text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
May 30, 2018 / 8:38 AM / Updated an hour ago Oil majors help FTSE recover after global sell-off Julien Ponthus 2 Min Read
LONDON (Reuters) - A rebound by oil stocks helped Britain’s blue-chip index recover from a global sell-off prompted by a political crisis in Italy and fresh fears of a trade war between the U.S. and China. Traders looks at financial information on computer screens on the IG Index trading floor in London, Britain February 6, 2018. REUTERS/Simon Dawson
The UK’s FTSE 100 ended up 0.75 percent on Wednesday after ending the previous session at its lowest level in nearly three weeks.
“The FTSE 100 is in recovery mode, clawing back some of yesterday’s losses on the combined support of a slightly stronger (dollar) ... and oil prices retreating from week’s lows,” said Accendo Markets analyst Artjom Hatsaturjants.
Oil majors BP and Royal Dutch Shell both rose more than 2 percent as oil prices climbed to $76 a barrel, supported by tight supplies despite expectations OPEC and its allies will pump more in the second half of 2018.
Among smaller companies, engineering firm Bodycote rose nearly 7 percent after predicting it would top market expectations for full-year profit and said it would pay a special dividend.
Discount retailer B&M European Value reported a 25 percent jump in full-year profit, sending its shares up 4.5 percent.
Photo-Me International tumbled 26 percent after the photo booth operator’s market update disappointed investors. Reporting by Julien Ponthus; Additional reporting by Danilo Masoni; Editing by David Goodman and David Holmes | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-stocks/oil-majors-steady-ftse-after-global-sell-off-idUKKCN1IV0YE |
Apple didn’t have much to say about its business over the past week—but that didn’t stop others.
Over the past week, Apple was hit with a class-action lawsuit over the design and functionality of its “butterfly” keyboard system on MacBooks and MacBook Pros. It was the latest in a string of complaints about alleged defects in the keyboard’s design. But like in the past when faced with criticisms about the design, Apple remained silent.
This is Fortune ’s latest weekly roundup of the biggest Apple news . Here’s last week’s roundup .
Meanwhile, a new report showed how Apple is increasing its presence in California’s self-driving car market. And we even learned of a possible front-runner in Apple’s search for a second headquarters.
Read on for more on those stories and others in this week’s Apple news roundup:
Get Data Sheet , Fortune’s technology newsletter
The law firm Girard Gibbs this week filed a lawsuit seeking class-action status against Apple that alleged that the MacBook and MacBook Pro’s “butterfly” keyboard design is “prone to fail.” The lawsuit was filed on behalf of two MacBook Pro owners , comes after nearly 25,000 people signed a petition requesting Apple address the problem. An increasing number of MacBook owners have complained that the butterfly mechanism under each key causes keys to stick and fail. The lawsuit seeks damages for the class. Apple has yet to respond. Apple has more self-driving car permits in California than any other tech company. The iPhone maker has 55 permits to test self-driving car technology on California’s roads, topping the 51 permits Alphabet’s autonomous car division Waymo has. Tesla, which is also testing self-driving car technology, has 39 permits. Apple and Samsung are back in court for the patent trial that never ends. Once again, the litigation will determine whether Samsung infringed Apple’s patents and how much damages the Korean conglomerate may owe Apple. At one point, the case, which started in 2011, included patent-infringement cases around the world. Now, the companies are battling it out over the same patents in the U.S. Apple had been awarded more than $1 billion in damages, but after a series of appeals, a judge reduced those damages. Earlier this year, Apple announced plans to open a second headquarters somewhere in the U.S. The campus would initially house customer service employees, but it would eventually add other divisions over time. Apple has said it will announce location of the new offices this year, but a report this week, citing anonymous sources, said the company is close to choosing the Research Triangle Park in North Carolina. The area, which includes Raleigh, Durham, and Chapel Hill, is close to three major universities —Duke, N.C. State, and the University of North Carolina at Chapel Hill. Apple Music, which is growing at a nice clip, now has 50 million subscribers, CEO Tim Cook reported this week. That’s up from 40 million subscribers in April . Its chief rival Spotify, however, is still far ahead, with 75 million subscribers. In an interview this week with Bloomberg TV’s The David Rubenstein Show: Peer-to-Peer Conversations, Cook offered some thoughts about how President Donald Trump could handle trade with China. He said cooperation between the countries is critical and that tariffs are not a solution. He added that a trade war with China would hurt American businesses. One more thing… Samsung took Apple to task in a new ad this week that compared the Galaxy S9 and Galaxy S9+ to the iPhone 6 Apple that was released in 2014. It was odd, to say the least. And if you click here , you can see my take on why the ad was “ridiculous.” | ashraq/financial-news-articles | http://fortune.com/2018/05/19/apple-butterfly-keyboard-cars/ |
Highlights:
Revenue for the first quarter increased 3.3%, or $2.7 million, compared to the same quarter of 2017. Environmental Services revenue increased 8.0%, or $4.3 million, compared to the first quarter of 2017.
ELGIN, Ill., May 02, 2018 (GLOBE NEWSWIRE) -- Heritage-Crystal Clean, Inc. (Nasdaq:HCCI), a leading provider of parts cleaning, used oil re-refining, and hazardous and non-hazardous waste services primarily focused on small and mid-sized customers, today announced results for the first quarter which ended March 24, 2018.
First Quarter Review
Revenues for the first quarter of 2018 were $83.1 million compared to $80.5 million for the same quarter of 2017, an increase of 3.3%.
Operating margin decreased to 14.3% compared to 19.7% in the first quarter of 2017 as both of our reporting segments experienced higher costs in certain areas. Our first quarter SG&A expense as a percentage of revenue decreased to 14.2% compared to 16.4% for the first quarter of 2017, mainly due to lower legal fees and lower expense for incentive compensation.
Net loss attributable to common shareholders for the first quarter was $(0.1) million compared to net income attributable to common shareholders of $4.8 million in the year earlier quarter. Earnings for the first quarter of 2017 were favorably impacted by a gain from an arbitration award of approximately $5.5 million on a pre-tax basis. Basic loss per share was $(0.01) in the first quarter of fiscal 2018 compared to basic earnings per share of $0.21 in the first quarter of fiscal 2017. Earnings per share for the first quarter of 2017 was favorably impacted by $0.16 due to the aforementioned arbitration award.
Segments
Our Environmental Services segment includes parts cleaning, containerized waste, vacuum services, antifreeze recycling, and field services. Environmental Services revenue was $57.5 million during the quarter compared to $53.2 million during the first quarter of fiscal 2017, as the Company saw growth in all of our service lines during the quarter. Environmental Services operating margin dropped to 23.1% compared to 28.1% in 2017. The decline in operating margin was primarily due to higher disposal and transportation costs during the quarter. As expected we also experienced higher costs due to the addition of sales and service resources to fuel continuing revenue growth in our business.
President and CEO Brian Recatto commented, "While we are pleased with our continued strong revenue growth in this segment, we were impacted by a spike in disposal and transportation costs during the first quarter. During the quarter we were forced to utilize secondary disposal outlets for a material portion of our containerized waste material due to an outage at one of our main third-party disposal sites which led to higher costs. Our main third-party disposal outlet has now returned to normal operations. Transportation costs in our vacuum business which utilizes railcars to move waste to the proper disposal outlet were negatively impacted by the challenges we faced in rail logistics due to the unplanned downtime experienced at our re-refinery during the first quarter. However, we are confident the steps we've taken early in the second quarter will allow us to reduce these costs relative to our revenue and give us the opportunity to restore our operating margins back to the level we experienced during the second half of fiscal 2017."
Our Oil Business segment includes used oil collection activities, sales of recycled fuel oil, and re-refining activities. During the first quarter of fiscal 2018, Oil Business revenues decreased 5.8% to $25.7 million compared to $27.2 million in the first quarter of fiscal 2017. The revenue decrease was due to unplanned downtime at our re-refinery and significantly lower charges to customers for our used oil collection services. Oil Business segment operating margin was (5.4%) in the first quarter of 2018 compared to 3.4% in the first quarter of fiscal 2017. The negative operating margin for the quarter was due to poor leveraging of our fixed costs as well as higher maintenance and transportation costs caused by the unplanned downtime at the re-refinery. Higher costs for used oil feedstock as well as site closure costs also contributed to lower operating margin during the first quarter.
Recatto commented, "As we alluded to earlier this year, the unplanned downtime at the re-refinery during the first quarter limited our ability to produce and sell product as well as led to higher operating costs. The extended unplanned downtime caused a back-up in our logistics network which affected all aspects of this segment. The back-up of our logistics impeded our ability to offload railcars at our re-refinery, as well as our ability to offload our service vehicles due to lack of empty vessels. Looking forward, our re-refinery has been fully operational since before the beginning of the second quarter and we are currently enjoying our highest base oil pricing since 2014."
Safe Harbor Statement
All references to the “Company,” “we,” “our,” and “us” refer to Heritage-Crystal Clean, Inc., and its subsidiaries.
This release contains that are based upon current management expectations. Generally, the words "aim," "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "project," "should," "will be," "will continue," "will likely result," "would" and similar expressions identify . These involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements or industry results to differ materially from any future results, performance or achievements expressed or implied by these . These risks, uncertainties and other important factors include, among others: general economic conditions and downturns in the business cycles of automotive repair shops, industrial manufacturing businesses and small businesses in general; increased solvent, fuel and energy costs and volatility in the price of crude oil, the selling price of lubricating base oil, solvent, fuel, energy, and commodity costs; our ability to successfully integrate businesses that we acquire; our ability to enforce our rights under the FCC Environmental purchase agreement; our ability to pay our debt when due and comply with our debt covenants; our ability to successfully operate our used oil re-refinery and to cost effectively collect or purchase used oil or generate operating results; increased market supply or decreased demand for base oil; further consolidation and/or declines in the United States automotive repair and manufacturing industries; the impact of extensive environmental, health and safety and employment laws and regulations on our business; legislative or regulatory requirements or changes adversely affecting our business; competition in the industrial and hazardous waste services industries and from other used oil processing facilities including other re-refineries; claims and involuntary shutdowns relating to our handling of hazardous substances; the value of our used solvents and oil inventory, which may fluctuate significantly; our ability to expand our non-hazardous programs for parts cleaning; our dependency on key employees; our level of indebtedness, which could affect our ability to fulfill our obligations, impede the implementation of our strategy, and expose us to interest rate risk; our ability to effectively manage our extended network of branch locations; the control of The Heritage Group over the Company; and the risks identified in our Annual Report on Form 10-K filed with the SEC on March 1, 2018 and subsequent filings with the SEC. Given these uncertainties, you are cautioned not to place undue reliance on these . We assume no obligation to update or revise them or provide reasons why actual results may differ. The information in this release should be read in light of such risks and in conjunction with the consolidated financial statements and the notes thereto included elsewhere in this release.
About Heritage-Crystal Clean, Inc.
Heritage-Crystal Clean, Inc. provides parts cleaning, used oil re-refining, and hazardous and non-hazardous waste services primarily to small and mid-sized customers in the vehicle maintenance sector as well as manufacturers and other industrial businesses. Our service programs include parts cleaning, containerized waste management, used oil collection and re-refining, vacuum truck services, waste antifreeze collection, recycling and product sales, and field services. These services help our customers manage their used chemicals and liquid and solid wastes, while also helping to minimize their regulatory burdens. Our customers include businesses involved in vehicle maintenance operations, such as car dealerships, automotive repair shops, and trucking firms, as well as small-to-medium sized manufacturers, such as metal product fabricators and printers, and other industrial businesses. Through our used oil re-refining program, we recycle used oil into high quality lubricating base oil, and we are a supplier to firms that produce and market finished lubricants. Through our antifreeze program we recycle spent antifreeze and produce a full line of virgin-quality antifreeze products. Heritage-Crystal Clean, Inc. is headquartered in Elgin, Illinois, and operates through 87 branches serving over 90,000 customer locations.
Conference Call
The Company will host a conference call on Thursday, May 3, 2018 at 9:30 AM Central Time, during which management will give a brief presentation focusing on the Company's operations and financial results. Interested parties can listen to the audio webcast available through our company website, http://crystal-clean.com/investor-relations/ , and can participate in the call by dialing (720) 545-0014.
The Company uses its website to make information available to investors and the public at www.crystal-clean.com .
CONTACT
Mark DeVita, Chief Financial Officer, at (847) 836-5670
Heritage-Crystal Clean, Inc.
Condensed Consolidated Balance Sheets
(In Thousands, Except Share and Par Value Amounts)
(Unaudited) March 24,
2018 December 30,
2017 ASSETS Current Assets: Cash and cash equivalents $ 37,557 $ 41,889 Accounts receivable - net 46,883 45,491 Inventory - net 25,394 21,639 Other current assets 5,122 5,895 Total Current Assets 114,956 114,914 Property, plant and equipment - net 128,504 128,119 Equipment at customers - net 23,473 23,312 Software and intangible assets - net 16,005 16,732 Goodwill 31,580 31,580 Total Assets $ 314,518 $ 314,657 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 27,849 $ 25,568 Contract liabilities - net 237 — Accrued salaries, wages, and benefits 4,535 6,386 Taxes payable 5,898 5,787 Other current liabilities 2,562 2,690 Total Current Liabilities 41,081 40,431 Long-term debt 28,814 28,744 Deferred income taxes 9,170 9,556 Total Liabilities $ 79,065 $ 78,731 STOCKHOLDERS' EQUITY: Common stock - 26,000,000 shares authorized at $0.01 par value, 23,010,733 and 22,891,674 shares issued and outstanding at March 24, 2018 and December 30, 2017, respectively $ 230 $ 229 Additional paid-in capital 193,536 193,640 Retained earnings 40,971 41,359 Total Heritage-Crystal Clean, Inc. Stockholders' Equity 234,737 235,228 Noncontrolling interest 716 698 Total Equity $ 235,453 $ 235,926 Total Liabilities and Stockholders' Equity $ 314,518 $ 314,657
Heritage-Crystal Clean, Inc.
Condensed Consolidated Statements of Income
(In Thousands, Except per Share Amounts)
(Unaudited) First Quarter Ended, March 24,
2018 March 25,
2017 Revenues Product revenues $ 29,010 $ 26,980 Service revenues 54,137 53,473 Total revenues $ 83,147 $ 80,453 Operating expenses Operating costs $ 68,386 $ 61,290 Selling, general, and administrative expenses 11,022 12,341 Depreciation and amortization 3,643 4,132 Other expense (income) - net 389 (5,006 ) Operating (loss) income (293 ) 7,696 Interest expense – net 245 87 (Loss) income before income taxes (538 ) 7,609 (Benefit from) provision for income taxes (436 ) 2,792 Net (loss) income (102 ) 4,817 Income attributable to noncontrolling interest 18 53 Net (loss) income attributable to Heritage-Crystal Clean, Inc. common stockholders $ (120 ) $ 4,764 Net (loss) income per share: basic $ (0.01 ) $ 0.21 Net (loss) income per share: diluted $ (0.01 ) $ 0.21 Number of weighted average shares outstanding: basic 22,962 22,353 Number of weighted average shares outstanding: diluted 22,962 22,892
Heritage-Crystal Clean, Inc.
Reconciliation of Operating Segment Information
(Unaudited) First Quarter Ended, March 24, 2018 (thousands) Environmental
Services Oil Business Corporate and
Eliminations Consolidated Revenues Product revenues $ 6,444 $ 22,566 $ — $ 29,010 Service revenues 51,032 3,105 — 54,137 Total revenues $ 57,476 $ 25,671 $ — $ 83,147 Operating expenses Operating costs 42,725 25,661 — 68,386 Operating depreciation and amortization 1,490 1,389 — 2,879 Profit (loss) before corporate selling, general, and administrative expenses $ 13,261 $ (1,379 ) $ — $ 11,882 Selling, general, and administrative expenses 11,022 11,022 Depreciation and amortization from SG&A 764 764 Total selling, general, and administrative expenses $ 11,786 $ 11,786 Other expense - net 389 389 Operating (loss) (293 ) Interest expense – net 245 245 (Loss) before income taxes $ (538 )
First Quarter Ended, March 25, 2017 (thousands) Environmental
Services Oil Business Corporate and
Eliminations Consolidated Revenues Product revenues $ 5,724 $ 21,256 $ — $ 26,980 Service revenues 47,492 5,981 — 53,473 Total revenues $ 53,216 $ 27,237 $ — $ 80,453 Operating expenses Operating costs 36,520 24,770 — 61,290 Operating depreciation and amortization 1,746 1,535 — 3,281 Profit before corporate selling, general, and administrative expenses $ 14,950 $ 932 $ — $ 15,882 Selling, general, and administrative expenses 12,341 12,341 Depreciation and amortization from SG&A 851 851 Total selling, general, and administrative expenses $ 13,192 $ 13,192 Other (income) - net (5,006 ) (5,006 ) Operating income 7,696 Interest expense – net 87 87 Income before income taxes $ 7,609
Heritage-Crystal Clean, Inc. Reconciliation of our Net Income Determined in Accordance with U.S. GAAP to Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) and to Adjusted EBITDA (Unaudited) First Quarter Ended, (thousands) March 24,
2018 March 25,
2017 Net (loss) income $ (102 ) $ 4,817 Interest expense - net 245 87 (Benefit from) provision for income taxes (436 ) 2,792 Depreciation and amortization 3,643 4,132 EBITDA (a) $ 3,350 $ 11,828 Legal Fees (b) — 784 Non-cash compensation (c) 828 667 Gain from Arbitration award (d) — (5,135 ) Adjusted EBITDA (e) $ 4,178 $ 8,144 (a) EBITDA represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization. We have presented EBITDA because we consider it an important supplemental measure of our performance and believe it is frequently used by analysts, investors, our lenders and other interested parties in the evaluation of companies in our industry. Management uses EBITDA as a measurement tool for evaluating our actual operating performance compared to budget and prior periods. Other companies in our industry may calculate EBITDA differently than we do. EBITDA is not a measure of performance under U.S. GAAP and should not be considered as a substitute for net income prepared in accordance with U.S. GAAP. 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 U.S. GAAP. Some of these limitations are: EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; EBITDA does not reflect interest expense or the cash requirements necessary to service interest or principal payments on our debt; EBITDA does not reflect tax expense or the cash requirements necessary to pay for tax obligations; and Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements. We compensate for these limitations by relying primarily on our U.S. GAAP results and using EBITDA only as a supplement. (b) Legal fees incurred to resolve routine and non-routine matters stemming from the acquisition of FCC Environmental and International Petroleum Corp. (c) Non-cash compensation expenses which are recorded in SG&A (d) Gain from partial award for claims made in our arbitration related to our acquisition of FCC Environmental and International Petroleum Corp. in 2014. (e) We have presented Adjusted EBITDA because we consider it an important supplemental measure of our performance and believe it may be used by analysts, investors, our lenders, and other interested parties in the evaluation of our performance. Other companies in our industry may calculate Adjusted EBITDA differently than we do. Adjusted EBITDA is not a measure of performance under U.S. GAAP and should not be considered as a substitute for net income prepared in accordance with U.S. GAAP. 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 U.S. GAAP.
Source:Heritage-Crystal Clean, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-heritage-crystal-clean-inc-announces-2018-first-quarter-financial-results.html |
(Adds U.S. market open, byline, changes dateline, previous LONDON)
* Oil at 3-1/2-year high as Trump move threatens global supply
* World stocks rise, lifted by the energy sector
* Dollar hits new 2018 high before edging lower
By Herbert Lash
NEW YORK, May 9 (Reuters) - Crude oil prices rose to 3-1/2-year highs on Wednesday following President Donald Trump’s decision to withdraw the United States from a nuclear deal with Iran, a move that helped lift equity markets as Exxon Mobil, Chevron and other oil majors rallied.
Contracts for Brent, the global crude benchmark, and for the U.S. benchmark jumped almost 3 percent to highs last seen in November 2014 after Trump on Tuesday abandoned the deal and announced the “highest level” of sanctions against Iran.
Trump’s move raises the risk of conflict in the Middle East and casts uncertainty over oil supplies in an already tight market.
U.S. crude rose $1.95 to $71.01 per barrel and Brent was last at $77.09, up $2.24.
The energy sector in equity markets rallied, helping lift European stocks, a gauge of world equity performance and the broad U.S. market on Wall Street.
“It’s the clear leader today. It’s overwhelming almost all the other sectors in terms of its impact on today’s market action,” said Michael Arone, chief investment strategist at State Street Global Advisors in Boston.
Exxon Mobil rose 1.65 percent, Chevron gained 1.36 percent, Royal Dutch Shell rose 3.38 percent and BP rose 3.92 percent.
While crude oil prices have rallied over the past 12 months, energy stocks have basically gone nowhere, which is helping their gains on Wednesday, Arone said.
“Now we’re starting to see that gap close, so this could be a bit of a short-term rally for the energy sector,” he said.
MSCI’s gauge of equity performance in 47 countries gained 0.25 percent, with Exxon and BP the second- and third-largest contributors.
Energy added the most points to the pan-European FTSEurofirst 300 index of regional stocks, rising 0.65 percent with Royal Dutch Shell and BP leading shares higher.
On Wall Street, stocks traded higher to mixed, but the S&P energy sector gained 2.1 percent, led by Exxon Mobil.
The Dow Jones Industrial Average rose 10.19 points, or 0.04 percent, to 24,370.4. the S&P 500 gained 6.71 points, or 0.25 percent, to 2,678.63 and the Nasdaq Composite added 6.72 points, or 0.09 percent, to 7,273.62.
Equities have traded in a range recently on concerns about U.S.-China trade negotiations, a disparate view by the Federal Reserve and investors over inflation and the economy, and the notion that earnings and growth have peaked, Arone said.
“Those things certainly have the market in a bit of a sideways pattern,” he said.
The dollar fell from its strongest levels in 2018 against a basket of currencies due to mild profit-taking, but the greenback was expected to resume its rise due to solid U.S. economic growth and further monetary tightening by the Fed.
The weaker dollar stemmed from a bounce in the euro, which hit a fresh low for the year in early trading before paring gains.
“There’s a little exhaustion with the long-dollar trade, but I don’t think we’ve reached the end of it yet,” said Ilya Gofshteyn, FX and global macro strategist at Standard Chartered Bank in New York.
The dollar index fell 0.09 percent, with the euro down 0.03 percent to $1.1859. The Japanese yen weakened 0.53 percent versus the greenback at 109.72 per dollar.
U.S. government bond yields fell across maturities as demand for safe-haven assets increased after Trump’s Iran announcement.
Benchmark 10-year notes fell 8/32 in price, pushing their yield up to 2.9986 percent.
In Europe, the gap between Italian and German borrowing costs hit its widest in nearly six weeks on the possibility that a coalition of Italian anti-establishment parties would come to power.
The Italy/Germany 10-year government bond yield spread widened five basis points immediately after news that 5-Star and the League had said they were holding last-minute talks to try to clinch a coalition deal.
The spread widened to 132.7 basis points, its widest since March 29. (Reporting by Herbert Lash Editing by James Dalgleish)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-oil-soars-after-trump-dumps-iran-nuclear-deal-stocks-gain-idUSL8N1SG717 |
SEOUL, May 17 (Reuters) - South Korea is seeking to mediate to bridge the gap between the United States and North Korea as they appear to have “some kind of difference in stances” ahead of a planned summit, an official at South Korea’s presidential Blue House said on Thursday.
The comments come after Pyongyang on Wednesday threatened to pull out of the June 12 summit in Singapore with U.S. President Donald Trump, saying it might not attend if Washington continues to demand it unilaterally abandon its nuclear arsenal.
The Blue House official said the South Korean government or President Moon Jae-in intends to more actively perform “the role of a mediator” in various channels between South Korea, the U.S. and North Korea.
