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AUSTIN, Texas, May 2, 2018 /PRNewswire/ -- Texas Mutual Insurance Company, which provides workers' compensation coverage to more than 70,000 business owners and 1.4 million employees, announced today that its board of directors voted unanimously to approve a company-record $280 million dividend distribution in 2018.
Nearly 75 percent of policyholder owners will receive a check from Texas Mutual in recognition of providing safe work environments for their employees. These exemplary safety practices contribute to the financial strength of Texas Mutual, allowing the company to pay dividends that, in turn, help drive the state's economy. This is the 20 th consecutive year the company has distributed dividends, bringing the total to $2.5 billion delivered back to Texas businesses. More than half has been paid in the last five years alone.
Texas Mutual shares its success with its customers who ensure that their workers are able do their jobs safely and return home every day. Many of these employers also work with Texas Mutual to help those who are injured on the job recover and return to a productive life.
"Rewarding employers for making safety a priority is one way Texas Mutual puts its mission of building a stronger, safer Texas into action," said Bob Barnes, chairman of Texas Mutual's board. "We've distributed over $1 billion in dividends to our policyholder owners over the last four years alone, which have supported programs to keep countless Texas workers safe on the job. We're proud to reward our policyholders, but we're even prouder to partner with them to keep Texans safe."
Texas Mutual President and CEO Rich Gergasko said the dividend distribution has the power to positively affect individual business owners and their employees.
"As we prepare to distribute $280 million in dividends this year, we are mindful of the impact it will make on more than 50,000 business owners and their employees," Gergasko said. "Many employers use dividends to help support their businesses financially, or even invest in safety programs that will keep workers safer in the future. It's a privilege to play a small part in the success of Texas businesses and their employees."
Gergasko noted that while Texas Mutual has awarded dividends each year since 1999, they are based on performance and therefore are not guaranteed. Additionally, dividends must comply with Texas Department of Insurance regulations.
About Texas Mutual Insurance Company
Austin-based Texas Mutual Insurance Company, a policyholder-owned company, is the state's leading provider of workers' compensation insurance. Texas Mutual provides coverage to 43 percent of the insured market, representing 70,000 companies, many of which are small businesses. Since 1991, the company has provided a stable, competitively priced source of workers' comp insurance for Texas employers. Helping employers prevent workplace accidents is an important part of Texas Mutual's mission. Texas Mutual holds an A.M. Best financial strength rating of 'A' and was named one of the 2017 Ward's 50 Top Performing Property-Casualty Insurers based upon on the company's financial strength.
Media contact:
Jeremiah Bentley
(512) 224-7647
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/280-million-in-dividends-to-be-distributed-to-employers-across-texas-300641232.html
SOURCE Texas Mutual Insurance Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-280-million-in-dividends-to-be-distributed-to-employers-across-texas.html |
TAIPEI (Reuters) - Taiwan has broken relations with Burkina Faso after the African nation said it had cut diplomatic ties with the self-ruled island, Taiwan Foreign Minister Joseph Wu said on Thursday.
Wu, speaking at a news briefing, expressed regret at the decision, and added that Taiwan cannot compete with China’s financial resources.
China claims Taiwan as its territory, and says the democratic island has no right to formal ties with any foreign country.
Taiwan and China have competed for influence internationally for decades, often dangling generous aid packages in front of poorer nations, though Taiwan is increasingly unable and unwilling to match Chinese aid offers.
Reporting by Jess Macy Yu; Writing by Ben Blanchard; Editing by Nick Macfie
| ashraq/financial-news-articles | https://www.reuters.com/article/us-burkina-taiwan-minister/taiwan-says-has-cut-ties-with-burkina-faso-idUSKCN1IP1TE |
May 25, 2018 / 2:22 PM / Updated 9 minutes ago Macron hopes Trump will return to Iran nuke talks Reuters Staff 1 Min Read
ST PETERSBURG, May 25 (Reuters) - President Emmanuel Macron on Friday said he hoped Donald Trump would return to Iran nuclear negotiations but that for now French companies would have to decide for themselves how to react to renewed U.S. sanctions against Tehran.
The French leader said he had a duty to keep working with the U.S. president, describing his relationship with Trump as strong even if there are also “issues on which we have differences”. (Reporting by Christian Lowe; Writing by Richard Lough) | ashraq/financial-news-articles | https://www.reuters.com/article/russia-france-macron-trump/macron-hopes-trump-will-return-to-iran-nuke-talks-idUSR4N1LA011 |
LAKEWOOD, Colo., May 8, 2018 /PRNewswire/ -- General Moly, Inc. (the "Company" or "General Moly") (NYSE AMERICAN and TSX: GMO) announced its financial results today for the first quarter ended March 31, 2018. The Company ended the quarter with an unrestricted cash balance of approximately $6.0 million and is poised to benefit as the only western-exchange listed, pure-play molybdenum ("moly") development company in the continued strengthening of the moly market.
First quarter and year-to-date highlights:
Results from a high-intensity, ground-based Induced Polarization ("IP") survey identified an apparent contiguous group of high chargeability anomalies aligned with the recently identified high-grade copper-silver mineral zone ("Cu-Ag Target"), at the Mt. Hope Project in central Nevada; analysis of the geophysical and historical drilling results is ongoing to define an initial exploration plan; The Company's 80%-owned joint venture company, which owns and operates the Mt. Hope Project, Eureka Moly, LLC ("EMLLC"); ended the quarter with a balance of $9.0 million (100% basis) in a restricted cash reserve account, and remains self-funded through 2021 based on estimated care and maintenance expenses; The moly oxide daily global spot price averaged $12.23/lb during the quarter, up 40 percent over the average of $8.76/lb in 4Q 2017, according to Platts; A revamped www.generalmoly.com website with improved functionality and broader content, including moly market information was rolled out recently, as announced in the Company's news release on April 30, 2018 .
The Company reported a net loss for the three months ending March 31, 2018 of $2.6 million ($0.02 per share), compared to a net loss of $1.9 million ($0.02 per share) for the same prior year period.
During the quarter, total cash use of $2.1 million was the result of $0.4 million spent at the Mt. Hope Project related to EMLLC owners' costs, funded by the restricted cash reserve account, and $1.7 million cash spent for general and administrative expenses, inclusive of costs incurred at the Liberty Project, funded by $1.3 million in unrestricted cash and $0.4 million drawn from a restricted account for business development activities. The Company's cash balance of $6.0 million at the end of 1Q 2018 included $0.5 million in proceeds from the issuance of shares under an At-The-Market equity program. As described in its March 13, 2018 news release on full year 2017 results, the Company anticipates its quarterly unrestricted cash burn rate to average approximately $1.3 million per quarter for the full year 2018, excluding any drill program exploring for copper, silver and zinc at the Mt. Hope Project.
The Company continues to evaluate joint business development opportunities in base metal and ferroalloys with its largest shareholder, AMER International Group ("AMER"). In 1Q 2018, the Company disbursed $0.4 million on M&A activities. This restricted cash account is designed to cover costs related to Mt. Hope Project financing and other jointly sourced business development opportunities and was funded by a portion of the AMER Tranche 1 and 2 private placements made in 2015 and 2017.
Bruce D. Hansen, Chief Executive Officer, said, "We are continuing our exploration efforts with support of Dr. Mark Osterberg, Principal Consulting Geologist, and his team at Mine Mappers, LLC, in the evaluation of the Cu-Ag Target within a 17-acre zinc mineralized area covering historical underground mining of primarily zinc at the Mt. Hope Project. We continue to be excited about the exploration potential of this skarn area of interest, immediately adjacent to the moly deposit at Mt. Hope and expect to provide an update announcement later this quarter regarding our initial exploration plan. In regards to the moly price, we saw a brief downturn where the price retraced to $11.83/lb in mid-April before increasing to the current price of $12.40/lb, trailing the same general pattern as the oil price, which is now at the $70/barrel mark. As long as there is a sustainable oil industry with robust oil drilling activity and oil and gas infrastructure investment globally, there is strong demand for specialty steels using moly."
Table 1: Financial Summary
($ and Shares in 000, Except Per Share and Molybdenum Price)
1Q 2018
1Q 2017
1Q YOY Variance
Exploration & evaluation expenses
$ 159
$ 137
16%
General and administrative expenses, including non-cash stock compensation
2,472
1,508
64%
Total Operating Expenses
2,631
1,645
60%
Interest expense
(162)
(288)
n.a.
Net Loss
$ (2,793)
$ (1,933)
44%
Net Loss Per Share
$ (0.02)
$ (0.02)
0%
Avg. Weighted Shares Outstanding
126,757
111,087
14%
Table 2: Balance Sheet Summary
($ in 000)
March 31, 2018
Dec. 31, 2017
QOY Variance
Cash and Cash Equivalents
$ 5,971
$ 6,676
-10.6%
Current Assets
6,093
6,790
-10.3%
Current Liabilities
1,072
1,102
-2.7%
Working Capital
5,021
5,688
-11.7%
Restricted cash held at EMLLC
9,028
9,911
-8.9%
Other restricted cash
1,400
1,787
-21.7%
Total Assets
333,531
335,775
-0.7%
Long term debt
1,340
1,340
0.0%
Sr. convertible notes
5,722
5,745
-0.4%
Return of contributions payable to POS-Minerals
33,641
33,641
0.0%
Other liabilities
13,517
13,529
-0.1%
Long term liabilities
54,220
54,255
-0.1%
Contingently Redeemable Non-controlling Interest
172,449
172,633
-0.1%
Total Shareholders' Equity
$ 105,790
$ 107,785
-1.9%
Water Permit & Supplemental EIS Update
The Company is preparing to submit evidence of its ability to protect senior water right holders during the future operation of the Mt. Hope moly project at a hearing, with the Nevada State Engineer, beginning September 11, 2018. The hearing is scheduled for eight days in Carson City. A decision from the State Engineer is anticipated by early 2019.
In regards to progress with the draft Supplemental Environmental Impact Statement ("SEIS") for the Mt. Hope Project, the Company and the Bureau of Land Management ("BLM") are in review of the draft in preparation of its notice of availability and publication in the Federal Register. After publication, pursuant to the National Environmental Policy Act ("NEPA"), the public will have an opportunity to review the proposed SEIS and offer comments to the BLM. Following completion of the NEPA review and comments, the Company anticipates receipt of a Record of Decision ("ROD") approving the SEIS in early 2019.
Mt. Hope Project Status
Engineering remains approximately 65% complete at the Mt. Hope Project. Currently, there is no ongoing engineering and procurement effort. The Company anticipates it will re-initiate its engineering and procurement programs once market conditions allow for full Mt. Hope Project financing.
Through March 31, 2018, EMLLC paid $88.0 million on equipment orders. Based on its current forecast, the Company does not anticipate taking delivery of the haul trucks, drills, and electric shovels in 2018 and continues to work with the respective vendors to extend these agreements until the Company obtains financing for construction of the Mt. Hope Project.
Exploration of Copper-Silver Target and Zinc Mineralization at Mt. Hope
The Company identified a potential high-grade Cu-Ag Target along with a significant zinc mineralized area at the Mt. Hope Project site based on a review of historical drill results and past exploration from the 1930s to 2008. The Company then tested the area with an IP survey in February 2018, including 2D and 3D inversions, which produced positive results reported by the Company in its news releases on March 1, 2018 and April 5, 2018 . Refer to these news releases for further information and disclosure, including the review of technical information by a Qualified Person, as defined in Canadian National Instrument 43-101.
The group of high chargeability anomalies spatially align with the Cu-Ag Target. These anomalies lie between 100 feet and 1,000-plus feet from the surface and extend northeastward for over 1,000 feet, where they appear to dip to the east.
The Company and Mine Mappers have been evaluating the historical drill logs and core as well as the IP results to develop an initial exploration plan. A full exploration program, including drilling for 2018, may be subject to additional financing.
To date the preliminary exploration work was undertaken solely by General Moly. Any mining operation to exploit economic mineralization will require the approval of its 20% joint venture partner at the Mt. Hope Project, POS-Minerals Corporation, a subsidiary of POSCO, which is a large South Korean steel company.
Increasing Molybdenum Prices
The current moly price is $12.40/lb, which is up from $10.25/lb at year end 2017 and $6.70/lb at yearend 2016, according to Platts. The moly price reached a high of $13.00/lb in early March 2018, which was a level last seen in 2014.
Approximately 70% of molybdenum's first use is for steel production as moly is a premier alloy to strengthen steel and make it corrosion resistant. Demand has been strong for moly due to increased output of steel containing moly, driven by a continued robust recovery of the oil and gas industry. Rising oil and gas prices have driven higher drilling and capital investment by the industry which creates increased specialty steel and high strength tubular steel demand.
In addition, global economic and infrastructure growth, particularly in China, India and emerging economies, remained strong through 2017 and has moderated slightly into the first quarter of 2018. The J.P. Morgan Global Manufacturing PMI moved up slightly to 53.5 in April 2018 from the six-month low of 53.3 in March 2018, marking 26 straight months of global expansion.
Further information about the moly market is described in the Company's January 18, 2018 and March 2, 2018 news releases. Please watch for periodic moly market updates from the Company.
2018 Outlook and Priorities
General Moly's ongoing priorities for 2018 are to:
Leverage the Company's technical and financial skills and expertise to work jointly with AMER and others to identify value-accretive acquisition opportunities with a focus on base metal and ferroalloy prospects. Proceed with geologic assessment and further exploration of the potential copper-silver target and zinc mineralization at the Mt. Hope Project; Continue to progress towards obtaining a ROD approving the SEIS and the issuance of water permits for the Mt. Hope Project. Prudently manage financial liquidity and flexibility to sustain the Company over the medium term, excluding potential additional equity investments from AMER or other potential strategic sources.
About General Moly
General Moly is a U.S.-based molybdenum mineral development, exploration and mining company listed on the NYSE American and the Toronto Stock Exchange under the symbol GMO. The Company's primary asset, an 80% interest in the Mt. Hope Project located in central Nevada, is considered one of the world's largest and highest grade molybdenum deposits. Combined with the Company's wholly-owned Liberty Project, a molybdenum and copper property also located in central Nevada, General Moly's goal is to become the largest pure play primary molybdenum producer in the world.
Contact:
Scott Roswell
(303) 928-8591
[email protected]
Website: www.generalmoly.com
Forward-Looking Statements
Statements herein that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and are intended to be covered by the safe harbor created by such sections. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected, or implied by the Company. These risks and uncertainties include, but are not limited to metals price and production volatility, global economic conditions, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, exploration risks and results, political, operational and project development risks, including the Company's ability to obtain a re-grant of its water permits and Record of Decision, ability to maintain required federal and state permits to continue construction, and commence production of molybdenum, copper, silver, lead or zinc, ability to identify any economic mineral reserves of copper, silver, lead or zinc; ability of the Company to obtain approval of its joint venture partner at the Mt. Hope Project in order to mine for copper, silver, lead or zinc, ability to raise required project financing or funding to pursue an exploration program related to potential copper, silver, lead or zinc deposits at Mt. Hope, ability to respond to adverse governmental regulation and judicial outcomes, and ability to maintain and /or adjust estimates related to cost of production, capital, operating and exploration expenditures. For a detailed discussion of risks and other factors that may impact these forward looking statements, please refer to the Risk Factors and other discussion contained in the Company's quarterly and annual periodic reports on Forms 10-Q and 10-K, on file with the SEC. The Company undertakes no obligation to update forward-looking statements.
View original content with multimedia: http://www.prnewswire.com/news-releases/general-moly-reports-first-quarter-results-300644237.html
SOURCE General Moly, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-general-moly-reports-first-quarter-results.html |
Monsters invade Cannes (don't worry - it's just a movie) 5:34am IST - 01:25
ROUGH CUT (NO REPORTER NARRATION) Monsters on boats and water skis invaded a beach on the French Riviera on Monday (May 7). Dancing to Michael Jackson's ''Thriller'', they were not there to wreak havoc
ROUGH CUT (NO REPORTER NARRATION) Monsters on boats and water skis invaded a beach on the French Riviera on Monday (May 7). Dancing to Michael Jackson's "Thriller", they were not there to wreak havoc //reut.rs/2KLegJE | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/08/monsters-invade-cannes?videoId=424799228 |
THE WOODLANDS, Texas, May 09, 2018 (GLOBE NEWSWIRE) -- Apergy Corporation (“Apergy”) (NYSE:APY), a leading provider of highly engineered equipment and technologies that help companies drill for and produce oil and gas safely and efficiently around the world, announced today that it has successfully completed its separation from Dover Corporation (“Dover”). As of today, Apergy is an independent public company and will begin “regular-way” trading on the New York Stock Exchange under the symbol “APY.”
“Today marks the beginning of an exciting new chapter for Apergy,” said Sivasankaran "Soma" Somasundaram, President and Chief Executive Officer. “As an independent public company with industry-leading technologies and brands, Apergy is well positioned to pursue strategies that are specific to the drilling and production sectors, and accelerate value creation for both our customers and shareholders.”
Somasundaram is joined by a leadership team with deep knowledge of the oil and gas industry, including:
Jay A. Nutt - Senior Vice President and Chief Financial Officer Paul E. Mahoney - President, Production and Automation Technologies Robert K. Galloway - President, Drilling Technologies Syed (“Ali”) Raza - Senior Vice President and Chief Digital Officer Julia Wright - Senior Vice President, General Counsel and Secretary Amy Thompson Broussard - Senior Vice President and Chief Human Resources Officer Shankar Annamalai - Senior Vice President Operations
In connection with the separation, effective at 12:01 a.m. ET today, Dover shareholders were distributed one share of Apergy common stock for every two shares of Dover common stock held as of 5:00 p.m. ET on April 30, 2018, the record date. Approximately 77.3 million shares of Apergy common stock were distributed. Dover did not issue fractional shares of Apergy's common stock in the distribution.
About Apergy
Apergy is a leading provider of highly engineered equipment and technologies that help companies drill for and produce oil and gas safely and efficiently around the world. Apergy's products provide efficient functioning throughout the lifecycle of a well - from drilling to completion to production. The company’s Production and Automation offerings consist of artificial lift equipment and solutions, including rod pumping systems, electric submersible pump systems, progressive cavity pumps and drive systems and plunger lifts, as well as a full automation offering consisting of equipment, software and Industrial Internet of Things (“IIoT”) solutions for downhole monitoring, wellsite productivity enhancement and asset integrity management. Apergy’s Drilling Technologies offering provides market leading polycrystalline diamond cutters and bearings that result in cost effective and efficient drilling. For further information about Apergy, visit http://www.Apergy.com .
Forward-Looking Statements:
This press release contains statements relating to future actions and results, which are "forward-looking statements" within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements relate to, among other things, Apergy's market position and growth opportunities. Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from current expectations, including, but not limited to, the risk that the anticipated benefits from the distribution may not be fully realized or may take longer to realize than expected; tax and regulatory matters; and changes in economic, competitive, strategic, technological, regulatory or other factors that affect the operation of Apergy's businesses. You are encouraged to refer to the documents that Apergy files from time to time with the Securities and Exchange Commission, including the "Risk Factors" section of Apergy's information statement included in its Form 10 registration statement, for a discussion of these and other risks and uncertainties. Apergy undertakes no obligation to update any forward-looking statement, except as required by applicable law.
Investor Contact:
David Skipper – [email protected] – 713-203-8031
Media Contact:
Susan Johnson – [email protected] – 346-224-0556
Source:Apergy Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-apergy-completes-separation-from-dover.html |
WASHINGTON (Reuters) - The U.S. International Trade Commission said on Thursday it had made a preliminary finding that U.S. producers were being harmed by imports of steel automotive wheels from China.
Workers pack cold rolled steel coil at a steel company in Zhangjiagang, Jiangsu province, China April 27, 2018. REUTERS/Muyu Xu/Files The decision follows an announcement last month by the U.S. Commerce Department that it had opened an investigation to determine if certain steel wheels from China are dumped in the United States and whether producers in China are receiving unfair subsidies.
The department opened the investigation based on complaints by Accuride Corp and Maxion Wheels Akron LLC. The alleged dumping margins ranged from 12.1 percent to 231.7 percent, and U.S. imports of the products from China in 2017 were estimated to total $388 million, it said.
The ITC finding that U.S. industry is harmed by the imports keeps the investigation alive.
Reporting by Eric Walsh and Makini Brice; Editing by Tim Ahmann and Jeffrey Benkoe
| ashraq/financial-news-articles | https://in.reuters.com/article/usa-china-steelwheels/u-s-trade-panel-finds-u-s-producers-hurt-by-chinese-steel-wheel-imports-idINKBN1IB28J |
Adobe to buy Magento for $1.68 billion 1 Hour Ago 01:11 01:11 | 2 Hrs Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/adobe-to-buy-magento-for-1-point-68-billion.html |
May 14 (Reuters) - Meyer Burger Technology AG:
* DIVESTS ITS SOLAR SYSTEMS BUSINESS TO PATRICK HOFER-NOSER
* BOTH PARTIES HAVE AGREED TO MAINTAIN CONFIDENTIALITY REGARDING TRANSACTION PRICE
* SALE WILL RESULT IN A LOSS IN LOW SINGLE-DIGIT MILLION RANGE INCLUDING A GOODWILL RECYCLING OF AROUND CHF 1 MILLION Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-meyer-burger-technology-divests-it/brief-meyer-burger-technology-divests-its-solar-systems-business-to-patrick-hofer-noser-idUSFWN1SL008 |
NEW YORK, Rowley Law PLLC is investigating potential claims against MTGE Investment Corp. (NASDAQ: MTGE) and its board of directors for breach of fiduciary duty concerning the proposed acquisition of the company by Annaly Capital Management Inc. Stockholders will receive $19.65 for each share of MTGE Investment Corp. stock that they hold in a mix of cash and/or Annaly Capital Management Inc. common stock. The transaction is valued at approximately $900 million and is expected to close in the third quarter of 2018.
If you are a stockholder of MTGE Investment Corp. and are interested in obtaining additional information regarding this investigation, please visit us at: http://www.rowleylawpllc.com/investigation/mtge . You may also contact Shane Rowley, Esq. at Rowley Law PLLC, 50 Main Street Suite 1000, White Plains, NY 10606, by email at [email protected] , or by telephone at 914-400-1920 or 844-400-4643 (toll-free).
Rowley Law PLLC represents shareholders nationwide in class actions and derivative lawsuits in complex corporate litigation. For more information about the firm and its attorneys, please visit http://www.rowleylawpllc.com .
Attorney Advertising. Prior results do not guarantee a similar outcome.
View original content: http://www.prnewswire.com/news-releases/alert-rowley-law-pllc-is-investigating-proposed-acquisition-of-mtge-investment-corp-300641753.html
SOURCE Rowley Law PLLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-alert-rowley-law-pllc-is-investigating-proposed-acquisition-of-mtge-investment-corp.html |
May 21 (Reuters) - Monro Inc:
* MONRO, INC. ACQUIRES FREE SERVICE TIRE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-monro-inc-acquires-free-service-ti/brief-monro-inc-acquires-free-service-tire-idUSASC0A2ZS |
May 9, 2018 / 7:33 PM / in 9 minutes CORRECTED-N. American gold ETF inflows at highest since September 2017 -WGC Reuters Staff 1 Min Read
(Corrects headline and first paragraph September 2017, not February 2017)
NEW YORK, May 9 (Reuters) - North American gold-backed exchange traded funds saw inflows in April at the highest since September 2017, as a U.S.-China trade war stand-off, tensions over Syria and worries over possible U.S. sanctions on Russia ushered in safe-haven purchases.
This happened amid a strong U.S. dollar and expectations for the U.S. Federal Reserve to increase interest rates, which makes dollar-priced gold a less attractive investment since it does not draw interest.
North American gold-backed ETFs rose 43.7 tonnes worth $1.9 billion in April, a 3.4 percent increase from the month prior, the World Gold Council said on Wednesday.
European gold-backed ETF holdings increased by 27.1 tonnes worth $1.2 billion during the same period, after two consecutive months of outflows.
View April 2018 gold-backed ETF flows: tmsnrt.rs/2jM8ewa Reporting by Renita D. Young Editing by Alistair Bell | ashraq/financial-news-articles | https://www.reuters.com/article/gold-etfs/n-american-gold-etf-inflows-at-highest-since-february-2017-wgc-idUSL1N1SG1WS |
May 4, 2018 / 4:47 AM / Updated 19 minutes ago Hawaii's Kilauea Volcano erupts, forcing evacuations Reuters Staff 3 Min Read
(Reuters) - The Kilauea Volcano on Hawaii’s Big Island came to life on Thursday, belching ash into the sky and spewing fountains of lava in a residential area where people were ordered to leave their homes, officials said.
The eruption occurred after a series of earthquakes on the island over the last couple of days, including a 5.0 tremor at about 10:30 a.m., the U.S. Geological Survey reported on its website.
Residents in the Puna community of Leilani Estates, home to about 1,700 people, were ordered to evacuate after public works officials reported steam and lava emissions from a crack at about 4:30 p.m. local time, according to media and the county’s Civil Defense Agency.
Resident Ikaika Marzo told Hawaii News Now that he saw “fountains” of lava as high as 125 feet (38 m). Other residents also told the news network that they smelled burning brush and heard tree branches snapping.
Footage from a drone aired on the Hawaii News Now website showed lava incinerating trees as it crept near structures.
Two emergency shelters were opened to take in evacuees, the Civil Defense Agency said.
Governor David Ige tweeted that he had activated the Hawaii National Guard to provide help in the emergency response. An ash cloud rises above Kilauea Volcano after it erupted, on Hawaii's Big Island May 3, 2018, in this photo obtained from social media. MANDATORY CREDIT. Janice Wei/via REUTERS
“Please be alert and prepare now to keep your family safe,” he said on Twitter to residents living near the volcano.
A plume of red ash rose from the volcano’s Pu’u ‘O’o vent high into the sky over the island, according to photos on social media.
The Puna Geothermal plant was shutting down, according to local media, while Hawaii Electric Light said crews were disconnecting power in the areas impacted by the active lava flow.
The Kilauea Volcano has been erupting nearly continuously for more than three decades. Lava flows from the volcano, one of five on the island, have covered 48 square miles (125 sq km), according to the U.S. Geological Survey.
The leading edge of the lava can reach temperatures of about 2,100 Fahrenheit (1,150 Celsius). Slideshow (5 Images)
Local officials closed volcano viewing areas while a portion of the Hawaii Volcanoes National Park was also closed. Reporting by Brendan O'Brien in Milwaukee; Editing by Kevin Liffey | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-hawaii-volcano/hawaiis-kilauea-volcano-erupts-forcing-evacuations-idUKKBN1I50AC |
By Sarah Gray Updated: May 23, 2018 6:29 PM ET
The ACLU along with around three dozen other organizations are calling for Amazon to stop selling facial recognition technology — called Rekognition — to police departments.
In a letter made public by the ACLU on Tuesday , the civil liberties organizations “demand that Amazon stop powering a government surveillance infrastructure that poses a grave threat to customers and communities across the country.”
The image detection and recognition technology, introduced in 2016 , is one of many offerings from Amazon Web Services (AWS). Rekognition can recognize faces, scenes, and objects.
“Given an image, it will return a list of labels,” Jeff Barr, Amazon’s chief evangelist for AWS, said in 2016 . “Given an image with one or more faces, it will return bounding boxes for each face, along with attributes.”
And under its uses, Barr gives examples ranging from helping categorize an online photo collection, to security — visual surveillance, employee face/badge comparisons, etc. Surveillance by police departments is what worries civil liberties organizations.
“People should be free to walk down the street without being watched by the government,” the ACLU and the other groups said in their letter. “Facial recognition in American communities threatens this freedom.
They continued: “In overpoliced communities of color, it could effectively eliminate it. The federal government could use this facial recognition technology to continuously track immigrants as they embark on new lives. Local police could use it to identify political protesters captured by officer body cameras. With Rekognition, Amazon delivers these dangerous surveillance powers directly to the government.”
According to the New York Times , Amazon is pitching the technology to police departments. Adopters include the Orlando Police Department in Florida and the Washington County Sheriff’s Office in Oregon.
The ACLU obtained documents from these two police departments that reveal how Amazon markets the technology, and how police departments use it.
The Washington County Sheriff’s Office pays $6 to $12 monthly to Amazon for the technology, and it has been using it for over a year, according to CNN . The sheriff’s office uploaded 300,000 images from its booking photo database into Rekognition, and it uses those to look for the identity of unknown suspects or victims. Public information officer Deputy Jeff Talbot said that a match on the system is not probable cause.
“The Sheriff’s Office does not use the technology for mass and/or real time surveillance,” Talbot told CNN. “In fact, state law and our policy prohibits it for such use.”
In Orlando, the system is being used along with “existing City resources to provide real-time detection and notification of persons-of-interests, further increasing public safety, and operational efficiency opportunities for the City of Orlando and other cities across the nation,” Orlando Police Chief John Mina said on Amazon Rekonition’s website .
“The purpose of a pilot program such as this, is to address any concerns that arise as the new technology is tested,” a spokesperson for the Orlando police told CNN. “Any use of the system will be in accordance with current and applicable law.”
Amazon told Fortune in a statement that the company “requires that customers comply with the law and be responsible when they use [Amazon Web Services].” It Amazon said that media companies used the technology during last weekend’s royal wedding to identify attendees.
“Our quality of life would be much worse today if we outlawed new technology because some people could choose to abuse the technology,” Amazon said.
Still, many groups are still worried about government abusing the technology.
“Amazon must act swiftly to stand up for civil rights and civil liberties, including those of its own customers, and take Rekognition off the table for governments,” the letter concludes.
Update: This article was updated from the original with a comment from Amazon. | ashraq/financial-news-articles | http://fortune.com/2018/05/23/critics-ask-amazon-to-stop-selling-facial-recognition-technology-to-police/ |
May 18 (Reuters) - The Dow Chemical Company:
* DOW EXECUTIVE VICE PRESIDENT AND GENERAL COUNSEL CHARLES J. KALIL TO RETIRE; AMY WILSON NAMED DOW GENERAL COUNSEL-ELECT FOR DOW AND GENERAL COUNSEL-ELECT MATERIALS SCIENCE DIVISION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-the-dow-chemical-company-says-gene/brief-the-dow-chemical-company-says-general-counsel-charles-kalil-to-retire-idUSASC0A2Y3 |
OAKS, Pa., May 30, 2018 /PRNewswire/ -- The Board of Directors of SEI Investments Company (NASDAQ: SEIC) today declared a regular semi-annual dividend of $0.30 (thirty cents) per share. The cash dividend will be payable to shareholders of record on June 14, 2018, with a payment date of June 22, 2018.
The board also announced an increase in its stock repurchase program by an additional $200 million, increasing the available authorization under the program to approximately $223 million. Since the beginning of calendar year 2018, the Company repurchased approximately 2.15 million shares at a cost of approximately $147.6 million.
