work.
You can read it here
Best,
Steve
Media Contact:
Pete dot Biggs at thomsonreuters dot com
[Reuters PR Blog Post]
Our | ashraq/financial-news-articles | https://www.reuters.com/article/rpb-wpfd/world-press-freedom-day-idUSKBN1I40MX |
A group allied with some of Google’s fiercest corporate critics is targeting Google’s employees with ads asking them to be fair when working behind the scenes on the company’s search engine.
The ad, called Focus on the User , was produced by an organization of the same name that’s led by reviews sites Yelp and TripAdvisor. The group has bought ads on social media that specifically target Google employees in the hope that they ensure fairness in search results, according to tech news site Recode , based on comments from Focus on the User.
Yelp and TripAdvisor have argued that Google artificially promotes its own services on its search results page to the detriment of others. Google has denied those claims and said that its search rankings have always been fair and will remain so.
The four-minute video claims that Google’s search results for certain queries promote Google’s services and push down alternatives. It asked Google employees to “share this message and discuss it with your colleagues.”
newsletter
“When a mom does a search for a pediatrician in Mountain View today, instead of being matched with highly reviewed rich content from a service like ZocDoc, she’s being steered into a review database that is low quality according to Google’s own algorithmic standards,” Yelp senior vice president of public policy Luther Lowe told Fortune in a statement. “This pro-Google campaign encourages Google to re-embrace its ethos of driving users toward the best information from around the web while also aiding the desire for quick answers. Both goals can be accomplished if Googlers introspect and consider better design decisions.”
In its own statement to Fortune , a Google spokesperson doesn’t “make changes to our algorithm to disadvantage competitors.” The spokesperson added that Google’s “responsibility is to deliver the best results possible to our users, not specific placements for sites within our results.”
“We understand that those sites whose ranking falls will be unhappy and may complain publicly,” the spokesperson added.
Here’s the video, so you can watch it for yourself: | ashraq/financial-news-articles | http://fortune.com/2018/05/24/google-search-rankings-ad/ |
SOFIA (Reuters) - U.S. President Donald Trump has “rid Europe of all illusions” by quitting the Iran nuclear deal and driving trade disputes, the European Union chairman said on Wednesday, underlining the depth of trans-Atlantic discord.
The 28 worried EU leaders are gathering in the Bulgarian capital for discussions over dinner on Wednesday on how to salvage the nuclear deal and European business dealings with Iran from Trump’s sanctions and how to avoid a trade war in an escalating tariff dispute with the United States.
Tusk said the EU must be more united than ever before to deal with what he called Trump’s “capricious assertiveness”.
“Looking at the latest decisions of President Trump, someone could even think: With friends like that, who needs enemies?” Tusk told a news conference.
“But frankly speaking, Europe should be grateful to President Trump. Because thanks to him we have got rid of all illusions. He has made us realise that if you need a helping hand, you will find one at the end of your arm.”
European leaders are troubled by Trump’s “America first” rhetoric and inconsistent statements on NATO and the EU. Trump’s decision to pull out of the Paris climate change accord and the 2015 nuclear deal with Iran threaten Europe’s own foreign policy, which was long complementary to Washington’s.
“Europe must do everything in its power to protect, in spite of today’s mood, the transatlantic bond. But at the same time we must be prepared for those scenarios, where we will have to act on our own,” said Tusk, a former Polish prime minister.
Trump’s moving of the U.S. Embassy in Israel to Jerusalem this week has also upset many in Europe, though the EU has failed to condemn the move squarely due to opposition from the Czech Republic and Hungary, which are strongly pro-Israel.
President of the European Council Donald Tusk arrives for an informal dinner ahead of a summit with leaders of the six Western Balkans countries in Sofia, Bulgaria, May 16, 2018. REUTERS/Stoyan Nenov/Pool TRANS-ATLANTIC CHILL
French President Emmanuel Macron has tried to charm Trump but that failed to prevent Washington last week from abandoning the Iran deal, which seeks to curb Tehran’s nuclear programme in exchange for sanctions relief.
Speaking to lawmakers in Paris on Wednesday, France’s junior minister for Europe, Jean-Baptiste Lemoyne, said the U.S. behaviour meant it was time that Europe stood up for itself.
“The extra-territorial dimension of U.S. sanctions is unacceptable. We must develop our economic sovereignty now. It’s a moment of truth for Europe,” he said.
German Chancellor Angela Merkel has strongly backed efforts to develop a collective European approach towards Trump’s unilateralism but she told the lower house Bundestag on Wednesday she remained determined to support trans-Atlantic relations.
The EU and the United States have traditionally been the closest of allies, working together also via NATO. But Trump has also lambasted his European peers for not spending enough on defence, raising doubts among many in Europe about his commitment to NATO and Europe’s broader security.
European Council President Donald Tusk attends a news conference with Macedonian Prime Minister Zoran Zaev (not pictured) in Skopje, Macedonia April 27, 2018. REUTERS/Ognen Teofilovski “The broader U.S.-EU security relationship is at risk,” a former U.S. envoy to the EU, Anthony Gardner, told the European Parliament on Wednesday.
Additional reporting by Andreas Rinke, Ivana Sekularac, Robin Emmott and John Irish; Editing by Gareth Jones
| ashraq/financial-news-articles | https://in.reuters.com/article/usa-trump-eu/eus-tusk-asks-with-friends-like-trump-who-needs-enemies-idINKCN1IH29B |
'You can never predict what's going to happen' with Trump: Expert 9:03 PM ET Mon, 28 May 2018 Lanhee Chen of Stanford University and the Hoover Institution says "many difficult issues" remain between the U.S. and North Korea. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/28/you-can-never-predict-whats-going-to-happen-with-trump-expert.html |
Richard Cordray, the former director of the Consumer Financial Protection Bureau, won the Ohio Democratic’ gubernatorial primary Tuesday, beating back a challenge from the left by former U.S. Rep. Dennis Kucinich.
Mr. Cordray, who was declared the winner by the Associated Press, now will face state Attorney General Mike DeWine, the GOP nominee, in the November general election to choose a successor to term-limited John Kasich as Ohio Governor.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/richard-cordray-wins-ohio-democratic-gubernatorial-primary-1525825805 |
NEW YORK, May 24 (Reuters) - United Continental Holdings Inc has selected former Federal Aviation Administration chief Jane Garvey as board chair, making her the first woman to lead the company’s directors. (Reporting By Alana Wise; editing by Peter Henderson and Cynthia Osterman)
| ashraq/financial-news-articles | https://www.reuters.com/article/ual-chair/united-continental-names-jane-garvey-as-first-woman-board-chair-idUSL2N1SV2KW |
The U.S. Transportation Department's 10 winning drone pilot projects aimed at spurring the use of unmanned aerial vehicles in a wide variety of fields do not include Amazon or China's DJI, but do involve Alphabet , Qualcomm and Microsoft . Apple is also involved in the project through a partnership with the North Carolina Department of Transportation.
Virginia Tech, one of the winners, said that Alphabet's Project Wing, AT&T , Intel , Airbus and Dominion Energy are among the partners for its pilot program that will explore package delivery, emergency management and infrastructure inspection.