Trump will host South Korean President Moon Jae-in at a summit at the White House on May 22, and the two are expected to discuss the upcoming summit between Trump and North Korean leader Kim Jong Un.
The Blue House intends to “sufficiently convey (to the United States) what we’ve discerned about North Korea’s position and attitude through the summit on the 22nd, and sufficiently convey the United States’ position to North Korea,” thereby helping to bridge the gap between their positions, the official said.
“Seeing the announced statements and responses from North Korea and the United States, we see the two parties as having a sincere and serious attitude (to stand in each other’s shoes),” the official said.
South Korea intends to continue discussions with North Korea to hold high-level talks North Korea cancelled on Wednesday, Blue House said in a statement on Thursday. North Korea called off the talks, blaming U.S.-South Korean military exercises.
Meanwhile, Chinese government’s top diplomat, Wang Yi, said on Thursday the measures North Korea has taken to ease tension on the Korean peninsula should be acknowledged, and all other parties, especially the United States, should cherish the opportunity for peace. (Reporting by Joyce Lee; Additional reporting by Michael Martina in BEIJING; Editing by Michael Perry)
| ashraq/financial-news-articles | https://www.reuters.com/article/northkorea-missiles-southkorea/s-korea-to-play-mediator-to-resolve-n-korea-u-s-summit-doubts-official-idUSL3N1SO1QA |
May 23, 2018 / 12:18 PM / a minute ago Hip hop singer Lauryn Hill to perform in UK for album anniversary tour Reuters Staff 2 Min Read
LONDON (Reuters) - American singer and rapper Lauryn Hill will take to the British stage later this year as she marks 20 years since the release of her award-winning debut solo album. FILE PHOTO: Rock & Roll Hall of Fame Induction – Show - Cleveland, Ohio, U.S., 14/04/2018 – Lauryn Hill performs on stage. REUTERS/Aaron Josefczyk/File Photo
The former Fugees band member released the hugely-successful “The Miseducation of Lauryn Hill” in 1998, the first hip-hop album to win the coveted album of the year prize at the Grammy awards.
The 42-year-old is going on a world tour this summer to mark the anniversary, with the UK performances slated for the end of November and early December. Rock & Roll Hall of Fame Induction – Show - Cleveland, Ohio, U.S., 14/04/2018 – Lauryn Hill performs on stage. REUTERS/Aaron Josefczyk
The album “chronicled an intimate piece of my young existence”, Hill said in a statement about the tour.
“I loved and believed deeply in my community’s ability to both love and heal itself provided it received the right amount of support and encouragement,” she said.
“Our world today, both complex and changing, is in need of the balance between moral fortitude and cathartic expression. I hope the love and energy that permeated this work can continue to inspire change with love and optimism at the helm.” Reporting by Marie-Louise Gumuchian; Editing by Peter Graff | ashraq/financial-news-articles | https://uk.reuters.com/article/us-music-laurynhill/hip-hop-singer-lauryn-hill-to-perform-in-uk-for-album-anniversary-tour-idUKKCN1IO1P4 |
May 2(Reuters) - Daikyo Inc
* Says it bought back 223,400 shares for 500.2 million yen in total from April 1 to April 30
* Says this was part of the share repurchase plan announced on Oct. 26, 2017
* Says it accumulatively repurchased 2.7 million shares for 5.9 billion yen in total as of April 30
Source text in Japanese: goo.gl/eWCzm4
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-daikyo-buys-back-223400-shares-for/brief-daikyo-buys-back-223400-shares-for-500-2-mln-yen-in-april-idUSL3N1S9241 |
While markets are busy with Trump tweets and geopolitics, one strategist says two catalysts are being left by the wayside.
Economics and earnings will give stocks their next leg up this year, according to Kate Warne, investment strategist at Edward Jones.
"We think first investors really aren't paying attention to the fact that the budget deal that went through Congress earlier this year adds government spending as a pillar for economic growth," Warne told CNBC's " Trading Nation " on Tuesday.
President Donald Trump 's election lifted hopes of increased infrastructure spending, deregulation and possible tax cuts.
"What wasn't expected was Congress would reach a deal that instead of keeping deficits at a relatively constant level, that we'd actually see deficit spending increase especially so late in the economic cycle," she said. "That is a surprise compared to what was baked in."
Trump signed a $1.3 trillion spending bill in March that bumped defense spending up by $80 billion and increased domestic spending by $63 billion.
"That's part of why we expect slightly stronger economic growth later this year," said Warne. "I don't think it's really been taken into account because we don't know where the government is going to spend."
Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding.
Equities markets should also be able to overlook rising deficits, at least in the short term, Warne said.
"I think that will be a problem in the future, but I don't think that's a problem short term, and that's really where we're focused right now, which is what happens in the rest of 2018 and early 2019," she said.
Increased government spending is expected to push annual deficits to $1 trillion by 2020, according to an analysis by the Congressional Budget Office . In the shorter term, Warne expects the spending to boost economic growth to around 3 percent in 2018, higher than her 2.6 percent estimate before the budget deal passed.
"We should expect faster economic growth later this year. It's not going to be a dramatic change but it's enough that should propose a catalyst for stocks," said Warne.
Earnings, Warne's second catalyst for stocks, have presented a conundrum to market watchers expecting a big rally — double-digit profit growth that would normally result in gains has not.
"Investors haven't paid enough attention to the really stellar first-quarter earnings we've seen," said Warne. "Companies have been beating by a percent that's higher than average. With 20-plus percent earnings growth expected, some of that was baked in."
S&P 500 companies have reported nearly 26 percent blended earnings growth over the first quarter, according to Thomson Reuters. Of the four-fifths of the index that have reported, 79 percent have topped estimates, well above the long-term average of 64 percent.
The problem, Warne said, is that investors have shifted from celebrating good news to fretting over potentially bad news.
"Investors have begun to focus on what could go wrong rather than what continues to go right," she said. "Whether it's higher interest rates or concerns about nuclear deals in the rest of the world or geopolitical risks, trade disruptions, I think those are the things that investors are more focused on."
The S&P 500 ended Tuesday's session flat after Trump pulled the U.S. out of the Iran nuclear deal . The benchmark index is less than 10 points above where it started the first-quarter earnings season.
show chapters Investors are missing two major facets of the market, strategist says 18 Hours Ago | 04:08 Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/wall-street-is-ignoring-two-catalysts-that-could-propel-stocks-higher.html |
May 4, 2018 / 11:24 PM / Updated 4 hours ago Soccer-Japan, Qatar get invites to 2019 Copa America in Brazil Reuters Staff 1 Min Read
SAO PAULO (Reuters) - The 2019 Copa America in Brazil will feature 10 teams from South America plus invited guests Japan and Qatar, the South American Football Confederation (CONMEBOL) said on Friday.
Several nations have had special invitations since 1993, including Japan who played at the 1999 tournament in Paraguay.
The guests usually come the neighbouring North and Central America and the Caribbean confederation so the inclusion of Qatar, the Gulf nation hosting the 2022 World Cup, is new.
CONMEBOL said the presence of the two non-Latin nations is due to the “great interest of the Asian Football Confederation in participating in CONMEBOL tournaments and to the South American Football Confederation’s commitment to developing football around the world.”
The Copa America, which started in 1916, is world’s oldest international soccer tournament. Next year’s hosts Brazil have not won the trophy since 2007. Reporting by Andrew Downie; editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-conmebol/soccer-japan-qatar-get-invites-to-2019-copa-america-in-brazil-idUKKBN1I52O9 |
The Dow, S&P 500 and Nasdaq are on track to post their best monthly gains since January BY THE NUMBERS
Futures were flat this morning. The Dow, S&P 500 and Nasdaq remain on track to post their best monthly gains since January, with the Nasdaq leading the way with a 5.6 percent gain despite alternating between gains and losses for the past eight sessions. (CNBC)
Sears Holdings (SHLD) announced today it will be closing 72 more stores in 2018 as its same-store sales continue to decline at a double-digit percentage rate. The retailer also reported worse-than-expected first quarter earnings. Shares of Sears, with a market value of just $346 million, were lower in the premarket, trading at around $3 each. (CNBC)
Retailers are front and center in this morning's earnings reports , with American Eagle (AEO), Dollar General (DG), Dollar Tree (DLTR), Express (EXPR), J. Jill (JILL) and Perry Ellis (PERY) also set to report. After-the-bell reports include the latest numbers from Costco (COST).
Uber CEO Dara Khosrowshahi told CNBC that the ride-hailing company is on track to go public in the second half of 2019. He added that the company is in a "good position" in terms of the company's profile, profitability and margins.* CEO: Uber is in talks to add Waymo's self-driving cars to its network (CNBC) Separately, Berkshire Hathaway (BRKB) had discussions with Uber about a possible investment, according to Warren Buffett. He told CNBC he is a great admirer of Khosrowshahi, but ultimately no investment was made.
It's a busy morning for economic numbers , beginning at 8:30 a.m. ET with the release of personal income, consumer spending and initial jobless claims. At 9:45 a.m. ET, the Chicago Purchasing Managers Index is out, followed by the National Association of Realtors' pending home sales report for April at 10 a.m. ET. (CNBC) CNBC.com IN THE NEWS TODAY
President Donald Trump is preparing to impose a total ban on German luxury carmakers from the U.S. market, German business magazine WirtschaftsWoche reported today, citing several unnamed American and European diplomats.
CNBC has confirmed that the White House is not planning on extending the European Union exemptions from steel and aluminum tariffs. The Wall Street Journal first reported the news, which is expected to be announced today.* US plan to impose steel and aluminum tariffs on Canada, Mexico, and the EU is '99.9%' done and coming very soon: Source (CNBC)
Secretary of State Mike Pompeo and a high-ranking North Korean official entered the second day of meetings in New York today. The two are trying to settle nuclear weapons disagreements and set the stage for a summit between their leaders. (Reuters)* Deal or no deal, a Trump-Kim summit may have major implications for Asia (CNBC)
AP has learned that former FBI Deputy Director Andrew McCabe drafted a memo on circumstances leading up to the firing of his boss, James Comey. The document has been turned in to special counsel Robert Mueller.
Trump criticized Disney (DIS) CEO Bob Iger for apologizing for Roseanne Barr's racist tweet that led to the cancellation of her hit ABC show, but failing to show remorse about statements made about the president on the network. (CNBC)* Kim Kardashian West goes to the White House to talk pardon with Trump (AP)
The Federal Reserve proposed to revise the Volcker Rule to apply to financial firms based on their trading activity. The Volcker Rule was proposed during the financial crisis in an effort to prevent banks from speculating in markets. (CNBC)
Harvey Weinstein has been indicted on rape and criminal sex act charges involving two women in New York. Manhattan District Attorney Cyrus R. Vance Jr. said the indictment brings Weinstein "another step closer to accountability." (AP)
Data from the American Medical Association showed that doctors are increasingly using prescription drug monitoring programs in an effort to cut down on inappropriate opioid prescriptions in the United States. (Axios)
Ripple CEO Brad Garlinghouse told CNBC that Bitcoin's influence over cryptocurrency prices could end soon as markets start to acknowledge the differences between assets. "It's early, over time you'll see a more rational market and behaviors that reflect that," he said.* Bitcoin could be extinct by 2118: Yale's Robert Shiller (CNBC) STOCKS TO WATCH
PVH Corp. (PVH) came in 11 cents above estimates with adjusted quarterly profit of $2.36 per share, with the apparel maker's revenue slightly above forecasts. However, PVH did issue weaker-than-expected full-year sales guidance, even as it raised its earnings outlook.
Box (BOX) lost seven cents per share for its latest quarter, one cent less than Wall Street had anticipated. The cloud storage company's revenue beat forecasts, and the company also forecast a smaller-than-expected loss for the current quarter and full year even as it increases spending to attract more customers.
Guess (GES) matched analyst forecasts with a reported loss of 23 cents per share for its latest quarter, with revenue exceeding estimates. The fashion and accessories retailer also gave a strong revenue outlook, but weaker-than-expected earnings guidance.
Toyota Motor (TM) reported a 22 percent jump in vehicle shipments to the U.S. from Japan in April, largely on the strength of the popular Rav4 SUV. The Wall Street Journal noted that Toyota stands to lose the most among major automakers if higher tariffs are imposed on imported cars and trucks.
Symantec (SYMC) said it did not expect to be able to file its annual report in a timely manner, due to an ongoing internal accounting probe being conducted at the cybersecurity company. Symantec does not believe the probe will have a material effect on past financial statements. WATERCOOLER
New York City residents took to the streets at sunset yesterday to witness and take photos of "Manhattanhenge," a phenomenon dubbed by astrophysicist Neil deGrasse Tyson where the sun aligns perfectly with skyscrapers. (CBS News) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/the-dow-sp-500-and-nasdaq-are-on-track-to-post-their-best-monthly-gains-since-january.html |
May 29, 2018 / 1:08 PM / Updated 16 minutes ago Interview: De Beers sees sparkle in synthetic diamond jewellery Barbara Lewis 3 Min Read
LONDON (Reuters) - Anglo American unit De Beers is launching a company to sell laboratory-produced diamonds for jewellery in a departure from its century-old business model of promoting natural stones. A still image from video shows coloured synthetic diamonds on display at De Beers' International Institute of Diamond Grading and Research in Maidenhead August 15, 2016. REUTERS/Reuters TV/File Photo/File Photo
Real diamonds created over thousands of years remain the priority, but De Beers is responding to customer demand for more affordable jewellery using stones made in days or weeks and sold for hundreds rather than thousands of dollars.
“They’re not to celebrate life’s greatest moments, but they’re for fun and fashion,” De Beers Chief Executive Officer Bruce Cleaver said of synthetic stones in a telephone interview.
“We have always said we are a natural diamonds business. We remain a natural diamonds business,” he said, adding that manmade diamonds used in fashion would not undermine the business for real diamonds as they served different markets.
As the world’s biggest seller of natural diamonds by value, De Beers is a leader in technology and security processes to guarantee the authenticity of natural stones.
To ensure there is no confusion between manmade gems that have little resale value and the real thing, the manufactured diamonds used in jewellery will include a tiny mark showing they are made by Element Six, a unit of De Beers that until now has focused on making stones for industrial uses.
The technology to insert the mark has been developed by Opsydia, an offshoot of Oxford University, and the diamonds will be sold by a new company called Lightbox Jewelry beginning in September in the United States, the world’s leading diamond jewellery market where demand hit an all-time high last year.
De Beers’ parent, Anglo American, was hit by the commodity price crash of 2015-16, but has recovered strongly and is leading the sector this year with a 13 percent rise in its share price.
The diamond business accounted for 16 percent of the Anglo American group’s full-year earnings.
Element Six does not publish separate earnings figures, but industry sources say it has returned to profit as recovering oil prices have increased demand for industrial stones for drill bits used in oil exploration.
If the move by De Beers into fashion jewellery gains traction, Element Six’s existing capacity will need to expand.
De Beers plans to invest $94 million over four years to build an Element Six factory near Portland, in the U.S. state of Oregon, which should produce more than half a million rough carats a year when fully operational in about 2020.
That remains modest in comparison to De Beers’ investment in maintaining production of natural diamonds of $3 billion over five-to-seven years. Diamonds are displayed during a visit to the De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana November 24, 2015. REUTERS/Siphiwe Sibeko/File Photo Reporting by Barbara Lewis; Editing by Edmund Blair | ashraq/financial-news-articles | https://in.reuters.com/article/debeers-diamonds/interview-de-beers-sees-sparkle-in-synthetic-diamond-jewellery-idINKCN1IU1J9 |
The Pre-Markets Rundown: May 17, 2018 38 Mins Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/the-pre-markets-rundown-may-17-2018.html |
(Reuters) - U.S. President Donald Trump on Thursday called off his planned June 12 summit meeting with North Korean leader Kim Jong Un in a letter released by the White House.
FILE PHOTO: U.S. President Donald Trump speaks to the media before departing the White House for a trip to New York, in Washington, U.S. May 23, 2018. REUTERS/Carlos Barria COMMENTS: RICK MECKLER, CHERRY LANE INVESTMENTS, A FAMILY INVESTMENT OFFICE IN NEW VERNON, NEW JERSEY:
“Really not sure why people are looking at it so negatively, except when world politics is unstable, investors’ knee-jerk reaction is to sell first and ask questions later. But I think the handwriting’s been on the wall for a while, we know that this was a troubled meeting and even if it happened, there was hardly any assurance that it was going to matter.”
“The bigger news has really been the proposed tariffs on foreign cars, the administration provides so much potential change every day, that it’s difficult for investors to see consistency to the economic future. It’s hard to invest when you’re not sure what the next step is.”
OMER ESINER, CHIEF MARKET ANALYST, COMMONWEALTH FOREIGN EXCHANGE INC, WASHINGTON D.C.
“There is a slightly more risk-off mood in global financial markets as a result of that announcement. Stocks took a turn lower and in terms of FX the biggest reaction so far is in dollar-yen. The dollar had already been under some pressure against the Japanese yen, but it slid to session lows.
“For now, it looks a little bit like a knee-jerk reaction. I think both parties - the U.S. and North Korea - have significant incentives to keep these talks on track. Maybe not for June, maybe not for this particular summit, but both sides probably have a lot of vested interest in not seeing these relations dissolve. That gives me some hope that we will see some degree of diplomacy continue here.
“There is also the potential that these are some sort of negotiating tactics on the part of the Trump administration that is reacting to some of the alleged comments that we had from North Korean diplomats.
“This could still be very early in the process. Obviously the news that the summit is off is certainly a blow to diplomacy, but I wouldn’t necessarily write off diplomacy at this point.”
JOHN CANAVAN, MARKET STRATEGIST, STONE & MCCARTHY RESEARCH ASSOCIATES, NEW YORK
“I don’t think this will have a lasting impact on the market. It has become clear the last few days that this meeting wasn’t going to happen. The cancellation generated a knee-jerk risk-off response. The longer term impact should be modest. It leaves the status quo in place. Trade concerns could have a greater longer term effect. The move back below 3 percent (on 10-year yield) should generate a better (bond) market sentiment.”
KEN POLCARI, DIRECTOR OF THE NYSE FLOOR DIVISION AT O’NEIL SECURITIES IN NEW YORK:
“I’m not so sure people should be so surprised, they have been pounding that drum for a couple of days trying to warn people that it potentially could happen. But it is a negative, the market once again comes under a little bit of pressure, I don’t think it falls out of bed though. It will find support at 2,710 which is the trendline support. I suspect it touches it today but every time it has touched it the last couple of times it has held. As much as I think it is more geopolitical noise, the geopolitical stuff just creates noise, it doesn’t really create long-term prices.”
MICHAEL ANTONELLI, MANAGING DIRECTOR OF INSTITUTIONAL SALES TRADING, ROBERT W. BAIRD, MILWAUKEE:
“The world is hoping for one less headwind, and Trump canceling the North Korea meeting is bringing one more headwind back to the market. So the market is expressing its disappointment. But this is a short-term tantrum. If you look at the S&P 500, we’re in the same trading range that we’ve been in for the past six or seven days. We’d have to break below the 50-day (moving average) to feel like this is a big move. This isn’t news that meaningfully changes the market.”
MARKET REACTION: STOCKS: U.S. stocks fell sharply and the S&P 500 was last down 0.4 percent.
BONDS: U.S. 10 year Treasury yields fell to a session low; last at 2.9678.
FOREX: The U.S. dollar index extended losses and was last down 0.4 percent.
Corrects Rick Meckler's company name to Cherry Lane Investments
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-trump-instantview/trump-cancels-summit-with-north-korea-scheduled-for-next-month-idUSKCN1IP2CV |
Be cautious of the risks from politics in Europe: Strategist 17 Hours Ago Sat Duhra of Janus Henderson Investors says the markets have "woefully underestimated" the amount of risk coming from political tensions in Europe. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/be-cautious-of-the-risks-from-politics-in-europe-strategist.html |
May 31, 2018 / 8:59 AM / a minute ago Activist investor ValueAct has $612 million stake in Japan's Olympus Reuters Staff 2 Min Read
TOKYO (Reuters) - U.S. hedge fund ValueAct Capital has become a major shareholder in Japanese medical equipment and camera maker Olympus Corp ( 7733.T ) with a 5.04 percent stake that is worth around $612 million at current shares prices.
The stake hike comes at a time when activist investment is gaining momentum in Japan, with Prime Minister Shinzo Abe advocating shareholders raise issues and have constructive dialogue with firms to strengthen corporate governance.
ValueAct said in a regulatory filing on Thursday that it was buying the Olympus shares as an investment, saying it would give company management advice or make important proposals depending on circumstances.
“Olympus has an exceptional business model, market share, technology leadership and emerging markets presence in the global medical device industry,” Rob Hale, partner at ValueAct, said in a statement.
“We think it’s an ideal company for our first investment in Japan. We look forward to working with the Olympus team,” he said.
Olympus, in a statement, said it would “continue to hold an active dialogue (with ValueAct) as one of many shareholders and foster mutual understanding over our growth strategy”.
An Olympus spokesman declined to comment any further when contacted by Reuters.
Olympus shares closed at 3,860 yen on Thursday.
ValueAct’s stake nearly matches the 5.05 percent stake owned as of the end of March by Sony Corp ( 6758.T ), which was Olympus’ third-largest shareholder at the time.
The filing shows ValueAct has been gradually building up its stake in Olympus over the past two months, reaching a mandatory public disclosure of ownership of over 5 percent. Reporting by Makiko Yamazaki; Additional reporting by Ismail Shakil in Bangalore; Editing by Himani Sarkar and Edmund Blair | ashraq/financial-news-articles | https://www.reuters.com/article/us-olympus-valueact/u-s-hedge-fund-valueact-has-5-percent-stake-in-japans-olympus-idUSKCN1IW0YB |
Finance minister role could ‘damage the reputation of the euro zone,’ think tank warns Think tank warns that the creation of a European finance minister would add little value French President Emmanuel Macron has previously said that the euro zone could benefit from a new finance minister as part of his ideas to reform the continent A minister would in effect lead all euro zone finance ministers Shafi Musaddique CNBC.com Matteo Ciambelli/NurPhoto via Getty Images Emmanuel Macton, Jean-Claude Juncker and Angela Merkel have all supported the idea of a new finance minister overseeing the eurozone
The creation of a euro zone finance minister could "damage the reputation" of the economic bloc, a think tank warned Wednesday.
The Centre for European Economic Research (ZEW) said that a new position spearheading fiscal policy would add little value to the continent.
"The creation of a European finance minister should by no means be a priority in Eurozone reform. We run the considerable risk of creating a new, impressive title with no actual substance," said Friedrich Heinemann, head of research at ZEW's public finance department.
"This could ultimately end up doing further damage to the reputation of the euro zone."
In 2017, French President Emmanuel Macron suggested that the euro zone could benefit from a new finance minister as part of his ideas to reform the continent. German Chancellor Angela Merkel has also backed the idea of a new finance and economy minister for Europe.
And European Commission President Jean-Claude Juncker said last year that a euro minister would in effect lead all euro zone finance ministers and be made accountable to the European parliament, Reuters reported.
A future euro minister could also sit within the International Monetary Fund (IMF). | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/finance-minister-role-could-damage-the-reputation-of-the-euro-zone-think-tank-warns.html |
May 24 (Reuters) - Telefonica:
* TO INTEGRATE NETFLIX INTO ITS TV AND VIDEO PLATFORMS IN LATIN AMERICA
* PLANS TO LAUNCH NETFLIX INTEGRATION IN SPAIN AT THE END OF 2018 Source text: bit.ly/2IHKtA5 Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-spains-telefonica-to-integrate-net/brief-spains-telefonica-to-integrate-netflix-into-its-tv-and-video-platforms-in-latin-america-idUSL5N1SV661 |
BEIRUT (Thomson Reuters Foundation) - In a central Beirut cafe, transgender model Sasha Elijah flips open a paper fan and whips out her new ice cream cone-shaped high-heeled shoes for a potential drag costume.