About SEI
Now in its 50th year of business, SEI (NASDAQ:SEIC) is a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of March 31, 2018, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers $869 billion in hedge, private equity, mutual fund and pooled or separately managed assets, including $335 billion in assets under management and $530 billion in client assets under administration. For more information, visit seic.com .
Investor Contact :
Lindsey Opsahl
SEI
+1 610-676-4052
[email protected]
View original content: http://www.prnewswire.com/news-releases/sei-declares-dividend-of-30-per-share-and-announces-increase-in-stock-repurchase-program-300656657.html
SOURCE SEI Investments Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-sei-declares-dividend-of-point-30-per-share-and-announces-increase-in-stock-repurchase-program.html |
May 23 (Reuters) - Allegiant Travel Co:
* WELCOMED ITS FIRST U.S.-PRODUCED A320 AIRCRAFT FROM AIRBUS U.S. MANUFACTURING FACILITY IN MOBILE, ALABAMA Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-allegiant-welcomed-its-first-us-pr/brief-allegiant-welcomed-its-first-u-s-produced-a320-aircraft-idUSFWN1SU0BJ |
Market News May 4, 2018 / 11:11 AM / Updated 5 minutes ago BRIEF-Conagra Says Co, Jana Partners Mutually Agreed To Terminate Disclosed Amended, Restated Cooperation Agreement Dated May 27, 2016 Reuters Staff 1 Min Read
May 4 (Reuters) - Conagra Brands Inc:
* CONAGRA BRANDS - ON MAY 2, CO & JANA PARTNERS MUTUALLY AGREED TO TERMINATE DISCLOSED AMENDED AND RESTATED COOPERATION AGREEMENT DATED MAY 27, 2016 Source text : [ bit.ly/2Kvxanz ] | ashraq/financial-news-articles | https://www.reuters.com/article/brief-conagra-says-co-jana-partners-mutu/brief-conagra-says-co-jana-partners-mutually-agreed-to-terminate-disclosed-amended-restated-cooperation-agreement-dated-may-27-2016-idUSFWN1SB0PF |
May 12, 2018 / 9:32 PM / Updated 12 hours ago Tennis - Kvitova prevails to claim record third Madrid title Reuters Staff 3 Min Read
MADRID (Reuters) - Petra Kvitova outlasted the unseeded Kiki Bertens to win a thrilling Madrid Open final on Saturday 7-6(8-6) 4-6 6-3 and become the first player to lift the trophy for a third time. Tennis - WTA Mandatory - Madrid Open - Madrid, Spain - May 12, 2018 Czech Republic's Petra Kvitova celebrates with the trophy after winning the final against Netherlands' Kiki Bertens REUTERS/Paul Hanna
Czech Kvitova, ranked 10th in the world, struck the first blow in a tense match which lasted two hours 52 minutes by edging the tie-break at the end of a gruelling 75-minute first set, taking advantage of a third set point when Bertens found the net.
The Dutchwoman had beaten Caroline Wozniacki and Maria Sharapova in a sparkling week in the Spanish capital to reach her first premier mandatory final and recovered well from surrendering the first set to take the second.
She led by a break in the third but let her advantage slip and Kvitova broke twice in a row to take a 4-2 lead in the decider.
Bertens broke back to make it 4-3 but lost her next service game and Kvitova served out the final game to love, sealing victory when Bertens hit the tramlines with a backhand. Tennis - WTA Mandatory - Madrid Open - Madrid, Spain - May 12, 2018 Netherlands' Kiki Bertens in action during the final against Czech Republic's Petra Kvitova REUTERS/Paul Hanna
In doing so, she took her landmark third title, surpassing the two each won by Serena Williams and Simona Halep in Madrid, which established a women’s section in 2009.
“Everything what I had in my body, I just tried to put it out, even if it was very, very tough today,” Kvitova said.
“She played great tennis. It was a big fight. We both should be very proud of this beautiful final we played today.” Slideshow (5 Images)
Bertens paid tribute to her opponent and agreed with Kvitova that the final had been a thrilling spectacle.
“It was a great final. I had some chances in the beginning of the third, but didn’t take it. Petra was playing some unbelievable shots there. So, yeah, credit to her today,” she said.
Twice-Wimbledon winner Kvitova was forced out of action for more than five months last year after her racket hand was stabbed by a burglar who broke into her apartment in December 2016.
But she has returned with a vengeance, winning the St Petersburg Ladies Trophy, the Qatar Total Open and the Prague Open this year before making history in Madrid.
“It feels sweet and weird as well,” added Kvitova.
“I didn’t really expect that, even the same time last year. Even coming from Prague last week, I didn’t think I could be in the final, winning another trophy. My body is exhausted, so I’m pretty surprised.
“Every title feels great. Winning three times here in Madrid, it means something.” Reporting by Richard Martin,; Editing by Neville Dalton/Gene Cherry | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-madrid-women/tennis-kvitova-lasts-the-pace-to-claim-record-third-madrid-title-idUKKCN1ID0V4 |
KINGSEY FALLS, QC, May 10, 2018 /PRNewswire/ - Cascades Inc. (TSX: CAS) reports its unaudited financial results for the three-month period
Q1 2018 Highlights
Sales of $1,098 million
(compared to $1,082 million in Q4 2017 (+1%) and $1,006 million in Q1 2017 (+9%)) As reported (including specific items) Operating income of $112 million
(compared to $45 million in Q4 2017 (+149%) and $31 million in Q1 2017 (+261%)) Operating income before depreciation and amortization (OIBD) 1 of $167 million
(compared to $104 million in Q4 2017 (+61%) and $78 million in Q1 2017 (+114%)) Net earnings per common share of $0.65
(compared to net earnings of $0.60 in Q4 2017 and net earnings of $1.70 in Q1 2017) Adjusted (excluding specific items) 2 Operating income of $50 million
(compared to $46 million in Q4 2017 (+9%) and $28 million in Q1 2017 (+79%)) OIBD 1 of $105 million
(compared to $105 million in Q4 2017 (stable) and $75 million in Q1 2017 (+40%)) Net earnings per common share of $0.13
(compared to net earnings of $0.14 in Q4 2017 and net earnings of $0.13 in Q1 2017) Net debt 2 of $1,534 million as at March 31, 2018 (compared to $1,522 million as at December 31, 2017) and net debt to adjusted OIBD ratio 2,3 at 3.6x.
1
OIBD = Operating income before depreciation and amortization.
2
For further details, please refer to the "Supplemental Information on non-IFRS Measures" section.
3
Pro-forma basis to include 2017 and 2018 business combinations on a LTM basis.
Mr. Mario Plourde, President and Chief Executive Officer, commented: "Our consolidated first quarter performance improved both year-over-year and sequentially in terms of sales levels, shipments and operating income. Changes in raw material prices were positive on a consolidated basis both sequentially and year-over-year, while higher transportation costs negatively impacted profitability in our North American operations.
Year-over-year, first quarter results were supported by a strong performance from our European boxboard subsidiary Reno de Medici, driven by strong market conditions, selling price improvement and lower raw material costs. The containerboard packaging division similarly generated stronger results, reflecting the April 2017 consolidation of the Greenpac Mill, strong industry fundamentals and higher average realized selling prices. As disclosed in early March, first quarter production levels in this segment were impacted by unplanned downtime at several mills at the beginning of the year, which resulted in a production shortfall of 15,000 short tons during the period. These production and mechanical issues were resolved before the end of the quarter. Results in the specialty products segment were below last year due to the lower recycled material prices, most notably OCC, which reduced sales in the recovery sub-segment. Finally, the tissue papers division increased shipments by 7% year-over-year within the ongoing context of challenging market conditions and market related downtime taken at the beginning of the year. Results in this segment, however, were impacted by lower average selling prices driven by increased competitiveness in several markets, higher raw material prices, and negative operating margin related to the Oregon converting facility that was started in the second quarter of 2017.
On a sequential basis, consolidated first quarter results reflected improvements in capacity utilization, sales, and operating income. This was largely driven by a strong performance from the European boxboard division and was supported by a slight progress in tissue. Although production levels in containerboard reflected seasonally softer volumes and the downtime as described above, this division generated improvements in operating income and adjusted OIBD, reflecting higher realized average selling prices and lower raw material costs. Conversely, results from the specialty products segment decreased, due primarily to the impact of lower recycled paper pricing on the performance of its recovery activities.
On the strategic front, the construction of our new containerboard converting facility in NJ progressed on time and on budget, with start-up scheduled for the end of May. The containerboard division finalized the sale of the NY converting facility for US$72 million in January, and the acquisition of the 66.67% interest in the Italian boxboard processing company PAC Service S.p.A, was concluded by the European boxboard division at the beginning of the year. At the end of the first quarter, the leverage ratio stood at 3.6x 1 , unchanged from the end of 2017."
1
Pro-forma basis to include 2017 and 2018 business combinations on a LTM basis.
Financial Summary
Selected consolidated information
(in millions of Canadian dollars, except amounts per common share) (unaudited)
Q1 2018
Q4 2017
Q1 2017
Sales
1,098
1,082
1,006
As Reported
Operating income before depreciation and amortization (OIBD) 1
167
104
78
Operating income
112
45
31
Net earnings
61
57
161
per common share
$
0.65
$
0.60
$
1.70
Adjusted 1
Operating income before depreciation and amortization (OIBD)
105
105
75
Operating income
50
46
28
Net earnings
12
13
12
per common share
$
0.13
$
0.14
$
0.13
Margin (OIBD)
9.6
%
9.7
%
7.5
%
1 - Refer to the "Supplemental Information on Non-IFRS Measures" section.
Segmented Operating Income (loss) as reported
(in millions of Canadian dollars) (unaudited)
Q1 2018
Q4 2017
Q1 2017
Packaging Products
Containerboard
121
51
33
Boxboard Europe
19
11
5
Specialty Products
2
9
13
Tissue Papers
(2)
(6)
8
Corporate Activities
(28)
(20)
(28)
Operating income as reported
112
45
31
Segmented adjusted OIBD 1
(in millions of Canadian dollars) (unaudited)
Q1 2018
Q4 2017
Q1 2017
Packaging Products
Containerboard
77
74
45
Boxboard Europe
28
19
14
Specialty Products
7
14
18
Tissue Papers
13
12
23
Corporate Activities
(20)
(14)
(25)
Adjusted OIBD
105
105
75
1 - Refer to the "Supplemental Information on Non-IFRS Measures" section.
Analysis of results for the three-month period ended March 31, 2018 (compared to the same period last year)
Sales of $1,098 million increased by $92 million or 9% compared to the same period last year. This was driven by a 22% increase in the containerboard division, reflecting the Greenpac consolidation and higher average realized sales prices during the period, and a 17% sales increase in the European boxboard segment following implemented price increases and the January 2018 acquisition of PAC Service. These benefits were partially offset by lower sales in recovery activities attributable to the significant year-over-year decrease in raw material prices. Sales generated by the tissue segment were essentially unchanged compared to prior year levels, as the beneficial impact of higher volumes was offset by a less favourable product mix and weaker Canadian dollar - US dollar exchange rate.
First quarter operating income stood at $112 million, a notable improvement from the $31 million generated last year. This increase was largely driven by improvements in the containerboard segment, where results benefited from the consolidation of Greenpac, a higher average selling price and lower raw material costs. First quarter performance similarly reflected a higher contribution from the European boxboard segment, driven by strong industry fundamentals and lower raw material costs. Partially offsetting these benefits was a lower contribution from the specialty products division attributable to the impact of lower raw material prices on the performance of the recovery sub-segment, and a weaker tissue performance reflecting the more challenging marketplace and rising virgin pulp price. Higher amortization and depreciation expense as a result of business combinations and the Scappoose facility start-up also negatively impacted operating income compared to the prior year period. On an adjusted basis 1 , first quarter operating income stood at $50 million, versus $28 million in the prior year.
The specific items, before income taxes, that impacted our first quarter 2018 operating income and/or net earnings were:
a $4 million unrealized loss on financial instruments (operating income and net earnings). a $66 million gain related to the sale of the Maspeth, NY containerboard converting facility (operating income and net earnings). a $5 million gain on fair-value revaluation of investment related to the European boxboard acquisition of PAC Service (net earnings). a $1 million foreign exchange gain on long-term debt and financial instruments (net earnings).
The Corporation generated net earnings of $61 million, or $0.65 per common share in the first quarter of 2018, versus net earnings of $161 million, or $1.70 per common share in the comparable period of 2017. On an adjusted basis 1 , net earnings were $12 million, or $0.13 per common share, during the first three months of 2018, compared to net earnings of $12 million or $0.13 per common share in the same period of 2017.
1
For further details, please refer to the "Supplemental Information on non-IFRS Measures" section.
Near-Term and Strategic Outlook
Discussing the outlook for Cascades, Mr. Plourde commented: "Our near term outlook is positive. The second quarter is seasonally favourable for all of our business segments, and we would expect sales levels to reflect as much. In the case of our containerboard segment, strong industry demand, lower raw material costs, and the gradual implementation of the announced price increases should provide significant support for performance in the coming months. Conversely, we expect profitability levels in our tissue paper division to remain under pressure as a result of the heightened competitive marketplace and rising raw material costs. While external factors remain challenging in this segment, we remain focused on managing inventory, growing sales levels in our targeted markets, incorporating lower cost materials in our production processes when possible, and increasing sales levels in our Oregon tissue converting facility where we continue to make positive and measurable progress. In Europe, underlying industry fundamentals suggest continued strength, raw material prices continue to be favourable, and both order backlog and order intake levels remain healthy. Operationally, we will concentrate on managing raw material costs and countering the trend of increasing transportation costs through optimization of our transport strategies.
Looking to the remainder of 2018, we are focused internally on the optimization of our new business platform, and monetizing the efficiency, productivity and cost-saving initiatives that have been implemented through the centralization of our administrative processes. At the corporate level, attention will be centered on the smooth and successful execution of the company's planned 2018 investment program focused on improving our tissue platform, reinforcing our operational efficiency and productivity with a view to enhancing profitability and maximizing cash flow generation, and maintaining our strategic capital allocation commitment to reduce leverage."
Dividend on common shares and normal course issuer bid
The Board of Directors of Cascades declared a quarterly dividend of $0.04 per common share to be paid on June 6, 2018, to shareholders of record at the close of business on May 23, 2018. This dividend is an "eligible dividend" as per the Income Tax Act (R.C.S. (1985), Canada). During the first quarter of 2018, Cascades purchased 435,580 common shares for cancellation at a weighted average price of $14.20.
2018 First Quarter Results Conference Call Details
Management will discuss the 2018 first quarter financial results during a conference call today at 8:30 a.m. EDT. The call can be accessed by dialing 1-888-231-8191 (international dial-in 1-647-427-7450). The conference call, including the investor presentation, will be broadcast live on the Cascades website ( www.cascades.com under the "Investors" section). A replay of the call will be available on the Cascades website and may also be accessed by phone until June 10, 2018 by dialing 1-855-859-2056, access code 6789174.
Founded in 1964, Cascades produces, converts and markets packaging and tissue products that are composed mainly of recycled fibres. The Corporation employs 11,000 employees, who work in more than 90 units located in North America and Europe. With its management philosophy, half a century of experience in recycling, and continuous efforts in research and development as driving forces, Cascades continues to serve its clients with innovative products. Cascades' shares trade on the Toronto Stock Exchange, under the ticker symbol CAS. Certain statements in this release, including statements regarding future results and performance, are forward-looking statements (as such term is defined under the 1995) based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, decreases in demand for the Corporation's products, increases in raw material costs, fluctuations in selling prices and adverse changes in general market and industry conditions and other factors listed in the Corporation's Securities and Exchange Commission filings.
CONSOLIDATED BALANCE SHEETS
(in millions of Canadian dollars) (unaudited)
March 31,
2018
December 31,
2017
Assets
Current assets
Cash and cash equivalents (including $25 million of restricted cash in 2018)
137
89
Accounts receivable
633
608
Current income tax assets
16
18
Inventories
555
523
Current portion of financial assets
10
9
Assets held for sale
—
13
1,351
1,260
Long-term assets
Investments in associates and joint ventures
77
78
Property, plant and equipment
2,183
2,104
Intangible assets with finite useful life
209
212
Financial assets
24
23
Other assets
59
73
Deferred income tax assets
153
149
Goodwill and other intangible assets with indefinite useful life
542
528
4,598
4,427
Liabilities and Equity
Current liabilities
Bank loans and advances
23
35
Trade and other payables
671
683
Current income tax liabilities
11
6
Current portion of long-term debt
66
59
Current portion of provisions for contingencies and charges
9
7
Current portion of financial liabilities and other liabilities
94
101
874
891
Long-term liabilities
Long-term debt
1,582
1,517
Provisions for contingencies and charges
34
36
Financial liabilities
36
18
Other liabilities
180
178
Deferred income tax liabilities
207
186
2,913
2,826
Equity attributable to Shareholders
Capital stock
491
492
Contributed surplus
16
16
Retained earnings
1,035
982
Accumulated other comprehensive loss
(20)
(35)
1,522
1,455
Non-controlling interests
163
146
Total equity
1,685
1,601
4,598
4,427
CONSOLIDATED STATEMENTS OF EARNINGS
For the 3-month periods ended March 31,
(in millions of Canadian dollars, except per common share amounts and number of common shares) (unaudited)
2018
2017
Sales
1,098
1,006
Cost of sales and expenses
Cost of sales (including depreciation and amortization of $55 million (2017 — $47 million))
946
880
Selling and administrative expenses
103
96
Gain on acquisitions, disposals and others
(66)
—
Impairment charges and restructuring costs
—
1
Foreign exchange loss (gain)
(1)
1
Loss (gain) on derivative financial instruments
4
(3)
986
975
Operating income
112
31
Financing expense
22
21
Interest expense on employee future benefits
1
1
Foreign exchange gain on long-term debt and financial instruments
(1)
(8)
Fair value revaluation gain on investments
(5)
(145)
Share of results of associates and joint ventures
(1)
(28)
Earnings before income taxes
96
190
Provision for income taxes
24
27
Net earnings including non-controlling interests for the period
72
163
Net earnings attributable to non-controlling interests
11
2
Net earnings attributable to Shareholders for the period
61
161
Net earnings per common share
Basic
$
0.65
$
1.70
Diluted
$
0.63
$
1.66
Weighted average basic number of common shares outstanding
95,013,041
94,554,104
Weighted average number of diluted common shares
97,801,090
97,237,972
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the 3-month periods ended March 31,
(in millions of Canadian dollars) (unaudited)
2018
2017
Net earnings including non-controlling interests for the period
72
163
Other comprehensive income
Items that may be reclassified subsequently to earnings
Translation adjustments
Change in foreign currency translation of foreign subsidiaries
40
(6)
Change in foreign currency translation related to net investment hedging activities
(23)
6
Cash flow hedges
Change in fair value of foreign exchange forward contracts
(1)
—
Change in fair value of commodity derivative financial instruments
1
(1)
Equity investment
—
12
Share of other comprehensive income of associates
—
17
Provision for (recovery of) income taxes
3
(9)
20
19
Items that are reclassified to retained earnings
Actuarial gain on employee future benefits
1
2
Recovery of income taxes
—
(1)
1
1
Other comprehensive income
21
20
Comprehensive income including non-controlling interests for the period
93
183
Comprehensive income attributable to non-controlling interests for the period
18
2
Comprehensive income attributable to Shareholders for the period
75
181
CONSOLIDATED STATEMENTS OF EQUITY
For the 3-month period ended March 31, 2018
(in millions of Canadian dollars) (unaudited)
CAPITAL
STOCK
CONTRIBUTED
SURPLUS
RETAINED
EARNINGS
ACCUMULATED
OTHER
COMPREHENSIVE
LOSS
TOTAL EQUITY
ATTRIBUTABLE TO
SHAREHOLDERS
NON-
CONTROLLING
INTERESTS
TOTAL
EQUITY
Balance - Beginning of period
492
16
982
(35)
1,455
146
1,601
New IFRS adoption
—
—
(2)
2
—
—
—
Restated Balance - Beginning of period
492
16
980
(33)
1,455
146
1,601
Comprehensive income
Net earnings
—
—
61
—
61
11
72
Other comprehensive income
—
—
1
13
14
7
21
—
—
62
13
75
18
93
Dividends
—
—
(4)
—
(4)
—
(4)
Issuance of common share upon exercise of stock options
2
—
—
—
2
—
2
Redemption of common shares
(3)
—
(3)
—
(6)
—
(6)
Capital contribution from a non-controlling interest
—
—
—
—
—
1
1
Dividends paid to non-controlling interests
—
—
—
—
—
(2)
(2)
Balance - End of period
491
16
1,035
(20)
1,522
163
1,685
For the 3-month period ended March 31, 2017
(in millions of Canadian dollars) (unaudited)
CAPITAL
STOCK
CONTRIBUTED
SURPLUS
RETAINED
EARNINGS
ACCUMULATED
OTHER
COMPREHENSIVE
LOSS
TOTAL EQUITY
ATTRIBUTABLE TO
SHAREHOLDERS
NON-
CONTROLLING INTERESTS
TOTAL
EQUITY
Balance - Beginning of period
487
16
512
(31)
984
90
1,074
Comprehensive income
Net earnings
—
—
161
—
161
2
163
Other comprehensive income
—
—
1
19
20
—
20
—
—
162
19
181
2
183
Dividends
—
—
(4)
—
(4)
—
(4)
Issuance of common share upon exercise of stock options
1
—
—
—
1
—
1
Balance - End of period
488
16
670
(12)
1,162
92
1,254
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the 3-month periods ended March 31,
(in millions of Canadian dollars) (unaudited)
2018
2017
Operating activities
Net earnings attributable to Shareholders for the period
61
161
Adjustments for:
Financing expense and interest expense on employee future benefits
23
22
Depreciation and amortization
55
47
Gain on acquisitions, disposals and others
(66)
—
Unrealized loss (gain) on derivative financial instruments
4
(4)
Foreign exchange gain on long-term debt and financial instruments
(1)
(8)
Provision for income taxes
24
27
Fair value revaluation gain on investments
(5)
(145)
Share of results of associates and joint ventures
(1)
(28)
Net earnings attributable to non-controlling interests
11
2
Net financing expense paid
(37)
(38)
Net income taxes received (paid)
3
(5)
Dividends received
—
2
Employee future benefits and others
(2)
—
69
33
Changes in non-cash working capital components
(31)
(39)
38
(6)
Investing activities
Investments in associates and joint ventures
(2)
(16)
Payments for property, plant and equipment
(83)
(61)
Proceeds from disposals of property, plant and equipment
81
3
Change in intangible and other assets
(4)
(5)
Net cash acquired in business combinations
3
—
(5)
(79)
Financing activities
Bank loans and advances
(13)
(3)
Change in revolving credit facilities
36
103
Increase in other long-term debt
8
6
Payments of other long-term debt
(9)
(5)
Settlement of derivative financial instruments
(1)
(7)
Issuance of common shares
2
1
Redemption of common shares
(6)
—
Dividends paid to non-controlling interests
(2)
—
Capital contribution from non-controlling interests
1
—
Dividends paid to the Corporation's Shareholders
(4)
(4)
12
91
Change in cash and cash equivalents during the period
45
6
Currency translation on cash and cash equivalents
3
—
Cash and cash equivalents - Beginning of period
89
62
Cash and cash equivalents - End of period
137
68
SEGMENTED INFORMATION
The Corporation analyzes the performance of its operating segments based on their operating income before depreciation and amortization, which is not a measure of performance under International Financial Reporting Standards (IFRS); however, the chief operating decision-maker (CODM) uses this performance measure to assess the operating performance of each reportable segment. Earnings for each segment are prepared on the same basis as those of the Corporation. Intersegment operations are recorded on the same basis as sales to third parties, which are at fair market value. The accounting policies of the reportable segments are the same as the Corporation's accounting policies described in its most recent audited consolidated financial statements for the year ended December 31, 2017.
The Corporation's operating segments are reported in a manner consistent with the internal reporting provided to the CODM. The Chief Executive Officer has authority for resource allocation and management of the Corporation's performance, and is therefore the CODM.
The Corporation's operations are managed in four segments: Containerboard, Boxboard Europe, Specialty Products (which constitutes the Corporation's Packaging Products) and Tissue Papers.
SALES
For the 3-month periods ended March 31,
(in millions of Canadian dollars) (unaudited)
2018
2017
Packaging Products
Containerboard
421
346
Boxboard Europe
246
211
Specialty Products
159
173
Intersegment sales
(24)
(22)
802
708
Tissue Papers
305
306
Intersegment sales and Corporate Activities
(9)
(8)
1,098
1,006
OPERATING INCOME (LOSS) BEFORE DEPRECIATION
AND AMORTIZATION
For the 3-month periods ended March 31,
(in millions of Canadian dollars) (unaudited)
2018
2017
Packaging Products
Containerboard
141
45
Boxboard Europe
28
13
Specialty Products
7
18
176
76
Tissue Papers
13
23
Corporate
(22)
(21)
Operating income before depreciation and amortization
167
78
Depreciation and amortization
(55)
(47)
Financing expense and interest expense on employee future benefits
(23)
(22)
Foreign exchange gain on long-term debt and financial instruments
1
8
Fair value revaluation gain on investments
5
145
Share of results of associates and joint ventures
1
28
Earnings before income taxes
96
190
PAYMENTS FOR PROPERTY, PLANT AND EQUIPMENT
For the 3-month periods ended March 31,
(in millions of Canadian dollars) (unaudited)
2018
2017
Packaging Products
Containerboard
59
6
Boxboard Europe
3
8
Specialty Products
6
3
68
17
Tissue Papers
9
27
Corporate
3
3
Total acquisitions
80
47
Proceeds from disposals of property, plant and equipment
(81)
(3)
Capital lease acquisitions
(3)
(3)
(4)
41
Acquisitions for property, plant and equipment included in "Trade and other payables"
Beginning of period
28
25
End of period
(22)
(8)
Payments for property, plant and equipment net of proceeds from disposals
2
58
SUPPLEMENTAL INFORMATION ON NON-IFRS MEASURES
SPECIFIC ITEMS
The Corporation incurs some specific items that adversely or positively affect its operating results. We believe it is useful for readers to be aware of these items, as they provide additional information to measure performance, compare the Corporation's results between periods and assess operating results and liquidity, notwithstanding these specific items. Management believes these specific items are not necessarily reflective of the Corporation's underlying business operations in measuring and comparing its performance and analyzing future trends. Our definition of specific items may differ from those of other corporations, and some of them may arise in the future and may reduce the Corporation's available cash.
They include, but are not limited to, charges for (reversals of) impairment of assets, restructuring gains or costs, loss on refinancing and repurchase of long-term debt, some deferred tax asset provisions or reversals, premiums paid on long-term debt refinancing, gains or losses on the acquisition or sale of a business unit, gains or losses on the share of results of associates and joint ventures, unrealized gains or losses on derivative financial instruments that do not qualify for hedge accounting, unrealized gains or losses on interest rate swaps, foreign exchange gains or losses on long-term debt, specific items of discontinued operations and other significant items of an unusual, non-cash or non-recurring nature.
RECONCILIATION OF NON-IFRS MEASURES
To provide more information for evaluating the Corporation's performance, the financial information included in this analysis contains certain data that are not performance measures under IFRS ("non-IFRS measures"), which are also calculated on an adjusted basis to exclude specific items. We believe that providing certain key performance measures and non-IFRS measures is useful to both management and investors as they provide additional information to measure the performance and financial position of the Corporation. It also increases the transparency and clarity of the financial information. The following non-IFRS measures are used in our financial disclosures:
Operating income before depreciation and amortization (OIBD): Used to assess operating performance and contribution of each segment when excluding depreciation & amortization. OIBD is widely used by investors as a measure of a corporation's ability to incur and service debt and as an evaluation metric. Adjusted OIBD: Used to assess operating performance and contribution of each segment on a comparable basis. Adjusted operating income: Used to assess operating performance of each segment on a comparable basis. Adjusted net earnings: Used to assess the Corporation's consolidated financial performance on a comparable basis. Adjusted free cash flow: Used to assess the Corporation's capacity to generate cash flows to meet financial obligation and/or discretionary items such as share repurchase, dividend increase and strategic investments. Net debt to adjusted OIBD ratio: Used to measure the Corporation's credit performance and evaluate the financial leverage. Net debt to adjusted OIBD ratio on a pro-forma basis: Used to measure the Corporation's credit performance and evaluate the financial leverage on a comparable basis including significant business acquisitions and excluding significant business disposals, if any.
Non-IFRS measures are mainly derived from the consolidated financial statements but do not have meanings prescribed by IFRS. These measures have limitations as an analytical tool, and should not be considered on their own or as a substitute for an analysis of our results as reported under IFRS. In addition, our definitions of non-IFRS measures may differ from those of other corporations. Any such modification or reformulation may be significant.