A spokesman for the North Carolina Department of Transportation, another winner, said Apple Is among its partners, and Apple said it plans to use the testing program to improve Apple Maps by capturing aerial images.
"Apple is committed to protecting people's privacy, including processing this data to blur faces and license plates prior to publication," the company said.
Microsoft is among the partners for a Kansas project, while Qualcomm is joining a winning bid from the City of San Diego to test a wide range of public safety, commercial and emergency response applications.
Amazon, which hopes to one day deliver packages with a fleet of drones, said it was unfortunate its applications were not selected but supports the U.S. efforts.
"We're focused on developing a safe operating model for drones in the airspace and we will continue our work to make this a reality, said Brian Huseman, Amazon's vice president of public policy.
China's DJI said it submitted about a dozen applications.
"We congratulate the winners and will be happy to work with any of them with hardware, software or technical assistance to help these exciting ideas come to life," said Adam Lisberg, spokesman for the world's largest maker of non-military drones.
show chapters Uber unveiled its flying taxi prototype, which looks like a giant drone 8:15 AM ET Tue, 8 May 2018 | 01:42 Rules needed for people, backyards The pilot program is aimed at producing data to assist the Federal Aviation Administration in establishing rules and regulations to safely integrate drones at scale. The FAA still must decide questions before the pilot projects begin including whether drone deliveries should follow city streets or cross backyards.
The 10 pilot drone test projects selected from 149 applications are in California, Tennessee, North Dakota, Nevada, Kansas and other states.
Nevada-based Flirtey, a drone delivery startup, said it was a partner on four of the winning applications including Virginia Tech's. Flirtey said in a statement that it and government partners "will now have access to fast-tracked regulatory approvals as they work to expand lifesaving drone delivery operations."
U.S. Transportation Secretary Elaine Chao said that drone use is surging. She said the administration must "create a path forward" to ensure the safe integration of drones.
She said there are "no losers" and she thinks dozens of the applicants not chosen could be greenlighted by the FAA in the coming months.
Asked why the Transportation Department had not selected Amazon or DJI, Deputy Transportation Secretary Jeff Rosen told Reuters that the projects had gone through a rigorous review process. "There were no losers -- only winners," Rosen said. "This is an important first step in the process of drone integration."
Memphis Airport Authority Chief Executive Scott Brockman told Reuters that it had also been picked and that its partner FedEx will use drones to inspect aircraft at its hub in Tennessee as well as parts deliveries for aircraft and some package deliveries between the airport and other Memphis locations. Another partner is General Electric , he said.
Earlier, the department confirmed it had sent two planned rules to the White House to regulate the increased use of unmanned aerial vehicles.
One rule submitted would allow drones to fly over people while another proposal submitted would allow for remote identification and tracking of unmanned aircraft in flight. After both are formally proposed, it would take months or possibly more than a year before they are finalized.
Current rules prohibit nighttime drone flights or operations over people without a waiver from the FAA. The FAA has no requirements or voluntary standards for electrically broadcasting information to identify an unmanned aircraft.
The FAA has said regulations are necessary to protect the public and the National Airspace System from bad actors or errant hobbyists. Several incidents around major airports have involved drones getting close to aircraft.
The wide interest in the U.S. initiative, launched by President Donald Trump last year, underscores the desire of a broad range of companies to have a say in how the fledgling industry is regulated and ultimately win authority to operate drones for purposes ranging from package delivery to crop inspection.
Additional editing by CNBC. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/alphabet-apple-microsoft-part-of-usdot-drone-pilots-amazon-bypassed.html |
ATLANTA, May 8, 2018 /PRNewswire/ --
Fourth Quarter Fiscal Year 2018 Highlights
Net income attributable to common shareholder of $106 million; net income excluding special items increased 38% YoY Adjusted EBITDA up 9% to $319 million Net Sales increased 17% to $3.1 billion Reduced net debt leverage ratio to 3.0x
Fiscal Year 2018 Highlights
Net income attributable to common shareholder of $635 million; net income excluding special items increased 80% YoY Adjusted EBITDA up 12% to $1.2 billion Net Sales increased 20% to $11.5 billion Automotive shipments increased 11% YoY; represent 20% of total FRP shipments Free cash flow $406 million, up 12% YoY
Novelis Inc., the world leader in aluminum rolling and recycling, today reported record results for the fourth quarter and fiscal year 2018 with significant year-over-year increases in Adjusted EBITDA, net sales, net income, free cash flow and shipments. This performance was driven by Novelis' focused strategy to improve operational efficiencies, increase shipments of premium products, and make key investments to grow automotive capacity. Fiscal 2018 net income attributable to its common shareholder was $106 million for the fourth quarter and $635 million for the full year.
Excluding tax-effected special items in both years, Novelis grew its fourth quarter fiscal 2018 net income 38 percent to $101 million, and increased full year net income by 80 percent to $420 million. This increase reflects a significant improvement in adjusted EBITDA, as well as lower interest expense, a result of the company's long-term debt refinancing actions during fiscal 2017.
"Our strategy to focus on safety, customer service and operational excellence has delivered a record-setting year for Novelis both in our financial performance and overall execution," said Steve Fisher, President and CEO, Novelis, Inc. "We've increased our leadership position in the key growth category of automotive aluminum sheet by making the right strategic investments in capacity globally to be the clear partner-of-choice for innovative solutions. In addition, we will continue to evaluate opportunities in the market that further maximize our capabilities that deliver value to our customers and stakeholders."
Key achievements in fiscal 2018 include:
completed a joint venture to establish Ulsan Aluminum by selling approximately 50 percent of its ownership of the Ulsan, South Korea plant, to Kobe Steel for $314 million; announced plans to expand production in the US with an automotive finishing investment in Guthrie, Kentucky, adding approximately 200 kilotonnes of nameplate capacity; agreed to acquire operating facilities and manufacturing assets in Sierre, Switzerland, that have historically been leased; achieved record automotive sheet shipment levels to support new product launches including the Land Rover Velar, Jaguar I-PACE, Ford Expedition, Lincoln Navigator and Jeep Wrangler; continued electric vehicle platform collaboration with NIO and London Electric Vehicle Company to launch the new NIO ES8 and London Electric Taxi; launched Novelis Advanz™ 6HF -e/s200 alloy in North America, a heat-treatable alloy that provides automakers greater design flexibility due to its superior formability, strength performance and weight savings; increased recycled content from 55 percent to 57 percent for the full year.
By strengthening its automotive portfolio and making strategic investments to increase capacity, Novelis broadened its leadership position within the industry and is committed to developing next-generation high-strength, highly-formable 6xxx and 7xxx series alloys for future vehicle design. As projections for aluminum adoption increase, Novelis will continue to partner with OEMs to develop more aluminum based vehicle architecture from hang-on parts to complete structural aluminum-intensive bodies. As a result, the company will pursue significant growth opportunities from incremental aluminum adoption in niche premium cars as well as higher mass production mix-material vehicles.
Fourth Quarter Fiscal 2018 Results
Net sales increased 17 percent over the prior year to $3.1 billion for the fourth quarter of fiscal 2018, driven by higher average aluminum prices, higher total shipments, and a favorable impact from record automotive shipments. Shipments of flat rolled products increased two percent to a record 805 kilotonnes.
