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May 16 (Reuters) - Neurosearch A/S:
* REG-NEUROSEARCH AND TEVA PHARMACEUTICAL INTERNATIONAL ENTER INTO AGREEMENT ON OUTSTANDING OBLIGATIONS
* AGREEMENT TO RELEASE TEVA FROM OUTSTANDING OBLIGATIONS PURSUANT TO 2012 AGREEMENT CONCERNING TRANSFER OF CO’S RIGHTS IN AND TO PRIDOPIDINE
* PROVIDED AGREEMENT IS COMPLETED,CO’S FINANCIAL EXPECTATIONS FOR 2018 WILL BE AMENDED FROM LOSS OF DKK 3.5-4.5 MILLION TO LOSS OF DKK 0.8-1.8 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-regneurosearch-and-teva-pharmaceut/brief-regneurosearch-and-teva-pharmaceutical-international-enter-into-agreement-on-outstanding-obligations-idUSFWN1SN0XK |
VANCOUVER, British Columbia, May 02, 2018 (GLOBE NEWSWIRE) -- Western Forest Products Inc. (TSX:WEF) (“Western” or the “Company”) reported adjusted EBITDA of $43.0 million in the first quarter of 2018, compared to adjusted EBITDA of $34.0 million in the first quarter of 2017, and $38.9 million reported in the fourth quarter of 2017. Operating income prior to restructuring and other income was $32.6 million in the first quarter of 2018, compared to $23.9 million in first quarter of 2017, and $30.3 million reported in the fourth quarter of 2017. Improved product pricing and lower manufacturing costs more than offset the impacts of rising stumpage rates and $9.7 million of US export lumber duty expense in the first quarter of 2018.
The Company generated revenue of $291.6 million in the first quarter of 2018, as compared to $287.7 million in the first quarter of 2017, and $283.1 million in the fourth quarter of 2017. The Company increased first quarter revenue despite the current suspension of its export log sales program in support of supplying logs to its coastal sawmills.
Q1 2018 HIGHLIGHTS
Delivered adjusted EBITDA of $43.0 million, a 26% increase from the same period last year
Completed the acquisition of a distribution and processing centre in Arlington, Washington
Returned $7.9 million to shareholders via the Company’s quarterly dividend
Announced a 12.5% increase in our quarterly dividend to $0.0225 per common share
“Markets for our products continue to perform well, and I’m encouraged by the progress we have made in lowering manufacturing costs and delivering improved operating margins,” said Don Demens, President and Chief Executive Officer. “We successfully rebuilt log inventories in the quarter which we expect to drive further improvements in our manufacturing operations leading into the spring building season.”
Net income of $21.7 million ($0.05 per diluted share) was reported for the first quarter of 2018, as compared to $16.2 million ($0.04 per diluted share) for the first quarter of 2017 and $18.9 million ($0.05 per diluted share) in the fourth quarter of 2017.
The Company’s Board of Directors has approved a 12.5% increase in the Company’s quarterly dividend to $0.0225 per common share, payable June 15, 2018 to shareholders of record on June 1, 2018. The dividend increase aligns with the Company’s balanced approach to capital allocation.
FINANCIAL SUMMARY As at and for the three months ended March 31, (millions of dollars except per share amount and where otherwise noted) 2018 2017 Revenue $ 291.6 $ 287.7 Adjusted EBITDA 43.0 34.0 Adjusted EBITDA margin 14.7 % 11.8 % Operating income prior to restructuring items and other income 32.6 23.9 Net income for the period 21.7 16.2 Basic and diluted earnings per share (in dollars) $ 0.05 $ 0.04 Net debt (cash) at March 31, (46.9 ) (34.6 ) Total liquidity at March 31, 280.9 268.7 First Quarter 2018
We delivered first quarter adjusted EBITDA of $43.0 million in 2018, overcoming US lumber export duties of $9.7 million and rising stumpage costs. Operating income prior to restructuring items and other income increased to $32.6 million from $23.9 million in the same period last year. We leveraged improved log inventories to support higher sawmill uptime which delivered lower manufacturing costs.
Revenue
Lumber revenue was $228.2 million, compared to $225.6 million in the first quarter of 2017, as rising price realizations offset lower sales volumes. Strong global lumber demand drove a 6% increase in lumber price realizations despite a weaker sales mix and the impact of a stronger Canadian dollar (“CAD”), which was 4% higher on average against the United States dollar (“USD”). Commodity lumber increased to 50% of total lumber shipments in the first quarter of 2018, from 42% in the same quarter last year. The first quarter of 2017 included a higher mix of specialty lumber as we expedited the sale of US-bound lumber in anticipation of the application of export duties in April 2017.
First quarter log revenue was $41.2 million in 2018, a decrease of $4.3 million from the same period due to a weaker sales mix and the suspension of our export log sales program to supply our coastal sawmills.
By-products revenue increased to $22.2 million in the first quarter of 2018, from $16.6 million in the same period in 2017. Improved pulp markets drove a 36% increase in chip sales price realizations, which more than offset the impact of a stronger CAD in 2018.
Operating Costs
Lumber production was 209 million board feet, consistent with the first quarter of 2017 and 14% higher than the fourth quarter of 2017. In addition to our production volume, we provided 14 million board feet equivalent of custom cut manufacturing services for a key pulp customer in the first quarter of 2018. Increased sawmill uptime, the benefits of our margin improvement programs and a heavier mix of commodity lumber drove lower manufacturing costs quarter-over-quarter.
First quarter log production was 1,029,000 cubic metres, 13% higher than the same period last year, due to improved winter operating conditions. Rising stumpage rates and increased production from higher cost operations drove a 5% increase in harvest costs, which more than offset benefits of our simplified log sort optimization and other timberlands cost savings initiatives.
Low market log availability driven by poor operating conditions in 2017 and high coastal log export volumes have distorted coastal log market pricing, which serves as a primary input to coastal stumpage rates. As a result, first quarter 2018 stumpage rates have increased more than expected. The Provincial Government has raised concerns with export log sales which we anticipate may prompt favourable policy changes in support of supply for domestic sawmill manufacturing.
We supplemented our internal log supply with saw log purchases of 257,000 cubic metres, an 11% increase from the same quarter last year. Constrained domestic log supply led to higher market pricing for purchased logs.
Freight expense decreased by $5.8 million as compared to the first quarter of 2017, due to reduced export log freight expense and lower lumber sales volume. A stronger CAD largely offset rising USD-denominated fuel surcharges.
Western’s results for the first quarter of 2018 include $9.7 million of export duty expense, comprised of countervailing duty (“CVD”) and anti-dumping duty (“AD”), whereas no duties were applicable in the first quarter of 2017. We leveraged our margin-focused sales strategy by directing lumber sales to alternative markets to limit the impacts of duty on our business.
Selling and Administration Expense
First quarter selling and administration expense was $8.6 million in 2018 as compared to $8.4 million in the same period last year. Incremental expense was primarily due to investments in foundational systems and process improvements to support our growth strategy, as well as increased performance related compensation.
Net Income
Net income for the first quarter of 2018 was $21.7 million, as compared to $16.2 million for the same period of 2017. Improved revenue and operating margin drove an increased net income that was partly offset by export lumber taxes and higher operating restructuring items.
Operating Restructuring Items
Included in $2.2 million of operating restructuring items in the first quarter of 2018 were $1.0 million in severance and related expenses attributable to ongoing business optimization initiatives, $0.6 million relating to the indefinite curtailment of our Somass sawmill, and $0.4 million incurred to retrain employees affected by the closure of the Englewood train announced November 7, 2017. We incurred $0.5 million in operating restructuring items in the first quarter of 2017.
Our Somass sawmill remains indefinitely curtailed as a result of rising costs associated with the US Softwood Lumber dispute and a fibre supply deficit arising from years of tenure takebacks and land use decisions. We are evaluating options to create a sustainable, long-term solution for the site, and we are considering the input of government, First Nations and other stakeholders.
Income Taxes
Current income tax expense of $0.1 million and deferred income tax expense of $8.0 million were recognized in net income in the first quarter of 2018, primarily relating to operating earnings. Total income tax expense was $6.3 million in the same quarter last year.
We continue to receive deferred treatment of Canadian income taxes due to outstanding non-capital loss carryforwards, which we expect to fully utilize in 2018.
Strategy and Outlook
Western’s long-term business objective is to create superior value for shareholders by building a margin-focused log and lumber business of scale to compete successfully in global softwood markets. We believe this will be achieved by maximizing the sustainable utilization of our forest tenures, operating safe, efficient, low-cost manufacturing facilities and producing and selling high-value specialty products for global markets. We seek to manage our business with a focus on operating cash flow and maximizing the value of our fibre resource through the production cycle, from the planning of our logging operations to the production, marketing, sale and delivery of our log and lumber products. We routinely evaluate our performance using the measure Return on Capital Employed.
Market Outlook
The gradual improvement in US new home construction, and the continued strength of the repair and renovation segment, combined with the increased use of lumber in China are expected to continue to drive demand for our log and lumber products. We expect near-term pricing to be positively influenced by the spring building season.
North American demand for our Western Red Cedar (“WRC”) products continues to be supported by robust repair and renovation spending. Pricing for our targeted specialty products is expected to remain strong. As anticipated, lumber pricing in Japan has improved due to a combination of steady demand and low inventories. Demand and pricing for our Niche products is expected to move higher as markets adjust to the ongoing application of US export lumber duties.
The domestic saw log market remains undersupplied despite a 28% increase in coastal log production over the first quarter of 2017, as reported by the Province of BC’s Harvest Billing System. Strong domestic saw log demand is expected to support pricing despite seasonally increased production as we move through the second quarter. Demand for small-diameter saw logs and pulp logs will remain strong as pulp mills seek additional sources of fibre to capitalize on resilient pulp markets.
Softwood Lumber Dispute and US Market Update
On January 3, 2018, US Department of Commerce (“DoC”) published amended final determinations, resulting in reduced, final CVD and AD rates of 14.19% and 6.04% respectively for “all other” Canadian lumber producers including Western.
During the first quarter of 2018, we expensed $6.8 million of CVD and $2.9 million of AD for a total of $9.7 million, as compared to nil in the first quarter of 2017. To March 31, 2018, we have paid total CVD and AD of $26.5 million since the latest imposition of export lumber duties by the United States beginning in April 2017.
Our shipments to the US market are predominantly high-value, appearance grade lumber, representing less than 25% of Western’s total revenue in 2017. Continued strong demand and a lack of supply has supported ongoing improvements in our specialty lumber product pricing, partly offsetting the impact of duties.
The US application of duties continues a long-standing pattern of US protectionist action against Canadian lumber producers. We disagree with the US trade determination and the inclusion of specialty lumber products in this commodity lumber focused dispute.
Our recent acquisition of a distribution and processing centre in Arlington, Washington is expected to assist in mitigating the damaging effects of duties on our products destined for the US market while increasing US market sales. We intend to preserve our strong balance sheet and leverage our flexible operating platform to continue to overcome any challenges that arise from this trade dispute.
Strategic Capital Program Update
We continue to implement a strategic capital program that is designed to position Western as the only company capable of sustainably consuming the complete profile of the coastal forest and competitively manufacturing a diverse product mix for global markets.
Our strategic capital program is focused on the installation of technology that will deliver top quartile performance and improve our ability to manufacture targeted products that yield the best margin. In addition to investments in our manufacturing assets, we also allocate capital to strategic, high-return projects involving our information systems, timberlands assets, and forest inventories.
In the first quarter of 2018, we acquired a distribution and processing centre in Arlington, Washington and commenced the first phase of planned capital upgrades at that facility. We continued to make advancements with the auto-grading component of our Duke Point planer rebuild. We also made significant progress in the start-up of the timber deck enhancements at our Chemainus sawmill. That timber deck investment will support incremental production of high-value, appearance-grade timbers. In addition, we began a number of small, high-return capital projects at our other operations.
Forward Looking Statements and Information
This press release contains statements that may constitute forward-looking statements under the applicable securities laws. Readers are cautioned against placing undue reliance on forward-looking statements. All statements herein, other than statements of historical fact, may be forward-looking statements and can be identified by the use of words such as “estimate”, “project”, “expect”, “anticipate”, “plan”, “intend”, “believe”, “seek”, “should”, “may”, “likely”, “pursue” and similar references to future periods. Forward-looking statements in this press release include, but are not limited to, statements relating to: our current intent, belief or expectations with respect to market and general economic conditions, future costs, future expenditures, available harvest levels and our future operating performance, objectives, capital expenditures and strategies. Although such statements reflect management’s current reasonable beliefs, expectations and assumptions as to, amongst other things, the future supply and demand of forest products, global and regional economic activity, and the consistency of the regulatory framework, there can be no assurance that forward-looking statements are accurate, and actual results or performance may materially vary. Many factors could cause our actual results or performance to be materially different including: general economic conditions, international demand for lumber, competition and selling prices, international trade disputes, changes in foreign currency exchange rates, labour disruptions, natural disasters, relations with First Nations groups, changes in laws, the availability of annual allowable cut, changes in regulations or public policy, changes in opportunities and other factors referenced under the “Risks and Uncertainties” section of our MD&A in our 2017 Annual Report dated February 15, 2018. The foregoing list is not exhaustive, as other factors could adversely affect our actual results and performance. Forward-looking statements are based only on information currently available to us and refer only as of the date hereof. Except as required by law, we undertake no obligation to update forward-looking statements.
Reference is made in this press release to adjusted EBITDA which is defined as operating income prior to operating restructuring items and other income, plus amortization of property, plant, equipment, and intangible assets, impairment adjustments, and changes in fair value of biological assets. Adjusted EBITDA margin is EBITDA presented as a proportion of revenue. Western uses adjusted EBITDA and adjusted EBITDA margin as benchmark measurements of our own operating results and as benchmarks relative to our competitors. We consider adjusted EBITDA to be a meaningful supplement to operating income as a performance measure primarily because amortization expense, impairment adjustments and changes in the fair value of biological assets are non-cash costs, and vary widely from company to company in a manner that we consider largely independent of the underlying cost efficiency of their operating facilities. Further, the inclusion of operating restructuring items which are unpredictable in nature and timing may make comparisons of our operating results between periods more difficult. We also believe adjusted EBITDA and adjusted EBITDA margin are commonly used by securities analysts, investors and other interested parties to evaluate our financial performance.
Adjusted EBITDA does not represent cash generated from operations as defined by International Financial Reporting Standards (“IFRS”) and it is not necessarily indicative of cash available to fund cash needs. Furthermore, adjusted EBITDA does not reflect the impact of a number of items that affect our net income. Adjusted EBITDA and adjusted EBITDA margin are not measures of financial performance under IFRS, and should not be considered as alternatives to measure performance under IFRS. Moreover, because all companies do not calculate adjusted EBITDA and adjusted EBITDA margin in the same manner, these measures as calculated by Western may differ from similar measures as calculated by other companies. A reconciliation between the Company’s net income as reported in accordance with IFRS and adjusted EBITDA is included in the Company’s Management’s Discussion & Analysis for the quarter ended March 31, 2018, which is available under the Company’s profile on SEDAR at www.sedar.com .
Also in this press release management uses key performance indicators such as net debt, net debt to capitalization and current assets to current liabilities. Net debt is defined as long-term debt less cash and cash equivalents. Net debt to capitalization is a ratio defined as net debt divided by capitalization, with capitalization being the sum of net debt and shareholder’s equity. Current assets to current liabilities is defined as total current assets divided by total current liabilities. These key performance indicators are non-GAAP financial measures that do not have a standardized meaning and may not be comparable to similar measures used by other issuers. They are not recognized by IFRS, however, they are meaningful in that they indicate the Company’s ability to meet their obligations on an ongoing basis, and indicate whether the Company is more or less leveraged than the prior year.
Western is an integrated Canadian forest products company and the largest coastal British Columbia timberlands operator and lumber producer. The Company has an annual available harvest greater than 6 million cubic metres of timber, of which approximately 5.8 million cubic metres is from Crown lands. Western has a lumber capacity in excess of 1.1 billion board feet from seven sawmills. Principal activities of the Company include timber harvesting, sawmilling logs into specialty lumber, and value added remanufacturing. With operations and employees primarily on the coast of British Columbia and one location in Washington State, Western is a premier supplier of high-value, specialty forest products to markets worldwide.
TELECONFERENCE CALL NOTIFICATION:
Thursday, May 3, 2018 at 12:00 p.m. PST/3:00 p.m. EST
On Thursday, May 3, 2018, Western Forest Products Inc. will host a teleconference call at 12:00 p.m. PST (3:00 p.m. EST). To participate in the teleconference please dial 416-340-2217 or 1-800-806-5484 (passcode: 8025213#). This call will be taped, available one hour after the teleconference, and on replay until May 13, 2018 at 8:59 p.m. PST (11:59 p.m. EST). To hear a complete replay, please call 905-694-9451 / 1-800-408-3053 (passcode: 1434803#).
Contacts:
For further information, please contact:
Stephen Williams
Executive Vice President & Chief Financial Officer
(604) 648-4500
Source: Western Forest Products Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-western-announces-first-quarter-2018-results.html |
May 17, 2018 / 8:58 AM / Updated 3 hours ago MIDEAST STOCKS-Gulf largely ignores high oil prices; Alawwal Bank rises again Reuters Staff 2 Min Read
DUBAI, May 17 (Reuters) - Saudi Arabia and other Gulf markets failed to reflect strength in oil prices on Thursday, with geopolitics continuing to weigh on investor sentiment, though Saudi bank Alawwal soared again on its merger plans.
Investor activity was also slow because of the Muslim fasting month of Ramadan, traders said.
The Saudi index edged up by only 0.1 percent despite Brent crude futures moving ever closer to $80 a barrel, their highest since 2014, as supplies tighten and demand remains strong.
The market also ignored an announcement from Equity index compiler S&P Dow Jones, which said it was consulting investors on whether to upgrade Saudi Arabia to emerging market status, highlighting growing fund manager interest in the kingdom.
Foreign investors have been selling Saudi Arabian equities, exchange data showed, partly because of geopolitical tension since U.S. President Donald Trump said he was pulling out of the Iran nuclear deal.
Shares of Saudi Arabia’s Alawwal Bank, however, bucked the trend in early trading with a 4.1 percent gain to 14.50 riyals in heavy volumes after a 10 percent jump on Wednesday.
Alawwal has reached a preliminary, non-binding agreement to merge with HSBC-backed Saudi British Bank to create Saudi Arabia’s third-biggest bank with assets of about $77 billion.
Saudi British Bank’s shares fell by 2.5 pct to 31.20 riyals, extending losses for a second day.
In Abu Dhabi, real estate developers Eshraq Properties and Aldar Properties were the most heavily traded shares, losing 1.4 percent and 0.4 percent respectively. Dana Gas was also heavily traded but the price held steady.
Abu Dhabi’s index eased by 0.4 percent.
In Dubai, the index was down 0.5 percent, dragged lower by Emaar Properties and subsidiary Emaar Developpement, down 1.3 percent and 0.9 percent respectively. (Reporting by Aziz El Yaakoubi Editing by David Goodman) | ashraq/financial-news-articles | https://www.reuters.com/article/mideast-stocks/mideast-stocks-gulf-largely-ignores-high-oil-prices-alawwal-bank-rises-again-idUSL5N1SO25S |
Twitter will bring original shows from NBCUniversal , Disney and Viacom among others to its platform, including a version of "SportsCenter" from Disney-owned ESPN.
The company announced more than 30 new partnerships at its NewFront presentation in New York on Monday night, an annual presentation of video content for advertisers.
"We're not guessing: We're listening," Twitter's head of content Kay Madati said at the event. "People on our service tell us directly what they want to see through conversations on Twitter."
Daily video views have doubled over the past year, according to Twitter, and the company hopes adding more premium programming will attract new advertisers and audiences. Video makes up half of Twitter's advertising revenue, the company said during its earnings report on April 25 . It said its NewFront 82 percent of users interact with brands on its platform.
Advertisers spent $13 billion on digital video last year according to eMarketer, but by partnering with traditional media companies Twitter may be able to dip into the $71 billion television advertising budget. Its increasing efforts to create shows with online influencers may also chip away at YouTube's dominance.
New video coming to Twitter includes:
Live videos, clips and original shows from NBCUniversal properties NBC, NBC News, MSNBC, CNBC, Telemundo, TODAY, and E! News. More details will be announced at a later date.
Disney programming from ESPN, ABC, Disney Channel, Freeform, Disney Digital Network, Walt Disney Studios Motion Pictures, Radio Disney and Marvel. Announced shows include a bespoke version of "SportsCenter Live" for breaking sports events, as well as a daily version of podcast "Fantasy Focus Live." More series will be announced in the future.
Live event coverage for MTV and BET award shows, as well an pop culture daily news show from Comedy Central and other news shows from BET and MTV.
Hearst's Delish will have a show about different U.S. food holidays, while "IRL" will be a live news show from Seventeen.
Will Packer, who produced "Girls Trip," "Ride Along" and "Straight Out of Compton," will debut a 30-minute weekly show from Will Packer Media called "Power Star Live." The series will address social issues and topics brought up by the #BlackTwitter movement.
Fox Sports will create a highlights program for the 2018 World Cup, and there will also be a live show with Turner around the NBA Finals. Twitter will also host series from Formula 1 and MLB. In addition to previously announced content from MLS , the 2018 MLS Homegrown Game, featuring young, up-and-coming soccer players will be streamed on its platform. The company also announced it would launch Creator Originals, Powered by Niche, a division dedicated to helping online influencers create scripted series for Twitter. Niche is Twitter's creator network. It will also debut Live Brand Studio, a program to help marketers create live content on Twitter.
show chapters Twitter surges on live content, ad deal with ESPN 21 Hours Ago | 00:33 Disclaimer: NBCUniversal is the parent company of CNBC. | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/twitter-goes-big-on-original-video-with-nbcuniversal-disney-viacom.html |
May 8, 2018 / 11:28 AM / Updated 6 minutes ago North Korean leader Kim visits China, meets President Xi Michael Martina , Heekyong Yang 6 Min Read
BEIJING/SEOUL (Reuters) - North Korean leader Kim Jong Un visited China and met President Xi Jinping, state media of both countries said on Tuesday, their second encounter in two months in a flurry of diplomatic engagement that has eased tensions on the Korean peninsula.
They met on Monday and Tuesday in the coastal city of Dalian ahead of what would be a historic meeting between Kim and U.S. President Donald Trump that the White House has said could take place as soon as this month.
China has been keen to show it has an indispensable role in seeking a lasting solution to tension over North Korea’s pursuit of nuclear weapons, concerned that its interests may be ignored, especially as North Korea and the United States establish contacts.
During the visit, announced only after it was over, Kim told Xi he hoped relevant parties would take “phased” and “synchronised” measures to realise denuclearisation and lasting peace on the Korean peninsula.
“So long as relevant parties eliminate hostile policies and security threats towards North Korea, North Korea has no need for nuclear (capacity), and denuclearisation can be realised,” China’s official Xinhua news agency cited Kim as saying.
Kim told Xi the denuclearisation of the peninsula was North Korea’s “constant and clear position”, and that dialogue between North Korea and the United States could build mutual trust.
TRUMP-XI CALL
Trump and Xi discussed developments on the Korean peninsula and Kim’s visit to China during a phone call on Tuesday morning, the White House said.
Trump and Xi agreed on the importance of maintaining sanctions on Pyongyang until it permanently dismantles its nuclear and missile programs, the White House said. Chinese state media said Xi reiterated China’s support for a U.S.-North Korea summit.
Chinese state television said Xi said he “hopes the United States and North Korea can build mutual trust, synchronise actions, resolve each sides’ concerns through meeting and consultations, consider North Korea’s reasonable security concerns, and jointly promote the political resolution process to the Korean peninsula issue.” Related Coverage Xi tells Trump China and U.S. should properly resolve trade disputes
In the past North Korea has used the term “hostile policies” in reference to the U.S. troop presence in South Korea, the U.S. nuclear umbrella covering South Korea and Japan and regular joint military exercises in South Korea.
China is North Korea’s most important economic and diplomatic backer, but Beijing has been angered by Pyongyang’s repeated nuclear and missile tests and supported tough U.N. sanctions against its Cold War-era ally.
The two sides have stepped up engagement since Trump surprised the world in March by saying he would be willing to meet Kim in a bid to resolve the crisis over Pyongyang’s development of nuclear missiles capable of hitting the United States. SMILING KIM ACCOMPANIED BY SISTER
Kim was accompanied to China by his sister, Kim Yo Jong, who has played a leading role in diplomatic overtures by the long-isolated country.
Chinese state media showed pictures of Kim smiling in an outdoors meeting with Xi, and the two leaders strolling along a waterfront.
Xi hosted a banquet and told Kim of his backing of North Korea’s “strategic shift towards economic development”, Xinhua added.
“China supports North Korea’s upholding of denuclearisation on the peninsula, and supports North Korea and the United States resolving the peninsula issue through dialogue and consultation,” Xi said. People watch a TV news report about the meeting between North Korean leader Kim Jong Un and Chinese President Xi Jinping at a railway station in Seoul, South Korea May 8, 2018. REUTERS/Kwak Sung-Kyung
North Korean state media said Kim was “very pleased” that the relationship with China was reaching a high point, and North Korea would cooperate with China more actively as the situation on the Korean peninsula changed.
The two leaders “opened their hearts and had warm conversations,” North Korea’s state news agency KCNA reported. LATEST SUMMIT
The meeting was the latest in a series by North Korean leaders and follows Kim’s historic summit with South Korean President Moon Jae-in last month.
In March, Kim travelled by train to Beijing, his first known trip abroad since assuming power in 2011.
Kim used his official aircraft to make the short flight to Dalian, in what was his first known international flight since assuming power.
Kim’s father, Kim Jong Il, feared flying, fuelling speculation that the younger Kim may not be willing to travel far to meet Trump. The venue for their summit has not been announced.
The demilitarized zone, or DMZ, between North and South Korea, and Singapore are believed to be the most likely contenders for the venue.
South Korea’s presidential office said the Chinese government notified Seoul about the Xi-Kim meeting in advance.
Intense secrecy typically surrounds high-level North Korean visits to China, and this week’s trip was no different. Slideshow (2 Images)
Throughout the day on Tuesday there was speculation on Chinese websites that a North Korean leader was in China, though China’s foreign ministry said earlier it had no information and Chinese state media did not carry any reports.
Japanese public broadcaster NHK had shown images of two North Korean aircraft taxiing at Dalian’s airport, one an Air Koryo plane and another carrying a North Korean emblem.
Posts about unusual traffic jams and security in Dalian popped up on Chinese social media. Reporting by Michael Martina, Tony Munroe, Christian Shepherd and Se Young Lee in BEIJING and Heekyong Yang, Josh Smith, Ju-min Park and Haejin Choi in SEOUL; Additional reporting by David Brunnstrom and David Alexander in WASHINGTON; writing by Robert Birsel, Clarence Fernandez; editing by Peter Graff and Grant McCool | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-northkorea-missiles-china/north-korean-leader-kim-visits-china-meets-with-xi-idUKKBN1I91DK |
EditorsNote: adds new last two grafs
Guillermo Heredia’s line-drive single to left field with one out in the 11th inning scored Ryon Healy with the winning run as the Seattle Mariners defeated the visiting Texas Rangers 9-8 Tuesday night at Safeco Field.
With one out, Healy singled on a popup into right field. David Freitas followed with an infield single between third and short, with Healy advancing to second base.
Heredia got the winning hit on a 2-2 pitch from Alex Claudio (1-2), the sixth Rangers pitcher.
Erik Goeddel (2-0), the seventh Seattle pitcher, worked two scoreless innings for the victory.
The back-and-forth game saw the Mariners blow a 6-3 lead before rallying in the eighth inning, only see the Rangers tie it again.
The Rangers evened the score at 8-8 in the ninth against Mariners closer Edwin Diaz.
Jurickson Profar lined a single to left and moved to second on a wild pitch. Nomar Mazara popped out to third before Joey Gallo hit a grounder to first baseman Healy. Diaz covered the bag and recorded the out, but Profar scored all the way from second when the pitcher mishandled the ball. Mariners manager Scott Servais was ejected while arguing for interference.
Jean Segura’s third hit of the game brought home Gordon Beckham with the go-ahead run in the bottom of the eighth.
The Rangers broke a 6-6 tie in the top of the eighth against reliever Juan Nicasio.
Mitch Haniger also had three hits for Seattle, and Healy belted his eighth home run of the year.
Mariners designated hitter Nelson Cruz left the game shortly after being hit on the foot with a Brandon Mann pitch in the fourth inning. X-rays were negative, and Cruz was diagnosed with a bruised right foot.
Robinson Chirinos had three hits and three RBIs for Texas, and Gallo hit his 13th homer of the season.
Seattle starter Mike Leake allowed six runs (five earned) on nine hits in 5 1/3 innings. Texas starter Mike Minor yielded six runs on eight hits in 3 1/3 innings.
The win provided a bit of good news to end a rough day for the Mariners. Earlier Tuesday, second baseman Robinson Cano accepted an 80-game drug suspension from Major League Baseball after testing positive for a diuretic that can be used as a masking agent.
Cano already was sidelined due to a broken bone in his right hand sustained Sunday, and his time on the disabled list will count toward the suspension. His replacement at second base, Beckham, went 2-for-4.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-sea-tex-recap/mariners-pull-out-11-inning-win-over-rangers-idUSMTZEE5GT7JQ36 |
May 22 (Reuters) - Merck & Co Inc:
* SETS QUARTERLY DIVIDEND OF $0.48 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-merck-sets-quarterly-dividend-of-0/brief-merck-sets-quarterly-dividend-of-0-48-share-idUSFWN1ST0MV |
May 1 (Reuters) -
* OCC CLEARED CONTRACT VOLUME UP 27 PERCENT IN APRIL * ETF OPTIONS VOLUME UP 27 PERCENT IN APRIL AND AVERAGE DAILY VOLUME UP 33 PERCENT YEAR-TO-DATE
* EQUITY OPTIONS VOLUME UP 32 PERCENT IN APRIL AND AVERAGE DAILY VOLUME UP 30 PERCENT YEAR-TO-DATE
* SECURITIES LENDING ACTIVITY UP 25 PERCENT IN APRIL AND 26 PERCENT YEAR-TO-DATE
* OVERALL EXCHANGE-LISTED OPTIONS VOLUME REACHED 398.5 MILLION CONTRACTS IN APRIL, UP 29 PERCENT FROM APRIL 2017
* FUTURES CLEARED BY OCC REACHED 7.4 MILLION CONTRACTS IN APRIL, DOWN 32 PERCENT FROM APRIL 2017 Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-occ-cleared-contract-volume-up-27/brief-occ-cleared-contract-volume-up-27-percent-in-april-idUSASO00043M |
SAO PAULO, April 30 (Reuters) - Petroleo Brasileiro SA said on Monday it had reached an agreement with Centrais Eletricas Brasileiras SA, commonly known as Eletrobras, regarding the renegotiation of part of nearly 20 billion reais ($5.76 billion) in debt owed to the state oil company.
The agreement is seen as key to allowing a privatization process planned by Eletrobras to go forward.
The state electricity company has said it plans to auction off the power distribution units it holds in Brazil’s northern and northeastern regions in June. But Petroleo Brasileiro, or Petrobras, had threatened to hold up the process, citing the debts that Eletrobras’ distribution subsidiaries, particularly its distribution unit in Amazonas state, owed to the oil company.
“The contractual instruments in this process will be signed by the parties today,” Petrobras said in a statement, without elaborating on the terms of the deal.
The company added in the statement that it will offer more information about the agreement at a later time. ($1 = 3.47 reais) (Reporting by Luciano Costa; Writing by Gram Slattery; editing by Jonathan Oatis)
| ashraq/financial-news-articles | https://www.reuters.com/article/petrobras-debt-eletrobras/brazils-petrobras-reaches-debt-deal-with-eletrobras-aiding-privatization-process-idUSL1N1S70L0 |
May 10 (Reuters) - Cardinal Energy Ltd:
* QTRLY LOSS PER SHARE $0.12 * QTRLY PETROLEUM AND NATURAL GAS REVENUE $94.779 MILLION VERSUS $62.574 MILLION
* QTRLY ADJUSTED FUNDS FLOW PER SHARE $0.23 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cardinal-energy-qtrly-loss-per-sha/brief-cardinal-energy-qtrly-loss-per-share-0-12-idUSASC0A1PM |
ZURICH, May 2 (Reuters) - Swiss food group Nestle confirmed on Wednesday it had reached an agreement with European retailers to settle a months-long pricing row.
“We are pleased that a balanced agreement has been reached and that Nestle products will soon be back on the shelves of the six members of the European retail alliance AgeCore,” a company spokesman said, confirming a report by Germany’s Lebensmittelzeitung.
Nestle has for months faced off with AgeCore, a Geneva-based group representing six European retailers — including Germany’s Edeka and Switzerland’s Coop — who had boycotted Nestle products as they sought better supply terms.
An Edeka spokesman confirmed the settlement but gave no further details.
Reporting by Angelika Gruber, writing by Michael Shields, editing by John Revill
| ashraq/financial-news-articles | https://www.reuters.com/article/nestle-retailers-edeka/nestle-reaches-deal-to-settle-row-with-european-retailers-idUSZ8N1LE01E |
May 14, 2018 / 2:29 PM / in a minute German military to move forward with plan to lease Israeli drones Reuters Staff 3 Min Read
BERLIN (Reuters) - The German Defense Ministry will notify lawmakers shortly that it will proceed with plans to lease Israeli-built Heron-TP surveillance drones, a program that was delayed last year, Defense Minister Ursula von der Leyen told top military officers on Monday. Defence Minister Ursula von der Leyen walks at the German government guesthouse Meseberg Palace in Meseberg, Germany, April 11, 2018. REUTERS/Fabrizio Bensch
The ministry had postponed its plan to lease five of the unarmed drones, a deal valued by security sources at around 1 billion euros, amid concerns over their future use raised by the centre-left Social Democrats (SPD) in the final months of the last coalition government.
Chancellor Angela Merkel’s conservatives and SPD agreed in their new coalition accord signed in February to lease the drones built by Israel Aerospace Industries [ISRAI.UL], while work continues on a separate program to develop a new European-built drone.
Von der Leyen said the required notification would be sent to parliament soon, but gave no details.
Defense ministry officials say lawmakers will be asked to review two separate, nearly completely negotiated contracts - one with Airbus, which will manage the drone program, and one with the Israeli government to cover training, infrastructure and logistics for the unmanned planes.
The SPD, in a surprise move, had blocked the long-planned lease of the drones last summer, citing concerns about a possible future arming of the aircraft. But SPD officials later agreed to proceed with leasing the unarmed aircraft and insisting on a full debate about the ethical, constitutional and legal ramifications of arming the drones in the future.
In a reply to a query by Left party member Andrej Hunko, dated March 5, a ministry official said the government planned to seek options for two additional Heron-TP aircraft.
Germany also plans to move ahead to negotiate the acquisition of three unmanned, higher-altitude MQ-4C Triton drones built by Northrop Grumman Corp after the U.S. State Department approved the sale on April 4.
The ministry hopes to receive a bid from Northrop for three of the drones in the third quarter, and wants to start using them by the mid-2020s, a ministry spokeswoman said.
(This version of the story adds dropped word in lead) Reporting by Andrea Shalal; Editing by Michael Nienaber and Toby Chopra | ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-military-drones/german-military-to-move-forward-with-plan-to-lease-israeli-drones-idUSKCN1IF1YK |
May 22, 2018 / 5:02 PM / Updated 2 hours ago Two more die of Ebola in Congo; seven new cases confirmed Patient Ligodi 4 Min Read
MBANDAKA, Democratic Republic of Congo (Reuters) - Two more people have died from Ebola in Democratic Republic of Congo, authorities said on Tuesday, as aid agencies battled to persuade sceptical residents about the severity of an outbreak that has killed 27 since April. John Nkengasong, Director of the Africa Centres for Disease Control and Prevention (R) and Margaret Agama-Anyetei, Head of Health, Nutrition and Population at the African Union Commission attend a news conference on the Africa Centres for Disease Control and Prevention Ebola Response in the Democratic Republic of the Congo (DRC) at the United Nations in Geneva, Switzerland, May 22, 2018. REUTERS/Denis Balibouse
One of the deaths occurred in Mbandaka, according to a daily healthy ministry bulletin. A nurse also died in the village of Bikoro, the town near where the outbreak was first detected in early May, ministry spokeswoman Jessica Ilunga told Reuters.
At the central market in Mbandaka, where vendors in colourful fabrics hawk smoked monkeys, some residents said they were unmoved by warnings not to consume bush meat since a case of Ebola was discovered in the city of 1.5 million last week.
“Despite your Ebola stories, we buy and eat monkey meat,” said one woman named Carine, a mother of eight children. “We have eaten that since forever. That is not going to change today. Ebola, that’s in Bikoro.”
Experts who have studied the Ebola virus since its discovery in 1976 along the Ebola river in Congo, then Zaire, say its suspected origin is forest bats. Links have also been made to the carcasses of freshly slaughtered animals eaten as bush meat.
Seven new confirmed cases were also registered in Bikoro, the ministry said, bringing the total number of confirmed cases to 28. CROWDED TRADING HUB
More than 11,300 people died in an Ebola outbreak in the West African countries of Guinea, Liberia and Sierra Leone between 2013 and 2016, during which health authorities were widely criticized for their slow response.
This time, health officials are particularly concerned by the disease’s presence in Mbandaka, a crowded trading hub on the Congo River with road, water and air links to Congo’s capital, Kinshasa.
Four cases have been confirmed in the city’s Wangata neighbourhood and two more are suspected. World Health Organization (WHO) workers prepare a centre for vaccination during the launch of a campaign aimed at beating an outbreak of Ebola in the port city of Mbandaka, Democratic Republic of Congo May 21, 2018. REUTERS/Kenny Katombe
The urban setting sets this outbreak apart from the eight others that have struck Congo since the 1970s in mostly containable, rural settings.
The government and international partners have deployed significant resources to the northwestern Equateur province. Health officials administered an experimental vaccine on Monday to 33 medical workers and Mbandaka residents, World Health Organization (WHO) spokesman Tarik Jasarevic told reporters in Geneva.
The WHO said vaccine manufacturer Merck has provided it with 8,640 doses of the vaccine and an additional 8,000 doses are expected to be available in the coming days.
The vaccine takes seven to 10 days to generate a strong enough immune response to ensure a person is fully protected. Those vaccinated are instructed to follow the same strict infection control and hygiene practices as anyone who is not vaccinated.
The U.S. government has added $7 million to the initial $1 million it previously committed to fighting the virus in Congo, U.S. Secretary of Health and Human Services Alex Azar said on Tuesday.
The World Bank Group’s Pandemic Emergency Financing Facility on Tuesday also approved a $12 million grant towards efforts to contain the virus.
“The risk of spreading within the country and to neighbouring nations remains real,” said Dr. Fatoumata Nafo-Traoré of the International Federation of Red Cross and Red Crescent Societies. “One of the lessons we learnt in our response to other deadly Ebola outbreaks is that complacency can kill.”
The Africa Centres for Disease Control and Prevention has deployed 25 epidemiologists to Mbandaka and Bikoro to support the government’s surveillance work, its director John Nkengasong told a news briefing in Geneva.