The reconciliation of operating income (loss) to OIBD, to adjusted operating income (loss) and to adjusted OIBD by business segment is as follows:
Q1 2018
(in millions of Canadian dollars)
Containerboard
Boxboard Europe
Specialty Products
Tissue Papers
Corporate Activities
Consolidated
Operating income (loss)
121
19
2
(2)
(28)
112
Depreciation and amortization
20
9
5
15
6
55
Operating income (loss) before depreciation and amortization
141
28
7
13
(22)
167
Specific items:
Gain on acquisitions, disposals and others
(66)
—
—
—
—
(66)
Unrealized loss on financial instruments
2
—
—
—
2
4
(64)
—
—
—
2
(62)
Adjusted operating income (loss) before depreciation and amortization
77
28
7
13
(20)
105
Adjusted operating income (loss)
57
19
2
(2)
(26)
50
Q4 2017
(in millions of Canadian dollars)
Containerboard
Boxboard Europe
Specialty Products
Tissue Papers
Corporate Activities
Consolidated
Operating income (loss)
51
11
9
(6)
(20)
45
Depreciation and amortization
22
8
5
18
6
59
Operating income (loss) before depreciation and amortization
73
19
14
12
(14)
104
Specific items :
Impairment reversal
—
—
—
—
(2)
(2)
Restructuring costs
—
—
—
—
1
1
Unrealized loss on derivative financial instruments
1
—
—
—
1
2
1
—
—
—
—
1
Adjusted operating income (loss) before depreciation and amortization
74
19
14
12
(14)
105
Adjusted operating income (loss)
52
11
9
(6)
(20)
46
Q1 2017
(in millions of Canadian dollars)
Containerboard
Boxboard Europe
Specialty Products
Tissue Papers
Corporate Activities
Consolidated
Operating income (loss)
33
5
13
8
(28)
31
Depreciation and amortization
12
8
5
15
7
47
Operating income (loss) before depreciation and amortization
45
13
18
23
(21)
78
Specific items:
Restructuring costs
—
1
—
—
—
1
Unrealized gain on financial instruments
—
—
—
—
(4)
(4)
—
1
—
—
(4)
(3)
Adjusted operating income (loss) before depreciation and amortization
45
14
18
23
(25)
75
Adjusted operating income (loss)
33
6
13
8
(32)
28
Net earnings, as per IFRS, is reconciled below with operating income, adjusted operating income and adjusted operating income before depreciation and amortization:
(in millions of Canadian dollars) (unaudited)
Q1 2018
Q4 2017
Q1 2017
Net earnings attributable to Shareholders for the year
61
57
161
Net earnings attributable to non-controlling interests
11
6
2
Provision for (recovery of) income taxes
24
(57)
27
Fair value revaluation gain on investments
(5)
—
(145)
Share of results of associates and joint ventures
(1)
(3)
(28)
Foreign exchange loss (gain) on long-term debt and financial instruments
(1)
4
(8)
Financing expense, interest expense on employee future benefits and loss on repurchase of long-term debt
23
38
22
Operating income
112
45
31
Specific items:
Gain on acquisitions, disposals and others
(66)
—
—
Impairment reversals
—
(2)
—
Restructuring costs
—
1
1
Unrealized loss (gain) on derivative financial instruments
4
2
(4)
(62)
1
(3)
Adjusted operating income
50
46
28
Depreciation and amortization
55
59
47
Adjusted operating income before depreciation and amortization
105
105
75
The following table reconciles net earnings and net earnings per common share, as per IFRS, with adjusted net earnings and adjusted net earnings per common share:
(in millions of Canadian dollars, except amounts per share) (unaudited)
NET EARNINGS
NET EARNINGS PER SHARE 1
Q1 2018
Q4 2017
Q1 2017
Q1 2018
Q4 2017
Q1 2017
As per IFRS
61
57
161
$
0.65
$
0.60
$
1.70
Specific items:
Gain on acquisitions, disposals and others
(66)
—
—
$
(0.51)
—
—
Impairment reversals
—
(2)
—
—
$
(0.01)
—
Restructuring costs
—
1
1
—
$
0.01
$
0.01
Unrealized loss (gain) on derivative financial instruments
4
2
(4)
$
0.03
$
0.01
$
(0.03)
Loss on repurchase of long-term debt
—
14
—
—
$
0.10
—
Unrealized gain on interest rate swaps
—
(2)
—
—
$
(0.01)
—
Foreign exchange loss (gain) on long-term debt and financial instruments
(1)
4
(8)
$
(0.01)
$
0.04
$
(0.08)
Fair value revaluation gain on investments
(5)
—
(145)
$
(0.03)
—
$
(1.33)
Share of results of associates and joint ventures
—
—
(16)
—
—
$
(0.14)
Tax effect on specific items, other tax adjustments and attributable to non-controlling interest 1
19
(61)
23
—
$
(0.60)
—
(49)
(44)
(149)
$
(0.52)
$
(0.46)
$
(1.57)
Adjusted
12
13
12
$
0.13
$
0.14
$
0.13
1
Specific amounts per common share are calculated on an after-tax basis and are net of the portion attributable to non-controlling interests. Per common share amounts in line item ''Tax effect on specific items, other tax adjustments and attributable to non-controlling interests'' only include the effect of tax adjustments.
The following table reconciles cash flow from (used for) operating activities with operating income and operating income before depreciation and amortization:
(in millions of Canadian dollars)
Q1 2018
Q4 2017
Q1 2017
Cash flow from (used for) operating activities
38
95
(6)
Changes in non-cash working capital components
31
(18)
39
Depreciation and amortization
(55)
(59)
(47)
Net income taxes paid (received)
(3)
4
5
Net financing expense paid
37
11
38
Premium paid on long-term debt repurchase
—
11
—
Gain on acquisitions, disposals and others
66
—
—
Impairment reversals and restructuring costs
—
2
—
Unrealized gain (loss) on derivative financial instruments
(4)
(2)
4
Dividend received, employee future benefits and others
2
1
(2)
Operating income
112
45
31
Depreciation and amortization
55
59
47
Operating income before depreciation and amortization
167
104
78
The following table reconciles cash flow from (used for) operating activities with cash flow from operating activities (excluding changes in non-cash working capital components) and adjusted cash flow from operating activities. It also reconciles adjusted cash flow from operating activities to adjusted free cash flow, which is also calculated on a per common share basis:
(in millions of Canadian dollars, except amount per common share or otherwise mentioned)
Q1 2018
Q4 2017
Q1 2017
Cash flow from (used for) operating activities
38
95
(6)
Changes in non-cash working capital components
31
(18)
39
Cash flow from operating activities (excluding changes in non-cash working capital components)
69
77
33
Specific items, net of current income taxes if applicable:
Restructuring costs
—
1
1
Premium paid on long-term debt repurchase
—
11
—
Adjusted cash flow from operating activities
69
89
34
Capital expenditures & other assets 1 and capital lease payments, net of disposals of $81 million in Q1 2018
(9)
(63)
(64)
Dividends paid to the Corporation's Shareholders
(4)
(4)
(4)
Adjusted free cash flow
56
22
(34)
Adjusted free cash flow per common share
$
0.59
$
0.24
$
(0.36)
Weighted average basic number of common shares outstanding
95,013,041
94,744,841
94,554,104
1 Excluding increase in investments
The following table reconciles total debt and net debt with the ratio of net debt to adjusted operating income before depreciation and amortization (adjusted OIBD):
(in millions of Canadian dollars)
March 31, 2018
December 31, 2017
March 31, 2017
Long-term debt
1,582
1,517
1,625
Current portion of long-term debt
66
59
36
Bank loans and advances
23
35
24
Total debt
1,671
1,611
1,685
Less: Cash and cash equivalents (including $25 million of restricted cash in 2018)
137
89
68
Net debt
1,534
1,522
1,617
Adjusted OIBD (last twelve months)
423
393
372
Net debt / Adjusted OIBD ratio
3.6
3.9
4.3
Net debt / Adjusted OIBD ratio on a pro forma basis 1
3.6
—
N/A
1 Pro-forma to include adjusted OIBD of 2017 and 2018 business acquisitions on a last twelve months basis.
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View original content: http://www.prnewswire.com/news-releases/cascades-announces-results-for-the-first-quarter-of-2018-strong-containerboard-fundamentals-driving-positive-outlook-for-remainder-of-year-300645929.html
SOURCE Cascades Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-cascades-announces-results-for-the-first-quarter-of-2018-strong-containerboard-fundamentals-driving-positive-outlook-for.html |
May 3, 2018 / 9:24 AM / Updated an hour ago Record heat has not yet damaged grain crop in Ukraine -forecaster Pavel Polityuk 3 Min Read
KIEV (Reuters) - Unusually hot and dry weather across almost all Ukrainian regions has not yet damaged grain crops but there is no reason to expect a bumper harvest of early spring grains this year, a senior weather forecaster said on Thursday. FILE PHOTO: Ears of wheat are seen in a field near the village of Zhovtneve, Ukraine, July 14, 2016. REUTERS/Valentyn Ogirenko/File Photo
Favorable weather this mild winter and early spring was replaced with excessive heat in April, raising fears in a small crop of spring crops - spring wheat and barley - as farmers had a very limited time frame to complete sowing in the best period.
The agriculture ministry still sees this year’s grain crop at the last year’s level while analysts have already reduced the outlook for barley - Ukraine’s key early spring grain.
UkrAgroConsult agriculture consultancy has already twice lowered its forecast for the 2018 barley harvest to 7.75 million tonnes as of mid-April from 8.7 million in late March.
“There is no reason to expect a good harvest of early spring crops - barley and spring wheat. Probably there will be a crop at the level of average annual values,” Tetyana Adamenko, a senior official at the state weather forecaster, told Reuters.
“We had one of the most arid Aprils in our history. We expect some weather fronts late this week and next week but they can only mitigate the situation,” she said, adding that drought has already hit some areas in Ukraine’s southern regions.
Snow winter has created significant reserves of moisture in the soil and, Adamenko said, winter cereals and late spring crops were still safe.
Ukraine is likely to harvest around 62 million tonnes of grain this year, UkrAgroConsult said, noting it may increase wheat and maize output, but harvest less barley than a year ago.
The last year’s grain harvest of 61.3 million tonnes included 26.1 million tonnes of wheat, 24.1 million tonnes of maize and 8.3 million tonnes of barley.
Ukraine, the world’s third-largest grain exporter, said the area covered by spring and winter grains would exceed 14 million hectares this year.
Ukrainian farmers have sown 4.4 million hectares of spring grains or 60 percent of the total area as of May 2. The sowing area included 1.4 million hectares of spring barley, 398,000 hectares of peas, 174,000 hectares of oats, 152,000 hectares of spring wheat and 2.27 million hectares of maize. Reporting by Pavel Polityuk; editing by David Evans | ashraq/financial-news-articles | https://www.reuters.com/article/us-grains-ukraine-weather/record-heat-has-not-yet-damaged-grain-crop-in-ukraine-forecaster-idUSKBN1I40W1 |
WASHINGTON—House Speaker Paul Ryan said Thursday that the chamber’s chaplain will remain in his post and he will no longer seek his resignation, after the chaplain publicly questioned why he was being asked to step aside and reversed his earlier decision to quit.
Mr. Ryan’s decision could defuse growing tensions over the chaplain’s fate. The news of the Rev. Patrick Conroy’s resignation last month roiled the House, with many lawmakers pressing for an explanation about why he was asked to resign by Mr. Ryan.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/in-a-reversal-speaker-ryan-asks-house-chaplain-to-remain-in-post-1525386087 |
May 23 (Reuters) - Tocagen Inc:
* TOCAGEN - ENTERED AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT FOR $26.5 MILLION AS TERM LOANS FUNDED ON EFFECTIVE DATE - SEC FILING Source text: ( bit.ly/2IEQjX8 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tocagen-entered-amended-and-restat/brief-tocagen-entered-amended-and-restated-loan-and-security-agreement-for-26-5-mln-idUSFWN1SU0YC |
May 14 (Reuters) - Diversified consumer goods maker Hindustan Unilever Ltd reported an about 14 percent increase in profit on Monday, helped by higher sales in its home care business.
Profit for the period ended March 31 came in at 13.51 billion rupees ($200.10 million) compared with 11.83 billion rupees a year ago, the company said. bit.ly/2wzBlfc
Revenue from company’s home care segment, which includes brands such as Surf Excel and Vim, rose 3.26 percent to 31.02 billion rupees. ($1 = 67.5150 Indian rupees) (Reporting By Arnab Paul in Bengaluru; Editing by Biju Dwarakanath)
| ashraq/financial-news-articles | https://www.reuters.com/article/hind-unilever-results/indias-hindustan-unilever-q4-profit-rises-14-pct-idUSL3N1SL4AR |
May 30, 2018 / 6:07 AM / Updated 14 hours ago Trump's auto tariff plan threatens GM's $7 billion South Korea rescue Hyunjoo Jin 5 Min Read
SEOUL (Reuters) - Fresh off a $7 billion rescue for its loss-making South Korean operation, General Motors ( GM.N ) faces a new threat as U.S. President Donald Trump considers higher vehicle import tariffs that could “make or break” its Asian subsidiary. FILE PHOTO: An employee works at an assembly line of GM Korea's Bupyeong plant in Incheon, South Korea March 29, 2018. REUTERS/Kim Hong-Ji/File Photo
Earlier this month GM agreed on the bailout package with the South Korean government in return for a pledge to stay in the country for at least 10 years, purchase more Korean-made parts and produce two new models popular in the U.S. market.
But less than two weeks later, the Trump administration launched a national security investigation into car and component imports that could lead to new U.S. tariffs similar to those imposed on imported steel and aluminum in March.
Higher tariffs would be painful for Asian automakers whose shipments accounted for one third of U.S. vehicle imports last year through heavyweights such as Toyota Corp ( 7203.T ) and Hyundai Motor ( 005380.KS ).
They could also have a devastating impact on smaller players such as GM Korea and its plan to become a major export hub again.
“This is a matter that could make or break GM Korea,” a person familiar with GM’s situation told Reuters.
“The success of its restructuring plan hinges on more production for exports, and the two new models to be manufactured here are primarily targeted at the U.S. market to serve that purpose,” the person said, requesting anonymity because of the sensitivity of the subject.
GM Korea, GM’s biggest production base in Asia excluding China, exported about a quarter of its vehicle output to the United States last year, and the portion is set to rise further as it shifts production toward models popular in the U.S. market following a sales pullback in Europe.
“The tariff does not make sense,” said Ko Tae-bong, an analyst at HI Investment & Securities. “The (South Korean) government injected all the money into the unit, and there will be no other major markets to sell cars other than U.S. after Europe exit.”
GM Korea declined to comment. COMPONENTS SOURCING
GM has abandoned several money-losing markets over the past three years as part of a broader strategy to boost production margins and conserve capital to fund electric and automated vehicles as well as new models for core markets in China, the U.S. and Latin America.
It also closed one of its four plants in South Korea this month, but decided to continue operating other plants to leverage the Korean unit’s core strength - R&D capability and a strong supplier network. That move now looks in jeopardy as Trump considers tariffs on parts imports.
South Korean suppliers provide parts worth nearly $2 billion to GM’s factories overseas, including the United States and Mexico, according to GM Korea.
GM has about 300 first-tier suppliers and 2,000 second-tier suppliers in South Korea, including some which GM may find it difficult to replace quickly, they said.
Korea has had the second largest number of winners in GM’s suppliers’ awards program for several years, following the United States. This year, 27 South Korean suppliers known for their high-quality, affordable products have won GM Supplier of the Year awards. That represents 22 percent of total winners globally.
Park Pyong-wan, a former GM Korea executive, said GM may shift production of the Trax to the United States or produce complete kits in South Korea for final assembly in the United States to avoid the tariffs.
“It would be difficult for Trump to slap high tariffs on auto parts, because that would hit its own industry, as it sources parts from all around the world,” Park said. NO EXPORTS?
Speaking at a closed meeting with the industry ministry late last week, GM, Hyundai and other automakers have raised concerns that a 25 percent tariff, if implemented, may force them to stop U.S. exports, a person who was at the meeting told Reuters.
“We don’t know whether Trump will take action or not. We will consider measures based on different scenarios while closely monitoring the situation,” the person said, without identifying himself because it was a closed meeting.
South Korea, which has a free trade deal with the United States, is the fourth-biggest auto exporter to the United States after Mexico, Canada and Japan.
In March, South Korea made concessions in auto trade under a proposed revision of the deal in return for getting exempting from hefty steel tariffs, but with quotas.
“The auto sector may see the repeat of the patterns seen in the steel sector,” said Heo Yoon, an international trade professor at Sogang University. “I don’t think the U.S. will exempt Korea from auto tariffs for free. That would come with a cost, whether it is a quota or something else.”
(For graphic on vehicles sold in the U.S. by Asian automakers, click: tmsnrt.rs/2xpFNxL ) Reporting by Hyunjoo Jin; Editing by Miyoung Kim and Lincoln Feast. | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-autos-gm-analysis/trumps-auto-tariff-plan-threatens-gms-7-billion-south-korea-rescue-idUSKCN1IV0H0 |
EditorsNote: Corrects a few statistical errors
Jean Segura singled in the winning run in the bottom of the 11th inning as the host Seattle Mariners rallied to defeat Detroit 3-2 Sunday afternoon, spoiling an outstanding start by the Tigers’ Francisco Liriano.
Dee Gordon led off 11th by grounding a single into right field off right-hander Buck Farmer (0-3). Gordon stole second base, his American League-leading 16th of the season, and Segura grounded a 2-2 pitch into right field to score the speedy Gordon.
Nick Vincent (2-1) pitched a scoreless inning of relief for the victory.
The Mariners tied it in the bottom of the ninth on Mitch Haniger’s two-run homer off closer Shane Greene.
With one out in the ninth, Segura hit a chopper up the middle that shortstop Jose Iglesias was able to field, but his one-hop throw got past first baseman John Hicks. Segura was credited with an infield single and advanced to second on the throwing error. Haniger then belted a hanging slider from Greene on an 0-2 pitch into the upper deck in left field.
Liriano, a 34-year-old left-hander, allowed one hit in eight scoreless innings. He walked three and struck out five.
The only hit Liriano allowed was a single to left-center field by Haniger with one out in the seventh inning. After walking two batters in the first, Liriano retired 17 consecutive batters before Haniger stepped to the plate.
Liriano issued a one-out walk to Gordon Beckham in the eighth, bringing up pinch-hitter Mike Zunino as the potential tying run. Tigers manager Ron Gardenhire made a mound visit but left Liriano in the game. Liriano caught Zunino looking at a called third strike on a 3-2 count and struck out Andrew Romine on a slider in the dirt to end the inning.
Liriano was attempting to pitch the second no-hitter of his career. While with the Minnesota Twins, he accomplished the feat May 3, 2011, in a 1-0 victory against the Chicago White Sox.
Hicks hit a two-run homer in the first inning, providing all the scoring until the ninth. Hicks, who was selected by the Mariners in the fourth round of the 2011 draft and made his major league debut with them in 2015, hit a 1-1 pitch from Seattle left-hander Wade LeBlanc into the Tigers bullpen in left field. That also scored Nicholas Castellanos, who reached on a two-out single to left.
Mariners starter Wade LeBlanc had allowed only one earned run in his previous four starts, but that was exceeded by one swing from Hicks in the first. It was Hicks’ fifth homer of the season as he fills in for the injured Miguel Cabrera.
LeBlanc gave up seven hits in 5 1/3 innings, with one walk and five strikeouts.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-sea-det-recap/segura-mariners-walk-off-3-2-over-tigers-in-11th-idUSMTZEE5L1WZBNK |
Fast Food Trades: 3 picks 1:00 PM ET Tue, 29 May 2018 The "Fast Money" traders give you 3 trades in fast food as Starbucks holds racial bias training in over 8000 stores. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/fast-food-trades.html |
2 COMMENTS Six years after Nevada became the first state to allow driverless cars on public roads, real-estate developers and city planners around the country are stepping up their efforts to court pilot projects.
In downtown Las Vegas, for example, a driverless eight-passenger electric shuttle has ferried roughly 24,000 people since November, when it was first opened to the public. Frisco, Tex., is gearing up for a six-month pilot program starting in July that will offer driverless rides in an area including an office park and a sports and entertainment district that houses the headquarters of the Dallas Cowboys.
In Doraville, Ga., the developer of Assembly Yards, a mixed-use residential, office and retail project, is choosing between three autonomous vehicle companies to operate a driverless shuttle in the 165-acre project, which had been the site of a former General Motors plant. “We want our development to push the boundaries of new transit solutions,” said Matt Samuelson, chief operating officer of Integral Group LLC, the developer of Assembly Yards.
In the real-estate industry, interest in driverless vehicles is being fueled by a simple fact: Success in developments often hinges on the density of a project.
Developers and property owners are angling to host autonomous vehicle trial programs in hopes that their rollout will lead people to rely on driverless ride-hailing options like Uber and Lyft rather than owning private vehicles—freeing up space for homes, offices and other uses that produce more income than parking spaces. In traditional retail real-estate projects, five parking spaces are needed for every 1,000 square feet of built floor area.
“We’re getting continued interest from cities, universities, corporate campuses, theme parks, a whole range of different venues,” said Chris Barker, vice president of New Mobility, Communications and Marketing at Keolis North America, the operator of the Las Vegas shuttle. Autonomous shuttles help to limit the number of vehicles and provide a last mile connector to other transit nodes in the area, Mr. Barker added.
French autonomous vehicle technology company Navya Inc., which manufactured the driverless shuttle now operating in Las Vegas, and another one in the University of Michigan, said it plans to introduce 30 to 40 more shuttles in the U.S. this year.
“What is interesting to us is the densification options it brings to us,” said Jeff Edison, chief executive officer of Phillips Edison & Co., which owns more than 340 grocery anchored shopping centers across the U.S. “With driverless cars, we don’t need that scale of parking,” said Mr. Edison.
To be sure, it is far from clear when driverless vehicles will be ready for widespread adoption. Plans to roll out driverless shuttles in Gainesville and Tampa in Florida were delayed after local governments determined that further testing was required and a vendor failed to meet contractual obligations.
Setbacks included a fatal collision between a self-driving Uber vehicle and a pedestrian in Tempe, Ariz., and the death of an owner of a Tesla Model X sport-utility vehicle that crashed on a highway near Mountain View, Calif., in March.
Still, developers and mayors throughout the country are pitching their towns or mixed-use property projects as incubators for transit technology.
Besides aiding in densification efforts, such vehicles give the developers and local governments a powerful marketing tool—an image of being on the cutting edge of transit technology. “New and innovative things are appealing,” said Mr. Samuelson of Integral Group.
He pointed out that, as technology improves, it would be easier to expand the reach of unmanned vehicles and they would be cheaper to operate in the long run.
Some institutional investors are watching how the confluence of ride-sharing services and self-driving vehicles will improve the efficiency of local travel and how that eventually shapes real-estate demand.
“These advances will impact renters, consumers, and businesses across the country and the globe, and affect what, how and where we build,” said MetLife Investment Management in a recent report.
Write to Esther Fung at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/city-planners-property-developers-fuel-push-for-driverless-vehicles-1527598801 |
May 24 (Reuters) - After nearly five days of deliberations, a U.S. jury on Thursday said Samsung Electronics Co Ltd should pay $539 million Apple Inc for copying patented smartphone features, technology publication CNET reported, bringing a years-long feud between the technology companies into its final stages.
The worlds top smartphone rivals have been in court over patents since 2011, when Apple filed a lawsuit alleging Samsungs smartphones and tablets slavishly copied its products. Samsung was found liable in a 2012 trial, but a disagreement over the amount to be paid led to the current retrial over damages where arguments ended on May 18.
Samsung previously paid Apple $399 million to compensate Apple for infringement of some of the patents at issue in the case. The jury has been deliberating the case since last week. (Reporting by Stephen Nellis in San Francisco and Jan Wolfe in New York; Editing by Lisa Shumaker) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/reuters-america-u-s-jury-awards-apple-539-mln-in-samsung-patent-retrial-cnet.html |
May 24 (Reuters) - AGNC Investment Corp:
* AGNC INVESTMENT CORP. ANNOUNCES PRICING OF PUBLIC OFFERING OF COMMON STOCK
* AGNC INVESTMENT - PRICED PUBLIC OFFERING OF 30 MILLION SHARES OF COMMON STOCK FOR TOTAL EXPECTED GROSS PROCEEDS OF ABOUT $558.0 MILLION Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-agnc-investment-corp-announces-pri/brief-agnc-investment-corp-announces-pricing-of-public-offering-of-common-stock-idUSASC0A3JU |
Police and protesters clash at Paris public worker demonstration 5:50pm BST - 00:46
Protesters clash with police in Paris as civil servants take to the streets to join nationwide protests against work conditions. Rough cut (no reporter narration).
Protesters clash with police in Paris as civil servants take to the streets to join nationwide protests against work conditions. Rough cut (no reporter narration). //reut.rs/2GGUDPE | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/22/police-and-protesters-clash-at-paris-pub?videoId=429356643 |
May 7 (Reuters) - Andersons Inc:
* Q1 REVENUE $636 MILLION * Q1 EARNINGS PER SHARE VIEW $0.07 — THOMSON REUTERS I/B/E/S
* Q1 REVENUE VIEW $840.6 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-andersons-inc-reports-q1-loss-per/brief-andersons-inc-reports-q1-loss-per-share-0-06-idUSASC0A062 |
May 13, 2018 / 3:28 AM / Updated 15 hours ago Chemicals boss Ratcliffe tops Sunday Times Rich List Reuters Staff 2 Min Read
LONDON (Reuters) - Jim Ratcliffe, the founder and boss of chemical giant Ineos, is the richest man in the United Kingdom, according to the Sunday Times Rich List, first among a record 145 billionaires living in the country. Jim Ratcliffe, CEO of British petrochemicals company INEOS, poses for a portrait with the Canary Wharf financial district seen behind, ahead of a news conference announcing the launch of a British America's Cup sailing team in London, Britain, April 26, 2018. REUTERS/Toby Melville
Ratcliffe maintains a relatively low profile in Britain as the chief executive of the country’s largest private company which generates sales of around $60 billion by manufacturing petrochemicals, speciality chemicals and oil products.
The Sunday Times said Ratcliffe had shot up the list of Britain’s most wealthy due to the success of Ineos and after it got access to more detail on the company which is 60 percent owned by its founder.
Compiling the list for the 30th time, the Sunday Times said the wealth of the 1,000 richest people had jumped by 10 percent this year, and said that they were more diverse than before, with more women and entrepreneurs in the list.
“Britain is changing,” said Robert Watts, the compiler of the list. “Gone are the days when old money and a small band of industries dominated the Sunday Times Rich List.
“Aristocrats and inherited wealth has been elbowed out of the list and replaced by an army of self-made entrepreneurs.”
The paper said that London was now the number one city in the world for billionaires, with some 93 billionaires born, living or with their businesses based in London, ahead of New York in second. Reporting by Kate Holton; Editing by Angus MacSwan | ashraq/financial-news-articles | https://in.reuters.com/article/britain-wealth/chemicals-boss-ratcliffe-tops-sunday-times-rich-list-idINKCN1IE03Z |
(Reuters) - Phillips 66 reported unplanned flaring due to a breakdown at its 139,000-barrel-per-day (bpd) Los Angeles-area refinery in Wilmington, California, according to a filing with state pollution regulators.
The filing with the South Coast Air Quality Management District listed event start date as Apr. 30, 11:12 p.m.(local time) and event end date as Apr. 30, 11:59 p.m.(local time).
The refinery has two linked facilities about five miles apart in Carson and Wilmington. The former processes crude oil while the latter upgrades the products.
A refinery uses its safety flare when hydrocarbons cannot be processed normally due to a malfunction or planned work.
Bengaluru Commodities desk
| ashraq/financial-news-articles | https://www.reuters.com/article/us-refinery-operations-phillips66-wilmin/phillips-66-reports-unplanned-flaring-breakdown-at-wilmington-california-refinery-idUSKBN1I2301 |
May 10, 2018 / 3:00 PM / Updated 43 minutes ago Singapore will host U.S.-North Korea summit, nuclear issue to dominate Steve Holland , Matt Spetalnick 7 Min Read
WASHINGTON (Reuters) - Leaders of the United States and North Korea will meet for the first time when President Donald Trump and Kim Jong Un hold a summit on June 12 in Singapore where the U.S. side will try to persuade Pyongyang to give up its nuclear weapons.
The two men - whose countries are still technically at war - exchanged fiery rhetoric last year over North Korea’s attempts to build a nuclear weapon that could reach the United States.
But tensions have since eased greatly, starting around the time of the North’s participation in the Winter Olympics in South Korea in February.
“The highly anticipated meeting between Kim Jong Un and myself will take place in Singapore on June 12th. We will both try to make it a very special moment for World Peace!” Trump wrote on Twitter.
His announcement came just hours after three Americans who had been held prisoner in North Korea arrived at a U.S. military base outside Washington, having been released by Kim as a gesture ahead of the summit.
Trump said on their arrival that he believed Kim, who has led North Korea for seven years and is believed to be in his
mid-30s, wanted to bring North Korea “into the real world.”
“I think we have a very good chance of doing something very meaningful,” Trump said. “My proudest achievement will be - this is part of it - when we denuclearize that entire peninsula.”
New U.S. Secretary of State Mike Pompeo has visited Pyongyang twice in recent weeks - once as head of the CIA - but there has been no sign that he cleared up the central question of whether North Korea will be willing to bargain away nuclear weapons that its rulers have long seen as crucial to their survival.
Trump is embarking on this high-stakes meeting with Kim after sending shockwaves through the world on Tuesday when he announced that the United States was pulling out of a 2015 accord imposing international oversight of Iran’s nuclear programme.
The move raised questions over whether North Korea might now be less inclined to negotiate its own nuclear deal with Washington. Related Coverage Trump, Abe discuss North Korean issues, including alliance with South Korea - White House
Trump and Japanese Prime Minister Shinzo Abe spoke by telephone on Wednesday and the White House said the two leaders “affirmed the shared goal of North Korea abandoning its illicit weapons of mass destruction and ballistic missile programs” and remained committed to cooperating with South Korea.
Japan worries that it could be the target of any first-use of nuclear weapons by Pyongyang. ‘PHOTO OP’ WORRY
In a speech on the floor of the U.S. Senate, Democratic Leader Chuck Schumer warned Trump against going too far too fast in Singapore. The Republican president, Schumer said, should insist upon strong, verifiable commitments from North Korea on disarmament.
“I worry that this president, in his eagerness to strike a deal and get the acclaim and a photo op, will strike a quick one and a bad one, not a strong one, not a lasting one,” Schumer said.
During Trump’s presidency, Kim has overseen weapons tests that rattled the United States, South Korea and Japan as the North Korean leader attempted to showcase his military’s progress on medium- and long-range missiles and atomic weapons.
Last year, North Korea conducted more than a dozen missile tests aimed at demonstrating its ability to conduct a nuclear attack. Several of those tests saw missiles flying over the Sea of Japan, while another led experts to believe North Korea could possibly hit the mainland United States with a missile.
Trump has credited a U.S. “maximum pressure” campaign for drawing North Korea to the negotiating table and vowed to keep economic sanctions in place until Pyongyang takes concrete steps to denuclearize.
But former spy chief Kim Yong Chul, director of North Korea’s United Front Department, said in a toast to Pompeo over lunch in Pyongyang this week: “We have perfected our nuclear capability. It is our policy to concentrate all efforts into economic progress...This is not the result of sanctions that have been imposed from outside.” U.S. President Donald Trump participates in a celebration of military mothers and spouses at the White House in Washington, U.S., May 9, 2018. REUTERS/Leah Millis
Kim recently promised to suspend missile tests and shut a nuclear bomb test site.
North Korea is still technically at war with the United States and its ally South Korea because the 1950-53 Korean War ended in a truce, not a treaty.
The choice of Singapore will put the summit on friendly turf for Trump, as the island nation is a strong U.S. ally and the U.S. Navy frequently visits its port.
The wealthy financial and shipping hub is seen as a gateway between Asia and the West and has been called the “Switzerland of Asia,” in contrast to North Korea’s isolated economy that its leaders now want to modernize.
Nonetheless, Human Rights Watch has described Singapore as having a “stifling” political environment with severe restrictions on “basic rights.”
U.S. officials had looked at several sites other than Singapore for the historic meeting but each was seen as problematic.
Trump’s own preference was for the demilitarized zone between the two Koreas, but aides argued that this would look too much like Trump going to Kim’s turf.