It is a deliberately provocative display of femininity from Sasha, who is on a mission to challenge the stigma and taboo of being transgender in the Middle East through her modeling, drag shows and social media.
The 21-year-old’s costumes are as colorful and complex as the journey that led to her coming out as Sasha in Lebanon, a seemingly progressive society that she says remains deeply rooted in religious and political conservatism.
“I created Sasha so I can face society ... I had to elevate myself, not just the physical self, but with my mindset,” she told the Thomson Reuters Foundation in the capital Beirut.
“If I was still the person who I was six years ago, I couldn’t survive, and I couldn’t walk within the society,” said Sasha, who battled low self-confidence and depression before coming out as transgender.
Lebanon will on Saturday launch its second gay pride week in Beirut, after breaking new ground last year by becoming the first Arab country to hold such an event.
While the gay rights movement has steadily grown in Beirut, homosexual acts are still punishable by up to a year in prison under Lebanese law - although a judge last year threw that into question when he said homosexuality was not a crime.
Gay, lesbian, bisexual and transgender people face persecution in many countries in the region, where some risk fines, jail and even death. Social exclusion and abuse are common.
Homosexuality is not explicitly criminalized in Egypt, but LGBT people have long been targeted under laws on debauchery.
Dozens of people were detained in a recent crackdown in Egypt when fans attending a rock concert raised a rainbow flag in a rare show of public support for LGBT rights in the conservative Muslim country.
Ameen Rhayem, representative of the Arab Foundation for Freedoms and Equality (AFE) which campaigns for gender and LGBT rights, said many in Lebanon still struggled to accept difference.
“Lebanon is better than Jordan, Saudi Arabia and Egypt. But people think life in Lebanon for the LGBT community is easy, but to be honest it is not,” said Rhayem.
“Yes, Lebanon is more visible with the LGBT community than anybody else in the region, but there are still attacks and arrests of trans people in Lebanon.”
NO MORE FEAR Growing up, Sasha says she used to play with her sisters’ make-up and dress up in girls’ clothes. From an early age, she knew she was different from other children.
She remembers that time fondly, but started to struggle in her early teens when she came out to her devoutly Christian family, who opposed her desire to undergo hormone therapy.
Sasha Elijah, a Lebanese transgender model, poses for photos for her social media accounts, north of Beirut, Lebanon, February 2, 2018. Thomson Reuters Foundation/Heba Kanso She did so anyway, a decision she says she does not regret, even though it took years to mend the relationship with her parents.
“It was a breakthrough moment for me when I first started to accept myself officially, because I had no more fear from my parents, no more fear from society,” she said.
From then on, Sasha went public with her new identity, doing fashion shows, drag performances and television appearances in which she talked about being transgender.
She designs every costume for her performances herself, basing them on her emotions – some are dark colored with feathers, while others are bright and feature flowers, seashells and sequins.
Her outspokenness is her form of activism, which she hopes will empower transgender people in the Middle East to be who they want to be, and help improve society’s understanding of the issues they face.
GOING PUBLIC “Behind all the glamor and glitter of modeling and drag shows is just a person trying to live and survive,” said Sasha.
“Sexual harassment, bullying, judgment, prejudice - I have gone through a lot just for walking down the street, just because they know that this person is a transgender.”
Campaigners say the false belief that all transgender people are sex workers and difficulties with identification papers add to their daily struggles.
People in Lebanon who undergo gender reassignment surgery can change their sex in legal documents.
But campaigners say that option should also be open to those who have not undergone surgery.
“Somebody should be able to change their gender identity without having to transition fully,” said Joseph Aoun, spokesman for Helem, a Lebanese NGO that advocates for LGBT rights.
“A transgender person should have the choice to identify as a woman or man.”
Sasha, who wishes to keep the details of her transition private, is not looking to change her identity legally - she says she feels secure with who she is.
Slideshow (4 Images) “At the end of the day I know who I am and what I am,” she said.
“I am at a point where I am very comfortable with myself. I am ready to face anything, and I am ready to do anything and everything that I want - nothing can stand in my way any more.”
Reporting by Heba Kanso @hebakanso, Editing by Claire Cozens. Please credit Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women’s rights, trafficking, property rights, and climate change. Visit www.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-lebanon-transgender-lgbt/beyond-glitz-and-glamor-lebanese-transgender-model-breaks-taboos-idUSKBN1IC005 |
The Dow Jones industrial average rose sharply on Thursday, posting its sixth straight day of gains, following the release of weaker-than-expected U.S. inflation data.
Exxon Mobil and UnitedHealth were the best-performing stocks in the 30- stock index, which closed positive for 2018. The Dow rose 196.99 points to close at 24,739.53.
Meanwhile, the S&P 500 gained 0.9 percent to 2,723.07, with utilities and telecom both rising more than 1 percent. The Nasdaq composite advanced 0.9 percent to close at 7,404.97 as Apple reached an all-time high.
Technology shares also aided the broader indexes. The sector rose about 1.3 percent, as shares of Apple, Facebook, Amazon and Google-parent Alphabet all closed higher.
"Inflation is gradually rising, but it's less likely to feed into the volatility we've seen recently," said Mike Bailey, director of research at FBB Capital Partners. "I also think investors are looking at valuations and realize they are pretty reasonable."
The Labor Department said before the open its consumer price index rose 0.2 percent in April, with economists polled by Reuters expecting a 0.3 percent bump. The lighter-than-forecast number eased concerns about the Federal Reserve tightening monetary policy at a faster rate than the market is expecting.
Brendan McDermid | Reuters Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., November 30, 2017. "This was a far cry from the great leap many inflation alarmists have been fearing. We're still well within the Fed's 2% comfort level, so some will say we're right where we need to be," said Mike Loewengart, vice president of investment strategy at E-Trade, in an email. "Within the context of a strong economy that has been gaining momentum, this type of modest inflation growth is likely to be a crowd pleaser."
As of Thursday, market expectations for rate hikes in June and September are 100 percent and 76 percent, respectively, according to the CME Group's FedWatch tool. This is in line with the Fed's interest-rate projections released in March, when the central bank last raised rates.
The Labor Department also reported Thursday that weekly jobless claims remained near a 48-year low at 211,000.
Treasury yields slipped from multiyear highs following the data releases. The 10-year note yield fell to 2.966 percent after breaking above 3 percent on Wednesday.
The moves Thursday after U.S. stocks posted strong gains in the previous session, boosted by a strong uptick in crude futures. Oil prices have been on the rise since Tuesday, when the U.S. announced that it would be withdrawing from the Iran nuclear accord set in place in 2015.
Energy stocks have been rising along with oil. The sector is up more than 9 percent in the past month. But Derek Green, wealth adviser at Titus Wealth Management, said he would "fade" the rally at this point. "We're in the seasonal period where energy starts to peak," he said. "Moving forward, you want to get more defensive as we get closer to the midterm elections."
In corporate news, Booking Holdings dropped more than 4.5 percent after giving weaker-than-expected quarterly guidance. The company reported better-than-forecast earnings and revenue for the previous quarter, however.
| ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/us-stock-futures-data-earnings-and-politics-on-the-agenda.html |
May 7 (Reuters) - FORMYCON AG:
* INCREASED FY TURNOVER BY A GOOD 48 PERCENT COMPARED TO PREVIOUS YEAR TO EURO 29.00 MILLION (2016: 19.53 MILLION)
* FY EBITDA IMPROVED SIGNIFICANTLY COMPARED TO LAST YEAR TO EURO -0.75 MILLION (2016: EURO -3.37 MILLION)
* NET LOSS FOR YEAR WAS EURO -1.58 MILLION (2016: EURO -4.07 MILLION)
* OUTLOOK 2018: ANTICIPATES A VOLUME OF SALES THAT SHOULD BE AROUND SAME LEVEL AS LAST YEAR Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-formycon-fy-net-loss-of-eur-158-ml/brief-formycon-fy-net-loss-of-eur-1-58-mln-idUSFWN1SD021 |
NEW YORK, May 21, 2018 /PRNewswire/ -- HYPR Corp. , the leading provider of decentralized authentication for enterprises, announced today its expansion to the UK and EU, citing demand driven by GDPR and PSD2 regulatory requirements.
The New York-based firm already has large deployments in Europe, having secured millions of users worldwide. With major customers in the financial services and healthcare sectors including Mastercard and Vhi — Ireland's largest Health Insurer — the new London office solidifies HYPR's presence in the two financial capitals of the world. HYPR team leaders and industry veterans, Marc Ewin and Kevin Turner, will be leading the EMEA go-to-market initiative.
"We're seeing urgency from enterprises in Europe who view the new regulatory requirements not as a road block – but an opportunity to enhance security, privacy, and user experience," said George Avetisov, Chief Executive Officer of HYPR Corp. "Establishing a presence on both sides of the Atlantic allows HYPR to deliver on that urgency and speaks to the global momentum we are building, following our news of strategic investments from industry leaders like Samsung. I have no doubt that our EU team will execute and achieve great success in the region."
Demand for HYPR solutions is being accelerated by Europe's latest regulatory requirements. GDPR has shined a spotlight on the importance of how user data is stored, especially with regards to identity, user credentials and biometrics. HYPR's ability to decentralize credentials and enable secure password-less experiences has proven an attractive solution for GDPR-compliant user authentication.
With regards to PSD2 requirements for customer authentication, HYPR's decentralized approach focuses on eliminating credential reuse and accelerating transaction speeds. Having deployed secure biometric payments and transaction signatures for major financial institutions, HYPR helps enterprises achieve regulatory compliance while empowering a faster, more secure, mobile and online checkout experience.
"Bringing HYPR decentralized authentication to a critical market like the UK and Continental Europe with leaders like Marc and Kevin is invaluable to eliminating credential re-use, preventing breaches and securing millions of password-less experiences. Looking at the regulatory landscape, particularly in the EU with GDPR and PSD2, one could say regulators are mandating solutions like HYPR — and we are responding in kind," said Seth Robbins, Chief Revenue Officer, HYPR Corp.
"Kevin and I are excited to join the HYPR team and match the EMEA financial services market needs with our innovative and secure password-less solution. So many favorable conditions — regulatory, standards based, and technological — are aligned to make HYPR adoption assured. Aside from validation by Vhi, early interest here already shows great promise," said Marc Ewin, Vice President, EMEA, of HYPR Corp.
Marc Ewin joins HYPR Corp. with more than 20 years in cybersecurity software sales and building high-performing EMEA sales operations for disruptive startup technologies. Marc has been involved in successful IPO/acquisition outcomes for a number of startups including Axent Technologies, Securant Technologies, Cybertrust, and Fireglass. Kevin Turner joins the team with over 25 years in sales and engineering roles at Oracle, Sun Microsystems, RSA Security, and most recently Okta, where he built and directed the systems engineering operation in Europe. Kevin's career has allowed him to undertake a variety of responsibilities which require a strong combination of consultancy and technical depth.
"There is a pressing need to upgrade legacy identity and authentication platforms to prevent data breaches and to support modern digital services. This comes at a time when new EU regulations, GDPR and PSD2, mandate the use of strong customer authentication including the use of biometric technology," said Alan Goode, CEO and Chief Analyst with Goode Intelligence. "HYPR's entry into the UK market comes at an ideal time and I am confident that organizations in the UK and internationally will benefit from HYPR's innovative decentralized authentication platform."
About HYPR
HYPR is the leader in decentralized authentication with millions of users secured across the Fortune 500. Named a "Cool Vendor" by Gartner in 2017, HYPR is trusted by major enterprises such as Mastercard and Samsung to prevent breaches, eliminate fraud, and accelerate transaction speeds.
As enterprises transition to password-less experiences, they often store user credentials in a centralized repository. Centralized authentication creates a single point of failure targeted by hackers and has remained the #1 cause of major data breaches – until now.
The HYPR solution ensures that personal credentials always stay safely decentralized and encrypted on your users' devices. By eliminating the need for a centralized credential store, HYPR removes the target and minimizes your risk of a data breach. With HYPR, enterprises are changing the way millions of users experience secure, password-less access to our connected world.
Additional information is available at: https://www.hypr.com/
Media Contact: North 6th Agency, Inc.
212-334-9753, [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/hypr-expands-to-europe-as-growing-demand-for-password-less-solutions-is-accelerated-by-gdpr-and-psd2-requirements-300646351.html
SOURCE HYPR Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-hypr-expands-to-europe-as-growing-demand-for-password-less-solutions-is-accelerated-by-gdpr-and-psd2-requirements.html |
First Quarter Highlights:
Total revenue of $98.7 million, an increase of 47% year-over-year GAAP operating income of $3.9 million; non-GAAP operating income of $7.7 million GAAP net income of $3.7 million; non-GAAP net income of $6.6 million Adjusted EBITDA of $9.0 million
CAMBRIDGE, Mass., May 03, 2018 (GLOBE NEWSWIRE) -- CarGurus, Inc. (Nasdaq:CARG), a leading global automotive marketplace, today announced financial results ended March 31, 2018.
“The first quarter was a strong start to 2018, highlighted by strong listing subscription bookings and performance that drove both revenue and profitability above our guidance,” said Langley Steinert, Founder and Chief Executive Officer of CarGurus. “CarGurus also became the largest automotive shopping website in the U.S. as measured by unique monthly visitors. Our site’s popularity affirms that our differentiated, transparent offering is working for consumers and our scale allows us to continue to grow the value we provide to dealers.”
Revenue
First Quarter 2018:
Total revenue was $98.7 million, an increase of 47% compared to $67.0 million in 2017. Marketplace subscription revenue was $89.3 million, an increase of 48% compared to $60.2 million in 2017. Advertising and other revenue was $9.4 million, an increase of 37% compared to $6.9 million in 2017.
Operating Income
First Quarter 2018:
GAAP operating income was $3.9 million, or 4% of total revenue, compared to $6.4 million, or 10% of total revenue, in 2017. Non-GAAP operating income was $7.7 million, or 8% of total revenue, compared to $6.5 million, or 10% of total revenue, in 2017.
Net Income & Adjusted EBITDA
First Quarter 2018:
GAAP net income was $3.7 million, or $0.03 per share based on 113.3 million weighted average diluted shares outstanding as of March 31, 2018, as compared to net income of $4.2 million, or $0.04 per share based on 46.3 million weighted average diluted shares outstanding as of March 31, 2017, in 2017. Non-GAAP net income was $6.6 million, or $0.06 per share based on 113.3 million weighted average diluted shares outstanding as of March 31, 2018, compared to $4.1 million or $0.04 per share based on 106.8 million weighted average diluted shares outstanding as of March 31, 2017, in 2017. Adjusted EBITDA, a non-GAAP metric, was $9.0 million, compared to $7.1 million in 2017.
Balance Sheet and Cash Flow
As of March 31, 2018, CarGurus had cash, cash equivalents, and short-term investments of $142.0 million and no debt. The Company generated $6.4 million in cash from operations and $5.4 million in free cash flow, which is a non-GAAP metric, during 2018 compared to generating $5.2 million in cash from operations and $4.5 million in free cash flow during 2017.
First Quarter Business Metrics
U.S. revenue was $95.2 million in 2018, an increase of 45% compared to $65.4 million in 2017. GAAP operating income in the U.S. was $11.6 million, a decrease of 4% compared to $12.1 million in 2017. The decrease in GAAP operating income from 2017 to 2018 was primarily due to a $3.5 million increase in stock-based compensation expense. International revenue was $3.5 million in 2018, an increase of 119% compared to $1.6 million in 2017. GAAP operating loss in International markets was ($7.7) million, an increase of 33% compared to a loss of ($5.7) million in 2017. Total paying dealers were 29,026 at March 31, 2018, an increase of 24% compared to 23,429 at March 31, 2017. Of the total paying dealers at March 31, 2018, U.S. and International accounted for 26,261 and 2,765, respectively, compared to 22,081 and 1,348, respectively, at March 31, 2017. Average annual revenue per subscribing dealer (AARSD) in the U.S. was $12,470 as of March 31, 2018, an increase of 17% compared to $10,700 as of March 31, 2017. AARSD in International markets was $5,045 as of March 31, 2018, an increase of 15% compared to $4,401 as of March 31, 2017. Website traffic and consumer engagement metrics of 2018 grew as follows: U.S. average monthly unique users were 30.8 million, an increase of 33% compared to 23.1 million in 2017. U.S. average monthly sessions were 84.8 million, an increase of 37% compared to 61.9 million in 2017. International average monthly unique users were 3.5 million, an increase of 64% compared to 2.1 million in 2017. International average monthly sessions were 8.1 million, an increase of 68% compared to 4.8 million in 2017.
Recent Business Developments
CarGurus emerged as the leading automotive shopping website in the U.S. based on the following key audience metrics measured by comScore Media Metrix Multi Platform ratings (March 2018):
Largest Automotive Shopping Site: Total unique monthly visitors 1 Most Mobile Traffic: Total unique monthly mobile visitors 2 Most Visited Automotive Shopping Site: Total visits 1 Most Engaged Shoppers: Average minutes per unique visitor 3 Most Shopping Time Spent: Total minutes 1
1 comScore Media Metrix® Multi Platform, March 2018, U.S., Automotive
2 comScore Mobile Metrix®, March 2018, U.S., Automotive
3 comScore Media Metrix® Multi Platform, March 2018, U.S. (competitive set includes CarGurus.com , Cars.com, AutoTrader.com , and TrueCar.com )
Second Quarter and Full-Year 2018 Guidance
CarGurus anticipates total revenue, non-GAAP operating income, and non-GAAP earnings per share to be in the following ranges:
Second Quarter 2018:
• Total revenue $103 to $104 million • Non-GAAP operating income $4 to $5 million • Non-GAAP EPS $0.03 to $0.04 The second quarter 2018 non-GAAP earnings per share calculation assumes 115.4 million diluted weighted average common shares outstanding.
Full-Year 2018:
• Total revenue $415 to $418 million • Non-GAAP operating income $25 to $28 million • Non-GAAP EPS $0.19 to $0.21
The full-year non-GAAP earnings per share calculation assumes 115.5 million diluted weighted average common shares outstanding. Guidance for the second quarter and full-year 2018 does not include any potential impact of foreign exchange gains or losses.
CarGurus has not reconciled its non-GAAP operating income guidance to GAAP operating income, or its non-GAAP EPS guidance to GAAP EPS, because stock-based compensation, the reconciling item between such GAAP and non-GAAP financial measures, cannot be reasonably predicted due to timing, amount, valuation and number of future employee awards and therefore is not available without unreasonable effort. For more information regarding the non-GAAP financial measures discussed in this release, please see the reconciliations of GAAP financial measures to non-GAAP financial measures and the section titled "Non-GAAP Financial Measures and Other Business Metrics" below.
Conference Call and Webcast Information
CarGurus will host a conference call and live webcast to discuss its first quarter 2018 financial results and second quarter and full fiscal year 2018 financial guidance at 5:00 p.m. Eastern Time today, May 3, 2018. To access the conference call, dial (877) 451-6152 for the U.S. or Canada, or (201) 389-0879 for international callers. The webcast will be available live on the Investors section of the Company's website at https://investors.cargurus.com .
An audio replay of the call will also be available to investors beginning at approximately 8:00 p.m. Eastern Time on May 3, 2018, until 11:59 p.m. Eastern Time on May 17, 2018, by dialing (844) 512-2921 for the U.S. or Canada, or (412) 317-6671 for international callers, and entering passcode 13678992. In addition, an archived webcast will be available on the Investors section of the Company's website at https://investors.cargurus.com .
About CarGurus
Founded in 2006, CarGurus (Nasdaq:CARG) is a global, online automotive marketplace connecting buyers and sellers of new and used cars. The Company uses proprietary technology, search algorithms and data analytics to bring trust and transparency to the automotive search experience and help users find great deals from top-rated dealers. CarGurus is the largest automotive shopping site in the U.S. by unique monthly visitors (source: ComScore Media Metrix Multi Platform, March 2018). In addition to the United States, CarGurus operates online marketplaces in Canada, Germany, Italy, and the United Kingdom. To learn more about CarGurus, visit www.cargurus.com .
CarGurus ® is a registered trademark of CarGurus, Inc.
Cautionary Language Concerning Forward-Looking Statements
This press release includes forward-looking statements. All statements contained in this press release other than statements of historical facts, including, without limitation, statements regarding our future financial and business performance for the second quarter 2018 and full-year 2018, attractiveness of our product offerings and platform, the value proposition of our products and our market awareness, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “guide,” “may,” “will” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of , including, without limitation, risks related to our rapid growth and ability to sustain our revenue growth rate, our relationships with dealers, competition in the markets in which we operate, market growth, our ability to innovate and manage our growth, our ability to expand effectively into new markets, our ability to operate in compliance with applicable laws as well as other set forth in the “Risk Factors” section of our Quarterly Report on Form 10-Q, filed on May 3, 2018 with the Securities and Exchange Commission (SEC), and subsequent reports that we file with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.
Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share and per share data) At
March 31,
2018 At
December 31,
2017 Assets Current assets Cash and cash equivalents $ 62,003 $ 87,709 Investments 80,000 50,000 Accounts receivable, net of allowance for doubtful accounts of $690
and $494, respectively 12,197 12,577 Prepaid expenses, prepaid income taxes and other current assets 7,303 6,918 Total current assets 161,503 157,204 Property and equipment, net 16,175 16,563 Restricted cash 1,870 1,843 Deferred tax assets 2,835 825 Other long–term assets 155 159 Total assets $ 182,538 $ 176,594 Liabilities and stockholders ’ equity Current liabilities Accounts payable $ 23,266 $ 23,908 Accrued expenses, accrued income taxes and other current liabilities 9,672 13,588 Deferred revenue 7,096 4,305 Deferred rent 1,185 1,165 41,219 42,966 Deferred rent, net of current portion 5,434 5,648 Other non–current liabilities 1,090 955 Total liabilities 47,743 49,569 Commitments and contingencies Stockholders’ equity: Class A common stock, $0.001 par value per share; 500,000,000 shares
authorized; 85,426,038 and 77,884,754 shares issued and outstanding
at March 31, 2018 and December 31, 2017, respectively. 85 78 Class B common stock, $0.001 par value per share; 100,000,000 shares
authorized; 20,702,084 and 28,226,104 shares issued and outstanding
at March 31, 2018 and December 31, 2017, respectively. 21 28 Additional paid-in capital 189,237 185,190 Accumulated deficit (54,848 ) (58,499 ) Accumulated other comprehensive income 300 228 Total stockholders’ equity 134,795 127,025 Total liabilities and stockholders’ equity $ 182,538 $ 176,594
Unaudited Condensed Consolidated Income Statements
(in thousands, except share and per share data) Three Months Ended March 31, 2018 2017 Revenue $ 98,701 $ 67,035 Cost of revenue (1) 5,569 3,325 Gross profit 93,132 63,710 Operating expenses: Sales and marketing 71,508 49,071 Product, technology, and development 9,098 3,648 General and administrative 7,871 4,059 Depreciation and amortization 733 548 Total operating expenses 89,210 57,326 Income from operations 3,922 6,384 Other income, net 282 164 Income before income taxes 4,204 6,548 Provision for income taxes 553 2,341 Net income $ 3,651 $ 4,207 Reconciliation of net income to net income
attributable to common stockholders: Net income $ 3,651 $ 4,207 Net income attributable to participating securities — (2,482 ) Net income attributable to common stockholders — basic $ 3,651 $ 1,725 Net income $ 3,651 $ 4,207 Net income attributable to participating securities — (2,385 ) Net income attributable to common stockholders — diluted $ 3,651 $ 1,822 Net income per share attributable to common
stockholders: Basic $ 0.03 $ 0.04 Diluted $ 0.03 $ 0.04 Weighted–average number of shares of common stock
used in computing net income per share
attributable to common stockholders: Basic 106,942,799 42,081,960 Diluted 113,341,308 46,267,552 (1) Includes depreciation and amortization expense for the three months ended March 31, 2018 and 2017 of $504 and $122, respectively.