It hopes to move a mobile laboratory from Sierra Leone to Congo that could, among other things, help detect the presence of the virus in human samples and conduct genetic sequencing to see if it is mutating. Reporting By Patient Ligodi; additional reporting by Fiston Mahamba in Goma and Tom Miles in Geneva and Kate Kelland in London; writing by Edward McAllister and Aaron Ross; editing by William Maclean, Larry King | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-health-ebola-congo/two-more-die-of-ebola-in-congo-seven-new-cases-confirmed-idUKKCN1IN2FQ |
May 22, 2018 / 12:58 PM / Updated 5 minutes ago RPT-Facebook's Zuckerberg faces EU Parliament grilling Reuters Staff
(Repeats to additional subscribers, no changes to text)
By Julia Fioretti
BRUSSELS, May 22 (Reuters) - Facebook Chief Executive Mark Zuckerberg will meet with leaders of the European Parliament on Tuesday to answer questions about how the data of millions of Facebook users ended up in the hands of a political consultancy.
The meeting comes three days before tough new European Union rules on data protection take effect. Companies will be subject to fines of up to 4 percent of global turnover for breaching them.
Facebook has come under scrutiny from politicians on both sides of the Atlantic after it emerged that Cambridge Analytica, a British political consultancy that worked on U.S. President Donald Trump’s campaign, improperly acquired the data of 87 million users, including up to 2.7 million in the EU.
Zuckerberg has apologised for the leak in testimony to the U.S. Congress, but questions remain over how the company’s data policies let the leak happen.
Zuckerberg will stress Facebook’s commitment to Europe, where it will employ 10,000 people by the end of the year, according to pre-released remarks.
“I believe deeply in what we’re doing. And when we address these challenges, I know we’ll look back and view helping people connect and giving more people a voice as a positive force here in Europe and around the world,” Zuckerberg is expected to say.
He will also apologise for failing “to take a broad enough view” of the company’s responsibilities, “whether it’s fake news, foreign interference in elections or developers misusing people’s information.”
Zuckerberg will meet with the president of the European Parliament, Antonio Tajani, the leaders of the parliament’s political groups and the chair of the civil liberties committee, Claude Moraes.
The meeting will be livestreamed after an outcry over plans to hold it in private.
Since the Cambridge Analytica scandal, Facebook has suspended 200 apps from its platforms as it investigates third-party apps that have access to large quantities of user data.
Cambridge Analytica and its British parent, SCL Elections Ltd, have declared bankruptcy and closed down. (Reporting by Julia Fioretti, editing by Larry King) | ashraq/financial-news-articles | https://www.reuters.com/article/facebook-privacy-eu/rpt-facebooks-zuckerberg-faces-eu-parliament-grilling-idUSL5N1ST3Z5 |
May 1, 2018 / 10:34 PM / Updated 13 hours ago Ecstasy therapy may help service veterans suffering PTSD Kate Kelland 3 Min Read
(Reuters) - Combining intensive psychotherapy with a pure form of the party drug ecstasy is safe and could aid recovery in people with post-traumatic stress disorder (PTSD), according to the findings of a study in military veterans. FILE PHOTO: A U.S. soldier searches for criminals and weapons in Baghdad's Mansour district April 3, 2007. REUTERS/Bob Strong
Scientists who conducted the research - a small study involving just 26 people - said its results suggested that with close medical and psychological supervision, giving MDMA to PTSD patients “could enhance the benefits of psychotherapy”.
“Key elements that contribute to the safety and efficacy of MDMA-assisted psychotherapy include careful medical and psychological screening, preparing participants for the MDMA experience and treatment, close support by trained psychotherapists,” said Allison Feduccia, a doctor working with the non-profit U.S. Multidisciplinary Association for Psychedelic Studies, which funded the research.
The study is one of several mid-stage trials looking into the potential for MDMA, or 3,4-methylenedioxymethamphetamine - the main active ingredient of ecstasy - to be used alongside psychotherapies in people suffering combat trauma and PTSD.
The U.S. drug regulator last year designated MDMA-assisted psychotherapy for PTSD a “breakthrough therapy” - meaning it can be fast tracked for review and potential approval.
This latest trial, conducted in South Carolina and published on Tuesday in The Lancet Psychiatry journal, was not designed to test the effectiveness of the treatment, but to assess safety.
Trial participants - service personnel, firefighters and one police officer - were randomly assigned to receive either 30 milligram (mg), 75mg or 125mg doses of MDMA plus psychotherapy, and their symptoms and side effects were monitored.
The treatment had some adverse effects - including anxiety, insomnia and some transient increases in suicidal thoughts - but was found to be safe overall and showed promise in alleviating PTSD symptoms, the scientists said. They said a larger efficacy trial is now needed to assess the MDMA therapy’s full potential.
Michael Bloomfield, a psychiatry expert at University College London who was not directly involved in this trial, said its findings were fascinating and worth pursuing.
“Larger research studies are needed which include a placebo group and can tease out which specific parts of the psychotherapy the MDMA may be helping with,” he said.
He cautioned that this research was conducted in a highly supervised setting using “medical grade” MDMA, so PTSD sufferers should not try this on themselves because of the risks associated with street ecstasy. Reporting by Kate Kelland; Editing by Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-mdma/ecstasy-therapy-may-help-service-veterans-suffering-ptsd-idUKKBN1I24IK |
April 30 (Reuters) - AMBU A/S:
* COMPLETION OF SHARE BUYBACK PROGRAMME (NO. 29) * IN TOTAL, DURING THE SHARE BUYBACK PROGRAMME AMBU BOUGHT 3,850,000 SHARES Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ambu-completion-of-share-buyback-p/brief-ambu-completion-of-share-buyback-programme-idUSFWN1S70R4 |
ROME (Reuters) - Italian Prime Minister-designate Giuseppe Conte is still trying to assemble a cabinet team and has not yet decided whether to include the eurosceptic economist Paola Savona, a source from the anti-establishment 5-Star Movement said on Friday.
The eurosceptic League, the other party in the coalition that backs Conte’s nascent government, is insisting that Savona, who has called Italy’s euro entry a “historic mistake”, should be named economy minister.
“We are sticking with Savona and there is no dispute with 5-Star,” a League source said.
Conte consulted with President Sergio Mattarella on Friday but he did not tell him when he would return with his list of ministers, a source close to the president said. Mattarella has made clear he does not want Savona in the government.
Reporting by Massimiliano Di Giorgio, writing by Gavin Jones, editing by Valentina Za
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-president-savona/still-not-decided-if-savona-to-be-in-italy-government-5-star-source-idUSKCN1IQ2QJ |
LONDON, May 22 (Reuters) - Northern mainland Europe and Scandinavia will experience warmer than normal temperatures in June before some regions cool down in July, The Weather Company said on Tuesday.
“After the incredible stratospheric polar vortex split during the late winter, the pattern reversal this spring has been rather striking, with low pressure dominating the pattern in the far North Atlantic,” said Dr. Todd Crawford, chief meteorologist with The Weather Company.
“The dominant summer pattern over the past decade has been for higher pressures over the North Atlantic and lower pressures over northwest Europe, resulting in cool, wet summers with the hotter and drier pattern across SE Europe.
“However, this pattern may not materialise until later in the summer this year, resulting in a nice start to the season across northwest Europe.”
The Weather Company, owned by IBM, provides weather forecasts aimed at the commodities and energy sectors.
JUNE: Nordics – Warmer than normal
UK – Warmer than normal
Northern mainland – Warmer than normal
Southern mainland – Warmer than normal, except Iberia
JULY: Nordics – Cooler than normal W, warmer than normal E
UK – Cooler than normal
Northern mainland – Cooler than normal W, warmer than normal E
Southern mainland – Warmer than normal
AUGUST: Nordics – Cooler than normal
Britain – Cooler than normal
Northern mainland – Cooler than normal
Southern mainland – Warmer than normal (Reporting by Sabina Zawadzki Editing by Alison Williams)
| ashraq/financial-news-articles | https://www.reuters.com/article/europe-weather/warm-june-in-nordics-britain-before-cooling-down-the-weather-company-idUSL5N1ST3EY |
May 14, 2018 / 11:54 PM / a minute ago U.S. states look to cash in on New Jersey's winning sports bet Hilary Russ , Laila Kearney 5 Min Read
NEW YORK (Reuters) - A handful of U.S. states are in position to capitalize quickly on New Jersey’s victory at the U.S. Supreme Court allowing it to legalize sports betting, and more than a dozen others could follow suit before long.
Monday’s ruling opened the door for states to grab a slice of an estimated $150 billion U.S. sports betting market, an enticing new revenue stream for state budgets that have been pressured by years of slow economic growth.
Five states - Connecticut, Mississippi, New York, Pennsylvania and West Virginia - already have sports betting laws in place that would allow them to move quickly following the Supreme Court’s decision, according to Fitch Ratings. Fourteen others have introduced sports-gaming legislation in recent legislative sessions.
“This new opportunity for states may result in 2018 being the single largest year for gaming expansion,” S&P Global Ratings said in a report released after the ruling.
The high court’s ruling did not legalize sports gambling nationwide, but instead paved the way for states to pursue it as they wish. The result is likely to be a patchwork of distinct state regulations and programs, and outside of New Jersey, will not happen immediately.
“It’s going to take years. Every state obviously is different. It’s not something that happens overnight,” said Irwin Kishner, who practices sports law in New York.
Rhode Island and other states with non-tribal casinos and facilities for off-track betting for placing racehorse wagers outside of the racetrack were most likely to hit the ground running, said S&P Global Ratings.
For some, it is an opportunity to bolster their casino industries.
In Mississippi, “the biggest plus coming from sports betting is going to be additional foot traffic to the casinos,” including from out-of-state visitors, said Mississippi Gaming Commission Executive Director Allen Godfrey.
The Mississippi commission is in the process of publishing regulations and taking other steps to roll out sports wagering after the state tweaked its gaming code last year to allow it, he said.
“I think we’re going to go very slow and methodically” to produce the best product, Godfrey said. An exact time frame has not been determined.
West Virginia lawmakers approved sports gambling in March despite opposition by Governor Jim Justice, who allowed it to become law without his signature because he objected to the idea of sharing a portion of revenues with professional sports leagues. NOT ALWAYS A JACKPOT
Some analysts cautioned that expectations for massive windfalls for states were overblown.
Emily Raimes, a Moody’s Investors Service analyst, said in a statement that state and local governments could “see minor benefits from the incremental tax revenues.”
It has not even necessarily been a home run for the one place it has been fully legal: Nevada.
Last year, sports wagering reached nearly $4.9 billion in Nevada but generated only $17 million in state tax revenue, which is just 0.4 percent of the state’s $4 billion in general fund revenue, according to Fitch.
How much any state benefits from the shift will depend on an array of complicated factors.
One big hurdle that could slow implementation is conflict between sports leagues and the casino industry over an “integrity fee” that would give the leagues themselves a portion of the bets taken, said Daniel Wallach, a Florida sports and gambling attorney.
States in which Indian tribes control or heavily influence casino development may also move more slowly, including Connecticut and Florida.
In Connecticut, for instance, two tribes said they would have exclusive rights to run any authorized sports betting operations.
Connecticut Governor Dannel Malloy said after Monday’s ruling that he was prepared to call the legislature into special session to consider how to proceed.
Some state constitutions also require voter referendums to legalize sports wagering. New Jersey voters overwhelmingly approved it back in 2011.
Political opposition is also sure to persist. The Stop Predatory Gambling nonprofit group said New Jersey’s cause was a “naked money grab ... cloaked as a ‘states’ rights’ case.” Reporting by Hilary Russ and Laila Kearney in New York; Additional reporting by Lawrence Hurley in Washington; Editing by Dan Burns and Peter Cooney | ashraq/financial-news-articles | https://in.reuters.com/article/us-usa-court-gambling-states-analysis/u-s-states-look-to-cash-in-on-new-jerseys-winning-sports-bet-idUSKCN1IF35N |
May 10 (Reuters) - Trisura Group Ltd:
* QTRLY EARNINGS PER SHARE $0.27 * Q1 GROSS PREMIUMS WRITTEN $34.8 MILLION VERSUS $28.6 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-trisura-group-reports-qtrly-earnin/brief-trisura-group-reports-qtrly-earnings-per-share-0-27-idUSASC0A1N3 |
May 9 (Reuters) - Commonwealth Bank of Australia on Wednesday admitted to “unconscionable conduct” and said it would settle with the Australian corporate regulator over allegations it manipulated the Bank Bill Swap Rate (BBSW).
“As part of the settlement, CBA will acknowledge that, in the course of trading on the BBSW market in Australia on five occasions between February and June 2012, CBA attempted to engage in unconscionable conduct in breach of the ASIC Act,” the bank said in a statement.
CBA added that the impact of the settlement, which totals about A$25 million ($18.6 million), would be reflected in the bank’s 2018 financial year results. ($1 = 1.3428 Australian dollars) (Reporting by Chris Thomas in Bengaluru; Editing by Stephen Coates)
| ashraq/financial-news-articles | https://www.reuters.com/article/cba-regulator/australias-cba-settles-with-regulator-over-rate-manipulation-idUSL3N1SF7HN |
* LME/ShFE arb: bit.ly/2wZSAEz
* GRAPHIC-2018 asset returns: tmsnrt.rs/2jvdmXl (Adds official midday prices/details)
By Maytaal Angel
LONDON, May 21 (Reuters) - Copper rose to a one-week high on Monday as fears over a U.S.-China trade war eased, countering the impact of a rising dollar, while nickel came under pressure from falling ferrous metals prices in China.
The dollar hit a five-month high versus a currency basket, making dollar-priced metals costlier for non-U.S. investors and capping the upside in metals. Gold hit a 2018 low.
“Copper hasn’t fallen significantly whereas the dollar has had a nice recovery in recent months. (It tells you) people are convinced demand will outweigh supply growth,” FOREX.com analyst Fawad Razaqzada said.
That risk-on sentiment was not enough to support stainless-steelmaking ingredient nickel, which came under pressure after Chinese iron ore prices plunged more than 3 percent on uncertain prospects for steel demand.
U.S. Treasury Secretary Steven Mnuchin declared the U.S. trade war with China “on hold” following an agreement to drop tariff threats that had roiled global markets this year.
* COPPER: Three-month copper on the London Metal Exchange traded up 0.6 percent to $6,895 a tonne in official midday rings, having hit a one week high of $6,923.
* NICKEL: Nickel was last bid down 0.7 percent in rings at $14,650 a tonne, after Dalian iron ore touched a two-week low amid reports steel mills may postpone raw material purchases due to uncertainty over demand.
“Given iron ore’s 3.5 percent decline, nickel has held up remarkably well. Late Friday saw Vale’s CEO report they are taking out 150,000 tonnes of production for the next three years,” Marex Spectron said in a note.
* CHINA STEEL CAPACITY: China will send eight inspection teams to conduct spot overcapacity checks on the iron and steel industry in 21 regions from May 22 to June 15, the country’s state planner said.
* ALUMINIUM: Aluminium traded up 0.4 percent at $2,280 amid reports UC Rusal has not yet received any formal notice that sanctions target Oleg Deripaska has resigned from his board position at major Rusal shareholder EN+.
* CHINA ECONOMY: China’s economy will likely expand by around 6.7 percent in the second quarter this year, the State Information Center said in an article in the state-owned China Securities Journal on Saturday.
* OTHER METALS: Zinc >CMZN3> was last bid up 0.1 percent at $3,101, lead was last bid up 1.5 percent at $2,365 while tin traded down 1.2 percent at $20,525.
Additional reporting by Melanie Burton Editing by Louise Ireland
| ashraq/financial-news-articles | https://www.reuters.com/article/global-metals/metals-copper-scores-one-week-high-as-u-s-says-china-trade-war-on-hold-idUSL5N1SS218 |
May 2 (Reuters) - HCL Technologies Ltd:
* SAYS DECLARED INTERIM DIVIDEND OF 2 RUPEES PER EQUITY SHARE
* MARCH QUARTER CONSOL NET PROFIT 22.28 BILLION RUPEES VERSUS PROFIT OF 24.73 BILLION RUPEES LAST YEAR
* CONSENSUS FORECAST FOR MARCH QUARTER CONSOL PROFIT WAS 22.60 BILLION RUPEES
* SAYS FY 2019 REVENUES ARE EXPECTED TO GROW BETWEEN 9.5 PERCENT TO 11.5 PERCENT IN CONSTANT CURRENCY
* MARCH QUARTER CONSOL REVENUE FROM OPERATIONS 131.78 BILLION RUPEES VERSUS 128.98 BILLION RUPEES LAST YEAR
* FY 19 EXPECTED OPERATING MARGIN (EBIT) RANGE IS FROM 19.5 PERCENT TO 20.5 PERCENT
* MARCH QUARTER GROSS EMPLOYEE ADDITION 8476 * MARCH QUARTER ATTRITION IN IT SERVICES (LTM) 15.5 PERCENT
* CLIENTS ADDED IN MARCH QUARTER UP 3.5 PERCENT Source text - bit.ly/2HIBAWA Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-hcl-technologies-march-qtr/brief-indias-hcl-technologies-march-qtr-consol-profit-down-about-10-pct-idUSFWN1S9000 |
When it comes to start-ups, Silicon Valley has long reigned supreme, staking claim to international success stories from Apple to Facebook .
But the landscape is shifting.
New start-up scenes are popping up across the globe as cities seek to take a piece of the pie and entrepreneurial hopefuls look for new locations to set up shop.
One of the regions leading the way is East Asia .
With access to growing markets, a skilled talent pool and comparatively lower living costs than the Valley and its other Western counterparts, East Asian cities are stepping up to win over entrepreneurs.
CNBC Make It takes a look at the leading start-up cities in the region and how they fare in terms of cost and ease of doing business.
Beijing Mainland China China's capital is home to as many as 7,000 start-ups and more than 40 unicorns. See the stats Beijing Mainland China Cost of living (pm) $1,420.40 Coworking space (pm) $265 Cost of coffee $3.80 Internet speed (avg) 6 mbps 30 min cab ride $10.50 Notable startups: Baidu, Ofo, Xiaomi Fukuoka Japan This port city is using start-up visas and entrepreneur loans to boost its business scene. See the stats Fukuoka Japan Cost of living (pm) $1,510.45 Coworking space (pm) $186 Cost of coffee $3.50 Internet speed (avg) 46 mbps 30 min cab ride $44.65 Notable startups: Ikkai, Qurate, Renzo Hong Kong Hong Kong Home to a thriving financial center, this densely populated city is working hard to replicate this success in its start-up scene. See the stats Hong Kong Hong Kong Cost of living (pm) $2,869.85 Coworking space (pm) $255 Cost of coffee $4.30 Internet speed (avg) 38 mbps 30 min cab ride $15.90 Notable startups: GoGoVan, Tink Labs, WeLab Seoul South Korea Seoul's start-up scene is at the center of South Korea's plans to drive forward its economy. See the stats Seoul South Korea Cost of living (pm) $1,849.15 Coworking space (pm) $94 Cost of coffee $4.30 Internet speed (avg) 47 mbps 30 min cab ride $38.20 Notable startups: Kakao, Viva Republica, Yello Mobile Shanghai Mainland China A Chinese metropolis, Shanghai boasts up to 3,000 start-ups and around 500 incubators and accelerators. See the stats Shanghai Mainland China Cost of living (pm) $1,598.85 Coworking space (pm) $197 Cost of coffee $4.30 Internet speed (avg) 7 mbps 30 min cab ride $11.60 Notable startups: 99Bill, AdChina, Qiniu Shenzhen Mainland China Located in southeast China, bordering Hong Kong, Shenzhen is a major manufacturing hub and beneficiary of research and development investment. See the stats Shenzhen Mainland China Cost of living (pm) $1,260.45 Coworking space (pm) $318 Cost of coffee $3.40 Internet speed (avg) 11 mbps 30 min cab ride $10.35 Notable startups: DJI, OnePlus, Tencent Taipei Taiwan The economic powerhouse of Taiwan, Taipei has become a hotspot for high tech innovation. See the stats Taipei Taiwan Cost of living (pm) $1,319.90 Coworking space (pm) $195 Cost of coffee $3.00 Internet speed (avg) 23 mbps 30 min cab ride $20.40 Notable startups: Acer, Appier, Umbo Computer Vision Tokyo Japan Capital of the world’s third-largest economy, Toyko built its reputation as a leading tech innovator during the dotcom boom. See the stats Tokyo Japan Cost of living (pm) $2,163.10 Coworking space (pm) $512 Cost of coffee $3.35 Internet speed (avg) 21 mbps 30 min cab ride $48.65 Notable startups: bitFlyer, Rakuten, Wantedly Aside from cost, there are, of course, other factors to consider when launching a start-up, such as community, availability of investment and access to local expertise.
Here's a closer look at each of the leading cities and what they have to offer aspiring entrepreneurs.
Mainland China Tianhan Chen | Cpressphoto | Getty Images The skyline of the city of Beijing, China on March 25, 2016. Beijing
China's capital stands out ahead of its Asian peers in terms of the scale and valuation of its start-up scene. Home to as many as 7,000 start-ups and more than 40 unicorns — businesses with a valuation of more than $1 billion — opportunity and talent abound in the sprawling megacity.
Tech hubs such as Zhongguancun, China's answer to Silicon Valley, house some of Beijing's estimated 300 coworking spaces. The wider Haidan District remains the headquarters for some of the city's greatest success stories, such as Xiaomi and Baidu .
Shanghai
One of the world's most populous cities , Shanghai enjoys a generally affordable cost of living. It has also made strides to nurture its start-up scene, and some districts provide housing allowances or free rent if businesses choose to register there.
With 2,000 to 3,000 start-ups currently in the city, Shanghai lags behind Beijing in terms of the relative size of its ecosystem. However, the city tends to enjoy a higher success rate in terms of businesses' abilities to expand internationally — aided by its approximately 500 incubators and accelerators — according to the South China Morning Post .
Shenzhen
Shenzhen has undergone a meteoric transformation in the past three decades, growing from a small fishing village with a population of 175,000 to a metropolis of more than 12.5 million inhabitants. That sudden growth has also spawned a thriving start-up community, boasting global names such as Tencent and OnePlus.
A haven for hardware developers, the city attracts some of the largest volumes of research and development investment of anywhere in the country.
Hong Kong Jerome Favre | Bloomberg via Getty Images Restrictions Hong Kong Hong Kong
Strategically positioned with links to China's mainland, Hong Kong has long been one of the world's leading financial centers, but until recently has struggled to replicate that success in its relatively nascent start-up scene.
However, the past few years have seen a boost in entrepreneurial activity and the city now claims more than 2,000 start-ups and around 50 coworking spaces. Last year, Hong Kong celebrated the birth of its first unicorn, van-hailing app GoGoVan.
Japan Dillemma Photography | Getty Images Motion blur of busy pedestrians walking at famous Shibuya Crossing, Tokyo, Japan Fukuoka
Japanese port city Fukuoka has been growing its reputation as a start-up hub under the leadership of Mayor Soichiro Takashima and is now the country's designated regulatory sandbox for start-ups. It is also home to Japan's first six-month start-up visa for foreigners and can provide local entrepreneurs with loans of up to $232,000.
Despite having a relatively modest population of 1.5 million , Fukuoka is Japan's fastest-growing city outside of Tokyo and boasts the country's largest proportion of 15 to 29 year olds and a growing expat community .
Tokyo
Tokyo , once the epicenter of a thriving internet start-up scene dubbed "Bit Valley" during the dotcom boom, has struggled to maintain its global dominance in recent years . As a result, investment in start-ups has been poor, despite the city being home to one of the world's largest investors , Softbank .
However, it remains the capital of the world's third-largest economy and opportunities abound for start-ups that can provide solutions to the country's biggest issues, such as its rapidly aging population.
South Korea Shoppers in the Myeongdong area of Seoul, South Korea, on May 18, 2017. Seoul
Seoul , home to half of South Korea's 50 million-person population, also houses up to 3,500 start-ups and around 100 accelerators, most notably in its famed Gangnam district.
In an effort to build a creative economy , the South Korean government has invested heavily in its start-up ecosystem and last year appointed its first start-ups and small and medium-sized enterprises minister. The country also boasts the highest government backing per capita for start-ups, though that tends to be skewed in favor of Korean nationals.
Taiwan Daniel Aguilera | Getty Images A modern metropolis: Taipei, Taiwan. Taipei
With a population of under 3 million, the capital of Taiwan is relatively modest sized in comparison to other start-up cities in the region. In spite of that, Taipei has long been a global hot spot for hardware development and manufacturing and is home to a notable network of engineering and design expertise.
Entrepreneur visas and subsidies have been made available to non-nationals as part of the Taiwanese government's efforts to boost the city's start-up scene. It is currently home to some 50 coworking offices and over two dozen incubators and accelerators.
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May 9 (Reuters) - RELM Wireless Corp:
* QTRLY REVENUES INCREASED APPROXIMATELY 59.2% TO APPROXIMATELY $11.7 MILLION
* Q1 LOSS PER SHARE $0.03 Source text: ( bit.ly/2jJAvmR ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-relm-wireless-q1-loss-per-share-00/brief-relm-wireless-q1-loss-per-share-0-03-idUSFWN1SG1N1 |
May 19, 2018 / 7:05 PM / Updated 9 minutes ago Motor racing: Abt wins home Berlin Formula E race in Audi one-two Reuters Staff 2 Min Read
BERLIN (Reuters) - German driver Daniel Abt won his home Berlin round of the Formula E championship in an Audi one-two on Saturday while Jean-Eric Vergne finished third to stretch his overall lead to 40 points. Motor Racing - Formula E - Berlin E-Prix - Flughafen Tempelhof, Berlin, Germany - May 19, 2018 Audi Sport Abt Schaeffler's Daniel Abt celebrates on the podium after winning the race as Audi Sport Abt Schaeffler's Lucas Di Grassi and Techeetah's Jean-Eric Vergne look on REUTERS/Fabian Bimmer
Frenchman Vergne, who races for the Chinese-owned Techeetah team, now has 162 points to 122 for DS Virgin Racing’s British driver Sam Bird, who finished seventh after 45 laps of the circuit at the city’s old Tempelhof airport.
Abt, who started on pole position and set the fastest lap, beat Brazilian team mate and reigning champion Lucas di Grassi across the line by 6.758 seconds for his second victory in the all-electric series.
Audi were only the second Formula E team to score a one-two finish. Slideshow (7 Images)
“An Audi one-two — our best over result — and a home win for me, a super result,” Abt said.
There are three races remaining this season, with the next round in Zurich, Switzerland, on June 10 before the final two in New York in July.
Germany’s now-retired 2016 Formula One champion Nico Rosberg earlier returned to the track to drive several laps in the Gen2 Formula E car that will debut later this year when the new season starts. Reporting by Alan Baldwin, editing by Ed Osmond | ashraq/financial-news-articles | https://www.reuters.com/article/us-motor-electric-germany/motor-racing-abt-wins-home-berlin-formula-e-race-in-audi-one-two-idUSKCN1IK0RV |
ISM manufacturing index at 57.3 in April 5 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/ism-manufacturing-index-at-57-point-3-in-april.html |
A winning Nvidia trade 16 Hours Ago Chips to rip higher? With CNBC's Melissa Lee and the Options Action traders, Carter Worth, Mike Khouw and Dan Nathan. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/a-winning-nvidia-trade.html |
Updated 3 Hours Ago CNBC.com
First Data , one of the world's largest payment processing companies, is betting that restaurants want more data on their customers.
Salido, a restaurant software company, recently raised $12 million in a Series A round of funding with First Data among the major investors. First Data was initially interested in acquiring the start-up, but chose to participate in a funding round instead, Salido CEO Shu Chowdhury confirmed to CNBC.
First Data declined a request for comment on its interest in Salido, which was previously unreported. But Salido is just one example of how technology companies like First Data are racing to reinvent restaurant payment systems as portals to a valuable data source.
Salido builds and sells point-of-sale hardware and software. POS terminals record orders on a tablet or mobile devices and accept payments with a connected card reader. The devices can act as the "brain" of a restaurant — handling logistics like keeping tabs on inventory and managing servers or chefs in the kitchen.
Troves of customer data can be extracted from the terminals, too. With a swipe of your credit card, the system has a name and an account number. With that, it can guide restaurants in tracking what you have previously ordered, how much you have spent or how long you dined at the table.
"Data can help restaurants understand what they are selling, how they should be selling it, and how they should be treating their customer," Chowdhury said.
Since 2012, First Data has had its own POS device, Clover, which processes customer payments and analyzes sales. Now, the global volume of transactions processed via Clover's technology amounts to about $58 billion annually, First Data CEO Frank Bisignano said on the company's most recent earnings conference call. Salido's technology will be fully integrated with some Clover products by the end of this year, Chowdhury said. Source: Square Square to launch new payment system for restaurants.
One of First Data's biggest competitors, Square , just announced its own play for restaurant services. Square for Restaurants, its fourth POS product , integrates its delivery service Caviar, which Square acquired in 2014. Analysts have previously called for an integration that could bridge the gap between the delivery service and its POS software.
Thanks to transaction-based data collection on platforms like Salido's, restaurants are able to suggest new menu items based on what you have previously ordered.
Tom Colicchio, who owns a group of restaurants that use Salido's technology, focuses on trends, not necessarily individual data. When Wichcraft debuts a new sandwich, Colicchio can see how the new menu item is performing across the eatery's different locations. David A. Grogan | CNBC Tom Colicchio, Craft Restaurants owner, discusses his transition from head chef to successful business owner and the future of fast casual dining.
"It's good to have data in terms of what we're selling and where we're selling. Then we can match that to the individuals in each store," Colicchio said.
Salido has raised $16 million in total funding to date and touts chefs like Colicchio and Stephen Starr, as well as Uber's former top New York executive, Josh Mohrer, among its backers. Salido's technology, designed for fast casual and sit-down restaurants like New York-based Eataly and by CHLOE, also assists businesses in taking orders from third-party delivery platforms and tracks the status of in-restaurant orders. Chowdhury, who founded the company in 2012, wants takes the services one step further by helping owners really get to know their diners with big data.
With more access to data, the restaurant industry — notorious for razor-thin margins — sees an opportunity. Owners can use the information to predict what to serve and when. In the past, restaurateurs used trends they noticed in passing, or simply common sense, to predict business. Now they have the numbers to back it up.
"Restaurants are always looking for an edge," said Mohrer, who participated in Salido's most recent funding round alongside his former colleague at Uber, William Barnes, who ran the company's West Coast operations. "Here's an opportunity to get to know the customer better."
Customers may not mind data collection, particularly if it means a better or faster ordering experience. Other customers, however, may be wary. Big data has come under fire in recent weeks, after millions of Facebook users' data was exposed to Cambridge Analytica, a third-party consulting firm.
"We tell our restaurants to be mindful of that creepiness factor" and only collect and keep what they need, said Laura Chadwick, director of commerce and entrepreneurship at the National Restaurant Association, a food industry trade organization that represents more than 350,000 restaurants."There is an undefined line where data collection becomes too much," Chadwick said. show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/first-data-leads-12-million-round-in-salido-restaurant-pos-start-up.html |
May 30, 2018 / 4:17 AM / Updated 23 minutes ago Daimler leads $175 mln investment in Uber's EMEA rival Taxify Eric Auchard 1 Min Read
LONDON, May 30 (Reuters) - Estonia’s Taxify is set to step up its fight against global rival Uber across Europe and Africa after raising $175 million in funding from a group led by German automaker Daimler.
Daimler, already a majority owner or significant investor in a string of online taxi services across Europe and the Middle East, is adding Taxify to its investment portfolio, the two companies said in a statement on Wednesday.
Taxify, which has grabbed business from Uber in Central and Eastern Europe and major African cities, said it will use the investment to develop its technology and further penetrate its existing regional markets. It counts 10 million passengers and 500,000 drivers in the more than 25 countries where it operates. (Reporting by Eric Auchard in London; Editing by Gopakumar Warrier) | ashraq/financial-news-articles | https://www.reuters.com/article/daimler-taxis-taxify/daimler-leads-175-mln-investment-in-ubers-emea-rival-taxify-idUSL5N1T107V |
May 1, 2018 / 1:28 AM / Updated 15 minutes ago Taiwan says China dangled $3 billion to grab ally Dominican Republic Jess Macy Yu , Ben Blanchard 6 Min Read
TAIPEI/BEIJING (Reuters) - China offered the Dominican Republic a $3.1 billion package of investments and loans to get them to sever ties with Taiwan, a Taiwan official said on Tuesday, after the Caribbean nation switched allegiance to China in a diplomatic blow to the self-ruled island.
China said there were no economic pre-conditions.
Taiwan, claimed by China as its own, has formal relations now with only 19 countries, many of them poor nations in Central America and the Pacific like Belize and Nauru. China says Taiwan is simply a wayward province with no right to state-to-state ties.
China and Taiwan have tried to poach each other’s allies over the years, often dangling generous aid packages in front of developing nations, though Taipei struggles to compete with an increasingly powerful China.
Panama ended its long-standing relationship with Taiwan last year in a major diplomatic victory for China. The Vatican is possibly next on the list, as the Holy See and China edge closer to an accord on the appointment of bishops in China.
The news on the Dominican Republic switch, announced in both Beijing and Santo Domingo, drew strong and swift condemnation from Taiwan Foreign Minister Joseph Wu.
“President Danilo Medina of the Dominican Republic has ignored our long-term partnership, the wishes of the people of the Dominican Republic, and the years of development assistance provided by Taiwan, to accept false promises of investment and aid by China,” Wu told reporters.
“(Taiwan) strongly condemns China’s objectionable decision to use dollar diplomacy to convert Taiwan’s diplomatic allies. Beijing’s attempts at foreign policy have only served to drive a wedge between the people on both sides of the Taiwan Strait, erode mutual trust and further harm the feelings of the people of Taiwan.”
A Taiwan Foreign Ministry official, speaking on condition of anonymity, told Reuters that, according to initial calculations, China dangled at least a $3.1 billion package of investments, financial assistance and low-interest loans for the Dominican Republic, which shares an island with Haiti to the west.
That included $400 million for a new freeway, $1.6 billion for infrastructure projects and $300 million for a new natural gas power plant.
“It was a cost that Taiwan could not match,” the official said.
China’s Foreign Ministry said the move was a political one with no economic pre-conditions, but that now they have established ties, China will “proactively promote mutually beneficial cooperation in all areas”.
A person who answered the telephone at the Dominican Republic’s Beijing representative office said it did not know about the situation and declined further comment.
China has stepped up the pressure on Taiwan since the 2016 election of Tsai Ing-wen, from the pro-independence Democratic Progressive Party, as president. Beijing fears she will push for Taiwan’s formal independence, but Tsai says she wants to maintain the status quo.
The Dominican Republic had been a diplomatic ally of the Republic of China - Taiwan’s official name - for 77 years, including when the government ruled all of China before being forced to Taiwan in 1949 after losing a civil war to the Communists.
Taiwan’s presidential office said that despite the severe challenges, the government would not bow its head in pressure to Beijing, and vowed to do all it could to protect Taiwan’s interests.
The Taiwan official said the Dominican Republic move was not unexpected.
“We’ve always known things were not looking rosy here,” the official said. GROWTH POTENTIAL IMMENSE
The Chinese government’s top diplomat, State Councillor Wang Yi, lauded the decision as in line with the trend of the times and history, in comments to reporters in Beijing at a hastily arranged news conference.
“This important and correct decision by the Dominican Republic absolutely accords with the basic interests of the country and its people,” Wang said. “We highly appreciate this.”
The Dominican Republic said it had taken the decision after a long process of consultation, taking its needs and potential into account, according to a statement on the president’s website.
It said that even without formal diplomatic ties, China was already its second largest supplier of imported products.
“Of course we know that now we’re establishing diplomatic relations, the growth potential of our trade links is immense,” presidential legal adviser Flavio Dario Espinal said.
Espinal said that the government was grateful to Taiwan.
“We are deeply grateful for the cooperation we’ve shared for years,” he said. “However, history and the socioeconomic reality force us now to change direction.”
In Taipei, Wu said China had failed to follow through on its promises to former Taiwan diplomatic allies, including $140 million in aid to the small West African country of Sao Tome and Principe in late 2016.
“Developing nations should be aware of the danger of falling into a debt trap when engaging with China,” he said.
Neither Wang, nor Dominican Republic Foreign Minister Miguel Vargas Maldonado, who stood by his side at the Beijing news conference, took questions from reporters.
Speaking in March, Wang said it was in the best interests of Taiwan’s few remaining diplomatic allies to recognise an “irresistible trend” and ditch Taipei in favour “one China” ruled by Beijing. Taiwanese Foreign Minister Joseph Wu attends a news conference, following an agreement by China and the Dominican Republic to establish diplomatic ties, in Taipei, Taiwan May 1, 2018. REUTERS/Tyrone Siu Reporting by Jessica Macy Yu and Ben Blanchard; Additional reporting by Josephine Mason in BEIJING, Fabian Hamacher in TAIPEI and Frank Jack Daniel in MEXICO CITY; Editing by Nick Macfie | ashraq/financial-news-articles | https://in.reuters.com/article/china-dominicanrepublic-taiwan/taiwan-condemns-chinas-deal-to-establish-ties-with-dominican-republic-idINKBN1I22LI |
WASHINGTON (Reuters) - The U.S. troop presence in South Korea would not be part of initial negotiations with North Korea, U.S. Defense Secretary Jim Mattis said on Wednesday, ahead of expected talks between President Donald Trump and North Korean leader Kim Jong Un.
His comments came just hours after North Korea released three American prisoners and handed them over to U.S. Secretary of State Mike Pompeo, clearing a major obstacle to an unprecedented summit between Trump and Kim.
Mattis, addressing a Senate hearing, ruled out that the 28,500 U.S. forces in South Korea could be a bargaining chip in those initial discussions between Trump and Kim.
“That’s not something that would be on the table in the initial negotiation,” Mattis said, describing the U.S. military forces on the peninsula as a “stabilizing presence.”
Trump is expected to press demands that North Korea abandon its nuclear arms program, after Pyongyang’s rapid advances in its pursuit of a nuclear-tipped intercontinental ballistic missile capable of striking the U.S. mainland.
Despite the North’s willingness to engage in talks, it is unclear what it would take for it to bargain away its nuclear missiles. North Korea has long demanded U.S. troops be withdrawn as a condition for peace.
But the United States has been at pains in recent days to stress that U.S. troops were not a bargaining chip.
U.S. national security adviser John Bolton said last week that Trump had not asked the Pentagon for options to reduce U.S. forces based in South Korea, denying a newspaper report.
Mattis said there was reason for optimism about the summit, which Trump on Wednesday disclosed would be not be held at the demilitarized zone separating North and South Korea, as many experts had expected.
Trump has previously mentioned Singapore as a possible venue.
Mattis, in his Senate remarks, did not rule out that the United States could eventually examine troop levels in South Korea as part of a bilateral discussion between Washington and Seoul, potentially concurrent with talks with Pyongyang.
“If during the negotiation this issue was to come up between our allies and us, that would be one thing - between two allies, not a matter of the negotiation with DPRK, for example,” Mattis said, using the acronym for the Democratic People’s Republic of Korea, the official name for North Korea.
U.S. troops have been stationed in South Korea since the Korean War, which ended in 1953 in an armistice that left the two Koreas technically still at war.
South Korea said last week that the issue of U.S. troops stationed in the South was unrelated to any future peace treaty with North Korea and that American forces should stay even if such an agreement is signed.