A quick trip to Pyongyang was also seen as bad optics for Trump, U.S. officials said. Mongolia was considered but was seen as too close to China, they said.
Smiling and holding hands, Kim and South Korean President Moon Jae-in held a rare round of talks at the heavily fortified demilitarized zone between the countries at the end of April, pledging to pursue peace after decades of conflict.
South Korea said on Thursday it had high hopes for the summit.
“We welcome the North Korea-U.S. summit to be held in Singapore on June 12. We hope the denuclearization of the Korean peninsula as well as permanent peace on the peninsula will successfully come about through this summit.” Slideshow (2 Images)
South Korea announced that its foreign minister, Kang Kyung-wha, will meet Pompeo on Friday in the run-up to a May 22 Washington meeting between Trump and South Korea’s Moon.
Seoul said Friday’s ministerial-level meeting will provide an opportunity to discuss recent talks between the North and South Korean leaders. Reporting by Doina Chiacu, Steve Holland and Matt Spetalnick; Writing by Richard Cowan; Editing by Chizu Nomiyama and Alistair Bell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-northkorea-usa/trump-says-will-meet-north-koreas-kim-on-june-12-in-singapore-idUKKBN1IB25N |
LONDON, May 25 (Reuters) - The gap between Italian and German 10-year government bond yields stretched to its widest level since June 2017 as uncertainty over an incoming government continued to weigh on the debt outlook in the euro zone’s third largest economy.
Italian Prime Minister-designate Giuseppe Conte this week began putting together his cabinet team, with party leaders pushing for an 81-year eurosceptic economist to be given the pivotal post of economy minister.
The prospect of an anti-establishment Italian government has pushed the Italy/Germany 10-year government bond yield spread about 60 basis points wider since last Wednesday, May 16.
On Friday, the spread widened further to 196.8 basis points, the highest since June 2017. (Reporting by Abhinav Ramnarayan; Editing by Saikat Chatterjee)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-bonds-italy/italy-germany-bond-yield-spread-widest-in-nearly-a-year-idUSL5N1SW0ZU |
The CEO of New York state's oldest credit union swindled his institution for years out of millions of dollars and blew a whopping $3.55 million on lottery tickets, federal prosecutors charged Tuesday.
Kam Wong is accused of defrauding New York's Municipal Credit Union out of approximately $6 million with a series of scams that included reimbursements for fake dental work and a previously covered long-term disability insurance policy.
Wong was charged Tuesday in Manhattan federal court with fraud, embezzlement and aggravated identity theft offenses, according to Geoffrey Berman, the United States Attorney for the Southern District of New York.
Berman said Wong used the cash to, among other things, feed his apparent lottery habit, spending $3.55 million on the New York State lottery between July 2013 and January 2018.
During that same time frame, Wong allegedly received and deposited almost $6 million in hand-written checks from the credit union into his account.
From that account, Wong allegedly wrote more than 278 checks, totaling about $3.9 million.
He also is accused of writing checks totaling about $3 million to a convenience store in the Queens, New York, neighborhood of Elmont, and another $272,500 in checks to a convenience store located just a few blocks from his office.
Wong withdrew more than $1.9 million through about 2,592 ATM transactions over that same period, authorities said.
According to a criminal complaint, the convenience store owners said the checks were used to purchase New York State Lottery tickets, and that Wong would sometimes spend hours on weekends purchasing and playing lottery tickets at the Elmont location.
While defrauding and embezzling from the credit union, Wong also allegedly sought money from several sources to purchase lottery tickets.
"As alleged, the CEO and president of New York's oldest credit union abused his position of trust as a guardian of municipal, state, and federal workers' financial accounts to enrich himself," Berman said.
"Kam Wong allegedly stole money from the credit union's earnings that were intended to reward the credit union's members, not line Wong's pockets. I want to thank my Office's Special Agents for their dedicated efforts in this ongoing investigation."
The Municipal Credit Union, a federally insured nonprofit financial institution, is one of the largest credit unions in the country, with 425,000 members.
Its members include municipal, state and federal workers in New York City.
Wong, who was arrested Tuesday morning, was scheduled to appear before U.S. Magistrate Judge James Cott in Manhattan federal court later the same day.
| ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/kam-wong-credit-union-ceo-charged-with-fraud-spent-cash-on-lottery.html |
GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)-- National Storage Affiliates Trust (“NSA” or the "Company") (NYSE: NSA) today reported the Company’s first quarter 2018 results.
First Quarter 2018 Highlights
Net income was $12.0 million for 2018, an increase of $4.8 million compared to $7.2 million for 2017. Core funds from operations ("Core FFO") was $25.9 million, or $0.32 per share, for 2018, an increase of 10.3% per share compared to $21.3 million, or $0.29 per share, for 2017. Same store net operating income ("NOI") was $40.9 million for 2018, an increase of 4.4% compared to $39.2 million for 2017, driven by a 4.2% increase in same store total revenues and a 3.9% increase in same store property operating expenses. Acquired 25 wholly-owned self storage properties for $135.8 million and one joint venture property for $9.5 million during 2018.
Arlen Nordhagen, Chief Executive Officer and Chairman, commented, "We are very pleased that our combination of same store organic improvement plus strong external growth is continuing to drive double digit increases in Core FFO per share. Our same store performance for the quarter was right on budget, and we acquired another 25 wholly-owned properties during the quarter, making this our strongest first quarter acquisition pace on record. Despite the increased headwinds of new supply in several markets, our unique growth strategy has allowed us to benefit from both the fragmentation and the fundamental strengths of the self storage industry. We remain focused on our commitment to creating long-term shareholder value through the continued execution of our differentiated strategy."
Financial Results
($ in thousands, except per share and unit data) Three Months Ended March 31, 2018 2017 Growth Net income $ 11,973 $ 7,181 66.7 % Funds From Operations ("FFO") (1) $ 25,678 $ 21,155 21.4 % Add back acquisition costs and NSA's share of unconsolidated real estate venture acquisition costs 180 163 10.4 % Core FFO (1) $ 25,858 $ 21,318 21.3 % Earnings (loss) per share - basic $ 0.16 $ 0.01 1,500.0 % Earnings (loss) per share - diluted $ 0.09 $ 0.01 800.0 % FFO per share and unit (1) $ 0.31 $ 0.29 6.9 % Core FFO per share and unit (1) $ 0.32 $ 0.29 10.3 % (1) Non-GAAP financial measures, including FFO, Core FFO and NOI, are defined in the Glossary in the supplemental financial information and, where appropriate, reconciliations of these measures and other non-GAAP financial measures to their most directly comparable GAAP measures are included in the Schedules to this press release and in the supplemental financial information. First quarter 2018 net income increased $4.8 million, driven primarily by incremental NOI generated from 85 self storage properties acquired between April 1, 2017 and March 31, 2018 and same store NOI growth, partially offset by increases in depreciation and amortization and interest expense.
First quarter 2018 basic earnings per share increased $0.15 per share and diluted earnings per share increased $0.08 per share. In addition to the items affecting net income described above, the comparison of earnings per share amounts between periods is affected by the allocation of net income to noncontrolling interests pursuant to GAAP. Additional information on NSA's allocation of net income (loss) can be found in the Glossary to the supplemental financial information under "Hypothetical Liquidation at Book Value Method."
First quarter 2018 FFO per share increased 6.9% and Core FFO per share increased 10.3%. The increases in FFO and Core FFO were primarily the result of $7.5 million of incremental NOI from 85 self storage properties acquired between April 1, 2017 and March 31, 2018 and same store NOI growth of $1.7 million, partially offset by higher interest expense and the payment of dividends on preferred shares issued during the fourth quarter of 2017 to fund the Company's growth.
Total Consolidated Portfolio Operating Results
($ in thousands, except per square foot data) Three Months Ended March 31, 2018 2017 Growth Total rental and other property-related revenue $ 74,332 $ 59,725 24.5 %
Property operating expenses 25,226 19,749 27.7 %
Net Operating Income (NOI) $ 49,106 $ 39,976 22.8 %
Average Occupancy 87.2 % 88.3 % (1.1 )%
Average Annualized Rental Revenue Per Occupied Square Foot $ 11.87 $ 11.36 4.5 %
First quarter 2018 total rental and other property-related revenue increased 24.5%, driven by $12.4 million of incremental revenues from 85 self storage properties acquired between April 1, 2017 and March 31, 2018 and a $2.5 million increase in same store total revenues.
First quarter 2018 total property operating expenses increased 27.7% resulting from $4.8 million of incremental property operating expenses generated by 85 self storage properties acquired between April 1, 2017 and March 31, 2018, and an increase of $0.8 million in same store property operating expenses.
Total consolidated portfolio NOI was $49.1 million for 2018, an increase of 22.8% compared to NOI of $40.0 million for 2017.
NSA's consolidated portfolio included 468 self storage properties, approximately 28.5 million rentable square feet, with period-end occupancy of 87.8% as of March 31, 2018.
Same Store Operating Results (376 Properties)
($ in thousands, except per square foot data) Three Months Ended March 31, 2018 2017 Growth Total rental and other property-related revenue $ 60,866 $ 58,403 4.2 %
Property operating expenses 19,990 19,231 3.9 %
Net Operating Income (NOI) $ 40,876 $ 39,172 4.4 %
NOI Margin 67.2 % 67.1 % 0.1 %
Average Occupancy 88.1 % 88.5 % (0.4 )% Average Annualized Rental Revenue Per Occupied Square Foot $ 11.75 $ 11.25 4.4 %
Year-over-year, first quarter 2018 same store total revenues increased 4.2%, driven primarily by a 4.4% increase in average annualized rental revenue per occupied square foot partially offset by a 40 basis point decrease in average occupancy. Same store property operating expenses were $20.0 million for 2018, an increase of 3.9% compared to $19.2 million for 2017 driven primarily by increases in property taxes, personnel costs and advertising.
Tamara Fischer, Chief Financial Officer, commented, "We were very pleased with customer demand during the first quarter, and especially the strong pace of move-in activity toward quarter-end. Our same store revenues came in slightly above plan, but some operating expenses were higher than forecast, so first quarter same store NOI was right in line with our expectations."
Investment Activity
During 2018, NSA invested $135.8 million in the acquisition of 25 consolidated self storage properties located in six states, encompassing approximately 1.4 million rentable square feet configured in approximately 12,000 storage units. Consideration for these acquisitions included approximately $105.1 million of net cash, the assumption of $8.3 million of mortgages and other working capital liabilities and OP equity of approximately $22.4 million. The OP equity included the issuance of $8.1 million of NSA's 6.000% Series A-1 Cumulative Redeemable Preferred Units (the "Series A-1 Preferred Units") in NSA's operating partnership which have a stated value of $25.00 per unit and receive cumulative distributions at an annual rate of 6.000%.
NSA's unconsolidated real estate venture invested $9.5 million in the acquisition of one self storage property located in New Jersey, encompassing approximately 0.1 million rentable square feet configured in approximately 500 storage units. NSA owns a 25% interest in its unconsolidated real estate venture and contributed approximately $2.4 million to the venture to fund the acquisition.
Balance Sheet
On January 29, 2018, NSA entered into an increase agreement and amendment with a syndicated group of lenders to increase the total borrowing capacity under the Company's credit facility by $125.0 million for a total credit facility of over $1.0 billion, which included entry into a new $125.0 million five-year term loan tranche D. NSA has an expansion option under the credit facility, which, if exercised in full, would provide for a total credit facility of $1.3 billion.
Common Share Dividends
On February 22, 2018, NSA's Board of Trustees declared a quarterly cash dividend of $0.28 per common share, which was paid on March 29, 2018 to shareholders of record as of March 15, 2018.
2018 Guidance
NSA reaffirms its previously provided guidance estimates for the year ended December 31, 2018.
Supplemental Financial Information
The full text of this earnings release and supplemental financial information, including certain financial information referenced in this release, are available on NSA's website at http://ir.nationalstorageaffiliates.com/quarterly-reporting and as exhibit 99.1 to the Company's Form 8-K furnished to the SEC on May 2, 2018.
Non-GAAP Financial Measures & Glossary
This press release contains certain non-GAAP financial measures. These non-GAAP measures are presented because NSA's management believes these measures help investors understand NSA's business, performance and ability to earn and distribute cash to its shareholders by providing perspectives not immediately apparent from net income (loss). These measures are also frequently used by securities analysts, investors and other interested parties. The presentation of FFO, Core FFO and NOI in this press release are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, NSA's method of calculating these measures may be different from methods used by other companies, and, accordingly, may not be comparable to similar measures as calculated by other companies that do not use the same methodology as NSA. These measures, and other words and phrases used herein, are defined in the Glossary in the supplemental financial information and, where appropriate, reconciliations of these measures and other non-GAAP financial measures to their most directly comparable GAAP measures are included in the Schedules to this press release and in the supplemental financial information.
Quarterly Teleconference and Webcast
The Company will host a conference call at 1:00pm Eastern Time on Thursday, May 3, 2018 to discuss its financial results. At the conclusion of the call, management will accept questions from certified financial analysts. All other participants are encouraged to listen to a webcast of the call by accessing the link found on the Company's website at www.nationalstorageaffiliates.com .
Conference Call and Webcast:
Date/Time: Thursday, May 3, 2018, 1:00pm ET
Webcast available at: www.nationalstorageaffiliates.com
Domestic (Toll Free US & Canada): 877.407.9711
International: 412.902.1014
Replay:
Domestic (Toll Free US & Canada): 877.660.6853
International: 201.612.7415
Conference ID: 13646795
A replay of the call will be available for one week through Thursday, May 10, 2018. A replay of the webcast will be available for 30 days on NSA's website at www.nationalstorageaffiliates.com .
Upcoming Industry Conferences
NSA management is scheduled to participate in the Nareit REITWeek 2018 Investor Conference from June 5 -7 in New York, New York.
About National Storage Affiliates Trust
National Storage Affiliates Trust is a Maryland real estate investment trust focused on the ownership, operation and acquisition of self storage properties located within the top 100 metropolitan statistical areas throughout the United States. The Company currently holds ownership interests in and operates 541 self storage properties located in 29 states with approximately 34 million rentable square feet. NSA is the sixth largest owner and operator of self storage properties among public and private companies in the U.S. For more information, please visit the Company’s website at www.nationalstorageaffiliates.com . NSA is included in the MSCI US REIT Index (RMS/RMZ), the Russell 2000 Index of Companies and the S&P SmallCap 600 Index.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release constitute as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. These include information about possible or assumed future results of the Company's business, financial condition, liquidity, results of operations, plans and objectives. Changes in any circumstances may cause the Company's actual results to differ significantly from those expressed in any forward-looking statement. When used in this release, the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions are intended to identify . Statements regarding the following subjects, among others, may be forward-looking: market trends in the Company's industry, interest rates, the debt and lending markets or the general economy; the Company's business and investment strategy; and the acquisition of properties, including the timing of acquisitions, and the Company's guidance estimates for the year ended December 31, 2018. For a further list and description of such risks and uncertainties, see the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, and the other documents filed by the Company with the Securities and Exchange Commission. The , and other risks, uncertainties and factors are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any , whether as a result of new information, future events or otherwise, except as required by law.
National Storage Affiliates Trust
Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Ended March 31, 2018 2017 REVENUE Rental revenue $ 72,011 $ 57,844 Other property-related revenue 2,321 1,881 Management fees and other revenue 2,161 1,838 Total revenue 76,493 61,563 OPERATING EXPENSES Property operating expenses 25,226 19,749 General and administrative expenses 8,306 7,181 Depreciation and amortization 21,368 18,683 Total operating expenses 54,900 45,613 Income from operations 21,593 15,950 OTHER (EXPENSE) INCOME Interest expense (9,635 ) (7,471 ) Equity in losses of unconsolidated real estate venture (52 ) (785 ) Acquisition costs (180 ) (144 ) Non-operating expense (84 ) (52 ) Gain on sale of self storage properties 474 — Other expense (9,477 ) (8,452 ) Income before income taxes 12,116 7,498 Income tax expense (143 ) (317 ) Net income 11,973 7,181 Net income attributable to noncontrolling interests (1,513 ) (6,626 ) Net income attributable to National Storage Affiliates Trust 10,460 555 Distributions to preferred shareholders (2,588 ) — Net income attributable to common shareholders $ 7,872 $ 555 Earnings (loss) per share - basic $ 0.16 $ 0.01 Earnings (loss) per share - diluted $ 0.09 $ 0.01 Weighted average shares outstanding - basic 50,299 43,401 Weighted average shares outstanding - diluted 99,935 43,401 National Storage Affiliates Trust
Consolidated Balance Sheets
(dollars in thousands, except per share amounts)
(unaudited)
March 31, December 31, 2018 2017 ASSETS Real estate Self storage properties $ 2,411,453 $ 2,275,233 Less accumulated depreciation (188,407 ) (170,358 ) Self storage properties, net 2,223,046 2,104,875 15,262 13,366 Restricted cash 2,929 3,041 Debt issuance costs, net 1,943 2,185 Investment in unconsolidated real estate venture 90,092 89,093 Other assets, net 58,637 52,615 Assets held for sale — 1,555 Total assets $ 2,391,909 $ 2,266,730 LIABILITIES AND EQUITY Liabilities Debt financing $ 1,069,600 $ 958,097 Accounts payable and accrued liabilities 24,079 24,459 Deferred revenue 13,542 12,687 Total liabilities 1,107,221 995,243 Equity Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000
authorized, 6,900,000 issued and outstanding at March 31, 2018 and
December 31, 2017, at liquidation preference
172,500 172,500 Common shares of beneficial interest, par value $0.01 per share. 250,000,000
shares authorized, 50,438,731 and 50,284,934 shares issued and
outstanding at March 31, 2018 and December 31, 2017, respectively
504 503 Additional paid-in capital 700,762 711,467 Distributions in excess of earnings (61,956 ) (55,729 ) Accumulated other comprehensive income 17,485 12,282 Total shareholders' equity 829,295 841,023 Noncontrolling interests 455,393 430,464 Total equity 1,284,688 1,271,487 Total liabilities and equity $ 2,391,909 $ 2,266,730 Reconciliation of Net Income to FFO and Core FFO (in thousands, except per share and unit amounts) (unaudited) Three Months Ended March 31, 2018 2017 Net income $ 11,973 $ 7,181 Add (subtract): Real estate depreciation and amortization 21,075 18,243 Company's share of unconsolidated real estate venture real estate depreciation and amortization 1,377 1,872 Gain on sale of self storage properties (474 ) — Distributions to preferred shareholders and unitholders (2,689 ) — FFO attributable to subordinated performance unitholders (1) (5,584 ) (6,141 ) FFO attributable to common shareholders, OP unitholders, and LTIP unitholders 25,678 21,155 Add: Acquisition costs 180 144 Company's share of unconsolidated real estate venture acquisition costs — 19 Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders $ 25,858 $ 21,318 Weighted average shares and units outstanding - FFO and Core FFO: (2) Weighted average shares outstanding - basic 50,299 43,401 Weighted average restricted common shares outstanding 30 17 Weighted average OP units outstanding 29,135 25,959 Weighted average DownREIT OP unit equivalents outstanding 1,835 1,835 Weighted average LTIP units outstanding 665 1,468 Total weighted average shares and units outstanding - FFO and Core FFO 81,964 72,680 FFO per share and unit $ 0.31 $ 0.29 Core FFO per share and unit $ 0.32 $ 0.29 (1)
Amounts represent distributions declared for subordinated performance unitholders and DownREIT subordinated performance unitholders for the periods presented.
(2)
NSA combines OP units and DownREIT OP units with common shares because, after the applicable lock-out periods, OP units in the Company's operating partnership are redeemable for cash or, at NSA's option, exchangeable for common shares on a one-for-one basis and DownREIT OP units are also redeemable for cash or, at NSA's option, exchangeable for OP units in the Company's operating partnership on a one-for-one basis, subject to certain adjustments in each case. Subordinated performance units, DownREIT subordinated performance units, and LTIP units may also, under certain circumstances, be convertible into or exchangeable for common shares (or other units that are convertible into or exchangeable for common shares). See footnote(3) for additional discussion of subordinated performance units, DownREIT subordinated performance units, and LTIP units in the calculation of FFO and Core FFO per share and unit.
Reconciliation of Earnings (Loss) Per Share - Diluted to FFO and Core FFO Per Share and Unit (in thousands, except per share and unit amounts) (unaudited) Three Months Ended March 31, 2018 2017 Earnings (loss) per share - diluted $ 0.09 $ 0.01 Impact of the difference in weighted average number of shares (3) 0.02 (0.01 ) Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method (4) — 0.09 Add real estate depreciation and amortization 0.26 0.25 Add Company's share of unconsolidated real estate venture real estate depreciation and amortization 0.02 0.03 Subtract gain on sale of self storage properties (0.01 ) — FFO attributable to subordinated performance unitholders (0.07 ) (0.08 ) FFO per share and unit 0.31 0.29 Add acquisition costs and Company's share of unconsolidated real estate venture acquisition costs 0.01 — Core FFO per share and unit $ 0.32 $ 0.29 (3)
Adjustment accounts for the difference between the weighted average number of shares used to calculate diluted earnings per share and the weighted average number of shares used to calculate FFO and Core FFO per share and unit. Diluted earnings per share is calculated using the two-class method for the company's restricted common shares and the treasury stock method for certain unvested LTIP units, and assumes the conversion of vested LTIP units into OP units on a one-for-one basis and the hypothetical conversion of subordinated performance units, and DownREIT subordinated performance units into OP units, even though such units may only be convertible into OP units (i) after a lock-out period and (ii) upon certain events or conditions. For additional information about the conversion of subordinated performance units and DownREIT subordinated performance units into OP units, see Note 10 to the Company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission. The computation of weighted average shares and units for FFO and Core FFO per share and unit includes all restricted common shares and LTIP units that participate in distributions and excludes all subordinated performance units and DownREIT subordinated performance units because their effect has been accounted for through the allocation of FFO to the related unitholders based on distributions declared.
(4)
Represents the effect of adjusting the numerator to consolidated net income (loss) prior to GAAP allocations for noncontrolling interests, after deducting preferred share and unit distributions, and before the application of the two-class method and treasury stock method, as described in footnote(3).
Net Operating Income (dollars in thousands) (unaudited) Three Months Ended March 31, 2018 2017 Net income $ 11,973 $ 7,181 (Subtract) add: Management fees and other revenue (2,161 ) (1,838 ) General and administrative expenses 8,306 7,181 Depreciation and amortization 21,368 18,683 Interest expense 9,635 7,471 Equity in losses of unconsolidated real estate venture 52 785 Acquisition costs 180 144 Income tax expense 143 317 Gain on sale of self storage properties (474 ) — Non-operating expense 84 52 Net Operating Income $ 49,106 $ 39,976 EBITDA and Adjusted EBITDA (dollars in thousands) (unaudited) Three Months Ended March 31, 2018 2017 Net income $ 11,973 $ 7,181 Add: Depreciation and amortization 21,368 18,683 Company's share of unconsolidated real estate venture depreciation and amortization 1,377 1,872 Interest expense 9,635 7,471 Income tax expense 143 317 EBITDA 44,496 35,524 Add (subtract): Acquisition costs 180 144 Company's share of unconsolidated real estate venture acquisition costs — 19 Gain on sale of self storage properties (474 ) — Equity-based compensation expense (1) 867 983 Adjusted EBITDA $ 45,069 $ 36,670 (1)
Equity-based compensation expense is a non-cash item that is included in general and administrative expenses in NSA's consolidated statements of operations.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006500/en/
National Storage Affiliates Trust
Marti Dowling, 720-630-2624
Director - Investor Relations
[email protected]
Source: National Storage Affiliates Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-national-storage-affiliates-trust-reports-first-quarter-2018-results-net-income-increases-4-point-8-million-core-ffo-per.html |
NEW YORK, May 5, 2018 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Cancer Genetics, Inc. ("Cancer Genetics" or the "Company") (NASDAQ: CGIX) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, and docketed under 18-cv-06353, is on behalf of a class consisting of investors who purchased or otherwise acquired Cancer Genetics securities between March 23, 2017 through April 2, 2018, both dates inclusive (the "Class Period"), seeking to recover damages caused by defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Cancer Genetics securities between March 23, 2017, and April 2, 2018, both dates inclusive, you have until June 4, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here to join this class action]
Cancer Genetics is a diagnostics company focused on the development and commercialization of proprietary genomic tests and services to improve the diagnosis, prognosis, and response to treatment (theranosis) of cancer.
On October 12, 2015, Cancer Genetics issued a press release entitled, "Cancer Genetics, Inc. Finalizes Purchase of Los Angeles-based Molecular Profiling Laboratory, Response Genetics, Inc., Adding $10-$12M in Annual Revenue and Establishing a National Clinical Sales Footprint" which announced that Cancer Genetics closed its acquisition of Response Genetics, Inc., a molecular profiling laboratory, on October 9, 2012.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Cancer Genetics had ineffective disclosure controls and internal controls over financial reporting; and (ii) as a result of the foregoing, Cancer Genetics' public statements were materially false and misleading at all relevant times.
On April 2, 2018, after the market closed, Cancer Genetics filed its Annual Report on Form 10-K with the Securities and Exchange Commission ("SEC"), announcing the Company's financial and operating results for the quarter and year ended December 31, 2017 (the "2017 10-K"). The 2017 10-K discussed the Company's controls over financial reporting, stating in relevant part: "[W]e evaluated, under the supervision and with the participation of our principal executive officer and principal financial officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a 15(e) and 15d-15(e) under the Exchange Act, as amended as of December 31, 2017, the end of the period covered by this report on Form 10-K. Based on this evaluation, the principal executive officer and the principal financial officer have concluded that our disclosure controls and procedures were not effective at December 31, 2017, as a result of the material weakness in internal controls described below. Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and were operating in an effective manner for the period covered by this report, and (ii) is accumulated and communicated to management, including, the principal executive officer and principal financial officer, or the person performing similar functions as appropriate, to allow timely decisions regarding required disclosures."
Further, on April 2, 2018, after the market closed, Cancer Genetics issued a press release entitled "Cancer Genetics Reports Fourth Quarter and Full Year 2017, Financial Results and Provides Strategic Business Updates." The press release discussed the fourth quarter and full year 2017 financial results, stating in relevant part: "[A] major area of concentrated focus during the first quarter of 2018 was the careful evaluation of the Company's accounts receivables, which had increased to approximately $16 million on the balance sheet prior to any adjustments. A significant reason for the increase was disruptions in collections in its Clinical Services business. While the Company continues with its collections efforts on all claims, in the fourth quarter it recorded a bad debt expense of $4.4 million and wrote off $1.8 million of its accounts receivable, with a significant portion of the bad debt expense and write off related to collection issues with respect to the accounts receivable recorded subsequent to the 2015 acquisition of Response Genetics Inc."
On this news, Cancer Genetics' share price fell $0.55, or over 33.3%, to close at $1.10 per share on April 3, 2018, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 Ext. 9980
View original content: http://www.prnewswire.com/news-releases/shareholder-alert--pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-cancer-genetics-inc-of-class-action-lawsuit-and-upcoming-deadline---cgix-300643146.html
SOURCE Pomerantz LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/05/pr-newswire-shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-cancer-genetics-inc-of-class.html |
(Reuters) - Tesla Inc’s autopilot system was unlikely to have been a factor in a Florida car crash this week which killed two teenagers, the electric carmaker said in a statement issued late on Wednesday.
FILE PHOTO: A Tesla dealership is seen in West Drayton, just outside London, Britain, February 7, 2018. REUTERS/Hannah McKay/File Photo The autopilot, a form of advanced cruise control that has come under scrutiny after two crashes this year, was not engaged when the Model S car drove off the road and hit a concrete wall, catching fire, the company said, although it added that it had not yet seen logs from the crash.
“We have not yet been able to retrieve the logs from the vehicle, but everything we have seen thus far indicates a very high-speed collision and that autopilot was not engaged,” a Tesla spokesperson said.
The U.S. National Transportation Safety Board has said it will investigate the latest accident involving a Tesla - the agency’s fourth active probe into crashes of the company’s electric vehicles.
While admitting that serious high-speed collisions can result in a fire, the Tesla spokesperson defended the car’s safety record saying a gas car in the United States is five times more likely to catch fire than a Tesla vehicle.
In the event of an accident, eight airbags protect front and rear occupants, and the battery system automatically disconnects from the main power source, Tesla has said previously in promotional materials for the car.
“Should the worst happen, there is no safer car to be in than Model S,” the company said in a brochure for the 2014 Model S.
Reporting by Sanjana Shivdas in Bengaluru; editing by Patrick Graham
| ashraq/financial-news-articles | https://in.reuters.com/article/us-tesla-crash/autopilot-was-not-engaged-during-florida-model-s-crash-tesla-idINKBN1IB1HX |
May 10 (Reuters) -
For other diaries, please see:
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- This Diary is filed daily. ** Indicates new events - THURSDAY. MAY 10 Amman - The European Bank for Reconstruction and Development holds its annual meeting in Jordan, bringing together finance ministers, central bank heads and officials from the 66 world governments that act as its shareholders, as well as companies and investors (to May 10) AACHEN, Germany - Attendance by the ECB President Mario Draghi and executive board member Benoit Coeure at the Charlemagne Prize 2018 award ceremony in Aachen, Germany – 0915 GMT. LONDON - Bank of England publishes summary and minutes of the Monetary Policy Committee meeting and Inflation Report - 1100 GMT. WELLINGTON - Reserve Bank of New Zealand announces Official Cash Rate (OCR) and Monetary Policy Statement. FRIDAY, MAY 11 LJUBLJANA, Slovenia - Primoz Dolenc takes over as a temporary head of central bank after governor Bostjan Jazbec resigned on April 30 - 0900 GMT.
FLORENCE, Italy - European Central Bank President Mario Draghi gives speech at 8th edition of The State of the Union organised by EUI in Florence, Italy - 1315 GMT. SPRINGFIELD, Missouri - Federal Reserve Bank of St. Louis President James Bullard gives presentation on the U.S. economy and monetary policy before the Springfield Business Development Corporation Meeting, - 1230 GMT. TORONTO, Canada - Bank of Canada Senior Deputy Governor Carolyn A. Wilkins participates in panel discussion at Women’s Forum Canada, Toronto - 1300 GMT.