Adjusted EBITDA for the fourth quarter of fiscal 2018 increased nine percent to $319 million as compared to $292 million in the prior year. This increase reflects higher shipments as well as the company's strategy to deliver a more profitable product mix with higher automotive shipments, and increased operational efficiencies including a more favorable metal input mix.
Full Year Fiscal 2018 Results
Net sales grew 20 percent to $11.5 billion in fiscal 2018. The increase was driven by higher average aluminum prices, record shipments and increased shipments of higher conversion premium products. Total shipments of flat rolled products grew four percent to 3,188 kilotonnes. For fiscal 2018, the percentage of the company's shipment portfolio stemming from automotive sheet grew to 20 percent, up from 18 percent in the prior year.
Adjusted EBITDA grew 12 percent to $1,215 million in fiscal 2018 compared to $1,085 million in fiscal 2017. The increase was driven by higher shipments and strong operational efficiencies, as well as favorable product mix, metal costs and currency impacts, partially offset by lower can prices.
Full year free cash flow increased 12 percent to $406 million in fiscal 2018 driven by stronger adjusted EBITDA and lower interest, despite significant working capital pressure from higher aluminum prices. Capital expenditures increased slightly to $226 million as compared to $224 million in the prior year.
"With robust free cash flow generation and a significant improvement in net debt leverage to 3.0x, we are excited to begin a bold yet balanced growth phase for Novelis," said Devinder Ahuja, Senior Vice President and Chief Financial Officer. "Strong operating cash flow will be utilized to fund a disciplined increase in strategic investments in fiscal 2019, particularly in our automotive business to meet growing customer demand."
As of March 31, 2018, the company reported a strong liquidity position of $1.9 billion.
Fourth Quarter of Fiscal Year 2018 Earnings Conference Call
Novelis will discuss its fourth quarter of fiscal year 2018 results via a live webcast and conference call for investors at 8:00 a.m. EDT on Tuesday, May 8, 2018. To view slides and listen only, visit the web at https://cc.callinfo.com/r/1reus8g1xoeb3&eom . To join by telephone, dial toll-free in North America at 800 908 1236, India toll-free at 18002660839 or the international toll line at +1 212 231 2909. Presentation materials and access information may also be found at novelis.com/investors .
About Novelis
Novelis Inc. is the global leader in aluminum rolled products and the world's largest recycler of aluminum. The company operates in 10 countries, has approximately 11,000 employees and reported $11.5 billion in revenue for its 2018 fiscal year. Novelis supplies premium aluminum sheet and foil products to transportation, packaging, construction, industrial and consumer electronics markets throughout North America, Europe, Asia and South America. Novelis is a subsidiary of Hindalco Industries Limited, an industry leader in aluminum and copper, and metals flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India. For more information, visit novelis.com and follow us on Facebook at facebook.com/NovelisInc and Twitter at twitter.com/Novelis .
Non-GAAP Financial Measures
This news release and the presentation slides for the earnings call contain non-GAAP financial measures as defined by SEC rules. We believe these measures are helpful to investors in measuring our financial performance and liquidity and comparing our performance to our peers. However, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures used by other companies. These non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for GAAP financial measures. To the extent we discuss any non-GAAP financial measures on the earnings call, a reconciliation of each measure to the most directly comparable GAAP measure will be available in the presentation slides filed as Exhibit 99.2 to our Current Report on Form 8-K furnished to the SEC concurrently with the issuance of this press release. In addition, the Form 8-K includes a more detailed description of each of these non-GAAP financial measures, together with a discussion of the usefulness and purpose of such measures.
Attached to this news release are tables showing the Condensed Consolidated Statements of Operations, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Cash Flows, Reconciliation to Adjusted EBITDA, Free Cash Flow, Reconciliation to Liquidity, Reconciliation to Net Income excluding Special Items, and Segment Information.
Forward-Looking Statements
Statements made in this news release which describe Novelis' intentions, expectations, beliefs or predictions may be forward-looking statements within the meaning of securities laws. Forward-looking statements include statements preceded by, followed by, or including the words "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," or similar expressions. Examples of forward looking statements in this news release are statements about the company's ability to generate strong operating cash flow. Novelis cautions that, by their nature, forward-looking statements involve risk and uncertainty and Novelis' actual results could differ materially from those expressed or implied in such statements. We do not intend, and we disclaim any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise. Factors that could cause actual results or outcomes to differ from the results expressed or implied by forward-looking statements include, among other things: changes in the prices and availability of aluminum (or premiums associated with such prices) or other materials and raw materials we use; the capacity and effectiveness of our hedging activities; relationships with, and financial and operating conditions of, our customers, suppliers and other stakeholders; fluctuations in the supply of, and prices for, energy in the areas in which we maintain production facilities; our ability to access financing for future capital requirements; changes in the relative values of various currencies and the effectiveness of our currency hedging activities; factors affecting our operations, such as litigation, environmental remediation and clean-up costs, labor relations and negotiations, breakdown of equipment and other events; economic, regulatory and political factors within the countries in which we operate or sell our products, including changes in duties or tariffs; competition from other aluminum rolled products producers as well as from substitute materials such as steel, glass, plastic and composite materials; changes in general economic conditions including deterioration in the global economy, particularly sectors in which our customers operate; changes in government regulations, particularly those affecting taxes, derivative instruments, environmental, health or safety compliance; changes in interest rates that have the effect of increasing the amounts we pay under our credit facilities and other financing agreements; the effect of taxes and changes in tax rates; and our ability to generate cash. The above list of factors is not exhaustive. Other important risk factors are included under the caption "Risk Factors" in our upcoming Annual Report on Form 10-K for the fiscal year ended March 31, 2018.