Reporting by Phil Stewart and Idrees Ali; editing by Franklin Paul and Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-usa-military/u-s-troops-in-south-korea-not-on-the-table-in-initial-north-korea-talks-idUSKBN1IA2M7 |
03:26 03:26 | 8 Hrs Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/gap-earnings.html |
LONDON, May 2 (Reuters) - Britain’s upper house on Wednesday voted to give parliament powers to stop any Brexit deal that may restore a hard border across the island of Ireland, in the latest defeat for Prime Minister Theresa May’s government.
The House of Lords voted 309 to 242 in favor of the amendment to the government’s key Brexit blueprint that will sever political, financial and legal ties with the EU. (Reporting By Andrew MacAskill, editing by Andy Bruce)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-eu-parliament/uk-government-defeated-as-lords-back-powers-to-prevent-hard-irish-border-idUSL9N1PY04H |
Firebrand cleric leads in Iraqi election 8:40am BST - 01:40
Moqtada al-Sadr, a powerful Shi'ite cleric who has led uprisings against the U.S., is winning Iraq's election, the electoral commission said on Monday.
Moqtada al-Sadr, a powerful Shi'ite cleric who has led uprisings against the U.S., is winning Iraq's election, the electoral commission said on Monday. //reut.rs/2KZqnCN | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/14/firebrand-cleric-leads-in-iraqi-election?videoId=426765950 |
(Adds ‘Holdings’ to new name after company corrects)
May 15 (Reuters) - Tori Holdings Co Ltd
* Says it plans to change company name to Life Intelligent Enterprise Holdings Co Ltd, effective Jan. 1, 2019
Source text in Japanese: goo.gl/kEWVng , goo.gl/iRN5kq
Further company coverage:
Beijing Headline News
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL3N1SM3SA |
NEW ORLEANS--(BUSINESS WIRE)-- ClaimsFiler, a FREE shareholder information service, reminds investors that they have only until May 21, 2018 to file lead plaintiff applications in a securities class action lawsuit against Facebook, Inc. (NasdaqGS: FB). Investor losses must relate to purchases of the Company’s shares between February 3, 2017 and March 23, 2018. This action is pending in the United States District Court for the Northern District of California.
Get Help
Facebook investors should visit us at https://www.claimsfiler.com/cases/view-facebook-inc-securities-litigation-2 or call to speak to our claim center toll-free at (844) 367-9658.
About the Lawsuit
Facebook and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws, including, but not limited to, that the Company allowed third party companies to access the personal data of millions of users without their consent for advertising and political research, in violation of its own privacy policies, which would likely result in increased scrutiny and/or fines by government regulators when discovered and as a result, Facebook’s financial statements were materially false and misleading at all relevant times.
About ClaimsFiler
ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. ClaimsFiler's team of experts monitor the securities class action landscape and cull information from a variety of sources to ensure comprehensive coverage across a broad range of financial instruments.
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Source: ClaimsFiler | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/20/business-wire-facebook-24-hour-deadline-alert-approximately-24-hours-remain-claimsfiler-reminds-investors-of-deadline-in-class-action.html |
Gold prices fell to the lowest point this year as signs of a stronger economy pushed the U.S. dollar higher.
Front-month gold contracts for May delivery fell 2.1% to $1,288.90 a troy ounce at the Comex division of the New York Mercantile Exchange, the lowest close since December and the largest single-day drop since 2016. Prices for the precious metal have traded between around $1,300 to $1,360 for most of this year, before tumbling out of the bottom end of that range Tuesday.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/metals-gold-tumbles-on-higher-dollar-1526399851 |
May 24 (Reuters) - Lonestar Resources US Inc:
* LONESTAR ANNOUNCES INCREASE IN BORROWING BASE TO $190 MILLION
* LONESTAR RESOURCES US - LENDERS IN FACILITY APPROVED INCREASE IN CO’S BORROWING BASE FROM $160 MILLION TO $190 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-lonestar-announces-increase-in-bor/brief-lonestar-announces-increase-in-borrowing-base-to-190-mln-idUSFWN1SV0UY |
COSTA MESA, Calif.--(BUSINESS WIRE)-- CoStar, the largest research organization serving commercial real estate, has awarded The Mogharebi Group with the 2017 CoStar Power Broker Award for the Orange County (SoCal) and Central California Markets.
The award recognizes the most active firms and individual dealmakers in the United States each year. This year’s award winners include Founder Alex Mogharebi for the Orange County market; Otto Ozen , Executive Vice President, for the Orange County market; and Robin Kane , Senior Vice President, for the Central Valley market.
“It is both an honor and a pleasure to have been selected by CoStar as the leaders in the Orange County and Central California regions. We could not have achieved this success without the partnership of our loyal and dedicated clientele,” said founder and President Alex Mogharebi .
“Our focus on building sustained long-term relationships over transactions, and quality over quantity has had a big impact in helping our clients create wealth,” said Executive Vice President Otto Ozen . “We look forward to continued success with our clients for many years to come.”
“The Central Valley team has won the CoStar Power Broker Award every year since 2010,” said Robin Kane . “We have always utilized many of the tools Loopnet | CoStar have created to better understand the dynamics driving demand in our market.”
“With such an active year in commercial real estate, CoStar is proud to honor the firms and brokers who perform at the industry’s highest level,” said CoStar Group founder and CEO Andrew C. Florance . “These industry leaders deserve to be recognized for their hard work, expertise and superior deal-making abilities. We extend our congratulations to this year’s winners on their hard-earned achievement.”
For more information on The Mogharebi Group , please visit www.mogharebi.com .
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909.235.7889
Source: The Mogharebi Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-the-mogharebi-group-named-as-2017-costar-power-broker-award-winners.html |
MEXICO CITY (Reuters) - Mexico’s Foreign Minister said on Thursday that recent remarks by U.S. President Donald Trump describing some undocumented immigrants as “animals” were unacceptable, and that a formal complaint would be filed with the State Department.
“President Trump referred to some immigrants, perhaps he had criminal gangs in mind, I don’t know, as animals, not as persons,” Luis Videgaray said in an interview with local TV station Televisa.
“In the opinion of the Mexican government this is absolutely unacceptable and we are going to formally communicate this to the U.S. State Department today,” he said.
Trump made the remarks on Wednesday during a meeting with California municipal leaders who favor his goal of making the U.S. border impervious to illegal immigration.
“We have people coming into the country, or trying to come in, and we’re stopping a lot of them, but we’re taking people out of the country. You wouldn’t believe how bad these people are. These aren’t people. These are animals,” said Trump.
Related Coverage White House defends Trump's use of 'animals' to portray gang members At the meeting, Trump voiced hostility for Mexico, which will be partnering with the United States and Canada in an unprecedented bid to host the soccer World Cup in all three countries in 2026. It is also part of the North American Free Trade Agreement (NAFTA) that Trump hopes to renegotiate or end.
“Mexico does nothing for us,” Trump had said at the meeting. “Mexico talks but they do nothing for us, especially at the border. They certainly don’t help us much on trade.”
Despite Trump’s comments, Mexico has been working hard to try and win favor with the U.S. administration in areas like diplomacy and migration, in the hopes of garnering a beneficial renegotiated NAFTA deal.
FILE PHOTO: Mexico's Foreign Minister Luis Videgaray delivers a joint message with U.S. Homeland Security Secretary Kirstjen Nielsen in Mexico City, Mexico March 26, 2018. REUTERS/Henry Romero The United States is still pushing for a deal to revise NAFTA, the White House said on Wednesday, while a top Mexican official held out the possibility of an agreement in the coming weeks.
Since 2014, when former President Barack Obama was in the White House, Mexico has more aggressively enforced its own southern border, detaining and deporting tens of thousands of immigrants, many of whom hail from the poor, violent Central American nations of Honduras, Guatemala and El Salvador.
Reporting by Anthony Esposito & Miguel Angel Gutierrez; Editing by Bernadette Baum
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-immigration-mexico/mexico-rejects-trumps-comments-that-some-immigrants-are-animals-idUSKCN1II2AT |
NEW YORK, May 7, 2018 /PRNewswire/ -- If you want a free Stock Review on CRC, CPE, CNQ, and CHK sign up now at www.wallstequities.com/registration . Today's research on WallStEquities.com is focused on California Resources Corp. (NYSE: CRC), Callon Petroleum Co. (NYSE: CPE), Canadian Natural Resources Ltd (NYSE: CNQ), and Chesapeake Energy Corp. (NYSE: CHK). Independent Oil and Gas companies are basically entities that only explore for and produce oil and gas. Their biggest drivers are unquestionably oil and gas prices. All you have to do is sign up today for this free limited time offer by clicking the link below.
www.wallstequities.com/registration
California Resources
Last Friday, shares in Los Angeles, California headquartered California Resources Corp. ended the session 22.45% higher at $31.58. The stock recorded a trading volume of 6.73 million shares, which was above its three months average volume of 1.87 million shares. The Company's shares have surged 64.99% in the last month, 53.00% over the previous three months, and 210.83% over the past year. The stock is trading above its 50-day and 200-day moving averages by 67.60% and 111.90%, respectively. Furthermore, shares of California Resources, which operates as an oil and natural gas exploration and production company in the State of California, have a Relative Strength Index (RSI) of 80.16.
On April 09 th , 2018, California Resources (CRC) announced that it has executed and closed a purchase and sale agreement with Chevron to acquire the remaining working, surface, and mineral interests in the 47,000-acre Elk Hills field in the San Joaquin Basin of California. Consolidating sole ownership of the Elk Hills field, CRC paid cash consideration of $460 million and issued 2.85 million CRC common shares to Chevron, subject to customary post-closing adjustments. The effective date of the transaction was April 01 st , 2018.
On April 27 th , 2018, research firm Societe Generale downgraded the Company's stock rating from 'Buy' to 'Hold'. Get the full research report on CRC for free by clicking below at:
www.wallstequities.com/registration/?symbol=CRC
Callon Petroleum
Natchez, Mississippi headquartered Callon Petroleum Co.'s stock finished 2.11% higher at $13.55. A total volume of 6.14 million shares was traded, which was above their three months average volume of 4.10 shares. The Company's shares have gained 8.75% in the last month, 19.59% in the previous three months, and 19.38% over the past year. The stock is trading above its 50-day and 200-day moving averages by 8.84% and 18.58%, respectively. Moreover, shares of Callon Petroleum, which focuses on the acquisition, development, exploration, and exploitation of unconventional onshore, oil, and natural gas reserves in the Permian Basin in West Texas, have an RSI of 53.99.
On May 03 rd , 2018, Callon Petroleum announced that it will participate in the Tudor, Pickering, Holt & Co. 14 th Annual Hotter 'N Hell Conference on May 15 th , 2018, in Houston, Texas. The Company will also present at the Barclays High Yield Bond & Syndicated Loan Conference on May 22 nd , 2018, at 4:05 p.m. MDT. Download our actionable research report on CPE at:
www.wallstequities.com/registration/?symbol=CPE
Canadian Natural Resources
Shares in Calgary, Canada headquartered Canadian Natural Resources Ltd closed the day 0.40% higher at $35.54. The stock recorded a trading volume of 1.54 million shares. The Company's shares have gained 5.15% in the last month, 5.49% over the previous three months, and 18.03% over the past year. The stock is trading above its 50-day and 200-day moving averages by 8.92% and 6.96%, respectively. Moreover, shares of the Company, which explores for, develops, produces, and markets crude oil, natural gas, and natural gas liquids, have an RSI of 58.56.
On May 03 rd , 2018, Canadian Natural Resources announced that its Board of Directors has declared a quarterly cash dividend on the Company's common shares of C$0.335 per common share. The dividend will be payable on July 01 st , 2018, to shareholders of record at the close of business on June 15 th , 2018. Register for your free report coverage on CNQ at:
www.wallstequities.com/registration/?symbol=CNQ
Chesapeake Energy
Oklahoma City, Oklahoma headquartered Chesapeake Energy Corp.'s shares recorded a trading volume of 29.04 million shares last Friday. The stock closed 4.45% higher at $3.05. The Company's shares are trading 0.39% above their 50-day moving average. Additionally, shares of Chesapeake Energy have an RSI of 52.87.
On April 17 th , 2018, research firm Citigroup downgraded the Company's stock rating from 'Neutral' to 'Sell'.
On May 02 nd , 2018, Chesapeake Energy reported its results for Q1 2018. Net income for Q1 2018 was $294 million, net income available to common stockholders was $268 million, and EBITDA was $703 million. As of March 31 st , 2018, the Company's principal debt balance was approximately $9.400 billion. Get the free research report on CHK at:
www.wallstequities.com/registration/?symbol=CHK
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View original content: http://www.prnewswire.com/news-releases/pre-market-technical-pulse-on-oil--gas-stocks----california-resources-callon-petroleum-canadian-natural-resources-and-chesapeake-energy-300643421.html
SOURCE Wall St. Equities | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-pre-market-technical-pulse-on-oil-gas-stocks--california-resources-callon-petroleum-canadian-natural-resources-and-chesapeake.html |
Solid economic growth in the U.S. has helped lead to a stronger dollar this year. And the rising dollar has coincided with rising popularity for President Donald Trump. Perhaps it is more accurate to say that Mr. Trump is becoming less unpopular, but however one chooses to describe the economic and political trends, they are certain to encourage Mr. Trump’s congressional allies seeking re-election this fall.
In mid-December, shortly before the enactment of the Trump tax cuts, the average of public opinion surveys tracked by... | ashraq/financial-news-articles | https://www.wsj.com/articles/trumps-ratings-rise-1525814212 |
May 13, 2018 / 3:02 AM / Updated 32 minutes ago Crusaders prop Moody handed two-match suspension over Beale hit Ian Ransom 3 Min Read
MELBOURNE (Reuters) - Canterbury Crusaders prop Joe Moody has been suspended for two games after pleading guilty for striking Kurtley Beale during Saturday’s home win over the New South Wales Waratahs. FILE PHOTO: Rugby Union - New Zealand Press Conference - Oatlands Park Hotel, Weybridge, Surrey - 22/10/15 New Zealand's Joe Moody during the press conference Action Images via Reuters / Paul Childs Livepic
In an off-the-ball incident, the All Blacks loosehead raised his elbow into Beale’s jaw late in the first half, flattening the Wallabies’ inside centre, before collecting a pass and scoring the Crusaders’ first try.
Local referee Ben O’Keeffe and an all-New Zealand roster of officials allowed the incident to go unpunished and the try stood.
Moody was cited after the match and SANZAAR’s Foul Play Review Committee ruled that the incident contravened the law relating to “striking with hand or arm”.
“The act of foul play merited a mid-range entry point of 4 weeks due to the dangerous contact with the opposing player’s head,” committee chairman Nigel Hampton said in a statement.
“However, taking into account mitigating factors including the player’s excellent judicial record, good character and guilty plea at the earliest possible opportunity, the Foul Play Review Committee reduced the suspension to 2 weeks.”
The incident proved to be a decisive moment as the Crusaders, who had been trailing 29-0, ran over three tries in the following minutes before halftime and eventually overhauled the Waratahs 31-29.
The Crusaders victory extended New Zealand’s winning streak over Australian Super Rugby sides to 39 straight matches.
Moody was slammed in Australian media for the “cheap shot” on Beale and the citation did little to ease the indignation.
“The Crusaders won 31-29, but they know they didn’t deserve the chocolates,” a blogger on Australian sports website The Roar wrote.
O’Keeffe
“And Ben O’Keeffe doesn’t deserve another game of rugby.”
Waratahs’ New Zealand-born coach Daryl Gibson, a former Crusader, said after the game that O’Keeffe had missed the incident but declined to blame the oversight for the loss.
“It’s an elbow to the head, so I’m sure the powers to be will look at that,” he said.
Moody will miss games against the Auckland Blues and Wellington Hurricanes but the 29-year-old should feature against the Waikato Chiefs, making him available for All Blacks selection for their test series against France next month. Editing by Peter Rutherford and Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-super-crusaders-moody/rugby-crusaders-prop-moody-cited-as-australia-rages-over-beale-hit-idUKKCN1IE03A |
SEOUL/SINGAPORE, May 8 (Reuters) - Investors in global chipmakers have had a rocky ride in the last few months on worries about a slowing smartphone market, but a clamor for more video content from consumers is underpinning buoyant sales for memory-chip makers.
Indeed, the earnings reports of various chipmakers and smartphone companies in the past month tell a more interesting story beyond the cooling in phone shipment volumes: smartphone makers are cramming their devices with memory to satisfy the increasing demands of consumers.
A case in point is last week's quarterly report from Apple Inc. The Cupertino, California-based company said the iPhone X was the most popular iPhone model in the March quarter - the first cycle ever where the costliest iPhone was also the most sought after.
More upbeat assessments from Samsung Electronics Co Ltd , Qualcomm Inc, and Franco-Italian company STMicroelectronics, have also eased concerns.
Samsung last month forecast strong sales for "high-density" chips that have more processing power and bigger storage capacity - demand that will help it weather a decline in overall smartphone shipments as consumers are willing to pay for costlier and faster models that allow them to easily watch and store large amounts of video.
"Even as the number of smartphone shipments slow down, each smartphone will contain memory chips with bigger capacity and better performance, which, for memory chip makers, makes up for a slowdown in the number of total smartphones," said Kim Rok-ho, an analyst at Hana Financial Investment.
That puts into perspective a warning by Taiwan Semiconductor Manufacturing Co Ltd (TSMC) of softer smartphone sales, which was partly responsible for the recent selloff in Apple and other chipmakers.
The broader concerns about a slowdown in the chip market appear to have eased as well.
The Philadelphia Semiconductor Index, a proxy for global chipmakers that fell sharply from its peak in mid-March on initial iPhone sales concerns, has stabilized in the past two weeks, posting a 4.4 percent rise so far this year.
PURE-PLAY MEMORY
The $122 billion memory chip industry enjoyed an unprecedented boom since mid-2016, expanding nearly 70 percent in 2017 alone, thanks to robust growth of smartphones and cloud services that require more powerful chips that can store loads of data.
The pace of growth is set to more than halve as memory-chip prices come off their highs, but the outlook remains strong for pure-play memory chipmakers such as Micron Technology Inc and SK Hynix. Micron's shares have risen 18 percent this year and Hynix's stock has gained 8.5 percent.
Revenue at Micron, for instance, has grown at an average rate of about 65 percent in the two quarters it has reported this year, and analysts expect it to grow at an average of 30 percent for the rest of the year, according to Thomson Reuters I/B/E/S.
Micron and Hynix both trade at roughly 4 times forward 12-month earnings against a sector median of 16.7, suggesting that the stocks have room to grow.
Other chipmakers like Advanced Micro Devices Inc and Texas Instruments, which are less leveraged to the smartphone market, including those that sell to carmakers, industrial, bitcoin, and gaming companies are well set up too.
PROCESSOR CHIPS VULNERABLE
All the same, the slowdown in smartphone shipments is bad news for chipmakers that design microprocessors: each phone needs just one microprocessor chip versus rapid growth of memory content in devices.
Global smartphone shipments fell 2 percent in the first quarter, following a 9 percent drop in the fourth quarter, according to market research firm StrategyAnalytics.
Qualcomm, whose Snapdragon processors power many popular smartphone models, recently showed just how far it is willing to go to hedge against a slowdown after revenue from its key licensing business slumped 44 percent in the latest quarter.
The company, which charges a fee for its chip patents based on a percentage of the selling price of a smartphone, said it would cap the phone price used to calculate that fee at $400. More expensive phones, which can sell for $1,000, would still be treated as $400 for the purpose of the Qualcomm license fee.
TSMC, whose fortunes are more closely tied with the broader smartphone industry as it is the world's largest contract chipmaker, felt the slowdown more acutely in the latest quarter.
Qualcomm and TSMC stocks are down 21 percent and 2.6 percent respectively so far this year.
"The spending cycle (by chipmakers for investment) is continuing, but there may still be volatility similar to the correction in 2015," Tammy Qiu, an analyst at Berenberg said in a note to clients.
(Additional reporting by Tenzin Pema in Bengaluru; Editing by Miyoung Kim & Shri Navaratnam) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/reuters-america-analysis-memory-boost-how-chipmakers-are-weathering-slowing-smartphone-sales.html |
HOUSTON, May 08, 2018 (GLOBE NEWSWIRE) -- Sanchez Midstream Partners LP (NYSE American:SNMP) (“SNMP” or the “Partnership”) announced today that the board of directors of its general partner has declared a quarterly cash distribution on its common units of $0.4508 per unit ($1.8032 per unit annualized).
The board of directors of the general partner has also declared a cash distribution to the holders of its Class B preferred units equal to $0.28225 per Class B preferred unit.
The distributions are payable on May 31, 2018 to holders of record on May 22, 2018.
About the Partnership
Sanchez Midstream Partners LP (NYSE American:SNMP) is a growth-oriented publicly-traded limited partnership focused on the acquisition, development, ownership and operation of midstream and other energy related assets in North America. The Partnership has ownership stakes in oil and natural gas gathering systems, natural gas pipelines, and a natural gas processing facility, all located in the Western Eagle Ford in South Texas.
Additional Information
Additional information about SNMP can be found in the Partnership’s documents on file with the U.S. Commission ( www.sec.gov ) and in the “Investor Presentation” available on the Partnership’s website ( www.sanchezmidstream.com ).
This press release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b) and (d). Brokers and nominees are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors and should treat one hundred percent (100.0%) of SNMP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, SNMP’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
Forward-Looking Statements
This press release contains statements that are considered forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. All of these types of statements, other than statements of historical fact included in this press release, are forward-looking statements. Actual results may differ materially from those anticipated or implied in the forward-looking statements. The forward-looking statements speak only as of the date made, and other than as required by law, we do not intend to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise.
PARTNERSHIP CONTACT
Kevin Smith
VP of Investor Relations
(281) 925-4828
General Inquiries: (713) 783-8000
www.sanchezmidstream.com
Source:Sanchez Midstream Partners LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-sanchez-midstream-partners-declares-distribution-on-common-units-announces-distribution-on-class-b-preferred-units.html |
May 16, 2018 / 9:57 PM / Updated 16 hours ago Walgreen, Kroger, Albertsons, HEB sue Allergan over dry-eye drug Jonathan Stempel 2 Min Read
NEW YORK (Reuters) - Allergan Inc was sued on Wednesday by four large U.S. retailers that accused the drugmaker of antitrust violations for trying to stop rivals from selling generic versions of Restasis, its medication to treat dry-eye disease. The Allergan logo is seen in this photo illustration November 23, 2015. REUTERS/Thomas White/Illustration/File Photo
Walgreen Co, Kroger Co, Albertsons Cos and HEB Grocery Co accused Allergan of illegally preserving its monopoly by obtaining illegal patents, suing rivals that challenged those patents and transferring the patents to a sovereign Native American tribe, New York’s Saint Regis Mohawk Tribe, to escape scrutiny by U.S. courts.
The retailers said generic Restasis would have been on the U.S. market by May 2014 but for Allergan’s activities, and that the Dublin, Ireland-based company should pay triple and other damages for its anticompetitive conduct.
Allergan did not immediately respond to requests for comment.
The company holds patents covering various elements of Restasis that expire in 2024.
On Feb. 26, the U.S. Patent Trial and Appeal Board refused to dismiss litigation by generic drugmaker Mylan NV challenging the validity of Allergan’s patents.
Sales of Restasis totaled $1.47 billion in 2017, accounting for about 9 percent of Allergan’s $15.94 billion of overall net revenue, according to a regulatory filing.
Wednesday’s lawsuit was filed in the federal court in Brooklyn, New York, which oversees nationwide litigation by various pension plans, healthcare companies, Stop & Shop parent Ahold USA and others over Restasis.
The cases are Walgreen Co et al v Allergan Inc, U.S. District Court, Eastern District of New York, No. 18-02907, and In re: Restasis (Cyclosporine Ophthalmic Emulsion) Antitrust Litigation in the same court, No. 18-md-02819. Reporting by Jonathan Stempel in New York; Editing by Cynthia Osterman | ashraq/financial-news-articles | https://uk.reuters.com/article/us-allergan-retailers-lawsuit/walgreen-kroger-albertsons-heb-sue-allergan-over-dry-eye-drug-idUKKCN1IH33H |
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Sesen Bio, Inc. (Nasdaq: SESN), a late-stage clinical company developing next-generation antibody-drug conjugate therapies for the treatment of cancer, today announced the pricing of an underwritten public offering of 22,222,223 shares of its common stock at a public offering price of $1.80 per share, which was the closing price on the Nasdaq Global Market on May 30, 2018, before underwriting discounts and commissions, for expected gross proceeds of approximately $40 million. In addition, Sesen Bio granted the underwriters a 30-day option to purchase up to an additional 3,333,333 shares of common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about June 4, 2018, subject to customary closing conditions.
Sesen Bio intends to use the net proceeds from this offering for the clinical development of Vicinium™ for the treatment of high-grade non-muscle invasive bladder cancer (NMIBC) and the development of commercial-scale manufacturing capabilities for Vicinium for the treatment of high-grade NMIBC by Sesen Bio’s third-party contract manufacturer (including the technology transfer to support such efforts), and general corporate purposes, which may include capital expenditures and funding Sesen Bio’s working capital needs.
Jefferies and Canaccord Genuity are acting as joint book-running managers for the offering.
The securities described above are being offered by Sesen Bio pursuant to a registration statement on Form S-3 (File No. 333-202676) that was declared effective by the Securities and Exchange Commission (SEC) on March 20, 2015. A preliminary prospectus supplement relating to the securities sold in this offering was filed with the SEC on May 30, 2018. A final prospectus supplement and an accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC's web site at www.sec.gov . Copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained, when available, by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by e-mail at [email protected] or by telephone at (877) 821-7388; or by contacting Canaccord Genuity LLC, Attention: Syndicate Department, 99 High Street, 12th Floor, Boston, MA 02110, or by telephone at (617) 371-3900.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Sesen Bio
Sesen Bio, Inc. is a late-stage clinical company advancing next-generation antibody-drug conjugate therapies for the treatment of cancer based on the company’s Targeted Protein Therapeutics platform. The company’s lead program, Vicinium™, also known as VB4-845, is currently in a Phase 3 registration trial, the VISTA Trial, for the treatment of high-grade non-muscle invasive bladder cancer. Vicinium incorporates a tumor-targeting antibody fragment and a protein cytotoxic payload into a single protein molecule designed to selectively and effectively kill cancer cells while sparing healthy cells.
Cautionary Note on Forward-Looking Statements
Any statements in this press release about future expectations, plans and prospects for the Company, the Company’s strategy, future operations, and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions, constitute within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such as a result of various important factors, including risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the offering, the expected gross proceeds from the offering and the intended use of proceeds of the offering and other factors discussed in the “Risk Factors” section of the final prospectus supplement and accompanying prospectus related to this Offering and of the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed with the Securities and Exchange Commission. In addition, the included in this press release represent the Company’s views as of the date hereof. The Company anticipates that subsequent events and developments will cause the Company’s views to change. However, while the Company may elect to update these at some point in the future, the Company specifically disclaims any obligation to do so. These should not be relied upon as representing the Company’s views as of any date subsequent to the date hereof.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530006584/en/
THRUST Strategic Communications
Monique Allaire, 617-895-9511
[email protected]
or
Alicia Davis, 910-620-3302
[email protected]
Source: Sesen Bio, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-sesen-bio-announces-pricing-of-public-offering-of-common-stock.html |
(Reuters) - A former software engineer at Uber Technologies Inc [UBER.UL] filed a lawsuit on Monday against the ride-hailing service on Monday, claiming she was subjected to years of sexual harassment there and subjected to retaliation for complaining about it.
FILE PHOTO: The logo of Uber is pictured during the presentation of their new security measures in Mexico City, Mexico April 10, 2018. REUTERS/Ginnette Riquelme/File Photo The lawsuit by Ingrid Avendano provides an early test of Uber’s new policy allowing people claiming sexual harassment and sexual assault to pursue their claims in court, rather than be forced into arbitration.
“Uber is moving in a new direction,” including by implementing a new salary and equity structure, overhauling performance reviews, publishing “diversity and inclusion” reports and improving training for thousands of employees, the San Francisco-based company said in a statement.
In her complaint, Avendano said that while working for Uber from Feb. 2014 to June 2017, she experienced a “male-dominated work culture, permeated with degrading, marginalizing, discriminatory, and sexually harassing conduct toward women.”
Avendano said men would openly discuss who they wanted to have sex with and share explicit content in instant messaging, while some made inappropriate comments about her appearance.
But she said Uber displayed an “entrenched disregard” for female employees, including by ignoring one incident at a Las Vegas retreat when a drunken male colleague inappropriately touched her on the thigh.
Avendano said Uber retaliated against her for complaining by denying promotions and pay raises, giving her low performance reviews and subjecting her to a tough work schedule. She said her health worsened, leading to her resignation.
“For years, she wanted to help make Uber a safe and just place to work for herself and other female employees,” Avendano’s lawyer Jennifer Schwartz, a partner at Outten & Golden, said in a statement.
Uber changed its forced-arbitration policy on May 15, and rival Lyft Inc announced a similar change.
Earlier Monday, the U.S. Supreme Court said companies can in employment contracts require workers to arbitrate rather than pursue class-action claims over workplace matters.
In March, Uber reached a $10 million settlement of a proposed class-action lawsuit alleging discrimination against more than 400 women and minorities. Avendano chose not to join that settlement, deciding to sue on her own.
Uber Chief Executive Dara Khosrowshahi has since his August appointment tried to improve the company’s image, including by stamping out its reputation as tolerant of chauvinism.
Avendano, who is Hispanic, is seeking compensatory and punitive damages for her gender bias, racial bias and harassment claims. She filed her lawsuit with the California Superior Court in San Francisco.
The case is Avendano v Uber Technologies Inc, California Superior Court, San Francisco County, No. CGC-18-566677.
Reporting by Jonathan Stempel in New York; Editing by Cynthia Osterman
| ashraq/financial-news-articles | https://in.reuters.com/article/uber-lawsuit/former-uber-engineer-sues-company-alleging-sexual-harassment-law-firm-idINKCN1IM2B5 |
In 1777, things were not looking good for American independence. People were calling it the year of the hangman, for the number 7’s resemblance to the gallows from which they were sure Revolutionary leaders soon would swing. In the fall, the Continental Army abandoned Philadelphia. Encamped 20 miles north of the city, George Washington had his mood improved by the optimistic young Brig. Gen. Anthony Wayne. According to Wayne, the skirmishes with the British had not been losses so much as valuable lessons. He told his commander that “total defeat” of the British was imminent.
As... | ashraq/financial-news-articles | https://www.wsj.com/articles/unlikely-general-review-he-opened-the-way-west-1526423409 |
May 18, 2018 / 10:13 AM / in 19 minutes EXPLAINER-Italian debt held by the ECB in focus as populists sign governing pact Reuters Staff 4 Min Read
FRANKFURT, May 18 (Reuters) - Italian financial markets were jolted this week by reports the country’s incoming coalition government wanted to review the accounting status of Italy’s sovereign bonds held by the European Central Bank, possibly even writing this debt off.
Even though the formal coalition agreement did not include such a plan, it has raised questions about the future of sovereign debt held by the ECB and whether it could be treated differently to other bonds.
Euro zone countries must continuously reduce government debt as long as it is above 60 percent of GDP. Only a handful of countries meet this criteria now and the euro zone average is almost 87 percent, with projections showing it above 60 percent for more than a decade. WHAT BONDS DOES THE ECB HOLD?
The ECB has so far bought 2.4 trillion euros worth of debt as part of its quantitative easing scheme and this sum will hit 2.55 trillion by the end of September, when the programme is scheduled to expire.
About 1.8 trillion euros is in sovereign debt, purchased in proportion to each country’s relative size. The rest of the bonds are corporate debt, supranational bonds, covered bonds and asset backed securities. HOW MUCH ITALIAN DEBT DOES THE ECB HOLD?
At the end of April, the ECB held 341 billion euros worth of Italian sovereign debt with an average remaining maturity of almost eight years. This figure could rise by roughly 3.5 billion euros a month, based on ECB purchases totalling 30 billion euros per month.
This compares to Italy’s gross government debt of 2.26 trillion euros at the end of last year. As a percentage of GDP, this is 132 percent, the second highest in the euro zone after Greece. WHAT DOES THE ECB DO WITH THESE BONDS?
The ECB holds the bonds until they mature and then reinvests the cash back into debt issued by the same country, though with some flexibility about the timing of the new purchase and the type of the new bond.
At some point in the future, the ECB may decide to shrink its balance sheet but the first step is likely to be a decision to stop reinvesting maturing debt. Any outright sale of bonds is years into the future.
Redemptions will be sizable. They will total 173 billion euros over the coming 12 months with 141 billion euros of this in public sector bonds. WHY COULD THE ECB NOT CANCEL THIS DEBT?
Simply put: that would be illegal. The ECB is barred by law from providing financing to governments. It is also independent and can’t be instructed by governments on what to do with bonds it purchased. BUT ISN’T THE ECB ALREADY PROVIDING FINANCING?
It’s a fine line and some, particularly in Germany, have challenged the ECB over this. Since the ECB can buy no more than one-third of a country’s bonds, this is accepted as a monetary policy tool aimed at reducing the term premia, or the premium investors demand to hold longer dated debt over shorter papers. The ECB’s scheme is similar to debt purchase programmes carried out by the U.S. Federal Reserve, the Bank of Japan and the Bank of England.
Governments are still required to service their debt and the ECB has made sizable profits on the purchases so far. But this profit is then paid out to national central banks who frequently pay it into their government budgets. So some of the cash does make it back to state budgets and governments also benefit from lower borrowing costs.
The ECB also has a function to relieve bond market stress when it deems that market prices are a reflection of liquidity stress rather than fundamentals. (Reporting by Balazs Koranyi; Editing by Jon Boyle) | ashraq/financial-news-articles | https://www.reuters.com/article/italy-politics-ecb/explainer-italian-debt-held-by-the-ecb-in-focus-as-populists-sign-governing-pact-idUSL5N1SP2HB |
May 3 (Reuters) - RTI Surgical Inc:
* Q1 LOSS PER SHARE $0.03 * Q1 REVENUE $69.9 MILLION VERSUS I/B/E/S VIEW $68.7 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.01 — THOMSON REUTERS I/B/E/S
* Q1 ADJUSTED EARNINGS PER SHARE $0.01 EXCLUDING ITEMS * SEES FY 2018 REVENUE $280 MILLION TO $290 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-rti-surgical-reports-q1-loss-per-s/brief-rti-surgical-reports-q1-loss-per-share-0-03-idUSASC09ZFX |
FRANKFURT, Germany, May 29, 2018 /PRNewswire/ --
FRA/gk-rap - At Fraport AG's regular Annual General Meeting (AGM) held today (May 29), CEO Dr. Stefan Schulte presented the results of a highly successful 2017 fiscal year (ending December 31). Commenting on the Group's positive business performance, Schulte said: "Supported by strong traffic growth, both our revenue and adjusted earnings reached new record levels. We achieved our targets in full and are well positioned to continue this growth trend." Group revenue climbed by almost 13.5 percent to €2.93 billion. The first-time consolidation of Fraport's Greek airports contributed a significant €235 million to Group revenue. The slight decline in operating earnings (EBITDA) can be attributed to extraordinary effects in the previous 2016 business year. In particular, Fraport's strong earnings in 2016 resulted from the compensation payment received for the Manila project and from the sale of shares in Thalia Trading Ltd. Adjusting for these one-off effects, EBITDA increased by around 18 percent to just over €1 billion, while the adjusted Group result (net profit) improved by 21.6 percent to about €360 million.
International business gaining momentum
Fraport's international business segment made a significant contribution to the Group's strong performance, boosting its share of total operating earnings from 24 percent in 2016 to 32 percent in fiscal year 2017 (also adjusted for special effects). A marked increase in passenger traffic at all of Fraport's Group airports worldwide triggered the growth of this segment. In the long term, Fraport's strategy is to further increase the segment's share of earnings. With the operational takeover of airports in Greece and Brazil, Fraport has reached important new milestones in expanding its international portfolio. Dr. Schulte said: "By continuously expanding our international portfolio, we are utilizing additional growth opportunities. As a result, we are giving our company an even stronger and broader business footing, and, above all, we are generating more revenue."
Frankfurt Airport sees strong growth
At Fraport's Frankfurt Airport (FRA) home base, passenger traffic increased by 6.1 percent to 64.5 million passengers in 2017. This growth trend has continued throughout the first four months of 2018, with passenger numbers rising by 8.7 percent. FRA's strong passenger growth stems, in particular, from traditional network carriers - with Lufthansa being the main growth driver. CEO Schulte stated: "Frankfurt Airport will always remain a premium hub with a clear focus on providing best transfer processes and world-class connectivity. To fulfil this commitment, however, passenger screening processes at German airports need to be streamlined. Compared to Germany, other international hub airports benefit from more efficient and simpler processes that allow about twice as many passengers to be screened per checkpoint, in the same amount of time. Therefore, we urgently need the appropriate decision-making by the responsible German Ministry of the Interior to achieve acceptable waiting times again at the security checkpoints."
Targeted infrastructure development at FRA
To accommodate the expected long-term growth in the aviation market, Fraport continues to advance its targeted infrastructure development. The construction of FRA's new Terminal 3 is proceeding as scheduled. Fraport is awaiting the construction permit from the City of Frankfurt for the new Pier G, which will be realized earlier than originally scheduled. Dr. Stefan Schulte explained: "With these investments, we are opening a new chapter for Frankfurt Airport. Our investments will ensure that, in a growing aviation market, we will be able to provide the necessary capacities to airlines now and in the future."
Outlook for 2018 confirmed
Based on the positive performance in the year to date, Fraport is maintaining its guidance for the full 2018 fiscal year. Passenger traffic at FRA is expected to reach between 67 million and 68.5 million passengers, representing an increase of more than 6 percent. Fraport expects the Group revenue to grow up to some €3.1 billion (adjusted for IFRIC 12 effects). Group EBITDA is forecast to range between about €1,080 million and €1,110 million, while Group EBIT is expected to be between approximately €690 million and €720 million. The Group result is also anticipated to rise significantly to between about €400 million and €430 million. The Executive Board and Supervisory Board will propose to the Annual General Meeting a dividend of €1.50 per share for the 2017 fiscal year - the same amount as in the previous year. Fraport plans to increase the dividend for fiscal year 2018.
For further information about Fraport AG please click here: http://ots.de/7L590
Print-quality photos of Fraport AG and Frankfurt Airport are available for free downloading via the photo library on the Fraport Web site . For TV news and information broadcasting purposes only, we also offer free footage material for downloading. If you wish to meet a member of our Media Relations team when at Frankfurt Airport, please do not hesitate to contact us. Our contact details are available here .
Fraport AG
Torben Beckmann
Phone: +49-69-690-70553
Corporate Communications
E-mail: [email protected]
Media Relations
http://www.fraport.com
60547 Frankfurt, Germany
Facebook: http://www.facebook.com/FrankfurtAirport
For further information about Fraport AG please click here .
SOURCE Fraport AG | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-annual-general-meeting-fraport-group-continues-its-successful-path.html |
BAGHDAD (Reuters) - An Iraqi journalist who threw his shoes at U.S. President George W. Bush during a news conference a decade ago is standing for parliament, campaigning against corruption and the sectarianism that has plagued his country.
FILE PHOTO: Video frame grab of U.S. President George W. Bush (L) ducking from a shoe during a news conference in Baghdad December 14, 2008. REUTERS/Reuters TV/File Photo TV correspondent Muntazer al-Zaidi became famous across Iraq and the Middle East after throwing his footwear at Bush during a news conference in Baghdad in 2008, shouting “This is a farewell kiss from the Iraqi people, you dog!”