MONDAY, MAY 14 GENEVA, Switzerland - Dinner speech by ECB Executive Board Member Benoit Coeure in honour of Charles Wyplosz at the Geneva conference on the world economy organised by ICMB in Geneva, Switzerland - 1745 GMT. COPENHAGEN - ECB board member Sabine Lautenschlager speaks at Copenhagen University and at a conference by Danmarks Nationalbank - 1015 GMT. LONDON - Bank of England is hosting the Gender and Career Progression Conference. Bank of England Governor Mark Carney and ECB Chief Economist Peter Praet are among the speakers at the day-long conference - 0815 GMT. NEW YORK - Federal Reserve Bank of St. Louis President James Bullard gives presentation before CoinDesk’s Consensus 2018 - 1340 GMT. PARIS, France - Federal Reserve Bank of Cleveland President Loretta Mester speaks before the Global Interdependence Center “Central Banking Series with Banque de France,” - 0645 GMT OSLO - Norway Central Bank chief Øystein Olsen participates in the Parliamentary Hearing before the Standing Committee on Finance and Economic Affairs of the Storting. – 1015 GMT.
TUESDAY, MAY 15 ** MINNEAPOLIS, Minn. - Federal Reserve Bank of San Francisco President John Williams speaks before the Economic Club of Minnesota - 1710 GMT. ** STOCKHOLM - Riksbank First Deputy Governor Kerstin af Jochnick will discuss current monetary policy at SvD Investor Summit – 0725 GMT.
MALMO, Sweden - Riksbank Deputy Governor Cecilia Skingsley will discuss the Riksbank’s history and the development of money and she will also hold a breakfast presentation in Malmö on the economic situation and current monetary policy (to May. 16). OSLO - Norway Central Bank Deputy Governor Jon Nicolaisen gives a speech at a meeting hosted by Econa, Hoyres Hus Conference Center, Oslo - 1530 GMT. WEDNESDAY, MAY 16 ** LONDON – Bank of England held ESCoE/ONS/BoE Conference on Economic Measurement and Andy Haldane Chief Economist, Bank of England will give the closing remarks (to May 17). ** DENMARK - The International Monetary Fund, IMF, will present preliminary findings from the annual assessment of economic and financial development in Denmark. - 1100 GMT
FRANKFURT - ECB President Mario Draghi, chief economist Praet and Board member Coeure speak at an ECB conference to mark the departure of ECB Vice President Vitor Constancio. HELSINKI - Bank of Finland board member Marja Nykanen to comment on Finland’s financial stability in a press conference - 0800 GMT. AUGUSTA, Georgia - Federal Reserve Bank of Atlanta President Raphael Bostic discusses the economy at an event sponsored by the Federal Reserve Bank of Atlanta - 1230 GMT. LONDON - ESCoE Conference on Economic Measurement 2018. Bank of England Chief Economist Andy Haldane will give the closing remarks (to May. 17). ST. LOUIS, Missouri - Federal Reserve Bank of St. Louis President James Bullard gives opening remarks before the Homer Jones Memorial Lecture hosted by the Federal Reserve Bank of St. Louis - 2230 GMT. OTTAWA – Bank of Canada Deputy Governor Lawrence Schembri will give speech at CFA Society Ottawa and Ottawa Economics Association – 1615 GMT.
FRANKFURT, Germany - ECB Governing Council meeting. No interest rate announcements scheduled.
THURSDAY, MAY 17 ** RICHARDSON, Texas - Federal Reserve Bank of Dallas President Robert Kaplan speaks before the Richardson Chamber of Commerce Annual Meeting - 1700 GMT.
FRANKFURT - European Central Bank outgoing vice-president Vitor Constancio delivers the opening address at the third annual ECB macroprudential policy and research conference - 1200 GMT. FRANKFURT - ECB Vice President Vitor Constancio and Irish central bank chief Lane speak at a conference in Frankfurt. ST. PAUL, Minnesota - Federal Reserve Bank of Minneapolis President Neel Kashkari participates in a moderated question-and-answer session hosted by the Minnesota Housing Finance Agency - 1445 GMT. FRIDAY, MAY 18
FRANKFURT - Federal Reserve Bank of Cleveland President Loretta Mester speaks on “Macroprudential and Monetary Policy” before the Third Annual European Central Bank Macroprudential Policy and Research Conference - 0700 GMT. MONDAY, MAY 21 ** HALMSTAD, Sweden - Riksbank Deputy Governor Per Jansson will participate in Region Kronberg’s professional development initiative Tylosandsdagarna, where he will discuss the Riksbank’s role in the economy and the economic situation – 1030 GMT.
NEW YORK - Federal Reserve Bank of Philadelphia President Patrick Harker participates in conversation before the Chief Executives Organization’s CEO Financial Seminar 2018, “Visionary Investing: Managing Late Cycle Risks and Opportunities” - 1815 GMT. ESCANABA, Michigan - Federal Reserve Bank of Minneapolis President Neel Kashkari participates in a moderated question-and-answer session town hall forum hosted by Bay College - 2230 GMT. TUESDAY, MAY 22
** STOCKHOLM - Riksbank executive board meeting - 0700 GMT. WEDNESDAY, MAY 23 MADRID - Bank of Spain Governor Linde to open a Deloitte-ABC economy event in Madrid - 0730 GMT.
BRUSSELS - The European Business Summit’s annual 2-day conference at Egmont Palace in Brussels (to May 24). WASHINGTON, D.C. - U.S. Federal Reserve’s Federal Open Market Committee (FOMC) will release minutes from its May 1-2 policy meeting – 1800 GMT. STOCKHOLM - Swedish Central Bank publishes The Financial Stability Report 2018:1 - 0730 GMT.
THURSDAY, MAY 24 ** LONDON - The Bank of England will be hosting Markets Forum 2018 in central London. LONDON - Bank of England Governor Mark Carney gives a speech at the annual dinner of London’s Society of Professional Economists – 1800 GMT. DALLAS - Federal Reserve Banks of Dallas and Atlanta hold a two-day conference on “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy”. Participants include Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Chicago President Charles Evans, Federal Reserve Bank of Philadelphia President Patrick Harker and Federal Reserve Bank of Dallas President Robert Kaplan (to May 25). DALLAS - Federal Reserve Bank of Atlanta President Raphael Bostic and his Dallas counterpart, Robert Kaplan, give opening remarks at the conference - 1435 GMT. DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan moderates “Session I: The Disruption Challenge Facing Business” of the conference - 1500 GMT
DALLAS - Federal Reserve Bank of Philadelphia President Patrick Harker participates in “Session III: Broader Labor Market Implications of Technology-Enabled Disruption” of the conference - 1800 GMT.
DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan gives introductory remarks before the conference - 0000 GMT.
FRIDAY, MAY 25 STOCKHOLM – Central Bank Governor Mark Carney from the Bank of England, Finland’s central bank manager Erkki Liikanen and central bank governor Jerome Powell from the Federal Reserve System participate in the Riksbank’s 350th conference – 0615 GMT. DALLAS - Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Chicago President Charles Evans and Federal Reserve Bank of Dallas President Robert Kaplan participate in “Session VIII: Policymaker Panel” before the Federal Reserve Banks of Dallas and Atlanta “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy” conference - 1545 GMT. DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan gives closing remarks before the Federal Reserve Banks of Dallas and Atlanta “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy” conference - 1830 GMT TUESDAY, MAY 29 FRANKFURT - The European Central Bank releases monthly data on lending and money supply – 0800 GMT. TOKYO - Federal Reserve Bank of St. Louis President James Bullard gives presentation on the U.S. economy and monetary policy before the Japan Center for International Finance Global Finance Seminar- 0440 GMT. FRANKFURT - Frankfurt Finance Summit 2018.
WEDNESDAY, MAY 30 ** LONDON – Bank of England Macro-finance workshop 2018 (to May 31).
WASHINGTON, D.C. - U.S. Federal Reserve issues its Beige Book on economic condition - 1800 GMT. WELLINGTON - Reserve Bank of New Zealand publishes Financial Stability Report. OTTAWA - Bank of Canada key policy interest rate announcement and monetary policy report – 1400 GMT. THURSDAY, MAY 31 ** QUEBEC CITY, Canada - Speech by Sylvain Leduc, Bank of Canada Deputy Governor about Economic Progress Report – 1635 GMT.
WHISTLER, Canada - G7 finance and development ministers, as well as central bank governors will meet on the theme of “investing in growth that works for everyone” (to June 2). THURSDAY, JUNE 7
OTTAWA - Bank of Canada Governor Stephen Poloz and Bank of Canada Senior Deputy Governor Carolyn Wilkins will hold a press conference to discuss the contents of the Financial System Review – 1530 GMT.
MONDAY, JUNE 11 STOCKHOLM - Riksbank executive board meeting – 1100 GMT.
TUESDAY, JUNE 12 WASHINGTON, D.C. - U.S. Federal Reserve’s Federal Open Market Committee (FOMC) starts its two-day meeting on interest rates (to June 13). WEDNESDAY, JUNE 13 WASHINGTON D.C. - U.S.Federal Reserve’s Federal Open Market Committee (FOMC) announces decision on interest rate, followed by statement – 1800 GMT. THURSDAY, JUNE 14 TOKYO - Bank of Japan holds Monetary Policy Meeting (to June 15).
FRANKFURT - ECB Governing Council meeting, followed by interest rate announcement (external meeting).
FRANKFURT - ECB President Mario Draghi holds a press conference, after the interest rate meeting (external meeting) – 1230 GMT.
FRIDAY, JUNE 15 FORT WORTH, Texas - Federal Reserve Bank of Dallas President Robert Kaplan speaks before a business leaders luncheon hosted by the Fort Worth Chamber of Commerce - 1700 GMT.
TOKYO - Bank of Japan holds Monetary Policy Meeting.
MONDAY, JUNE 18 STOCKHOLM - Riksbank general council meeting – 1100 GMT.
TUESDAY, JUNE 19 BRATISLAVA - Slovakia Central Bank Governor Jozef Makuch holds a news conference.
HELSINKI - Bank of Finland governor and European Central Bank governing council member Erkki Liikanen is due to hold a press conference in Finland. TOKYO - Bank of Japan releases Minutes of Monetary Policy Meeting held on Apr 26 and 27 – 2350.
THURSDAY, JUNE 21 BERN - Swiss National Bank Financial Stability Report 2018 – 0430 GMT. BERN - Swiss National Bank (SNB) Monetary policy assessment with news conference – 0730 GMT. OSLO - Norway Central Bank holds Announcement of the Executive Board’s interest rate decision and publication of Monetary Policy followed by press conference – 0800 GMT.
LONDON - Bank of England announces rate decision and publishes the minutes of the meeting, after the rate decision – 1100 GMT.
SUNDAY, JUNE 24 TOKYO - Bank of Japan to release summary of opinions from board members at its Jun. 14-15 policy meeting – 2350 GMT.
TUESDAY, JUNE 26 STOCKHOLM - Riksbank executive board meeting – 0700 GMT.
WEDNESDAY, JUNE 27 LONDON – Bank of England Financial Stability Report June 2018 – 0930 GMT. FRANKFURT - The European Central Bank releases monthly data on lending and money supply – 0800 GMT.
FRANKFURT - ECB Governing Council meeting. No interest rate announcements scheduled.
THURSDAY, JUNE 28 FRANKFURT - General Council meeting of the ECB in Frankfurt. WELLINGTON - Reserve Bank of New Zealand announces Official Cash Rate (OCR).
NOTE: The inclusion of items in this diary does not necessarily mean that Reuters will file a story based on the event. For technical issues, please contact Thomson Reuters Customer Support (TRCS) here
| ashraq/financial-news-articles | https://www.reuters.com/article/diary-top-econ/diary-top-economic-events-to-june-28-idUSL3N1SG5PA |
May 3, 2018 / 1:04 PM / Updated an hour ago Tesla shares, bonds drop as CEO Musk bites hand of Wall Street Supantha Mukherjee 5 Min Read
(Reuters) - Tesla Inc ( TSLA.O ) chief Elon Musk’s refusal to answer “boring” Wall Street questions about finances sent the electric vehicle maker’s shares down as much as 7 percent on Thursday, jarring investors and raising concerns about its ability to raise money in the future.
Tesla’s bonds followed the shares lower and, with at least three brokerages cutting price targets for the stock, several wondered what it would now cost the company to raise more funds this year if need be.
In a conference call on Wednesday, Musk refused to answer questions from analysts on Tesla’s capital requirements, saying “boring questions are not cool.”
Instead, he took over a dozen consecutive questions from YouTube investment channel HyperChange TV, which had previously recommended buying Tesla shares.
Cowen analyst Jeffrey Osborne dubbed the call, in which Musk talked of “barnacles, flufferbots, and bonehead bears”, surreal.
Morgan Stanley’s Adam Jonas said it was the most unusual he had heard in 20 years in the business, noting that “the analysts on the call represent the providers of capital that Tesla has throughout its history depended upon.”
Some saw the call in even more stark terms.
Eric Schiffer, head of the Patriarch Organization, a Los Angeles-based private equity firm, called it “the single greatest CEO meltdown in American car history.”
“Elon Musk’s war on day traders and analysts from big banks is like him being on the earnings call with a suicide vest on and pulling the cord. It’s horribly incompetent with investors and results in the stock getting hit by roaring missiles,” Schiffer said, adding that he did not own Tesla shares “for reasons like this.”
Of 27 brokerages covering the stock, nine now have a “buy” or higher rating, 10 “hold” and eight have “sell” or lower.
The company’s shares were down around 6 percent at $283 in New York in afternoon trading. They have lost more than a quarter of their value since touching a high of $389.61 in September, hurt by reports of bottlenecks around production of the Model 3 sedan, seen as crucial to Tesla’s profitability.
Musk has won legions of vocal fans for his soaring vision and bold promises, from making electric vehicles mainstream to sending rockets into space as the CEO of SpaceX.
But the entrepreneur has also exhibited erratic behavior in recent months, from late-night tweets and jokes about bankruptcy to a public spat with regulators investigating a fatality involving a Tesla.
Some investors said Musk’s behavior was part of his appeal. FILE PHOTO: SpaceX founder Elon Musk pauses at a press conference following the first launch of a SpaceX Falcon Heavy rocket at the Kennedy Space Center in Cape Canaveral, Florida, U.S., February 6, 2018. REUTERS/Joe Skipper
“We like Elon Musk and because he gets frustrated it only makes him human,” said Gerald Sparrow of Sparrow Capital. “We focus on the numbers they produce, not the emotions.”
On Wednesday, Tesla forecast lower capital spending for the year and a profit in the second half.
Musk as also bullish on upcoming projects, promising decisions soon on the construction of a new Model Y factory, and the location of a Chinese Gigafactory. He also pledged to reduce third-party contractors, saying their use had “really gotten out of control.”
“So we’re going to scrub the barnacles on that front. You’ve got barnacles on barnacles. So there’s going to be a lot of barnacle removal.”
Tesla is closely held, with co-founder Musk owning 22 percent and its top four investors, including him, over 40 percent - giving Musk a certain freedom to brush off analyst concerns.
Tesla’s market capitalization of $51 billion exceeds that of Ford Motor Co ( F.N ), which posted revenues of $156.7 billion last year versus Tesla’s $11.8 billion. MANUFACTURING ON THE FLY
Tesla has consistently fallen short of its promises on car production and has promised in the past it would not need to raise funds, before doing just that.
The company has raised capital each year since its initial public offering in 2010 and issued debt twice in 2017.
Tesla’s free cash flow widened to negative $1 billion in the first quarter from negative $277 million in the fourth quarter, excluding costs of systems for its solar business.
The company plans to reach its weekly goal of producing 5,000 Model 3 cars in two months, after revising the target several times.
“We believe that Tesla is essentially learning how to become a manufacturing company on the fly,” said RBC Capital Markets analyst Joseph Spak.
“Investor feedback to the call was shock that a CEO would be dismissive and the general sentiment was that the defensiveness spoke volumes.” Additional reporting by Munsif Vengattil in Bengaluru and Alexandria Sage in San Francisco; editing by Anna Driver and Rosalba O'Brien | ashraq/financial-news-articles | https://www.reuters.com/article/us-tesla-results-research/tesla-faces-angry-wall-street-as-ceo-musk-snubs-analysts-on-call-idUSKBN1I41IY |
May 17, 2018 / 4:46 PM / Updated 2 hours ago English Domestic One-Day Competition 3 of between Northamptonshire and Leicestershire on Thursday at Northampton, England Leicestershire win by 72 runs Leicestershire 1st innings Michael Carberry b Luke Procter 25 Paul Horton c Adam Rossington b Rory Kleinveldt 103 Colin Ackermann c Alex Wakely b Graeme White 30 Mark Cosgrove c Adam Rossington b Luke Procter 27 Zak Chappell b Rory Kleinveldt 5 Ned Eckersley Not Out 25 Neil Dexter c Rory Kleinveldt b Luke Procter 11 Ben Raine c Josh Cobb b Brett Hutton 32 Extras 0b 4lb 2nb 0pen 1w 7 Total (50.0 overs) 265-7 Fall of Wickets : 1-60 Carberry, 2-131 Ackermann, 3-182 Horton, 4-188 Chappell, 5-190 Cosgrove, 6-213 Dexter, 7-265 Raine Did Not Bat : Parkinson, Griffiths, Aaron Ben Sanderson 10 1 45 0 4.50 Rory Kleinveldt 10 0 39 2 3.90 Brett Hutton 8 0 59 1 7.38 Luke Procter 8 1 45 3 5.62 1w 1nb Graeme White 10 0 47 1 4.70 Josh Cobb 1 0 9 0 9.00 Rob Keogh 3 0 17 0 5.67 Northamptonshire 1st innings Josh Cobb c Paul Horton b Gavin Griffiths 56 Ben Duckett Run Out Michael Carberry 2 Richard Levi c Neil Dexter b Ben Raine 11 Alex Wakely c Colin Ackermann b Ben Raine 5 Rob Keogh b Gavin Griffiths 8 Adam Rossington b Gavin Griffiths 11 Luke Procter c Colin Ackermann b Gavin Griffiths 0 Rory Kleinveldt c Ned Eckersley b Zak Chappell 16 Graeme White c Ned Eckersley b Ben Raine 38 Brett Hutton Not Out 34 Ben Sanderson b Neil Dexter 2 Extras 0b 4lb 2nb 0pen 4w 10 Total (38.2 overs) 193 all out Fall of Wickets : 1-30 Duckett, 2-51 Levi, 3-58 Wakely, 4-70 Keogh, 5-95 Cobb, 6-95 Procter, 7-106 Rossington, 8-124 Kleinveldt, 9-188 White, 10-193 Sanderson Ben Raine 10 1 31 3 3.10 2w Varun Aaron 7 0 46 0 6.57 1w 1nb Callum Parkinson 7 0 47 0 6.71 Gavin Griffiths 7 0 30 4 4.29 Zak Chappell 5 0 25 1 5.00 Neil Dexter 2.2 0 10 1 4.29 1w Umpire Benjamin Debenham Umpire Neil Mallender Home Scorer Anthony Kingston Away Scorer Paul Rogers | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idINMTZXEE5HVT7B0L |
Former President Bill Clinton had some choice words about the new tax law.
"The law basically is a bullet aimed at New York and California," Clinton told CNBC on Tuesday of changes to the tax code.
The Tax Cuts and Jobs Act , signed into law by President Donald Trump in December, caps state and local tax (SALT) deductions at $10,000 .
show chapters 800,000 people are about to flee New York, California because of taxes 10:53 AM ET Fri, 27 April 2018 | 00:58 For those that live in states with high state income taxes , including California, Maryland, New Jersey and New York, that's a big hit.
The change means many residents in these states — and others — will now pay more to the federal government. (See chart below.)
The new tax legislation also doubles the standard deduction to nearly $12,000 for individuals and $24,000 for married couples who file jointly, which makes it much harder to claim the benefit for charitable contributions.
How this will impact people's willingness to give remains to be seen, Clinton said.
"They may be less inclined to contribute big money, I think people will still give," Clinton said. As a result, "we may have more crowdfunding," he said.
"Depending on what happens with the elections, there may be some changes to that law," Clinton added, referring to the Tax Cuts and Jobs Act .
Clinton took part in the 16th annual Commissions for Charity Day organized by trading firm BTIG on Tuesday, along with other politicians, all-star athletes, actors and journalists.
Since 2003, BTIG has raised more than $45 million for charity.
The former president's own Clinton Foundation operates a range of philanthropic projects around the world and has raised billions since its founding , but has also been dogged by accusations of influence peddling and conflicts of interests.
show chapters Shaq talks business at BTIG’s Charity Day 23 Hours Ago | 07:42 More from Personal Finance:
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See your new tax withholding rates | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/bill-clinton-says-new-tax-law-is-a-bullet-aimed-at-new-york-and-california.html |
BERLIN (Reuters) - Germany’s new Social Democrat finance minister, Olaf Scholz, is frustrating both key ally France and his own struggling center-left party by adopting the same fiscal rigor as his conservative predecessor, Wolfgang Schaeuble.
FILE PHOTO: German Finance Minister Olaf Scholz smiles during a news conference in Berlin, Germany, April 17, 2018. REUTERS/Hannibal Hanschke/File Photo During his first two months as treasury chief of Europe’s largest economy, Scholz has committed to a continued goal of no new debt and limited public spending.
It is a strategy the 59-year-old hopes will help revive his Social Democratic Party (SPD), which suffered its worst post-war result at last year’s elections, by proving he can manage the public finances of the world’s fourth largest economy.
But the strategy risks alienating his party’s core supporters at home, who would like to see more spending on education, infrastructure and social housing, and complicating the search for a Franco-German compromise on euro zone reforms.
Scholz’s strategy is already proving a source of frustration among some fellow euro zone members, who had hoped the inclusion of the center-left SPD in Germany’s governing coalition would steer the EU’s economic powerhouse to invest more domestically and boost growth in other countries through higher imports.
That includes Germany’s most important ally.
French President Emmanuel Macron earlier this month urged Germany to wean itself off the “fetish” of fiscal conservatism, warning that such policies were always made at the expense of other countries.
In a speech to German lawmakers days after Macron’s comments, Scholz hit back: “We act pragmatically and properly - and do not worship a fetish.”
Scholz, who publicly embraces comparisons to his conservative predecessor’s fiscal approach, is defending the idea of maintaining a balanced budget while dismissing the assertion that Germany is too strict on spending.
Asked why Scholz is ignoring Macron’s plea, a finance ministry spokesman pointed to constitutionally enshrined borrowing limits and the coalition deal to finance any additional spending without new debt.
“Thanks to the favorable, prolonged upswing, it’s also a quite academic debate because we can now massively hike public investments without taking on new debt,” the spokesman added.
HEALTHY GROWTH The German economy grew by a calendar-adjusted 2.5 percent last year, the strongest rate since 2011, propelled by strong domestic and foreign demand. Despite slowing in the first quarter, it is expected to keep growing at a healthy pace.
Europe will also be watching to see if Scholz takes the same approach to the EU as his predecessor, who was reviled in countries such as Greece for imposing unpopular public spending cuts in return for bailout aid.
That includes his approach to Italy, which for many European leaders has become the euro zone’s greatest concern given its hefty public-sector debt and lavish spending plans by leading parties.
FILE PHOTO: German Chancellor Angela Merkel and Finance Minister Olaf Scholz attend the 2018 budget debate at the lower house of parliament Bundestag in Berlin, Germany, May 16, 2018. REUTERS/Hannibal Hanschke/File Photo Further political instability looks inevitable after Italy’s president set the country on the path to fresh elections, likely to be fought over its role in the European Union and euro zone.
Scholz wants to avoid the impression that Europe is split at a time when the continent is challenged by new trade and sanctions policies of U.S. President Donald Trump.
“That Europe acts here as one is a good message - both internally for our citizens and to the outside,” Scholz said after talks with European counterparts in Brussels on Friday.
This message of unity, however, masks lingering differences on how to balance France’s call for more solidarity and Germany’s insistence that tax payers in richer countries should not end up paying for governments’ failures in poorer ones.
Scholz has poured cold water on some of Macron’s proposals for euro zone reform, including the need for a common finance minister with his own budget.
Together with his French counterpart Bruno Le Maire, Scholz is working to define a common roadmap on euro zone and banking reforms to be presented at the meeting of EU leaders in June.
“The talks are tough, but there will be a compromise,” a person close to Scholz said.
One way the new finance minister wants to differentiate himself from Schaeuble on the European stage is by taking a less confrontational approach and striking a less instructive tone toward other governments, the person said.
Earlier this year, Scholz said that Germany shouldn’t “dictate” economic policies to other European countries.
“MISERLY FACE” At home, Scholz’s has frustrated some in his own party with his first budget earlier this month.
Scholz, who German media have dubbed “Olaf Schaeuble”, outlined a continued policy of taking on no new debt.
He said he plans to use higher-than-expected tax revenues to reduce taxes for workers on low and medium incomes and increase investment in digitalization, but said room for further spending hikes was limited.
Slideshow (2 Images) While Scholz has the backing of Chancellor Angela Merkel, some SPD members doubt whether lowering taxes is the right strategy when the party’s main election promise was to hike investment in education, housing and infrastructure.
Further fuelling frustration in the SPD, one of Scholz’s first decisions as finance minister was to name a former Goldman Sachs banker, Joerg Kukies, as his deputy with responsibility for financial market policy and European issues.
Kevin Kuehnert, leader of the SPD’s youth wing who was the most vocal opponent of joining another coalition under Merkel’s conservatives, said Scholz’s approach was “far away from a new SPD” which was needed to win back voters.
For Kuehnert, the SPD risks losing its identity and becoming superfluous while in power.
For Scholz, defying leftist stereotypes and copying Schaeuble are part of his strategy for winning the next election, according to another person familiar with his thinking.
“He is deeply convinced that the SPD can only win elections if the party has politicians that embody virtues such as prudence, solidity and reliability,” said the source.
Shortly after taking the helm of the finance ministry in March, Scholz embraced the notion of the depoliticalization of his office: “A German finance minister stays a German finance minister. And I will put on my most miserly face.”
The concept is familiar in Germany, where many people favor cautious budget planning and fiscal conservatism. Parties have enshrined a “debt brake” in the constitution, which imposes a borrowing limit for the federal government of up to 0.35 percent of economic output, roughly 10 billion euros ($11.7 billion).
But Scholz has rejected using even this, a move his advisers say is not to scare away voters who view taking on new debt as a taboo.
Some officials from Merkel’s conservative bloc acknowledge Scholz’s strategy could pay off.
“He is showing voters: Look, I am able to handle money although I’m a leftie,” a senior CDU member said on condition of anonymity, adding that Scholz’s strategy was reminiscent of former SPD Chancellor Gerhard Schroeder’s.
Within only ten weeks, Scholz has become one of Germany’s most popular politicians with an approval rating of 46 percent, up 6 points on the month and trailing Merkel by only 5 points, according to DeutschlandTrend survey for broadcaster ARD.
But his party so far has failed to benefit from this. The latest Emnid poll for Bild am Sonntag newspaper put the SPD, Germany’s oldest party, at only 17 percent, below the 20.3 percent it scored in last year’s election.
“Scholz’s strategy poses a huge risk for the SPD because the party won’t be able to move out of the shadow of Merkel’s conservatives,” said political scientist Gero Neugebauer from the Free University Berlin.
The first big electoral test for the SPD and Scholz, a former mayor of Hamburg in Germany’s north, will come in October when Bavarians vote in a regional election.
The southern state has never been an SPD stronghold, but the projected 13 percent for the party would be a nightmare even by Bavarian standards, putting it on a par with the far-right Alternative for Germany (AfD).
Additional reporting by Paul Carrel in Berlin, Leigh Thomas in Paris and Peter Maushagen in Brussels; Editing by Cassell Bryan-Low
| ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-scholz-analysis/germanys-miserly-scholz-irks-comrades-at-home-and-abroad-idUSKCN1IU0EX |
May 24, 2018 / 6:34 AM / Updated 4 hours ago Go-Ahead upgrades profit after greater efficiency boosts rail Reuters Staff 1 Min Read
LONDON (Reuters) - British bus and train company Go-Ahead Group ( GOG.L ) upgraded its annual forecasts on Thursday, saying that improved efficiency measures on its Southeastern rail contract would boost profit in the year. A Go Ahead bus crosses Westminster Bridge in London, Britain August 29, 2015.REUTERS/Neil Hall
Go-Ahead, which operates the Southeastern and GTR rail franchises which connect London to its suburbs, has over the last two years made headlines for the wrong reasons with cancellations and strikes, and this week, a huge timetable change.
According to Reuters data, the company is expected to post annual pretax profit of 115 million pounds ($154 million) for the 12 months ended June 30.
($1 = 0.7486 pounds) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-go-ahead-group-outlook/go-ahead-upgrades-profit-after-greater-efficiency-boosts-rail-idUKKCN1IP0TA |
VANCOUVER, British Columbia, May 07, 2018 (GLOBE NEWSWIRE) -- Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V:SOLR) is pleased to announce the addition of Anton Shihoff to the Company’s board of directors. Mr. Shihoff is an energy finance veteran specialising in renewables and energy technology. He manages at a wide range of investments from venture-stage to large project financings through Altostrata Energy a private investment vehicle. He sits on the boards of a number of his portfolio companies and is also a Trustee to the registered UK Charity: Peaceful Change Initiative.
Mr. Shihoff replaces Michael Clark on the board of directors, who has been appointed Chief Operating Officer of the Company. The Company also announces that Alan Fleishman is leaving the Company to pursue other opportunities.
“Mr. Shihoff is an experienced renewable energy finance and project development professional who will strengthen our board and I am pleased to welcome him to the team,” said Chairman and CEO Jason Bak. “Adding someone with his credentials to the board will open up new opportunities for Solar Alliance. I would also like to thank Mr. Clark for his contributions to the board over the last year. As our Chief Operating Officer, he will be focused on delivering increased revenue from our growing solar project pipeline and developing our innovative digital approach to residential solar sales.”
The Company also announces it has granted 500,000 stock options to Mr. Shihoff. The options have a term of 5 years and an exercise price of $0.08 per share. The options were granted under the Company's Stock Option Plan and are part of the Company’s long-term incentive/retention plan for employees and directors.
Jason Bak, Chairman and CEO
For more information:
Solar Alliance
Myke Clark
604-288-9051
[email protected]
About Solar Alliance Energy Inc. ( www.solaralliance.com )
Solar Alliance is an international energy solutions provider focused on residential, commercial and industrial solar installations. The Company is licensed to operate in California, Tennessee, North/South Carolina and Kentucky and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed wind and solar projects that provide enough electricity to power 150,000 homes. Solar Alliance is committed to an exceptional customer experience, effective marketing campaigns and superior lead generation in order to drive sales and generate value for shareholders. Our passion is improving life through ingenuity, simplicity and freedom of choice. We make solar simple and our goal is to install solar on every available rooftop in America.