Novelis Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions)
(unaudited)
Three Months Ended March 31,
Year Ended March 31,
2018
2017
2018
2017
Net sales
$
3,066
$
2,621
$
11,462
$
9,591
Cost of goods sold (exclusive of depreciation and amortization)
2,603
2,182
9,719
8,016
Selling, general and administrative expenses
131
118
489
421
Depreciation and amortization
87
93
354
360
Interest expense and amortization of debt issuance costs
63
63
255
294
Loss on extinguishment of debt
—
22
—
134
Research and development expenses
16
17
64
58
Gain on assets held for sale
—
—
—
(2)
(Gain) loss on sale of a business, net
—
—
(318)
27
Restructuring and impairment, net
1
6
34
10
Equity in net loss of non-consolidated affiliates
—
—
1
8
Other expense, net
2
32
9
68
2,903
2,533
10,607
9,394
Income before income taxes
163
88
855
197
Income tax provision
54
41
233
151
Net income
109
47
622
46
Net income (loss) attributable to noncontrolling interests
3
—
(13)
1
Net income attributable to our common shareholder
$
106
$
47
$
635
$
45
Novelis Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except number of shares)
March 31,
2018
2017
ASSETS
Current assets
Cash and cash equivalents
$
920
$
594
Accounts receivable, net
— third parties (net of uncollectible accounts of $7 as of March 31, 2018 and $6 as of March 31, 2017)
1,353
1,067
— related parties
242
60
Inventories
1,560
1,333
Prepaid expenses and other current assets
125
137
Fair value of derivative instruments
159
113
Assets held for sale
5
3
Total current assets
4,364
3,307
Property, plant and equipment, net
3,110
3,357
Goodwill
607
607
Intangible assets, net
410
457
Investment in and advances to non–consolidated affiliate
849
451
Deferred income tax assets
63
85
Other long–term assets
— third parties
97
94
— related parties
3
15
Total assets
$
9,503
$
8,373
LIABILITIES AND SHAREHOLDER'S EQUITY (DEFICIT)
Current liabilities
Current portion of long–term debt
$
121
$
121
Short–term borrowings
49
294
Accounts payable
— third parties
2,051
1,722
— related parties
205
51
Fair value of derivative instruments
106
151
Accrued expenses and other current liabilities
591
578
Deferred income tax liabilities
—
—
Liabilities held for sale
—
—
Total current liabilities
3,123
2,917
Long–term debt, net of current portion
4,336
4,437
Deferred income tax liabilities
164
99
Accrued postretirement benefits
825
799
Other long–term liabilities
232
198
Total liabilities
8,680
8,450
Commitments and contingencies
Shareholder's equity (deficit)
Common stock, no par value; unlimited number of shares authorized; 1,000 shares issued and outstanding as of March 31, 2018 and 2017
—
—
Additional paid–in capital
1,404
1,404
Accumulated deficit
(283)
(918)
Accumulated other comprehensive loss
(261)
(545)
Total equity (deficit) of our common shareholder
860
(59)
Noncontrolling interests
(37)
(18)
Total equity (deficit)
823
(77)
Total liabilities and equity (deficit)
$
9,503
$
8,373
Novelis Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended March 31,
2018
2017
OPERATING ACTIVITIES
Net income
$
622
$
46
Adjustments to determine net cash provided by operating activities:
Depreciation and amortization
354
360
Loss (gain) on unrealized derivatives and other realized derivatives in investing activities, net
15
(15)
Gain on assets held for sale
—
(2)
(Gain) loss on sale of business
(318)
27
Loss on sale of assets
7
6
Impairment charges
15
2
Loss on extinguishment of debt
—
134
Deferred income taxes
53
6
Amortization of fair value adjustments, net
—
7
Equity in net loss of non-consolidated affiliates
1
8
(Gain) loss on foreign exchange remeasurement of debt
(2)
2
Amortization of debt issuance costs and carrying value adjustments
19
22
Other, net
1
3
Changes in assets and liabilities including assets and liabilities held for sale (net of effects from divestitures):
Accounts receivable
(402)
(154)
Inventories
(151)
(193)
Accounts payable
336
253
Other current assets
21
(17)
Other current liabilities
(5)
34
Other noncurrent assets
(5)
(30)
Other noncurrent liabilities
25
76
Net cash provided by operating activities
586
575
INVESTING ACTIVITIES
Capital expenditures
(226)
(224)
Proceeds from sales of assets, third party, net of transaction fees and hedging
2
4
Proceeds (outflows) from the sale of a business
314
(2)
Proceeds from investment in and advances to non-consolidated affiliates, net
16
2
(Outflows) proceeds from settlement of other undesignated derivative instruments, net
(23)
8
Net cash provided by (used in) investing activities
83
(212)
FINANCING ACTIVITIES
Proceeds from issuance of long-term and short-term borrowings
—
4,572
Principal payments of long-term and short-term borrowings
(174)
(4,477)
Revolving credit facilities and other, net
(211)
(229)
Debt issuance costs
(5)
(191)
Net cash used in financing activities
(390)
(325)
Net increase in cash and cash equivalents
279
38
Effect of exchange rate changes on cash
47
—
Cash and cash equivalents — beginning of period
594
556
Cash and cash equivalents — end of period
$
920
$
594
Reconciliation of Net income attributable to our common shareholder to Adjusted EBITDA (unaudited)
The following table reconciles Net income attributable to our common shareholder to Adjusted EBITDA, a non-GAAP financial measure, for the three and twelve months ended March 31, 2018 and 2017.
(in millions)
Three Months Ended March 31,
Year Ended March 31,
2018
2017
2018
2017
Net income attributable to our common shareholder
$
106
$
47
$
635
$
45
Noncontrolling interests
3
—
(13)
1
Income tax provision
54
41
233
151
Interest, net
60
59
246
283
Depreciation and amortization
87
93
354
360
EBITDA
310
240
1,455
840
Unrealized gains on change in fair value of derivative instruments, net
(7)
13
(20)
(5)
Realized gains on derivative instruments not included in segment income
—
(3)
—
(5)
Adjustment to reconcile proportional consolidation
18
8
51
28
Losses gains on sale of fixed assets
3
2
7
6
Gain on assets held for sale
—
—
—
(2)
Loss on extinguishment of debt
—
22
—
134
Restructuring and impairment, net
1
6
34
10
(Gain) loss on sale of a business, net
—
—
(318)
27
Metal price lag (A)
(9)
—
(4)
31
Other, net
3
4
10
21
Adjusted EBITDA
$
319
$
292
$
1,215
$
1,085
(A)
Effective in the first quarter of fiscal 2018, management removed the impact of metal price lag from Adjusted EBITDA in order to enhance the visibility of the underlying operating performance of the company. The impact of metal price lag is now reported as a separate line item in this reconciliation. This change does not impact our condensed consolidated financial statements. Adjusted EBITDA for the prior periods presented has been updated to reflect this change.
Free Cash Flow (unaudited)
The following table shows "Free cash flow" for the year ended March 31, 2018 and 2017.
(in millions)
Year Ended March 31,
2018
2017
Net cash provided by operating activities
$
586
$
575
Net cash provided by (used in) investing activities
83
(212)
Less: Proceeds from the sales of assets, net of transaction fees, cash income taxes and hedging
(263)
(2)
Free cash flow (A)
$
406
$
361
(A)
Effective in the second quarter of fiscal 2018, management clarified the definition of "Free cash flow" (a non-GAAP measure) to reduce "Proceeds on the sale of assets, net of transaction fees and hedging" by cash income taxes to further enable users of the financial statements to understand cash generated internally by the company. This change does not impact the condensed consolidated financial statements or significantly impact prior periods.
Cash and Cash Equivalents and Total Liquidity (unaudited)
The following table reconciles the ending balances of cash and cash equivalents to total liquidity as of March 31, 2018 and 2017.
(in millions)
Year Ended March 31,
2018
2017
Cash and cash equivalents
$
920
$
594
Availability under committed credit facilities
998
701
Total liquidity
$
1,918
$
1,295
Reconciliation of Net income attributable to our common shareholder to Net income attributable to our common shareholder, excluding special items (unaudited)
The following table presents Net Income attributable to our common shareholder excluding special items. We adjust for items which may recur in varying magnitude which affect the comparability of the operational results of our underlying business.
(in millions)
Three Months Ended March 31,
Year Ended March 31,
2018
2017
2018
2017
Net income attributable to our common shareholder
$
106
$
47
$
635
$
45
Special Items:
Gain on assets held for sale
—
—
—
(2)
(Gain) loss on sale of a business
—
—
(318)
27
Loss on extinguishment of debt
—
22
—
134
Metal price lag
(9)
—
(4)
31
Restructuring and impairment, net
1
6
34
10
Tax effect on special items
3
(2)
73
(12)
Net income attributable to our common shareholder, excluding special items
$
101
$
73
$
420
$
233
Segment Information (unaudited)
The following table shows selected segment financial information (in millions, except shipments which are in kilotonnes).