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands) Three Months Ended March 31, 2018 2017 Operating Activities Net income $ 3,651 $ 4,207 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,237 670 Unrealized currency loss on foreign denominated transactions 53 — Deferred taxes (2,010 ) (25 ) Provision for doubtful accounts 377 159 Stock-based compensation expense 3,818 76 Changes in operating assets and liabilities: Accounts receivable 7 (1,027 ) Prepaid expenses, prepaid income taxes, and other assets (507 ) 1,597 Accounts payable 649 44 Accrued expenses, accrued income taxes, and other current liabilities (3,651 ) (1,286 ) Deferred revenue 2,811 1,034 Deferred rent (215 ) (270 ) Other non-current liabilities 154 66 Net cash provided by operating activities 6,374 5,245 Investing Activities Purchases of property and equipment (434 ) (159 ) Capitalization of website development costs (581 ) (562 ) Investments in certificates of deposit (60,000 ) (30,000 ) Maturities of certificates of deposit 30,000 26,774 Net cash used in investing activities (31,015 ) (3,947 ) Financing Activities Proceeds from exercise of stock options 80 109 Payment of initial public offering costs (1,142 ) — Net cash (used in) provided by financing activities (1,062 ) 109 Impact of foreign currency on cash, cash equivalents, and restricted cash 24 26 Net (decrease) increase in cash, cash equivalents, and restricted cash (25,679 ) 1,433 Cash, cash equivalents, and restricted cash at beginning of period 89,552 31,520 Cash, cash equivalents, and restricted cash at end of period $ 63,873 $ 32,953 Supplemental disclosure of cash flow information: Cash paid for income taxes $ 5 $ 47 Cash paid for interest $ 5 $ 6 Supplemental disclosure of non-cash investing and financing activities: Unpaid purchases of property and equipment $ 188 $ 1,176 Capitalized stockholders' compensation in website development costs $ 149 $ — Unaudited Reconciliation of GAAP Operating Income to Non-GAAP Operating Income and GAAP Operating Margin to Non-GAAP Operating Margin
(in thousands, except percentages)
Three Months Ended March 31, 2018 2017 GAAP operating income $ 3,922 $ 6,384 Stock-based compensation expense 3,818 76 Non-GAAP operating income $ 7,740 $ 6,460 GAAP operating margin 4 % 10 % Non-GAAP operating margin 8 % 10 % Unaudited Reconciliation of GAAP Net Income to Non-GAAP Net Income
(in thousands, except per-share amounts)
Three Months Ended March 31, 2018 2017 GAAP net income $ 3,651 $ 4,207 Stock-based compensation expense, net of tax (1) 3,016 49 Change in tax provision from stock-based compensation expense (2) (113 ) (109 ) Non-GAAP net income $ 6,554 $ 4,147 Non-GAAP net income attributable to common stockholders $ 6,554 $ 4,147 Non-GAAP net income attributable to common stockholders per share: Basic $ 0.06 $ 0.04 Diluted $ 0.06 $ 0.04 Weighted-average number of shares of common stock
used in computing non-GAAP net income per share
to common stockholders: GAAP Basic Shares 106,943 42,082 Preferred Shares assuming conversion — 60,565 Total Non-GAAP Basic Shares 106,943 102,647 GAAP Diluted Shares 113,341 46,268 Preferred Shares assuming conversion — 60,565 Total Non-GAAP Diluted Shares 113,341 106,833 (1) The stock-based compensation amounts reflected in the table above, for 2018 and 2017, are tax effected at the U.S. federal statutory tax rates of 21% and 35%, respectively. (2) This adjustment reflects the tax effect of differences between tax deductions related to stock compensation and the corresponding financial statement expense. Unaudited Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit and GAAP Gross Profit Margin to Non-GAAP Gross Profit Margin
(in thousands, except percentages)
Three Months Ended March 31, 2018 2017 Revenue $ 98,701 $ 67,035 Cost of revenue 5,569 3,325 Gross profit 93,132 63,710 Cost of revenue stock-based compensation expense 89 5 Non-GAAP gross profit $ 93,221 $ 63,715 GAAP gross profit margin 94 % 95 % Non-GAAP gross profit margin 94 % 95 % Unaudited Reconciliation of GAAP Expense to Non-GAAP Expense and GAAP Expense as a Percentage of Revenue to Non-GAAP Expense as a Percentage of Revenue
(in thousands, except percentages)
Three Months Ended
March 31,
2018 2017 GAAP expense Stock-based
compensation expense Non-GAAP expense GAAP
expense as a percentage of
revenue Non-GAAP
expense as a percentage of
revenue GAAP expense Stock-based compensation
expense Non-GAAP expense GAAP
expense as a
percentage of revenue Non-GAAP
expense as a
percentage of revenue Cost of revenue $ 5,569 $ (89 ) $ 5,480 6 % 6 % $ 3,325 $ (5 ) $ 3,320 5 % 5 % S&M 71,508 (1,010 ) 70,498 72 % 71 % 49,071 (38 ) 49,033 73 % 73 % P,T&D (1) 9,098 (1,661 ) 7,437 9 % 8 % 3,648 (25 ) 3,623 5 % 5 % G&A 7,871 (1,058 ) 6,813 8 % 7 % 4,059 (8 ) 4,051 6 % 6 % Depreciation & amortization 733 — 733 1 % 1 % 548 — 548 1 % 1 % Operating expenses (2) $ 89,210 $ (3,729 ) $ 85,481 90 % 87 % $ 57,326 $ (71 ) $ 57,255 86 % 85 % Total expenses $ 94,779 $ (3,818 ) $ 90,961 96 % 92 % $ 60,651 $ (76 ) $ 60,575 90 % 90 % (1) Product, Technology, & Development (2) Operating expenses include S&M, P,T&D, G&A, and depreciation & amortization
Unaudited Reconciliation of GAAP Net Income to Adjusted EBITDA
(in thousands)
Three Months Ended March 31, 2018 2017 GAAP net income $ 3,651 $ 4,207 Depreciation and amortization 1,237 670 Stock-based compensation expense 3,818 76 Other (income), net (282 ) (164 ) Provision for income taxes 553 2,341 Adjusted EBITDA $ 8,977 $ 7,130 Unaudited Reconciliation of GAAP Net Cash and Cash Equivalents Provided by Operating Activities to Non-GAAP Free Cash Flow
(in thousands)
Three Months Ended December 31, 2018 2017 GAAP net cash and cash equivalents provided by operating activities $ 6,374 $ 5,245 Purchases of property and equipment (434 ) (159 ) Capitalization of website development costs (581 ) (562 ) Non-GAAP free cash flow $ 5,359 $ 4,524 Non-GAAP Financial Measures and Other Business Metrics
To supplement our consolidated financial statements, which are prepared and presented in accordance with Generally Accepted Accounting Principles in the United States (GAAP), we provide investors with certain non-GAAP financial measures and other business metrics, which we believe are helpful to our investors. We use these non-GAAP financial measures and other business metrics for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures and other business metrics provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.
The presentation of non-GAAP financial information and other business metrics is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. While our non-GAAP financial measures and other business metrics are an important tool for financial and operational decision-making and for evaluating our own operating results over different periods of time, we urge investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included above, and not to rely on any single financial measure to evaluate our business.
We define Adjusted EBITDA as net income (loss), adjusted to exclude: depreciation and amortization, stock-based compensation expense, other (income) expense, net, the provision for (benefit from) income taxes, and other one-time, non-recurring items, when applicable. We have presented Adjusted EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our operating performance, generate future operating plans, and make strategic decisions regarding the allocation of capital. In particular, we believe that the exclusion of certain items in calculating Adjusted EBITDA can produce a useful measure for period-to-period comparisons of our business.
We define Free Cash Flow as cash flow from operations, adjusted to include purchases of property and equipment and capitalization of website development costs. We have presented Free Cash Flow because it is a measure of the Company’s financial performance that represents the cash that the Company is able to generate after expenditures required to maintain or expand our asset base.
We also monitor operating measures of non-GAAP operating income and non-GAAP operating margin, non-GAAP net income and non-GAAP net income per share. These non-GAAP financial measures exclude the effect of stock-based compensation expense. We believe that these non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.
While a reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort as a result of the uncertainty regarding, and the potential variability of, stock-based compensation expenses that we may incur in the future, we have provided a reconciliation of non-GAAP financial measures and other business metrics to the nearest comparable GAAP measures in the accompanying financial statement tables included in this press release.
We define a paying dealer as a dealer, based on a distinct associated inventory feed, that subscribes to our Enhanced or Featured Listing product at the end of a defined period.
We define AARSD, as measured at the end of a defined period, as the total marketplace subscription revenue during the trailing 12 months divided by the average number of paying dealers during the same trailing 12-month period.
For each of our websites, we define a monthly unique user as an individual who has visited such website within a calendar month, based on data as measured by Google Analytics. We calculate average monthly unique users as the sum of the monthly unique users in a given period, divided by the number of months in that period. We count a unique user the first time a computer or mobile device with a unique device identifier accesses a website during a calendar month. If an individual accesses a website using a different device within a given month, the first access by each such device is counted as a separate unique user.
We define monthly sessions as the number of distinct visits to our websites that take place each month within a given time frame, as measured and defined by Google Analytics. We calculate average monthly sessions as the sum of the monthly sessions in a given period, divided by the number of months in that period. A session is defined as beginning with the first page view from a device and ending at the earliest of when a user closes their browser window, after 30 minutes of inactivity, or at midnight Eastern Time each night. A session can be made up of multiple page views and visitor actions, such as performing a search, visiting vehicle detail pages, and connecting with a dealer.
Investor Contact:
Marc Griffin
ICR, Inc., for CarGurus, Inc.
888-508-1190
[email protected]
Source:CarGurus, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-cargurus-announces-first-quarter-2018-results.html |
Dow Jones & Company, Inc. All Rights Reserved.
Copyright 2018 Dow Jones & Company, Inc. All Rights Reserved
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. | ashraq/financial-news-articles | https://www.wsj.com/articles/derbys-take-feds-disdain-for-cryptocurrencies-not-much-of-a-secret-anymore-1527675383 |
STAMFORD, Conn.--(BUSINESS WIRE)-- Synchrony Financial (NYSE: SYF ) announced today that its Board of Directors intends to increase the quarterly cash dividend from $0.15 to $0.21 per share of common stock, commencing the third quarter of 2018, and has approved a share repurchase program of up to $2.2 billion through June 30, 2019.
The company expects to make share repurchases from time to time subject to market conditions and other factors, including legal and regulatory restrictions and required approvals.
About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services company delivering customized financing programs across key industries including retail, health, auto, travel and home, along with award-winning consumer banking products. With more than $130 billion in sales financed and 74.5 million active accounts, Synchrony brings deep industry expertise, actionable data insights, innovative solutions and differentiated digital experiences to improve the success of every business we serve and the quality of each life we touch. More information can be found at www.synchronyfinancial.com and through Twitter: @Synchrony.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517006291/en/
For Synchrony Financial
Investor Relations:
Greg Ketron, 203-585-6291
[email protected]
or
Jennifer Church, 203-585-6508
[email protected]
or
Media Relations:
Sue Bishop, 203-585-2802
[email protected]
Source: Synchrony Financial | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-synchrony-announces-plans-to-increase-quarterly-common-stock-dividend-to-0-point-21-per-share-and-approval-of-a-2-point-2.html |
(The opinions expressed here are those of the author, a columnist for Reuters.)
FILE PHOTO - U.S. Social Security card designs over the past several decades are shown in this photo illustration taken in Toronto, Canada on January 7, 2017. REUTERS/Hyungwon Kang Americans are all living longer, so it only makes sense to push back the eligibility age for Social Security - right?
Pushing back the age when workers can claim their full benefit may sound like the fair thing to do in a era of rising longevity - and it would help fix Social Security’s long-range financial imbalance.
But this easy-sounding fix masks two crucial problems. It makes a higher retirement age sound painless - when it actually would cut everyone’s benefits by moving back the goal posts on when you can claim full benefits. Just as important, a higher retirement age would be especially unfair to lower-income workers.
Average longevity has been rising in the United States, but all of the gains have been experienced in higher-income households. A number of studies have reached this conclusion in recent years - but now comes a report from the horse’s mouth, so to speak - the actuaries at the Social Security Administration.
By using mortality and earnings data from the agency’s massive database on American workers, this report confirms that lifetime earnings have a profound impact on longevity. The findings should help put the brakes on any proposal to solve Social Security’s long-range financial imbalance by lifting retirement ages.
The study examines five income segments (quintiles) using Average Indexed Monthly Earnings (AIME), a Social Security measure that averages your top 35 years of earnings when you reach age 60, indexed to reflect average wage growth in the economy. The SSA actuaries compared mortality (death rates) by sex and age. They found lower mortality (death rates) for retired worker beneficiaries with higher-than-average AIME levels, and higher death rates for retired-worker beneficiaries with lower-than-average AIME levels.
The differences are expressed as mortality ratios. An AIME mortality of 1.00 means death rates for a given group were equal to the group as a whole; ratios lower than that number indicate lower mortality, while higher numbers indicate - well, earlier curtains.
Just one example of how this plays out: in 2015, retired men age 62-64 in the highest income quintile had a ratio of 0.52, while those in the lowest income quintile had a ratio of 1.77. The comparable figures for women were not much different - 0.73 for the highest income quintile, and 1.54 for the lowest.
A BENEFIT CUT - NO MATTER WHEN YOU RETIRE
Yet rising longevity is cited routinely as a justification for raising the Social Security full retirement age (FRA). Consider, for example, the Republican-sponsored Social Security Reform Act of 2016. It repeatedly references rising longevity, and a cornerstone element would gradually raise the FRA to 69.
Two years might not sound like much - but recall that we already have raised the FRA as part of the last set of Social Security reforms, enacted in 1983. At the time, Social Security faced a real crisis, with the program due to run out of funds within 18 months. The 1983 reforms gradually raised the FRA from 65 to 67 for workers born in 1960 or later.
Make no mistake - a higher FRA is a benefit cut, no matter when you retire. To understand how that occurs, it is helpful to take a quick refresher on how the timing of your claim affects benefits.
To determine your benefit amount, the SSA starts by translating your AIME into something called the primary insurance amount (PIA). This is a weighted formula that gives a higher benefit relative to career earnings for a lower earner than for a high earner - a bit like income tax brackets. You receive 90 percent of AIME for the first segment (up to $895 for 2018), 32 percent for the second bracket (up to $5,397) and 15 percent for any amount of remaining AIME.
If you wait until the full retirement age (currently 66), you would receive 100 percent of PIA. If you start at 62 (the earliest opportunity), you will receive a reduced benefit for the rest of your life - 25 percent lower. By waiting until after full retirement age (66), you would get the delayed retirement credit, which is 8 percent for each 12-month period that you delay. The credits are available until age 70.
But raising the FRA reduces benefits no matter when you claim. How does this play out? A 2015 report by a group of policy experts for the National Academy of Sciences (NAS) expresses it simply: If we raised the FRA from 67 to 70, a worker claiming benefits at age 67 would receive 100 percent of PIA before the reform, but 80 percent afterward - in other words, it is a 20 percent benefit cut.
How about workers with higher mortality rates?
The NAS study examined the impact of the changing gap in life expectancy by income over time, comparing workers born in 1930 and 1960. The researchers found that raising the FRA to 70 would fall disproportionately on lower-income workers. For men born in 1930, lifetime benefits would fall by 25 percent ($31,000) for the lowest-income workers, and 22 percent for the highest-income group ($50,000).
One solution is to revise the Social Security bend points to restore lost benefits to lower-income workers. But whatever solutions are considered should push beyond all the loose talk about averages.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-column-millersocialsecurity/low-income-shortens-lives-putting-social-security-in-a-bind-idUSKBN1I4255 |
ANKARA, May 23 (Reuters) - The Turkish government’s economic management team met at the start of this week to discuss potential measures, including possible steps by the central bank, economy officials told Reuters on Wednesday.
The meeting came as the lira currency has been gripped by a sell-off, on rising concerns about President Tayyip Erdogan’s drive for greater control over monetary policy.
Deputy Prime Minister Mehmet Simsek and the governor of the central bank, Murat Cetinkaya, also attended the meeting on Monday, the officials told Reuters. (Reporting by Orhan Coskun; Writing by David Dolan; Editing by Daren Butler)
| ashraq/financial-news-articles | https://www.reuters.com/article/turkey-economy-meeting/turkeys-economic-management-team-met-to-discuss-economy-central-bank-officials-idUSI7N1SE01T |
BRUSSELS, May 2, 2018 /PRNewswire/ -- Cognizant (Nasdaq: CTSH) has acquired privately-held Hedera Consulting, a company specializing in business advisory and data analytics services across a number of industry sectors. The purchase further expands Cognizant's consulting, business insight and digital transformation capabilities for clients in Belgium and the Netherlands. The terms of the transaction were not disclosed.
Based in Kontich, Belgium, Hedera Consulting works with leading brands across various industries. Hedera's consultants and data scientists specialize in helping clients with growth strategy, innovation, marketing, sales and customer service. Hedera Consulting is now part of the Cognizant Consulting business unit.
"The most successful companies are the ones that reduce the time from informed insight to action," said Philip Lahey, Partner, Hedera Consulting. "By joining forces with Cognizant, we are even better positioned to help clients define their strategy, transform their businesses and gain insight and competitive advantage in their fast-changing, highly competitive marketplaces. Our combined industry and local knowledge and experience, as well as our strong joint team, will better enable our customers in the Belgian and Dutch markets to extract meaning from their data and use it to effectively shape their products, services and experiences."
"In the Belgian and Dutch markets, companies are re-designing their business and IT operating models for the digital era," said Santosh Thomas, President, Global Growth Markets, Cognizant. "Hedera Consulting expands our ability to help these European clients create agile and digitally transformed enterprises that can act and react to the oceans of data for deeper customer insight, new product development, and to innovate and exploit new business opportunities."
About Hedera Consulting
Hedera Consulting, founded in 2009, is a consulting company specialized in growth strategy, digitization, innovation and commercial excellence for clients across industries, including financial services and utilities. Hedera supports its clients with advice and transformation management. In 2015, Hedera started an additional business line focusing on analytics and data excellence. Hedera is based in the Benelux with offices in Belgium and Netherlands, and has served clients across the rest of Europe, including Italy, Switzerland, the Nordics and United Kingdom, as well as the Middle East.
About Cognizant
Cognizant (Nasdaq-100: CTSH) is one of the world's leading professional services companies, transforming clients' business, operating and technology models for the digital era. Our unique industry-based, consultative approach helps clients envision, build and run more innovative and efficient businesses. Headquartered in the U.S., Cognizant is ranked 205 on the Fortune 500 and is consistently listed among the most admired companies in the world. Learn how Cognizant helps clients lead with digital at www.cognizant.com or follow us @Cognizant.
View original content with multimedia: http://www.prnewswire.com/news-releases/cognizant-acquires-hedera-consulting-a-belgian-advisory-and-analytics-company-300641122.html
SOURCE Cognizant | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-cognizant-acquires-hedera-consulting-a-belgian-advisory-and-analytics-company.html |
WASHINGTON—Ten days after his inauguration, President Donald Trump promised to “do a big number” on the Dodd-Frank law that tightened rules on financial firms after the 2008 crisis.
Behind the scenes, his then top economic adviser and a powerful senator settled on a less ambitious plan. And in recent weeks, Mr. Trump called a senior House lawmaker, urging him to move forward despite objections from Republicans who wanted broader changes.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/how-congress-rolled-back-banking-rules-in-a-rare-bipartisan-deal-1527030512 |
SAN DIEGO, May 08, 2018 (GLOBE NEWSWIRE) -- aTyr Pharma, Inc. (Nasdaq:LIFE), a biotherapeutics company engaged in the discovery and development of innovative medicines based on novel immunological pathways, today announced that it will report its first quarter financial results on Monday, May 14, 2018 before the open of the U.S. financial markets. Company management will host a conference call and webcast on Monday, May 14, 2018 at 8:00 a.m. Eastern Time / 5:00 a.m. Pacific Time to discuss the results and provide a corporate update.
Interested parties may access the call by dialing toll-free (844) 358-9116 from the US or (209) 905-5951 internationally and using conference ID 8255679.
The press release and links to a live audio webcast and replay may be accessed on the aTyr website events page at: http://investors.atyrpharma.com/events-and-webcasts . An audio replay will be available for at least 90 days following the event.
About aTyr Pharma
aTyr Pharma is engaged in the discovery and development of innovative medicines using its knowledge of newly discovered pathways in immunology effected by extracellular tRNA synthetases. To date, aTyr has generated innovative and unique development programs based on its knowledge of extracellular histidyl-tRNA synthetase (HARS), known as the Resokine pathway. aTyr’s clinical stage ATYR1923 candidate is an agonist of the Resokine pathway designed to temper immune engagement in interstitial lung diseases. aTyr’s preclinical research stage ORCA program, targets a novel, proprietary immuno-oncology pathway using antibodies to enhance the immune response in tumor settings. aTyr has built an intellectual property estate, to protect its pipeline, comprising over 250 issued patents or allowed patent applications that are owned or exclusively licensed, including over 300 potential protein compositions derived from tRNA synthetase genes. For more information, please visit http://www.atyrpharma.com .
IMMEDIATE RELEASE
Contact:
Mark Johnson
Sr. Director, Investor Relations
[email protected]
858-223-1163
Source:aTyr Pharma, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-atyr-pharma-to-host-conference-call-and-webcast-of-first-quarter-2018-financial-results-on-may-14-2018.html |
May 4 (Reuters) - Moscow Exchange:
* IN APRIL TOTAL TRADING VOLUME WAS RUB 77.4 TRLN, UP 9.1% VERSUS YEAR AGO Source text: bit.ly/2rlm63Q
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-moscow-exchange-april-total-tradin/brief-moscow-exchange-april-total-trading-volume-up-9-1-yr-yr-idUSFWN1SB144 |
Just Eat jumps to the top of UK market after first-quarter results 22 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/just-eat-jumps-to-the-top-of-uk-market-after-first-quarter-results.html |
WASHINGTON, May 22 (Reuters) - Senior Trump administration officials warned Congress on Tuesday of ongoing efforts by Russia to interfere in the 2018 midterm congressional elections as the federal government prepares to hand out $380 million in election security funding to states.
At a briefing attended by about 40 or 50 members of the 435-member U.S. House of Representatives, the heads of FBI, Homeland Security Department and the director of National Intelligence told members to urge states and cities overseeing elections to be prepared for threats.
DHS Secretary Kirstjen Nielsen told reporters she agreed Russia was trying to influence the 2018 elections.
“We see them continuing to conduct foreign influence campaigns,” Nielsen said, but added there is no evidence of Russia targeting specific races.
Nielsen said DHS is watching other countries that have the capability to influence U.S. elections, including China and Iran. “We need to be prepared,” she said.
Chris Krebs, a senior cybersecurity official at the DHS, told Reuters in an interview that he expected $380 million approved by Congress in March to help safeguard U.S. voting systems from cyber attacks to be distributed to states later this week.
DHS is assisting 48 states with election security and handed out a chart at the briefing to members seen by Reuters that said states need to have auditable systems, spend time on planning, training and drills and they should “consider investing in full system architecture reviews.”