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Source: Solar Alliance Energy Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-solar-alliance-announces-addition-to-board-of-directors-and-changes-to-management-team.html |
MIAMI, May 21, 2018 (GLOBE NEWSWIRE) -- Medilogistics Corp., a Florida corporation and wholly-owned subsidiary of Medilogistics LLC, a Delaware limited liability corporation, formed by Fernando Tamez Gutierrez and Miguel Gomez Mont (together, the “Bidders”), in connection with its previously announced tender offer (the “Offer”) to purchase all outstanding shares of Common Stock of DS Healthcare Group, Inc. (OTC Markets:DSKX) for $0.07 per share plus one contingent value right per share announced that the Offer is now scheduled to expire at 5:00 P.M., New York City time, on June 5, 2018, unless extended or terminated in accordance with the terms and conditions of the Offer. The contingent value rights represent the right to receive an amount equal to 80% of any potential proceeds from a malpractice lawsuit that DS Healthcare has brought against third-party defendants. There can be no assurance that holders will receive any proceeds from the contingent value rights and holders should not rely on receiving any proceeds from contingent value rights when deciding whether to tender shares into the Offer.
Copies of the offer to purchase, letter of transmittal and other related material are available free of charge from Kingsdale Advisors, the Depositary and Information Agent for the tender offer, toll-free at 1-866-229-8651.
About Medilogistics Corp.
Medilogistics Corp., a Florida corporation and wholly-owned subsidiary of Medilogistics LLC, a Delaware limited liability corporation, was formed for the sole purpose of the Offer by Fernando Tamez Gutierrez and Miguel Gomez Mont.
Additional Information
This communication is neither an offer to purchase nor a solicitation of an offer to sell any shares of the capital stock of DS Healthcare Group, Inc. (“DS Healthcare”) or any other securities. Medilogistics Corp. has filed a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, with the United States Commission (the “SEC”). INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE TENDER OFFER STATEMENT, AS FILED AND AS IT MAY BE AMENDED FROM TIME TO TIME, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders may obtain a free copy of these statements and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to Kingsdale Advisors, toll-free, at 1-866-229-8651.
CONTACT:
Ian Robertson
Executive Vice President
Communication Strategy
Kingsdale Advisors
Direct: 646-651-1640
Cell: 647-621-2646
Email: [email protected]
Source:Medilogistics Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-medilogistics-corp-announces-extension-of-tender-offer-to-purchase-all-ds-healthcare-group-inc-common-stock.html |
MONTRÉAL--(BUSINESS WIRE)-- Intema Solutions Inc. (TSX-V:ITM) (the “ Company” ) announces that the filing of its audited financial statements for the fiscal year ended December 31, 2017, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the “ Annual Financial Filings” ) has been completed on May 23, 2018.
The Company hereby announces that by filing the Annual Financial Filings, the Company has remedied its default to file annual financial statements for 2017 as it was detailed in the press release dated April 5, 2018 (the “ Default ”).
Management expects that the Management Cease Trade Orders issued in connection with this Default will be revoked shortly.
About Intema Solutions Inc.:
Intema’s mission is to integrate technologies to marketing. The company develops technologies for marketing and services related to predictive marketing, relationship marketing, database marketing and Blockchain applications. Since its inception, INTEMA has dedicated its efforts to deliver key solutions to the marketing industry. For more information, please visit our corporate website at intema.com and our product websites eflyermaker.com and matcheranalytics.com .
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined on policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Such statements include those with respect to the date on which the audit of the Company’s 2017 financial statements will begin, the time that audit will take to complete, and the date that the Annual Filings will be filed. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Such assumptions, which may prove incorrect, include the following: (i) the Company will succeed in retaining new auditors within a reasonable timeframe, (ii) the Company’s new auditors will begin their work forthwith, (iii) the audit of the Company’s 2017 financial statements will not take longer than has been customary, (iv) the auditors will be in a position to issue an auditor’s report without reservations upon the completion of their audit, and (v) the Company will be in a position to file the Annual Filings shortly after the audit is complete. Factors that could cause actual results to differ materially from expectations include (i) the inability of the Company to successfully retain new auditors for whatever reason, (ii) the inability of those auditors to begin or complete their audit in a reasonable timeframe, (iii) the inability of the auditors to issue an unqualified auditor’s report upon the completion of their audit and (iv) the Company’s inability to file the Annual Filings for whatever reason after the audit has been completed. These factors and others are more fully discussed in the Company’s filings with Canadian securities regulatory authorities available at www.sedar.com . Actual results may vary from the forward-looking information.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523006348/en/
INTEMA:
Roger Plourde, +1-514-861-1881
President, Director and Chief Executive Officer
[email protected]
Source: Intema Solutions Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-intema-solutions-inc-announces-it-has-remedied-its-default-to-file-annual-financial-statements-for-2017.html |
Charlotte, N.C., May 10, 2018 (GLOBE NEWSWIRE) -- Akoustis Technologies, Inc. (NASDAQ: AKTS) (“Akoustis” or the “Company”), a manufacturer of patented single-crystal bulk acoustic wave (BAW) high-band RF filters for mobile and other wireless applications, announced the pricing of a private offering of $15 million aggregate principal amount of its 6.5% Convertible Senior Secured Notes due 2023. The offering is expected to close on or about May 14, 2018, subject to the satisfaction of customary closing conditions.
The net proceeds of the offering are expected to be approximately $13.5 million and will be used to fund operations, including R&D and the commercialization of the Company’s technology, as well as for working capital and other general corporate purposes.
The notes will be convertible at the option of the holder at any time prior to maturity at an initial conversion price of $6.55 per share, subject to adjustment under certain circumstances. The initial conversion price represents a premium of approximately 10.5% over the $5.93 closing price of the common stock on May 9, 2018.
The holders of the notes will have a one-time right, effective on May 31, 2021 (the “put date”) exercisable prior thereto in the manner described in the indenture, to require the Company to repurchase for cash all (but not less than all) of such holder’s notes on the put date at a purchase price equal to 100% of the principal amount of the notes to be repurchased, plus interest. If the holder elects to convert the notes at any time on or after the date that is one year after the date of issuance and prior to the put date, the holder will also receive a make-whole payment equal to the remaining scheduled interest payments that would have been made had such converted notes remained outstanding through the put date. Additionally, if Akoustis undergoes a “qualifying fundamental change,” under certain circumstances, holders who convert their notes in connection with such a fundamental change will be entitled to a “fundamental change payment” equal to $130 per $1,000 of aggregate principal of notes converted, payable at the Company’s option in cash and/or freely tradable shares of common stock, valued as provided in the Indenture governing the notes.
The notes will be guaranteed on a senior secured basis by each of our existing and future subsidiaries and will be secured by a first priority lien (subject to permitted liens) on substantially all of the Company’s and its subsidiaries’ assets.
At any time on or after May 31, 2019, if the closing sale price per share of our common stock is greater than 175% of the then-effective conversion price for each of 20 days of any 30 consecutive trading day period, the Company may redeem the notes, in whole or in part with certain adjustments, at a redemption price equal to 100% of the principal amount of such notes, plus accrued interest.
The notes and the related guarantees are being offered and sold only to qualified institutional buyers in the United States in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The notes and the related guarantees have not been registered under the Securities Act or any state or other jurisdiction’s securities laws and may not be offered or sold in the United States absent of registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor does it constitute an offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Akoustis Technologies, Inc.
Akoustis® ( http://www.akoustis.com ) is a high-tech BAW RF filter solutions company that is pioneering next-generation materials science to address the market requirements for improved RF filters - targeting higher bandwidth, higher operating frequencies and higher output power compared to incumbent polycrystalline BAW technology deployed today. The Company utilizes its proprietary XBAW single-crystal BAW manufacturing process to produce bulk acoustic wave RF filters for mobile and other wireless markets, which facilitate signal acquisition and accelerate band performance between the antenna and digital back end. Superior performance is driven by the significant advances of high-purity, single crystal piezoelectric materials and the resonator-filter process technology which drives electro-mechanical coupling and translates to wide filter bandwidth.
The Company plans to service the fast growing multi-billion-dollar market of device OEMs, network providers, and consumers to diminish front end phone heat, battery drain and signal loss -- all considered to be directly related to current RF polycrystalline filter technologies' limitations. The Company owns and operates a 120,000 sq. ft. ISO-9001 certified commercial wafer-manufacturing facility located in Canandaigua, NY , which includes a class 100 / class 1000 cleanroom facility - tooled for 150-mm diameter wafers - for the design, development, fabrication and packaging of RF filters, MEMS and other semiconductor devices. Akoustis Technologies, Inc. is headquartered in the Piedmont technology corridor near Charlotte, North Carolina.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Such forward-looking statements include statements regarding the proposed offering of the notes and the intended use of proceeds from the offering. The offering is subject to market and other conditions and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, these forward-looking statements are based on management’s current beliefs, expectations and assumptions and are subject to risks and uncertainties. These and other risks and uncertainties are described in more detail in the Part I, Item 1A - Risk Factors of the Company’s most recent Annual Report on Form 10-K and in subsequently filed Quarterly Reports on Form 10-Q. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements included in this press release speak only as of the date hereof and, except as required by law, we undertake no obligation to update publicly or privately any forward-looking statements, whether written or oral, for any reason after the date of this press release to conform these statements to new information, actual results or to changes in our expectations.
Contact: COMPANY: Tom Sepenzis Akoustis Technologies, Inc. Director of Investor Relations 704-890-2925 [email protected] The Del Mar Consulting Group, Inc. Robert B. Prag, President 858-794-9500 [email protected]
Source:Akoustis, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-akoustis-announces-pricing-of-15-million-offering-of-convertible-senior-secured-notes.html |
May 1, 2018 / 12:23 PM / Updated 26 minutes ago Israel postpones U.S.-based test of Arrow-3 missile interceptor Reuters Staff 1 Min Read
JERUSALEM, May 1 (Reuters) - A planned live test of Israel’s Arrow-3 ballistic missile interceptor in the United States has been postponed to improve the system’s readiness, the Israeli Defence Ministry said on Tuesday.
Israeli and U.S. officials previously said that Arrow-3, which is partly manufactured by Boeing Co, would undergo a trial interception in Alaska toward the summer of 2018. Israel’s statement on Tuesday did not give a new date for the event. Writing by Dan Williams Editing by Andrew Heavens | ashraq/financial-news-articles | https://www.reuters.com/article/arms-israel-usa-arrow/israel-postpones-u-s-based-test-of-arrow-3-missile-interceptor-idUSL8N1S82Y1 |
May 22, 2018 / 12:54 PM / Updated 23 minutes ago At least nine dead after police fire on protestors seeking closure of Indian copper smelter Reuters Staff 1 Min Read
NEW DELHI (Reuters) - At least nine died after police fired at protestors calling for closure of a Vedanta Resources-controlled copper smelter in South India, a senior police official told Reuters on Tuesday.
“Nine people have been confirmed dead,” said the official, Kapil Kumar Saratkar.
Scores of protesters in the port city of Thootukudi in Tamil Nadu state set vehicles on fire and threw stones at police on Tuesday, demanding that Vedanta shut the smelter because they claim it is creating environmental problems. Reporting by Sudarshan Varadhan; Editing by Martin Howell | ashraq/financial-news-articles | https://www.reuters.com/article/us-vedanta-smelter-violence-casualties/at-least-nine-dead-after-police-fire-on-protestors-seeking-closure-of-indian-copper-smelter-idUSKCN1IN1LH |
May 22 (Reuters) - PLAYWAY SA:
* SAID ON MONDAY THAT IT SIGNED SETTLEMENT AGREEMENT WITH UNITED INDEPENDENT ENTERTAINMENT GMBH AND TERMINATED ALL DISPUTES BETWEEN THE PARTIES REGARDING GAMES AND INCLUDING FARM MANAGER 2018
* ON APRIL 19 COMPANY GOT A CLAIM REGARDING DISTRIBUTION OF FARM MANAGER 2018
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1ST0YF |
LONDON, May 16 (Reuters) - Prime Minister Theresa May’s government on Wednesday suffered its 15th defeat on the legislation that will end Britain’s membership of the European Union when parliament’s upper chamber voted in favour of adding environmental safeguards to the bill. (Reporting by William James. Editing by Andrew MacAskill)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-eu-lords/uk-government-suffers-new-brexit-defeat-as-lords-demand-environment-safeguards-idUSL5N1SN616 |
BEIRUT (Reuters) - Lebanon’s new parliament is due to meet for the first time on Wednesday and is expected to reelect Shi’ite politician Nabih Berri as speaker, a post he has held since 1992.
The heavily armed Shi’ite movement Hezbollah together with groups and individuals that are politically aligned to it won at least 70 of parliament’s 128 seats in the May 6 election.
The result was a political boost for the Iran-backed group, which declared it “a victory” for the “choice of the resistance”, a reference to its powerful arsenal that has been a major point of contention in Lebanon for years.
Differences - and in some cases conflict - between some parties in the Hezbollah-aligned camp means it does not operate with unified goals in domestic politics, and Hezbollah does not see eye to eye with its allies on all issues.
But for Hezbollah it has been politically vital to have their support for its possession of arms, which it says are needed to deter Israel and - in more recent years - to protect Lebanon from Islamist insurgents in Syria. tmsnrt.rs/2IsdkeT
Here is the breakdown:
HEZBOLLAH, GROUPS AND INDIVIDUALS ALIGNED TO IT HEZBOLLAH - 12 SEATS
Founded in 1982 by Iran’s Revolutionary Guards and deemed a terrorist group by the United States, Hezbollah is the most powerful group in Lebanon thanks to a heavily armed militia that has fought several wars with Israel.
It has grown militarily stronger since joining the war in neighboring Syria in 2012 in support of President Bashar al-Assad.
THE AMAL MOVEMENT - 13 SEATS
The Shi’ite Amal Movement is led by Parliament Speaker Nabih Berri and has been closely aligned with Hezbollah since the end of Lebanon’s 1975-90 civil war. Amal has maintained very close ties to the Syrian government since it was founded in 1974.
SMALL HEZBOLLAH ALIGNED PARTIES - 14 SEATS
These include the Maronite Christian Marada party, the Syrian Socialist Nationalist Party, the Baath Party, the Armenian Tashnag and the Druze Lebanese Democratic Party, which were all represented in the previous parliament.
In addition, the heads of four Hezbollah-aligned parties that were not part of the last parliament won Sunni seats this time. They are Osama Saad, Abdulrahim Mrad, Adnan Trabulsi and Faisal Karami.
INDEPENDENTS ALIGNED WITH HEZBOLLAH AND AMAL - 11 SEATS
This group includes non-Shi’ites who are politically aligned with Hezbollah and Amal and ran on lists backed by the parties.
Several prominent Hezbollah supporters running as independents have also returned to public office for the first time since the withdrawal of Syrian forces in 2005.
Among them is Jamil al-Sayyed, a retired Shi’ite general and close friend of Assad, who ran as independent and is a staunch supporter of Hezbollah and its regional allies.
THE FREE PATRIOTIC MOVEMENT (FPM) - 20 SEATS
The FPM, founded by Maronite Christian politician Michel Aoun, has been a political ally of Hezbollah since 2006. The alliance is particularly important to Hezbollah because the FPM is the biggest Christian force in parliament.
Hezbollah’s backing for Aoun was vital to his bid to become head of state, a goal he finally realised in 2016 in a political deal that saw Saad al-Hariri become prime minister.
Aoun has said Hezbollah’s weapons are critical to the defense of Lebanon. In an interview last year, he said the U.S.-backed Lebanese army was not strong enough to confront Israel and so Hezbollah’s arms were a necessity.
Aoun said after the 2018 election he intended to call a national dialogue to address issues including “a national defense strategy” - a phrase that implies discussion of Hezbollah’s arms - but without giving further details.
His son-in-law, FPM leader Gebran Bassil, came under fire in Lebanon last year for saying Lebanon did not have an ideological problem with Israel. But in his role as foreign minister, Bassil has acted in Hezbollah’s interests at the Arab League.
Nasrallah said in April the FPM alliance remained strong but this did not mean the parties had become one.
GROUPS THAT OPPOSE HEZBOLLAH ARMS FUTURE MOVEMENT - 20 SEATS
Led by Saad al-Hariri, Future lost more than a third of its seats, but it remains the biggest Sunni-led party.
Hariri led a Saudi-backed alliance through years of political conflict with Hezbollah and its allies that spilled into a brief civil war in 2008 over the group’s arms. The “March 14” alliance won a majority in 2009, but began disintegrating after the election and suffered from waning Saudi support.
Hariri still wants Hezbollah disarmed but says this is an issue that should be resolved by dialogue at the regional level. His focus is on reviving the stagnant economy and reforming the heavily indebted state.
THE LEBANESE FORCES (LF) - 15 SEATS
Led by Maronite Christian politician Samir Geagea, the Lebanese Forces is Hezbollah’s most significant Christian opponent. The LF, which emerged from a powerful civil war militia, has also been fiercely critical of Hezbollah’s role in the war in neighboring Syria.
It is one of the biggest winners in the election, almost doubling its seats. Geagea said the result showed “March 14” still enjoys popular support.
THE KATAEB PARTY, OTHERS - 5 SEATS
The Kataeb, also known as the Phalange Party, is led by Maronite Christian politician Sami Gemayel, who took over the leadership from his father, former President Amin Gemayel.
Separately, at least two other of the newly elected MPs are known to have positions opposed to Hezbollah’s weapons.
OTHERS PROGRESSIVE SOCIALIST PARTY (PSP) - 9 SEATS
Led by Druze leader Walid Jumblatt, the PSP has wavered on the issue of Hezbollah’s arms over the years. It was a pillar of the March 14 alliance until the 2009 election, but repositioned itself in the political center after that vote.
Jumblatt said last year that Hezbollah itself should be the one to decide when its weapons are put up for discussion.
OTHERS - 9 SEATS
These include political independents such as former Prime Minister Najib Mikati, veteran Christian politician Michel al-Murr and others whose views on Hezbollah and its arms could not immediately be confirmed.
Reporting by Beirut bureau; Writing by Tom Perry, Editing by William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/us-lebanon-election-parliament-factbox/factbox-hezbollah-and-allies-gain-sway-in-lebanon-parliament-idUSKCN1IN1OJ |
May 14, 2018 / 7:39 AM / Updated 4 hours ago Daily Briefing: Premier choice - Italy inches towards government Mark John , Mike Dolan 7 Min Read
LONDON (Reuters) - Given the short-lived nature of many of its previous governments, the role of Italian prime minister is perhaps not the most coveted job in politics. League party leader Matteo Salvini (C) speaks next to President of Fratelli d'Italia party Giorgia Meloni (L) and Forza Italia leader Silvio Berlusconi following a talk with Italian President Sergio Mattarella at the Quirinale palace in Rome, May 7, 2018
Today, leaders of Italy's anti-establishment 5-Star Movement and the far-right League are expected to see President Sergio Mattarella to reveal their choice for the post . It is up to the head of state to nominate the prime minister, so if he doesn't like the sound of their pick he could tell them to find another name. If he approves, he would call the nominee in to give him, or her, a mandate to form a government and review their list of ministers. In theory, a vote of confidence could follow later in the week in parliament.
European Union nations except for Britain meet in Brussels today to run over the state of play of Brexit negotiations, with Theresa May's government itself still snagged on what sort of post-Brexit customs arrangement it wants - crucial not just to its future trading position but also to the vexed question of the Irish border.
In a sign of mounting frustration at Britain's failure to determine its own negotiating position, France's Foreign Minister Jean-Yves Le Drian has said ahead of the talks that next month's EU summit is an "ultimate deadline" to make progress on Irish border issues; Dublin meanwhile has repeated its insistence there can be no physical border infrastructure on the island. With her cabinet split on the customs issue, May is struggling to broker some form of compromise even before she can put it to the EU side.
Ahead of tomorrow's meeting of European foreign ministers with Iranian counterpart Javad Zarif, the diplomacy continues across Europe today to try to salvage the 2015 nuclear deal after the United States' withdrawal. Britain's Boris Johnson is due to hold talks with Le Drian in London, while Zarif travels to Moscow to meet his Russian counterpart Sergei Lavrov.
MARKETS AT 0655 GMT
World stocks markets, firmly back in the black for 2018 so far, nudged higher to seven-week highs first thing on Monday as signs of thawing U.S.-China trade relations lifted Asia’s main bourses. MSCI’s all-country index of world equity hit its highest level since March 23.
In an unexpected U-turn, U.S. President Trump signalled that U.S. authorities would be more lenient on embattled Chinese telecom company ZTE after a personal plea from China’s President Xi about the damage to jobs in China. U.S. authorities had banned U.S. firms from selling to the firm for seven years for breach of North Korea and Iranian sanctions. Russian Foreign Minister Sergei Lavrov welcomes his Iranian counterpart Mohammad Javad Zarif in Moscow, May 14, 2018
But crucially, the concession from Washington comes ahead of this week’s fresh talks on the broader trade dispute between the world’s two biggest economies and also ahead of a June 12 summit between Trump and North Korean leader Kim Jong Un – where China’s support remains crucial.
Asia’s main markets were mostly positive, with Shanghai slightly in the black but HK stocks up more than 1 percent. The Nikkei was up 0.5 percent amid good soundings from Japan's first quarter earnings season, and South Korea’s Kospi was flat. Malaysia’s ringgit and stocks recovered early losses on the first trading after the surprise victory for former leader Mahathir in elections last week. The ringitt was flat after early losses of about one percent, while the Kuala Lumpur stock index rallied to end up almost 1 percent.
Although U.S. stock futures were higher first thing, the dollar and Treasury yields slipped back broadly. Speaking in Paris, Cleveland Fed President Mester said she was in favour of gradual U.S. interest rate rises ahead – putting her in the three rather four camp for the number of Fed rate hikes likely in 2018 overall.
European stock futures are pointing higher also, with eyes on weekend progress between Italy’s Five Star and League parties in forming a government not disrupting Italian stocks and bonds early on. The two parties are expected to report back to Italy’s President on Monday on whether a coalition government is possible.
Brent crude oil prices were lower and back below $77 per barrel after last week’s Iran-related spike higher.
— A look at the day ahead from European Economics and Politics Editor Mark John and EMEA markets editor Mike Dolan. The views expressed are their own. — | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-view-monday/daily-briefing-premier-choice-italy-inches-towards-government-idUKKCN1IF0R7 |
May 20 (Reuters) - GoDaddy Inc:
* ANNOUNCES PROPOSED SALE OF SHARES OF COMMON STOCK BY SELLING STOCKHOLDERS
* UNDERWRITTEN PUBLIC OFFERING OF 11.6 MILLION SHARES OF ITS CLASS A COMMON STOCK BY CERTAIN OF ITS STOCKHOLDERS
* GODADDY’S CHIEF EXECUTIVE OFFICER IS OFFERING 125,000 SHARES OF GODADDY’S CLASS A COMMON STOCK IN OFFERING Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-godaddy-announces-sale-of-shares-o/brief-godaddy-announces-sale-of-shares-of-common-stock-by-selling-stockholders-idUSASC0A2Z8 |
BARCELONA (Reuters) - A small Catalan separatist party said on Sunday it would abstain in a second vote to elect a regional leader paving the way for pro-independence candidate Quim Torra to secure a majority and form a government.
Quim Torra, the candidate proposed by former Catalan leader Carles Puigdemont to head the regional Catalan government, votes during his investiture debate at the regional parliament in Barcelona, Spain, May 12, 2018. REUTERS/Juan Medina Torra, a close ally of former leader Carles Puigdemont, failed to win sufficient votes to become leader on Saturday.
But if the far-left CUP party’s four parliamentarians abstain in the vote on Monday, he is expected to secure the simple majority needed to become leader, ending a political impasse that has lasted for months.
In his address to the regional parliament on Saturday, Torra said he would work towards the creation of a Catalan republic and respect the outcome of last year’s vote on secession, which was deemed illegal by Madrid.
Catalonia has been without an administration since December despite pro-independence parties winning most seats in a December election called by Spanish Prime Minister Mariano Rajoy after Puigdemont’s secession attempt.
Reporting by Sam Edwards. Editing by Jane Merriman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-spain-politics-catalonia/catalan-secessionists-poised-to-elect-new-regional-leader-in-second-vote-idUSKCN1IE0O8 |
May 3 (Reuters) - Union Diagnostic & Clinical Services PLC :
* Q1 ENDED MARCH 2018 PROFIT BEFORE TAX OF 108.8 MILLION NAIRA VERSUS 110.9 MILLION NAIRA YEAR AGO
* Q1 REVENUE OF 451.5 MILLION NAIRA VERSUS 396.6 MILLION NAIRA YEAR AGO Source: bit.ly/2IbhEyP ([email protected])
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-union-diagnostic-clinical-services/brief-union-diagnostic-clinical-services-posts-q1-pretax-profit-of-108-8-mln-naira-idUSFWN1SA19Z |
May 8 (Reuters) - Carrols Restaurant Group Inc:
* CARROLS RESTAURANT GROUP, INC. REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER 2018
* Q1 SALES ROSE 13.2 PERCENT TO $271.6 MILLION * Q1 EARNINGS PER SHARE VIEW $-0.18 — THOMSON REUTERS I/B/E/S
* CARROLS RESTAURANT GROUP -2018 TOTAL RESTAURANT SALES EXPECTED TO BE $1.15 BILLION - $1.17 BILLION INCLUDING COMPARABLE RESTAURANT SALES INCREASE OF 3%- 5%
* ADJUSTED EBITDA IS NOW EXPECTED TO BE $95 MILLION TO $102 MILLION FOR 2018
* CAPITAL EXPENDITURES BEFORE DISCRETIONARY GROWTH-RELATED EXPENDITURES ARE EXPECTED TO BE $50 MILLION TO $60 MILLION FOR 2018
* IN 2018 EXPECTS TO CLOSE 20 TO 25 EXISTING RESTAURANTS, THREE OF WHICH WERE CLOSED DURING Q1
* AT END OF Q1 OF 2018, CARROLS OWNED AND OPERATED 807 BURGER KING RESTAURANTS
* QTRLY COMPARABLE RESTAURANT SALES INCREASED 6.2% VERSUS 0.6% DECREASE IN PRIOR YEAR QUARTER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-carrols-restaurant-group-reports-q/brief-carrols-restaurant-group-reports-q1-loss-per-share-0-09-idUSASC0A0DP |
NEW YORK (Reuters) - Two commuter buses collided while exiting a tunnel linking New York City to suburban New Jersey on Friday, injuring about 31 people, local media reported.
The crash at the Lincoln Tunnel involved two New Jersey Transit buses entering Manhattan.
Port Authority Police did not immediately respond to a request for comment.
Editing by Barbara Goldberg and Chizu Nomiyama
| ashraq/financial-news-articles | https://in.reuters.com/article/new-york-bus/two-buses-collide-in-new-york-city-injuring-dozens-idINKCN1IJ20G |
CALGARY, Alberta, May 22, 2018 (GLOBE NEWSWIRE) -- Pursuant to the early warning requirements of applicable Canadian securities laws, M. Bruce Chernoff announces that he has acquired, through Alpine Capital Corp. (" Alpine "), an entity owned and controlled by him, ownership and control of an aggregate of 2,278,465 common shares (" Maxim Shares ") of Maxim Power Corp. (" Maxim "), representing approximately 4.3% of the issued and outstanding Maxim Shares (based on 53,561,773 Maxim Shares issued and outstanding, after deducting 1,062,052 Maxim Shares Maxim has advised Mr. Chernoff it has acquired pursuant its normal course issuer bid), at a price of $2.40 per Maxim Share for a total cash purchase price of $5,468,316. Mr. Chernoff (through Alpine) acquired the Maxim Shares from three (3) third parties (the " Sellers ") on May 22, 2018 pursuant to purchase and sale agreements (the " PSAs ").
Before giving effect to the transaction, Mr. Chernoff owned (directly or indirectly) an aggregate of 11,547,585 Maxim Shares representing approximately 21.6% of the issued and outstanding Maxim Shares (based on the number of issued and outstanding Maxim Shares set forth above). After giving effect to the transaction, Mr. Chernoff (directly or indirectly) owns an aggregate of 13,826,050 Maxim Shares representing approximately 25.8% of the issued and outstanding Maxim Shares (based on the number of issued and outstanding Maxim Shares set forth above).
The acquisition of the Maxim Shares was completed pursuant to the private agreement exemption set forth in section 4.2 of National Instrument 62-104 – Take-Over Bids and Issuer Bids (" NI 62-104 ") in accordance with the PSAs between Alpine and the applicable Sellers. The value of the consideration paid for the Maxim Shares was not greater than 115% of the "market price" of the Maxim Shares as of May 22, 2018 (as determined in accordance with section 1.11 of NI 62-104).
The acquisition of the Maxim Shares was made in furtherance of Mr. Chernoff's investment objectives. Mr. Chernoff may, from time to time, as market opportunities exist or develop, increase or decrease his ownership in Maxim Shares as permitted by applicable securities laws.
FOR FURTHER INFORMATION OR TO OBTAIN A COPY OF THE EARLY WARNING REPORT FILED IN CONJUNCTION WITH THIS PRESS RELEASE, PLEASE CONTACT:
Mr. M. Bruce Chernoff
Suite 3230, 421 – 7th Avenue SW
Calgary, Alberta T2P 4K9
Phone: (403) 266-1717
Source:Maxim Power Corp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-m-bruce-chernoff-acquires-shares-of-maxim-power-corp.html |
May 2, 2018 / 11:46 AM / Updated 23 minutes ago Commentary: Sanctions turmoil exposes alumina pricing fragility Andy Home A semblance of normality has returned to the aluminium market after three weeks of turmoil caused by the imposition of U.S. sanctions on Russian oligarch Oleg Deripaska and his Rusal empire. File photo: Chimneys billow smoke at the Rio Tinto alumina refinery in Gove, also known as Nhulunbuy, located 650 km (404 miles) east of Darwin in Australia's Northern Territory. REUTERS/David Gray
The extension of the sanctions deadline until Oct. 23 and the potential for some sort of political deal have helped calm troubled waters.
The London Metal Exchange (LME) three-month aluminium price hit a seven-year high of $2,718 per tonne on April 19 but is now trading back down around the $2,250 level.
The same, however, cannot be said of the raw materials market.
Alumina supply was already tightening thanks to the partial, continuing outage at Hydro’s Alunorte plant in Brazil.
The prospect of losing Rusal material as well sent prices stratospheric, revealing both the fragile nature of the alumina supply chain and its dysfunctional pricing model.
This is an industry that has given up its natural price hedge but not yet embraced a new pricing mechanism.
The events of the last three weeks have shown just how dangerous that can be. FRAGILE SUPPLY CHAIN
Even before the April 6 announcement of sanctions on Rusal, the alumina supply chain was struggling.
In February a Brazilian court ordered a 50 percent cut in output at the Alunorte refinery following allegations of a waste spill. That ruling has just been upheld by a local judge.
Alunorte is the world’s largest single converter of bauxite to alumina and the continued outage translates to an annualised supply hit of almost three million tonnes.