Selected Operating Results Three
Months Ended March 31, 2018
North
America
Europe
Asia
South
America
Eliminations
and Other
Total
Adjusted EBITDA (A)
$
123
$
61
$
43
$
94
$
(2)
$
319
Shipments
Rolled products - third party
273
233
169
130
—
805
Rolled products - intersegment
—
3
5
6
(14)
—
Total rolled products
273
236
174
136
(14)
805
Selected Operating Results Three
Months Ended March 31, 2017
North
America
Europe
Asia
South
America
Eliminations
and Other
Total
Adjusted EBITDA (A)
$
105
$
58
$
31
$
101
$
(3)
$
292
Shipments
Rolled products - third party
269
232
170
118
—
789
Rolled products - intersegment
—
3
4
7
(14)
—
Total rolled products
269
235
174
125
(14)
789
Selected Operating Results Year
Ended March 31, 2018
North
America
Europe
Asia
South
America
Eliminations
and Other
Total
Adjusted EBITDA (A)
$
474
$
219
$
167
$
363
$
(8)
$
1,215
Shipments
Rolled products - third party
1,083
914
696
495
—
3,188
Rolled products - intersegment
6
16
15
28
(65)
—
Total rolled products
1,089
930
711
523
(65)
3,188
Selected Operating Results Year
Ended March 31, 2017
North
America
Europe
Asia
South
America
Eliminations
and Other
Total
Adjusted EBITDA (A)
$
380
$
208
$
163
$
337
$
(3)
$
1,085
Shipments
Rolled products - third party
1,009
927
682
449
—
3,067
Rolled products - intersegment
1
16
8
25
(50)
—
Total rolled products
1,010
943
690
474
(50)
3,067
(A)
Effective in the first quarter of fiscal 2018, management removed the impact of metal price lag from Adjusted EBITDA. Adjusted EBITDA for prior periods presented has been updated to reflect this change.
View original content with multimedia: http://www.prnewswire.com/news-releases/novelis-reports-fourth-quarter-and-full-fiscal-year-2018-results-300644418.html
SOURCE Novelis Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-novelis-reports-fourth-quarter-and-full-fiscal-year-2018-results.html |
(Reuters) - Canadian media company Stingray Digital Group Inc ( RAYa.TO ) on Wednesday said it would buy Newfoundland Capital Corp ( NCCa.TO ) for about C$506 million ($393.01 million), including debt, adding radio broadcasting assets to its business.
Stingray has offered Newfoundland Capital shareholders C$14.75 per share held, a 16 percent premium to Newfoundland’s close on Tuesday.
Reporting by Ahmed Farhatha; Editing by Sriraj Kalluvila
| ashraq/financial-news-articles | https://www.reuters.com/article/us-newfoundland-cap-m-a-stingray/canadian-broadcaster-stingray-to-buy-newfoundland-capital-for-c506-million-idUSKBN1I32SU |
American Bishop Michael Curry references Martin Luther King Jr. at the royal wedding 00:56
The pastor gave a passionate address about love, race and religion at the wedding of Prince Harry and Meghan Markle. Rough cut (no reporter narration)
The pastor gave a passionate address about love, race and religion at the wedding of Prince Harry and Meghan Markle. Rough cut (no reporter narration) //reut.rs/2KzyTYj | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/19/american-bishop-michael-curry-references?videoId=428406395 |
In a matter of hours, President Donald Trump is set to announce his decision on the Iran nuclear deal. Many are expecting him to pull the United States out of the deal and restore sanctions against the nation.
Among the deal's signatories, China is likely to resist any unilateral American action, experts said.
Any sanctions on Iran would have a "negligible effect on China's buying attitude," said John Driscoll, director of JTD Energy Services in Singapore and a former oil trader whose career spans nearly 40 years.
China, alongside India, are the top two buyers of Iranian crude oil.
One of the world's fastest growing markets for oil consumption, China "needs the oil," and trade tensions with the U.S. would make Beijing even less likely to support sanctions from Washington , said Victor Shum, vice president of the energy group at IHS Markit.
"With trade skirmishes between the U.S. and China and all kinds of political issues, I see the resistance from Chinese crude buyers to comply [to U.S. sanctions against Iran]," added Shum.
Even so, China will try to keep its response measured as the world's second-largest economy continues its bilateral trade negotiations with the U.S., said Benjamin Lu , an investment analyst for commodities at Phillip Futures.
The Chinese Foreign Ministry signaled last Wednesday that it wasn't in support of the U.S. quitting the deal, but stopped short of criticizing any specific country.
Should the U.S. withdraw from the Iran nuclear deal, the Trump administration must decide on whether to wield powerful U.S. sanctions to punish countries that continue to do business with Iran.
Still, the market will find ways to circumvent any sanctions, such as transferring supplies between floating storage, using barter trade, or not using U.S. banks, according to analysts.
"The market will be resourceful," said Driscoll.
For instance, Iranian traders have the option of trading in Chinese yuan-denominated crude oil futures on the Shanghai International Energy Exchange — circumventing any restrictions on dollar-denominated trade and U.S. banks.
Shum and Lu, however, said such a development may not be that immediate or apparent, as Shanghai oil futures trade is still a largely domestic affair. Beijing also would not want to be seen to be openly pushing back on U.S. sanctions as it negotiates bilateral trade with Washington, said Lu.
show chapters Trump's Iran decision won't affect oil supplies for months: expert 13 Hours Ago | 02:19 What seems to be certain is that the market will look for ways to trade Iran oil even amid sanctions, particularly as Iranian oil prices are likely to fall and be discounted as its pool of buyers shrink, making prices more attractive to the Chinese and other price-sensitive buyers, said Shum.
Here's how Trump quitting the Iran deal is likely to play out among other major Asian oil importers:
Japan and South Korea U.S. allies Japan and South Korea will be under the most pressure to comply with sanctions due to their strategic relationships with Washington.
The two East Asian economic powerhouses are among the world's top oil buyers alongside the U.S., China and India.
Yet companies in Japan and South Korea will be circumspect about sourcing, said Driscoll.
Still, companies that have built up commercial relationships with Iran after the deal was signed will be hard pressed to fulfill contractual obligations.
That will spur negotiations of when and how new sanctions are to be applied, with both countries likely to ask for wiggle room and time for commercial obligations to be fulfilled before complying with the new deal, Driscoll added.
India Sanctions on Iran will be tough on India, which is a critical end user of Iranian oil due to the proximity between the two countries, said Driscoll.
India is Iran's second-largest oil client after China.
The country is likely to ask the U.S. for leeway or exemptions to any sanctions as it navigates the new trading landscape, Driscoll projected.
Phillip Futures' Lu said India will likely "quietly take Iranian oil from other avenues" instead.