Representative Michael McCaul, who chairs the House Intelligence Committee, said after the briefing that members are concerned that “not only Russia but possibly other foreign adversaries are now going to start looking at how they can meddle in the midterm elections and we need to be prepared. We were caught off guard last time.”
U.S. intelligence agencies have concluded that Russian leadership at a very high level was involved in the attempt to interfere in the U.S. election in order to boost President Donald Trump’s candidacy.
Russia has denied interfering in U.S. elections.
Several Democrats said after the briefing that they were worried that the federal government was not doing enough to safeguard elections. “I think there is a lot of concern that we are not up to par,” said Representative Jan Schakowsky, a Democrat.
DHS said in March it is prioritizing election cyber security above all other critical infrastructure it protects.
The agency has said that 21 states had experienced initial probing of their systems from Russian hackers in 2016 and that a small number of networks were compromised, but that there remains no evidence any votes were actually altered.
Representative Adam Schiff, the top Democrat on the Intelligence Committee, told reporters after the briefing the federal government should quickly alerts states if they learn of election system hacking.
He also wants a “real-time communications channel” between the intelligence community and technology companies in order to assure that internet firms are notified if evidence emerges that Russia is creating fake Facebook Inc pages or taking other actions to influence the elections. (Reporting by David Shepardson Editing by Bill Berkrot)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-election-security/u-s-officials-warn-congress-on-election-hacking-threats-idUSL2N1ST0YP |
May 18, 2018 / 8:11 AM / Updated an hour ago France foils possible ricin attack by Egyptian-born brothers Reuters Staff 1 Min Read
PARIS (Reuters) - French police have arrested two Egyptian-born brothers who were plotting an attack using either explosives or the lethal poison ricin, Interior Minister Gerard Collomb said on Friday.
Collomb said French intelligence agents had intercepted communications from the two men on the secure messaging platform Telegram.
“They are two young individuals of Egyptian origin who were preparing an attack,” Collomb told BFM TV. “They possessed instructions on how to build ricin-based poisons.”
A week ago, a Chechen-born Frenchman went on a stabbing rampage in central Paris, killing one person before police shot him dead, an attack that again exposed the difficulty European intelligence services face in keeping track of suspected extremists.
More than 240 people have been killed on French soil over the past three years in attacks launched by Islamist militants or individuals inspired by groups like Islamic State.
Collomb gave no further details on the arrest of the brothers. Reporting by Sophie Louet; Writing by Richard Lough | ashraq/financial-news-articles | https://www.reuters.com/article/us-france-security/france-foils-possible-ricin-attack-by-egyptian-born-brothers-idUSKCN1IJ0SR |
SEOUL—President Donald Trump’s demand that South Korea foot more of the cost for basing U.S. troops on the peninsula reflects calculations that leave out one of Seoul’s biggest contributions to the American presence: rent-free land.
U.S. and South Korean officials are set to meet in Washington on Monday for a third round of negotiations on cost-sharing terms.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/despite-complaints-u-s-gets-a-key-benefit-in-south-korea-free-rent-1526212800 |
CNBC's Josh Lipton and Jim Cramer spoke to Apple CEO Tim Cook about March quarter earnings , where Cook tried to dispel negative sentiment about iPhone sales.
In particular, he dismissed the idea that a longer upgrade cycle would hurt Apple:
"The important thing from my point of view is the iPhone active install base has been growing double digits and is still growing double digits. So what does it mean? It means that on a conceptual basis that there are a lot more iPhones being deployed new than are being retired. And that's really great for us and that's part of the reason why services went up 31 percent last quarter," Cook said.
Cook also noted that the iPhone X marks the only time that the top-tier iPhone was the best selling.
Here's an approximate transcript:
Tim Cook: We had our best Q2 ever. Revenues were up 16 percent year-over-year, earnings per share were up 30 percent year-over-year. Revenue was powered by iPhone growing 14 percent, services growing 31 percent, and the category that we call other products the watch, the AirPods, and home pod etc, grew 38 percent year-over-year. So, it was a terrific quarter.
iPhone was powered by iPhone X. iPhone X was the most popular iPhone each and every week of the quarter, and that's of course, on top of last quarter, it was also the most popular iPhone every week since its launch. So, the iPhone X has been a huge success and it's the first time since we split the lineup back at iPhone 6 and iPhone 6 Plus that the top model has been the top-selling model. That's unprecedented in that history.
Services, not only were a record for Q2, but all-time record for any record in our history. And it was broad-based. Each of our major geographies grew over 25 percent, and we had Many many services that did really well from the App Store which set an all-time record, to iCloud to Apple Pay to Apple Music and more. All of these services were hitting all-time records. Our paid subscriptions for the quarter, exceeded 270 million by the end of the quarter. That is up a 100 million, over a 100 million year-over-year. So we are seeing an enormous move to services that includes both our services and the third party services that we sell on the iOS App Store and the App Store TV-O apps.
If you look at the iPad, iPad grew both units and revenue for the fourth consecutive quarter and the new iPad that we announced at the end of March and an education event has been very very well-received and we are looking forward to have tons of those out there to education and consumer.
In terms of geographies, Greater China grew 21 percent, which was our best growth rate in Greater China in two and a half years. So we are incredibly proud of that.
From a cash return point of review, we bought $23.5 billion of our shares back during the quarter which was the largest amount we have ever done for any quarter, in our history and we are announcing today that the board has approved a $100 billion buyback and a 16 percent increase on dividend which is our largest increase on dividend since we launched it back in 2012. It was an incredible quarter. From a guidance point of view, we are guiding revenue between $51.5 billion - $53.5 billion for our fiscal Q3.
Any questions?
Josh Lipton: So last time we talked Tim, after Q1 results, you said the iPhone X was the best selling iPhone and that still holds true?
Tim Cook: Yes.
Josh Lipton: How does that shape maybe how you think about the opportunity on the high end versus lower-priced models now looking ahead?
Tim Cook: I think there are customers...with the market being so large for smartphones, it is essentially most people in the world, you need a variety of phones that meet individual needs. So we will have as we do today, a range of products from entry to top of the line.
Josh Lipton: The iPhone ASP [average selling price], in the holiday quarter, it had jumped to $796. I know for this quarter the street was looking for about $742. Looks like iPhone ASP actually clocked in at $728.
Tim Cook: If you remember, in the call last quarter, [chief financial officer Luca Maestri] made this point during the Q and A session that as you head into Q2, we lower channel inventory on iPhone. In particular, we lowered it by 1.8 million units. I think that was much more than the Street anticipated. And if you look at where we lowered it, we lowered it disproportionately on the high end of the line and we anticipated that and we told everybody in January that that obviously means that the sell-in ASP which is the $729 that you are quoting, is less than the sell through ASP.
Josh Lipton: Let me take a step back from this quarter, Tim. It's something we talk a lot about at CNBC is consumers are holding onto iPhones for longer. There is a recent survey where 60 percent of users were holding onto iPhone for two or more years, according to Consumer Intelligence Research Partners, that was compared to 51 percent twelve months ago. What is the impact of the lengthening of this cycle on Apple's business?
Tim Cook: I think the upgrade cycle has a different story in each country so most people in this country talk about upgrade cycles of this country. So if you think about the U.S., over time the U.S. went from a traditional subsidy model where people were paying $199 instead of $599 or $699 for a phone, and so when that subsidy model went away and people began paying installment payments instead, there has been a lengthening of the replacement cycle in the U.S. In some countries that didn't occur. And also in some countries, there was never a traditional subsidy, it was always buying the phone at price. So you see different stories in different countries so it's very hard to talk about it at aggregate.
But the important thing from my point of view is the iPhone active install base has been growing double digits and is still growing double digits. So what does it mean? It means that on a conceptual basis that there are a lot more iPhones being deployed new than are being retired. And that's really great for us and that's part of the reason why services went up 31 percent last quarter. We have been talking about this for several quarters, many quarters, to bring people's attention to it because it's very important and last quarter we exceeded $9 billion in services revenue in a single quarter.
Josh Lipton: So at least in countries and geographies like the U.S. where there is a lengthening of the upgrade cycle, that same consumer is buying more Apple products and services than they used to? Is that one way of looking at it?
Tim Cook: It means that there are a lot more people to buy...yes, that is true too, but the bigger point that it makes is that a lot more people have an iPhone and are using it, that means that a lot of iPhones that we sell and a lot of people forget this, are sold to people who are new to iPhone which are either people switching from a different kind of smartphone or people who are buying a smartphone for the first time. There is still a fair number of people around the world, that are buying a smartphone for the first time. That may seem strange to us because we have been using it for ten years but it's not so strange for many people.
Josh Lipton: You talked about Greater China, can you walk us through demand trends in mainland China?
Tim Cook: Yes, iPhone X was the most popular smartphone in all of China last quarter. So that is a powerful statement I think when we have the very top phone being the most popular smartphone there. The demand trends are 21 percent revenue there is powered by three main areas — iPhone, of course, is growing. In order to grow 21 percent at the country level in Greater China you have to grow really well at the iPhone level. But also the Mac is growing and took share and services are growing. Services was very powerful last quarter.
Josh Lipton: Did you see any impact of escalating trade tensions between U.S. and China?
Tim Cook: No, I don't think so. I am pretty optimistic there.
Josh Lipton: You are? Why, Tim?
Tim Cook: Why, because I think that China and the U.S. have this unavoidable mutuality, where the U.S. can only win if China wins, China can only win if U.S. wins and the world can only win if both win. I mean it's pretty much that simple. So if you look at what history tells us that countries that are the most open and most diverse do the best. And the folks that are closed and least diverse, their citizens do the worst. And it tells us that again and again and again. And I think both countries know that. And so yeah I am optimistic.
Josh Lipton: Do you think Apple is insulated from those tensions because of the [investments] on the ground there?
Tim Cook: You know, never gonna say we are insulated from anything. We do many things in China, we have large operations there, we are running our company on a 100 percent renewable energy which is a big deal in China and very much a outlier in doing that. We also have really encouraged more than a 1.5 million app developers that are writing apps for iOS and the App Store so we have people there focus on everything from manufacturing to developing and I think we have become a key part of the community.
Josh Lipton: Services, Tim. You budgeted $1 billion for original programming in 2018. RBC estimates that Netflix stands at $2 billion, Amazon at $3 billion.
Tim Cook: We never announced $1 billion, that's rumor and scuttlebut, so I am not going to comment on what size budget we got.
Josh Lipton: So let me ask, how do you judge the success of original programming? Will it bother you if Apple wasn't mentioned in the same breath in the awards season?
Tim Cook: We haven't even announced what it is yet. Why don't you ask me that after we announce what it is.
Jim Cramer: You approved another $100 billion [in buybacks] . How much did you have left over, so what's the total you'll be buying?
Tim Cook: We have $10 billion left over, and we are announcing today as well that ten will be completed during this quarter and we will start on the $100 billion.
Jim Cramer: How do you get a step-function up 100 million in services, that's just rather remarkable, and what do you regard as your installed base now?
Tim Cook: The active install base is over 1.3 billion. We had mentioned that last quarter and although we are not providing a number this quarter, it's higher than what it was last quarter so it's continuing to move up, double-digit on a year-over-year basis. So what you have got is you have more services for customers to pick from, and a lot more devices that are out there and a lot more customers out there that are buying. That's essentially what's behind the services revenue.
Jim Cramer: Do you want to try to talk to me about what Fortune size company?
Tim Cook: We have already surpassed a Fortune 100, and what we have said is versus where we were in '16, we are going to double by 2020, that would mean we would be at least a $48 billion per year services business.
Jim Cramer: You did pull out wearables, is wearables therefore a real mover or is it just something you're proud about?
Tim Cook: Our revenues grew almost 50 percent and that is very much powered by the watch and AirPods. So it was another record quarter for the watch, we have really hit an air pocket with the cellular series 3, and we had more carriers adopt it so in the quarter including starting in mainland China on that. And so it is doing extremely well. And that one we did say, if you look on a backwards basis, we are a Fortune 300 company already in the wearable space.
Jim Cramer: Anything about customer [satisfaction]?
Tim Cook: The customer sat of iPhone X is coming in at 99 percent. It's just so unbelievable, we are so proud for that. And it's actually 99 percent for the combination for X, 8 and 8 Plus so the new lineup.
We are doing extremely well with switchers.
Jim Cramer: If you look at where your workforce is right now, divided between U.S. and China, you have hired so many people in the U.S.
Tim Cook: Yes, we have hired a tremendous number. China is more of a story of the population around developers, which don't work for us directly but their economic engine is the App Store, and people in our manufacturing partners is a big piece of the China employment as well. We have a sizable employee population there but smaller than the U.S.
Josh Lipton: We had Qualcomm 's CEO on CNBC recently, and he suggested that when you are going to be deposed in that case, that you might feel more inclined to settle. Is that how you feel?
Tim Cook: Unfortunately when you are the CEO of a big company these days, you get deposed quite a bit, and so depositions don't motivate me to do anything. We have never wanted to be in this lawsuit, we went into it reluctantly, because we had no choice. And so, if they begin to sort of admit the problems we would love to find another approach. I find no joy out of it either, it just doesn't bother me to have to do it.
Disclosure: Cramer's charitable trust owns shares of Apple.
show chapters Qualcomm CEO: There will be a decision on Apple dispute before year-end 11:21 AM ET Thu, 26 April 2018 | 02:50 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/tim-cook-cnbc-interview-q2-2018-earnings.html |
May 9, 2018 / 10:52 AM / Updated 17 minutes ago Fear, loathing and dismay in Iran as Trump exits nuclear deal Reuters Staff
* Jubilation gives way to gloom as renewed sanctions loom
* Iranians fear greater hostility from Trump-led administration
* Deep frustrations over economic hardship
By Parisa Hafezi
ANKARA, May 9 (Reuters) - Morad Sabzevari was among thousands of jubilant Iranians who took to the streets to celebrate a nuclear deal with major powers in 2015. He expected it to end his country’s isolation, and even bring prosperity one day.
Sabzevari’s hopes were dashed on Tuesday, when President Donald Trump announced the United States was withdrawing from “a horrible, one-sided deal” and reimposing sanctions on Iran.
His tougher-than-expected tone rattled Sabzevari, 47, a school teacher in central city of Isfahan, criticised Iranian President Hassan Rouhani, a pragmatist who overcame fierce opposition from hardliners to secure the deal.
“I am scared. I listened to Trump’s speech on English news channels last night ... It was a declaration of war against Iran. It means pressure. It means dark days and months are ahead of us,” Sabzevari said by telephone.
“What should I do? I have two children. Mr. President you failed.”
The nuclear pact, designed to prevent Iran from obtaining a nuclear bomb, was thrashed out by the United States, five other world powers and Iran and traded a lifting of sanctions in exchange for curbs on Tehran’s nuclear program.
Trump said the accord, the signature foreign policy achievement of his predecessor Barack Obama, failed to address Iran’s ballistic missile program, its nuclear activities beyond 2025 and its role in conflicts in the Middle East, where it is involved in proxy wars with U.S. ally Saudi Arabia.
Rouhani has sought to reassure ordinary Iranians, already deeply frustrated by high unemployment and low living standards, that Iran’s oil-reliant economy could withstand a return to the economic pressures that will follow Trump’s decision.
But Fariba Saravi, 26-year-old PhD student at Tehran Azad University, was pessimistic.
“I am tired of empty words, promises, lies ... Trump’s message was clear. We will be squeezed. We will be isolated again but this time with a crazy person like Trump, it will be worse than before (the deal),” she said. FEARING SANCTIONS
Iran’s economy has continued to struggle despite the easing of sanctions from 2016. Average unemployment of 12 percent rises close to 30 percent among Iran’s restless youth - more than 30 percent of Iran’s 80 million population are aged 18 to 30.
In late December, Iranians staged nationwide demonstrations over poor living standards, calling on Rouhani as well as top clerical leaders to step down.
For many, the picture looks even grimmer after Trump’s decision and there is a risk the deal will collapse entirely even though European signatories are trying to hold it together.
“You know what? They did not have money to pay our salaries. Now it will be even worse ... God help us,” said factory worker Mostafa, 38, in the northern city of Noshahr.
“I have not got my wage in the past two months. Mr. Rouhani promised more jobs ... but now I will be jobless.”
Pressure will mount on the Iranian leadership when U.S. restrictions cut its oil exports that are the engine of Iran’s economy, raising the prospect of further unrest.
“Why should foreigners invest in Iran when we are trying to move our businesses to another country,” said a businessman, who asked not to be named, in the holy Shi’ite city of Mashhad.
“I am in the dried fruit export business. Since last night, I have been seriously thinking of moving to a neighbouring country like Turkey.”
More Iranians could come to the same conclusion as sanctions bite. Many foreign firms have shunned Iran, in part due to the remaining sanctions unilaterally imposed by the United States over what it says are human rights violations, terrorism, and the dominant role of the Revolutionary Guard Corps (IRGC) in Iran’s economy. “DEATH TO AMERICA”
Younger, particularly urban Iranians, have wider concerns as their country is squeezed economically.
“I don’t care what politicians do. They are all liars. But now I almost have no hope for more freedoms, social, cultural and even political,” said Garshasb Amini, 19, in the central city of Yazd.
Rouhani, a longtime establishment insider who won the presidency in 2013 and 2017, was bolstered by the support of many Iranians yearning for freedoms.
But rights groups say there has been little, if any progress. Rouhani and his allies say hardliners, who dominate the judiciary and security services, are a roadblock to more freedoms at home.
Maryam Saberi, 51, who lives in Tehran’s affluent Zaferaniyeh neighbourhood, has more pressing concerns.
“I could not sleep last night. I am so scared of Iran being attacked by Israel. I remember when Iraq bombed Tehran during the (1980-88) war … I don’t care about the nuclear programme. I just want my country to be safe,” she said.
Hardliners are putting their faith in Iran’s Supreme Leader, Ayatollah Ali Khamenei who, in Iran’s complex power structure, has the final say on matters of state.
“I don’t care what Trump does. My beloved Khamenei will lead us out of this as he has done in the past,” said Gholamreza Ashtiani, 22, a member of Iran’s volunteer Basij militia in the holy city of Qom.
“Death to America. Death to Israel,” he said. (Editing by Michael Georgy and Jon Boyle) | ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-mood/fear-loathing-and-dismay-in-iran-as-trump-exits-nuclear-deal-idUSL8N1SG2SK |
AT&T confirms it paid Cohen for Trump insights 1 Hour Ago AT&T has confirmed to CNBC that it paid Trump lawyer Michael Cohen for insights into the new White House administration. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/att-confirms-it-paid-cohen-for-trump-insights.html |
May 18, 2018 / 1:06 AM / Updated 15 hours ago Leishman fires career-low 61 to lead Byron Nelson Reuters Staff 3 Min Read
(Reuters) - Australian Marc Leishman fired a career-low 61 for a three-shot lead after the first round of the AT&T Byron Nelson at its new home in Dallas on Thursday while local favourite Jordan Spieth failed to make a move. May 17, 2018; Dallas, TX, USA; Marc Leishman plays his shot from the 18th tee during the first round of the AT&T Byron Nelson golf tournament at Trinity Forest Golf Club. Ray Carlin-USA TODAY Sports
World number 16 Leishman, buoyed by a pair of eagles at the links-style Trinity Forest Golf Club, went bogey-free through a 10-under round to sit three shots clear of Americans J.J. Spaun and Jimmy Walker.
Leishman took kindly to the tournament’s new venue after enjoying six top-15 finishes in nine starts at its previous home at the TPC Four Seasons Las Colinas.
“I would’ve been this place’s harshest critic just because I love that other place at Las Colinas,” Leishman said. “But I got here and looked out past the clubhouse and thought, ‘This is going to be really good.’
“I enjoyed it today.” May 17, 2018; Dallas, TX, USA; Jimmy Walker plays his shot from the seventh tee during the first round of the AT&T Byron Nelson golf tournament at Trinity Forest Golf Club. Ray Carlin-USA TODAY Sports
Leishman could not have asked for a better start to his round as his approach from 237 yards at the par-five first hole stopped three feet from the cup, allowing him a tap-in eagle that set the stage for a memorable day.
The three-times PGA Tour winner, whose previous career-low was 62, then made birdies at the sixth and seventh holes before a scorching trip around the back nine that included four birdies and an eagle at the par-five 14th.
Spaun, who started on the 10th, made six birdies over a stunning seven-hole stretch of his back nine to sit with Walker one clear of a pack of eight that included Mexico’s Abraham Ancer and Americans Sam Saunders and Jonathan Byrd. May 17, 2018; Dallas, TX, USA; Jordan Spieth putts on the ninth green during the first round of the AT&T Byron Nelson golf tournament at Trinity Forest Golf Club. Ray Carlin-USA TODAY Sports
World number three Spieth (69), the highest-ranked player in the field, did well to erase a bogey at the par-four fifth with birdies at seven and eight but only had one more birdie the rest of the way and was in a share of 57th place.
The Dallas native, seeking his first win this year, would love it to be at his home-town this week.
“It was about as easy tee to green as I’ve ever seen this place,” Spieth said. “You know, the ball was running a lot, you
didn’t have to hit a whole lot of club off the tees and without the wind. That’s normally the defence of the golf course.
“So, not surprised to see a low round. 10-under is an incredible round anyway for Marc. Not surprised to see low scores. Wish I got more out of it, honestly.”
Former U.S. Masters champion Adam Scott, seeking his first PGA Tour win since 2016, mixed six birdies with two bogeys to reach four-under and a share of 23rd.
Japanese world number nine Hideki Matsuyama and Spanish world number 14 Sergio Garcia carded matching one-over 72s to sit in a distant share of 120th place.
Defending champion Billy Horschel, who started on the back nine, had an eagle at the par-five 14th en route to a three-under 68 that left him seven shots back. Reporting by Frank Pingue in Toronto and writing by Jahmal Corner in Los Angeles; Editing by Ian Ransom | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-golf-byronnelson/golf-leishman-fires-career-low-61-to-lead-at-trinity-forest-idUKKCN1IJ035 |
EditorsNote: rewords second graf
LeBron James recorded 43 points, 14 assists and eight rebounds as the Cleveland Cavaliers made it two straight victories in Toronto with a 128-110 triumph over the Raptors on Thursday night in the Eastern Conference semifinals at Air Canada Centre.
Kevin Love contributed 31 points and 11 rebounds for Cleveland, which leads the best-of-seven series 2-0. JR Smith scored 15 points, Jeff Green added 14 and George Hill had 13 for the fourth-seeded Cavaliers, who outscored Toronto by 20 points in the second half.
DeMar DeRozan scored 24 points and Kyle Lowry added 21 points and eight assists to pace the top-seeded Raptors. Jonas Valanciunas had 16 points and 12 rebounds, and Fred VanVleet tallied 14 points off the bench for Toronto.
Game 3 is Saturday in Cleveland.
James connected on 19 of 28 field-goal attempts as the Cavaliers moved halfway toward eliminating Toronto in the postseason for the third straight season. Cleveland has won eight consecutive playoff games against the Raptors, but James made it clear the team will be keeping its foot on the gas pedal.
“We still got a long way to go, man. This is only our ninth game in the postseason together,” James said in a postgame interview with ESPN while referring to the roster that was revamped prior to the trade deadline. “We just want to continue to try and improve each and every game. That’s what we’ve done, through nine games we’ve improved.”
Cleveland shot 59.5 percent from the field and set a franchise postseason record by committing just three turnovers. The Raptors shot 54.3 percent and lost the ball 11 times.
“We came out with a sense of urgency,” Cavaliers coach Tyronn Lue said. “When you turn the ball over three times, now you can get back and get your defense set. And if we get five guys scoring in double figures, things are going to look better.”
James scored 27 points on 13-of-19 shooting in the second half while taking over the contest.