Bush ducked twice as the shoes sailed over his head. Zaidi served six months in prison for assaulting a visiting leader.
Today, Zaidi is standing for parliament as a member of the movement of firebrand Shi’ite cleric Moqtada al-Sadr, whose militia waged a violent campaign against the U.S. military during its occupation of Iraq, but who has lately redefined himself as an opponent of militant sectarianism.
Sadr and his followers argue that the sectarian and ethnic parties representing Iraq’s Shi’ites, Sunnis and Kurds, dominant since the fall of Saddam Hussein in 2003, have abused their power and looted the state. The Sadrists have formed an unlikely alliance with the Communists and other secular groups.
An election poster of Muntazer al-Zaidi, candidate on the Sairun list, is seen in Baghdad, Iraq May 10, 2018. Picture taken May 10, 2018. REUTERS/Thaier al-Sudani “The main real purpose and reason behind my nomination is to get rid of the corrupt, and to expel them from our country,” Zaidi told Reuters in an interview.
“I was a journalist when I hurled a shoe at Bush. Before that event and I was, and still am, against the occupation and corruption. But the corrupt aren’t listening to people who demand that they give up corruption. So I decided to enter the political process.”
Zaidi said he has made a point of omitting from his posters any images of the shoe-throwing incident that made him famous.
Slideshow (5 Images) “I refused to have any images of me from that incident used for my election campaign. I rely on the present, what I can bring to Iraqis. I don’t want an emotional (vote), I want people to be convinced (by my policies),” he said.
Zaidi’s shoe-throwing divided opinion in Iraq at the time. Some saw it as sticking up for the country; others as a crude gesture that undermined Iraq’s dignity.
Local residents erected a giant concrete monument of a shoe in Zaidi’s honor outside an orphanage in the city of Tikrit in 2009, but it was taken down a day later by the municipal authorities.
A decade on, reaction to his candidacy in the election this weekend has been similarly mixed.
“I hope he wins. He was jealously protecting his country. What he did was correct: the country was under occupation,” said Mohannad Ibrahim, 26-year-old supermarket cashier in Baghdad.
Journalist Haider Qassem, 41, disagreed. “He is not fit to be a candidate, he is not even fit to be a low-ranking civil servant. He has no manners. A journalist should be cultured. You can’t just throw shoes.”
Reporting by Reuters Video News and Ahmed Aboulenein; writing by Peter Graff; editing by Andrew Roche
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iraq-election-shoe-thrower/iraqi-journalist-who-threw-shoes-at-bush-stands-for-parliament-idUSKBN1IC1AQ |
Trump plans to slap EU with metal tariffs: sources 4:34pm IST - 01:51
Sources tell Reuters that the United States plans to impose tariffs on steel and aluminium from the European Union, with an announcement expected as early as Thursday. Meanwhile, the EU is poised to retaliate.
Sources tell Reuters that the United States plans to impose tariffs on steel and aluminium from the European Union, with an announcement expected as early as Thursday. Meanwhile, the EU is poised to retaliate. //reut.rs/2H888rQ | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/31/trump-plans-to-slap-eu-with-metal-tariff?videoId=431845006 |
Paris, May 17, 2018
1Q18 results
New Dimension well embarked with:
Reported revenues up +3% at €2.4bn and reported Net income up +15% at €323m
1Q18 marked by market volatility and
an average -15% depreciation of the US dollar againt the euro vs. 1Q17
SOLid growth and improved profitability across our business lines
underlying net revenues (1) and gOI (1) up +8% and +16%, at constant exchange rate
Businesses' underlying roe (1) improving across the board at 16.9%
AWM - Our resolutely active positioning well fitted to volatile markets
Positive momentum for net inflows at +€6bn, particularly marked across long-term high fee strategies with
Retail & Wholesale clients (+€8.1bn)
Significant increase in net revenues: +20% YoY at constant exchange rate (+10% current)
Significant increase in gross operating income: +48% YoY at constant exchange rate (+34% current)
Fee rate increase in both Europe and North America: 31bps overall in 1Q18 (+3.6bps YoY)
CIB - Dynamic activity levels and value creation thanks to our expertise: underlying RoE (1) 17.2%
Net revenues (excl. CVA/DVA desk) up +5% YoY at constant exchange rate
Global markets: Increase in FICT revenues at constant exchange rate largely offsetting a decrease in Equity revenues compared to a historically high 1Q17
Global finance: Net revenues up +16% YoY at constant exchange rate
Investment banking and M&A: Net revenues up +6% YoY at constant exchange rate (+85% in M&A)
Insurance - Solid growth momentum across business lines
Net revenues up +8% YoY in 1Q18
Life insurance (2) : €2.9bn premiums in 1Q18 (+5% YoY) of which 35% in unit-linked products
SFS - Strong development in Payments
Net revenues from SFS up +5% YoY in 1Q18, of which +15% in Payments
Payplug and Dalenys : strong increase in business volumes, up +40% YoY
sustainable value creation, financial strength and strong ability to
generate capital
1Q18 underlying net income (1) up +15% YoY to €351m
Underlying RoTE (1) improvement to 15.4% in 1Q18 (+290bps vs. 1Q17)
Basel 3 FL CET1 ratio (3) at 10.7% as at March 31, 2018 , including the IFRS 9 FTA of -10bps
~ 45bps of organic capital generation in 1Q18 (excluding IFRIC 21 and exceptional items)
1Q18: A Promising start to New Dimension
Laurent Mignon, Natixis Chief Executive Officer, said : "Natixis delivered good performances in the first quarter of 2018 with a solid growth momentum and improving profitability across all business lines. These results are fully consistent with the ambitions of our New Dimension strategic plan and demonstrate that the businesses we have chosen, well diversified and creating value, allow Natixis to perform well amidst volatile markets. Over the last 9 years, such a choice of sustainable growth across these businesses has made Natixis what it is today: a solid and growing company dedicated to its clients and the broader economy. I would like to personally thank all our clients for their trust and confidence and to whom Natixis will keep bringing solutions to support their projects. I would also like to thank all the teams for their hard work and commitment over the last 9 years - they can be proud of what they've achieved. New Dimension is now well embarked and I am convinced that François Riahi, the senior management team and all employees will keep on successfully implementing the plan."
(1) Excluding exceptional items. Excluding exceptional items and the IFRIC 21 impact for cost/income ratio, RoE, and RoTE
(2) Excluding reinsurance agreement with CNP
(3) Based on CRR-CRD4 rules published on June 26, 2013, including the Danish compromise - no phase-in
1Q18 rEsults
The Board of Directors approved Natixis' accounts for the first quarter of 2018 on May 17, 2018.
€m 1Q18
reported 1Q17
reported 1Q18
o/w
underlying 1Q18
o/w
exceptionals 1Q18
vs. 1Q17
reported 1Q18
vs. 1Q17
reported
constant FX 1Q18
vs. 1Q17 underlying 1Q18
vs. 1Q17
underlying
constant FX Net revenues 2,412 2,347 2,441 (28) 3% 7% 4% 8% o/w businesses 2,281 2,209 2,281 3% 8% 3% 8% Expenses (1,795) (1,771) (1,778) (16) 1% 5% 2% 5% o/w expenses excluding SRF (1,632) (1,643) (1,616) (16) (1)% 3% 0% 4% Gross operating income 618 576 663 (45) 7% 16% 8% 16% Provision for credit losses (43) (70) (43) Net operating income 574 506 619 (45) 14% 14% Associates and other items 13 17 13 Pre-tax profit 587 523 632 (45) 12% 13% Income tax (204) (214) (219) 15 Minority interests (60) (28) (61) 1 Net income - group share 323 280 351 (28) 15% 15%
Excluding exceptional items 1Q18 1Q17 4Q17 €m vs. 4Q16 Net income (gs) - underlying 351 306 15% Restatement of IFRIC 21 impact 151 130 Net income (gs) - underlying excl. IFRIC 21 impact 502 436 15%
EXCEPTIONALS (€m) 1Q18 1Q17 Exchange rate fluctuations on DSN in currencies (Net revenues) Corporate center (28) (11) Transformation & Business Efficiency Investment costs (Expenses) Business lines & Corporate center (14) (1) (9) Fit to Win investments & restructuring expenses (Expenses) Corporate center (2) Exceptional additional Corporate Social Solidarity Contribution
resulting from agreement with CNP (Expenses) Insurance (19) Total impact on income tax 15 12 Total Impact on minority interests 1 Total impact on Net income - group share (28) (26) o/w €10m in the Corporate center in 1Q18
NATIXIS AM CIB €m 1Q18 1Q18
vs. 1Q17 FX
impact 1Q18
vs. 1Q17
constant FX 1Q18 1Q18
vs. 1Q17 FX
impact 1Q18
vs. 1Q17
constant FX 1Q18 1Q18
vs. 1Q17 FX
impact 1Q18
vs. 1Q17
constant FX Net revenues 2,441 4% (102) 8% 739 10% (58) 21% 938 (3)% (44) 1% Expenses (1,778) 2% 57 5% (491) 1% 40 11% (562) (1)% 17 2% Gross operating income 663 8% (45) 16% 248 33% (18) 47% 376 (7)% (27) 0% Unless specified otherwise, the following comments and data refer to underlying results, i.e. excluding exceptional items (see detail p2)
Natixis
Natixis reported net revenues at €2.4bn in 1Q18, up +4% YoY and +8% at constant exchange rate. Net revenues generated by the businesses improved +3% YoY to reach €2.3bn (+8% at constant exchange rate), including significant rises from Asset & Wealth Management (+20% at constant exchange rate), Insurance (+8%) and Coface (+29%).
Expenses came out at €1.8bn in 1Q18, up +2% YoY but flat excluding the SRF contribution (€162m in 1Q18 vs. €128m in 1Q17). This translates into a 2pp positive jaws effect (4pp excluding SRF) and a 190bps YoY improvement in the underlying cost/income ratio (1) at 66.0%. Gross operating income, at €663m, rose +16% YoY at constant exchange rate (+8% current) vs. 1Q17. Foreign exchange rate moves (EUR/USD averaged 1.23 in 1Q18 vs. 1.07 in 1Q17) resulted in a €45m negative impact on Natixis' GOI in 1Q18.
The cost of risk, at €43m in 1Q18, was significantly down compared to a 1Q17 at €70m. Expressed in basis points of loans outstanding (excluding credit institutions), the businesses' cost of risk worked out to 19bps in 1Q18. Pre-tax profit rose +13% to €632m in 1Q18 vs. 1Q17 .
The 1Q18 tax rate reached ~35% (~41% in 1Q17), the first quarter being impacted by IFRIC 21 and the non-deductibility of the SRF and French systemic risk banking tax contributions. The tax rate guidance for 2018 is maintained at around 30%.
Net income (group share), adjusted for IFRIC 21 and excluding exceptional items, came out at €502m in 1Q18, up +15% YoY . Accounting for exceptional items (-€28m impact net of tax in 1Q18) and IFRIC 21 (-€151m impact in 1Q18), the reported net income (group share) increased +15% YoY at €323m in 1Q18.
Natixis delivered a 15.4% underlying RoTE (1) excluding IFRIC 21 impact and the businesses' underlying RoE (1) reached 16.9%, up +290bps and +190bps respectively vs. 1Q17.
Asset & Wealth Management
€m 1Q18 1Q17 1Q18
vs. 1Q17 constant
FX Net revenues 777 704 10% 20% o/w Asset management 739 671 10% 21% o/w Wealth management 37 33 12% 12% Expenses (528) (519) 2% 10% Gross operating income 248 186 34% 48% Provision for credit losses 0 0 Associates and other items 0 9 Pre-tax profit 248 195 28% 40% Cost/income ratio (1) 67.5% 73.2% (5.7)pp RoE after tax (1) 14.0% 11.5% +2.5pp
1Q18 net revenues from Asset & Wealth Management (AWM) were up a significant +20% YoY at constant exchange rate (+10% current). Net revenues from Asset management reached €739m in 1Q18, up +21% YoY at constant exchange rate, including rises of +17% (+2% current) to €397m in North America and +25% to €228m in Europe. Net revenues from Wealth management were up +12% YoY.
In Asset management, 1Q18 margins excluding performance fees (€65m in 1Q18 vs. €26m in 1Q17) improved +3.6bps YoY to 31bps overall and rose +2.8bps to 15bps in Europe and +1.5bps to 40bps in North America.
Asset management attracted +€6bn of net inflows overall during the quarter, including +€8.1bn of Retail and Wholesale LT net inflows driven by various high fee strategies (average fee rate >60bps (2) ) at Harris Associates, Loomis Sayles, H 2 O, Dorval and DNCA. On the other hand, this dynamic came together with -€2.1bn of Institutional LT net outflows due to the redemption of 3 institutional mandates for ~€5.4bn of AuM, although at a low fee rate of (6bps average). AuM reached €818bn at end-March 2018 , of which €406bn in Europe and €399bn in North America. AuM growth this quarter was driven by the combination of net inflows, a -€8bn negative market effect and a -€11bn FX effect. Average AuM at constant exchange rate increased by +10% YoY in Europe (excl. Life insurance) and +14% YoY in North America. Wealth management AuM reached €31.5bn (3) .
AWM delivered a +250bps YoY increase in underlying RoE (1) to 14.0% in 1Q18 , experienced a significant positive jaws effect, both at constant (10pp) and current (8pp) exchange rate and an underlying cost/income ratio (1) down -570bps.
See note on methodology and excluding IFRIC 21 impact for the calculation of the cost/income ratio and the RoE Only for +€7.1bn raised by the platforms out of the +€8.1bn of R&W, the rest being raised by the affiliates directly (mainly DNCA in France & Italy and H20) Including Vega IM, 60% owned by Natixis Wealth Management
Unless specified otherwise, the following comments and data refer to underlying results, i.e. excluding exceptional items (see detail p2)
Corporate & Investment Banking
€m 1Q18 1Q17 1Q18
vs. 1Q17 constant
FX Net revenues 938 971 (3)% 1% Net revenues excl. CVA/DVA 937 935 0% 5% o/w Global markets 526 567 (7)% (4)% o/w Global finance 334 312 7% 16% o/w IB et M&A 83 81 2% 6% Expenses (562) (566) (1)% 2% Gross operating income 376 404 (7)% 0% Provision for credit losses (29) (29) Associates and other items 6 3 Pre-tax profit 354 378 (6)% Cost/income ratio (1) 57.5% 55.5% +2.0pp RoE after tax (1) 17.2% 15.7% +1.5pp Net revenues from Corporate & Investment Banking excluding the CVA/DVA desk at €937m were up +5% at constant exchange rate (flat at current) vs. a strong 1Q17, primarily supported by Global finance (+16%) and M&A (+85%) .
Global markets revenues were down -4% YoY at constant exchange rate in 1Q18 vs. a historically high 1Q17. At constant exchange rate, FICT revenues were up +1% YoY (-3% current), driven by Rates offsetting lower client activity in Credit and FX. Despite revenues down -15% YoY at constant exchange rate (-17% current), Equity experienced a sound commercial momentum and new clients acquisition in 1Q18 though the closure of the US and UK cash equity desks following the Natixis/Oddo-BHF partnership announcement notably offsets.
Global finance revenues rose +16% YoY at constant exchange rate in 1Q18 (+7% current), driven by Real assets (+76%) and Energy & natural resources (+13%). New loan production was strong (+25% YoY in 1Q18) , especially in US Real estate and Infrastructure. Revenues generated by Investment banking and M&A reached €83m in 1Q18, up +6% YoY at constant exchange rate (+2% current).
CIB delivered a +150bps YoY increase in underlying RoE (1) to 17.2% in 1Q18.
Natixis expands its M&A advisory footprint through strategic investments in Fenchurch Advisory Partners in the UK, Vermilion Partners in China, and Clipperton in France (acquisitions to be closed in 2Q18 of which Vermilion already closed in May).
Insurance
€m 1Q18 1Q17 1Q18
vs. 1Q17 Net revenues 204 189 8% Expenses (118) (109) 8% Gross operating income 86 81 7% Provision for credit losses 0 0 Associates and other items 3 4 Pre-tax profit 89 85 5% Cost/income ratio (1) 50.9% 51.7% (0.8)pp RoE after tax (1) 33.1% 27.5% +5.6pp
Net revenues from Insurance increased +8% YoY to reach €204m in 1Q18. Expenses rose +8% YoY to €118m, including a ~€5m increase in the Corporate Social Solidarity Contribution (C3S) which calculation is based on previous year's activity levels (2017 benefiting in full from the take-over of the new life insurance business for the Caisses d'Epargne network vs. 2016). Underlying expenses were up +5% YoY, leading to a 3pp positive jaws effect .
Insurance delivered a +560bps YoY increase in underlying RoE (1) to 33.1% in 1Q18.
Global turnover (2) reached €3.5bn in 1Q18 (+6% YoY), including rises of +6% in Life/Personal protection and of +9% in Property & Casualty. Life insurance net inflows (2) reached €2.0bn in 1Q18, up +7% YoY, o/w 45% in UL products (35% of gross inflows. Life insurance AuM reached €57bn at end-March 2018, of which 23% in the form of unit-linked products. The P&C combined ratio worked out to 92.3% in 1Q18, largely stable vs. 1Q17.
See note on methodology and excluding IFRIC 21 impact for the calculation of the cost/income ratio and the RoE Excluding the reinsurance agreement with CNP
Unless specified otherwise, the following comments and data refer to underlying results, i.e. excluding exceptional items (see detail p2)
Specialized Financial Services
€m 1Q18 1Q17 1Q18
vs. 1Q17 Net revenues 362 344 5% Specialized financing 223 219 2% Payments 93 81 15% Financial services 46 44 4% Expenses (244) (232) 5% Gross operating income 118 112 6% Provision for credit losses (9) (21) Associates and other items 0 0 Pre-tax profit 109 91 20% Cost/income ratio (1) 65.5% 65.5% 0.0pp RoE after tax (1) 14.6% 13.6% +1.0pp
Net revenues from Specialized Financial Services were up +5% YoY in 1Q18 . This overall increase included growth rates of +2% for Specialized financing, driven by Leasing (+5%), Factoring (+2%) and Consumer financing (+2%), of +15% for Payments and of +4% for Financial services (of which +7% for Employee savings plans).
Within Payments , business volumes generated by Natixis Payment Solutions' recent acquisitions (Dalenys and PayPlug) in Merchant Solutions increased +40% YoY in 1Q18. In the meantime, Prepaid & Managed Solutions revenues grew +26% YoY and the number of card transactions processed in the Services & Processing activity was up +11% YoY in 1Q18. 70% of 1Q18 Payments revenues were realized with Groupe BPCE networks .
SFS expenses increased +5% YoY in 1Q18 but were actually flat at constant scope . The 1Q18 underlying cost/income ratio (1) excluding Payments acquisitions worked out to 64.5%.
The cost of risk materially improved QoQ and YoY to reach €9m in 1Q18.
SFS delivered a +100bps YoY increase in underlying RoE (1) to 14.6% in 1Q18.
Corporate Center
€m 1Q18 1Q17 1Q18
vs. 1Q17 Net revenues 159 149 7% Coface 177 137 29% Others (17) 12 Expenses (326) (317) 3% Coface (120) (122) (2)% SRF (162) (128) Others (44) (67) (34)% Gross operating income (167) (168) (1)% Provision for credit losses (5) (20) Associates and other items 4 1 Pre-tax profit (168) (187) (10)%
Corporate Center revenues reached €159m in 1Q18, a +7% YoY increase, of which €177m came from Coface (+29% YoY) .
Coface 's turnover reached €344m in 1Q18, up +2% YoY at constant scope. The combined ratio net of reinsurance improved markedly to 72.5% (92.0% in 1Q17), on the back of reduced claims (loss ratio at 39.8% well below through the cycle average and benefiting from favorable trends in Asia and North America) and a strict cost control as well as higher reinsurance commissions (cost ratio 32.7%).
Corporate Center expenses excluding Coface and the SRF dropped -34% YoY in 1Q18 , positively contributing to New Dimension objectives. The SRF final contribution is up €34m YoY.
(1) See note on methodology and excluding IFRIC 21 impact on the calculation of the cost/income ratio and RoE
Financial structure
Basel 3 fully-loaded
Natixis' Basel 3 fully-loaded CET1 ratio (1) worked out to 10.7% as at March 31, 2018.
Basel 3 fully-loaded CET1 capital amounted to €11.7bn Basel 3 fully-loaded RWA amounted to €109.5bn
Based on a Basel 3 fully-loaded CET1 ratio (1) of 10.6% as at December 31, 2017, the respective impacts of 1Q18 were as follows:
IFRS 9 First Time Application: -10bps (€127.7m impact on shareholders' equity) Effect of allocating net income (group share) to retained earnings in 1Q18: +29bps Accrued dividend for 1Q18: -16bps RWA and other effects: -1bp
Pro-forma for acquisitions (Fenchurch Advisory Partners, Vermilion Partners, Clipperton, Comitéo) and disposals (Selection 1818, Axeltis) already announced, as well as the irrevocable payment commitments deduction from capital (IPC), Natixis' Basel 3 fully-loaded CET1 ratio (1) stands at 10.5% as at March 31, 2018.
Basel 3 phased-in, regulatory ratios
As at March 31, 2018, Natixis' Basel 3 regulatory (phased-in) capital ratios stood at 10.8% for the CET1, 12.7% for the Tier 1 and 14.8% for the total solvency ratio.
Core Tier 1 capital stood at €11.8bn and Tier 1 capital at €13.9bn. Natixis' RWA totalled €109.5bn, breakdown as follows: Credit risk: €76.3bn Counterparty risk: €6.8bn CVA risk: €1.6bn Market risk: €10.0bn Operational risk: €14.8bn
Book value per share
Equity capital (group share) totalled €19.8bn as at March 31, 2018, of which €2.1bn in the form of hybrid securities (DSNs) recognized in equity capital at fair value (excluding capital gain following reclassification of hybrids).
Natixis' book value per share stood at €5.22 as at March 31, 2018 (including planned dividend for 2017) based on 3,136,410,049 shares excluding treasury shares (the total number of shares being 3,138,305,787). The tangible book value per share (after deducting goodwill and intangible assets) was €4.01.
Leverage ratio
The leverage ratio (2) worked out to 4.1% as at March 31, 2018.
Overall capital adequacy ratio
As at March 31, 2018, the financial conglomerate's capital excess was estimated at around €2.9bn.
Based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - without phase-in See note on methodology
A ppendices
Note on methodology:
The results at 31/03/2018 were examined by the board of directors at their meeting on 17/05/2018.
Figures at 31/03/2018 are presented in accordance with IAS/IFRS accounting standards and IFRS Interpretation Committee (IFRIC) rulings as adopted in the European Union and applicable at this date.
In view of the new strategic plan New dimension, the 2017 quarterly series have been restated for the following changes in business lines organization and in standards for implementation in 4Q17 as if these changes had occurred on 1 st January 2017.
The new businesses organization mainly takes into account:
The split of Investment Solutions into two new divisions: Insurance and Asset & Wealth Management (1) Within CIB: Global finance and Investment banking (2) are now two separate business lines Creation of Global Securities & Financing (GSF), a joint-venture between FIC and Equity derivatives. The joint-venture includes Securities Financing Group (SFG, previously in FIC) and Equity Finance (previously in Equity). Revenues of GSF are equally split between Equity & FIC Transfer of short term treasury activities run by Treasury & collateral management department from FIC-T in CIB to Financial Management Division in 04/01/2017 in accordance with the French banking law. To ensure comparability, in this presentation CIB refers to CIB including Treasury & collateral management Within SFS, the Payments division is split out of Financial services and reported separately within the SFS business line The removal of the Financial investments division and its inclusion within the Corporate center
The following changes in standards have been included:
Increase in capital allocation to our business lines from 10% to 10.5% of the average Basel 3 risk weighted assets Reduction in normative capital remuneration rate to 2% (compared to 3% previously)
Business line performances using Basel 3 standards:
The performances of Natixis business lines are presented using Basel 3 standards. Basel 3 risk-weighted assets are based on CRR-CRD4 rules as published on June 26 th , 2013 (including the Danish compromise treatment for qualified entities). Natixis' RoTE is calculated by taking as the numerator net income (group share) excluding DSN interest expenses on preferred shares after tax. Equity capital is average shareholders' equity group share as defined by IFRS, after payout of dividends, excluding average hybrid debt, average intangible assets and average goodwill.
- Natixis' RoE : Results used for calculations are net income (group share), deducting DSN interest expenses on preferred shares after tax. Equity capital is average shareholders' equity group share as defined by IFRS, after payout of dividends, excluding average hybrid debt, and excluding unrealized or deferred gains and losses recognized in equity (OCI).
RoE for business lines is calculated based on normative capital to which are added goodwill and intangible assets for the business line. Normative capital allocation to Natixis' business lines is carried out on the basis of 10.5% of their average Basel 3 risk-weighted assets. Business lines benefit from remuneration of normative capital allocated to them. By convention, the remuneration rate on normative capital is maintained at 2%. Asset management includes Private equity (2) including M&A business
Net book value: calculated by taking shareholders' equity group share, restated for hybrids and capital gains on reclassification of hybrids as equity instruments. Net tangible book value is adjusted for goodwill relating to equity affiliates, restated goodwill and intangible assets as follows:
In €m 31/03/2018 Intangible assets 729 Restatement for Coface minority interest & others (37) Restated intangible assets 692
In €m 31/03/2018 Goodwill 3,531 Restatement for Coface minority interests (164) Restatement for AWM deferred tax liability & others (274) Restated goodwill 3,093 Own senior debt fair-value adjustment: calculated using a discounted cash-flow model, contract by contract, including parameters such as swap curves and revaluation spread (based on the BPCE reoffer curve). Adoption of IFRS 9 standards, on November 22, 2016, authorizing the early application of provisions relating to own credit risk as of FY2016 closing. All impacts since the beginning of the financial year 2016 are recognized in equity, even those that had impacted the income statement in the interim financial statements for March, June and September 2016
Leverage ratio: based on delegated act rules, without phase-in and with the hypothesis of a roll-out for non-eligible subordinated notes under Basel 3 by eligible notes. Repo transactions with central counterparties are offset in accordance with IAS 32 rules without maturity or currency criteria. Leverage ratio disclosed including the effect of intragroup cancelation - pending ECB authorization.
Exceptional items: figures and comments on this press release are based on Natixis and its businesses' income statements excluding non-operating and/or exceptional items detailed page 2 . Figures and comments that are referred to as ' underlying ' exclude such exceptional items. Natixis and its businesses' income statements including these items are available in the appendix of this press release.
Restatement for IFRIC 21 impact: The cost/income ratio, the RoE and the RoTfE excluding IFRIC 21 impact calculation takes into by quarter one fourth of the annual duties and levies concerned by this new accounting rule.
Earnings capacity: net income (group share) restated for exceptional items and the IFRIC 21 impact.
Expenses: sum of operating expenses and Depreciation, amortization and impairment on property, plant and equipment and intangible assets.
Natixis - Consolidated P&L
€m 1Q17 2Q17 3Q17 4Q17 1Q18 1Q18
vs. 1Q17 Net revenues 2,347 2,410 2,205 2,506 2,412 3% Expenses (1,771) (1,594) (1,530) (1,737) (1,795) 1% Gross operating income 576 815 674 769 618 7% Provision for credit losses (70) (67) (55) (65) (43) (38)% Associates 7 6 5 8 7 Gain or loss on other assets 9 18 (1) 22 6 Change in value of goodwill 0 0 0 0 0 Pre-tax profit 523 772 623 733 587 12% Tax (214) (255) (181) (139) (204) Minority interests (28) (29) (59) (76) (60) Net income (group share) 280 487 383 518 323 15% Natixis - IFRS 9 Balance sheet
Assets (in €bn) 31/03/2018 01/01/2018 Cash and balances with central banks 20.9 36.9 Financial assets at fair value through profit and loss (1) 219.0 225.7 Financial assets at fair value through Equity 10.0 10.0 Loans and receivables (1) 138.2 125.1 Debt instruments at amortized cost 1.3 1.0 Insurance assets 98.6 96.9 Accruals and other assets 18.6 18.5 Investments in associates 0.7 0.7 Tangible and intangible assets 1.6 1.6 Goodwill 3.5 3.6 Total 512.4 520.0
Liabilities and equity (in €bn) 31/03/2018 01/01/2018 Due to central banks 0.0 0.0 Financial liabilities at fair value through profit and loss (1) 212.1 221.3 Customer deposits and deposits from financial institutions (1) 130.6 135.3 Debt securities 36.2 32.6 Accruals and other liabilities 18.8 17.8 Insurance liabilities 88.2 86.5 Contingency reserves 1.8 1.9 Subordinated debt 3.7 3.7 Equity attributable to equity holders of the parent 19.8 19.7 Minority interests 1.2 1.2 Total 512.4 520.0 (1) Including deposit and margin call - classification under review
Natixis - 1Q18 P&L by business line
€m AWM CIB Insurance SFS Corporate 1Q18 Center reported Net revenues 777 938 204 362 131 2,412 Expenses (529) (563) (118) (245) (339) (1,795) Gross operating income 248 375 86 117 (208) 618 Provision for credit losses 0 (29) 0 (9) (5) (43) Net operating income 248 346 86 108 (213) 574 Associates and other items 0 6 3 0 4 13 Pre-tax profit 248 352 89 108 (209) 587 Tax (204) Minority interests (60) Net income (gs) 323 Asset & Wealth Management
€m 1Q17 2Q17 3Q17 4Q17 1Q18 1Q18 vs. 1Q17 Net revenues 704 743 766 899 777 10% Asset management (1) 671 713 730 857 739 10% Wealth management 33 30 36 42 37 12% Expenses (519) (521) (528) (610) (529) 2% Gross operating income 186 222 239 289 248 34% Provision for credit losses 0 0 0 0 0 Net operating income 186 223 239 289 248 34% Associates 0 0 0 1 0 Other items 9 0 (1) 2 0 Pre-tax profit 195 222 238 291 248 27% Cost/Income ratio 73.6% 70.1% 68.8% 67.9% 68.1% Cost/Income ratio excluding IFRIC 21 effect 73.2% 70.2% 69.0% 68.0% 67.5% RWA (Basel 3 - in €bn) 10.6 10.2 10.2 11.7 11.5 8% Normative capital allocation (Basel 3) 3,874 3,828 3,715 3,676 4,077 5% RoE after tax (Basel 3) (2) 11.3% 12.5% 13.5% 14.0% 13.7% RoE after tax (Basel 3) excluding IFRIC 21 effect (2) 11.5% 12.4% 13.4% 13.9% 14.0% Asset management including Private equity Normative capital allocation methodology based on 10.5% of the average RWA - including goodwill and intangibles
Corporate & Investment Banking
€m 1Q17 2Q17 3Q17 4Q17 1Q18 1Q18 vs. 1Q17 Net revenues 971 1,019 775 817 938 (3)% Global markets 603 547 363 408 528 (12)% FIC-T 388 389 253 288 378 (3)% Equity 179 172 103 144 148 (17)% CVA/DVA desk 35 (13) 7 (24) 1 Global finance 312 343 315 358 334 7% Investment banking (1) 81 122 85 74 83 2% Other (25) 7 12 (24) (7) Expenses (566) (555) (506) (567) (563) 0% Gross operating income 404 464 269 249 375 (7)% Provision for credit losses (29) (48) (16) (21) (29) (1)% Net operating income 375 416 253 228 346 (8)% Associates 3 3 3 3 4 Other items 0 0 0 18 3 Pre-tax profit 378 418 255 249 352 (7)% Cost/Income ratio 58.3% 54.4% 65.3% 69.5% 60.1% Cost/Income ratio excluding IFRIC 21 effect 55.5% 55.4% 66.5% 70.6% 57.7% RWA (Basel 3 - in €bn) 64.4 61.3 60.4 59.0 58.9 (9)% Normative capital allocation (Basel 3) 7,136 6,963 6,623 6,519 6,365 (11)% RoE after tax (Basel 3) (2) 14.7% 16.5% 10.5% 11.8% 16.1% RoE after tax (Basel 3) excluding IFRIC 21 effect (2) 15.7% 16.1% 10.2% 11.4% 17.2% (1) Including M&A
(2) Normative capital allocation methodology based on 10.5% of the average RWA - including goodwill and intangibles
Insurance
€m 1Q17 2Q17 3Q17 4Q17 1Q18 1Q18 vs. 1Q17 Net revenues 189 179 176 190 204 8% Expenses (129) (102) (99) (109) (118) (8)% Gross operating income 60 77 77 80 86 42% Provision for credit losses 0 0 0 0 0 Net operating income 60 77 77 80 86 42% Associates 4 3 2 4 3 Other items 0 0 0 0 0 Pre-tax profit 65 80 79 85 89 37% Cost/Income ratio 68.1% 56.9% 56.2% 57.5% 58.0% Cost/Income ratio excluding IFRIC 21 effect 54.9% 61.5% 60.9% 61.9% 51.1% RWA (Basel 3 - in €bn) 7.4 7.2 7.4 7.2 7.3 0% Normative capital allocation (Basel 3) 857 871 849 875 853 0% RoE after tax (Basel 3) (1) 17.7% 21.6% 22.3% 26.7% 28.6% RoE after tax (Basel 3) excluding IFRIC 21 effect (1) 25.6% 19.0% 19.6% 24.2% 33.0% Normative capital allocation methodology based on 10.5% of the average RWA - including goodwill and intangibles
Specialized Financial Services
€m 1Q17 2Q17 3Q17 4Q17 1Q18 1Q18 vs. 1Q17 Net revenues 344 347 341 350 362 5% Specialized financing 219 218 215 210 223 2% Factoring 39 39 38 42 40 2% Sureties & financial guarantees 55 46 52 47 54 (2)% Leasing 54 61 52 49 57 5% Consumer financing 66 65 67 67 67 2% Film industry financing 5 6 5 6 6 7% Payments 81 83 83 89 93 15% Financial services 44 46 43 51 46 4% Employee savings plans 21 22 21 26 23 7% Securities services 23 23 22 25 23 2% Expenses (233) (228) (229) (249) (245) 5% Gross operating income 112 118 112 101 117 5% Provision for credit losses (21) (14) (13) (24) (9) (56)% Net operating income 90 104 99 77 108 19% Associates 0 0 0 0 0 Other items 0 0 0 0 0 Pre-tax profit 90 104 99 77 108 19% Cost/Income ratio 67.6% 65.8% 67.1% 71.2% 67.7% Cost/Income ratio excluding IFRIC 21 effect 65.6% 66.5% 67.7% 71.8% 65.9% RWA (Basel 3 - in €bn) 15.2 16.0 15.7 16.7 17.5 15% Normative capital allocation (Basel 3) 1,961 1,889 1,907 1,958 2,145 9% RoE after tax (Basel 3) (1) 12.6% 15.1% 14.0% 10.7% 13.5% RoE after tax (Basel 3) excluding IFRIC 21 effect (1) 13.6% 14.7% 13.6% 10.3% 14.4% Normative capital allocation methodology based on 10.5% of the average RWA - including goodwill and intangibles
Corporate Center
€m 1Q17 2Q17 3Q17 4Q17 1Q18 1Q18 vs. 1Q17 Net revenues 138 122 146 251 131 (5)% Coface 137 152 167 167 177 29% Others 1 (30) (21) 84 (45) Expenses (324) (189) (169) (201) (339) 5% Coface (122) (128) (119) (114) (122) 0% SRF (128) 6 0 0 (162) 27% Others (74) (66) (50) (87) (54) (27)% Gross operating income (186) (67) (23) 50 (208) 12% Provision for credit losses (20) (5) (26) (20) (5) Net operating income (206) (72) (49) 30 (213) 3% Associates 0 0 0 0 0 Other items 1 18 0 2 3 Pre-tax profit (205) (54) (49) 32 (209) 2% 1Q18 results: from data excluding non-operating items to reported data
€m 1Q18 excl.
exceptional
items Exchange rate
fluctuations on
DSN in currencies Transformation
& Business
Efficiency
investment
costs Fit to Win
investments &
restructuring
expenses 1Q18
reported Net revenues 2,441 (28) 2,412 Expenses (1,778) (14) (2) (1,795) Gross operating income 663 (28) (14) (2) 618 Provision for credit losses (43) (43) Associates 7 7 Gain or loss on other assets 6 6 Pre-tax profit 632 (28) (14) (2) 587 Tax (219) 10 5 1 (204) Minority interests (61) 1 (60) Net income (group share) 351 (18) (9) (1) 323 Regulatory capital in 1Q18 & financial structure - Basel 3 phased-in, €bn
Shareholder's equity group share 19.8 Goodwill & intangibles (3.6) Dividend (1.3) Other deductions (0.8) Hybrids restatement in Tier 1 (1) (2.2) CET1 Capital 11.8 Additional T1 2.0 Tier 1 Capital 13.9 Tier 2 Capital 2.3 Total prudential Capital 16.2 (1) Including capital gain following reclassification of hybrids as equity instruments
1Q17 2Q17 3Q17 4Q17 1Q18 CET1 ratio 10.9% 11.2% 11.4% 10.8% 10.8% Tier 1 ratio 12.8% 13.1% 13.1% 12.9% 12.7% Solvency ratio 15.1% 15.4% 15.3% 14.9% 14.8% Tier 1 capital 14.6 14.7 14.6 14.3 13.9 RWA EoP 114.1 112.6 111.7 110.7 109.5 IFRIC 21 effects by business line
Effect in Expenses €m 1Q17 2Q17 3Q17 4Q17 1Q18 AWM (3) 1 1 1 (4) CIB (28) 9 9 9 (22) Insurance (25) (1) 8 (2) 8 (2) 8 (2) (14) SFS (6) 2 2 2 (6) Corporate center (94) 34 30 30 (119) Total Natixis (156) 55 50 50 (166) Effect in Net revenues €m 1Q17 2Q17 3Q17 4Q17 1Q18 SFS (Leasing) (1) 0 0 0 (1) Total Natixis (1) 0 0 0 (1) -€10.9m in underlying expenses and -€14.1m in exceptional expenses linked to the additional Corporate Social Solidarity Contribution resulting from agreement with CNP €3.6m in underlying expenses and €4.7m in exceptional expenses linked to the additional Corporate Social Solidarity Contribution resulting from agreement with CNP
Normative capital allocation and RWA breakdown - 31/03/2018
€bn RWA
EoP in % of
the total Average goodwill & intangibles Average capital allocation RoE
after tax
1Q18 AWM 11.5 12% 2.9 4.1 13.7% CIB 58.9 62% 0.2 6.4 16.1% Insurance 7.3 8% 0.1 0.9 28.6% SFS 17.5 18% 0.4 2.1 13.5% Total (excl. Corporat center) 95.2 100% 3.5 13.4
RWA breakdown (€bn ) 31/03/2018 Credit risk 76.3 Internal approach 55.4 Standard approach 20.9 Counterparty risk 6.8 Internal approach 5.9 Standard approach 0.9 Market risk 10.0 Internal approach 4.2 Standard approach 5.8 CVA 1.6 Operational risk - Standard approach 14.8 Total RWA 109.5 Fully-loaded leverage ratio
According to the rules of the Delegated Act published by the European Commission on October 10, 2014, including the effect of intragroup cancelation - pending ECB authorization
€bn 31/03/2018 Tier 1 capital (1) 13.7 Total prudential balance sheet 415.5 Adjustment on derivatives (41.3) Adjustment on repos (2) (28.2) Other exposures to affiliates (43.5) Off balance sheet commitments 36.6 Regulatory adjustments (4.6) Total leverage exposures 334.4 Leverage ratio 4.1% (1) Without phase-in - supposing replacement of existing subordinated issuances when they become ineligible
(2) Repos with clearing houses cleared according to IAS32 standard, without maturity or currency criteria
Net book value as of March 31, 2018
€bn 31/03/2018 Shareholders' equity (group share) 19.8 Deduction of hybrid capital instruments (2.1) Deduction of gain on hybrid instruments (0.1) Distribution (1.2) Net book value 16.4 Restated intangible assets (1) 0.7 Restated goodwill (1) 3.1 Net tangible book value (2) 12.6 € Net book value per share 5.22 Net tangible book value per share 4.01 (1) See note on methodology (2) Net tangible book value = Book value - goodwill - intangible assets
1Q18 Earnings per share
€m 31/03/2018 Net income (gs) 323 DSN interest expenses on preferred shares after tax (25) Net income attributable to shareholders 297 Earnings per share (€) 0.09 Number of shares as of March 31, 2018
Average number of shares over the period, excluding treasury shares 3,136,293,208 Number of shares, excluding treasury shares, EoP 3,136,410,049 Number of treasury shares, EoP 1,895,738 Net income attributable to shareholders
€m 1Q18 Net income (gs) 323 DSN interest expenses on preferred shares after tax (25) RoE & RoTE numerator 297 Natixis RoTE (1)
€m 31/03/2018 Shareholders' equity (group share) 19,790 DSN deduction (2,251) Dividends provision (1,339) Intangible assets (692) Goodwill (3,096) RoTE Equity end of period 12,411 Average RoTE equity (1Q18) 12,410 1Q18 RoTE annualized 9.6% Natixis RoE (1)
€m 31/03/2018 Shareholders' equity (group share) 19,790 DSN deduction (2,251) Dividends provision (1,339) Exclusion of unrealized or deferred gains and losses recognized in equity (OCI) (383) RoE Equity end of period 15,816 Average RoE equity (1Q18) 15,780 1Q18 RoE annualized 7.5% See note on methodology
Doubtful loans (1)
€bn 31/03/2017
Pro forma
IFRS9 31/03/2018
Under
IFRS9 Provisionable commitments (2) 2.7 2.3 Provisionable commitments / Gross debt 2.2% 1.7% Stock of provisions (3) 2.0 1.9 Stock of provisions / Provisionable commitments 73% 81% (1) On-balance sheet, excluding repos, net of collateral (2) Net commitments include properties that are underlying leasing contracts and for which Natixis is the owner as well as factored loans for which the chargeable counterparties are not in default. (3) Specific and portfolio-based provisions
Disclaimer
This media release may contain objectives and comments relating to the objectives and strategy of Natixis. Any such objectives inherently depend on assumptions, project considerations, objectives and expectations linked to future and uncertain events, transactions, products and services as well as suppositions regarding future performances and synergies.