When the news of sanctions against Rusal broke on April 6, the initial reaction was registered in the aluminium price, both the LME basis price and U.S. physical premiums.
It was only after a few days that the market realised just how vulnerable to sanctions were Rusal’s overseas bauxite and alumina operations.
And how vulnerable Western world aluminium smelters are to sudden changes in the raw materials supply chain.
At one stage there was a very real prospect of Rio Tinto halting shipments of bauxite to Rusal’s Aughinish refinery in Ireland, which in turn could have caused several European aluminium smelters to close.
That nightmare scenario has been deferred, but not completely dispelled.
The industry has got used to existing on lean inventories, some refineries holding less than one week’s operating stock, and ignored the increasing complexity of alumina trading between big entities such as Rusal.
On paper Rusal is almost self-sufficient in alumina. In practice, it trades a significant part of that material. Sales to third parties totalled 2.3 million tonnes last year, compared with group production of 7.8 million tonnes.
Alumina flows are accordingly more intricate and less transparent as producers and traders switch and swap tonnages across regions and time-frames.
Graphic on aluminium and alumina relative price performance: BROKEN PRICING
The alumina price has shown no indication of tracking the aluminium price lower.
The CME spot alumina contract, which is linked to the S&P Global Platts alumina price index, is holding the recent highs, closing Tuesday valued at $643 per tonne.
It’s still playing catch-up with the physical market, where prices have surged to $700 and above in the last couple of weeks.
The combination of a high alumina price and low aluminium price crushes operating margins for those smelters which do not enjoy their own vertically-integrated feed.
And few of them have any price hedge.
The industry used to link its alumina pricing to the LME aluminium contract, an unsophisticated but largely effective way of cushioning input costs against the sort of metal price blow-out we’ve just seen.
But around the turn of the decade Alcoa led a producer shift to pricing alumina on the basis of spot market indices compiled by price assessors such as Platts, Metal Bulletin and CRU.
Alcoa is now pricing around 95 percent of its third party alumina sales basis either an index or the spot market, it said in its Q1 results.
Most of the other big players in the market have followed suit.
There are two problems here.
The first is the nature of spot market pricing.
Speaking at last week’s CRU aluminium conference in London, Anthony Everiss, head of the group’s alumina and bauxite research, conceded that the record highs seen in the CRU index were based on just three or four cargoes, each around 30,000-35,000 tonnes in size.
This is a highly marginal tonnage in the global alumina market and symptomatic of the problems facing all the companies attempting to assess the alumina price.
The spot market is still too small and too China-oriented to offer a truly global pricing mechanism.
And the CME contract, based on one of those indices, is itself still too small to offer any practicable hedging opportunity.
Launched in 2016, it has yet to build any critical trading mass. Cumulative volumes in the first quarter were just 87,500 tonnes, less than the handful of spot cargoes used to calculate the underlying indices.
Yet on such insignificant tonnages turns the global alumina price and with it the operating margin for a significant part of the Western world’s smelter system. NEW CONTRACT, MORE COMMITMENT
The LME is itself planning to launch an alumina contract either late this year or early next year, in theory doubling the number of hedging venues.
But, like the CME, it too will be using a vanilla futures contract template with pricing indexed back to one of the core alumina price assessors.
The underlying issues of how those prices are set in the physical market and low liquidity in the paper market remain.
What really needs to happen is for producers such as Alcoa and Rio Tinto to extend their enthusiastic embrace of non-LME pricing to committing the tonnages to make that pricing work in trading venues such as the CME and LME.
They have just been given a major wake-up call about the broken nature of the current alumina pricing model.
They will ignore it at their own peril and that of a good part of the aluminium smelter sector. Editing by David Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-alumina-pricing-ahome/commentary-sanctions-turmoil-exposes-alumina-pricing-fragility-idUKKBN1I31IY |
May 11, 2018 / 7:01 AM / in 12 minutes Land-based salmon firm Atlantic Sapphire AS to be listed on Merkur Market Reuters Staff 1 Min Read
OSLO, May 11 (Reuters) -
* Oslo Børs has received an application for admission to trading on Merkur Market from Atlantic Sapphire AS
* The Listing Committee has decided to admit the company to trading and this is expected to take place on 15 May 2018
* Atlantic Sapphire AS is a company with the purpose of farming Atlantic Salmon in land-based recirculation systems in the United States
* Its concept “Bluehouse Miami” is planned to start production in 2020
* Atlantic Sapphire salmon will never have contact with sea lice or be exposed to wild fish diseases, the firm said on its web site
Source text: here (Reporting By Ole Petter Skonnord) | ashraq/financial-news-articles | https://www.reuters.com/article/land-based-salmon-firm-atlantic-sapphire/land-based-salmon-firm-atlantic-sapphire-as-to-be-listed-on-merkur-market-idUSL8N1SI1CR |
Tucker Higgins: CNBC Business News Associate Published 11:42 AM ET Tue, 1 May 2018 Updated 3:09 PM ET Wed, 9 May 2018 CNBC.com
"I'm Tucker Higgins, and I'm a business news associate at CNBC.
I met CNBC through the Business News Associate Workshop at the 2017 Excellence in Journalism Conference.
Before the workshop, I had done a few business news internships, but I hadn't worked professionally in business news. So, I applied for CNBC's workshop to learn from the best in the business and hopefully to find myself working with them. "The news is an intense business - it's demanding, it's fast-paced, there's little room for error - and the workshop maintained this spirit, but everyone was so welcoming that instead of scaring me off, it made me want to jump in and become part of the team."
So, as intense as business news is, it's still the best job in the world and the workshop was a great illustration of why that is.
Because of the workshop, I realized I could be a reporter or a TV producer, and I saw myself right here at CNBC. I saw that the company really cared about presenting the news intelligently to our viewers, and I got a behind-the-scenes sense of how it was all done." Business News Associate Workshop at #AAJA18 | Houston | Aug 10 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/tucker-higgins-cnbc-business-news-associate.html |
May 3 (Reuters) - Post Holdings Inc:
* POST HOLDINGS REPORTS RESULTS FOR THE SECOND QUARTER OF FISCAL YEAR 2018
* Q2 SALES $1.6 BILLION VERSUS I/B/E/S VIEW $1.55 BILLION * Q2 EARNINGS PER SHARE VIEW $1.08 — THOMSON REUTERS I/B/E/S
* Q2 ADJUSTED EARNINGS PER SHARE $1.06 * MANAGEMENT HAS AFFIRMED ITS FISCAL YEAR 2018 ADJUSTED EBITDA RANGE OF $1.22-$1.25 BILLION
* POST MANAGEMENT HAS AFFIRMED ITS FISCAL YEAR 2018 ADJUSTED EBITDA RANGE OF $1.22-$1.25 BILLION
* UPDATED ITS FISCAL YEAR 2018 CAPITAL EXPENDITURES RANGE TO BE BETWEEN $245-$255 MILLION Source text for Eikon: ([email protected])
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-post-holdings-reports-q2-eps-of-12/brief-post-holdings-reports-q2-eps-of-1-20-idUSASC09ZSN |
DHS chief gets grilled on separating families 52
Senator Kamala Harris grilled Department of Homeland Security chief Kirstjen Nielsen on the separation of immigrant mothers from their children when they're apprehended for entering the U.S. illegally.
Senator Kamala Harris grilled Department of Homeland Security chief Kirstjen Nielsen on the separation of immigrant mothers from their children when they're apprehended for entering the U.S. illegally. //reut.rs/2rNj3kS | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/15/dhs-chief-gets-grilled-on-separating-fam?videoId=427239055 |
May 1 (Reuters) - The following are the 20 top-selling vehicles in the United States in April as reported by the automakers and ranked by total units. Top 20 selling vehicles in the United States in April: RANK VEHICLE April 2018 April 2017 PCT CHNG 1 Ford F-Series P/U 73,104 70,657 +3.5 2 Ram P/U 39,252 43,321 -9.4 3 Toyota RAV4 31,007 31,757 -2.4 4 Toyota Camry 29,848 31,428 -5.0 5 Jeep Wrangler 29,776 18,841 +58.0 6 Honda Civic 28,399 31,211 -9.0 7 Honda CR-V 28,323 32,671 -13.3 8 Toyota Corolla 25,896 31,104 -16.7 9 Nissan Rogue 23,331 27,386 -14.8 10 Honda Accord 21,751 26,938 -19.3 11 Ford Escape 21,383 25,637 -16.6 12 Toyota Tacoma 18,811 17,006 +10.6 13 Toyota Highlander 18,456 17,981 +2.6 14 Ford Explorer 17,894 19,771 -9.5 15 Nissan Sentra 16,999 20,255 -16.1 16 Jeep Grand Cherokee 16,647 18,877 -11.8 17 Hyundai Elantra 14,044 16,346 -14.1 18 Ford Focus 13,001 13,197 -1.5 19 Ford Fusion 12,871 16,697 -22.9 20 Dodge Caravan 11,880 9,817 +21.0 Top 20 selling vehicles in U.S. through April RANK VEHICLE April 2018 April 2017 PCT CHNG 1 Ford F-Series P/U 287,295 275,938 +4.1 2 Ram P/U 143,216 162,520 -11.9 3 Nissan Rogue 139,785 128,807 +8.5 4 Toyota RAV4 122,466 112,290 +9.1 5 Toyota Camry 120,615 114,887 +5.0 6 Honda Civic 110,548 112,865 -2.1 7 Honda CR-V 110,369 126,728 -12.9 8 Toyota Corolla 103,716 112,539 -7.8 9 Ford Escape 88,733 101,975 -13.0 10 Jeep Wrangler 85,280 60,152 +41.8 11 Honda Accord 83,352 96,753 -13.9 12 Nissan Sentra 77,001 71,669 +7.4 13 Nissan Altima 73,806 94,248 -21.7 14 Toyota Tacoma 72,590 60,499 +20.0 15 Ford Explorer 72,025 74,442 -3.2 16 Toyota Highlander 71,338 64,623 +10.4 17 Jeep Grand Cherokee 70,095 75,477 -7.1 18 Hyundai Elantra 61,108 70,548 -13.4 19 Ford Fusion 56,047 67,483 -16.9 20 Dodge Caravan 55,024 49,871 +10.3 Note :- * General Motors values are not included, as it reports on a quarterly basis. ** Jaguar Land Rover values were not reported. (Compiled by Bengaluru Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/autosalesusa-top20/table-top-20-vehicles-sold-in-u-s-in-april-idUSL3N1S83SX |
THOOTHUKUDI, India (Reuters) - India’s Tamil Nadu state said on Thursday that it was seeking a permanent closure of a big copper smelter run by London-listed Vedanta Resources after 13 people died in protests demanding the closure of the plant on environmental grounds.
Charred vehicles are pictured near a government office, after at least 13 people were killed when police fired on protesters seeking closure of plant on environmental grounds in town of Thoothukudi in southern state of Tamil Nadu on Tuesday, May 24, 2018. REUTERS/Sudarshan Varadhan “The government’s position is very clear, it doesn’t want the plant to run,” said Sandeep Nanduri, the top official of the district where the plant is located, after a meeting with senior state government officials.
Other state officials confirmed the government’s position.
On Tuesday, police opened fire on protesters demanding that the smelter in the port city of Thoothukudi be shut down. In all, 13 protests have been killed this week.
Residents and environmental activists say emissions from the plant, India’s second biggest, are polluting the air and water, affecting people’s health.
Earlier on Thursday, authorities cut the power to the smelter. The pollution control board of Tamil Nadu said the smelter, which was shut pending renewal of its operating license, was found last week to be preparing to resume production without permission.
A toppled vehicle is pictured near a government office, after at least 13 people were killed when police fired on protesters seeking closure of plant on environmental grounds in town of Thoothukudi in southern state of Tamil Nadu on Tuesday, May 24, 2018. REUTERS/Sudarshan Varadhan On Thursday, Vendanta’s Indian stock closed down 2 percent.
A company spokesman did not immediately respond to a Reuters’ email seeking comment on Tamil Nadu’s closure plan and the allegation that it had been preparing to resume production without approvals. Vedanta has previously denied that the smelter has been polluting the air and water.
“The issue of renewal of consent for the year 2018-2023 has been rejected ... due to non compliance of certain conditions,” the Tamil Nadu Pollution Control Board (TNPCB) said in an order dated Wednesday.
It did not elaborate on the conditions the smelter had not met but said it “shall be disconnected with power supply and closed with immediate effect”.
Slideshow (2 Images) The agency told Vedanta it could not resume operations without permission.
The plant has already been shut for more than 50 days and had been ordered to stay closed until at least June 6, pending environmental clearances.
Reporting by Sudarshan Varadhan; Writing by Krishna N. Das; Editing by Sanjeev Miglani, Robert Birsel and Martin Howell
| ashraq/financial-news-articles | https://in.reuters.com/article/us-vedanta-smelter/india-cuts-power-to-smelter-after-deadly-anti-pollution-protests-idINKCN1IP1CX |
April 30 (Reuters) - Green Brick Partners Inc:
* GREEN BRICK PARTNERS, INC. EXPANDS INTO FLORIDA THROUGH ACQUISITION OF GHO HOMES
* GREEN BRICK PARTNERS INC - TRANSACTION WILL BE IMMEDIATELY ACCRETIVE TO EARNINGS PER SHARE
* GREEN BRICK PARTNERS INC - PURCHASED ALL OF ASSETS OF GHO HOMES AND AFFILIATES
* GREEN BRICK PARTNERS INC - ACQUIRED 80% CONTROLLING OWNERSHIP OF GHO HOMES THROUGH INVESTMENT IN NEWLY FORMED ENTITY, GRBK GHO HOMES
* GREEN BRICK PARTNERS INC - BILL HANDLER WILL CONTINUE SERVING AS PRESIDENT AND WILL BE A 20% PARTNER IN GRBK GHO HOMES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-green-brick-partners-expands-into/brief-green-brick-partners-expands-into-florida-through-acquisition-of-gho-homes-idUSASC09Y8G |
May 8 (Reuters) - GoDaddy Inc’s first-quarter revenue rose about 29 percent as the web hosting company gained thousands of new customers from its acquisition of Host Europe last year.
Scottsdale, Arizona-based GoDaddy said on Tuesday net income attributable to the company rose to $3.3 million or 2 cents per share in the three months ended March 31, from about $600,000 or 1 cent per share a year earlier.
Total revenue rose to $633.2 million from $489.7 million. (Reporting by Munsif Vengattil in Bengaluru)
| ashraq/financial-news-articles | https://www.reuters.com/article/godaddy-results/web-hosting-firm-godaddys-quarterly-revenue-jumps-29-percent-idUSL3N1SF69I |
PINEDALE, Wyo. (Reuters) - State wildlife officials approved plans on Wednesday for Wyoming’s first season of grizzly bear hunting in 43 years, a move cheered by sportsmen but decried by Native Americans and conservation groups fighting to restore Endangered Species Act protections to the bears.
FILE PHOTO: A grizzly bear roams through the Hayden Valley in Yellowstone National Park in Wyoming, U.S. on May 18, 2014. REUTERS/Jim Urquhart The decision, clearing the way for hunters to shoot and kill as many as 22 grizzlies in a season that begins on Sept. 1, comes two weeks after the neighboring state of Idaho approved a plan allowing for no more than one grizzly to be taken in its hunting season opening the same day.
The stage for state-licensed hunting of grizzlies outside of Yellowstone National Park was set last June when the U.S. Fish and Wildlife Service announced that the large, hump-shouldered bears would cease to be listed as a threatened species in the region.
The Trump administration’s decision to de-list the grizzly, formally proposed in 2016 during the Obama era, was based on agency findings that the bears’ numbers have rebounded enough in recent decades that federal safeguards are no longer necessary.
The move left management of the bears entirely to the discretion of the three states bordering Yellowstone — Wyoming, Idaho and Montana.
Environmental activists have since sued the U.S. government seeking to restore the grizzly’s federally protected status, arguing, among other things, that climate change and poaching still threaten the species’ viability.
Unlike Wyoming and Idaho, Montana has decided against opening a grizzly season, citing concerns about the long-term recovery of a bear population that is arguably one of the most celebrated and photographed in the world.
Slow to reproduce, grizzlies number fewer than 2,000 in the Lower 48 states. That compares to an historic high of 100,000 before widespread shooting, poisoning and trapping had reduced their numbers to just several hundred by 1975, when they were placed under federal protection.
Grizzlies also are at the heart of a cultural divide between Native Americans, who revere the bears, and ranchers and others who see the creatures as potential threats to livestock and impediments to more mining, logging and fossil energy development.
In a news conference on Wednesday, tribal leaders denounced Wyoming’s planned hunt, which includes a provision for grizzly-baiting under certain circumstances in some areas.
“This is a sacred being that is central to our religious and life ways. This is not a hunting issue; this is a killing issue,” said Brian Jackson of the Blackfoot Confederacy.
Meanwhile, sportsmen are clamoring for licenses in a hunt that Wyoming officials insisted would not significantly reduce the grizzly population.
Supporters also contend the state should be able to manage its wildlife as it sees fit.
“Wyoming owns the wildlife. I would like to see us exercise that authority,” said Jim Allen, a rancher and hunting outfitter in the state.
Reporting by Laura Zuckerman; Editing by Steve Gorman and Sandra Maler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-wyoming-grizzlies/wyoming-approves-controversial-hunt-of-yellowstone-area-grizzlies-idUSKCN1IP03K |
PRAGUE (Reuters) - The Czech ruling ANO party could be days away from agreeing the text of a coalition agreement with the center-left Social Democrats, an ANO official was Quote: d as saying on Wednesday, raising hopes for an end to months of political instability.
The leader of ANO party Andrej Babis speaks during a news conference at the party's election headquarters after the country’s parliamentary elections in Prague, Czech Republic October 21, 2017. REUTERS/David W Cerny The Czech Republic has been without a full-fledged government for half a year as most parties have balked at joining up with ANO while its billionaire businessman leader Andrej Babis fights off fraud allegations.
“We should be able to fine-tune the coalition agreement by the end of this week, reflecting demands of the Social Democrats,” ANO deputy chairman Jaroslav Faltynek told the daily Pravo newspaper.
The Social Democrats have also said they are hoping to reach a deal soon. Any agreement would have to be backed in a referendum of Social Democrat members, possibly later this month.
The centrist, populist ANO won elections in October but fell short of a majority in parliament. Its single-party minority cabinet lost a vote of confidence in January as other parties called on Babis to resign over the fraud accusations that he denies. The cabinet has since ruled in caretaker capacity.
ANO has been negotiating a new minority cabinet that would include the Social Democrats and be backed in parliament by the Communists.
Faltynek was Quote: d as saying that ANO had convinced the Social Democrats to drop their plans for tax hikes. The Social Democrats have called for a more progressive income tax and for special taxes on banks and utilities.
The Social Democrats have also been pushing for a guarantee from Prime Minister Babis that he would quit if he is found guilty in an ongoing investigation into charges of illegally tapping EU subsidizes. He denies the police charges and the case has yet to be brought to trial.
The Social Democrats have also demanded that the coalition sacks representatives of the far-right SPD party from positions in the lower house, where they have a deputy speaker and committee heads.
The Social Democrats have been concerned that ANO may turn to the SPD for support at times of disagreement in the coalition.
Reporting by Jan Lopatka; Editing by Andrew Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/us-czech-politics/czech-ruling-party-says-near-coalition-deal-to-end-limbo-pravo-idUSKBN1I30TM |
MANAUS, Brazil—It’s nearly lunchtime in the sweltering Amazonian city of Manaus and Angela Araújo is waiting for the takeout she ordered: Handel, with a side of Mozart.
Ms. Araújo, 53, can barely contain her excitement as her order pulls up in a clapped-out Fiat Palio. It is Pedro Panilha, the opera house’s sprightly pianist, joined by a portly opera singer squeezed into a satin-lined waistcoat.
“Oh... | ashraq/financial-news-articles | https://www.wsj.com/articles/worlds-strangest-opera-house-deep-in-the-jungle-makes-unusual-pitch-to-locals-1527002938 |
Venture Capital Big US bank exposure to Italy appears ‘modest and manageable’: Jefferies Jefferies believes the recent decline in financial sector shares is a good buying opportunity because major US banks do not have much exposure to Italy. The firm has a buy ratings for Bank of America and J.P. Morgan Chase shares. Tony Gentile | Reuters The Italian flag waves over the Quirinal Palace in Rome, Italy May 30, 2018.
Major bank stocks tumbled on Tuesday due to political turmoil in Italy, sparking worries about the prospect of another eurozone crisis.
Shares of J.P. Morgan Chase , Bank of America , Morgan Stanley and Citigroup all fell 4 percent or more on Tuesday.
But Jefferies believes the decline in financial sector shares is a good buying opportunity because major US banks do not have much exposure to the European country.
"The bank tape has again become vulnerable to global sentiment swings, even for large regionals focused on the U.S. economy," analyst Ken Usdin said in a note to clients Wednesday. "Concerns on Italy/EM contagion risks and the potential for a more dovish Fed lead, with mixed company messages on the outlooks for trading and wealth/asset mgmt revs. following on. U.S. banks' Italy exposures and European rev. contributions are modest and manageable, in our view, creating opportunities to buy dips for patient investors."
Usdin said J.P. Morgan Chase had only $6.7 billion of exposure to Italy at year-end 2017, while Bank of America had $5.4 billion of exposure or $4.3 billion net of hedges, according to securities filings. He also noted Italy did not make the top 25 countries in terms of exposure for Citigroup.
"Italy exposures appear modest for the big three," he said. "We would also note that the big banks tend to actively manage down exposures as concerns arise and that these numbers could already be lower five months into the year."
Jefferies has buy ratings for Bank of America and J.P. Morgan Chase shares. The firm has a hold rating for Citigroup's stock. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/big-us-bank-exposure-to-italy-appears-modest-and-manageable-jefferies.html |
HELSINKI--(BUSINESS WIRE)-- M-Brain, a global leader in market and media intelligence solutions, has appointed Christian Cedercreutz Chief Executive Officer as of 13.8.2018.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180524005676/en/
M-Brain, a global leader in market and media intelligence solutions, has appointed Christian Cedercreutz Chief Executive Officer as of 13.8.2018. (Photo: Business Wire)
Christian holds a Master of Economics degree from Hanken School of Economics in Helsinki. His career has been built with IBM over the past 20 years, in which he has held various management positions in five different European countries. Christian brings strong consultative selling experience and has over the years worked across the IBM Corporation in roles such as leading global client relationships, and leading SW and HW technology businesses in Finland. His most recent role has been to lead the cognitive SW solutions (Watson) business in Finland.
Simultaneously the company’s long-time CEO and Chairman of the Board Kim Nyberg will step down from his position as CEO. He and Marjukka Nyberg, the founder of M-Brain, will retire from the company by the end of the year. They will continue as members of the board of M-Brain.
“I’m really excited to join the M-Brain team. I’m convinced that we can continue to enhance the value we bring to our clients globally and also develop new services and solutions that cater to the future demands of our customers. M-Brain offers a good foundation to build upon, with talented people, smart technology platforms and excellent industry and customer understanding”, says Christian Cedercreutz.
“After a long career in PR & Communications during the industry’s upswing, I have truly enjoyed having the opportunity to be part of building yet another prominent industry, the Business and Market Intelligence”, says Kim Nyberg. “As the industry is moving more and more towards complex AI based solutions, it was vital for us to find somebody whose expertise included this particular knowledge. At the same time, our challenge is to continue expanding globally. Christian’s strong international sales experience is therefore highly appreciated.”
M-Brain offers best-in-class intelligence services and software through a workforce of 400 global experts. The company delivers value to its customers through a combination of industry best-practice expertise and in-house proprietary artificial intelligence development. Operating from 13 countries across the globe M-Brain supports its customers operations with optimized intelligence solutions, enabling them to seize opportunities, mitigate risks and make strategic business decisions based on objective insight.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524005676/en/
M-Brain
Kim Nyberg
[email protected]
+358 400 430538
or
Christian Cedercreutz
[email protected]
+358 400 613249
Source: M-Brain | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-m-brain-appoints-new-ceo.html |
HONG KONG—Taiwanese regulators authorized a key supplier of smartphone chips to resume sales to ZTE Corp., a boost for the Chinese telecommunications firm after its U.S. suppliers were barred from selling it parts.
The Taiwanese supplier, MediaTek Inc., won approval to resume exports of chips to ZTE, a MediaTek spokesman said Monday. The company supplies chipsets used in a number of ZTE smartphones, and while not a cure-all, analysts say a resumption of sales to ZTE restores an important part of ZTE’s supply chain.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/zte-gets-a-lifeline-in-taiwanese-chip-supplier-1525694743 |
May 4 (Reuters) - Rugby Mining Ltd:
* RUGBY MINING ANNOUNCES AN INCREASE IN ITS NON-BROKERED PRIVATE PLACEMENT
* RUGBY MINING LTD - INCREASED OFFERING WILL CONSIST OF UP TO 5.7 MILLION UNITS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rugby-mining-announces-increase-in/brief-rugby-mining-announces-increase-in-itsnon-brokered-private-placement-idUSASC09ZYH |
The World at Work: Digital Nomads 6:02am EDT - 03:23
With job openings at an all-time high, a growing of number of companies are allowing their employees to work remotely - spurring new co-living and co-working habitats around the globe to accommodate the generation of 'digital nomads' whose wanderlust is tempered only by the need for strong WiFi.
With job openings at an all-time high, a growing of number of companies are allowing their employees to work remotely - spurring new co-living and co-working habitats around the globe to accommodate the generation of 'digital nomads' whose wanderlust is tempered only by the need for strong WiFi. //reut.rs/2rBdBlp | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/09/the-world-at-work-digital-nomads?videoId=425219824 |
TOKYO (Reuters) - St. Louis Federal Reserve Bank President James Bullard said on Tuesday that break-even rates show markets do not expect U.S. fiscal stimulus to increase inflationary pressure.
Bullard also said the Federal Reserve should not proceed with additional interest rate hikes unless economic data exceed expectations, because inflation expectations are low.
Bullard, who spoke at a seminar in Tokyo, is an alternate member of the U.S. Federal Reserve’s committee that decides monetary policy.
Reporting by Stanley White
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-fed-bullard-stimulus/st-louis-feds-bullard-markets-dont-expect-inflationary-pressure-from-u-s-stimulus-idUSKCN1IU0GH |
Chicago-based online lender Net Credit has been hit with a lawsuit by the state of Virginia accusing it of misleading borrowers about its license and trying to collect debt under bankruptcy protection, Virginia’s Attorney General Mark Herring announced on Friday.
The lawsuit is asking for restitution for as many as 47,000 Virginia borrowers who took out Net Credit loans since 2012, paying interest rates of up to 155 percent.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2Ief2R4
| ashraq/financial-news-articles | https://www.reuters.com/article/netcredit-loans-lawsuit/virginia-ag-sues-online-lender-net-credit-alleging-consumer-debt-trap-idUSL1N1SB1YI |
(Reuters) - U.S.-based private equity firm Silver Lake Management Company has agreed to acquire ZPG plc, the owner of British property websites Zoopla and PrimeLocation, for 2.2 billion pounds ($3 billion).
Under the terms of the deal, each ZPG shareholder would get 490 pence in cash, which implies a premium of 31 percent to ZPG’s Thursday close, Silver Lake said in a statement on Friday.
ZPG directors, who are being advised by Credit Suisse and Goldman Sachs, consider the terms “fair and reasonable”, ZPG said in the joint statement.
ZPG’s largest shareholder and publisher of Britain’s Daily Mail newspaper, Daily Mail and General Trust (DMGT), said it gave an irrevocable undertaking to accept Silver Lake’s offer in respect of its entire holding — which amounts to 29.8 percent of ZPG’s issued share capital.
The deal is expected to close in the third quarter of 2018, the companies said.
($1 = 0.7399 pounds)
Reporting by Rahul B in Bengaluru; editing by Alexander Smith and Jason Neely
| ashraq/financial-news-articles | https://in.reuters.com/article/zpg-m-a-silver-lake/silver-lake-to-buy-property-websites-zoopla-primelocation-for-3-billion-idINKBN1IC0JH |
BEIJING (Reuters) - China’s Foreign Ministry said on Wednesday China has played a positive role on the Korean peninsula and hopes the planned U.S.-North Korea summit can proceed smoothly.
FILE PHOTO: Chinese Foreign Ministry spokesman Lu Kang answers questions about a major bus accident in North Korea, during a news conference in Beijing, China April 23, 2018. REUTERS/Jason Lee/File Photo Ministry spokesman Lu Kang made the comments at a regular news briefing. U.S. President Donald Trump reiterated on Tuesday his suggestion that North Korean leader Kim Jong Un’s recent meetings with Chinese President Xi Jinping had influenced Kim to harden his stance ahead of the summit.
Reporting by Ben Blanchard; Writing by Michael Martina; Editing by Paul Tait
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-usa-china/china-says-hopes-u-s-north-korea-summit-can-proceed-smoothly-idUSKCN1IO0U4 |
Closing Bell Exchange: Stocks rebound off lows 33 Mins Ago Keith Bliss, Drive Wealth LLC; Kim Forrest, Fort Pitt Capital; and CNBC's Rick Santelli, discuss the day's market activity following Trump's announcement he will not meet with North Korea's Kim Jong Un. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/closing-bell-exchange-stocks-rebound-off-lows.html |
CNBC's Jim Cramer was dumbfounded when he saw the market's immediate response to Home Depot's earnings miss, which the company said was driven by unfavorable weather .
"Within seconds, ... we saw a flurry of articles about how there's a slowdown in housing and even the great orange big-box chain couldn't buck the trend," the "Mad Money" host said Tuesday.
Earlier, on CNBC's "Squawk on the Street," Cramer told investors to wait and hear what Home Depot's management said before drawing conclusions about the home improvement giant.
Sure enough, when the post-earnings conference call began, Home Depot's stock began to stabilize "as if the sellers said, wait a second, maybe we're overreacting," he said.
Then, when Home Depot CFO Carol Tome took the floor and began to explain the weakness, Cramer saw the stock begin to bounce.
"Tome gave us the kicker when she pointed out that, 'While spring was a reluctant bride, she has arrived and our stores have the inventory necessary to meet demand, which is a good thing, as month-to-date for the company our May comparable-store sales are double-digit positive,'" he said, quoting the CFO.
"I could see the sellers' jaws drop," Cramer quipped, noting that after Tome said her piece, the stock jumped further, all but erasing its earlier decline.
All things considered, the "Mad Money" host saw Home Depot's Tuesday roller-coaster ride as a lesson in caution. It's "crazy" to only look at the headline numbers and view them as the be-all, end-all for the housing market, he said.