Under previous Western sanctions against Iran, India imported Iranian oil via a barter-like system through a small state bank. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/china-a-major-iran-oil-importer-would-resist-any-us-sanctions.html |
May 16 (Reuters) - Fundation Group LLC
* FUNDATION SECURES $120 MILLION CREDIT FACILITY FROM SUNTRUST BANK Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fundation-secures-120-mln-credit-f/brief-fundation-secures-120-mln-credit-facility-from-suntrust-bank-idUSASC0A2KO |
April 30 (Reuters) - Blue Capital Reinsurance Holdings Ltd :
* BLUE CAPITAL REINSURANCE HOLDINGS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 EARNINGS PER SHARE $0.06 * REINSURANCE PREMIUMS WRITTEN FOR CURRENT QUARTER WERE $12.5 MILLION, DECREASING BY $4.5 MILLION
* BLUE CAPITAL REINSURANCE HOLDINGS - FULLY CONVERTED BOOK VALUE PER SHARE $14.25 AT MARCH 31, 2018, UP 0.5% FOR QUARTER INCLUSIVE OF DIVIDENDS DECLARED Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-blue-capital-reinsurance-holdings/brief-blue-capital-reinsurance-holdings-reports-q1-eps-of-0-06-idUSASC09YBX |
The dollar retreated on Tuesday after six straight days of gains, as U.S. Treasury yields dipped and investors looked for fresh incentives to buy the currency in the wake of its nearly 7 percent rally since mid-February.
The dollar's recent uptrend has been supported by generally upbeat U.S. economic data that has kept the Federal Reserve on track to raise interest rates at least two more times this year. In contrast, other major central banks such as the Bank of Japan and European Central Bank are not in a tightening mode.
"The U.S. dollar may require a fresh dose of catalysts to sustain its nascent resurgence," said Mazen Issa, senior FX strategist at TD Securities in New York.
"Against a backdrop of higher rates, including the overly-emphasized 3 percent mark in U.S. 10-year yields and a very fully-priced Fed, the dollar may have exhausted the divergence narrative," he added.
The divergence referred to the difference in monetary policies between the Fed and other central banks, which has been a major prop for the dollar.
In mid-morning trading, the dollar index was down 0.1 percent at 93.584, after hitting a five-month high on Monday. The index, which measures the dollar against a basket of currencies, was on track for its largest daily loss in two weeks.
The dollar was supported on Monday on signs that the United States and China were making progress to resolve their trade conflict. On Tuesday, China said it would cut import tariffs for automobiles, opening greater access to the worlds largest auto market, in a further sign of easing trade tensions.
"U.S. Treasury yields pulled back from last week's seven-year highs, encouraging traders to cash in bullish dollar bets," said Gavin Friend, senior markets strategist at NAB in London.
U.S. 10-year yields still traded above 3 percent on Tuesday. TD's Issa believes Wednesday's release of the minutes of the last Fed policy meeting could prove a major driver, though possibly a negative one.
"The minutes should contain dovish undertones as we are likely to see a degree of comfort on an inflation overshoot," Issa said. In other currency pairs, the dollar rose against the euro, which slipped 0.1 percent to $1.1778 amid political uncertainty in Italy.
The country's anti-establishment 5-Star Movement and the far-right League on Monday proposed Giuseppe Conte as prime minister to lead their coalition government.
Analysts at Rabobank said they had lowered their target for euro versus the dollar to $1.15. "While dollar strength is still a factor, euro weakness is ... a large part of the story," the bank said in a note to clients.
The dollar, meanwhile, slipped 0.1 percent against the yen to 110.965, after touching a four-month peak on Monday.
show chapters Commodity conundrum: Gold sinks, oil soars as the dollar gains 21 Hours Ago | 04:20 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/forex-markets-dollar-in-focus-after-rally-some-respite-for-euro.html |
DALLAS, May 02, 2018 (GLOBE NEWSWIRE) -- Cambium Learning ® Group, Inc . (Nasdaq:ABCD) (the “Company”), an award-winning educational technology solutions leader dedicated to helping all students reach their potential through individualized and differentiated instruction, today announced that it plans to report financial results for the first quarter ended March 31, 2018, on Friday, May 11, 2018.
The Company will host a conference call at 9 a.m. EDT the same day to discuss its financial results. Participants are encouraged to listen to the presentation via a live web broadcast at cambiumlearning.com in the Investor Relations section. In addition, a live dial-in is available at 844.707.0670 or 703.639.1224, passcode # 4579277.
A replay will be available by dialing 855.859.2056 or 404.537.3406, passcode # 4579277, until May 12, 2018. The webcast will also be archived on the Company’s Investor Relations page .
About Cambium Learning Group, Inc.
Cambium Learning ® Group (Nasdaq:ABCD) is an award-winning educational technology solutions leader dedicated to helping all students reach their potential through individualized and differentiated instruction. Using a research-based, personalized approach, Cambium Learning Group delivers SaaS resources and instructional products that engage students and support teachers in fun, positive, safe and scalable environments. These solutions are provided through Learning A-Z ® (online differentiated instruction for elementary school reading, writing and science), ExploreLearning ® (online interactive math and science simulations and a math fact fluency solution) and Voyager Sopris Learning ® (blended solutions that accelerate struggling learners to achieve in literacy and math and professional development for teachers). We believe that every student has unlimited potential, that teachers matter, and that data, instruction, and practice are the keys to success in the classroom and beyond.
Come learn with us at www.cambiumlearning.com .
Media and Investor Contact:
Barbara Benson
Cambium Learning Group, Inc.
[email protected]
Carolyn Capaccio/Jody Burfening
LHA
212.838.3777
[email protected]
Source:Cambium Learning Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-cambium-learning-group-to-announce-first-quarter-2018-financial-results.html |
NEW YORK, April 30 (Reuters) - U.S. long-dated Treasury bond yields edged lower on Monday after data showed personal income came in lower than expectations, while February’s consumption figure was revised lower.
U.S. personal income rose just 0.3 percent in March, compared with expectations of 0.4 percent. On the consumption side, personal spending in February was revised lower to a rise of 0.3 percent, instead of the previously reported 0.4 percent increase.
As a result, U.S. 10-year yields slipped to 2.9531 percent after the data, from 2.9643 percent before the data’s release. U.S. 30-year yields also dipped to 3.1180 percent, from 3.1320 percent prior to the data.
U.S. two-year note yields also fell to 2.4879 percent , from 2.4920 percent before the data. (Reporting by Gertrude Chavez-Dreyfuss)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds/treasuries-yields-inch-lower-after-u-s-income-miss-spending-revision-idUSL1N1S70FH |
LONDON (Reuters) - Debt of Italian state agency Cassa Depositi e Prestiti (CDP) is taking a hammering on a par with that suffered by Italy’s government bonds on fears the incoming government will use it as a vehicle to fund a borrowing binge.
FILE PHOTO: Presentation of a new 2 Euro commemorative coin of former German Chancellor Helmut Schmidt in Berlin, Germany, February 2, 2018. REUTERS/Christian Mang The state-owned body, which operates as a promotional institution, funding state or local authority projects, is similar to the much larger German KfW and France’s Caisse d’Amortissement de la Dette Sociale (CADES), whose debt is considered a proxy for the sovereign’s.