No Insurance can be given that such objectives will be realized. They are subject to inherent risks and uncertainties, and are based on assumptions relating to Natixis, its subsidiaries and associates, and the business development thereof; trends in the sector; future acquisitions and investments; macroeconomic conditions and conditions in Natixis' principal local markets; competition and regulation. Occurrence of such events is not certain, and outcomes may prove different from current expectations, significantly affecting expected results. Actual results may differ significantly from those implied by such objectives.
Information in this media release relating to parties other than Natixis or taken from external sources has not been subject to independent verification, and Natixis makes no warranty as to the accuracy, fairness, precision or completeness of the information or opinions herein. Neither Natixis nor its representatives shall be liable for any errors or omissions, or for any prejudice resulting from the use of this media release, its contents or any document or information referred to herein.
Included data in this press release have not been audited.
NATIXIS financial disclosures for the first quarter 2018 are contained in this press release and in the presentation attached herewith, available online at www.natixis.com in the "Investors & shareholders" section.
The conference call to discuss the results, scheduled for Friday May18 th , 2018 at 9:00 a.m. CET, will be webcast live on www.natixis.com (on the "Investors & shareholders" page).
Contacts:
Investor Relations: [email protected] Press Relations: [email protected] Damien Souchet T + 33 1 58 55 41 10 Elisabeth de Gaulle T + 33 1 58 19 28 09 Souad Ed Diaz T + 33 1 58 32 68 11 Olivier Delahousse T + 33 1 58 55 04 47 Sonia Dilouya T + 33 1 58 32 01 03 www.natixis.com
Attachment
2018 FIRST QUARTER RESULTS.pdf
Source:Natixis | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-natixis-2018-first-quarter-results.html |
Blue Wolf Acquires Majority Stake in Leading International Knife Manufacturer with Over 100 Years of Experience
NEW YORK--(BUSINESS WIRE)-- Blue Wolf Capital Partners LLC (“Blue Wolf”), the New York-based private equity firm, today announced that an affiliate of Blue Wolf Capital Fund IV, L.P. has acquired a majority stake in TGW (Holdings) Limited (“TGW”), a leading international industrial knife manufacturer.
TGW, which was founded in Sheffield, England in 1908, delivers expert European craftsmanship to OEMs across industries and is widely-recognized as a global leader within the knife manufacturing field. In 1993, the company established TGW International to expand its business to North American markets. In 2011 TGW opened its manufacturing facility in Indore, India. Today, TGW employs 160 people globally and has offices in Sheffield; Wilder, Kentucky; Chicago, Illinois; and India.
CEO and Chairman Richard Wolstenholme and President Jeff Litmer – who have both helped TGW grow into the successful international business they are now – will transition oversight to TGW’s existing management team, which is led by Steve Corbett in the U.K. and Tim White in the United States.
“Few companies have accomplished more and created a stronger brand within the industrial knives manufacturing space than TGW,” said Michael Ranson, Partner at Blue Wolf . “We are thrilled to welcome TGW into the Blue Wolf family and look forward to working with the team to build on the company’s legacy and continue to grow the business.”
“TGW is excited to embark on this next chapter in our long, storied history and think Blue Wolf will be a great partner in this,” said Steve Corbett, COO of TGW . “We are fortunate enough to have many growth opportunities in our future, and Blue Wolf shares our vision of continuing to grow and evolve as a company. With this new partnership we will continue investing in new products and providing excellent service to our valued customers.”
“Through its exceptional leadership team and dedicated employees, TGW has fostered a culture of knowledge leadership and superior quality, along with a strong track record of results,” said Rick Tattersfield, Operating Partner at Blue Wolf . “The team has developed an extensive network of loyal customers and vendors, with best-in-class manufacturing and customer experience, and we are confident that even more success can be realized in the years to come.”
Blue Wolf’s acquisition of TGW is the third investment by Blue Wolf Capital Fund IV, L.P., which began investing in January 2018.
About Blue Wolf Capital Partners
Blue Wolf Capital Partners LLC is a private equity firm that specializes in control investments in middle market companies. Leading by experience, and with a commitment to excellence, Blue Wolf transforms companies strategically, operationally and collaboratively. Blue Wolf manages challenging situations and complex relationships between business, customers, employees, unions, and regulators to build value for stakeholders. For additional information, please visit www.bluewolfcapital.com .
About TGW
TGW has built a quality and service tradition in the industrial machine knife industry, with a legacy that has existed for over 100 years. We boast a unique array of dedicated machines and manufacturing cells to meet the consistent demand of our dynamic customers’ needs with quick turnaround. Our products are carefully crafted under strict quality control using OEM specifications. Most of our knives are available in stock, with high quality materials selected to prolong the life and performance of the product. Our vast inventory allows for same-day shipping on a large variety of standard knives and products. For additional information please visit https://tgwglobal.com/ .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516005196/en/
For Blue Wolf Capital Partners LLC
Jeff Holmes, 860-575-6870
[email protected]
Source: Blue Wolf Capital Partners LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-blue-wolf-capital-invests-in-tgw.html |
Justify wins Kentucky Derby, breaks 'curse' 9:09pm IST - 00:52
‘Justify’ won the 144th running of the Kentucky Derby at Churchill Downs in Louisville, becoming the first horse since Apollo in 1882 to win it without a start as a two-year-old.
‘Justify’ won the 144th running of the Kentucky Derby at Churchill Downs in Louisville, becoming the first horse since Apollo in 1882 to win it without a start as a two-year-old. //reut.rs/2KB9Ogl | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/06/justify-wins-kentucky-derby-breaks-curse?videoId=424431104 |
ALPHARETTA, Ga., May 09, 2018 (GLOBE NEWSWIRE) -- Clearside Biomedical, Inc. (NASDAQ:CLSD), a late-stage clinical biopharmaceutical company developing first-in-class drug therapies to treat blinding diseases of the eye, today reported financial results for the quarter ended March 31, 2018, and provided an update on its development programs.
“Coming on the heels of the recent release of positive topline results from our pivotal Phase 3 PEACHTREE trial in uveitis, and as we have continued to accumulate additional data from the trial around the resolution of signs and symptoms, our confidence in the potential of suprachoroidal CLS-TA to become a powerful new treatment option for this sight-threatening disease, both at home and abroad, continues to build,” said Daniel H. White, Chief Executive Officer and President. “To that end, we are working to submit an NDA for suprachoroidal CLS-TA in patients with macular edema associated with uveitis to the FDA before the end of the year, and we are also evaluating our regulatory submission strategy for territories outside of the United States.”
Update on Key Development Programs
Suprachoroidal CLS-TA is Clearside’s proprietary suspension formulation of the corticosteroid triamcinolone acetonide for administration to the back of the eye via the suprachoroidal space (“SCS™”), which is the space located between the choroid and the outer protective layer of the eye known as the sclera. Suprachoroidal CLS-TA, used either alone or together with an intravitreal anti-VEGF agent, is being studied as part of Clearside’s pipeline of treatments for unmet or underserved blinding eye diseases where the pathologies manifest in the retina and the choroid.
Macular Edema Associated with Non-Infectious Uveitis
In March 2018, Clearside announced positive topline results from PEACHTREE, its pivotal Phase 3 trial of suprachoroidal CLS-TA in patients with macular edema associated with non-infectious uveitis.
In the PEACHTREE trial, 47% of patients in the treatment arm who received suprachoroidal CLS-TA every 12 weeks gained at least 15 letters in best corrected visual acuity (“BCVA”), as measured using the Early Treatment of Diabetic Retinopathy Study (“ETDRS”) scale, from baseline at week 24, compared to 16% of patients in the control arm who underwent a sham procedure. This improvement, which was the primary endpoint of the trial, was statistically significant (p < 0.001). Further, in terms of improvements in BCVA, the mean change from baseline was better in the treatment arm than in the control arm at each monthly evaluation. The mean improvement from baseline seen at the first evaluation at week 4 was maintained throughout the trial, with 9.6 letters gained at week 4 and 13.7 letters at week 24 in the treatment arm, compared to 1.2 letters at week 4 and 2.9 letters at week 24 in the control arm. For the other key secondary endpoint, administration of suprachoroidal CLS-TA resulted in a mean reduction from baseline of 157 microns in central subfield thickness at week 24 in the treatment arm, compared to a 19 micron mean reduction in the control arm, a result that was also statistically significant (p < 0.001).
In addition, based on further analysis performed subsequent to the March 2018 data release, we observed that signs of inflammation resolved in more than two-thirds of patients treated with suprachoroidal CLS-TA across three commonly used measures of inflammation in the eye: vitreous haze, anterior chamber cells and anterior chamber flare. The following table summarizes these changes:
Resolution of Signs of Uveitis
Subjects Displaying Reduction
to Zero at Week 24 CLS-TA Treatment Arm (%) Control Arm
(%) Anterior Chamber Cells 72.0 17.0 Anterior Chamber Flare 74.3 22.0 Vitreous Haze 68.9 6.9 With respect to durability of effect, over 85% of the patients in the treatment arm did not receive rescue therapy, remaining on suprachoroidal CLS-TA over the 24 weeks of the trial, compared to between 30% and 35% of patients in the control arm who did not receive rescue therapy.
Suprachoroidal CLS-TA was generally well tolerated, with no treatment-related serious adverse events reported in the trial. Through 24 weeks, corticosteroid-related elevated intraocular pressure, or IOP, adverse events were reported for approximately 11.5% of patients in the treatment arm, compared to no patients in the control arm. Both the treatment and control arms reported similar cataract adverse events, with approximately 8.3% of patients in the treatment arm and 7.8% of patients in the control arm developing cataracts. No patients underwent surgeries associated with these adverse events.
Clearside expects to submit a new drug application (“NDA”) for suprachoroidal CLS-TA to treat macular edema associated with non-infectious uveitis to the U.S. Food and Drug Administration in the fourth quarter of 2018, and is also evaluating options for potential submissions to regulatory agencies in additional territories outside of the United States.
Macular Edema Associated with Retinal Vein Occlusion (“RVO”)
Clearside expects to complete patient enrollment in SAPPHIRE, its first Phase 3 clinical trial of suprachoroidal CLS-TA used in combination with the intravitreal anti-VEGF agent, EYLEA® (aflibercept) (“intravitreal Eylea”) in treatment naïve patients with RVO, in the second quarter of 2018. SAPPHIRE is a randomized, masked, multi-center, controlled trial with evaluations every 4 weeks. After 24 weeks, patients will be followed for approximately an additional six months. The primary objective of this trial is to determine the proportion of patients in the combination treatment arm, compared to the intravitreal Eylea alone control arm, with BCVA improvement of at least 15 ETDRS letters from baseline at eight weeks after initial treatment. Several secondary efficacy and safety endpoints will also be evaluated. Based on patient enrollment progress, Clearside expects to report preliminary 8-week data from the SAPPHIRE trial in the fourth quarter of 2018.
In March 2018, Clearside announced the enrollment of the first patient in TOPAZ, a second Phase 3 clinical trial of suprachoroidal CLS-TA with one of two intravitreal anti-VEGF agents, LUCENTIS® (ranibizumab) or AVASTIN® (bevacizumab), in treatment naïve patients with RVO. The primary objective of this trial is to determine the proportion of patients in the combination treatment arm who achieve a BCVA improvement of at least 15 ETDRS letters from baseline at eight weeks, compared to the monotherapy intravitreal anti-VEGF in the control arm. Several secondary efficacy and safety endpoints will also be evaluated. Clearside anticipates total enrollment of approximately 460 patients in the TOPAZ trial.
If the primary endpoints are met in both the TOPAZ and SAPPHIRE trials, Clearside intends to seek a class label in the United States, which would allow suprachoroidal CLS-TA to be used together with any anti-VEGF agent for the treatment of RVO.
Diabetic Macular Edema (“DME”)
In October 2017, Clearside announced the completion of patient enrollment in TYBEE, its multicenter, randomized, masked, controlled Phase 2 clinical trial designed to evaluate the safety and efficacy of suprachoroidal CLS-TA used in combination with intravitreal Eylea in patients with DME who are naïve to treatment. In this trial, 71 patients were randomized to receive either suprachoroidal CLS-TA together with intravitreal Eylea or intravitreal Eylea alone. The primary outcome measure in each of the two trial arms is mean change from baseline in BCVA measured using the ETDRS scale at 6 months. An additional analysis will compare the number of injections required between the two trial arms. Clearside expects to announce preliminary data from TYBEE in the second quarter of 2018.
Pipeline and Collaborations
Clearside continues nonclinical efforts, both internally and with multiple collaborators, in development areas such as gene therapy, wet age-related macular degeneration (“wet AMD”), and other ocular diseases that may benefit from a suprachoroidal treatment approach.
First Quarter 2018 Financial Results
Clearside’s research and development expenses for the three months ended March 31, 2018 were $13.4 million, compared to $7.6 million for the first quarter of 2017, an increase of $5.8 million. This was primarily attributable to an increase in costs related to Clearside’s clinical programs. Costs for Clearside’s RVO program increased $5.4 million and costs for its DME program increased $1.0 million. In addition, Clearside incurred a $0.1 million increase in regulatory costs in preparation for an NDA submission for CLS-TA in Clearside’s uveitis program, a $0.2 million increase in other research and development expenses, and a $0.2 million increase in employee-related costs due to an increase in headcount to support the increased clinical trial activities. These increases were partially offset by a $0.6 million decrease in clinical costs for Clearside’s uveitis program, as the PEACHTREE trial was completed during the first quarter of 2018, and a $0.4 million decrease in costs related to device and drug manufacturing.
General and administrative expenses were $3.1 million for the first quarter of 2018, compared to $2.7 million for the same period last year, an increase of $0.4 million. This increase was primarily attributable to an increase of $0.4 million in employee-related costs and of $0.2 million in marketing-related expenses as Clearside prepares for the potential commercialization of CLS-TA, partially offset by a decrease of $0.2 million in patent-related expenses.
Cash, cash equivalents and short-term investments totaled $101.1 million as of March 31, 2018, compared to $37.6 million as of December 31, 2017. Clearside received net proceeds of $79.6 million from a public offering of its common stock that closed in March 2018.
Net loss for the first quarter of 2018 was $16.6 million, or $0.62 per share of common stock, compared to $10.4 million, or $0.41 per share of common stock, for the first quarter of 2017. The increase in net loss and net loss per share was primarily attributable to higher research and development expenses in the first quarter of 2018 compared to the first quarter of 2017.
Conference Call & Webcast Details
Clearside is pleased to invite all interested parties to participate in a conference call today at 8:30 a.m. Eastern Time, during which management will discuss the financial results and provide an update on Clearside’s corporate developments. To participate in this conference call, please dial (844) 263-8310 (U.S.) or (213) 358-0959 (international), conference ID 5796507, approximately 10 minutes prior to the start time. A live, listen-only audio webcast of the conference call can accessed by visiting the “Investor Relations” section at www.clearsidebio.com . An archive of the webcast will be available until June 10, 2018.
About Clearside
Clearside Biomedical, Inc., headquartered in Alpharetta, GA, is a late-stage clinical ophthalmic biopharmaceutical company that envisions a world without blindness. Clearside relentlessly pursues transformative, elegant, precise solutions to restore and preserve vision. Clearside is developing advanced clinical and preclinical product candidates using a proprietary treatment approach offering unprecedented access to the back of the eye through the SCS™. This has the potential to offer meaningful treatment benefit to patients suffering from sight-threatening diseases like uveitis, RVO, DME and wet AMD. To learn more about how Clearside is changing ophthalmology, please visit us at www.clearsidebio.com .
Cautionary Note Regarding Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “believe”, “expect”, “may”, “plan”, “potential”, “will”, and similar expressions, and are based on Clearside’s current beliefs and expectations. These forward-looking statements include expectations regarding the potential clinical development of Clearside’s product candidates, the availability of data from Clearside’s clinical trials, the timing of a potential submission of an NDA with the FDA, and the potential commercialization of CLS-TA, both in the United States and internationally. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Risks and uncertainties that may cause actual results to differ materially include uncertainties inherent in the conduct of clinical trials, Clearside’s reliance on third parties over which it may not always have full control, and other risks and uncertainties that are described in Clearside’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 16, 2018, and Clearside’s other Periodic Reports filed with the SEC. Any forward-looking statements speak only as of the date of this press release and are based on information available to Clearside as of the date of this release, and Clearside assumes no obligation to, and does not intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise.
CLEARSIDE BIOMEDICAL, INC. Selected Financial Data (in thousands, except share and per share data) (unaudited) Statements of Operations Data Three Months Ended
March 31, 2018 2017 License revenue $ — $ 5 Operating expenses: Research and development 13,379 7,590 General and administrative 3,074 2,671 Total operating expenses 16,453 10,261 Loss from operations (16,453 ) (10,256 ) Other expense, net (154 ) (117 ) Net loss $ (16,607 ) $ (10,373 ) Net loss per share of common stock — basic and diluted $ (0.62 ) $ (0.41 ) Weighted average shares outstanding — basic and diluted 26,818,137 25,250,333
Balance Sheet Data March 31, December 31, 2018 2017 Cash, cash equivalents and short-term investments $ 101,055 $ 37,640 Restricted cash 360 360 Total assets 104,462 40,493 Long-term debt (including current portion) 7,307 8,009 Total liabilities 18,531 19,078 Total stockholders’ equity 85,931 21,415 Contacts:
Stephen Kilmer
Investor Relations
(678) 270-3631
[email protected]
Charles Deignan
Chief Financial Officer
678-270-4005
[email protected]
Source:Clearside Biomedical, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-clearside-biomedical-announces-first-quarter-2018-financial-results-and-provides-corporate-update.html |
NASHVILLE (Reuters) - A former Vanderbilt University football player charged in the 2013 rape of an unconscious female student in a university dormitory accepted a plea deal on Monday that allows him to avoid jail while the other three men in the case serve lengthy terms.
Jaborian “Tip” McKenzie, 23, who had previously been charged with five counts of aggravated rape and two counts of aggravated sexual battery, pleaded guilty to one count of facilitation of aggravated rape.
The case, which largely rested on cell-phone video the players took of their actions and on McKenzie’s testimony, sparked discussion about sexual assault on college campuses. There was no video showing McKenzie touching the unconscious woman.
McKenzie, who testified against the other men in the case, received a 10-year suspended sentence, 10 years of supervised probation and is being placed on the lifetime sexual offender registry, according to Judge Monte Watkins, who has presided over all of the proceedings related to the incident.
McKenzie also is forbidden from ever speaking or writing or making public statements about the case.
Assistant District Attorney Jan Norman, who has participated in the prosecution of all of the cases, began the short hearing in Davidson County Criminal Court in Nashville by briefly recounting the June 2013 incident and then presented the plea agreement.
McKenzie, clad in a blue shirt and wearing a well-trimmed beard, acknowledged the plea deal in response to questions from the judge.
While they have appeals pending, the other three men in the case, Brandon Banks, 24, Cory Batey, 24, and Brandon Vandenburg, 24, are serving prison terms of 15 years for the first two and 17 years for Vandenburg.
Vandenburg and Batey were convicted in 2015, but a mistrial was declared and they were later retried and convicted separately. Banks’ was convicted last June.
Vandenburg and the victim, who had been dating, met for drinks at a bar popular with students. Both had been drinking prior to meeting, according to earlier testimony.
Vandenburg took the victim, who has not been named, back to his dormitory, and the other men helped carry her to his room, where the rape occurred, prosecutors said.
Reporting by Tim Ghianni in Nashville
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tennessee-rape-trial/ex-vanderbilt-football-player-in-u-s-rape-case-gets-suspended-sentence-idUSKCN1IM1YR |
AGOURA HILLS, Calif. (AP) _ American Homes 4 Rent (AMH) on Thursday reported a key measure of profitability in its first quarter. The results did not meet Wall Street expectations.
The Agoura Hills, California-based real estate investment trust said it had funds from operations of $84.8 million, or 25 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 27 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $5.8 million, or 2 cents per share.
The real estate company posted revenue of $258 million in the period, surpassing Street forecasts. Five analysts surveyed by Zacks expected $251.7 million.
The company's shares have fallen 7.5 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $20.21, a drop of 12 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on AMH at https://www.zacks.com/ap/AMH | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/the-associated-press-american-homes-4-rent-1q-earnings-snapshot.html |
Energy posting longest weekly win streak since September 2017 4 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/energy-posting-longest-weekly-win-streak-since-september-2017.html |
CARNEGIE, Pa.--(BUSINESS WIRE)-- Ampco-Pittsburgh Corporation (NYSE: AP) reported consolidated sales of $115.1 million for the three months ended March 31, 2018, compared to $103.5 million for the three months ended March 31, 2017. Higher sales of forged engineered products to the oil and gas industry was the primary driver, while sales of forged and cast rolls also increased.
Net income for the three months ended March 31, 2018, was $0.9 million, or $0.08 earnings per common share, compared to net loss of $4.8 million, or $0.39 loss per common share for the three months ended March 31, 2017.
Loss from operations for the three months ended March 31, 2018, was $1.1 million, compared to loss from operations of $2.6 million for the three months ended March 31, 2017, as the impact of higher overall shipment volumes and pricing more than offset the effect of higher raw material and operating costs and lower cost absorption related to a partial plant idling.
Other income (expense) – net for the three months ended March 31, 2018, improved by $4.1 million compared to the three months ended March 31, 2017, including a one-time current period benefit of $2.4 million related to a contractual settlement with a third party, higher pension income of $1.1 million, and the non-recurring prior year cost of $0.4 million related to extinguishing the outstanding debt of ASW Steel, Inc., acquired in November 2016.
Sales for the Forged and Cast Engineered Products segment for the three months ended March 31, 2018, increased approximately 15% compared to prior year. Despite the loss of a key customer to a plant closure, higher shipment volumes of forged engineered products to the oil and gas industry led the increase. Sales of forged and cast mill rolls also increased. The segment recorded an operating income, compared to an operating loss in the prior year, due to the higher shipment volumes and improved pricing, partly mitigated by higher raw material and operating costs and unfavorable cost absorption related to the idling of a cast roll foundry which was in full operation in the prior year period.
Sales for the Air and Liquid Processing segment for the three months ended March 31, 2018, declined approximately 3%, as lower sales of centrifugal pumps to U.S. Navy shipbuilders was partly offset by higher sales demand for custom air handlers. Segment operating income declined for the quarter compared to prior year, in line with the lower sales volumes.
Remarking on the quarter’s results, John Stanik, Ampco-Pittsburgh’s Chief Executive Officer said, “Although pleased with our continued improvement, we remain focused on further operational advances, equipment reliability and commercial terms to be able to sustain and expand on this progress as our order book grows.”
Teleconference Access
Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on Thursday, May 10, 2018, at 10:30 a.m. Eastern Time (ET) to discuss its financial results for the first quarter ended March 31, 2018.
We encourage participants to pre-register for the conference call at http://dpregister.com/10119580 . Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time. Those without internet access or unable to pre-register may dial in by calling:
• Participant Dial-in (Toll Free): 1-844-308-3408 • Participant International Dial-in: 1-412-317-5408 For those unable to listen to the live broadcast, a replay will be available one hour after the event concludes on our website under the Investors menu at www.ampcopgh.com .
The Private Securities Litigation Reform Act of 1995 (the “Act”) provides a safe harbor for forward-looking statements made by or on our behalf. This news release may contain forward-looking statements that reflect our current views with respect to future events and financial performance. All statements in this document other than statements of historical fact are statements that are, or could be, deemed forward-looking statements within the meaning of the Act. In this document, statements regarding future financial position, sales, costs, earnings, cash flows, other measures of results of operations, capital expenditures or debt levels and plans, objectives, outlook, targets, guidance or goals are forward-looking statements. Words such as “may,” “intend,” “believe,” “expect,” “anticipate,” “estimate,” “project,” “forecast” and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, are not guarantees of future performance or expectations, and involve risks and uncertainties. For Ampco-Pittsburgh, these risks and uncertainties include, but are not limited to, those described under Item 1A, Risk Factors, of Ampco-Pittsburgh’s Annual Report on Form 10-K. In addition, there may be events in the future that we are not able to predict accurately or control which may cause actual results to differ materially from expectations expressed or implied by forward-looking statements. Except as required by applicable law, we assume no obligation, and disclaim any obligation, to update forward-looking statements whether as a result of new information, events or otherwise.
AMPCO-PITTSBURGH CORPORATION
FINANCIAL SUMMARY
(Dollars in thousands except per share amounts; shares outstanding in thousands) Three Months Ended March 31, 2018 2017 Sales $ 115,077 $ 103,516 Cost of products sold (excl. depreciation and amortization) 94,757 84,781 Selling and administrative 15,473 15,377 Depreciation and amortization 5,905 5,922 Loss on disposition of assets 45 0 Total operating expenses 116,180 106,080 Loss from operations (1,103 ) (2,564 ) Other income (expense) – net 2,051 (2,013 ) Income (loss) before income taxes 948 (4,577 ) Income tax benefit (provision) 441 (135 ) Equity gains in joint venture 0 50 Net income (loss) before noncontrolling interest 1,389 (4,662 ) Net income attributable to noncontrolling interest 448 121 Net income (loss) attributable to Ampco-Pittsburgh $ 941 $ (4,783 ) Net income (loss) per common share attributable to Ampco-Pittsburgh:
Basic
$ 0.08 $ (0.39 ) Diluted
$ 0.08 $ (0.39 ) Weighted-average number of common shares outstanding:
Basic 12,362 12,271 Diluted 12,379 12,271
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005670/en/
Ampco-Pittsburgh Corporation
Michael G. McAuley, 412-429-2472
Senior Vice President, Chief Financial Officer and Treasurer
[email protected]
Source: Ampco-Pittsburgh Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-ampco-pittsburgh-corporation-announces-first-quarter-2018-results.html |
May 10 (Reuters) - Park City Group Inc:
* PARK CITY GROUP REPORTS FISCAL THIRD QUARTER 2018 RESULTS
* TOTAL REVENUE INCREASED 11% TO $5.3 MILLION FOR THREE MONTHS ENDED MARCH 31, 2018
* Q3 GAAP EARNINGS PER SHARE $0.02 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-park-city-q3-gaap-earnings-per-sha/brief-park-city-q3-gaap-earnings-per-share-0-02-idUSASC0A1IR |
VANCOUVER, British Columbia, May 22, 2018 (GLOBE NEWSWIRE) -- New Point Exploration Corp. (CSE:NP) (Frankfurt:4NP) (“ New Point ” or the “ Company ”) is pleased to announce that it has entered into a share purchase agreement (the “ Acquisition Agreement ”) with Goldhat Resources Inc. and its shareholders, pursuant to which New Point has acquired Goldhat and its US subsidiary, which holds a long term, exclusive lease of certain unpatented mining claims known as the “ Empire Lithium Property ”.
Empire Lithium Property, Nevada
Bryn Gardener-Evans, President & CEO of New Point commented, “We are excited to add a promising lithium property to the portfolio at a time when lithium is receiving heightened market attention due to the emerging battery and electric vehicle markets.” Gardener-Evans continued, “This property is of particular interest due to its geological setting and the presence of lithium in active geothermal fluids and surface salts in the San Emidio Desert, which reflect many of the same characteristics of lithium brine deposits in Clayton Valley, Nevada and South America.”
About the Empire Lithium Property
The Empire Lithium Property is located in the San Emidio Desert, Nevada, approximately 100km north-northeast of Reno, and covers approximately 600 acres. The Property is in the northeastern corner of the Walker Lane trend, a structurally complex tectonic zone. This zone is still geologically active with numerous earthquakes and recent volcanic activity. Although the San Emidio Valley is the site of drilling for geothermal energy exploration and development, previous drilling has not been directed at a lithium brine or minerals model.
A grid soil sampling program was conducted on the Empire Lithium Property in October of 2016 by Nevada Energy Metals Inc. [Source: Alan J. Morris MSc, CPG, October 25, 2016: NI 43-101 Technical Report, San Emidio Desert Project, Washoe County, Nevada, USA]. The program collected samples on 200-meter intervals with lines spaced 400 meters apart and produced values of lithium ranging from 78.8 to 600 ppm with a median value of 300 ppm. These values compare favorably with the background in adjoining property ranges and may indicate the concentration of subsurface lithium brines in the Empire Lithium Property’s playa silts and salt crust.
The Company is currently in the process of preparing an initial exploration program for the property, which is expected to commence shortly.
Quality Control and Sampling
The soil samples were collected by a contract crew provided by Carlin Trend Mining Services of Elko, Nevada. The Author of the report titled NI 43-101 Technical Report, San Emidio Desert Project, Washoe County, Nevada, USA , Alan Morris, inserted standards into the sample stream and transported the samples from the office to the ALS preparation laboratory in Elko. ALS took custody of the samples on September 19, 2016 and shipped the samples to their Reno laboratory for sieving. After preparation, aliquots of the samples were shipped to the ALS analytical laboratory in Vancouver for analysis. Quality control standards inserted into the sample stream returned a variation of +/- 3.8% around the mean of 723. This standard has an approximate value of 750 ppm so these values are somewhat less than the advertised value but are well within acceptable range for exploration samples. Other than the soil sampling program, no proprietary data have been identified or reviewed on this project area. All data used in preparation of this report are derived from public domain sources. These reports are authored by reputable individuals or organizations and are assumed to be factually accurate.
Acquisition and Lease Terms
Pursuant to the Acquisition Agreement, on closing of the acquisition of Goldhat, New Point issued a total of 2.1 million common shares to the Goldhat shareholders. Under the long term lease, New Point’s newly acquired subsidiary will be responsible for annual lease payments of US$15,000 in year one and increasing to US$50,000 per annum after the 10 th anniversary. Mineral products from the Empire Lithium Property are subject to 2% net smelter return, which may be purchased for US$1M, and a further 1% net smelter return that may not be purchased. There is also a two year work commitment under the lease of US$75,000 in each year.
Qualified Person
Technical aspects of this press release have been reviewed and approved by Mr. Eric Saderholm, P.Geo., the designated Qualified Person (QP) under National Instrument 43-101.
About New Point Exploration Corp.
New Point (CSE: NP) is engaged in the business of acquiring, exploring and developing mineral properties related to the growing battery industry. Focused on high grade, prospective properties in North America, New Point is building a portfolio that includes lithium, cobalt and copper projects in prospective, mining-friendly jurisdictions. New Point, A Next Generation Metals Company .
On Behalf of the Board of New Point Exploration Corp.
Bryn Gardener-Evans
President & CEO
Corporate Office
1240-1140 West Pender St
Vancouver, BC
V6E 4G1
For further information, please contact:
E: [email protected]
P: 403-830-3710 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-new-point-acquires-empire-lithium-property-in-nevada.html |
SAN CARLOS, Calif., May 1, 2018 /PRNewswire/ -- Natera , (NASDAQ: NTRA), a leader in non-invasive genetic testing and the analysis of circulating cell-free DNA, today announced that it will release results for its first quarter ended March 31, 2018, after the market close on May 8, 2018. Natera will host a conference call and webcast at 1:30 p.m. PT (4:30 p.m. ET) to discuss its financial results, business activities, and financial outlook.
Earnings Conference Call Information:
Event:
Natera's First Quarter 2018 Financial Results Conference Call
Date:
Tuesday, May 8, 2018
Time:
1:30 p.m. PT (4:30 p.m. ET)
Live Dial-In:
(877) 823-0171, Domestic
(617) 500-6932, International
Conference ID:
8659708
Webcast:
https://edge.media-server.com/m6/p/kb85b7pc
A webcast replay will be available at investor.natera.com .
About Natera
Natera is a global leader in cell-free DNA testing. The mission of the company is to transform the diagnosis and management of genetic diseases. Natera operates an ISO 13485-certified and CAP-accredited laboratory certified under the Clinical Laboratory Improvement Amendments (CLIA) in San Carlos, Calif. It offers a host of proprietary genetic testing services to inform physicians who care for pregnant women, researchers in cancer including biopharmaceutical companies, and genetic laboratories through its cloud-based software platform. Follow Natera on LinkedIn and Twitter .
Contacts
Investor Relations
Mike Brophy, CFO, Natera, Inc., 650-249-9090
Media
Barbara Sullivan, Sullivan & Associates, 714-374-6174, [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/natera-inc-announces-first-quarter-2018-earnings-conference-call-300640585.html
SOURCE Natera, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-natera-inc-announces-first-quarter-2018-earnings-conference-call.html |
OAKVILLE, Ontario, May 03, 2018 (GLOBE NEWSWIRE) -- Innomar Strategies, Canada’s leading specialty pharmaceuticals service provider and a part of AmerisourceBergen, announced today the acquisition of regulatory consulting firm Therapeutic Products Inc. (TPIreg). With the addition of TPIreg, Innomar is the first full service distributor and support services company in the specialty marketplace in Canada to offer a comprehensive portfolio of commercialization services.
Since 2013, TPIreg has been a leader in the Canadian healthcare landscape, with expertise in providing regulatory and quality assurance consultation to specialty pharmaceutical manufacturers in North America, as well as international companies focused on entry into the Canadian market. Anne Tomalin, Founder of TPIreg, will join Innomar. She is one of Canada’s leading experts in regulatory affairs and brings more than 25 years of industry experience to the company along with significant relationships with Canadian regulators.
“At Innomar Strategies, we are committed to advancing the commercialization of specialty pharmaceuticals and delivering value to our patients and partners across the Canadian healthcare system,” said Guy Payette, President, Innomar Strategies. “TPIreg is dedicated to this same mission and we believe that together, our best-in-class combination of resources, solutions and expertise allows us to offer customers a true integration of commercialization services, including supporting full market authorization into Canada.”
Accompanying Tomalin is her team of renowned experts who will support Innomar in the key areas of Regulatory Marketing and clinical trial applications, Quality Assurance, Drug Establishment Licensing (DEL) and support, and post marketing regulatory activities regarding safety and supply chain management.
“TPIreg will benefit from Innomar’s broad expertise and looks forward to contributing to a suite of commercialization services for companies wanting to enter the pharmaceutical market in Canada,” said Anne Tomalin, President, TPIreg. “We are excited to join Innomar and accelerate our pace of innovation.”
Innomar Strategies offers a broad suite of customized, end-to-end commercialization solutions, including market access consulting, patient support programs, nursing and clinic services, and specialty pharmacy and logistics management.
About Innomar Strategies
Innomar Strategies, a part of AmerisourceBergen, is the leading patient support provider in the Canadian specialty biopharmaceutical market. We deliver end-to-end commercialization solutions to improve product access, increase supply chain efficiency and enhance patient care. Strategic consulting, patient support programs, nursing and clinical services, and specialty pharmacy and logistics are just a few of our key areas of specialization. We partner closely with manufacturers, healthcare providers, pharmacies and payers to ensure patients have consistent and reliable access to specialty medication. With our integrated approach and commitment to best-in-class care, Innomar Strategies helps navigate the patient journey to optimize health outcomes. Visit us at www.innomar-strategies.com .
About AmerisourceBergen
AmerisourceBergen provides pharmaceutical products, value-driving services and business solutions that improve access to care. Tens of thousands of healthcare providers, veterinary practices and livestock producers trust us as their partner in the pharmaceutical supply chain. Global manufacturers depend on us for services that drive commercial success for their products. Through our daily work—and powered by our 21,000 associates—we are united in our responsibility to create healthier futures. AmerisourceBergen is ranked #11 on the Fortune 500, with more than $150 billion in annual revenue. The company is headquartered in Valley Forge, Pa. and has a presence in 50+ countries. Learn more at amerisourcebergen.com .
Contact:
Lauren Esposito
Director of External Communications
AmerisourceBergen
610.576.3842
[email protected]
Source: Innomar Strategies | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-innomar-strategies-enhances-commercialization-expertise-with-acquisition-of-therapeutic-products-inc.html |
May 1, 2018 / 5:36 AM / Updated 3 hours ago PRESS DIGEST - Wall Street Journal - May 1 Reuters Staff 2 Min Read
May 1 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.