"How could any journalists reach this conclusion without even listening to the conference call? It's media malpractice," Cramer said.
"Now, obviously, the market was terrible today so Home Depot's stock still ended up getting slammed," he continued. "Still, when you actually listen to the conference call, which I tell you you must, it's clear that the only readthroughs from this quarter are positive, not negative. And, for the record, when a company as outstanding as Home Depot blames its problems on the weather, it may make sense, for once, to give them the darn benefit of the doubt."
WATCH: Cramer defends Home Depot's quarter show chapters Cramer calls on investors to listen to Home Depot's conference call after earnings miss 22 Hours Ago | 04:36 Questions for Cramer?
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Questions, comments, suggestions for the "Mad Money" website? [email protected] | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/cramer-investors-must-listen-to-home-depots-conference-call.html |
May 27, 2018 / 11:50 AM / Updated 7 hours ago Cricket: Pakistan crush sorry England at Lord's Ed Osmond 2 Min Read
LONDON (Reuters) - Pakistan wrapped up a crushing nine-wicket victory over England on Sunday to inflict the hosts’ first defeat in a May test match at Lord’s. Cricket - England vs Pakistan - First Test - Lord's Cricket Ground, London, Britain - May 27, 2018 Pakistan's Imam ul-Haq (R) and Haris Sohail celebrate after winning the First Test Action Images via Reuters/John Sibley
England’s last four wickets tumbled in 27 minutes and Pakistan knocked off the 64 runs they needed in less than an hour on the fourth day to put the touring side 1-0 up in the two-match series.
“We were not good enough if I’m being brutally honest, we have been outplayed in all three departments,” England captain Joe Root said at the presentation ceremony.
“Pakistan’s bowlers exploited the conditions well but we played some poor shots and you can’t afford to do that.”
England resumed on 235 for six after Jos Buttler and debutant Dom Bess had shared an unbroken partnership of 125 in the final session on Saturday to save their team from a humiliating innings defeat.
Buttler fell in the second over, trapped lbw by man-of-the-match Mohammad Abbas for 67 and failing to get the decision overturned on review. Cricket - England vs Pakistan - First Test - Lord's Cricket Ground, London, Britain - May 27, 2018 Pakistan's Imam ul-Haq in action Action Images via Reuters/John Sibley
Mark Wood hit one four before he nicked Mohammad Amir, bowling with the second new ball, to wicketkeeper Sarfraz Ahmed.
Stuart Broad edged Abbas to Sarfraz without scoring and Amir comprehensively bowled the 20-year-old Bess for 57 to dismiss the hosts for 242 as England lost their last four wickets for the addition of six runs.
James Anderson bowled Azhar Ali for four with a fine delivery that knocked out his off stump before Imam-ul-Haq (18 not out) and Haris Sohail (39 not out) shared an unbroken second-wicket partnership of 54 to see Pakistan to their target.
“I am very proud of my team,” Pakistan captain Sarfraz said. Slideshow (3 Images)
“We have a very inexperienced team but we are very confident in our players. Our bowlers did a great job for us.”
The second test at Headingley starts on Friday. Reporting by Ed Osmond,; Editing by Christian Radnedge | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-test-eng-pak/cricket-pakistan-crush-sorry-england-at-lords-idINKCN1IS0CR |
Wall Street ends higher as data eases inflation fears 2:24am IST - 01:24
Wall Street rose more than 1 percent on Friday. As Fred Katayama reports, weaker-than-expected wage growth helped calm investor fears about rising rates and inflation.
Wall Street rose more than 1 percent on Friday. As Fred Katayama reports, weaker-than-expected wage growth helped calm investor fears about rising rates and inflation. //reut.rs/2KB2YY8 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/04/wall-street-ends-higher-as-data-eases-in?videoId=423916109 |
NEWPORT BEACH, Calif. (AP) _ Acacia Research Corp. (ACTG) on Tuesday reported a loss of $32 million in its first quarter.
The Newport Beach, California-based company said it had a loss of 63 cents per share. Losses, adjusted for amortization costs and stock option expense, came to 51 cents per share.
The technology patent licensor posted revenue of $62.1 million in the period.
The company's shares closed at $3.63. A year ago, they were trading at $5.35.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on ACTG at https://www.zacks.com/ap/ACTG | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/the-associated-press-acacia-research-1q-earnings-snapshot.html |
21st Century Fox Inc. posted lower revenue as higher distributor fees failed to offset a fall in advertising revenue compared with a Super Bowl-boosted quarter a year ago.
Despite a strong quarter for the company’s cable network segment, its television and filmed entertainment segments weighed down results.
21st Century Fox in December agreed... | ashraq/financial-news-articles | https://www.wsj.com/articles/21st-century-fox-revenue-falls-without-super-bowl-boost-1525900568 |
By Jen Wieczner May 7, 2018
The investors who make the pilgrimage to Omaha for Berkshire Hathaway’s annual meeting come largely to glean stock investing advice from billionaire Warren Buffett.
The so-called Oracle of Omaha has built Berkshire Hathaway into one of the most valuable companies in the world, and developed a global following of investors who seek to emulate Buffett’s stock-picking prowess.
At the Berkshire Hathaway meeting Saturday, Buffett held court on stage—alongside his right-hand man and jokester Charlie Munger —and fielded questions from shareholders for almost six hours straight. As is typical, Buffett’s responses ran the gamut, covering his outlook on a potential trade war with China, his love of Apple stock, his mistake not buying Google or Amazon stock, his health care venture with Amazon and JPMorgan Chase , and even his differences with Tesla CEO Elon Musk .
One underlying theme: Buffett, at age 87, is “bullish”—on the future of America, as well as the future of his company Berkshire Hathaway (brk-a) . For more of the Oracle’s pronouncements, here is a selection of the best Buffett quotes from the Berkshire Hathaway meeting 2018. On Apple
“We’re betting on the success of Apple products like the iPhone, and I see characteristics in that that make me think it’s extraordinary….And I didn’t go into Apple because it was a tech stock in the least. I went into Apple because I came to certain conclusions about both the intelligence with the capital they deploy but more important the value of an ecosystem and how permanent that ecosystem could be. And what the threats were to it and a whole bunch of things. And I don’t think that required me to take apart an iPhone or something and figure out what all the components were. It’s much more the nature of consumer behavior, and some things strike me as having a lot more permanence than others.” On the world’s future
“I’m bullish on the future of the United States, but I’m bullish on the future of China, and to a significant extent the rest of the world. People are going to be living better 10, 20, 50 years from now, and I don’t think that’s something that can be stopped, absent weapons of mass destruction.” On gender equality
“It does make me bullish. It makes me bullish on the human race. But certainly our country, because if you look at what happened before the 19th Amendment [granting women the right to vote] and then after the 19th Amendment for a long time and continuing to this day, there’s been significant improvement. And I do feel more optimistic about the future, because I think there will be more selection by merit rather than by gender, or by race or by inheritance. And I think that if you had a system where all businesses got passed on to the eldest son or something, I think that society would make a lot less progress than one that’s merit based.” On Elon Musk and moats
“Certainly you should be working on improving your own moat and defending your own moat all the time. And Elon may turn things upside down in some areas. I don’t think he’d want to take us on in candy. And we’ve got some other businesses that wouldn’t be so easy. You can look at something like Garanimals….It won’t be technology that takes away the business in Garanimals—maybe something else that catches the young kids’ fantasy or something. But there are some pretty good moats around.” On cryptocurrency
“When you buy something because you’re hoping tomorrow morning you’re going to wake up and the price will be higher, you need more people coming into it than are leaving. And you can get that and it will feed on itself for a while, and sometimes for a long while, and sometimes to extraordinary numbers, but they come to bad endings, and cryptocurrencies will come to bad endings. And along with the fact that there’s nothing being produced in the way of value from the asset, you also have the problem that it draws in a lot of charlatans and that sort of thing, who are trying to create various sorts of exchanges or whatever it may be. It’s something where people who are of less-than-stellar character see an opportunity to clip people who were trying to get rich because their neighbor’s getting rich buying this stuff neither one of them understands. It will come to a bad ending.” On Wells Fargo
“Wells Fargo is a company that proved the efficacy of incentives. And it’s just that they had the wrong incentives. And that was bad….The fact that you are going to have problems at some large institution is not unique. In fact all the big banks have had troubles at some point or another. And I see no reason why Wells Fargo as a company from both an investment standpoint and a moral standpoint going forward is in any way inferior to the other banks with which it competes. They made a very big mistake….But I like it as an investment. I like [CEO] Tim Sloan as a manager. And he is correcting mistakes made by other people.” On becoming a great investor
“What we do is not a complicated business. It’s got to be a disciplined business, but it does not require a super high IQ or anything of the sort. And there are a few fundamentals that are incredibly important. And you do have to understand accounting, and it helps to get out and talk to consumers and start thinking like a consumer in many ways and all of that, but it just doesn’t require advanced learning.” On why Berkshire Hathaway won’t take a stance on guns
“My political views, I don’t think I put them in a blind trust at all when I take the job. In 2016, I raised a lot of money, in my case raised it for Hillary [Clinton] and spoke out in ways that were quite frank. But when I do that, I don’t think I do that for Berkshire, I’m speaking as a private citizen, and I don’t think I have any business speaking for Berkshire….And I don’t think that we should have a question on the Geico [insurance] policy, ‘Are you an NRA member?’ And if you are you’re not good enough for us. I do not believe in imposing my political opinions on the activities of our business. And if you get to what companies are pure and which ones aren’t pure, I think it’s very difficult to make that call.” On cybersecurity risks
“We have a pretty good idea of the probabilities of a quake in California or the probability of a 3 or 4 hurricane hitting Florida or wherever it may be. But we don’t know what we’re doing in cyber. I think anybody who tells you now that they think they know in some actuarial way what the general experience is likely to be in the future or what the worst case would be, is getting ahead of themselves, and that’s one of the reasons I say a $400 billion event has a roughly 2% probability per year of happening. Cyber is unchartered territory and it’s going to get worse not better.” On Federal Reserve interest rates
“The one thing we know is we think long-term bonds are a terrible investment at current rates or anything close to current rates. So basically all of our money that is waiting to be placed is in Treasury bills that I think have an average maturity of four months, or something like that, at most.” On investing in China
“In August I will be 88, and that will be the eighth month of the year, and it’s a year that ends with an 8, and as you and I both know 8 is a very lucky number in China, so if you find anything over there for me, this is the time we should be acquiring something—all those eights.” On a U.S.-China trade war
“The United States and China are going to be the two superpowers of the world economically and in other ways for a long, long, long time. We have a lot of common interests and like any two big economic entities, there are times when there will be tensions, but it is a win-win situation when the world trades basically in China and the U.S….It’s just too big and too obvious—the benefits are huge, and the world’s dependent on it in a major way for its progress—for two intelligent countries to do something extremely foolish….So it is a win-win situation, the only problem is when one side or the other wants to win a little bit too much. But we will not sacrifice the world—we will not sacrifice world prosperity based on differences that arise in trade….I don’t think the United States or China—they’ll be some jockeying back and forth and will leave some people unhappy—but I don’t think either country will dig themselves into something that precipitates and continues any kind of real trade war in this country.” On politics in the United States
“Multiple times in my life people have felt the country was more divided than ever, and I’ve gone through periods where people I knew and admired thought that because the other party was in power that there would never be another election….If you’d told me at the start you’d have a Cuban missile crisis, and you’d have nuclear weapons and you’d have a financial panic and you’d have many recessions and war in the streets in the late ’60s from a divided country, you’d say, ‘Why the hell are you buying stocks?’ And through it all, America—in fits and starts, but America really moves ahead.
“Everybody in this room essentially is living better in multiple ways than John D. Rockefeller senior was, who was the richest person in the world during my early years. And we’re all living better than he could live. So this is a remarkable, remarkable country and we’ve found something very special. And I would love to be a baby being born in the United States today.” SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/07/warren-buffett-berkshire-hathaway-meeting-quotes/ |
May 2, 2018 / 5:53 PM / Updated 37 minutes ago Guinea opposition calls for parliamentary inquiry into Bollore Saliou Samb 3 Min Read
CONAKRY (Reuters) - Opposition lawmakers in Guinea on Wednesday called for a parliamentary inquiry into billionaire tycoon Vincent Bollore’s dealings in the West African nation, which are under investigation in France. FILE PHOTO - Vincent Bollore, Chairman of the Supervisory Board of media group Vivendi, attends the company's shareholders meeting in Paris, France, April 19, 2018. REUTERS/Charles Platiau
French authorities are looking into allegations that a unit of his company Groupe Bollore undercharged for work on behalf of presidential candidates in Guinea and Togo in return for port contracts.
Guinea’s Justice Minister Cheick Sako told Reuters last week that it would cooperate with the French investigation.
Guinea’s opposition holds just 37 of a total of 114 seats in parliament so will require support from at least some of Conde’s allies in order to move forward with an inquiry, but the call shows the risk of a public backlash in West Africa to the news.
“We demand the creation of a parliamentary commission of inquiry to shine light on the Bollore affair,” Ousmane Gaoual Diallo, an MP from opposition leader Cellou Dalein Diallo’s Union of Democratic Forces of Guinea (UFDG), told Reuters.
“We made a proposal for this and it will be before the office of the speaker of the National Assembly tomorrow morning,” he said.
Bollore’s lawyer, Olivier Baratelli, has denied any wrongdoing by his client, who is under formal investigation for allegations including corrupting foreign public officials and complicity in breach of trust, forgery and use of forgery, according to a French judicial source.
Groupe Bollore, whose Chief Executive Gilles Alix, is also a target of the investigation, has denied the allegations as well.
The sprawling company has confirmed that its African business interests were being investigated over the billing of work by its communications business Havas Worldwide in Guinea and Togo between 2009 and 2010.
Allegations in Guinea centre on a concession to manage and expand the container terminal in the capital Conakry.
France’s Getma International won the contract in a 2008 tender, beating rivals including Bollore - the dominant port and rail operator across French-speaking West and Central Africa.
Guinea’s current President Alpha Conde came to power after narrowly defeating Diallo in a 2010 election and cancelled the agreement with Getma in March of the following year. Bollore took over the concession the same month.
Former transport minister Alpha Ibrahima Keira said last week that Havas’ work during the election had nothing to do with the decision, which the government says was the result of a legal tendering process. Bollore Group has also denied any link between the communications consultancy and the port business.
“As with all the proposals made by the opposition since the start of this legislature, we know that this could be abandoned in a desk drawer, but we are committed to clarifying this matter,” opposition MP Gaoual Diallo said. Writing by Joe Bavier; Editing by Tim Cocks | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-france-bollore-guinea/guinea-opposition-calls-for-parliamentary-inquiry-into-bollore-idUKKBN1I32J9 |
May 14, 2018 / 2:14 PM / Updated 2 hours ago Closing North Korea nuclear test site an important step, U.N. chief says Reuters Staff 2 Min Read
VIENNA (Reuters) - Irreversibly closing North Korea’s nuclear test site is an important step that could pave the way for progress at talks between U.S. President Donald Trump and North Korean leader Kim Jong Un, U.N. Secretary-General Antonio Guterres said on Monday. U.N. Secretary-General Antonio Guterres addresses a news conference in Vienna, Austria, May 14, 2018. REUTERS/Leonhard Foeger
North Korea gave details on Saturday on the planned dismantling of the Punggye-ri site where it is believed to have carried out all six of its nuclear tests.
The official Korean Central New Agency said it would take place between May 23 and 25 and involve collapsing all the site’s tunnels with explosions, blocking its entrances, and removing all observation facilities, research buildings and security posts.
“I would like to welcome that and to say that the irreversible closure of the site will be an important confidence-building measure that will contribute to further efforts towards sustainable peace and verifiable denuclearization of the Korean peninsula,” Guterres said in a statement after meeting Austria’s chancellor in Vienna.
“And I look forward to this positive momentum being consolidated at the summit between the leaders of the United States and North Korea,” he said in the remarks to reporters after his meeting with Chancellor Sebastian Kurz.
Trump and Kim are due to hold talks in Singapore on June 12, the first-ever meeting between a sitting U.S. president and a North Korean leader.
After North Korea’s announcement on Saturday, Trump said on Twitter: “Thank you, a very smart and gracious gesture!” Reporting by Francois Murphy; Editing by Toby Chopra | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-northkorea-nuclear-un/closing-north-korea-nuclear-test-site-an-important-step-u-n-chief-says-idUKKCN1IF1W7 |
* Chinese-owned Volvo taps banks for dual IPO - source
* Could value carmaker at $16-$30 bln - source
* Owner Geely says looking at "possibilities"
* Chinese carmaker spending billions on global deals (Adds Geely comment, details)
NEW YORK/STOCKHOLM/BEIJING, May 11 (Reuters) - The Chinese owner of Volvo Cars has hired three investment banks for an initial public offering (IPO) this year that could value the Swedish carmaker at between $16-$30 billion, a person familiar with the matter told Reuters on Thursday.
China's Zhejiang Geely Holding Group, which bought Volvo Cars in 2010, has picked Citigroup, Goldman Sachs and Morgan Stanley for the listing, the source said, who asked not to be identified because the deliberations are confidential.
The potential listing could take place as soon as September this year, the source said, although market conditions will ultimately determine the timing. A spokeswoman at Volvo Cars said an IPO was an option and the decision was up to its owner. She gave no other comments.
Geely said in a statement to Reuters on Friday that the firm was "looking at the possibilities" when asked about the dual listing plans for Volvo Cars. "We haven't made a final decision on how to proceed as of yet."
Geely and its boss Li Shufu have been making an aggressive global push with billions of dollars worth of deals overseas in the past year, including a $9 billion stake in Daimler AG , the German owner of Mercedes-Benz.
The Chinese group which controls domestic carmaker Geely Automobile Holdings Ltd, has a majority stake in sports car maker Lotus, a 49.9 percent stake in Malaysian automaker Proton and flying car start-up Terrafugia.
Li already owns LEVC, the maker of London's iconic black cabs, and announced a deal to take a $3.3 billion stake in truck maker AB Volvo at the end of last year.
Spokespeople for Citigroup, Goldman Sachs and Morgan Stanley declined to comment.
Bloomberg first reported the listing plans.
The source said the three investment banks at this stage were joint co-managers and that no lead bank had yet been appointed.
Volvo Cars had revenues of 210.9 billion crowns ($24.4 billion) in 2017 with an operating profit of 14.1 billion crowns. ($1 = 8.6415 Swedish crowns) (Reporting by Harry Brumpton in NEW YORK and Norihiko Shirouzu in BEIJING; Writing by Olof Swahnberg; Editing by Alexandra Hudson & Shri Navaratnam) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/reuters-america-update-1-chinese-owner-eyes-volvo-cars-ipo-picks-banks--source.html |
May 1, 2018 / 11:43 AM / Updated 2 minutes ago Cummins shares drop as more engines face emissions repair Shravanth V 3 Min Read
(Reuters) - U.S. engine maker Cummins Inc ( CMI.N ) said on Tuesday it was widening field repairs to include engines produced between 2010 and 2015 as it strives to quell emissions regulators’ concerns that have already cost the company almost $200 million. A Cummins building is shown in Irvine , California, U.S., August 1 , 2017. REUTERS/Mike Blake
In a first quarter results release that beat expectations on both profit and revenue, the company took an initial charge of $187 million in relation to moves to upgrade engines after some pre-2013 systems failed emissions tests last year.
Shares in Cummins, which makes diesel and natural gas engines for heavy-duty trucks as well as industrial engines for construction and mining industries, fell as much as 7 percent in response.
The company also warned of further charges of up to about $400 million if the California Air Resources Board and U.S. Environmental Protection Agency do not accept its proposed solutions or the company has to order more extensive repairs.
Cummins had said last year only that it was investigating engines designed between 2010 and 2015.
“The piece we’re looking at is a component on the after treatment system that we used only in North America,” Cummins President Richard Freeland said on a call with analysts.
“We’re driven to resolve this thing over the next two quarters. So, we’ll work with agencies, and we’ll get a final answer to this and kind of get this thing behind us,” he said.
The charge comes at a time when the auto industry and its suppliers are facing a global regulatory crackdown on diesel emissions and are adjusting their businesses, including investing heavily in electric vehicles.
German carmaker Volkswagen ( VOWG_p.DE ) is still in the process of emerging from the 2015 emissions cheating scandal that resulted in about $30 billion in fines and other costs.
Including the charge, the Cummins’ net income attributable to shareholders fell to $325 million, or $1.96 per share, in the first quarter ended April 1, from $396 million, or $2.36 per share, a year earlier.
Shares in Cummins, which counts PACCAR Inc ( PCAR.O ), Daimler AG ( DAIGn.DE ) and Navistar International Corp ( NAV.N ) among its customers, traded 6 percent lower at $150.14. Reporting by Shravanth Vijayakumar, Rachit Vats and Arunima Banerjee in Bengaluru; Editing by Maju Samuel and Patrick Graham | ashraq/financial-news-articles | https://www.reuters.com/article/us-cummins-results/engine-maker-cummins-posts-21-4-percent-rise-in-quarterly-revenue-idUSKBN1I23I1 |
May 23 (Reuters) - Workframe Inc:
* WORKFRAME INC SAYS IT HAS SOLD $9.05 MILLION IN EQUITY FINANCING FROM THE TOTAL OFFERING AMOUNT OF $9.5 MILLION - SEC FILING Source text: ( bit.ly/2IYgIOZ )
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-workframe-says-it-sold-905-mln-in/brief-workframe-says-it-sold-9-05-mln-in-equity-financing-idUSFWN1SU134 |
BEIJING/SHANGHAI (Reuters) - Qualcomm’s proposed $44 billion takeover of rival NXP Semiconductors is yet to see a concrete breakthrough in China, sources said, tempering hopes a lull in trade tensions with the United States had prompted Beijing to speed up its ruling on the deal.
FILE PHOTO: A booth of U.S. chipmaker Qualcomm is pictured at an expo in Beijing, China, September 27, 2017. Picture taken September 27, 2017. REUTERS/Stringer/File Photo China’s approval would likely depend on the progress of broader trade discussions, three people with knowledge of the deal said, as senior Chinese and U.S. officials meet this week in Washington for their second round of high-stake talks.
They made little apparent progress in discussions in Beijing earlier this month. The U.S. ambassador to China said on Tuesday the two countries were still “very far apart” on resolving trade frictions.
Washington and Beijing have proposed tens of billions of dollars in tariffs in recent weeks, fanning worries of a full-blown trade war that could hurt global supply chains and dent business investment plans.
Qualcomm’s takeover of NXP has been caught in the crosshairs of the trade tensions. The deal has received approval from eight of the nine required global regulators, with Chinese clearance the only one pending.
NXP shares jumped on Monday after a media report said China had resumed its review of the deal and that the commerce ministry had been asked to speed up the process.
This followed President Donald Trump’s pledge on Sunday to help China’s ZTE Corp get “back into business” after a U.S. ban hurt the telecom equipment maker, signaling a thaw in trade relations.
However, two sources told Reuters there had been no outward change in the review process that has been ongoing since Qualcomm refiled its application for the deal in April.
There has been no clear new signs since Sunday pointing to an imminent approval of the deal, one of the sources said.
The second source, who is familiar with Qualcomm’s dealings with Chinese regulators, said the State Administration for Market Regulation (SAMR) had not provided the company with any updates on the review.
The Ministry of Commerce and SAMR did not have an immediate comment when contacted by Reuters on Tuesday. Qualcomm did not respond to requests for comment.
BROADER TALKS IN FOCUS China is unlikely to approve the deal while broader trade talks and discussion around ZTE are still in the balance, but it could quickly give the go-ahead at the “right political moment”, antitrust lawyers and people close to Qualcomm said.
“Because of the current trade tensions and the ZTE incident they are just waiting for the right timing to do it,” said one Beijing-based antitrust lawyer, who asked not to be named because he was not authorized to speak about the matter.
He added that Chinese regulators had already been looking at the case for a “very long time” and had identified remedies that Qualcomm needed to implement to resolve competition issues and push the deal through.
“From a procedural perspective, (the Chinese regulators) could clear the case even tomorrow or this week,” he said.
Clinching the deal is key for Qualcomm, which is looking to diversify its customer base and become the leading chip supplier to the fast-growing automotive market.
The sharp change in Trump’s stance on ZTE has fueled optimism about the prospects of the deal, sources said.
“This is the first positive indicator I’ve seen for some time,” said a third U.S.-based technology industry executive with knowledge of the deal.
“For suppliers to ZTE - including Qualcomm, Google, Intel and InterDigital - positive engagement is a good outcome.”
Reporting by Michael Martina and Matt Miller in BEIJING, Adam Jourdan in SHANGHAI and Greg Roumeliotis in NEW YORK; Writing by Adam Jourdan; Editing by Himani Sarkar
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-qualcomm/qualcomm-nxp-deal-still-on-hold-in-china-trade-talks-with-u-s-eyed-sources-idUSKCN1IG1JI |
NEW HAVEN, Conn., May 09, 2018 (GLOBE NEWSWIRE) -- Woodbridge International, a global mergers and acquisitions firm, is pleased to announce the acquisition of its client Ace Flooring, Inc., dba Naturally Aged Flooring, to Q.E.P. Co., Inc.
Naturally Aged Flooring, located in Moorpark, CA, is a premier hardwood flooring manufacturer, importer and distributor serving a national customer base of over 2,500, mostly independently-owned, retailers and has been in business since 1976.
Q.E.P. Co., Inc., founded in 1979, is a world- class, worldwide provider of innovative, quality and value-driven flooring and industrial solutions. As a leading manufacturer, marketer and distributor, QEP delivers a comprehensive line of hardwood and laminate flooring, flooring installation tools, adhesives and flooring related products targeted for the professional installer as well as the do-it-yourselfer.
Headquartered in New Haven, Connecticut, Woodbridge International is a leading mergers and acquisition firm celebrating its 25th year in business.
Contact:
Don Krier, Managing Director
Phone: (203) 389-8400 Ext. 201
Source:Woodbridge International | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-woodbridge-international-closes-sale-of-naturally-aged-flooring-to-q-e-p-co-inc.html |
NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) -- Tyme, Inc. (NASDAQ:TYME), a clinical-stage biotechnology company developing cancer therapeutics, today announced the appointment of Don DeGolyer to the Company’s board of directors .
Mr. DeGolyer is the founder, Chief Executive Officer, and a director of Vertice Pharma, LLC, a specialty pharmaceuticals company focused on improving patients’ health. He was previously the Chief Operating Officer of Endo Pharmaceuticals and, before that, served as President & CEO of Sandoz North America. Mr. DeGolyer also held various leadership roles at Pfizer, Johnson & Johnson and Novartis, in all totaling over 30 years of experience in the pharmaceuticals industry.
Mr. DeGolyer will be an independent director and a member of the Company’s audit committee. In conjunction with Mr. DeGolyer’s election and appointment to the audit committee, director Paul Sturman has stepped down from the audit committee. Mr. Sturman continues to serve as the chairman of the compensation committee of the Board.
“We are delighted to have Don joining our board,” said Steve Hoffman, Chief Executive Officer of Tyme. “His extensive industry experience and successful track record in manufacturing and commercialization will be a real asset for Tyme as we continue into an important period for the company.”
About Tyme Technologies
Tyme Inc., is a clinical-stage biotechnology company developing cancer therapeutics that are intended to be broadly effective across tumor types and have low toxicity profiles. Unlike targeted therapies that attempt to regulate specific mutations within cancer, the Company’s therapeutic approach is designed to take advantage of a cancer cell’s innate metabolic weaknesses to compromise its defenses, leading to cell death through oxidative stress and exposure to the body’s natural immune system.
For more information, visit www.tymeinc.com .
Forward-Looking Statements/Disclosure Notice
In addition to historical information, this press release contains forward-looking statements under the Private Securities Litigation Reform Act that involve substantial risks and uncertainties. Such forward-looking statements within this press release include, without limitation, statements regarding our drug candidates (including SM-88), their clinical potential and non-toxic safety profiles, our drug development plans and strategies, our completed studies, ongoing and planned clinical trials, preliminary data results and the therapeutic design and mechanisms of our drug candidates; and readers can identify forward-looking statements by sentences or passages involving the use of terms such “believes,” “expects,” “hopes,” “may,” “will,” “plan,” “intends,” “estimates,” “could,” “should,” “would,” “continue,” “seeks,” or “anticipates,” and similar words (including their use in the negative) or by discussions of future matters such as the development of new products, technology enhancements, possible collaborations, the timing, scope and objectives of our planned clinical trials, funding plans and planned uses of proceeds, and other statements that are not historical. The forward-looking statements contained in this press release are based on management’s current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of Tyme’s control. These statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any historical results and future results, performances or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, that the information is of a preliminary nature and may be subject to change; uncertainties inherent in research and development, including the ability to achieve clinical study start and completion dates; the possibility of unfavorable study results, including unfavorable new clinical data and additional analyses of existing data; risks associated with early, initial data, including the risk that the final Phase II data may differ from prior study data or preliminary Phase II data; final results of additional clinical trials that may be different from the preliminary data analysis and may not support further clinical development; that past reported data are not necessarily predictive of future patient or clinical data outcomes; whether and when any applications or other submissions for SM-88 may be filed with regulatory authorities; whether and when regulatory authorities may approve any applications or submissions; decisions by regulatory authorities regarding labeling and other matters that could affect commercial availability of SM-88; competitive developments; and the factors described in the section captioned “Risk Factors” of Tyme’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on June 12, 2017, as well as subsequent reports we file from time to time with the U.S. Securities and Exchange Commission (available at www.sec.gov ). The data analyses discussed above are not necessarily predictive of future patient or clinical data outcomes.
The information contained in this press release is as of release date and Tyme assumes no obligation to update forward-looking statements contained in this release as a result of future events or developments.
Contacts
LifeSci Advisors
Ashley Robinson
[email protected]
617-535-7742
Source:Tyme Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-tyme-appoints-pharma-executive-don-degolyer-to-board-of-directors.html |
May 2 (Reuters) - Rethinking Care Sweden AB:
* SUBSCRIPTION PRICE FOR EACH UNIT AMOUNTS TO SEK 1.23 * EACH UNIT CONSISTS OF A NEW SHARE AND A NEW WARRANT OF SERIES TO1 Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rethinking-care-sweden-issues-unit/brief-rethinking-care-sweden-issues-units-with-preferential-rights-for-shareholders-idUSFWN1S90MF |
May 23 (Reuters) -
* ACKMAN TAKES ROUGHLY $1 BILLION STAKE IN LOWE'S- WSJ, CITING SOURCES Source text : on.wsj.com/2IJ0xl9 Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ackman-takes-roughly-1-billion-sta/brief-ackman-takes-roughly-1-billion-stake-in-lowes-wsj-citing-sources-idUSFWN1SU0LW |
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