With two anti-establishment parties, 5-Star and League, set to form a coalition and potentially increase public borrowing, markets have sold off Italian bonds heavily, with average 10-year yields rising around 65 basis points since early May.
CDP is also in focus, after it was mentioned prominently in an agreement between the two parties that was leaked to media. Referring to CDP as a “superstar”, the document proposed increasing its annual borrowing to 70 billion euros.
Such plans would expand CDP from being a small issuer, borrowing at most a few billion euros a year in international markets, to the scale of giant agencies like KfW and the European Investment Bank, which routinely borrow 60-70 billion euros annually.
Though this proposed borrowing figure did not appear in the final agreement, the coalition did hint at an enhanced role for the state agency via the creation of a public investment bank using “existing structures and resources”.
5-Star officials have demanded in the past that CDP play a greater role in helping Italy’s economy and want to replace its current heads when their terms expire this year.
All that has hit CDP’s bonds, with the yield on its 2024 issue IT163538539= up nearly 40 basis points over the past week to 1.73 percent.
The yield on its 2026 bond IT176783931= has surged to a record high of 2.12 percent, up 38 bps from last Wednesday - the day after the document was leaked to media. Bond yields rise when their prices fall.
To view a graphic on CDP's debt yields skyrocket on coalition plans, click: reut.rs/2J30Hak
The movement contrasts with the relative stability seen in the debt of French agencies such as CADES as French government bonds weakened ahead of the presidential election there last year.
“We will have to wait and see what CDP’s role is eventually, but there is a danger that if the new government carries out its plans, it could mean extra spending for CDP,” said DZ Bank strategist Christian Lenk.
“We will see way more BTP (Italian government bonds) funding and also extra CDP borrowing if it is used as an additional vehicle.”
CDP issued less than 1 billion euros of bonds last year, according to Thomson Reuters data, and currently has only about 14.8 billion euros of international bonds outstanding.
That includes 500 million euros of “social bonds” it sold last year to support small and medium enterprises located in economically deprived areas of Italy or hit by natural disasters.
IN LINE The sell-off of CDP’s debt has been more or less in line with that of Italian government bonds, which investors have dumped due to coalition plans to cut taxes, spend more on welfare and scrap pension reforms. Equities too have fallen heavily, led by banks.
The ripple effect from any changes at CDP could be wide, as the agency holds the Italian state’s stakes in companies including Telecom Italia ( TLIT.MI ), oil services firm Saipem ( SPMI.MI ) and broadband company Open Fiber ( IPO-EOF.MI ).
Not everyone was unhappy on Thursday about the prospect of more borrowing by CDP.
“If it means additional borrowing for CDP, it makes sense that these bonds are tanking,” said one banker, who preferred to remain anonymous as he is not authorized to speak about his clients. “But more borrowing for CDP means more business for us, so bring it on!”
Reporting by Abhinav Ramnarayan; Additional reporting by Steve Scherer; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-bonds/fears-of-government-spending-spree-hits-debt-of-italian-state-agency-cdp-idUSKCN1IP1JF |
LONDON (Reuters) - Using European Union powers to ban banks in the bloc from complying with U.S. sanctions on Iran would be of “limited” use given the global reach of finance, the EU’s financial services chief said on Thursday.
FILE PHOTO: U.S. President Donald Trump hosts a "California Sanctuary State Roundtable" at the White House in Washington. U.S., May 16, 2018. REUTERS/Kevin Lamarque U.S. President Donald Trump decided on May 8 to revive Iran-related sanctions, including sanctions aimed at Iran’s oil sector and transactions with its central bank.
European Commission Vice President Valdis Dombrovskis said the EU executive was assessing the economic impact and potential effect of U.S. sanctions on Iran, including their effect on EU companies and the financial sector.
The EU wants to salvage the Iran nuclear deal, which offers the Islamic Republic relief from economic sanctions in exchange for curbs on its nuclear program and Europe sees as an important element of international security.
FILE PHOTO: European Commission Vice President Valdis Dombrovskis takes part in a news conference on the capital markets at the EU Commission headquarters in Brussels, Belgium, March 8, 2018. REUTERS/Yves Herman/File Photo The EU’s so-called blocking statute bans any EU company from complying with U.S. sanctions and does not recognize any court rulings that enforce American penalties.
But it 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, serving mainly as a warning to the United States.
FILE PHOTO: U.S. President Donald Trump signs a proclamation declaring his intention to withdraw from the JCPOA Iran nuclear agreement in the Diplomatic Room at the White House in Washington, U.S. May 8, 2018. REUTERS/Jonathan Ernst/File Photo “Indeed the EU blocking regulation could be of limited effectiveness there, given the international nature of banking system and especially the exposure of large systemic banks to U.S. financial system and U.S. dollar transactions,” Dombrovskis told the European Parliament.
“There are some difficult issues which we will need to address. We are working on how to exactly address those issues,” Dombrovskis said.
He also told parliament it was important to have a “credible and coordinated” anti-money laundering system at the EU level without waiting for action from the United States, Dombrovskis added.
Earlier this year, the United States accused Latvia’s third biggest bank, ABLV, of money laundering and breaking sanctions on North Korea, prompting its closure and triggering the Baltic state’s worst financial crisis in a decade.
It raised questions about Europe’s ability to monitor money laundering on its own turf.
Reporting by Huw Jones; Editing by Alison Williams
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-eu-banks/eu-says-block-on-u-s-sanctions-on-iran-of-limited-use-for-eu-banks-idUSKCN1II17K |
SUNNYVALE, Calif. (AP) _ Accuray Inc. (ARAY) on Monday reported a loss of $8.9 million in its fiscal third quarter.
The Sunnyvale, California-based company said it had a loss of 10 cents per share.
The radiation oncology company posted revenue of $99.8 million in the period.
Accuray expects full-year revenue in the range of $395 million to $400 million.
In the final minutes of trading on Monday, the company's shares hit $5. A year ago, they were trading at $4.55.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on ARAY at https://www.zacks.com/ap/ARAY | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/the-associated-press-accuray-fiscal-3q-earnings-snapshot.html |
(Reuters) - The combination of Merck & Co’s immunotherapy Keytruda and chemotherapy boosted response rates in patients with advanced hard-to-treat squamous cell lung cancer, the company said on Wednesday.
FILE PHOTO: The logo of Merck is pictured in this illustration photograph in Cardiff, California, U.S., April 26, 2016. REUTERS/Mike Blake An early look at results of a 204-patient trial showed an overall response rate of 58.4 percent for newly-diagnosed patients given Keytruda plus carboplatin and paclitaxel or Celgene Corp’s Abraxane. That compared to 35 percent for chemotherapy alone.
The interim results will be discussed in greater detail next month at the annual meeting of the American Society of Clinical Oncology (ASCO), where data from several Keytruda trials and other therapies that help the immune system fight cancer will be presented. Data on a rival Roche drug from a similar squamous cell lung cancer trial will be featured at the meeting.
The duration of response was more than six months in 65.8 percent of patients given the Keytruda regimen compared with 45.6 percent of those who received chemotherapy alone, Merck said.
Serious side effects were seen in 64.4 percent of Keytruda patients and 74.5 percent of patients given just chemotherapy.