- In a twist during closing arguments of a six-week trial, the Justice Department urged the judge in the AT&T Inc merger case to consider "alternative" remedies if he decides not to block the planned acquisition of Time Warner Inc outright. ( on.wsj.com/2HZuAb4 )
- A federal jury found Autonomy Corp's former financial chief guilty of falsifying financial statements and exaggerating the British software maker's value before its sale to Hewlett Packard for $11 billion in 2011. ( on.wsj.com/2rbhopP )
- Jan Koum, Facebook Inc director and co-founder of its WhatsApp unit, is leaving the messaging service. ( on.wsj.com/2rcBgZP )
- Twitter Inc said it sold data to the Cambridge University academic who had separately shared user data he gleaned from Facebook Inc with third parties including the controversial research firm Cambridge Analytica. ( on.wsj.com/2I5ULwK )
- Banks and credit-card companies are discussing ways to identify purchases of guns in their payment systems, a move that could be a prelude to restricting such transactions. ( on.wsj.com/2rbuMKQ ) (Compiled by Bengaluru newsroom) | ashraq/financial-news-articles | https://www.reuters.com/article/press-digest-wsj/press-digest-wall-street-journal-may-1-idUSL3N1S819J |
May 1 (Reuters) - Rtx A/S:
* REG-INTERIM REPORT Q2 2017/18
* NET REVENUE INCREASED IN Q2 BY 26.9% TO DKK 106.8 MILLION
* Q2 2017/18 NET REVENUE DKK 106.8 MILLION VERSUS DKK 84.1 MILLION YEAR AGO
* GROSS PROFIT INCREASED BY 38.5% TO DKK 64.8 MILLION IN Q2 OF 2017/18 COMPARED TO SAME PERIOD LAST YEAR
* OPERATING PROFIT (EBIT) INCREASED TO DKK 19.6 MILLION COMPARED TO DKK 4.7 MILLION IN SAME PERIOD LAST YEAR
* SAYS COMBINED WITH CONTINUED INVESTMENT IN A BROADER PRODUCT PORTFOLIO AND TECHNOLOGY PLATFORM, MANAGEMENT MAINTAINS 2018 EXPECTATIONS FOR REVENUE BETWEEN DKK 460-490 MILLION, EBITDA BETWEEN DKK 72-87 MILLION AND OPERATING PROFIT (EBIT) BETWEEN DKK 58-73 MILLION Source text for Eikon: Further company coverage: (Reporting by Stine Jacobsen)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rtx-maintains-2018-outlook/brief-rtx-maintains-2018-outlook-idUSASO000438 |
May 9, 2018 / 10:07 AM / in 3 hours Putin, newly inaugurated, reviews Russia's 'invincible weapons' on Red Square Christian Lowe , Andrew Osborn 5 Min Read
MOSCOW (Reuters) - Russia’s Vladimir Putin watched advanced jets carrying a hypersonic missile he has touted as invincible scream over Red Square on Wednesday, days after the start of his fourth presidential term.
Part of an annual event marking the Soviet Union’s World War Two victory over the Nazis, Putin looked on as thousands of troops marched past him and columns of tanks rumbled across the famous square in a show of military might reminiscent of those displayed during the Cold War.
Putin reviewed the parade from a tribune packed with Soviet war veterans, some of whom wore rows of campaign medals and clutched red roses. Israeli Prime Minister Benjamin Netanyahu, in Moscow for talks on Syria, was also present, as was Serbian President Aleksandar Vucic. Hollywood actor Steven Seagal, who was given a passport by Putin in 2016, was also a guest.
The authorities, backed by state media, use the event to boost patriotic feeling and show the world and potential buyers of military hardware how a multi-billion dollar modernization program is changing the face of the Russian military.
Putin, whose relations with the West are on a hostile trajectory, has said he does not want an arms race while warning potential enemies that his country has developed a new generation of invincible weapons to protect itself just in case.
“We remember the tragedies of the two world wars, about the lessons of history which do not allow us to become blind. The same old ugly traits are appearing along with new threats: egoism, intolerance, aggressive nationalism and claims to exceptionalism,” Putin told the parade.
“We understand the full seriousness of those threats,” added Putin, who complained about what he said were unacceptable attempts to rewrite history while saying Russia was open to talks on global security if they helped keep world peace.
Putin has sharply increased military spending over the 18 years he has dominated Russian politics, handed the Russian military significant policy-making clout, and deployed Russian forces in Ukraine and Syria, stoking tensions with the West.
As commander-in-chief, he has also at times donned military uniform himself and been filmed at the controls of a strategic bomber and on the conning tower of a submarine in photo opportunities designed to boost his man of action image.
Weapons displayed on Red Square included Russia’s Yars mobile intercontinental nuclear missile launcher, its Iskander-M ballistic missile launchers, and its advanced S-400 air defense missile system, which Moscow has deployed in Syria to protect its forces. Russian President Vladimir Putin, Prime Minister of Israel Benjamin Netanyahu and Serbian President Aleksandar Vucic during the ceremony to lay flowers at the Tomb of the Unknown Soldier in Alexander Garden in Moscow, Russia May 9, 2018. Sputnik/Mikhael Klimentyev/Kremlin via REUTERS ‘INVINCIBLE MISSILE’
The first public outing of the Kinjal (Dagger) hypersonic missile, carried by advanced MiG-31K interceptor jets, was one of several world premieres for Russian weapons.
Putin disclosed the Kinjal’s existence in March along with other missile systems he touted as unbeatable, describing how it could evade any enemy defenses.
Russian media have said it can hit targets up to 2,000 km (1,250 miles) distant with nuclear or conventional warheads and that the missiles have already been deployed in Russia’s southern military district.
Russia’s most advanced fifth generation Su-57 stealth fighter, which has undergone testing in Syria, also took part in the parade for the first time, as did an unmanned armored reconnaissance and infantry support vehicle, the Uran-9.
Armed with a 30mm automatic cannon, a machine gun, anti-tank missiles and a rocket launcher, it looks like something out of a Hollywood science fiction film.
An unmanned de-mining vehicle, the Uran-6, was also put on show, as were Russia’s latest military drones and an armored vehicle designed to support tanks on the battlefield dubbed “The Terminator” by its maker.
An advanced Russian military snowmobile fitted with a machine gun, the Berkut, built to bolster Moscow’s Arctic ambitions, also traversed the cobbled square. Slideshow (22 Images)
The Moscow parade was one of many which took place across Russia on Wednesday involving a total of 55,000 troops, 1,200 weapons systems and 150 war planes in 28 Russian cities.
Some politicians in former Soviet republics and satellite states regard the parade as crude sabre-rattling by a resurgent Russia they say poses a threat to Europe’s security. Russia dismisses such allegations as nonsense. Writing by Andrew Osborn; additional reporting by Vladimir Soldatkin; Editing by Richard Balmforth | ashraq/financial-news-articles | https://www.reuters.com/article/us-ww2-anniversary-russia-parade/putin-newly-inaugurated-reviews-russias-invincible-weapons-on-red-square-idUSKBN1IA1AT |
Protests turns deadly in Nicaragua: witnesses 7:04am EDT - 01:09
Witnesses say there are new casualties in Nicaragua, after a march in the capital meant to demonstrate against recent deaths itself came under fire.
Witnesses say there are new casualties in Nicaragua, after a march in the capital meant to demonstrate against recent deaths itself came under fire. //reut.rs/2L8mA5u | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/31/protests-turns-deadly-in-nicaragua-witne?videoId=431860885 |
Why YouTube’s Attempt at a New Music Service Will Fall Flat The market for music subscription services is becoming crowded. hocus-focus Getty Images By Michael Wade and Stefan Michel 3:56 PM EDT
Last week, YouTube announced a new music streaming service—a revamped version of the existing YouTube Music . Launching Tuesday, the free, ad-supported version will remain in place, and there will be a Premium version with no ads for $9.99 per month. Google’s Play Music service will be phased out and its customers transferred over to YouTube Music.
We predict it will struggle.
It will not struggle because the service is bad—Google (GOOG) will do whatever is necessary to make it great. No doubt, it will have a tough time against well-entrenched competitors like Spotify (SPOT) , Apple (AAPL) Music, Amazon (AMZN) Music, and Tidal, but we don’t believe they will be the main cause of YouTube Music’s difficulties. After all, over a billion people already come to YouTube for their music needs every month, including a wealth of music videos and live performances beyond the officially released versions.
The source of YouTube’s struggles will quite simply come from the fact that it is trying to transition users from a free model to a paid model, and free is a trap that is very hard to escape from. YouTube has already struggled in this regard. Just look at its video-streaming subscription service YouTube Red. It tried to convince people who were already using YouTube for free to pay for it under the YouTube Red service banner. Despite massive investment in content and marketing since 2015, YouTube Red only accounts for around 7% of YouTube’s revenue.
Free and paid models only work if they address different segments with different needs and offer them different value propositions. You can access the same content on YouTube without paying. YouTube Music just gives you this content without the ads. The only other ‘benefit’ of paying for the Premium version is that you get to watch/listen offline as well as online.
Moving from free to fee is not a rational question of “value for money.” Mental accounting suggests that we put things we get for free in a different mental category from things we pay for. Moving from one category to the other, as YouTube Music is likely to find out, is extremely difficult.
When people are used to receiving something for free, the psychology of loss aversion is very hard to overcome. But the wide gap between the price of “free” and “not free” is not just an economic question. When a service changes from “free” to “not free,” it demands cognitive resources whereby any purchase is a deliberate decision that comes with search costs (evaluating all of the alternatives, doing the research, and finding the right service); risk and fairness assessment (how much is it worth to me? What should I pay when others can get almost the same thing for free? Will I look stupid in front of my friends when they hear that I am paying for something that they are getting for free?); paying effort (finding a credit card to use, tracking the expense, completing all of the login information, and justifying the expense); buyer’s remorse, and other psychological costs. Even worse in YouTube’s case: Most customers pay for only one music service, which means they would have to drop their current choice to subscribe to YouTube Music.
YouTube is not alone in this regard. Attempts to transition from free to paid models have consistently floundered across a variety of services, like Napster, Skype, and a long list of media content sites, like the San Francisco Chronicle , The Toronto Star , and U.K.’s The Sun .
By contrast, services that start with paid models have encountered less difficulty increasing prices. Netflix (NFLX) and Apple Music have had paid subscriptions from the outset. While Spotify has a free option, it has always made sure that key features like offline listening and the ability to skip songs were only available with paid subscriptions, in addition to a lack of advertising. LinkedIn has always maintained paid models for both job fillers and job seekers.
Amazon Prime, within which Amazon Music is bundled, is another example of a successful paid service. Amazon recently announced a price increase from $99 per year to $119, a jump of almost 20%. This comes on top of another $20 increase in 2014. These increases have done nothing to dent the service’s popularity. Going from paying something to paying a little more is less of an adjustment than going from paying nothing to paying something.
For this reason, Google Search, Facebook (FB) , Snapchat (SNAP) , Instagram, WhatsApp, and other wholly ad-supported services would find it very difficult to start charging for their core products and services. Ironically, if YouTube really wanted to make its paid music service succeed, it would probably have to make its free service less user-friendly, and “annoy” people into paying. This strategy, of course, may well backfire and send users instead to competing services.
Michael Wade is director of the Global Center for Digital Business Transformation at IMD. Stefan Michel is professor of Marketing and Service Management at IMD, and dean of IMD’s Executive MBA Program. | ashraq/financial-news-articles | http://fortune.com/2018/05/21/youtube-music-spotify-apple-music-amazon-music/ |
TSX and NASDAQ: MPVD
TORONTO and NEW YORK, May 15, 2018 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX and NASDAQ: MPVD) today announces Stuart Brown's appointment as the new President and Chief Executive Officer with effect from July 1, 2018.
Mr. Brown has over 25 years of experience in the diamond industry, where he has gained a wealth of experience across all aspects throughout the diamond pipeline from exploration, mine development and operations to the selling and marketing of diamonds. In 2006, after numerous roles within De Beers over a period of 14 years, Mr. Brown was appointed as the De Beers Group Chief Financial Officer. He held that position for over five years, and in 2010 was appointed joint acting CEO to run De Beers' global activities in addition to his CFO duties. Since September 2013, Mr. Brown has been the CEO of publicly-listed Firestone Diamonds Plc, a diamond producer in Lesotho. Mr. Brown was responsible for securing the funding and building the team that delivered the successful construction and transition to production of Firestone's Liqhobong diamond mine. Mr. Brown has an enviable track record of leading business transformation to develop lean, agile and high performing organisations. Mr. Brown holds a Bachelor of Accounting Science from the University of South Africa.
Jonathan Comerford, Mountain Province's Non Executive Chairman, commented, "We are very pleased to announce Stuart Brown as our new CEO. The Board conducted an exhaustive search for the role, and Stuart was a stand out candidate for the depth of his background in the diamond sector. Stuart has incredible experience in the space, having held the highest positions in De Beers. He is also very familiar with the Gahcho Kué diamond mine and its team from his time with De Beers. Mountain Province is building a strong team to execute our strategy of exploration and mining extension, and we are confident that Stuart's experience, both in De Beers and with Firestone, and his standing in the diamond industry will add substantial value to the Company."
Mr. Comerford continued, "On behalf of the Board, I would like to thank David Whittle for stepping in as Interim CEO last June. Over the past year, he has done a tremendous job of leading the company through a difficult period with the successful refinancing of Mountain Province's bank debt. He also completed the acquisition of Kennady Diamonds, which added significant long term value for the Company's Shareholders. I am delighted that David will remain on the Mountain Province Board, resuming his roles as both the Senior Non Executive Director and as Head of the Audit Committee."
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories. Gahcho Kué is the world's largest new diamond mine, consisting of a cluster of four diamondiferous kimberlites, three of which are being developed and mined under the initial 12 year mine plan.
Caution Regarding Forward Looking Information
This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations. Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.
Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.
These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed.
Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on Mountain Province's financial results, cash requirements, future prospects, and other factors deemed relevant by the Board.
View original content: http://www.prnewswire.com/news-releases/mountain-province-diamonds-announces-the-appointment-of-stuart-brown-as-incoming-president-and-ceo-300648253.html
SOURCE Mountain Province Diamonds Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-mountain-province-diamonds-announces-the-appointment-of-stuart-brown-as-incoming-president-and-ceo.html |
Canadian Natural Resources Ltd:
* CANADIAN NATURAL RESOURCES LIMITED ANNOUNCES NORMAL COURSE ISSUER BID
* CANADIAN NATURAL RESOURCES- TORONTO STOCK EXCHANGE ACCEPTED NOTICE FILED BY CANADIAN NATURAL OF INTENTION TO MAKE A NORMAL COURSE ISSUER BID
* CANADIAN NATURAL - NOTICE PROVIDES THAT FOR 12 MONTH PERIOD STARTING MAY 23, ENDING MAY 22 2019 CO MAY BUY FOR CANCELLATION UP TO 61.4 MILLION SHARES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-canadian-natural-resources-limited/brief-canadian-natural-resources-limited-announces-normal-course-issuer-bid-idUSFWN1SN0YX |
JERUSALEM (Reuters) - Israeli Prime Minister Benjamin Netanyahu said on Monday that the opening of the U.S. embassy in Jerusalem will be remembered in Israel for generations.
Israeli Prime Minister Benjamin Netanyahu speaks as U.S. Ambassador to Israel David Friedman sits next to him during the dedication ceremony of the new U.S. embassy in Jerusalem, May 14, 2018. REUTERS/Ronen Zvulun “This is a great day. A great day for Jerusalem. A great day for the state of Israel. A day that will be engraved in our national memory for generations,” Netanyahu said in a speech at the embassy’s opening ceremony.
The Israeli leader thanked U.S. President Donald Trump for “having the courage” to keep his promise to move the embassy to Jerusalem from Tel Aviv.
Netanyahu concluded his speech calling Jerusalem the “eternal, undivided capital of Israel.”
Reporting by Ari Rabinovitch, Editing by Stephen Farrell
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-usa-embassy-netanyahu/netanyahu-u-s-embassy-opening-in-jerusalem-a-great-day-idUSKCN1IF1XT |
CARACAS (Reuters) - Venezuela on Saturday accused the United States of using new sanctions against its government’s top officials to sabotage a controversial presidential election on Sunday, which the country’s opposition says has been rigged.
Venezuela's President Nicolas Maduro great the International observers for the upcoming May 20 election at the presidential palace in Caracas, Venezuela May 18, 2018. REUTERS/Carlos Jasso The U.S. ramped up pressure on President Nicolas Maduro’s government on Friday, accusing him of profiting from illegal narcotics shipments and imposing sanctions against the No. 2 official in the ruling Socialist Party, Diosdado Cabello.
The United States has already imposed sanctions against Maduro for human rights abuses and blamed him for Venezuela’s current economic and political crises. But Friday marked the first time that Washington publicly linked Maduro to the drug trade.
In a statement, Maduro’s government called the sanctions part of “a systematic campaign of aggression” by President Donald Trump’s administration and said they had no legal base.
“It’s not surprising that on the eve of a new vote, when the Venezuelan people will come out to defend their democracy against the imperialist aggressions that try and derail it, once again the U.S. regime tries to sabotage the elections,” it said.
The U.S. Treasury on Friday imposed sanctions against Cabello, his wife, Marleny Josefina Contreras who heads the country’s tourism institute, and his brother, Jose David.
Maduro is expected on Sunday to fend off a challenge from opposition candidate Henri Falcon, who is breaking the mainstream opposition coalition’s boycott of the vote which it says is rigged to assure Maduro wins a second term.
The hardline opposition party Popular Will on Saturday reiterated its call for Venezuelans to boycott the election and described it as an “electoral sham that seeks to validate the dictatorship in Venezuela and the world.”
Maduro insists the election will be free and fair, and accuses the opposition of refusing to participate because it knows it cannot win.
However, his government was forced to turn to observers from allied countries to monitor Sunday’s vote. It had invited the United Nations and other international bodies to send observers, but the UN believes the conditions do not exist to guarantee a democratic process.
The United States, Canada, the European Union and several countries in Latin America said they will not recognize the results of the polls on the grounds that they are not transparent or fair.
Reporting by Angus Berwick and Deisy Buitrago; Editing by Chris Reese
| ashraq/financial-news-articles | https://www.reuters.com/article/us-venezuela-election/venezuela-accuses-u-s-of-sabotaging-election-with-new-sanctions-idUSKCN1IK0UD |
May 2, 2018 / 3:43 PM / Updated 9 minutes ago GLOBAL MARKETS-Dollar climbs to 4-month highs, stocks dip before Fed Reuters Staff
* Apple results lift tech shares
* Fed likely to keep interest rates steady
* Eyes on Fed’s view of economy, inflation outlook (Updates with early U.S. markets’ activity, changes dateline, previous LONDON)
By Caroline Valetkevitch
NEW YORK, May 2 (Reuters) - The U.S. dollar rose to four-month highs against a basket of major currencies and world stock indexes mostly edged lower on Wednesday as investors awaited the outcome of a Federal Reserve meeting and possible indications on the interest rate outlook.
Forecast-beating results from the world’s biggest company, Apple Inc, lifted tech shares, limiting losses in stocks.
Expectations that the Fed will signal more policy tightening ahead kept some investors cautious. The Fed is likely to announce at 2 p.m. EDT (1800 GMT) that it is holding interest rates steady, but it could encourage expectations of a rate increase in June.
A hawkish-sounding Fed could further boost the dollar, which has roared higher in recent weeks, erasing its year-to-date losses versus a basket of currencies. The gains came amid signs the Fed will be the only major central bank to raise rates in the coming months.
The Fed may be reluctant to increase market expectations of further tightening until it sees more data, however. Markets are currently pricing in an additional two rate hikes this year.
“I don’t think the Fed is going to want markets to price in more tightening at this point,” said Shaun Osborne, chief FX strategist at Scotiabank in Toronto.
Against a basket of currencies, the dollar index rose 0.16 percent, with the euro down 0.18 percent to $1.1971.
On Wall Street, the Dow Jones Industrial Average fell 59.28 points, or 0.25 percent, to 24,039.77, the S&P 500 lost 5.9 points, or 0.22 percent, to 2,648.9 and the Nasdaq Composite added 3.99 points, or 0.06 percent, to 7,134.69.
The pan-European FTSEurofirst 300 index rose 0.60 percent and MSCI’s gauge of stocks across the globe shed 0.06 percent.
Apple, the world’s biggest company by market capitalization, beat profit and revenue expectations in the first quarter, thanks to robust iPhone sales, and it announced a $100 billion share buyback.
Apple shares rose 4.0 percent. Chipmakers STMicroelectronics , Infineon, BE Semiconductor and ASML also gained, enjoying the positive mood about the sector.
U.S. Treasury yields hovered near four-year highs. Data earlier showed U.S. private-sector payrolls for April came roughly in line with market forecasts.
Benchmark 10-year notes last rose 1/32 in price to yield 2.9719 percent, down from 2.976 percent late on Tuesday.
In the oil market, U.S. crude fell 0.21 percent to $67.11 per barrel and Brent was last at $72.55, down 0.79 percent on the day. Additional reporting by Karen Brettell in New York, Sujata Rao, Helen Reid and Dhara Ranasinghe in London; editing by Larry King and Jonathan Oatis | ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-dollar-climbs-to-4-month-highs-stocks-dip-before-fed-idUSL8N1S95U2 |
LONDON/ADEN (Reuters) - An explosion has damaged a Turkish vessel carrying wheat to Yemen’s Houthi-controlled port of Saleef, with varying accounts attributing the incident on Thursday to an unexplained blast aboard the ship or a possible missile strike.
A naval ship of a Saudi-led military coalition received a call from the captain of the vessel, the Ince Inebolu, who reported an opening had appeared in the middle of the ship on the left side, a spokesman for the alliance said.
“Coalition forces conducted a survey of the incident and visited the ship and found an explosion from the inside to the outside,” the spokesman said in a statement.
The captain said he did not know the cause of the damage, the spokesman said. The coalition later towed the ship to the port of Jizan in Saudi Arabia.
A shipping source said separately it was possible the damage was either caused by overheating of parts of the ship or a missile.
A separate source connected with the shipment said the vessel was carrying 50,000 tons of Russian milling wheat, adding that it was unclear if it was hit by a missile or due to an internal blast, while anchored about 70 miles off Saleef, which is just north of the port of Hodeidah on the Red Sea.
The ship was in a waiting area, the source said, where vessels typically anchor for permission to dock.
Reuters was unable to independently confirm whether a missile was fired.
The vessel’s Istanbul based owner Ince Shipping Group did not immediately respond to a request for comment.
Ship tracking data on Reuters showed the Turkish flagged Ince Inebolu bulk carrier’s last position as of 1157 GMT on Friday as being underway in the Red Sea with Saleef as its destination.
Commercial vessels off the coast of Yemen have come under periodic missile attack by the armed Houthi movement during Yemen’s three-year-old war.
The coalition has carried out thousands of air strikes against the Houthis since 2015 to restore the internationally recognized government. At least 10,000 people have been killed and three million forced to flee their homes.
Saleef port workers said the matter has been referred to U.N. Verification and Inspection Mechanism), an entity set up in 2016 to ease delivery of commercial goods through the blockade.
UNVIM did not immediately respond to a request for comment.
Reporting by Jonathan Saul, Mohammed Ghobari and Stephen Kalin, writing by Hadeel Al Sayegh, Editing by William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/us-yemen-security-ship/explosion-damages-vessel-carrying-wheat-to-yemen-idUSKBN1IC2CX |
SANTA MONICA, Calif.--(BUSINESS WIRE)-- Anworth Mortgage Asset Corporation (NYSE: ANH) (the “Company”) today reported its financial results for the first quarter ended March 31, 2018.
Earnings
The following table summarizes the Company’s core earnings, GAAP net loss to common stockholders, and comprehensive income for the three months ended March 31, 2018:
Three Months Ended March 31, 2018 (unaudited) Earnings Earnings Per Weighted
Share
Core earnings $ 13,732 $ 0.14 GAAP net loss to common stockholders $ (5,150 ) $ (0.05 ) Comprehensive loss $ (24,934 ) $ (0.25 ) Core earnings is a non-GAAP financial measure, which is explained and reconciled to GAAP net loss to common stockholders in the section entitled “ Related to Operating Results” near the end of this earnings release. Comprehensive loss is shown on the consolidated statements of comprehensive income, which is included in this earnings release. Comprehensive loss consists of the net loss to all stockholders (including the amounts paid to preferred stockholders) and the change in other comprehensive loss.
Portfolio
At March 31, 2018 and December 31, 2017, the composition of the Company’s portfolio at fair value was as follows:
March 31, 2018 December 31, 2017 Dollar Amount Percentage Dollar Amount Percentage (unaudited) Agency MBS: ARMS and hybrid ARMs $ 1,996,042 32.0 % $ 2,136,543 33.1 % Fixed-rate Agency MBS 2,078,037 33.4 % 2,142,254 33.3 % TBA Agency MBS 752,028 12.1 % 756,701 11.7 % Total Agency MBS $ 4,826,107 77.5 % $ 5,035,498 78.1 % Non-Agency MBS 778,541 12.5 % 760,825 11.8 % Residential mortgage loans (1) 611,006 9.8 % 639,351 9.9 % Residential real estate 14,079 0.2 % 14,143 0.2 % Total Portfolio $ 6,229,733 100.0 % $ 6,449,817 100.0 % Total Assets (2) $ 6,333,475 $ 6,522,242 (1) Residential mortgage loans owned by consolidated variable interest entities (“VIEs”) can only be used to settle obligations and liabilities of the VIEs for which creditors do not have recourse to the Company. (2) Includes TBA Agency MBS. Agency MBS
At March 31, 2018, the allocation of the Company’s agency mortgage-backed securities (“Agency MBS”) was approximately 41% adjustable-rate and hybrid adjustable-rate Agency MBS, 43% fixed-rate Agency MBS, and 16% fixed-rate TBA Agency MBS. At December 31, 2017, the allocation of the Company’s agency mortgage-backed securities (“Agency MBS”) was approximately 42% adjustable-rate and hybrid adjustable-rate Agency MBS, 43% fixed-rate Agency MBS, and 15% fixed-rate TBA Agency MBS, both periods of which are detailed below (dollar amounts in thousands):
March 31, 2018
December 31, 2017
(unaudited) Fair value of Agency MBS and TBA Agency MBS $ 4,826,107 $ 5,035,498 Adjustable-rate Agency MBS coupon reset (less than 1 year) 23 % 24 % Hybrid adjustable-rate Agency MBS coupon reset (1-2 years) 4 3 Hybrid adjustable-rate Agency MBS coupon reset (2-3 years) 4 4 Hybrid adjustable-rate Agency MBS coupon reset (3-4 years) 0 1 Hybrid adjustable-rate Agency MBS coupon reset (4-5 years) 5 3 Hybrid adjustable-rate Agency MBS coupon reset (5-7 years) 2 4 Hybrid adjustable-rate Agency MBS coupon reset (greater than 7 years) 3 3 Total adjustable-rate Agency MBS 41 % 42 % 15-year fixed-rate TBA Agency MBS 16 15 15-year fixed-rate Agency MBS 24 25 20-year and 30-year fixed-rate Agency MBS 19 18 Total fair value of Agency MBS and TBA Agency MBS 100 % 100 %
At March 31, 2018 and December 31, 2017, the summary statistics of the Company’s Agency MBS portfolio were as follows:
March 31, 2018
December 31, 2017
(unaudited) Weighted Average Agency MBS Coupon: Adjustable-rate Agency MBS 3.54 % 3.45 % Hybrid adjustable-rate Agency MBS 2.45 2.44 15-year fixed-rate Agency MBS 2.91 2.79 15-year fixed-rate TBA Agency MBS 3.13 2.75 20-year and 30-year fixed-rate Agency MBS 3.81 3.53 Total Agency MBS: 3.19 % 3.02 % Average Amortized Cost: Adjustable-rate Agency MBS 102.75 % 102.81 % Hybrid adjustable-rate Agency MBS 102.68 102.67 15-year fixed-rate Agency MBS 102.31 102.40 15-year fixed-rate TBA Agency MBS 100.27 101.06 20-year and 30-year fixed-rate Agency MBS 103.58 103.62 Total Agency MBS: 102.40 % 102.56
% Average asset yield (weighted average coupon divided by average amortized cost) 3.12 % 2.94 % Unamortized premium $111.2 million $117.5 million Unamortized premium as a percentage of par value 2.40 % 2.56 % Premium amortization expense on Agency MBS for the respective quarter $7.6 million $8.0 million At March 31, 2018 and December 31, 2017, the constant prepayment rate (“CPR”) and weighted average term to next interest rate reset of our Agency MBS were as follows:
March 31, 2018
December 31, 2017
(unaudited)
Constant prepayment rate (CPR) of Agency MBS 13 % 15 % Constant prepayment rate (CPR) of adjustable-rate and hybrid adjustable-rate Agency MBS 17 % 18 % Weighted average term to next interest rate reset on Agency MBS 26 months 27 months
Non-Agency MBS
Our Non-Agency MBS were either issued before 2008 or were recently issued and are collateralized by currently non-performing residential mortgage loans that were originated before 2008. The following tables summarize the Company’s Non-Agency MBS at March 31, 2018 and December 31, 2017:
March 31, 2018 (unaudited) Weighted Average Mortgage Loan Type Fair Value
Amortized Cost
Contractual Principal
Amortized Cost
Coupon Yield Prime $ 41,153 $ 39,603 $ 49,014 80.80 % 4.99 % 5.64 % Alt-A 561,404 536,088 712,670 75.22 % 5.61 % 5.42 % Subprime 20,453 19,237 21,207 90.71 % 4.15 % 5.74 % Non-performing 118,539 118,304 118,723 99.65 % 5.18 % 5.60 % Agency Risk Transfer 36,992 34,399 39,550 86.98 % 4.10 % 5.95 % Total Non-Agency MBS $ 778,541 $ 747,631 $ 941,164 79.44 % 5.42 % 5.49 % December 31, 2017 Weighted Average Mortgage Loan Type Fair Value
Amortized Cost
Contractual Principal
Amortized Cost
Coupon Yield Prime $ 42,381 $ 41,378 $ 50,820 81.42 % 4.75 % 5.56 % Alt-A 569,979 544,948 714,396 76.28 % 5.56 % 5.41 % Subprime 20,998 19,610 21,654 90.56 % 4.03 % 5.39 % Non-performing 94,245 93,715 94,228 99.46 % 5.20 % 5.71 % Agency Risk Transfer 33,222 30,973 35,750 86.64 % 4.14 % 5.94 % Total Non-Agency MBS $ 760,825 $ 730,624 $ 916,848 79.69 % 5.39 % 5.48 % Residential Mortgage Loans
The following table summarizes the Company’s residential mortgage loans held-for-investment at March 31, 2018 and December 31, 2017:
March, 31, 2018
December 31, 2017
(unaudited) Residential mortgage loans held-for-investment $ 611,006 $ 639,351 Asset-backed securities issued by securitization trusts 601,639 629,984 Retained interest in loans held in securitization trust $ 9,367 $ 9,367
Residential Real Estate
At March 31, 2018 and December 31, 2017, Anworth Properties Inc. owned 88 single-family residential rental properties located in Southeastern Florida that were carried at a total cost, net of accumulated depreciation, of $14.1 million and $14.1 million, respectively.
MBS Portfolio Financing
March 31, 2018 Agency MBS
Non-Agency MBS
Total MBS
(dollar amounts in thousands) (unaudited) Repurchase Agreements: Outstanding repurchase agreement balance $ 3,705,000 $ 540,797 $ 4,245,797 Average interest rate 1.75 % 3.10 % 1.92 % Average maturity 38 days 12 days 35 days Average interest rate after adjusting for interest rate swaps 1.88 % Average maturity after adjusting for interest rate swaps 972 days December 31, 2017 Agency MBS
Non-Agency MBS
Total MBS
(dollar amounts in thousands) Repurchase Agreements: Outstanding repurchase agreement balance $ 3,845,000 $ 520,695 $ 4,365,695 Average interest rate 1.47 % 2.87 % 1.64 % Average maturity 33 days 14 days 31 days Average interest rate after adjusting for interest rate swaps 1.77 % Average maturity after adjusting for interest rate swaps 674 days
Portfolio Leverage
At March 31, 2018, the Company’s leverage multiple was 6.12x. The leverage multiple is calculated by dividing the Company’s repurchase agreements outstanding by the aggregate of common stockholders’ equity plus preferred stock and junior subordinated notes. The Company’s effective leverage, which includes the effect of TBA dollar roll financing, was 7.20x at March 31, 2018. At December 31, 2017, the Company’s leverage multiple was 5.94x and the effective leverage was 6.97x.
Interest Rate Swaps
At March 31, 2018 and December 31, 2017, the Company’s interest rate swap agreements (“Swaps”) had the following notional amounts, weighted average fixed rates, and remaining terms:
March 31, 2018 December 31, 2017 Maturity Notional Amount
Weighted Average
Fixed
Rate
Remaining Term in
Months
Remaining Term in
Years
Notional Amount
Weighted Average
Fixed
Rate
Remaining Term in
Months
Remaining Term in
Years
(unaudited) Less than 12 months $ 385,000 1.34 % 5 0.5 $ 410,000 0.96 % 4 0.3 1 year to 2 years 650,000 1.61 18 1.5 725,000 1.60 19 1.6 2 years to 3 years 666,000 1.76 31 2.5 516,000 1.62 33 2.8 3 years to 4 years 250,000 1.79 42 3.5 350,000 1.90 43 3.6 4 years to 5 years 220,000 1.92 53 4.4 220,000 1.92 56 4.7 5 years to 7 years 435,000 2.27 75 6.2 260,000 1.98 74 6.2 7 years to 10 years 475,000 2.55 103 8.6 200,000 2.08 101 8.4 $ 3,081,000 1.88 % 45 3.7 $ 2,681,000 1.65 % 37 3.1 Effective Net Interest Rate Spread
March 31, 2018
December 31, 2017
(unaudited) Average asset yield, including TBA dollar roll income 3.41 % 3.16 % Effective cost of funds 2.09 1.92 Effective net interest rate spread 1.32 % 1.24 % Certain components of the effective net interest rate spread are non- , which are explained and reconciled to the nearest comparable in the section entitled “ Related to Operating Results” at the end of this earnings release.
Dividend
On March 15, 2018, the Company declared a quarterly common stock dividend of $0.15 per share for the first quarter ended March 31, 2018. Based upon the closing price of $4.80 on March 30, 2018, the annualized dividend yield on the Company’s common stock at March 31, 2018 was 12.5%.
Book Value per Common Share
At March 31, 2018, the Company’s book value was $5.48 per share of common stock, which was a decrease of $0.43 from a book value of $5.91 for the prior quarter.
The $0.15 quarterly dividend less the $0.43 decrease in book value per common share from the prior quarter resulted in a negative return on book value per common share of (4.74)% for the three months ended March 31, 2018.
Stock Transactions
During the quarter ended March 31, 2018, the Company issued an aggregate of 21,295 shares of its Series C Preferred Stock under its At Market Issuance Sales Agreement, which provided net proceeds to the Company of approximately $530 thousand.
Subsequent Events
Effective April 2, 2018, the conversion rate of our Series B Preferred Stock increased from 4.9673 shares of our common stock to 5.0453 shares of our common stock based upon the common stock dividend of $0.15 that was declared on March 15, 2018.
From April 2, 2018 through May 2, 2018, two interest rate swaps with an aggregate notional amount of $115 million matured and we added three new interest rate swaps with an aggregate notional amount of $150 million.
Conference Call
The Company will host a conference call on Thursday, May 3, 2018 at 1:00 PM Eastern Time, 10:00 AM Pacific Time, to discuss its first quarter 2018 financial results. The dial-in number for the conference call is 877-504-2731 for U.S. callers (international callers should dial 412-902-6640 and Canadian callers should dial 855-669-9657). When dialing in, participants should ask to be connected to the Anworth Mortgage earnings call. Replays of the call will be available for a 7-day period commencing at 3:00 PM Eastern Time on May 3, 2018. The dial-in number for the replay is 877-344-7529 for U.S. callers (Canadian callers should dial 855-669-9658 and international callers should dial 412-317-0088) and the conference number is 10120060. The conference call will also be webcast live over the Internet, which can be accessed on the Company’s website at http://www.anworth.com through the corresponding link located at the top of the home page.
Investors interested in participating in the Company’s Dividend Reinvestment and Stock Purchase Plan (the “DRP Plan”) or receiving a copy of the DRP Plan’s prospectus may do so by contacting the Plan Administrator, American Stock Transfer & Trust Company, at 877-248-6410. For more information about the Plan, interested investors may also visit the Plan Administrator’s website at http://www.amstock.com/investpower/new_dp.asp or the Company’s website at http://www.anworth.com .
About Anworth Mortgage Asset Corporation
Anworth is an externally-managed mortgage real estate investment trust. We invest primarily in mortgage-backed securities that are either rated “investment grade” or are guaranteed by federally sponsored enterprises, such as Fannie Mae or Freddie Mac. We seek to generate income for distribution to our shareholders primarily based on the difference between the yield on our mortgage assets and the cost of our borrowings. We are managed by Anworth Management LLC (our “Manager”), pursuant to a management agreement. Our Manager is subject to the supervision and direction of our Board of Directors and is responsible for (i) the selection, purchase, and sale of our investment portfolio; (ii) our financing and hedging activities; and (iii) providing us with management services and other services and activities relating to our assets and operations as may be appropriate. Our common stock is traded on the New York Stock Exchange under the symbol “ANH.” Anworth is a component of the Russell 2000® Index.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This news release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based upon our current expectations and speak only as of the date hereof. Forward-looking statements, which are based on various assumptions (some of which are beyond our control) may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “anticipate,” “assume,” “estimate,” “intend,” “continue,” or other similar terms or variations on those terms or the negative of those terms. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including but not limited to, changes in interest rates; changes in the market value of our mortgage-backed securities; changes in the yield curve; the availability of mortgage-backed securities for purchase; increases in the prepayment rates on the mortgage loans securing our mortgage-backed securities; our ability to use borrowings to finance our assets and, if available, the terms of any financing; risks associated with investing in mortgage-related assets; changes in business conditions and the general economy; implementation of or changes in government regulations affecting our business; our ability to maintain our qualification as a real estate investment trust for federal income tax purposes; our ability to maintain an exemption from the Investment Company Act of 1940, as amended; risks associated with our home rental business; and the Manager’s ability to manage our growth. Our Annual Report on Form 10-K and other SEC filings discuss the most significant risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
ANWORTH MORTGAGE ASSET CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts)
March 31, December 31, 2018 2017 (unaudited) ASSETS Agency MBS at fair value (including $3,947,248 and $4,073,852 pledged to counterparties at March 31, 2018 and December 31, 2017, respectively)
$ 4,074,079 $ 4,278,797 Non-Agency MBS at fair value (including $683,100 and $661,445 pledged to counterparties at March 31, 2018 and December 31, 2017, respectively)
778,541 760,825 Residential mortgage loans held-for-investment (1) 611,006 639,351 Residential real estate 14,079 14,143 Cash and cash equivalents 15,420 12,273 Restricted cash 2,523 11,157 Interest and dividends receivable 17,887 18,091 Derivative instruments at fair value 59,057 27,793 Prepaid expenses and other 8,855 3,111 Total Assets $ 5,581,447 $ 5,765,541 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities: Accrued interest payable $ 14,190 $ 15,835 Repurchase agreements 4,245,797 4,365,695 Asset-backed securities issued by securitization trusts (1) 601,639 629,984 Junior subordinated notes 37,380 37,380 Derivative instruments at fair value 7,863 1,335 Dividends payable on preferred stock 2,292 2,272 Dividends payable on common stock 14,732 14,721 Accrued expenses and other 1,182 897 Total Liabilities
$ 4,925,075 $ 5,068,119 Series B Cumulative Convertible Preferred Stock: par value $0.01 per share; liquidating preference $25.00 per share ($19,494 and $19,494, respectively); 780 and 780 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively)
$ 19,455 $ 19,455 Stockholders’ Equity: Series A Cumulative Preferred Stock: par value $0.01 per share; liquidating preference $25.00 per share ($47,984 and $47,984, respectively); 1,919 and 1,919 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively)
$ 46,537 $ 46,537 Series C Cumulative Preferred Stock: par value $0.01 per share; liquidating preference $25.00 per share ($50,257 and $49,725, respectively); 2,010 and 1,989 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively)
48,944 48,420 Common Stock: par value $0.01 per share; authorized 200,000 shares, 98,212 shares issued and outstanding at March 31, 2018 and 98,137 shares issued and outstanding at December 31, 2017, respectively)
982 981 Additional paid-in capital 980,632 980,243 Accumulated other comprehensive income consisting of unrealized gains and losses (5,060 ) 17,021 Accumulated deficit (435,118 ) (415,235 ) Total Stockholders’ Equity $ 636,917 $ 677,967 Total Liabilities and Stockholders’ Equity $ 5,581,447 $ 5,765,541 (1) The consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations and liabilities of the VIEs for which creditors do not have recourse to the Company. At March 31, 2018 and December 31, 2017, total assets of the consolidated VIEs were $613 million and $641 million, respectively (including accrued interest receivable of $2.0 million and $2.1 million, respectively) (which is recorded above in the line item entitled “Interest and dividends receivable”), and total liabilities were $604 million and $632 million, respectively (including accrued interest payable of $2.0 million and $2.0 million, respectively) (which is recorded above in the line item entitled “Accrued interest payable”).