Cleveland trailed by two at halftime, but James tallied 15 points during a 37-point third quarter as the Cavaliers built a 98-87 advantage. Cleveland was 16 of 22 from the field in the quarter.
The Cavaliers scored the first eight points of the quarter to take a 69-63 lead. A short time later, Hill capped a 7-0 surge with a basket to make it 79-68 with 7:50 left in the period.
Consecutive baskets by James followed by Love’s inside hoop increased Cleveland’s advantage to 89-75 with 4:17 remaining. The lead was 15 after Hill’s steal and layup with 1:01 left before the Raptors scored the final four points of the period to trail by 11.
Green opened the final quarter with a 3-pointer and James added two baskets as the Cavaliers made it 105-87 with 9:51 remaining.
Two free throws by Love pushed the lead to 20 for the first time — at 118-98 — with 4:58 left. Smith followed with a 3-pointer 35 seconds later to increase the margin to 23.
“When Kevin’s shooting the ball and playing fast, this is how we can play,” Lue said of Love, who had not reached 20 points in a game this offseason until the Game 2 outburst.
Toronto shot 59.5 percent from the field in the first half. The Raptors led by as many as nine but were only up 63-61 at the break.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/basketball-nba-tor-cle-recap/lebron-dominates-leads-cavs-to-2-0-lead-over-raptors-idUSMTZEE546IQT51 |
DUBAI/PARIS/ABU DHABI (Reuters) - Airbus and Boeing are preparing for possible changes to dozens of plane orders from Middle East carrier Etihad Airways as it presses ahead with a company-wide review, four sources familiar with the matter said.
FILE PHOTO: Etihad Airways Airbus A320-200 is seen at the National Airport Minsk, Belarus April 19, 2018. REUTERS/Vasily Fedosenko/File Photo Etihad has been reviewing its business since 2016 when investments in other airlines contributed to a nearly $2 billion loss for the Abu Dhabi state-owned carrier.
Etihad is considering its options for over 160 aircraft it has ordered, ranging from swapping models to delaying deliveries to outright cancellations, the sources told Reuters.
A final decision could be based on a combination of the three options, one source said.
Etihad declined to comment. A Boeing spokeswoman declined to comment, citing company policy to “not comment on delivery schedules nor any discussions with customers”. An Airbus spokeswoman declined to comment, telling Reuters talks with customers were confidential.
Few details of the review have been made public but Etihad’s new Group Chief Executive Tony Douglas said on April 30 that the airline aims to develop in “a sustainable way”.
Etihad has 88 Airbus and 78 Boeing jets on order worth tens of billions of dollars, largely from deals signed in 2013, which are scheduled to start delivery from this year.
The orders include 62 Airbus A350s and 52 Boeing 787 Dreamliners, according to the two planemakers’ websites.
The bulk of the aircraft were ordered when Etihad was pursuing an aggressive expansion strategy to keep pace with regional rivals Emirates and Qatar Airways.
Etihad said then that under the agreements with Airbus and Boeing, it could transfer orders to airlines it had invested in. At that time, the airline had stakes in several other carriers.
The expansion strategy seemingly collapsed last year when Air Berlin and Alitalia filed for insolvency after Etihad invested in them.
Air Berlin, one of Etihad’s biggest investments, ceased operations last October, while Alitalia, the most high profile, is unlikely to take any aircraft as insolvency proceedings continue.
Etihad currently holds stakes in four other airlines.
Writing by Alexander Cornwell; Editing by Ghaida Ghantous/Keith Weir
| ashraq/financial-news-articles | https://www.reuters.com/article/us-airbus-boeing-etihad-orders/planemakers-risk-order-disruption-as-etihad-reviews-strategy-idUSKBN1I70FE |
HUNTSVILLE, Ala.--(BUSINESS WIRE)-- Matthews Real Estate Investment Services™ , the nation’s fastest growing commercial real estate firm, has announced the $13.8 million sale of The Gallery Shopping Center. The 101,498 square-foot asset, sold by Plaza Properties, is located two blocks east of the $350 million Mid-City Mall redevelopment project on University Drive in Huntsville, Alabama. The buyer was a private family office from Florida seeking a 1031 exchange. The transaction was led by Jordan Powell and Scott Henard , SVP & Regional Director of the Matthews™ Shopping Center Division.
“It was a pleasure working with Matthews™. They were very accommodating and stayed on issues until they were resolved,” said Joe Siegart, Plaza Property’s Managing Partner. Matthews™ was able to source the 1031 buyer through their proprietary database and 1031 platform. “This asset was well located and currently 95% leased to tenants with long historical occupancies that should provide dependable cash flow for years to come for the buyer,” said Jordan Powell .
The Matthews™ Shopping Center Division prides themselves on their unwavering commitment to serving their clients’ best interest. With their competitive marketing technology and expansive global database, the division has earned a reputation for excellence in execution. For more information regarding this sale, or to discuss available shopping center inventory , please reach out to Scott Henard or Jordan Powell .
About Matthews Real Estate Investment Services:
MATTHEWS REAL ESTATE INVESTMENT SERVICES™ is recognized as an industry leader in shopping center, STNL, Multifamily, Management, Leasing, portfolio disposition and 1031 Exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit WWW.MATTHEWS.COM .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180430006402/en/
Matthews Real Estate Investment Services
Cat Ray, 310-955-1776
[email protected]
Source: Matthews Real Estate Investment Services | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/business-wire-matthewsa-closes-sale-of-second-alabama-shopping-center-in-2018-for-13-point-8-million.html |
NEW YORK, May 4 (Reuters) - New York Federal Reserve President William Dudley said on Friday the U.S. economy is on a solid footing with inflation closing in on the central bank’s 2-percent goal, though he was not yet ready to “declare victory” on inflation.
“The U.S. economic outlook looks pretty good,” he said at an event “The Financial Tumult of Our Times” sponsored by Bloomberg News, even in the wake of a weaker-than-forecast data on U.S. job and wage growth in April released by the Labor Department earlier Friday. (Reporting by Richard Leong Editing by Chizu Nomiyama)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-fed-dudley/feds-dudley-sees-u-s-economy-on-solid-path-inflation-near-feds-goal-idUSN9N1RF01R |
SANTA ROSA, Calif.--(BUSINESS WIRE)-- Exchange Bank (OTC: EXSR) is pleased to announce Debbie Meekins as the newest member of Exchange Bank’s Board of Directors, effective June 1, 2018. Ms. Meekins brings a wealth of banking expertise and respected leadership experience in both the finance world and with non-profit organizations, having formerly served as CEO of Sonoma National Bank, Executive Vice President and Retail Banking Director of Sterling Savings Bank, and President and CEO of Poppy Bank.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180516006243/en/
Debbie Meekins, member Exchange Bank Board of Directors (effective June 1, 2018). (Photo: Business Wire)
“Debbie complements our very strong board and fully shares our values. She has unquestionable integrity, professionalism, naturally positive leadership skills and compassion for the community,” said Bill Schrader, Chairman of the Board.
Ms. Meekins has a long history of community service in Sonoma County. She has chaired the Santa Rosa Chamber of Commerce, United Way, Santa Rosa Memorial Hospital Foundation and the Rose Parade. She has been recognized as one of the top “25 Women to Watch” in banking by U.S. Banker Magazine and the “Best Business Community Leader in Sonoma County” in a North Bay Biz reader’s poll. She created a forum for Women in Business in Sonoma County which provided education to assist women and minority-owned businesses which spanned 10 years.
Ms. Meekins currently serves on the Board of Western Bankers Association, Santa Rosa Memorial Hospital Foundation and the Redwood Empire Food Bank.
About Exchange Bank
Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $2.6 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial and SBA lending office in Roseville and Marin, California. The Bank’s legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.
Exchange Bank is a 12-time winner of the North Bay Business Journal’s Best Places to Work survey, a recipient of the 2018 North Bay Community Philanthropy Award and the 2017 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2018 Best Consumer Bank and Gold Medal Winner for Best Business Bank. The North Bay Bohemian’s “Best of 2018” Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the North Bay Business Journal’s listing of leading SBA 7(a) Lenders, Wealth Management Advisors and Wine Industry Lenders. www.exchangebank.com .
Member FDIC — Equal Housing Lender — Equal Opportunity Employer
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516006243/en/
Exchange Bank
Carolyn Cole-Schweizer, 707-541-1250
Corporate Communications & Social Media Specialist
[email protected]
Source: Exchange Bank | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-exchange-bank-announces-debbie-meekins-as-new-board-member.html |
PAICHO, Uganda (Thomson Reuters Foundation) - At the entrance to a round mud and elephant-grass hut in rural northern Uganda, Rose Lamwaka, 58, pauses and looks up at the ceiling of her new dwelling as if she cannot quite believe it is really there.
After her old home was burned down in a fire, a group of 15 local women built Lamwaka a new house on land lent to her by an uncle - a feat almost unheard of a generation ago before the conflict here, when men were the undisputed household heads.
“This hut was thatched with dry grass by my children, while the rest was done by women members in the group,” Lamwaka, a single mother, told the Thomson Reuters Foundation.
“What my group has done for me is an act of kindness. They have made me happy.”
The female master builders who made Lamwaka’s home - and gave her food, cooking utensils and bed sheets when her old one was destroyed - started working together about a decade ago as they struggled to recover from almost 20 years of war.
The women survived rape, abuse, forced labor and other horrors during an insurgency waged by the Lord’s Resistance Army (LRA), when the army fought rebels notorious for cutting off people’s body parts and abducting children into their ranks.
In a war that ripped northern Uganda apart, some 2 million people - almost the entire population of the region - were forced into camps. The LRA was ousted from Uganda in 2005, retreating into South Sudan and neighboring states.
Today, the 15 women builders live in neighboring villages in Paicho sub-county, some 350 km (217 miles) north of the capital, Kampala.
They support one another as a team, running a shared savings and loans scheme, as well as home-building projects.
“These days, women can build houses so well on their own,” said Paska Akello, the group’s chair, another single mother who was kidnapped by the LRA when she was pregnant.
ABANDONED The idea to build homes came from Agnes Igoye, a women’s rights advocate who works as Uganda’s deputy national coordinator for the prevention of human trafficking.
As a child, the conflict forced Igoye and her family to flee their home, but in 2013 she returned to northern Uganda to help other victims of war.
She heard about a woman who had been kicked out of her home by relatives because her husband had been abducted and forced to become an LRA rebel.
“She had three daughters – they would look for a place to sleep every night,” Igoye said. “I had never built a house in my life ... But I said that we, as women, have to do something about it.”
She persuaded the group, which had already formed, to venture into construction.
Northern Uganda is a society where gender roles are strongly defined, said Ryan O’Byrne, a research fellow with the London School of Economics, based in the region.
While some women lost their husbands in the conflict, others got divorced or were simply abandoned. The men who are around are often unhelpful, spending their time drinking alcohol to soothe widespread post-war trauma, said Akello.
Nowadays, material hardship and social change brought by the war are pushing women to try less traditional roles and trades.
They have stepped up to run homes and their own businesses, often because they have no other choice, Akello said.
Northern Uganda, one of the country’s most marginalized areas, is plagued by unemployment, low levels of economic development and high rates of poverty.
Lack of land rights for women is another major problem, as access to land is usually passed down through the male line in Acholi culture. Women traditionally gain the right to live on, and farm, land owned by their fathers and husbands.
Amid the conflict, which disrupted family units, many women lost the ability to access land or had it taken off them, noted O’Byrne.
REBEL WIVES In peacetime, women across northern Uganda are getting together to protect their interests.
Further west of Paicho, a group of about 40 women - many of whom were abducted by the LRA, raped and then shunned by their families for returning with so-called “rebel babies” - set up their own community about seven years ago in Pida village.
They called it Waroco Kwowa, which means “Let us rebuild our lives” in the Acholi language.
The former “rebel wives” and other women who have joined them teach tailoring, craft-making, farming and business skills to a new generation of teen mothers in surrounding areas.
Uganda has banned child marriage, but nearly one in every two girls is still wed before the age of 18, according to the charity Girls Not Brides.
“A girl in a village is likely to get pregnant and get married at 14 or 15,” said Annette Apiyo, one of the teachers, who was kidnapped aged six and forced to marry a rebel at 13.
While the government has built new roads and upgraded infrastructure since the conflict ended, Ugandan official Igoye said many people lack entrepreneurial know-how and drive after years of reliance on wartime aid.
Helping locals fend for themselves is the best way forward, she added.
The female builders are already planning their next project - farming the land of a member who is too weak to take advantage of the planting season.
“We need to help so that she can have a good harvest,” said Lamwaka, as she began settling into her new home.
Meanwhile, in the Waroco Kwowa community, some men have applied to join but only five were accepted who offer skills the women lack, Apiyo said.
In Paicho, the builders’ group admitted one man because he could read and write.
But he was fired when he ran off with 100,000 shillings ($27), after borrowing money he could not pay back.
“We don’t need men because they can’t be trusted,” said Akello, the group chair, to laughter from her friends.
Funding for this story was provided by the International Women’s Media Foundation
Reporting by Inna Lazareva, Editing by Megan Rowling and Katy Migiro. Please credit Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women’s rights, trafficking, property rights, and climate change. Visit news.trust.org
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-uganda-conflict-women-feature/we-dont-need-men-widows-and-rebel-wives-rebuild-war-scarred-uganda-idUSKCN1IG008 |
May 11, 2018 / 9:31 AM / Updated 4 hours ago WHO hopes to use Ebola vaccine to stem outbreak in remote area of Congo Tom Miles 4 Min Read
GENEVA (Reuters) - The World Health Organization said on Friday it hopes to deploy an experimental Ebola vaccine to tackle an outbreak in a remote area of Congo to prevent it spreading, particularly to the provincial capital of 1 million people. Travellers queue to be screened after the Kenya Airports Authority installed health devices to screen for Ebola outbreak at the Jomo Kenyatta airport in Nairobi, Kenya May 11, 2018. REUTERS/Stringer
Congo reported the outbreak on Tuesday, with 32 suspected, probable or confirmed cases of the disease since April 4, including 18 deaths. A new suspected case was reported on Friday.
The WHO is moving quickly, having been criticized for bungling its response to a 2014-2016 outbreak that killed more than 11,300 people in Guinea, Sierra Leone and Liberia.
“We are very concerned and planning for all scenarios, including the worst case scenario,” Peter Salama, WHO’s Deputy Director-General of Emergency Preparedness and Response, told a regular U.N. briefing in Geneva.
The outbreak area is 15 hours by motorbike from the closest town and has “absolutely dire” infrastructure, Salama said, so the WHO wants to send in 20-40 experts by helicopter this weekend and then clear an airstrip for more supplies.
“This is going to be tough and it’s going to be costly to stamp out this outbreak,” he said.
The immediate risk was to the provincial capital Mbandaka, with about 1 million inhabitants, but Congo’s nine neighbors have also been put on high alert in case the disease crosses a border, especially by river to the Republic of Congo or Central African Republic.
Gambia, Guinea and Nigeria have already said they are taking steps to ensure the virus does not spread, and Kenya’s Health Ministry said on Friday it would bolster screening of travelers with thermo scanners at airports.
Normally a remote setting would reduce the chance of the disease spreading. But already there are three separate locations covering 60 km (37 miles) or more, and some of the victims were healthcare workers, potentially “an amplification factor” for outbreaks, Salama said.
The local culture, with traditional healers and communal burials where there was close contact with the deceased, could cause “super-spreading” of Ebola, which kills up to 90 percent of sufferers, he said. Related Coverage Northwest Congo hospital receives new suspected Ebola case
SUB-ZERO
Salama said he spoke to Congo’s Health Minister Oly Ilunga on Thursday and hoped to get approval within days to use a vaccine developed by Merck in 2016.
Although highly effective, it is still experimental, has not been licensed, and must be kept at -60 to -80 degrees Celsius (-76°F to -112°F).
“This is a highly complicated, sophisticated operation in one of the most difficult terrains on earth,” Salama said.
It can be used to protect people who have had contact with Ebola victims, stopping the spread of disease, but that requires intensive contact tracing, which Salama said could take a week or two just for the cases already documented.
Ilunga said on Thursday that the risk to urban areas and cases among healthcare workers made the outbreak worrisome, and that health workers might be the priority for vaccination.
Salama said that WHO was preparing for the green light and hoped to have a mobile laboratory operational over the weekend, and that both WHO and the medical charity Medecins Sans Frontieres already had a team on the ground.
“The cold chain is on standby, the stockpile is on standby, the teams have been put on standby including up to 40 people that conducted the initial ring vaccination trial in Guinea.”
Salama also said there was no evidence of a link between the outbreak and eight deaths that occurred in January and February in the same area, which had not been confirmed as Ebola. Reporting by Tom Miles, additional reporting by Patient Ligodi and Amedee Mwarabu in Kinshasa and Edward McAllister in Dakar; Editing by Catherine Evans, Hugh Lawson and Richard Balmforth | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-ebola-congo/who-prepares-for-worst-case-ebola-scenario-hopes-to-deploy-vaccine-idUKKBN1IC0WN |
CHICAGO, May 1, 2018 /PRNewswire/ --
As previously announced, TDS will hold a teleconference May 1, 2018, at 9:30 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com .
Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,225 million for the first quarter of 2018, versus $1,238 million for the same period one year ago. Net income available to TDS shareholders and related diluted earnings per share were $39 million and $0.34, respectively, for the first quarter of 2018, compared to $37 million and $0.33, respectively, in the same period one year ago.
"The TDS family of companies, in total, made a strong start to the year," said LeRoy T. Carlson, Jr., TDS President and CEO. "U.S. Cellular drove outstanding customer loyalty and increased its profitability, and successfully implemented continuous improvement initiatives throughout the business. TDS Telecom created momentum from its network investments and federal A-CAM funding to grow its broadband customers.
"U.S. Cellular astutely managed growth in network capacity to meet rapidly growing customer data usage ensuring customers receive an unmatched wireless experience. For the fourth time in a row, U.S. Cellular was awarded 'Highest Wireless Network Quality Performance in the North Central Region' by the J.D. Power Wireless Network Quality Performance Study. Postpaid handset gross additions increased modestly and postpaid handset churn remained very low. U.S. Cellular's total customer base increased year over year which, together with increased revenues from device protection plans, helped to offset service plan pricing pressure. U.S. Cellular achieved growth in total operating revenues due to increased sales of both high-priced devices and accessories. Process improvement and cost management initiatives combined with disciplined promotions resulted in improved profitability, as reflected in higher Adjusted EBITDA.
"At TDS Telecom, the FCC approved additional A-CAM funding, which will enable us to deploy faster broadband service to more customers, in our most rural markets. The success of recent wireline fiber investments continues to enable growth into 2018, driving growth in IPTV connections and customer demand for faster broadband speeds, which generated higher residential revenue per connection. Cable operations achieved strong growth in broadband connections generating substantially higher cable revenues and Adjusted EBITDA. TDS Telecom is intensely focused on increasing broadband penetration through raising network speed and capacity, and by delivering outstanding customer experiences. Additionally, it continues to seek potential cable acquisition opportunities."
2018 Estimated Results
TDS' current estimates of full-year 2018 results for U.S. Cellular, TDS Telecom, and TDS are shown below. Such estimates represent management's view as of May 1, 2018. Such forward-looking statements should not be assumed to be current as of any future date. TDS undertakes no duty to update such information, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from such estimated results.
2018 Estimated Results
U.S. Cellular
TDS Telecom (1)
TDS (1)(2)
Current (3)
Previous
Current (3)
Previous
Current (3)
Previous
(Dollars in millions)
Total operating revenues
$3,850-$4,050
Unchanged
$900-$950
Unchanged
$5,015-$5,265
Unchanged
Adjusted OIBDA (4)(5)
$625-$775
Unchanged
$290-$320
Unchanged
$925-$1,105
Unchanged
Adjusted EBITDA (4)
$765-$915
Unchanged
$300-$330
Unchanged
$1,075-$1,255
Unchanged
Capital expenditures
$500-$550
Unchanged
$270
Unchanged
$795-$845
Unchanged
The following tables provide reconciliations of Net income to Adjusted OIBDA and Adjusted EBITDA for 2018 estimated results, actual results for the three months ended March 31, 2018, and actual results for the year ended December 31, 2017. In providing 2018 estimated results, TDS has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, TDS believes that the impact of income taxes cannot be reasonably predicted; therefore, TDS is unable to provide such guidance.
2018 Estimated Results
U.S. Cellular (3)
TDS Telecom (1)(3)
TDS (1)(2)(3)
(Dollars in millions)
Net income (GAAP)
N/A
N/A
N/A
Add back:
Income tax expense (benefit)
N/A
N/A
N/A
Income before income taxes (GAAP)
$
10-160
$
80-110
$
5-185
Add back:
Interest expense
110
–
170
Depreciation, amortization and accretion expense
635
220
890
EBITDA (Non-GAAP) (4)
$
755-905
$
300-330
$
1,065-1,245
Add back or deduct:
(Gain) loss on asset disposals, net
20
–
20
(Gain) loss on license sales and exchanges, net
(10)
–
(10)
Adjusted EBITDA (Non-GAAP) (4)
$
765-915
$
300-330
$
1,075-1,255
Deduct:
Equity in earnings of unconsolidated entities
130
–
130
Interest and dividend income
10
5
15
Other, net (6)
–
5
5
Adjusted OIBDA (Non-GAAP) (4)(5)
$
625-775
$
290-320
$
925-1,105
Actual Results
Three Months Ended March 31, 2018 (3)
Year ended December 31, 2017
U.S.
Cellular
TDS
Telecom (1)
TDS (1)(2)
U.S.
Cellular
TDS
Telecom (1)
TDS (1)(2)
(Dollars in millions)
Net income (GAAP)
$
55
$
21
$
57
$
15
$
138
$
157
Add back or deduct:
Income tax expense (benefit)
22
6
24
(287)
(13)
(279)
Income (loss) before income taxes
(GAAP)
$
77
$
27
$
81
$
(272)
$
125
$
(122)
Add back:
Interest expense
29
–
43
113
–
170
Depreciation, amortization and accretion expense
159
54
221
615
195
844
EBITDA (Non-GAAP) (4)
$
265
$
81
$
345
$
456
$
319
$
892
Add back or deduct:
Loss on impairment of goodwill
–
–
–
370
–
262
(Gain) loss on asset disposals, net
1
–
2
17
3
21
(Gain) loss on sale of business and other exit costs, net
–
–
–
(1)
–
(1)
(Gain) loss on license sales and exchanges, net
(7)
–
(7)
(22)
–
(22)
Adjusted EBITDA (Non-GAAP) (4)
$
259
$
81
$
340
$
820
$
323
$
1,152
Deduct:
Equity in earnings of unconsolidated entities
38
–
38
137
–
137
Interest and dividend income
4
1
5
8
5
15
Other, net (6)
(1)
1
1
–
3
4
Adjusted OIBDA (Non-GAAP) (4)(5)
$
218
$
80
$
296
$
675
$
314
$
996
Note: Totals may not foot due to rounding differences.
(1)
TDS has re-evaluated internal reporting roles with regard to its HMS business unit and, as a result, has changed its reportable segments. Effective January 1, 2018, HMS is no longer reported under TDS Telecom. Prior periods have been recast to conform to the revised presentation.
(2)
The TDS column includes U.S. Cellular, TDS Telecom and also the impacts of consolidating eliminations, corporate operations and non-reportable segments (including HMS as indicated in Note (1) above), all of which are not presented above.
(3)
As of January 1, 2018, TDS adopted the new revenue recognition standard, ASC 606, using a modified retrospective approach. Under this method, the new accounting standard is applied only to the most recent period presented. As a result, 2018 amounts include the impacts of ASC 606, but 2017 amounts remain as previously reported, except as specifically stated.