Keytruda is the only immunotherapy approved in the United States to treat lung cancer patients who have not received prior treatment. That approval is for non-squamous non-small cell lung cancer (NSCLC), the most common form of the disease.
Squamous cell, a type of NSCLC, accounts for about 30 percent of all lung cancers, according to the American Cancer Society. People diagnosed with squamous cell lung cancer typically have a poor prognosis since the disease is often first diagnosed after it has spread.
Reporting By Deena Beasley; Editing | ashraq/financial-news-articles | https://in.reuters.com/article/us-health-cancer-merck/mercks-keytruda-boosts-response-in-hard-to-treat-lung-cancer-idINKCN1IH32C |
NEW YORK, May 10, 2018 /PRNewswire/ -- Weight Watchers International, Inc. (NYSE: WTW) (the "Company") today announced the pricing of the underwritten secondary offering by Artal Luxembourg S.A. (the "Selling Shareholder") of 7,500,000 shares of common stock of the Company (the "common stock") pursuant to the Company's shelf registration statement filed with the Securities and Exchange Commission (the "Commission"), as supplemented by the prospectus supplement, dated May 7, 2018, which represents an upsize of 1,000,000 shares of common stock from the offering as previously announced on May 7, 2018. The Selling Shareholder has granted the underwriters in the offering a 30-day option to purchase up to an additional 1,125,000 shares of common stock. The public offering price is $69.00 per share. The offering is expected to close on May 15, 2018, subject to customary closing conditions. The Selling Shareholder will receive all of the proceeds from the offering. The Company is not offering any shares of common stock in the offering and will not receive any proceeds from the sale of shares in the offering. In addition, none of the Company's officers or directors are selling any shares of common stock beneficially owned by them in the offering.
Goldman Sachs & Co. LLC, Morgan Stanley and UBS Investment Bank are acting as joint bookrunning managers for the offering, and BofA Merrill Lynch and J.P. Morgan are also acting as bookrunners for the offering. Citigroup, KeyBanc Capital Markets and SunTrust Robinson Humphrey are acting as co-managers for the offering.
The offering will be made only by means of a prospectus supplement and accompanying prospectus. Copies of the preliminary prospectus supplement and accompanying prospectus related to the offering may be obtained from Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282 (Attention: Prospectus Department) or by telephone at 1 (866) 471-2526, Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, New York 10014 (Attention: Prospectus Department) and UBS Securities LLC, 1285 Avenue of the Americas, New York, New York 10019 (Attention: Prospectus Department) or by telephone at (888) 827-7275.
The registration statement relating to these securities has been filed with the Commission and has become effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Weight Watchers International, Inc.
Weight Watchers is a global wellness company and the world's leading commercial weight management program. We inspire millions of people to adopt healthy habits for real life. Through our engaging digital experience and face-to-face group meetings, members follow our livable and sustainable program that encompasses healthy eating, physical activity and positive mindset. With more than five decades of experience in building communities and our deep expertise in behavioral science, we aim to deliver wellness for all.
Forward -Looking Statements
This press release includes " ," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company generally uses the words "may," "will," "could," "expect," "anticipate," "believe," "estimate," "plan," "intend," "aim," "target" and similar expressions in this press release to identify . The Company bases these on its current views with respect to future events and financial performance. Actual results could projected in the . These are subject to assumptions, including, among other things: competition from other weight management and wellness industry participants or the development of more effective or more favorably perceived weight management methods; the Company's ability to continue to develop new, innovative services and products and enhance its existing services and products or the failure of its services, products or brands to continue to appeal to the market, or the Company's ability to successfully expand into new channels of distribution or respond to consumer trends; the ability to successfully implement new strategic initiatives; the effectiveness of the Company's advertising and marketing programs, including the strength of its social media presence; the impact on the Company's reputation of actions taken by its franchisees, licensees, suppliers and other partners; the impact of the Company's substantial amount of debt and its debt service obligations and debt covenants; the inability to generate sufficient cash to service the Company's debt and satisfy its other liquidity requirements; uncertainties regarding the satisfactory operation of the Company's technology or systems; the impact of security breaches or privacy concerns; the recognition of asset impairment charges; the loss of key personnel, strategic partners or consultants or failure to effectively manage and motivate the Company's workforce; the inability to renew certain of the Company's licenses, or the inability to do so on terms that are favorable to the Company; the expiration or early termination by the Company of leases; risks and uncertainties associated with the Company's international operations, including regulatory, economic, political and social risks and foreign currency risks; uncertainties related to a downturn in general economic conditions or consumer confidence; the Company's ability to successfully make acquisitions or enter into joint ventures, including its ability to successfully integrate, operate or realize the anticipated benefits of such businesses; the seasonal nature of the Company's business; the impact of events that discourage or impede people from gathering with others or accessing resources; the Company's ability to enforce its intellectual property rights both domestically and internationally, as well as the impact of its involvement in any claims related to intellectual property rights; the outcomes of litigation or regulatory actions; the impact of existing and future laws and regulations; the Company's failure to maintain effective internal control over financial reporting; the possibility that the interests of the Selling Shareholder, who effectively controls the Company, will conflict with other holders of the Company's common stock; and other risks and uncertainties, including those detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. You should not put undue reliance on any . You should understand that many important factors, including those discussed herein, could cause the Company's results to expressed or suggested in any forward-looking statement. Except as required by law, the Company does not undertake any obligation to update or revise these to reflect new information or events or circumstances that occur after the date of this press release or to reflect the occurrence of unanticipated events or otherwise.
Contact Information:
Investors:
Corey Kinger
212-601-7569
[email protected]
View original content: http://www.prnewswire.com/news-releases/weight-watchers-announces-pricing-of-secondary-offering-by-artal-luxembourg-sa-300646825.html
SOURCE Weight Watchers International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-weight-watchers-announces-pricing-of-secondary-offering-by-artal-luxembourg-s-a.html |
May 3 (Reuters) - Alnylam Pharmaceuticals Inc:
* ALNYLAM PHARMACEUTICALS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND HIGHLIGHTS RECENT PERIOD ACTIVITY
* Q1 NON-GAAP LOSS PER SHARE $1.22
* Q1 REVENUE VIEW $33.6 MILLION — THOMSON REUTERS I/B/E/S * Q1 EARNINGS PER SHARE VIEW $-1.47 — THOMSON REUTERS I/B/E/S
* ALNYLAM PHARMACEUTICALS - REMAINS ON TRACK TO END 2018 WITH ABOUT $1.0 BILLION OF CASH, CASH EQUIVALENTS, AMONG OTHERS
* NOW EXPECTS ITS 2018 ANNUAL NON-GAAP RESEARCH AND DEVELOPMENT EXPENSES TO BE IN RANGE OF $420 MILLION TO $460 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-alnylam-pharmaceuticals-reports-q1/brief-alnylam-pharmaceuticals-reports-q1-loss-per-share-of-1-41-idUSASC09ZMI |
April 30(Reuters) - Yango Group Co Ltd
* Says unit wins land auctions for a combined 914 million yuan
Source text in Chinese: goo.gl/Xk36ua
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-yango-group-unit-wins-land-auction/brief-yango-group-unit-wins-land-auctions-for-914-mln-yuan-idUSL3N1S72G6 |
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