ANWORTH MORTGAGE ASSET CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except for per share amounts)
Three Months Ended March 31, 2018 2017 (unaudited)
Interest and other income: Interest-Agency MBS $ 24,044 $ 17,103 Interest-Non-Agency MBS 10,021 9,568 Interest-residential mortgage loans 6,238 7,351 Other interest income 28 26 40,331 34,048 Interest Expense: Interest expense on repurchase agreements 19,093 10,411 Interest expense on asset-backed securities 6,070 7,075 Interest expense on junior subordinated notes 447 384 25,610 17,870 Net interest income 14,721 16,178 Operating Expenses: Management fee to related party (1,737 ) (1,821 ) Rental properties depreciation and expenses (386 ) (330 ) General and administrative expenses (1,110 ) (1,154 ) Total operating expenses (3,233 ) (3,305 ) Other (loss) income: Income-rental properties 451 449 (Loss) on sales of MBS (19,314 ) (68 ) Impairment charge on Non-Agency MBS - (732 ) Unrealized (loss) gain on Agency MBS held as trading investments (8,890 ) 122 Gain on sales of residential mortgage loans held-for-investment - 378 Gain on derivatives, net 13,412 2,378 Recovery on Non-Agency MBS - 1 Total other (loss) income (14,341 ) 2,528 Net (loss) income $ (2,853 ) $ 15,401 Dividends on preferred stock (2,297 ) (1,755 ) Net (loss) income to common stockholders $ (5,150 ) $ 13,646 Basic (loss) earnings per common share $ (0.05 ) $ 0.14 Diluted (loss) earnings per common share $ (0.05 ) $ 0.14 Basic weighted average number of shares outstanding 98,185 95,705 Diluted weighted average number of shares outstanding 98,185 100,544
ANWORTH MORTGAGE ASSET CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands, except for per share amounts)
March 31, 2018 2017 (unaudited) Net (loss) income $ (2,853 ) $ 15,401 Available-for-sale Agency MBS, fair value adjustment (35,481 ) 2,335 Reclassification adjustment for loss on sales of Agency MBS included in net (loss) income
11,945 68 Available-for-sale Non-Agency MBS, fair value adjustment 667 9,514 Reclassification adjustment for loss on sales of Non-Agency MBS included in net (loss) income
42 - Unrealized gains on interest rate swaps 940 540 Reclassification adjustment for interest expense on interest rate swaps included in net (loss) income
(194 ) 74 Other comprehensive (loss) income (22,081 ) 12,531 Comprehensive (loss) income $ (24,934 ) $ 27,932
Related to Operating Results
In addition to the Company’s operating results presented in accordance with GAAP, the following tables include the following non- : core earnings (including per common share), total interest income, and average asset yield, including TBA dollar roll income, paydown expense on Agency MBS, and effective total interest expense and effective cost of funds. The first table below reconciles the Company’s “net loss to common stockholders” for the three months ended March 31, 2018 to “core earnings” for the same period. Core earnings represents “net loss to common stockholders” (which is the nearest comparable GAAP measure), adjusted for the items shown in the table below. The second table below reconciles the Company’s total interest and other income for the three months ended March 31, 2018 (which is the nearest comparable GAAP measure) to the total interest income and average asset yield, including TBA dollar roll income, and shows the annualized amounts as a percentage of the Company’s average earning assets and also reconciles the Company’s total interest expense (which is the nearest comparable GAAP measure) to the effective total interest expense and effective cost of funds and shows the annualized amounts as a percentage of the Company’s average borrowings.
The Company’s management believes that:
these non- are useful because they provide investors with greater transparency to the information that the Company uses in its financial and operational decision-making process; the inclusion of paydown expense on Agency MBS is more indicative of the current earnings potential of the Company’s investment portfolio, as it reflects the actual principal paydowns which occurred during the period. Paydown expense on Agency MBS is not dependent on future assumptions on prepayments or the cumulative effect from prior periods of any current changes to those assumptions, as is the case with the GAAP measure, “Premium amortization on Agency MBS”; the adjustment for depreciation expense on residential rental properties is a non-cash item and is added back by other companies to derive core earnings or funds from operations; and the presentation of these measures, when analyzed in conjunction with the Company’s GAAP operating results, allows investors to more effectively evaluate the Company’s performance to that of its peers, particularly those that have discontinued hedge accounting and those that have used similar portfolio and derivative strategies.
These non- should not be used as a substitute for the Company’s operating results for the three months ended March 31, 2018. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP.
Core Earnings
Three Months Ended March 31, 2018 Amount Per Share (in thousands) (unaudited) Net loss to common stockholders $ (5,150 ) $ (0.05 ) Adjustments to derive core earnings: Loss on sales of MBS 19,314 0.20 Unrealized loss (gain) on Agency MBS held as trading investments 8,890 0.09 Unrealized gain on interest rate swaps, net
(25,394 ) (0.26 ) Loss on derivatives-TBA Agency MBS, net 11,981 0.12 Amortization of other comprehensive income on de-designated interest rate swaps (1) (194 ) - Net settlement on interest rate swaps after de-designation (2) (402 ) (0.01 ) Dollar roll income on TBA Agency MBS (3) 2,596 0.03 Premium amortization on Agency MBS 7,601 0.08 Paydown expense (4) (5,628 ) (0.06 ) Depreciation expense on residential rental properties (5) 118 - Core earnings $ 13,732 $ 0.14 Basic weighted average number of shares outstanding 98,185 (1) This amount represents the amortization of the balance remaining in “accumulated other comprehensive income” as a result of the Company’s discontinuation of hedge accounting in August 2014 and is recorded in its statements of operations as a portion of interest expense in accordance with GAAP. (2) Net settlements on interest rate swaps after de-designation include all subsequent net payments made on interest rate swaps which were de-designated as hedges in August 2014 and also on any new interest rate swaps entered into after that date. These amounts are recorded in “Gain on interest rate swaps, net.” (3) Dollar roll income on TBA Agency MBS is the income resulting from the price discount typically obtained by extending the settlement of TBA Agency MBS to a later date. This is a component of the “Gain on derivatives, net” that is shown on the Company’s statements of operations. (4) Paydown expense on Agency MBS represents the proportional expense of Agency MBS purchase premiums relative to the Agency MBS principal payments and prepayments which occurred during the three-month period. (5) Depreciation expense is added back in the core earnings calculation, as it is a non-cash item, and it is similarly added back in other companies’ calculation of core earnings or funds from operations.
Effective Net Interest Rate Spread
Three Months Ended March 31, 2018 Amount
Annualized Percentage
(in thousands) (unaudited) Average Asset Yield, Including TBA Dollar Roll Income: Total interest income $ 40,331 3.04 % Income-rental properties 451 0.01 % Dollar roll income on TBA Agency MBS (1) 2,596 0.20 % Premium amortization on Agency MBS 7,601 0.58 % Paydown expense on Agency MBS (2) (5,628 ) -0.42 % Total interest and other income and average asset yield, including TBA dollar roll income $ 45,351 3.41 % Effective Cost of Funds: Total interest expense $ 25,610 2.05 % Net settlement on interest rate Swaps after de-designation (3) 402 0.03 % Amortization of other comprehensive income on de-designated Swaps (4) 194 0.01 % Effective total interest expense and effective cost of funds $ 26,206 2.09 % Effective net interest rate spread 1.32 % Average earning assets $ 5,312,243 Average borrowings $ 5,004,488 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-anworth-reports-first-quarter-2018-financial-results.html |
May 23, 2018 / 5:19 PM / Updated 2 hours ago UEFA president hits out at Infantino plans to 'sell soul' of game Simon Evans 2 Min Read
(Reuters) - UEFA President Aleksander Ceferin criticised his FIFA counterpart Gianni Infantino’s plans to create two new tournaments as “highly cynical and ruthless mercantilism” and accused the global body of selling the soul of the game. FILE PHOTO: UEFA president Aleksander Ceferin speaks during a news conference in Stara Pazova, Serbia, March 31, 2017. REUTERS/Antonio Bronic
After bodies representing European clubs and leagues came out against the plan, Ceferin’s speech at the European Union in Brussels indicates a serious rift between Infantino and the European game.
Infantino, previously UEFA’s General Secretary, has proposed staging what would effectively be a mini-World Cup. It would feature eight international teams and take place every two years in addition to the traditional event.
The ‘Final Eight’ would be the conclusion to a ‘Global Nations League’ while the FIFA president also wants to see an expanded Club World Cup with 24 teams as part of a package which he says unnamed investors are willing to invest $25 billion over 12 years.
In an address to the Council of European Union Sports Ministers in Brussels on Wednesday, Ceferin said: “As long as I am UEFA President there will be no room for pursuing selfish endeavours or hiding behind false pretences.
“I cannot accept that some people who are blinded by the pursuit of profit are considering to sell the soul of football tournaments to nebulous private funds.
“Money does not rule – and the European sports model must be respected. Football is not for sale. I will not let anyone sacrifice its structures on the altar of a highly cynical and ruthless mercantilism.”
Ceferin said that the game needed to address the concentration of wealth among a small group of clubs because it “threatens the competitive balance that is essential to football’s appeal”.
“We are ready to take action to enhance competitive balance ... There is an urgent need to act and respond before it is too late.” Reporting by Simon Evans, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-uefa-fifa/uefa-president-hits-out-at-infantino-plans-to-sell-soul-of-game-idUKKCN1IO2QE |
Getty Images Saru Jayaraman When we think about food insecurity, tipped restaurant workers rarely come to mind. It's hard to picture the person who serves us a club sandwich for lunch or bread sticks before dinner not knowing where their next meal is coming from or how they will feed their children when they get home.
But the reality is that many tipped restaurant workers – the bartenders, waiters, waitresses and hosts at the local Olive Garden or neighborhood burger joint – are struggling to make ends meet. They're surrounded by food, but they struggle to feed themselves and their families.
For tipped workers, the Supplemental Nutrition Assistance Program (SNAP) is a lifeline. Unlike other minimum wage workers, tipped workers haven't seen their federally mandated wage increase since 1991 when it was increased by a meager 4 cents to $2.13 an hour.
In fact, tipped restaurant workers are twice as likely to need the support of SNAP as other working adults with one in seven restaurant workers using the program to help put food on the table.
The modest support of just $1.40 per person per meal that SNAP provides makes a real difference in the lives of millions. It is one of the most effective anti-poverty programs we have in this country, lifting 8 million Americans out of poverty every year, including 4 million children.
It's outrageous that so many in the restaurant industry have to turn to SNAP for support, but that is the unfortunate reality until our elected leaders end the two-tiered wage system and ensure that these workers, over two-thirds of whom are women, make a living wage and see improved working conditions.
Not only are Republicans in Congress doing nothing to improve wages, now they have proposed to strip food stamps, a critical support, from millions of people across the country, including thousands of tipped workers.
Unfortunately, U.S. House Republicans have ignored the historically bipartisan nature of the Farm Bill, which funds SNAP and is renewed every five years, and instead made partisan cuts to this vital program that helps 42 million Americans afford groceries.
It's difficult to understand how Republican leaders in the House of Representatives can justify cutting $17 billion from this program after voting for a $1.4 trillion tax giveaway for the very wealthy and large corporations that blows a $1.9 trillion hole in the budget. In fiscal year 2017, SNAP and other food assistance programs cost the U.S. about $70 billion.
The GOP tax bill significantly cut the corporate tax rates, which benefits many of very companies that pay their workers so little they have to turn to SNAP to put food on the table including the restaurant industry.
The cost of keeping SNAP funded and taking care of workers who don't make enough to support themselves or their families is a drop in the bucket compared to this huge tax giveaway. If Congress can afford tax breaks for the rich, they can afford food for working families.
Darden is the world's largest full-service restaurant company. It owns Olive Garden, LongHorn Steakhouse, and Capital Grille among other national chains, has 1,500 locations, sells an estimated 320 million meals a year, and employs 150,000 people , but it also relies on taxpayers to subsidize its low wages through programs like SNAP.
A single Olive Garden costs taxpayers $196,970 every year . That's hundreds of millions of dollars that taxpayers are giving every year to a company that rakes in $6.7 billion in revenue . In fact, the total cost of public assistance for families of workers in the full-service restaurant industry is more than $9.4 billion per year .
Darden expects to make higher earnings this year thanks to the new tax law but so far has no specific plan to increase salaries for its workers.
Instead of making drastic cuts to SNAP, our elected officials should use the Farm Bill negotiations as an opportunity to protect this essential program and then turn to real workforce development solutions like replacing the subminimum wage for tipped workers with One Fair Wage - a full minimum wage in addition to tips which allows workers to support their families. One Fair Wage policy is currently moving in New York, Washington, DC and Michigan.
Ultimately, Congress should pass One Fair Wage so that tipped restaurant workers do not have to rely on food stamps at all. Until this happens, the least Congress can do is stand against cuts to food assistance that will increase hunger and poverty among these workers and millions across the country.
If we want those serving our food to have the security of knowing they can afford dinner after their shift, House Republicans need to abandon this dangerous effort to cut SNAP.
Commentary by Saru Jayaraman, co-founder and president of Restaurant Opportunities Centers (ROC) United and ROC Action.
For more insight from CNBC contributors, follow @CNBCopinion on Twitter. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/gop-snap-cuts-will-leave-your-waitress-going-hungry.html |
May 26, 2018 / 7:06 PM / Updated an hour ago Rugby - Majestic Toner powers Leinster to Pro14 final win over Scarlets Philip O'Connor 2 Min Read
DUBLIN (Reuters) - A superb display by lock Devin Toner laid the foundations for Leinster to outclass Scarlets 40-32 in the Pro14 final at the Aviva Stadium on Saturday, capping a fine season with another trophy to add to the European Cup they won two weeks ago in Bilbao.
With Leinster outscoring the Welsh side by three penalties to two in the early stages, Toner bulldozed over for the first try on the half-hour mark to put his side 14-6 up, with Johnny Sexton missing the conversion.
Scarlets struck back almost immediately, exploring some sloppiness in defence to allow Johnny McNicholl to dive over for a try and close the gap to 14-11, but again the conversion was missed.
Toner was instrumental in the Irish provincial side’s second try before the break, snagging a line-out with one hand for Luke McGrath and Sexton set up James Lowe to go over in the corner.
Sexton adding the conversion to leave his side leading by 10 at the break, and after his superb free kick into the corner early in the second, Toner urged his men on again and Sean Cronin touched down after a rolling maul form the resulting line-out.
Jordan Larmour piled on the misery for Scarlets with a superb solo effort, collecting the ball while charging towards his own goal before hammering it up the field and winning the chase to touch down for a 22-point lead.
McNicholl claimed his second for Scarlets with an acrobatic dive to reduce the deficit to 15 but minutes later Leinster broke the line again and Jack Conan swan-dived across the line to touch down beneath the posts.
Scarlets substitute Werner Krueger added a late consolation try and McNicholl then completed his hat-trick late on as the deficit was cut to 40-32, but Leinster had too much power as they claimed the Pro14 crown. Editing by Clare Fallon | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-len-sca/rugby-majestic-toner-powers-leinster-to-pro14-final-win-over-scarlets-idUKKCN1IR0P5 |
NEW YORK--(BUSINESS WIRE)-- Wolters Kluwer Tax & Accounting, a leading global provider of tax, accounting and audit software and information solutions, today announced that tenured software executive Jim Dunham, former CEO of Nucleus Growth, has joined the company as Executive Vice President & General Manager for TeamMate Solutions. Dunham will report to Ian Rhind , President and CEO, Wolters Kluwer Tax & Accounting Corporate Performance Solutions, and will be part of that unit’s executive team.
“We are thrilled to welcome Jim as the executive responsible for leading TeamMate’s growth,” said Rhind. “His extensive enterprise software experience that has driven innovative cloud and business intelligence solutions, pairs well with TeamMate and will help us to continue delivering leading edge solutions for our global customers.”
Dunham brings with him a unique mix of start-up and large Enterprise software expertise. Before joining Wolters Kluwer, he founded Nucleus Growth, a private equity business focused on identifying, acquiring and building out existing bootstrapped software companies. Prior to that, Dunham spent seven years at SAP Labs managing the Governance Risk & Compliance and Public Sector business units. He also spent several years at Siebel Systems, managing the Travel and Transportation and Public Sector businesses. Dunham is a United States Air Force veteran and has led special projects for the National Aeronautics and Space Administration.
“I am delighted to join Wolters Kluwer,” said Dunham. “The innovative solutions TeamMate is delivering to provide professionals with the analytical tools they need to identify, assess and manage risk, is truly motivating. I am excited to continue the success of combining technologies with credentialed expertise to help our clients remain at peak performance in their professional roles.”
Thought leaders and TeamMate Solutions co-founders, Mike Gowell and John Gagnon, will remain in their strategic roles reporting directly to Dunham.
About Wolters Kluwer
Wolters Kluwer is a global leader in professional information, software solutions, and services for the health, tax & accounting, finance, risk & compliance, and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.
Wolters Kluwer reported 2017 annual revenues of €4.4 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information about our solutions and organization, visit www.wolterskluwer.com , follow us on Twitter, Facebook, LinkedIn, and YouTube.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005351/en/
Wolters Kluwer Tax & Accounting
Nicole Young
347-931-1055
[email protected]
Source: Wolters Kluwer Tax & Accounting | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-jim-dunham-joins-wolters-kluwer-tax-accounting-as-executive-vice-president-general-manager-of-teammate-solutions.html |
WASHINGTON (Reuters) - U.S. Justice Department Special Counsel Robert Mueller has issued two subpoenas to a social media expert who worked for longtime Donald Trump adviser Roger Stone during the 2016 presidential election campaign.
FILE PHOTO: FBI Director Robert Mueller testifies before the House Judiciary Committee hearing on Federal Bureau of Investigation oversight on Capitol Hill in Washington, DC, U.S., June 13, 2013. REUTERS/Yuri Gripas/File Photo The subpoenas were delivered late last week to lawyers representing Jason Sullivan, a social media and Twitter specialist Stone hired to work for an independent political action committee he set up to support Trump, Knut Johnson, a lawyer for Sullivan, told Reuters on Tuesday.
The subpoenas suggest that Mueller, who is probing Russian meddling in the 2016 U.S. presidential election, is focusing in part on Stone and whether he might have had advance knowledge of material allegedly hacked by Russian intelligence and sent to WikiLeaks founder Julian Assange, who published it.
Stone appeared before the U.S. House of Representatives Intelligence Committee last September and denied allegations of collusion between the president’s associates and Russia during the election. “I am aware of no evidence whatsoever of collusion by the Russian state or anyone in the Trump campaign,” Stone told reporters at the time.
According to sources familiar with the ongoing investigation, Mueller also has been probing whether anyone associated with the Trump campaign may have helped Assange or the Russians time or target the release of hacked emails and other social media promoting Trump or critical of Democratic candidate Hillary Clinton.
A spokesman for Mueller declined to comment. Russia has denied interfering in the election. President Trump has repeatedly denied his campaign colluded with Russia.
Sullivan told Reuters that he heads Cyphoon.com, a social media firm, and “worked on the Trump campaign serving as Chief Strategist directly to Roger J. Stone Jr.”
“Welcome To The Age of Weaponized Social Media,” said a strategy document Sullivan prepared for Stone and seen by Reuters. He described a “system” he devised for creating Twitter “swarms” as “an army of sophisticated, hyper-targeted direct tweet automation systems driven by outcomes-based strategies derived from REAL-TIME actionable insights.”
For example, at 6:43 a.m. local time on Election Day in 2016, Trump tweeted, “TODAY WE MAKE AMERICAN GREAT AGAIN”. Trump’s message soon was retweeted more than 343,000 times, and in an interview last year, Sullivan told Reuters that the swarm helped overcome a surge in pro-Clinton social media postings and boost voter turnout for Trump.
Stone on Tuesday repeated his public denials that he had an inside track to WikiLeaks or others who hacked or published Democratic Party and Clinton-related emails and said no one from Mueller’s team has tried to contact him.
One of the two subpoenas delivered last week requests that Sullivan appear before a grand jury on May 18 at the Federal Courthouse in Washington, D.C. The other orders Sullivan to bring documents, objects and electronically stored information.
Related Coverage Lawyer for Russian company says Mueller's office slow to hand over evidence Reporting by Mark Hosenball; Editing by John Walcott and James Dalgleish
| ashraq/financial-news-articles | https://in.reuters.com/article/usa-trump-mueller/mueller-issues-grand-jury-subpoenas-to-trump-advisers-social-media-consultant-idINKCN1IH2P2 |
BEIJING, May 24 (Reuters) - China’s Foreign Ministry said on Thursday it appreciated Burkina Faso’s decision to cut ties with Taiwan. (Reporting by Ben Blanchard; Editing by Nick Macfie)
| ashraq/financial-news-articles | https://www.reuters.com/article/burkina-taiwan-china/china-applauds-burkina-faso-decision-to-cut-ties-with-taiwan-idUSL3N1SV509 |
REDWOOD CITY, Calif. (AP) _ OncoMed Pharmaceuticals Inc. (OMED) on Tuesday reported a loss of $5.6 million in its first quarter.
The Redwood City, California-based company said it had a loss of 15 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 25 cents per share.
The cancer therapy developer posted revenue of $7.8 million in the period.
In the final minutes of trading on Tuesday, the company's shares hit $2.99. A year ago, they were trading at $3.69.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on OMED at https://www.zacks.com/ap/OMED | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-associated-press-oncomed-1q-earnings-snapshot.html |
TORONTO, May 15, 2018 /PRNewswire/ - Roxgold Inc. ("Roxgold" or the "Company") (TSX: ROXG) (OTC: ROGFF) today reported its first quarter financial results for the period ended March 31, 2018.
For complete details of the unaudited Condensed Consolidated Financial Statements and associated Management's Discussion and Analysis please refer to the Company's filings on SEDAR ( www.sedar.com ) or the Company's website ( www.roxgold.com ). All amounts are in U.S. dollars unless otherwise indicated.
1. HIGHLIGHTS
For the three-month period ended March 31, 2018, the Company:
Completed over 4,500,000 hours free of lost time injuries ("LTI") since the mine commenced operations; Achieved record production of 40,452 ounces of gold; Increased gold sales by 24% with 40,050 ounces of gold sold totalling revenues of $53 million; Incurred a cash operating cost 1 of $381 per ounce for a total cash cost 1 of $451 per ounce sold and an all-in sustaining cost 1 of $658 per ounce sold; Generated cash flow from mining operations 1 totalling $30.9 million for cash flow from mining operations per share 1 of $0.08 (C$0.11/share); Increased 2018 production guidance to be between the range of 120,000 and 130,000 ounces (previously 110,000 and 120,000); 2018 cost forecasts reduced: cash operating cost 1 to be between the range of $450 to $475 per ounce produced (previously $450 to $500) and all-in sustaining cost 1 to between the range of $740 to $790 per ounce sold (previously $780 to $830); Received permitting approval to develop the Bagassi South project and; Continued the construction work at Bagassi South according to plan with the boxcut excavated to the second bench level; underground mobile equipment ordered and expected on site in June; Civil work ahead of schedule allowing for early mobilization of the structural, mechanical and piping ("SMP") personnel.
"As a result of the continued outperformance at Yaramoko that delivered record cash flow and gold production in the first quarter, we have increased our full year production guidance to be between the range of 120,000 to 130,000 ounces and have reduced our cash operating cost and all-in sustaining cost guidance for the year. Our balance sheet remains strong and we continue to build net cash and pay down debt," commented John Dorward, President and Chief Executive Officer. "Our Bagassi South expansion is tracking well to the schedule and budget and will be completed in the fourth quarter, while we continue executing on our extensive regional exploration program."
2. 2018 INCREASED PRODUCTION GUIDANCE AND REDUCED COSTS
Based on the strong operational results to date, the Company has increased production guidance and reduced cost forecasts for the twelve-month period ending December 31, 2018. The Company's objectives for fiscal year 2018 include the following:
Gold production between 120,000 and 130,000 ounces (previously 110,000 and 120,000); Cash operating cost 1 between $450 and $475/ounce (previously $450 and $500); All-in sustaining cost 1 between $740 and $790/ounce (previously $780 and $830); Underground capital expenditure between $22 million and $26 million Bagassi South pre-production capital expenditure of $30 million Exploration budget of $9 million
3. MINE OPERATING ACTIVITIES
Three months
ended March 31
2018
Three months
ended March 31
2017
Variation
Operating Data
Ore mined (tonnes)
88,607
69,237
28%
Ore processed (tonnes)
71,576
63,955
12%
Head grade (g/t)
16.8
17.3
(3%)
Recovery (%)
99.0
99.2
-
Gold ounces produced
40,452
35,594
14%
Gold ounces sold
40,050
34,979
14%
Financial Data (in thousands of dollars)
Revenues – Gold sales
53,226
42,977
24%
Mine operating expenses
(15,388)
(14,164)
9%
Government royalties
(2,662)
(1,719)
55%
Depreciation and depletion
(9,850)
(7,565)
30%
Statistics (in dollars)
Average realized selling price (per ounce)
1,329
1,229
8%
Cash operating cost (per ounce produced) 1
381
404
(6%)
Cash operating cost (per tonne processed) 1
216
225
(4%)
Total cash cost (per ounce sold) 1
451
454
(1%)
Sustaining capital cost (per ounce sold) 1
164
226
(27%)
Site all-in sustaining cost (per ounce sold) 1
615
680
(10%)
All-in sustaining cost (per ounce sold) 1
658
720
(9%)
A. Health and safety performance
Health and Safety is a fundamental value for Roxgold and is a constant priority at the Yaramoko gold mine as evidenced by the Company's strong health and safety record. During the first quarter of 2018, the Company achieved 4,500,000 hours worked LTI Free. The annual refresher induction session was completed along with approximately 4,000 hours of training. The reward and recognition program introduced at site at the end of 2017 to encourage individual and group participation in the Health and Safety initiatives has presented its first safety award.
B. Operational performance
The Company's record gold production in the first quarter of 2018 was driven by improved operating performance in both the mine and processing plant. During the quarter ended March 31, 2018, 88,607 tonnes of ore at 15.05 g/t were extracted from the underground mine along with completing 1,437 metres of development compared to 69,237 tonnes of ore and 1,740 meters of development in the comparable period of the prior year. The mining tonnage increase of 28% when compared to same period of the prior year is due to increased productivity from stoping activities. During the first quarter, approximately 75% of ore produced came from stoping which is a result of the extensive development that is in place at Yaramoko, with six open stopes available at the end of the quarter compared to two open stopes at the end of March 31, 2017.
In the first quarter of 2018, decline development at the mine reached the 5015 level, approximately 300 metres below surface, and the bottom of the fifth stoping block. Ore development commenced on the 5032 level and was completed on the 5049 level. The mine continues to be well positioned to meet future production requirements with developed reserves for stoping exceeding the Company's 18 months planned stoping objectives.
Reconciliation of mined material against the Company's resource model continued to improve in the first quarter of 2018 following the good reconciliation observed in the last quarter of 2017. Reconciliation performed well both on a tonnage and grade basis with gold production reconciling within 4% of the resource model.
An 11,000 meter drilling program is underway at the 55 Zone targeting the eastern and western extents of the deposit between the 5151 and 5049 levels.
The plant processed a record 71,576 tonnes at an average head grade of 16.8 g/t Au compared to 63,955 tonnes of ore at 17.3 g/t in the same quarter of 2017. This 12% increase is a result of ongoing optimisation at the plant and translates into a unit throughput rate which is 8.4% above nameplate capacity. Plant availability was 97% during the quarter and overall recovery was 99.0% during the quarter compared to 94% and 99.2% respectively for the comparative period in prior year.
Based on the foregoing, production increased by 14% as 40,452 ounces of gold were poured during the quarter ended March 31, 2018 compared to 35,594 ounces for the same period in 2017.
C. Financial Performance
During the quarter ended March 31, 2018, a total of 40,050 ounces of gold were sold with revenue from gold sales totalling $53,226,000. Revenues increased by 24% when compared to the first quarter of 2017 as the volume sold increased by 14% while the average realized gold price of $1,329 increased by $100 per ounce or 8% compared to the same period in 2017. The average market gold price in the first quarter of 2018 was $1,329 per ounce, an increase of $110 per ounce from the first quarter 2017 average of $1,219.
Mine operating expenses represent mining, processing, and mine site-related general and administrative expenses. Cash operating cost per tonne processed totalled $216 per tonne, which is slightly lower than the $225 per tonne processed achieved during the comparable period in 2017 and 4% higher than the $206 achieved in the last quarter of 2017. The variation is mainly due to the change of the SAG mill liner completed during the first quarter of 2018. The cash operating cost 1 per ounce produced totaled $381 per ounce for the period. This 6% decrease compared to the same period in 2017 is due to the lower cash operating cost 1 per tonne processed and the higher gold production. The total cash cost 1 per ounce sold of $451 reflects the higher royalty rate paid during the first quarter of 2018 of 5% compared to a rate of 4% during the first quarter of 2017 as the average gold price during the period was above $1,300 per ounce. Consequently, the Company generated a mining operating margin 1 of $878 up 13% from $775 per ounce for the same period in 2017.
During the first quarter of 2018, Roxgold invested $6,573,000 in underground mine development, representing a sustaining capital cost 1 per ounce sold of $164 while the Company invested $7,906,000 at a sustaining capital cost 1 per ounce sold of $226 in the comparable period in 2017. The investments are in line with the 2018 mine plan.
Based on the foregoing, in the first quarter of 2018, the Company generated cash flow from mining operations 1 totalling $30,872,000 (Q1 2017 - $23,747,000), a site all-in sustaining cost 1 of $615 per ounce sold (Q1 2017 - $680 per ounce sold) and all-in sustaining costs 1 including corporate costs totaled $658 per ounce sold (Q1 2017 - $720 per ounce).
4. BAGASSI SOUTH EXPANSION UPDATE
During the first quarter of 2018, the Company received the Bagassi South project permit and the land compensation activities were completed. The Company continues to advance the Bagassi South expansion project where significant progress has been made on the excavation of the box cut which ensures that the mine start date remains on schedule and all the underground mining equipment has been ordered and is expected to arrive at site in June 2018. The haulage road is now 90% complete and civils construction in the plant is now ahead of schedule allowing for early mobilization of the SMP personnel. The Tailing Storage Facility's earthworks are completed and the liner installation has commenced and is expected to be completed by the end of May 2018.
5. REVIEW OF FINANCIAL RESULTS
A. Mine operating profit
During the first quarter of 2018, revenues totalled $53,226,000 (Q1 2017 - 42,977,000) while mining operating expenses and royalties totalled $15,388,000 (Q1 2017 - $14,164,000) and $2,662,000 (Q1 2017 – 1,719,000), respectively. The increase in sales is primarily due to increased production driven by higher throughput and a higher average realized gold price which increased from $1,229 per ounce during the first quarter of 2017 to $1,329 per ounce during the first quarter of 2018. During the period, the Company achieved a total cash cost 1 per ounce sold of $451 representing a mining operating margin 1 of $878 compared to $454 and $775, respectively for the same period in 2017. For more information on the cash operating costs 1 see the financial performance of the Mine Operating Activities section in the Company's Q1 2018 MD&A.
Depreciation and depletion for the first quarter of 2018 totaled $9,632,000 compared to $7,295,000 in the first quarter of 2017. The increase in depreciation is a result of a higher asset base further investments in the underground development combined with a higher throughput in our processing facility.
As a result of the Company's record operating performance and higher realized gold price, mine operating profit has increased by 29% in the first quarter of 2018.
B. General and administrative expenses
General and administrative expenses totalled $1,350,000 compared to $1,200,000 for the comparable period in 2017. The increase is mainly driven by the addition of corporate personnel hired in Q2 2017 and Q3 2017 which were necessary to position the Company for future growth.
C. Sustainability and other in-country costs
Sustainability and in-country costs totalling $388,000 for the first quarter compared to $443,000 in the comparable period. These expenditures are incurred to maintain Roxgold's licence to operate in Burkina Faso, as well as investments made in sustainability and community projects related to current operations. The variation period over period results from the timing of the expenditures as the Company continues to increase its corporate social responsibility initiatives. Currently 31 projects have been selected, validated and approved in conjunction with the affected communities.
D. Exploration and evaluation expenses ("E&E"):
Exploration and evaluation expenses were 10% higher in 2018 totalling $3,665,000 during the first quarter of 2018 compared to $3,347,000 for the comparable period in 2017. The expenditures for the period reflect the regional exploration program ongoing at the Boni shear and Haho areas.
E. Share-based payment
Share-based payments are not an item affecting the Company's cash on hand. The variation period over period is essentially due to the lower stock price at the time of the annual grant in 2018.
F. Financial expenses
Net financial expenses totaled $1,787,000 for the first quarter of 2018 compared to $8,228,000 for the same period in 2017. The $6,441,000 variation year over year is mainly attributable to the change in the fair value of the Company's gold forward sales contracts and the variation in the Company's foreign exchange gain (loss).
A decrease to interest expense contributed to the rest of the variation year over year due to interest expense and accretion expense related to the Company's Amended Facility.
G. Deferred income tax expense
The deferred income tax expense is due to the recognition of a deferred income tax liability as the Company was making a profit from its operations in Burkina Faso.
H. Net income & EBITDA
The Company's net income for the three-month period ended March 31, 2018 totalled $13,923,000 or income per share of $0.03 compared to a net income of $3,832,000 or $0.01 for the three-month period ended March 31, 2017. As a result, during the first quarter of 2018 the Company generated earnings before interest, taxes, depreciation and amortization ("EBITDA") 1 of $28,821,000 representing an improvement of 88% over the EBITDA achieved during the comparable period in 2017 of $15,301,000.
I. Income Attributable to Non-Controlling Interest
For the three-month period ending March 31, 2018, the income attributable to the non-controlling interest ("NCI") was $1,740,000. The Government of Burkina Faso holds a 10% carried interest in Roxgold SANU SA and as such is considered Roxgold's NCI. Income attributable to the NCI of $1,740,000 excludes all items within Other Expenses and Financial Expenses (income) on the Company's consolidated statement of income, with the exception of sustainability and other in-country costs, interest expense, and financing fees.
6. CHIEF OPERATING OFFICER TRANSITION AND BOARD CHANGES
The Company also announced today that Paul Criddle will be stepping down from his position of Chief Operating Officer effective July 1, 2018, to pursue new opportunities but will remain with the Company through his nomination to the Board of Directors following the retirement of Mr. Robin Mills. Iain Cox, General Manager, Operations at Roxgold will assume the role of interim Chief Operating Officer following Mr. Criddle's departure.
Mr. Cox has been the General Manager, Operations at Roxgold since 2014 and has led the on-site team in all aspects of the Company's successful transition from development to production. Mr. Cox is a mining engineer with over 25 years' of international experience in developing and operating underground mines and has formerly held senior leadership roles at Newmont/Normandy, Centamin and Crew Gold.
"On behalf of the management team and Board of Directors, I would like to thank Robin for his contribution to the Company over the years and look forward to welcoming Paul to the Board of Directors. Paul's deep understanding of the Company and its operation and his experience as its former COO will be a valuable asset to the Board, and we wish him the best in his future endeavours," said Oliver Lennox-King, Chairman of the Board of Directors.
"We are extremely pleased to have Iain assume the role of interim Chief Operating Officer. Iain brings a wealth of experience and technical expertise to our leadership team having been responsible for overseeing the Yaramoko operations for the last four years. I am confident of a seamless transition and that he will continue our strong and consistent operational performance and maintain our excellent safety record," commented John Dorward, President & CEO.
7. CONFERENCE CALL AND WEBCAST INFORMATION
A webcast and conference call to discuss these results will be held on Wednesday, May 16, 2018, at 11:00AM Eastern time. Listeners may access a live webcast of the conference call from the events section of the Company's website at www.roxgold.com or by dialing toll free 1-888-231-8191 within North America or +1-647-427-7450 from international locations.
An online archive of the webcast will be available by accessing the Company's website at www.roxgold.com . A telephone replay will be available for two weeks after the call by dialing toll free 1-855-859-2056 and entering passcode 5088528.
Notes:
1
The Company provides some non-IFRS measures as supplementary information that management believes may be useful to investors to explain the Company's financial results. Please refer to note 17 "Non-IFRS financial performance measures" of the Company's MD&A dated May 15, 2018, available on the Company's website at www.roxgold.com or on SEDAR at www.sedar.com for reconciliation of these measures.
Qualified Persons
Paul Criddle, FAUSIMM, Chief Operating Officer for Roxgold Inc., a Qualified Person within the meaning of National Instrument 43-101, has verified and approved the technical disclosure contained in this press release.
Yan Bourassa, P.Geo, VP Geology for Roxgold Inc., a Qualified Person within the meaning of National Instrument 43-101, has verified and approved the technical disclosure contained in this MD&A.
For further information regarding the Yaramoko Gold Mine, please refer to the technical report dated December 20, 2017, and entitled "Technical Report for the Yaramoko Gold Mine, Burkina Faso" (the "Technical Report"), available on the Company's website at www.roxgold.com and on SEDAR at www.sedar.com .