(4)
EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. TDS does not intend to imply that any such items set forth in the reconciliation above are non-recurring, infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of TDS' operating results before significant recurring non-cash charges, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of TDS' financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management's evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, and gains and losses, while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities. The table above reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income or Income (loss) before income taxes.
(5)
A reconciliation of Adjusted OIBDA (Non-GAAP) to Operating income (GAAP) for March 31, 2018 actual results can be found on TDS' website at investors.tdsinc.com .
(6)
ASU 2017-07, regarding net periodic pension cost and net periodic postretirement benefit cost was adopted as of January 1, 2018, and applied retrospectively. All prior period numbers have been recast to conform to this standard.
Conference Call Information
TDS will hold a conference call on May 1, 2018 at 9:30 a.m. Central Time.
Access the live call on the Events & Presentations page of investors.tdsinc.com or at https://www.webcaster4.com/Webcast/Page/1145/25623 . Access the call by phone at 877-407-8029 (US/Canada), no pass code required.
Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.tdsinc.com . The call will be archived on the Events & Presentations page of investors.tdsinc.com .
About TDS
Telephone and Data Systems, Inc. (TDS), a Fortune 1000 ® company, provides wireless; cable and wireline broadband, TV and voice; and hosted and managed services to approximately 6 million connections nationwide through its businesses, U.S. Cellular, TDS Telecom, BendBroadband and OneNeck IT Solutions. Founded in 1969 and headquartered in Chicago, TDS employed 9,900 people as of March 31, 2018.
Visit www.tdsinc.com for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect statements include, but are not limited to: intense competition; the ability to execute TDS' business strategy; uncertainties in TDS' future cash flows and liquidity and access to the capital markets; the ability to make payments on TDS and U.S. Cellular indebtedness or comply with the terms of debt covenants; impacts of any pending acquisitions/divestitures/exchanges of properties and/or licenses, including, but not limited to, the ability to obtain regulatory approvals, successfully complete the transactions and the financial impacts of such transactions; the ability of the company to successfully manage and grow its markets; the access to and pricing of unbundled network elements; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms; the state and federal telecommunications regulatory environment; the value of assets and investments; adverse changes in the ratings of TDS and U.S. Cellular debt securities by accredited ratings organizations; industry consolidation; advances in telecommunications technology; pending and future litigation; changes in income tax rates, laws, regulations or rulings; changes in customer growth rates, average monthly revenue per user, churn rates, roaming revenue and terms, the availability of wireless devices, or the mix of services and products offered by U.S. Cellular and TDS Telecom. Investors are encouraged to consider these and other risks and uncertainties that are discussed in the Form 8-K Current Report used by TDS to furnish this press release to the Securities and Exchange Commission, which are incorporated by reference herein.
For more information about TDS and its subsidiaries, visit:
TDS: www.tdsinc.com
U.S. Cellular: www.uscellular.com
TDS Telecom: www.tdstelecom.com
OneNeck IT Solutions: www.oneneck.com
Disclaimer:
U.S. Cellular received the highest numerical score in the North Central region in the J.D. Power 2016 V2, 2017 V1 & V2, and 2018 V1 (tie) U.S. Wireless Network Quality Performance Studies. 2018 Volume 1 study based on 38,595 total responses from 5 providers, measuring the network quality experienced by customers with wireless carriers, surveyed July-December 2017. Your experiences may vary. Visit jdpower.com
United States Cellular Corporation
Summary Operating Data (Unaudited)
As of or for the Quarter Ended
3/31/2018 (1)
12/31/2017
9/30/2017
6/30/2017
3/31/2017
Retail Connections
Postpaid
Total at end of period
4,481,000
4,518,000
4,513,000
4,478,000
4,455,000
Gross additions
129,000
177,000
191,000
174,000
146,000
Feature phones
5,000
5,000
7,000
7,000
7,000
Smartphones
91,000
128,000
132,000
116,000
88,000
Connected devices
33,000
44,000
52,000
51,000
51,000
Net additions (losses)
(37,000)
5,000
35,000
23,000
(27,000)
Feature phones
(15,000)
(15,000)
(15,000)
(15,000)
(19,000)
Smartphones
(1,000)
33,000
44,000
34,000
(9,000)
Connected devices
(21,000)
(13,000)
6,000
4,000
1,000
ARPU (2)
$
44.34
$
44.12
$
43.41
$
44.60
$
45.42
ABPU (Non-GAAP) (3)
$
57.10
$
56.69
$
54.71
$
55.19
$
55.82
ARPA (4)
$
118.22
$
118.05
$
116.36
$
119.73
$
121.88
ABPA (Non-GAAP) (5)
$
152.26
$
151.68
$
146.65
$
148.15
$
149.78
Churn rate (6)
1.23%
1.27%
1.16%
1.13%
1.29%
Handsets
0.97%
1.00%
0.96%
0.91%
1.08%
Connected devices
2.79%
2.84%
2.33%
2.35%
2.55%
Prepaid
Total at end of period
525,000
519,000
515,000
484,000
480,000
Gross additions
88,000
83,000
102,000
73,000
78,000
Net additions (losses)
6,000
4,000
31,000
3,000
(4,000)
ARPU (2)
$
31.78
$
32.42
$
33.12
$
33.52
$
33.66
Churn rate (6)
5.27%
5.09%
4.75%
4.93%
5.69%
Total connections at end of period (7)
5,063,000
5,096,000
5,089,000
5,023,000
4,996,000
Market penetration at end of period
Consolidated operating population
31,469,000
31,834,000
31,834,000
32,089,000
32,089,000
Consolidated operating penetration (8)
16%
16%
16%
16%
16%
Capital expenditures (millions)
$
70
$
213
$
112
$
84
$
61
Total cell sites in service
6,473
6,460
6,436
6,421
6,417
Owned towers
4,099
4,080
4,051
4,044
4,041
(1)
As of January 1, 2018, U.S. Cellular adopted the new revenue recognition standard, ASC 606, using a modified retrospective approach. Under this method, the new accounting standard is applied only to the most recent period presented. As a result, 2018 amounts include the impacts of ASC 606, but 2017 amounts remain as previously reported.
(2)
Average Revenue Per User (ARPU) - metric is calculated by dividing a revenue base by an average number of connections and by the number of months in the period. These revenue bases and connection populations are shown below:
▪
Postpaid ARPU consists of total postpaid service revenues and postpaid connections.
▪
Prepaid ARPU consists of total prepaid service revenues and prepaid connections.
(3)
Average Billings Per User (ABPU) - non-GAAP metric is calculated by dividing total postpaid service revenues plus equipment installment plan billings by the average number of postpaid connections and by the number of months in the period. Refer to the end of this release for a reconciliation of this metric to its most comparable GAAP metric.
(4)
Average Revenue Per Account (ARPA) - metric is calculated by dividing total postpaid service revenues by the average number of postpaid accounts and by the number of months in the period.
(5)
Average Billings Per Account (ABPA) - non-GAAP metric is calculated by dividing total postpaid service revenues plus equipment installment plan billings by the average number of postpaid accounts and by the number of months in the period. Refer to the end of this release for a reconciliation of this metric to its most comparable GAAP metric.
(6)
Churn rate represents the percentage of the connections that disconnect service each month. These rates represent the average monthly churn rate for each respective period.
(7)
Includes reseller and other connections.
(8)
Market penetration is calculated by dividing the number of wireless connections at the end of the period by the total population of consolidated operating markets as estimated by Nielsen.
TDS Telecom
Summary Operating Data (Unaudited)
As of or for the Quarter Ended
3/31/2018
12/31/2017
9/30/2017
6/30/2017
3/31/2017
TDS Telecom
Wireline
Residential connections
Voice (1)
286,000
290,600
298,200
304,600
308,200
Broadband (2)
230,500
228,600
229,900
230,200
228,500
Video (3)
50,300
48,600
47,200
46,200
45,200
Wireline residential connections
566,900
567,700
575,300
581,000
581,900
Total residential revenue per connection (4)
$
47.04
$
46.21
$
46.07
$
46.39
$
45.17
Commercial connections
Voice (1)
140,100
143,000
146,900
150,500
154,000
Broadband (2)
20,600
20,600
20,900
21,000
21,200
managedIP (5)
143,000
146,500
147,600
149,700
150,300
Video (3)
400
–
–
–
–
Wireline commercial connections
304,000
310,100
315,300
321,200
325,500
Total Wireline connections
870,900
877,800
890,700
902,200
907,400
Cable
Cable Connections
Broadband (6)
156,800
153,300
143,800
140,300
137,800
Video (7)
100,700
101,800
97,900
97,900
97,600
Voice (8)
61,200
60,100
58,900
58,700
59,000
managedIP (5)
600
400
400
300
200
Cable connections
319,300
315,600
301,000
297,200
294,500
Note: Totals may not foot due to rounding differences.
(1)
The individual circuits connecting a customer to Wireline's central office facilities.
(2)
The number of Wireline customers provided high-capacity data circuits via various technologies, including DSL and dedicated internet circuit technologies.
(3)
The number of Wireline customers provided video services.
(4)
Total residential revenue per connection is calculated by dividing total Wireline residential revenue by the average number of Wireline residential connections and by the number of months in the period.
(5)
The number of telephone handsets, data lines and IP trunks providing communications using IP networking technology.
(6)
Billable number of lines into a building for high-speed data services.
(7)
Generally, a home or business receiving video programming counts as one video connection. In counting bulk residential or commercial connections, such as an apartment building or hotel, connections are counted based on the number of units/rooms within the building receiving service.
(8)
Billable number of lines into a building for voice services.
TDS Telecom
Capital Expenditures (Unaudited)
Quarter Ended
3/31/2018
12/31/2017
9/30/2017
6/30/2017
3/31/2017
(Dollars in millions)
Wireline
$
29
$
55
$
41
$
33
$
17
Cable
11
20
14
12
9
Total TDS Telecom (1)
$
40
$
74
$
56
$
45
$
27
Note: Totals may not foot due to rounding differences.
(1)
TDS has re-evaluated internal reporting roles with regard to its HMS business unit and, as a result, has changed its reportable segments. Effective January 1, 2018, HMS is no longer reported under TDS Telecom. Prior periods have been recast to conform to the revised presentation.
Telephone and Data Systems, Inc.
Consolidated Statement of Operations Highlights
(Unaudited)
2018 vs. 2017
Increase
Three Months Ended March 31,
2018 (1)
2017
(Decrease)
(Dollars and shares in millions, except per share amounts)
Operating revenues
U.S. Cellular
$
942
$
936
1%
TDS Telecom (2)
231
228
1%
All Other (2)(3)
52
74
(28)%
1,225
1,238
(1)%
Operating expenses
U.S. Cellular
Expenses excluding depreciation, amortization and accretion
724
742
(3)%
Depreciation, amortization and accretion
159
153
3%
(Gain) loss on asset disposals, net
1
4
(62)%
(Gain) loss on license sales and exchanges, net
(7)
(17)
61%
877
882
(1)%
TDS Telecom (2)
Expenses excluding depreciation, amortization and accretion (4)
151
148
2%
Depreciation, amortization and accretion
54
49
10%
(Gain) loss on asset disposals, net
–
1
(51)%
205
198
4%
All Other (2)(3)
Expenses excluding depreciation and amortization (4)
55
68
(18)%
Depreciation and amortization
8
9
(4)%
(Gain) loss on asset disposals, net
1
(1)
(53)%
63
77
(17)%
Total operating expenses
1,145
1,157
(1)%
Operating income (loss)
U.S. Cellular
65
54
21%
TDS Telecom (2)(4)
25
30
(17)%
All Other (2)(3)(4)
(10)
(3)
>(100)%
80
81
(2)%
Investment and other income (expense)
Equity in earnings of unconsolidated entities
38
32
17%
Interest and dividend income
5
4
32%
Interest expense
(43)
(42)
(2)%
Other, net (4)
1
2
(44)%
Total investment and other income (expense) (4)
1
(4)
>100%
Income before income taxes
81
77
5%
Income tax expense
24
34
(29)%
Net income
57
43
33%
Less: Net income attributable to noncontrolling interests, net of tax
18
6
>100%
Net income available to TDS common shareholders
$
39
$
37
4%
Basic weighted average shares outstanding
111
110
1%
Basic earnings per share available to TDS common shareholders
$
0.35
$
0.34
3%
Diluted weighted average shares outstanding
113
112
1%
Diluted earnings per share available to TDS common shareholders
$
0.34
$
0.33
3%
Note: Totals may not foot due to rounding differences.
(1)
As of January 1, 2018, TDS adopted the new revenue recognition standard, ASC 606, using a modified retrospective approach. Under this method, the new accounting standard is applied only to the most recent period presented. As a result, 2018 amounts include the impacts of ASC 606, but 2017 amounts remain as previously reported, except as specifically stated.
(2)
TDS has re-evaluated internal reporting roles with regard to its HMS business unit and, as a result, has changed its reportable segments. Effective January 1, 2018, HMS is no longer reported under TDS Telecom. Prior periods have been recast to conform to the revised presentation.
(3)
Consists of TDS corporate, intercompany eliminations and all other business operations not included in the U.S. Cellular and TDS Telecom segments.
(4)
ASU 2017-07, regarding net periodic pension cost and net periodic postretirement benefit cost was adopted January 1, 2018, and applied retrospectively. All prior period numbers have been recast to conform to this standard.
Telephone and Data Systems, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
Three Months Ended
March 31,
2018 (1)
2017
(Dollars in millions)
Cash flows from operating activities
Net income
$
57
$
43
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities
Depreciation, amortization and accretion
221
211
Bad debts expense
20
24
Stock-based compensation expense
10
11
Deferred income taxes, net
26
(1)
Equity in earnings of unconsolidated entities
(38)
(32)
Distributions from unconsolidated entities
17
11
(Gain) loss on asset disposals, net
2
4
(Gain) loss on license sales and exchanges, net
(7)
(17)
Noncash interest
1
1
Changes in assets and liabilities from operations
Accounts receivable
77
28
Equipment installment plans receivable
(17)
(44)
Inventory
(8)
–
Accounts payable
(32)
(75)
Customer deposits and deferred revenues
(28)
(12)
Accrued taxes
(24)
33
Accrued interest
11
9
Other assets and liabilities
(74)
(57)
Net cash provided by operating activities
214
137
Cash flows from investing activities
Cash paid for additions to property, plant and equipment
(131)
(127)
Cash paid for acquisitions and licenses
(9)
(14)
Cash received for investments
100
–
Cash received from divestitures and exchanges
4
16
Net cash used in investing activities
(36)
(125)
Cash flows from financing activities
Repayment of long-term debt
(5)
(3)
TDS Common Shares reissued for benefit plans, net of tax payments
9
1
U.S. Cellular Common Shares reissued for benefit plans, net of tax payments
2
3
Dividends paid to TDS shareholders
(18)
(17)
Other financing activities
(5)
–
Net cash used in financing activities
(17)
(16)
Net increase (decrease) in cash, cash equivalents and restricted cash
161
(4)
Cash, cash equivalents and restricted cash
Beginning of period
622
904
End of period
$
783
$
900
(1)
As of January 1, 2018, TDS adopted the new revenue recognition standard, ASC 606, using a modified retrospective approach. Under this method, the new accounting standard is applied only to the most recent period presented. As a result, 2018 amounts include the impacts of ASC 606, but 2017 amounts remain as previously reported.
Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
March 31,
December 31,
2018 (1)
2017
(Dollars in millions)
Current assets
Cash and cash equivalents
$
779
$
619
Short-term investments
–
100
Accounts receivable
955
961
Inventory, net
153
145
Prepaid expenses
104
112
Income taxes receivable
10
2
Other current assets
42
27
Total current assets
2,043
1,966
Assets held for sale
6
10
Licenses
2,240
2,232
Goodwill
509
509
Other intangible assets, net
273
279
Investments in unconsolidated entities
488
453
Property, plant and equipment, net
3,335
3,424
Other assets and deferred charges
587
422
Total assets
$
9,481
$
9,295
Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
LIABILITIES AND EQUITY
March 31,
December 31,
2018 (1)
2017
(Dollars and shares in millions, except per share amounts)
Current liabilities
Current portion of long-term debt
$
20
$
20
Accounts payable
322
368
Customer deposits and deferred revenues
169
223
Accrued interest
22
11
Accrued taxes
45
64
Accrued compensation
77
126
Other current liabilities
95
106
Total current liabilities
750
918
Deferred liabilities and credits
Deferred income tax liability, net
634
552
Other deferred liabilities and credits
516
495
Long-term debt, net
2,431
2,437
Noncontrolling interests with redemption features
11
1
Equity
TDS shareholders' equity
Series A Common and Common Shares, par value $.01
1
1
Capital in excess of par value
2,421
2,413
Treasury shares, at cost
(643)
(669)
Accumulated other comprehensive income
(3)
(1)
Retained earnings
2,696
2,525
Total TDS shareholders' equity
4,472
4,269
Noncontrolling interests
667
623
Total equity
5,139
4,892
Total liabilities and equity
$
9,481
$
9,295
(1)
As of January 1, 2018, TDS adopted the new revenue recognition standard, ASC 606, using a modified retrospective approach. Under this method, the new accounting standard is applied only to the most recent period presented. As a result, 2018 amounts include the impacts of ASC 606, but 2017 amounts remain as previously reported.
Balance Sheet Highlights
(Unaudited)
March 31, 2018
U.S.
TDS
TDS Corporate
Intercompany
TDS
Cellular
Telecom
& Other
Eliminations
Consolidated
(Dollars in millions)
Cash and cash equivalents
$
509
$
21
$
249
$
–
$
779
Affiliated cash investments
–
359
–
(359)
–
$
509
$
380
$
249
$
(359)
$
779
Licenses, goodwill and other intangible assets
$
2,231
$
768
$
23
$
–
$
3,022
Investment in unconsolidated entities
450
4
41
(7)
488
$
2,681
$
772
$
64
$
(7)
$
3,510
Property, plant and equipment, net
$
2,233
$
969
$
133
$
–
$
3,335
Long-term debt, net:
Current portion
$
18
$
1
$
1
$
–
$
20
Non-current portion
1,618
2
811
–
2,431
$
1,636
$
3
$
812
$
–
$
2,451
TDS Telecom Highlights
(Unaudited)
2017 vs. 2016
Increase
Three Months Ended March 31,
2018 (1)
2017
(Decrease)
(Dollars in millions)
Wireline
Operating revenues
Residential
$
80
$
79
1%
Commercial
48
51
(6)%
Wholesale
47
49
(4)%
Total service revenues
175
179
(2)%
Equipment and product sales
–
–
26%
175
179
(2)%
Operating expenses
Cost of services
65
63
3%
Cost of equipment and products
–
1
(23)%
Selling, general and administrative expenses (2)
47
48
(3)%
Expenses excluding depreciation, amortization and accretion
112
112
-
Depreciation, amortization and accretion
37
39
(5)%
149
151
(1)%
Operating income (2)
$
26
$
28
(6)%
Cable
Operating revenues
Residential
$
46
$
41
12%
Commercial
10
9
13%
55
49
12%
Operating expenses
Cost of services
26
24
7%
Selling, general and administrative expenses
13
13
6%
Expenses excluding depreciation, amortization and accretion
39
36
7%
Depreciation, amortization and accretion
17
10
71%
57
47
20%
Operating income
$
(1)
$
2
>(100)%
Total TDS Telecom operating income (2)(3)
$
25
$
30
(17)%
Note: Totals may not foot due to rounding differences.
(1)
As of January 1, 2018, TDS adopted the new revenue recognition standard, ASC 606, using a modified retrospective approach. Under this method, the new accounting standard is applied only to the most recent period presented. As a result, 2018 amounts include the impacts of ASC 606, but 2017 amounts remain as previously reported, except as specifically stated.
(2)
ASU 2017-07, regarding net periodic pension cost and net periodic postretirement benefit cost was adopted as of January 1, 2018, and applied retrospectively. All prior period numbers have been recast to conform to this standard.
(3)
TDS has re-evaluated internal reporting roles with regard to its HMS business unit and, as a result, has changed its reportable segments. Effective January 1, 2018, HMS is no longer reported under TDS Telecom. Prior periods have been recast to conform to the revised presentation.
Telephone and Data Systems, Inc.
Financial Measures and Reconciliations
Free Cash Flow
Three Months Ended March 31,
2018
2017
(Dollars in millions)
Cash flows from operating activities (GAAP)
$
214
$
137
Less: Cash paid for additions to property, plant and equipment
131
127
Free cash flow (Non-GAAP) (1)
$
83
$
10
(1)
Management uses Free cash flow as a liquidity measure and it is defined as Cash flows from operating activities less Cash paid for additions to property, plant and equipment. Free cash flow is a non-GAAP financial measure which TDS believes may be useful to investors and other users of its financial information in evaluating liquidity, specifically, the amount of net cash generated by business operations after deducting Cash paid for additions to property, plant and equipment.
Postpaid ABPU and Postpaid ABPA
U.S. Cellular presents Postpaid ABPU and Postpaid ABPA to reflect the revenue shift from Service revenues to Equipment and product sales resulting from the increased adoption of equipment installment plans. Postpaid ABPU and Postpaid ABPA, as previously defined herein, are non-GAAP financial measures which U.S. Cellular believes are useful to investors and other users of its financial information in showing trends in both service and equipment and product sales revenues received from customers.
For the Quarter Ended
3/31/2018 (1)
12/31/2017
9/30/2017
6/30/2017
3/31/2017
(Dollars and connection counts in millions)
Calculation of Postpaid ARPU
Postpaid service revenues
$
598
$
598
$
586
$
597
$
608
Average number of postpaid connections
4.50
4.52
4.50
4.47
4.46
Number of months in period
3
3
3
3
3
Postpaid ARPU (GAAP metric)
$
44.34
$
44.12
$
43.41
$
44.60
$
45.42
Calculation of Postpaid ABPU
Postpaid service revenues
$
598
$
598
$
586
$
597
$
608
Equipment installment plan billings
172
170
152
142
139
Total billings to postpaid connections
$
770
$
768
$
738
$
739
$
747
Average number of postpaid connections
4.50
4.52
4.50
4.47
4.46
Number of months in period
3
3
3
3
3
Postpaid ABPU (Non-GAAP metric)
$
57.10
$
56.69
$
54.71
$
55.19
$
55.82
Calculation of Postpaid ARPA
Postpaid service revenues
$
598
$
598
$
586
$
597
$
608
Average number of postpaid accounts
1.69
1.69
1.68
1.66
1.66
Number of months in period
3
3
3
3
3
Postpaid ARPA (GAAP metric)
$
118.22
$
118.05
$
116.36
$
119.73
$
121.88
Calculation of Postpaid ABPA
Postpaid service revenues
$
598
$
598
$
586
$
597
$
608
Equipment installment plan billings
172
170
152
142
139
Total billings to postpaid accounts
$
770
$
768
$
738
$
739
$
747
Average number of postpaid accounts
1.69
1.69
1.68
1.66
1.66
Number of months in period
3
3
3
3
3
Postpaid ABPA (Non-GAAP metric)
$
152.26
$
151.68
$
146.65
$
148.15
$
149.78
(1)
As of January 1, 2018, U.S. Cellular adopted the new revenue recognition standard, ASC 606, using a modified retrospective approach. Under this method, the new accounting standard is applied only to the most recent period presented. As a result, 2018 amounts include the impacts of ASC 606, but 2017 amounts remain as previously reported.
View original content: http://www.prnewswire.com/news-releases/tds-reports-first-quarter-2018-results-300639993.html
SOURCE Telephone and Data Systems, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-tds-reports-first-quarter-2018-results.html |
MINNEAPOLIS-ST. PAUL, Minn. & NEW YORK--(BUSINESS WIRE)-- Regulatory News:
Cellectis S.A. (Paris:ALCLS) (NASDAQ:CLLS) and Calyxt, Inc. (NASDAQ: CLXT) announced that the underwriters of Calyxt’s previously announced follow-on offering have exercised in full their option to purchase an additional 457,500 shares of Calyxt’s common stock. Including this full option exercise, total gross proceeds to Calyxt from the offering will be approximately $60.9 million. The closing of the offering is expected to occur on May 22, 2018, subject to customary closing conditions.