About Roxgold
Roxgold is a gold mining company with its key asset, the high grade Yaramoko Gold Mine, located on the Houndé greenstone belt in Burkina Faso, West Africa. Roxgold trades on the TSX under the symbol ROXG and as ROGFF on OTC.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws ("forward-looking statements"). Such forward-looking statements include, without limitation: statements with respect to Mineral Reserves and Mineral Resource estimates (including proposals for the potential growth and/or upgrade thereof), anticipated receipt and maintenance of permits and licenses, future production and life of mine estimates, production and cost guidance, anticipated recovery grades, the anticipated increased proportion of mill feed coming from stoping ore, future capital and operating costs and expansion and development plans including with respect to the 55 Zone and Bagassi South, and the expected timing thereof, proposed exploration plans and the timing and costs thereof, the anticipated operations, costs, proposed funding, timing and other factors set forth in the Feasibility Study, proposed 2018 CSR activities, and sufficiency of future funding. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of Mineral Resources and Mineral Reserves, the realization of resource estimates and reserve estimates, gold metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Yaramoko Gold Project in the short and long-term, the progress of exploration and development activities as currently proposed and anticipated, the receipt of necessary regulatory approvals and permits, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters, as well as assumptions set forth in the Company's technical report dated December 20, 2017, and entitled "Technical Report for the Yaramoko Gold Mine, Burkina Faso" available on the Company's website at www.roxgold.com and SEDAR at www.sedar.com . While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: changes in market conditions, unsuccessful exploration results, possibility of project cost overruns or unanticipated costs and expenses, changes in the costs and timing of the development of new deposits, inaccurate reserve and resource estimates, changes in the price of gold, unanticipated changes in key management personnel, failure to obtain permits as anticipated or at all, failure of exploration and/or development activities to progress as currently anticipated or at all, and general economic conditions. Mining exploration and development is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
View original content: http://www.prnewswire.com/news-releases/roxgold-delivers-record-gold-production-and-cash-flow-in-first-quarter-2018-announces-increase-in-full-year-production-guidance-300649164.html
SOURCE Roxgold Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-roxgold-delivers-record-gold-production-and-cash-flow-in-first-quarter-2018-announces-increase-in-full-year-production.html |
May 25, 2018 / 9:13 AM / Updated 3 hours ago Spain's PM Rajoy under growing threat over party graft case Julien Toyer 4 Min Read
MADRID (Reuters) - Spain’s Prime Minister Mariano Rajoy was threatened with no-confidence motions and demands for a snap election on Friday over a graft trial involving members of his party in which a judge cast doubt on his testimony. Spain's Prime Minister Mariano Rajoy speaks during a news conference at the Moncloa Palace in Madrid, Spain, May 25, 2018. REUTERS/Stringer
Rajoy said he would fight off a no-confidence vote and serve his four-year term, and ruled out calling an early election.
“This goes against the political stability that our country needs and it goes against the economic recovery. It is bad for Spain,” he told a news conference.
The opposition Socialists presented their no-confidence motion to parliament while Rajoy’s former allies, Ciudadanos, issued him with an ultimatum: call an election or face their own second motion of no confidence.
It was not clear whether the two parties would team up to topple the conservative Rajoy’s minority government. To succeed, the two parties would need to agree on a joint candidate to replace him and on questions such as calling a snap election. They would also need the backing of leftist party Podemos.
Spain’s borrowing costs climbed and stocks fell sharply. Spanish 10-year government bond yields rose eight basis points to 1.47 percent, and were set for their biggest daily rise in over three months. ES10YT=RR
Rajoy had already been under fire for his handling of the secession crisis in Catalonia, with many voters turning away from his People’s Party (PP) to the centre-right Ciudadanos.
Twenty-nine people related to the PP, including a former treasurer and other senior members, were convicted on Thursday of offences including falsifying accounts, influence-peddling and tax crimes. They were sentenced to a combined 351 years behind bars. Related Coverage Spanish, Italian politics rattle bond and stock markets CREDIBILITY
The case, which relates to the use of a slush fund by the Conservatives in the 1990s and early 2000s to illegally finance campaigns, has plagued Rajoy since he came to power in 2011. He has always denied wrongdoing.
Rajoy became the first sitting prime minister in Spain to give evidence in a trial when he was called as a witness in the case last year, prompting calls for him to resign.
In his ruling, the judge said there was evidence the party ran a slush fund for many years and that the credibility of Rajoy’s testimony denying it “should be questioned”.
“(His) testimony does not appear as plausible enough to refute the strong evidence showing the existence of a slush fund in the party,” the judge said.
Ciudadanos, which helped the PP pass this year’s budget bill as recently as Wednesday, said the graft trial was a tipping point.
“The corruption sentence received by the government has called the end of the current term of office. We need a clean and strong government that can face the secessionist challenge,” Ciudadanos leader Albert Rivera said on Twitter.
Rajoy said his party would appeal the ruling and dismissed the judge’s criticisms.
“Who is in charge of delivering certificates of credibility in Spain? Citizens deliver certificates of credibility, and we do have credibility,” he said. Additional reporting by Raquel Castillo and Jesús Aguado; editing by Andrew Roche | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-spain-politics/spains-rajoy-to-face-vote-of-no-confidence-over-graft-case-at-ruling-party-idUKKCN1IQ11H |
May 30 (Reuters) - Engie SA:
* ENGIE Switzerland acquires Priora FM SA from Priora Group, further expanding its business for airports
* Priora FM SA is based in Geneva, handles the management of buildings, infrastructures and performs all facility management tasks for its clients.
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-engie-buys-swiss-company-priora-fm/brief-engie-buys-swiss-company-priora-fm-sa-idUSFWN1T1029 |
Revenues of $67.8 million, up 21.3% YOY
Record Policies in Force totaled approximately 383,200, up 11.1% YOY
GAAP Diluted Earnings per Share of $0.33, down 43.1% YOY
Record Adjusted Earnings per Share of $0.52, up 44.4% YOY
TAMPA, Fla., May 02, 2018 (GLOBE NEWSWIRE) -- Health Insurance Innovations, Inc. (NASDAQ:HIIQ), a leading cloud-based technology platform and distributor of affordable individual and family health insurance and supplemental plans, today announced financial results for the first quarter ended March 31, 2018. The Company will host a live conference call on Thursday, May 3, 2018, at 8:30 A.M. EST.
First Quarter 2018 Financial Highlights
Revenue was $67.8 million, compared to $55.9 million in the first quarter of 2017, an increase of 21.3%. Total collections from members (premium equivalents) of $105.0 million compared to $90.9 million in the first quarter of 2017, an increase of 15.5%. Net income was $6.0 million, compared to $8.5 million in the first quarter of 2017, a decrease of 29.4%. Drivers include higher stock-based compensation in the first quarter of 2018 and a one-time tax benefit in the first quarter of 2017. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $11.9 million, compared to $9.7 million in the first quarter of 2017, an increase of 22.7%. GAAP diluted earnings per share was $0.33, compared to $0.58 in the first quarter of 2017, a decrease of 43.1%. Drivers are consistent with change in net income. Record adjusted earnings per share, also referred to as adjusted net income per share, or adjusted EPS, was $0.52 compared to $0.36 in the first quarter of 2017, an increase of 44.4%. Record policies in force as of March 31, 2018, totaled approximately 383,200, compared to 345,000 in the first quarter of 2017, an increase of 11.1%.
Premium equivalents, adjusted EBITDA, and adjusted EPS are non-GAAP financial measures. See the reconciliations of these measures to their respective most directly comparable GAAP measure included within this press release.
2018 Full Year Guidance
The Company reaffirms its annual guidance of revenue for 2018 to be between $290 million and $300 million or grow approximately 15% to 20% year-over-year, adjusted EBITDA to be between $54 million and $57 million or grow approximately 20% to 25% year-over-year and adjusted EPS to be between $2.45 and $2.55 or grow approximately 48% to 55% year-over-year. These guidance numbers are based on the Company’s current method of accounting for revenue. As an emerging growth company, it will be adopting the revised revenue recognition standard, known as ASC 606, in the fourth quarter of 2018.
“Following a Q4 of 2017 that exceeded all expectations due to the shortened open enrollment period, the first quarter of 2018 has performed as expected, and we have record policies in force coupled with an outstanding compliance performance. As our market continues to evolve our first quarter provides an excellent foundation for the launch of our next generation of technology and the rest of 2018,” said Gavin Southwell, HIIQ's Chief Executive Officer and President.
First Quarter 2018 Financial Discussion
First quarter revenues of $67.8 million increased 21.3%, compared to the first quarter in 2017, driven by an increase in policies in force, favorable commission margins, and improved discount benefit plan offerings.
Total selling, general & administrative expense ("SG&A") was $16.2 million (23.9% of revenues) in the first quarter of 2018, compared to $15.3 million (27.4% of revenues) in the same period in 2017. Core SG&A, defined as total SG&A adjusted for stock-based compensation, transaction costs, severance, restructuring and other costs, and marketing leads and advertising expense, was $11.0 million (16.2% of revenues) in the first quarter of 2018, compared to $9.8 million (17.5% of revenues) in the same period in 2017. A reconciliation of Core SG&A to SG&A is included within this press release.
Net income was $6.0 million in the first quarter of 2018, compared to $8.5 million in the same period in 2017, a decrease of 29.4%. First quarter 2017 included a one-time approximate $3.3 million tax benefit related to the early adoption of an accounting policy related to share-based payment transactions. Additionally, stock-based compensation was $1.8 million higher in the first quarter of 2018 as compared to the prior year period. EBITDA was $8.9 million in the first quarter of 2018, compared to $8.0 million in the same period in 2017, an increase of 11.3%.
Adjusted EBITDA was $11.9 million in the first quarter of 2018, an increase of 22.7% compared to $9.7 million in the same period in 2017. Adjusted EBITDA as a percentage of revenue was 17.6% in the first quarter of 2018, compared to 17.4% in the same period in 2017. Adjusted EBITDA is calculated by taking EBITDA and adjusting for non-cash items such as stock-based compensation and items that are not part of regular operating activities, including tax receivable adjustments, severance, restructuring, and acquisition costs. A reconciliation of net income to EBITDA and adjusted EBITDA for the first quarter of 2018 and 2017 is included within this press release.
GAAP diluted EPS for the first quarter of 2018 was $0.33, compared to $0.58 in the same period in 2017. First quarter 2017 GAAP diluted EPS included a benefit that resulted from the above-described early adoption of an accounting policy related to share-based payment transactions. Additionally, the higher stock-based compensation in the first quarter of 2018 had an unfavorable impact on GAAP diluted EPS.
Adjusted EPS for the first quarter of 2018 was $0.52, compared to $0.36 in 2017. The increase in Adjusted EPS was driven by revenue from greater policies in force as well as a lower pro-forma statutory tax rate of 24%, compared to 38% used in the prior period. A reconciliation of net income to adjusted net income per share is included within this press release.
The Company makes advances to distributors based on actual sales. These advanced commissions assist distributors with working capital. The Company recovers advances on an ongoing basis from future commissions on premiums, which are collected over the period in which policies renew. At March 31, 2018, the short- and long-term advanced commission balance was $38.1 million, a $1.4 million decrease from the December 31, 2017 year-end balance of $39.5 million.
Cash and cash equivalents as of March 31, 2018 totaled $41.9 million, an increase of $1.0 million from the December 31, 2017 year-end balance. The Company reclassified in-transit credit card and ACH receipts previously included in accounts receivable, net, prepaid expenses and other current assets on the balance sheet to cash and cash equivalents. The change resulted in a $1.6 million increase in cash and cash equivalents at the beginning of the first quarter 2018 and a $2.4 million increase to cash and cash equivalents at the end of the period.
Regulatory Update
As previously disclosed, the Company is the subject of a multistate market conduct examination. The Company has been cooperating with all regulatory inquiries and as of May 2, 2018, no findings of any sort have been formally or informally communicated to the Company by the examiners.
Conference Call and Webcast
The Company will host an earnings conference call on May 3, 2018 at 8:30 A.M. Eastern time. All interested parties can join the call by dialing (877) 407-9039 or (201) 689-8470; the conference ID is 13679140 . A webcast of the call may be accessed in the Investor Relations section of Health Insurance Innovations’ website at http://investor.hiiQuote: .com/events.cfm . An archive of the call will be available for 30 days through the same website.
About Health Insurance Innovations, Inc. (HIIQ)
HIIQ is a market leading cloud-based technology platform and distributor of innovative health insurance products that are affordable and meet the consumer's needs. HIIQ helps develop insurance products through our relationships with best-in-class insurance companies and markets them via its broad distribution network of third party licensed insurance agents across the nation, its call center network and its unique online capability. Additional information about HIIQ can be found at HiiQuote: .com . HIIQ’s Consumer Division includes AgileHealthInsurance.com , a website for researching, comparing and purchasing short-term health insurance products online and HealthPocket.com , a free website that compares and ranks all health insurance plans, and uses objective data to publish unbiased health insurance market analyses and other consumer advocacy research.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to goals, plans and projections regarding new markets, products, services, growth strategies, anticipated trends in our business and anticipated changes and developments in the United States health insurance system and laws. Forward-looking statements are based on HIIQ’s current assumptions, expectations and beliefs are generally identifiable by use of words “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” or similar expressions and involve significant risks and uncertainties that could cause actual results, developments and business decisions to those contemplated by these statements. These risks and uncertainties include, among other things, our ability to maintain relationships and develop new relationships with health insurance carriers and distributors, our ability to retain our members, the demand for products offered through our platform, state regulatory oversight and examinations of us and our carriers and distributors, legal and regulatory compliance by our carriers and distributors, the amount of commissions paid to us or changes in health insurance plan pricing practices, competition, changes and developments in the United States health insurance system and laws, and HIIQ’s ability to adapt to them, the ability to maintain and enhance our name recognition, difficulties arising from acquisitions or other strategic transactions, and our ability to build the necessary infrastructure and processes to maintain effective controls over financial reporting. These and other risk factors that could cause actual results to those expressed or implied in our forward-looking statements will be discussed in HIIQ's Annual Report on Form 10-K filed Commission (SEC) as well as other documents that may be filed by HIIQ from time to time Commission, which are available at www.sec.gov . Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. You should not rely on any forward-looking statement as representing our views in the future. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Non-GAAP Financial Information
To supplement HIIQ’s financial information presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, HIIQ presents certain financial measures that are not prepared in accordance with GAAP, including premium equivalents, adjusted EBITDA, adjusted EPS, and Core SG&A. These non-GAAP financial measures, which are defined below, should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies.
HIIQ is presenting these non-GAAP financial measures to assist investors in seeing HIIQ’s operating results through the eyes of management and because HIIQ believes that these measures provide a useful tool for investors to use in assessing HIIQ’s operating performance against prior period operating results and against business objectives. HIIQ uses the non-GAAP financial measures in evaluating its operating results and for financial and operational decision-making purposes.
The accompanying tables provide more detail on the GAAP financial measures that are most directly comparable to the non-GAAP financial measures described above and the related reconciliations between these financial measures.
HEALTH INSURANCE INNOVATIONS, INC.
Condensed Consolidated Balance Sheets
($ in thousands, except share and per share data)
March 31, 2018 December 31, 2017 (unaudited) Assets Current assets: Cash and cash equivalents $ 41,926 $ 40,907 Restricted cash 15,385 14,920 Accounts receivable, net, prepaid expenses and other current assets 1,979 2,227 Advanced commissions, net 37,061 39,549 Income taxes receivable 633 — Total current assets 96,984 97,603 Property and equipment, net 5,578 5,408 Goodwill 41,076 41,076 Intangible assets, net 5,478 5,942 Deferred tax assets 14,698 14,960 Other assets 1,098 96 Total assets $ 164,912 $ 165,085 Liabilities and stockholders’ equity Current liabilities: Accounts payable and accrued expenses $ 32,822 $ 39,725 Deferred revenue 268 662 Income taxes payable — 787 Due to member 1,137 1,775 Other current liabilities 7 5 Total current liabilities 34,234 42,954 Due to member 15,096 15,096 Other liabilities 32 34 Total liabilities 49,362 58,084 Commitments and contingencies Stockholders’ equity: Class A common stock (par value $0.001 per share, 100,000,000 shares authorized; 12,915,760 and 12,731,758 shares issued as of March 31, 2018 and December 31, 2017, respectively; 12,533,874 and 12,350,981 shares outstanding as of March 31, 2018 and December 31, 2017, respectively) 13 13 Class B common stock (par value $0.001 per share, 20,000,000 shares authorized; 3,841,667 shares issued and outstanding as of March 31, 2018 and December 31, 2017) 4 4 Preferred stock (par value $0.001 per share, 5,000,000 shares authorized; no shares issued and outstanding as of March 31, 2018 and December 31, 2017) — — Additional paid-in capital 74,594 71,770 Treasury stock, at cost (381,886 and 380,777 shares as of March 31, 2018 and December 31, 2017, respectively) (6,923 ) (6,887 ) Retained earnings 23,451 19,305 Total Health Insurance Innovations, Inc. stockholders’ equity 91,139 84,205 Noncontrolling interests 24,411 22,796 Total stockholders’ equity 115,550 107,001 Total liabilities and stockholders' equity $ 164,912 $ 165,085 HEALTH INSURANCE INNOVATIONS, INC.
Condensed Consolidated Statements of Income (unaudited)
($ in thousands, except share and per share data)
Three Months Ended March 31, 2018 2017 Revenues (premium equivalents of $104,976 and $90,940 for the three months ended March 31, 2018 and 2017, respectively) $ 67,750 $ 55,868 Operating expenses: Third-party commissions 41,212 31,435 Credit card and ACH fees 1,377 1,183 Selling, general and administrative 16,213 15,257 Depreciation and amortization 1,165 938 Total operating expenses 59,967 48,813 Income from operations 7,783 7,055 Other (income) expense: Interest income (26 ) (1 ) Other expense 28 3 Net income before income taxes 7,781 7,053 Provision (benefit) for income taxes 1,796 (1,469 ) Net income 5,985 8,522 Net income attributable to noncontrolling interests 1,839 2,688 Net income attributable to Health Insurance Innovations, Inc. $ 4,146 $ 5,834 Per share data: Net income per share attributable to Health Insurance Innovations, Inc. Basic $ 0.36 $ 0.66 Diluted $ 0.33 $ 0.58 Weighted average Class A common shares outstanding Basic 11,589,777 8,892,239 Diluted 12,658,277 10,051,369 HEALTH INSURANCE INNOVATIONS, INC.
Condensed Consolidated Statements of Cash Flows (unaudited)
($ in thousands, except share and per share data)
Three Months Ended March 31, 2018 2017 Operating activities: Net income $ 5,985 $ 8,522 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 2,633 821 Depreciation and amortization 1,165 938 Deferred income taxes 262 309 Changes in operating assets and liabilities: Decrease (increase) in accounts receivable, prepaid expenses and other assets 261 (844 ) Decrease in advanced commissions 1,473 1,287 Increase in income taxes receivable (633 ) (1,645 ) Decrease in income taxes payable (787 ) (2,121 ) Increase in accounts payable, accrued expenses and other liabilities (6,903 ) (677 ) (Decrease) increase in deferred revenue (394 ) 46 Net cash provided by operating activities 3,062 6,636 Investing activities: Capitalized internal-use software and website development costs (570 ) (669 ) Purchases of property and equipment (113 ) (14 ) Net cash used in investing activities (683 ) (683 ) Financing activities: Payments for noncompete obligation — (48 ) Class A common stock withheld in treasury from restricted share vesting (36 ) (185 ) Issuances of Class A common stock under equity compensation plans 3 9 Distributions to member (862 ) (1,197 ) Net cash used in financing activities (895 ) (1,421 ) Net increase in cash and cash equivalents, and restricted cash 1,484 4,532 Cash and cash equivalents, and restricted cash at beginning of period 55,827 25,370 Cash and cash equivalents, and restricted cash at end of period $ 57,311 $ 29,902 Supplemental cash flow information: Cash paid during the period for: Income taxes, net $ 2,969 $ 1,986 Interest 1 4 Non-cash investing activities: Capitalized stock-based compensation $ 188 $ — Non-cash financing activities: Change in due to member related to Exchange Agreement $ — $ 18,619 Change in deferred tax asset related to Exchange Agreement — (20,732 ) Issuance of Class A common stock in a private offering related to Exchange Agreement — 16,484 Exchange of Class B membership interests related to Exchange Agreement — (14,371 ) Declared but unpaid distribution to member of Health Plan Intermediaries, LLC — 2,695 Reconciliation of Net Income to EBITDA and Adjusted EBITDA
(unaudited)
($ in thousands)
Three Months Ended March 31, 2018 2017 Net income $ 5,985 $ 8,522 Interest income (26 ) (1 ) Depreciation and amortization 1,165 938 Provision (benefit) for income taxes 1,796 (1,469 ) EBITDA (1) 8,920 7,990 Non-cash stock-based compensation 2,633 821 Transaction costs 56 306 Severance, restructuring and other charges 287 533 Adjusted EBITDA (2) $ 11,896 $ 9,650 Reconciliation of Net Income to Adjusted Net Income per Share
(unaudited)
($ in thousands except per share data)
Three Months Ended March 31, 2018 2017 Net income $ 5,985 $ 8,522 Interest income (26 ) (1 ) Amortization 464 511 Provision (benefit) for income taxes 1,796 (1,469 ) Non-cash stock-based compensation 2,633 821 Transaction costs 56 306 Severance, restructuring and other charges 287 533 Adjusted pre-tax income 11,195 9,223 Pro forma income taxes (2,687 ) (3,505 ) Adjusted net income (3) $ 8,508 $ 5,718 Total weighted average diluted share count 16,500 16,093 Adjusted net income per share (4) $ 0.52 $ 0.36 EBITDA is defined as net income before interest expense, income taxes and depreciation and amortization. We have included EBITDA in this report because it is a key measure used by our management and Board of Directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, the exclusion of certain expenses in calculating EBITDA can provide a useful measure for period-to-period comparisons of our business. However, EBITDA does not represent, and should not be considered as, an alternative to net income or cash flows from operations, each as determined in accordance with generally accepted accounting principles in the United States of America (“GAAP”). Other companies may calculate EBITDA differently than we do. EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.
To calculate adjusted EBITDA, we calculate EBITDA, which is then further adjusted for non-cash items such as stock-based compensation and items that are not part of regular operating activities, including tax receivable adjustments, severance, restructuring, and acquisition costs. Adjusted EBITDA does not represent, and should not be considered as, an alternative to net income or cash flows from operations, each as determined in accordance with GAAP. We have presented adjusted EBITDA because we consider it an important supplemental measure of our performance and believe that it is frequently used by analysts, investors and other interested parties in the evaluation of companies. Other companies may calculate adjusted EBITDA differently than we do. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.
To calculate adjusted net income, we calculate net income then add back amortization (but not depreciation), interest, tax expense, non-cash items such as non-cash stock-based compensation and other items that are not part of regular operating activities, including, tax receivable adjustments, severance, restructuring, and acquisition costs. From adjusted pre-tax net income we apply a pro-forma tax expense calculated at an assumed rate of 24% and 38% for the first quarter in 2018 and 2017, respectively. We believe that when measuring Company and executive performance against the adjusted net income measure, applying a pro forma tax rate better reflects the performance of the Company without regard to the Company’s organizational tax structure. We have included adjusted net income in this report because it is a key performance measure used by our management to understand and evaluate our core operating performance and trends and because we believe it is frequently used by analysts, investors and other interested parties in their evaluation of our company. Other companies may calculate this measure differently than we do. Adjusted net income has limitations as an analytical tool, and you should not consider it in isolation or substitution for earnings per share as reported under GAAP.
Adjusted net income per share is computed by dividing adjusted net income by the total number of diluted Class A and Class B shares of our common stock for each period. We have included adjusted net income per share in this report because it is a key measure used by our management to understand and evaluate our core operating performance and trends and because we believe it is frequently used by analysts, investors and other interested parties in the evaluation of companies. Other companies may calculate this measure differently than we do. Adjusted net income per share has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for earnings per share as reported under GAAP.
Reconciliation of Premium Equivalents to Revenues
(unaudited)
($ in thousands)
Three Months Ended March 31, 2018 2017 Premium equivalents (1) $ 104,976 $ 90,940 Less risk premium 35,546 33,541 Less amounts earned by third party obligors 1,680 1,531 Revenues $ 67,750 $ 55,868 Premium equivalents is defined as our total collections, including the combination of premiums, fees for discount benefit plans, enrollment fees, and third-party commissions and referral fees. All amounts not paid out as risk premium to carriers or paid out to other third-party obligors are considered to be revenues for financial reporting purposes. We have included premium equivalents in this report because it is a key measure used by our management to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, the inclusion of premium equivalents can provide a useful measure for period-to-period comparisons of our business. This financial measurement is considered a non-GAAP financial measure and is not recognized under generally accepted accounting principles in the United States of America (“GAAP”) and should not be used as, and is not an alternative to, revenues as a measure of our operating performance.
Summary of Selected Metrics
(unaudited)
($ in thousands)
Submitted Applications during the Three Months Ended March 31, 2018 2017 Change IFP 92,000 117,100 (21.4 )% Supplemental products 64,700 88,300 (26.7 )% Total 156,700 205,400 (23.7 )%
Policies in Force Three Months Ended March 31, 2018 2017 Change IFP 192,300 173,700 10.7 % Supplemental products 190,900 171,300 11.4 % Total 383,200 345,000 11.1 %
Submitted IFP Applications by Channel Q1’17 Q2’17 Q3’17 Q4’17 Q1’18 eCommerce 31,800 13,500 20,600 27,200 18,900 All Others 85,300 82,400 72,500 98,600 73,100 Total 117,100 95,900 93,100 125,800 92,000
Core SG&A as a Percentage of Revenue Q1’17 Q2’17 Q3’17 Q4’17 Q1’18 Total SG&A $ 15,257 $ 14,697 $ 15,503 $ 18,989 $ 16,213 Less: Stock-based compensation 821 934 2,682 2,967 2,633 Less (add): Transaction costs 306 450 5 (16 ) 56 Less: Severance, restructuring and other charges 533 363 238 672 287 Less: Marketing and Advertising 3,787 1,800 2,249 3,657 2,232 Core SG&A (1) $ 9,810 $ 11,150 $ 10,329 $ 11,709 $ 11,005 % of Revenue 17.6 % 18.0 % 16.3 % 16.8 % 16.2 % Core SG&A is defined as total SG&A adjusted for stock-based compensation, transaction costs, severance, restructuring and other costs, and marketing leads and advertising expense.
Contacts:
Health Insurance Innovations, Inc.: Michael Hershberger
Chief Financial Officer
(813) 397-1187
mhershberger@hiiQuote: .com Investor Contact: John Evans
PIR Communications
(415) 309-0230
IR@hiiQuote: .com Media Contact for AgileHealthInsurance.com
& HealthPocket.com : Kevin McVicker
[email protected] Media Contact for HealthPocket.com : Cassandre Durocher
[email protected]
Source:Health Insurance Innovations, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-health-insurance-innovations-inc-reports-first-quarter-2018-financial-and-operating-results.html |
MIDLAND, Texas, May 17, 2018 /PRNewswire/ -- CrownRock, L.P. ("CrownRock"), an oil and gas producing joint venture of CrownQuest Operating and Lime Rock Partners, today announced the commencement of a private offering, subject to market and other conditions, of $150 million principal amount of 5.625% senior notes due 2025 (the "new notes"). The new notes are being offered as additional notes to the existing $1 billion aggregate principal amount of 5.625% senior notes due 2025 that were issued in October 2017, all of which remain outstanding (the "existing notes"). The new notes will have identical terms, other than the issue date and issue price, and will constitute part of the same class as the existing notes. CrownRock intends to use the proceeds of the proposed offering for general partnership purposes, including the funding of a portion of CrownRock's capital development plan.
The securities to be offered have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws; and unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The new notes are expected to be eligible for trading by qualified institutional buyers under Rule 144A under the Securities Act and non-U.S. persons under Regulation S under the Securities Act.
This press release is neither an offer to sell nor a solicitation of an offer to buy the new notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the new notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.
View original content: http://www.prnewswire.com/news-releases/crownrock-announces-private-offering-of-additional-senior-notes-due-2025-300650312.html
SOURCE CrownRock, L.P. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-crownrock-announces-private-offering-of-additional-senior-notes-due-2025.html |
TOKYO (Reuters) - A Japanese cabinet minister called on Friday for a law to strengthen relief and protection for victims of sexual harassment, but stopped short of urging legal changes to make such acts a crime.
Japan's Internal Affairs and Communications Minister Seiko Noda, who is also minister in charge of women's empowerment, speaks during an interview with Reuters in Tokyo, Japan May 11, 2018. REUTERS/Issei Kato Victims of sexual harassment in Japan have traditionally been reluctant to speak out for fear of being blamed, but heated debate and protests have followed the resignation last month of a top finance bureaucrat over accusations in a weekly magazine.The official, Junichi Fukuda, denied that he had sexually harassed several female reporters, but the ministry later acknowledged he had sexually harassed a reporter and docked his pay by 20 percent for six months.
“What is needed legally is protection and relief for victims,” said Internal Affairs Minister Seiko Noda, who is one of only two women in Prime Minister Shinzo Abe’s cabinet and often seen as a longshot contender to succeed him.
“Because they are not protected, women are afraid to speak out,” Noda, who holds the portfolio for women’s empowerment, told Reuters in an interview.
A legal revision in 1997 required Japanese employers to prevent sexual harassment in the workplace but it does not prescribe penalties, and similar rules apply to civil servants.
Noda stopped short of calling for sexual harassment to be made a crime, citing possible negative effects such as causing men to decline to talk to female reporters one-on-one.
“I don’t agree that we should start the debate assuming legal penalties (are needed),” said Noda, adding that men in Japan had treated a serious problem lightly.
Finance Minister Taro Aso, 77, has drawn fire for his response to the Fukuda case, saying, for example, that the possibility Fukuda was entrapped could not be ruled out.
Japan's Internal Affairs and Communications Minister Seiko Noda, who is also minister in charge of women's empowerment, speaks during an interview with Reuters in Tokyo, Japan May 11, 2018. REUTERS/Issei Kato “Minister Aso is not a bad person, but he is from a generation that was not educated about sexual harassment and unlike our generation, he didn’t need to be very aware of sexual harassment,” said Noda, 57.
Aso repeated his comment on Friday in parliament but later withdrew it, Japanese media said. Aso was not available for further comment outside business hours, a finance ministry spokesman told Reuters.
Japan ranked 114 among the 144 nations rated by the 2017 Global Gender Gap report of the World Economic Forum, flanked by Guinea and Ethiopia, and down 13 places since Abe took power.
Noda, who recalled being sexually harassed herself when a young politician, said she wanted to announce steps to fill gaps in how Japan tackles the issue before parliament’s session ends in June.
“Comments like, ‘If you want a vote, let me touch your breasts,’ were a daily occurrence at that time,” she said.
“I think this is a problem that I must solve. It’s not something that those who were not victims can clear up.”
Japan's Internal Affairs and Communications Minister Seiko Noda, who is also minister in charge of women's empowerment, speaks during an interview with Reuters in Tokyo, Japan May 11, 2018. REUTERS/Issei Kato Abe’s “Womenomics” policy to improve women’s status had borne some fruit but more was needed, Noda said.
“Without fundamental changes in workstyles, the women who can lay the golden egg will not come.”
Additional reporting by Ami Miyazaki; Editing by Clarence Fernandez
| ashraq/financial-news-articles | https://in.reuters.com/article/japan-women-noda/japan-must-boost-protection-for-sexual-harassment-victims-says-abe-rival-noda-idINKBN1IC1CY |
BRUSSELS (Reuters) - U.S. aerospace and industrial company United Technologies Corp is set to win EU antitrust approval for the largest aerospace deal in history - a $23 billion bid for avionics maker Rockwell Collins, people familiar with the matter said on Wednesday.
United Technologies logo is displayed on a screen at the post where it's stock is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., September 5, 2017. REUTERS/Brendan McDermid The deal, announced in September last year, would create a new player in the top echelon of suppliers to Boeing, Airbus, Bombadier and other plane makers.
The takeover would give UTC, maker of Pratt & Whitney jet engines, more leverage to resist pressure from plane makers seeking price cuts at the same time as they compete on high-margin services and spare parts.
UTC has offered to sell assets to address the European Commission’s concerns, the people said, declining to provide details.
The EU competition enforcer, which is scheduled to decide on the deal by May 4, declined to comment. UTC did not immediately respond to a request for comment.
Rockwell Collins’ businesses are in avionics, seats and plane interiors. This is the second engines-to-seating supplier deal after French jet engine maker Safran acquired seat maker Zodiac Aerospace last year.
Reporting by Foo Yun Chee; editing by Robert-Jan Bartunek and Elaine Hardcastle
| ashraq/financial-news-articles | https://in.reuters.com/article/rockwell-collins-m-a-utc-eu/eu-set-to-clear-23-billion-utc-rockwell-collins-deal-sources-idINKBN1I31CY |
HOUSTON (Reuters) - U.S. forecasters expect the 2018 Atlantic hurricane season will be near-normal to above-normal in number and intensity of storms, the National Oceanic and Atmospheric Administration’s (NOAA) Climate Prediction Center said on Thursday.
The forecasters estimate between one and four major hurricanes packing winds of 111 miles per hour (178.6 kph) could develop during the 2018 season, which begins June 1.
The NOAA forecast also said about half of the 10 to 16 named storms will be hurricane strength with winds of at least 74 mph (119 kph).
An average Atlantic hurricane season produces 12 named storms of which six become hurricanes, three of them major.
Private forecaster Weatherbell Analytics earlier this month revised downward its forecast for named storms in 2018 from between 11 and 15 to 9 to 13.
A system was brewing in the southern Gulf on Thursday that has a 70 percent chance of becoming a tropical cyclone, the U.S. National Hurricane Center said. It is expected to bring heavy rain to the southeast United States early next week and could become the first named storm of the year as Alberto.
Reporting by Erwin Seba; Editing by James Dalgleish
| ashraq/financial-news-articles | https://www.reuters.com/article/us-weather-hurricane-forecast/u-s-forecasters-say-2018-hurricane-season-may-be-above-normal-idUSKCN1IP3PV |
Regarding Oren Cass’s “Not Everyone Should Go to College” (op-ed, May 18): In my senior year of high school, I enrolled in an elective course in electronics that met daily for two hours each day, consisting of one hour theory, one hour lab practical. We learned basic electronics that covered theory, analysis and design. We even built our own printed circuits, but as important I developed a deep respect for our no-nonsense but very caring teacher and my fellow classmates who were exceedingly bright but not necessarily inclined to go to college.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/time-for-vocational-education-renaissance-1527094543 |
NEW YORK, May 24 (Reuters) - The U.S. bond market’s gauges on investors’ inflation expectations fell on Thursday as Treasury yields retreated from their multi-year peaks that were tied to worries about rising inflation and federal borrowing.
Renewed concerns about U.S.-China trade tension, together with jitters about Italy and Turkey, spurred safe-haven demand for lower-risk U.S. government debt this week, driving down their yields, analysts said.
At 9:07 a.m. (1307 GMT), the 10-year inflation breakeven rate, or the yield gap between 10-year Treasury Inflation Protected Securities (TIPS) and regular 10-year Treasury notes, was 2.14 percent, which was the lowest in more than five weeks. It was nearly 2 basis points lower than late on Wednesday.
A week ago, the 10-year TIPS breakeven rate hit 2.21 percent, which was the highest level since August 2014, Reuters and Tradeweb data showed.
Last Friday, the yield on benchmark 10-year Treasury notes rose to 2.128 percent, the highest since July 2011. (Reporting by Richard Leong Editing by Chizu Nomiyama)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds-tips/u-s-tips-breakeven-rates-fall-as-bond-market-rebounds-idUSL2N1SV0O4 |
ELKHART, Ind., May 24, 2018 /PRNewswire/ -- LCI Industries (NYSE: LCII), which, through its wholly-owned subsidiary, Lippert Components Inc., supplies a broad array of engineered products for the leading original equipment manufacturers of leisure and mobile transportation and adjacent industries, and the related aftermarkets of those industries, today announced that its Board of Directors approved an increase in the amount of the Company's regular quarterly cash dividend to $0.60 per share from $0.55 per share of common stock.
The dividend is payable on June 15, 2018, to stockholders of record at the close of business on June 4, 2018.
About LCI Industries
From over 65 manufacturing and distribution facilities located throughout the United States and in Canada, Ireland, Italy, and the United Kingdom, LCI Industries, through its wholly-owned subsidiary, Lippert Components Inc., supplies, domestically and internationally, a broad array of engineered components for the leading original equipment manufacturers ("OEMs") of leisure and mobile transportation, consisting of recreational vehicles ("RVs") and adjacent industries including; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; boats; trains; manufactured homes; and modular housing. The Company also supplies components to the related aftermarkets of these industries primarily by selling to retail dealers, wholesale distributors, and service centers. LCI's products include steel chassis and related components; axles and suspension solutions; slide-out mechanisms and solutions; thermoformed bath, kitchen, and other products; vinyl, aluminum, and frameless windows; manual, electric, and hydraulic stabilizer and leveling systems; furniture and mattresses; entry, luggage, patio, and ramp doors; electric and manual entry steps; awnings and awning accessories; electronic components; televisions and sound systems; navigation systems; backup cameras; appliances; and other accessories. Additional information about LCI and its products can be found at www.lci1.com .
Forward-Looking Statements
This press release contains certain "forward-looking statements" with respect to our financial condition, results of operations, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, and other matters. Statements in this press release that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.
Forward-looking statements, including, without limitation, those relating to our future business prospects resulting from acquisitions, whenever they occur in this press release are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this press release, pricing pressures due to domestic and foreign competition, costs and availability of raw materials (particularly steel, steel based components, and aluminum) and other components, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace of, and successful integration of acquisitions and other growth initiatives, availability and costs of labor, employee benefits, employee retention, realization and impact of efficiency improvements and cost reductions, the successful entry into new markets, the costs of compliance with environmental laws and increased governmental regulation and oversight, information technology performance and security, the ability to protect intellectual property, interest rates, oil and gasoline prices, the impact of international, national, and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, and other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2017, and in the Company's subsequent filings with the Securities and Exchange Commission. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
View original content: http://www.prnewswire.com/news-releases/lci-industries-increases-quarterly-cash-dividend-300654625.html
SOURCE LCI Industries | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-lci-industries-increases-quarterly-cash-dividend.html |
World News Talks between North and South Korea likely Talks between North and South Korea will likely resume after May 25 following completion of joint U.S.-South Korea military drills, a South Korean government spokesperson said. North Korea last week canceled at the last minute a meeting with senior South Korean officials in protest over joint exercises between Seoul and Washington. Published 4:48 PM ET Tue, 22 May 2018 Updated 23 Hours Ago Reuters Korea Summit Press | Reuters South Korean President Moon Jae-in shakes hands with North Korean leader Kim Jong Un during their meeting at the Peace House at the truce village of Panmunjom inside the demilitarized zone separating the two Koreas, South Korea, April 27, 2018.
High-level talks between North and South Korea will likely resume after May 25 following completion of joint U.S.-South Korea military drills, a South Korean government spokesman said on Tuesday.
Yoon Young-chan, a spokesman for the South Korean presidency, was speaking to reporters in Washington following a White House meeting between U.S. President Donald Trump and South Korean President Moon Jae-in .
North Korea last week canceled at the last minute a meeting with senior South Korean officials in protest over joint exercises between Seoul and Washington and also threatened to scrap an unprecedented summit between Trump and North Korean leader Kim Jong Un.
Correction: A previous version of this story misstated the time-frame for talks. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/talks-between-north-and-south-korea-likely-in-june.html |
Czech Republic, Slovakia are booming: Erste Group CEO 1 Hour Ago Andreas Treichl speaks about banking in Europe, saying that central and eastern Europe business is strong as "it's a much more entrepreneurial environment." | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/czech-republic-slovakia-are-booming-erste-group-ceo.html |
May 13 (Reuters) - Lonestar Resources US Inc:
* LONESTAR ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDES OPERATIONAL UPDATE
* Q1 ADJUSTED LOSS PER SHARE $0.13 * Q1 EARNINGS PER SHARE VIEW $-0.14 — THOMSON REUTERS I/B/E/S
* 48% INCREASE IN NET OIL AND GAS PRODUCTION TO 7,777 BOE/D IN Q1 , COMPARED TO 5,266 BOE/D IN Q1 2017
* Q1 LOSS PER SHARE $0.75 * Q1 REVENUE VIEW $32.2 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-lonestar-resources-q1-adjusted-los/brief-lonestar-resources-q1-adjusted-loss-per-share-0-13-idUSASC0A1UR |
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