Calyxt is a consumer-centric food- and agriculture-focused company. Following the offering, Cellectis will own approximately 70.6% of Calyxt’s outstanding shares of common stock.
Citigroup, Goldman Sachs & Co. LLC and Jefferies are acting as book-running managers for the offering. Wells Fargo Securities is acting as lead manager and BMO Capital Markets Corp. is acting as co-manager.
A registration statement on Form S-1 relating to these securities has been filed with the U.S. Securities and Exchange Commission and was declared effective on May 17, 2018. This offering will be made only by means of a prospectus. A copy of the prospectus may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (800) 831-9146; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471-2526, or by facsimile at (212) 902-9316, or by email at [email protected] ; or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877) 547-6340, or by e-mail at [email protected] .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005549/en/
For further information, please contact:
For Calyxt
Media contacts
Jennifer Moore, VP Communications
Phone: 917-580-1088
email: [email protected]
or
Caitlin Kasunich / Nick Opich
KCSA Strategic Communications
212.896.1241 / 212.896.1206
email: [email protected] / [email protected]
or
Investor Relations contact
Simon Harnest, VP Corporate Strategy and Finance
Phone: 646-385-9008
email: [email protected]
Source: Cellectis S.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-cellectis-s-a-acalyxt-announces-full-exercise-of-underwritersa-option-to-purchase-additional-shares.html |
Discussing President Trump's 'transactional approach' 4 Hours Ago President Donald Trump's transactional style gives "an extra layer of unpredictability to all of these geopolitical outcomes," says Richard Jerram of Bank of Singapore. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/13/discussing-president-trumps-transactional-approach.html |
HONG KONG, May 8 (Reuters) - Hong Kong-based fund Jeneration Capital Management said on Tuesday that Jason Tan, formerly a global partner at investment firm Tiger Global Management LLC, has joined as partner and chief investment officer.
Tan will be managing the fund’s overall portfolio and strategy, after a three-year stint at Tiger where he led investments in a number of the region’s startups including Chinese ride-hailing firm Didi Chuxing, beauty app Meitu Inc and portal website 58.com Inc.
Jeneration Capital, which is a hybrid of public and private funds, manages around $2 billion in capital and focuses on growth and late stage investments in technology companies.
Its portfolio companies include Southeast Asian ride-hailing firm Grab, Chinese video streaming site BiliBili Inc and used car trading platform UXin Group. (Reporting by Kane Wu; Editing by Edwina Gibbs)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/fund-people/moves-former-tiger-global-executive-joins-jeneration-capital-as-cio-idUSL3N1SF1GL |
May 22 (Reuters) - BP PLC:
* INFORMED STAFF OF PLANNED ORGANIZATIONAL CHANGES IN UPSTREAM BUSINESS REGIONS WORLDWIDE
* ESTIMATE THAT CHANGES AT UPSTREAM BUSINESS WILL RESULT IN HEADCOUNT REDUCTION OF AROUND 3 PCT ACROSS OUR GLOBAL UPSTREAM BUSINESS
* REMAIN COMMITTED TO DEVELOPING UPSTREAM OPPORTUNITIES AND DELIVERING FIVE-YEAR GROWTH STRATEGY Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bp-says-to-cut-3-pct-jobs-across-u/brief-bp-says-to-cut-3-pct-jobs-across-upstream-business-idUSFWN1ST0KQ |
May 31, 2018 / 7:46 PM / Updated 5 minutes ago Serena shows plenty of fight to subdue Barty Pritha Sarkar 3 Min Read
PARIS (Reuters) - The “warrior princess” inside Serena Williams came out in full fighting mode at the French Open on Thursday as the American proved she was no pushover when it came to making an impact in a Grand Slam arena. May 31, 2018, Paris, France: Serena Williams (USA) in action during her match against Ashleigh Barty (AUS) on day five of the 2018 French Open at Roland Garros. Mandatory Credit: Susan Mullane-USA TODAY Sports
The rankings show Williams is only the 451st best player in the world and her nine-month-old daughter Alexis Olympia will need a few years to appreciate what her mum’s day job is.
But anyone foolish enough to think motherhood would kill off Williams’ competitive edge got a reminder of why the 23-times Grand Slam champion is one of the all-time greats as she clawed her way to a 3-6 6-3 6-4 second round win over Ashleigh Barty.
A set and a break down, it looked like Williams’ comeback slam following her maternity break would end in defeat by the 17th seeded Australian. Tennis - French Open - Roland Garros, Paris, France - May 31, 2018 Serena Williams of the U.S. with Australia's Ashleigh Barty after their second round match REUTERS/Charles Platiau
But when Serena slammed a crosscourt forehand winner into an open court to break back in the next game, the roar that rocked Philippe Chatrier Court told the world she was not done yet.
So it proved just over an hour later as Serena was roaring again and holding her arms aloft in triumph after setting up a third round showdown with Germany’s 11th seed Julia Goerges. Slideshow (2 Images)
“I lost the first set and I thought I’ve just got to try harder and Serena came out,” said a beaming Williams after giving her skin-tight, black catsuit another outing. “Every day is a great day I’m excited to... fight my heart out.”
Barty was pragmatic about the way things played out, rather than moaning about her rotten luck at being drawn against the three-times Roland Garros champion so early in the tournament or feeling she had wasted a golden chance to beat Williams.
“In the first set she gave me a hell of a lot of cheapies, a lot of errors,” said the 25-year-old Australian who had secured her highest ever seeding at a major in Paris.
“She’s not quite at the level she was when she was at her best but that’s expected. But her level when she’s not quite on her best (form) is still bloody good.
“When push came to shove, the real Serena came out. And one of her best assets is that when her back is against the wall, the best comes out.” Reporting by Pritha Sarkar, editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-serena/serena-shows-plenty-of-fight-to-subdue-barty-idUKKCN1IW2VR |
May 22, 2018 / 7:19 AM / Updated 3 minutes ago UPDATE 1-Airbus says it will obey WTO ruling on aircraft subsidies Reuters Staff
(Adds quotes, details of EU subsidy compliance measures)
By Tim Hepher
PARIS, May 22 (Reuters) - Airbus plans to set out measures that will bring it into line with a World Trade Organization ruling on subsidies for its A350 and A380 jets, a senior lawyer said on Tuesday.
The move comes after the United States won the right to seek sanctions against European Union goods following a partial victory in its 14-year legal battle against European government support for Airbus at the World Trade Organization.
The EU says it expects to strike a similar legal blow in a parallel case on U.S. support for Boeing later this year.
“We will be announcing this morning a complete package of measures to fully comply with last week’s ruling, putting us basically at a point where we have nothing left to answer and no sanctions possible,” Karl Hennessee, senior vice president and head of litigation at Airbus, told BBC radio’s Today programme.
The subsidies row coincides with transatlantic tensions over U.S. aluminium and steel tariffs, and the impact on European firms from Washington’s decision to exit an Iran nuclear pact.
It is also part of a two-way battle between the EU and the United States over aircraft subsidies that could spark tit-for-tat reprisals between the two trade superpowers.
In a rare public face-off between senior strategists in the dispute, Boeing’s chief external lawyer in the case told the same BBC programme that the U.S. would be free to target any European products, not just aerospace.
“The WTO will decide what the proper number is and ... give the U.S. that authority,” Robert Novick, co-managing partner at U.S. law firm WilmerHale, told the BBC Today programme.
“In parallel, the U.S. will develop a list of products on which it might consider imposing countermeasures,” he added.
The transatlantic dispute stems from mutual claims that the world’s two largest planemakers benefited from illegal subsidies in the form of subsidised government loans to Airbus and research grants or tax breaks to Boeing.
Underscoring the cost and complexity of the case, the two sides have been arguing since 2011 about whether they complied with earlier rulings.
Airbus did not say how it would comply with the final ruling on European aid but a European Commission document said it would repay an A350 loan to the UK government this year and reduce the drawdown of other loans. bit.ly/2GDHWVK
It also said the bankruptcy of Russian carrier Transaero, resulting in fewer A380 deliveries, had helped it to comply, while other aid been blunted by the passage of time - an argument that has previously been rejected by the U.S.
Hennessee also called for a settlement similar to one between Canada and Brazil that set the tone for global plane financing. (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta) | ashraq/financial-news-articles | https://www.reuters.com/article/eu-usa-wto-aircraft/update-1-airbus-says-it-will-obey-wto-ruling-on-aircraft-subsidies-idUSL5N1ST0XY |
BOSTON--(BUSINESS WIRE)-- Today, Columbia Seligman Premium Technology Growth Fund, Inc. (NYSE: STK) (the Fund) declared a second-quarter distribution, pursuant to its managed distribution policy, in the amount of $0.4625 per share, which is equal to a quarterly rate of 2.3125% (9.25% annualized) of the $20.00 offering price in the Fund’s initial public offering in November 2009. The second-quarter distribution of $0.4625 per share is equal to a quarterly rate of 2.1826% (8.73% annualized) of the Fund’s market price of $21.19 per share as of April 30, 2018.
The distribution will be paid on May 22, 2018 (the Payment Date) to Stockholders of record on May 14, 2018. The ex-dividend date is May 11, 2018. It is anticipated that the Fund will make a subsequent distribution under its managed distribution policy in the month of August.
Prior to the managed distribution policy, the Fund paid distributions pursuant to a level rate distribution policy. Under its former distribution policy and consistent with the Investment Company Act of 1940, as amended, the Fund could not distribute long-term capital gains more often than once in any one taxable year.
In October 2010, the Fund received exemptive relief from the Securities and Exchange Commission that permits the Fund to make periodic distributions of long-term capital gains more often than once in any one taxable year. After consideration by the Fund’s Board, the Fund adopted the current managed distribution policy which allows the Fund to make periodic distributions of long-term capital gains.
The following table sets forth the estimated breakdown of the distribution noted above, on a per share basis, from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital or other capital source.
Breakdown of Distribution Sources % US Dollar Net Investment Income 0.00% $0.0000 Net Realized Short-Term Capital Gains 12.17% $0.0563 Net Realized Long-Term Capital Gains 87.83% $0.4062 Return of Capital or other Capital Source 0.00% $0.0000 Total 100.00% $0.4625 The following table sets forth the estimated breakdown, on a per share basis, of all distributions made by the Fund during the year-to-date period ended on the Payment Date (includes the dividend payment noted in the table above) from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital or other capital source.
Breakdown of All Distributions Paid Through Year-To-Date Period Ended on the Payment Date Sources % US Dollar Net Investment Income 0.00% $0.0000 Net Realized Short-Term Capital Gains 12.90% $0.1193 Net Realized Long-Term Capital Gains 87.10% $0.8057 Return of Capital or other Capital Source 0.00% $0.0000 Total 100.00% $0.9250 Historically, the Fund has distributed more than its income and net realized capital gains, which has resulted in Fund distributions substantially consisting of return of capital or other capital source. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” As of the payment date of the current distribution, all Fund distributions paid in 2018 (as estimated by the Fund based on current information) are from the earnings and profits of the Fund and not a return of capital. This could change during the remainder of the year, as further described below.
The amounts, sources and percentage breakdown of the distributions reported above are only estimates and are not being provided for, and should not be used for, tax reporting purposes. The actual amounts, sources and percentage breakdown of the distribution for tax reporting purposes, which may include return of capital, will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations.
The following table sets forth (i) the average annual total return of a share of the Fund’s common stock at net asset value (NAV) for the period since inception of Fund investment operations through the period noted and (ii) the Fund’s annualized distribution rate, for the same period, expressed as a percentage of the NAV price of a share of the Fund’s common stock at April 30, 2018. Average annual total return of a share of the Fund’s common stock at NAV for the period since inception of Fund Investment operations through the period noted includes the 4.50% sales load assessed to IPO investors.
Average Annual Total NAV Return for the Period Since Inception of Investment Operations (November 30, 2009) Through April 30, 2018
13.40%
Annualized Distribution Rate as a Percentage of April 30, 2018 NAV Price (For the Period Since Inception of Investment Operations (November 30, 2009) through April 30, 2018)
8.60%
The following table sets forth (i) the cumulative total return (at NAV) of a share of the Fund’s common stock for the year-to-date period ended April 30, 2018 and (ii) the Fund’s distribution rate, for the same period, expressed as a percentage of the NAV price of a share of the Fund’s common stock at April 30, 2018.
Cumulative Total NAV Return for the Year-to-Date Period Ended April 30, 2018
5.43% Distribution Rate as a Percentage of April 30, 2018 NAV Price (For the Year-to-Date Period Ended April 30, 2018)
N/A – no
distributions
made during
this period
You should not draw any conclusions about the Fund’s investment performance from the amount of the distributions noted in the tables above or from the terms of the Fund’s distribution policy.
The Fund or your financial professional will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions on your US federal income tax return. For tax purposes, the Fund is required to report unrealized gains or losses on certain non-US investments as ordinary income or loss, respectively. Accordingly, the amount of the Fund’s total distributions that will be taxable as ordinary income may be different than the amount of the distributions from net investment income reported above.
The Board may change the Fund’s distribution policy and the amount or timing of the distributions, based on a number of factors, including, but not limited to, the amount of the Fund’s undistributed net investment income and net short- and long-term capital gains and historical and projected net investment income and net short- and long-term capital gains.
The Fund is a closed-end investment company that trades on the New York Stock Exchange.
Past performance does not guarantee future results.
Important Disclosures:
Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. You can obtain the Fund’s most recent periodic reports and other regulatory filings by contacting your financial advisor or visiting www.columbiathreadneedle.com . These reports and other filings can also be found on the Securities and Exchange Commission’s EDGAR Database. You should read these reports and other filings carefully before investing.
The Fund expects to receive all or some of its current income and gains from the following sources: (i) dividends received by the Fund that are paid on the equity and equity-related securities in its portfolio; and (ii) capital gains (short-term and long-term) from option premiums and the sale of portfolio securities. It is possible that the Fund’s distributions will at times exceed the earnings and profits of the Fund and therefore all or a portion of such distributions may constitute a return of capital as described below. A return of capital is a return of your original investment. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the Fund’s distribution policy.
Distributions that qualify as a return of capital are a return of some or all of your original investment in the Fund. A return of capital reduces a stockholder’s tax basis in his or her shares. Once the tax basis in your shares has been reduced to zero, any further return of capital may be taxable as capital gain. Shareholders should consult their tax advisor or tax attorney for proper treatment.
Distributions may be variable, and the Fund’s distribution rate will depend on a number of factors, including the net earnings on the Fund’s portfolio investments and the rate at which such net earnings change as a result of changes in the timing of, and rates at which, the Fund receives income from the sources noted above. As portfolio and market conditions change, the rate of dividends on the shares and the Fund’s distribution policy could change. The Board may change the Fund’s distribution policy and the amount or timing of the distributions, based on a number of factors, including, but not limited to, the amount of the Fund’s undistributed net investment income and net short- and long-term capital gains and historical and projected net investment income and net short- and long-term capital gains.
The market prices of technology and technology-related stocks tend to exhibit a greater degree of market risk and price volatility than other types of investments. These stocks may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. These stocks also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services. Technology and technology-related companies are often smaller and less experienced companies and may be subject to greater risks than larger companies, such as limited product lines, markets and financial and managerial resources. These risks may be heightened for technology companies in foreign markets.
Investment products are not federally or FDIC-insured, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.
The Fund's use of derivatives introduces risks possibly greater than the risks associated with investing directly in the investments underlying the derivatives. A relatively small price movement in an underlying investment may result in a substantial gain or loss.
The Fund should only be considered as one element of a complete investment program. An investment in the Fund should be considered speculative. The Fund's investment policy of investing in technology and technology-related companies and writing call options involves a high degree of risk.
There is no assurance that the Fund will meet its investment objectives or that distributions will be made. You could lose some or all of your investment. In addition, closed-end funds frequently trade at a discount to their net asset values, which may increase your risk of loss.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
The Columbia Seligman Premium Technology Growth Fund is managed by Columbia Management Investment Advisers, LLC. This material is distributed by Columbia Management Investment Distributors, Inc., member FINRA.
© 2018 Columbia Management Investment Advisers, LLC. All rights reserved.
columbiathreadneedle.com/us
AdTrax 2109475
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005084/en/
Columbia Seligman Premium Technology Growth Fund, Inc.
Stockholder contact:
Kevin Howley, 617-385-9517
[email protected]
or
Media contact:
Elizabeth Kennedy, 617-897-9394
[email protected]
Source: Columbia Management Investment Advisers, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-columbia-seligman-premium-technology-growth-fund-announces-second-quarter-distribution-9-point-25-percent-annual-rate-for.html |
LONDON, May 3 (Reuters) - Voters will pass judgment on Prime Minister Theresa May’s party on Thursday in local government elections expected to show rising support for her opponents in London that will add to pressure on her position over Brexit.
The elections will be viewed as a gauge of support for May at a time when she is facing a possible revolt over her Brexit strategy and a scandal over immigration policies that has already forced the resignation of one of her closest allies.
A poor set of results is unlikely to spark internal calls for her resignation, but could weaken her authority over a party deeply divided about the right approach to Brexit ahead of several key parliamentary tests of unity on future customs arrangements with the EU.
“Winning elections keeps people together, losing causes dissent. Conservatives will need to avoid the ill-discipline of fighting like ferrets in a sack,” said Rob Wilson, a former Conservative lawmaker, writing for the party’s grassroots website ConservativeHome.
Thursday’s vote will decide more than 4,400 council seats, determining the makeup of 150 local government authorities who are responsible for the day-to-day provision of public services. Just over 40 percent of the seats are in London.
The headline-grabbing results in the capital are forecast to see a swing toward the opposition Labour Party, reinvigorated under socialist Jeremy Corbyn and fighting a campaign focused on the effects of eight years of Conservative-led spending cuts.
A Survation poll on Wednesday in London showed Labour 20 percentage points ahead of the Conservatives.
May’s party could lose control of some of the eight London boroughs it currently runs out of 32 in total. This would reflect both weariness over cutbacks that affect citizens’ daily lives and broader issues like Brexit and the treatment of migrants.
Holding Conservative strongholds in London’s Westminster and Wandsworth boroughs is seen as the dividing line between a bad day and a terrible day for May. Expectations are low enough that May could lose seats elsewhere, but still emerge with credit.
Results in the London borough of Barnet, which has no overall political control, could provide a boost for May if criticism over anti-Semitism in Labour affects the votes of its large Jewish population and prevents Corbyn’s party from taking control there for the first time.
“I think some of the predictions about the outcome (have been) a bit wild, but we will be campaigning across the country, as we have been, to return more Labour councillors and have more Labour councils to protect people from the impact of Tory (Conservative) austerity,” a Labour spokesman said.
OUTSIDE LONDON The outcome outside the capital is likely to be less clear-cut.
May was punished right across the country in a general election last summer, losing her parliamentary majority after a campaign that alienated core voters with unpopular social policy and saw her style criticised as robotic and impersonal.
But in recent weeks May’s ratings have been boosted by her handling of national and international crises such as her decision to take military action in Syria a row with Moscow over the poisoning of a former Russian spy.
Corbyn by contrast has been criticised by opponents and some in his own party for misjudging the public mood in his responses.
“The last few weeks have reminded some in the Labour heartlands why they don’t like Jeremy Corbyn,” said Robert Hayward a former Conservative lawmaker who now sits in parliament’s upper house and specialises in polling analysis.
One bellwether result will come in Trafford in the northern city of Manchester. While Labour dominate politics in the wider region, the Conservatives have held control of Trafford council since 2004, making it a key target for Labour and one May’s party would desperately not want to lose.
Results in other parts of the country where Brexit has been a dominating factor in recent years will also be closely watched.
Of most interest will be how the votes previously hoovered up by the anti-EU UK Independence Party, which has collapsed in popularity since the Brexit vote, are redistributed among the main two parties.
A swing to the Conservatives in pro-Brexit areas like Peterborough and the industrial regions across central England will be taken as a much-needed endorsement of May’s EU exit strategy.
Additional reporting by Elizabeth Piper Editing by Matthew Mpoke Bigg
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-politics-election/uks-may-faces-local-election-losses-as-key-brexit-tests-near-idUSL8N1S95A3 |
May 1 (Reuters) - Groupon Inc:
* GROUPON ACQUIRES CLOUD SAVINGS COMPANY, LTD. * GROUPON INC - ACQUIRED CLOUD SAVINGS COMPANY AT AN ENTERPRISE VALUE OF $65 MILLION
* GROUPON INC - EXPECTS DEAL TO CONTRIBUTE $5 MILLION TO $6 MILLION IN ADJUSTED EBITDA IN 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-groupon-acquires-cloud-savings-com/brief-groupon-acquires-cloud-savings-company-ltd-idUSASO00043G |
May 2 (Reuters) - ICON PLC:
* EXCLUDING IMPACT OF ASC 606, CLOSING BACKLOG OF $5,053 MILLION AT QUARTER END , AN INCREASE OF 17.2% YEAR ON YEAR
* EXCLUDING IMPACT OF ASC 606, QUARTER 1 REVENUE WAS $462.6 MILLION, REPRESENTING A 7.1% INCREASE YEAR ON YEAR.
* Q1 EARNINGS PER SHARE $1.42 * EXCLUDING IMPACT OF ASC 606, Q1 EARNINGS PER SHARE OF $1.44 Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-icon-plc-reports-q1-earnings-per-s/brief-icon-plc-reports-q1-earnings-per-share-of-1-42-idUSFWN1S919I |
The US market for sports betting is worth $150 billion? Probably not. Jay L. Zagorsky Reblog The Supreme Court on May 14 struck down a 25-year federal ban on sports betting outside of Nevada. The big question on many minds – particular state officials and companies like MGM Resorts MGM and DraftKings looking to cash in – is how much money is at stake. Many of the articles on the decision cite the same eye-popping figure : Americans wager an estimated US$150 billion in illegal sports bets every year. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/market-illegal-sports-betting-in-us-not-really-150-billion-business.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
NEW YORK, May 7, 2018 /PRNewswire/ -- Pryor Cashman announced today that leading corporate attorney Michael Weinsier has joined the firm's New York office as co-head of the Private Equity practice. He joins as a partner, having previously been with Troutman Sanders.
With more than 30 years of experience, Weinsier specializes in complex corporate transactions, including leveraged buyouts, domestic and cross-border mergers and acquisitions, divestitures, auction bids and sales, joint ventures and co-investments, among others.
"Michael is an important addition to our growing corporate practice," said Ronald Shechtman , Pryor Cashman's Managing Partner. "We've seen increased demand from private equity clients who require sophisticated deal counsel with expertise in cross-border transactions. Michael's superior knowledge and proven ability in these areas will help bring the practice to new heights."
Weinsier represents a broad range of public and private operating companies, for whom he often acts as de facto outside general counsel, as well as strategic buyers and sellers, private equity funds, family offices and other financial sponsors. He also has extensive experience counseling emerging companies, from the start-up phase to maturation, along with issuers, investors, incubators and accelerators on venture capital financings spanning from "angel" to late-stage investments.
"Pryor Cashman is a gem among midsize law firms and one that provides an ideal platform for my clients and practice. The caliber of talent, service offerings and record of success at the firm speaks for itself and made my decision an easy one," Weinsier said. "I'm excited to use my experience to grow and enhance this already strong practice."
In addition to Troutman Sanders, Weinsier previously worked at the law firm of Hughes Hubbard & Reed LLP, where he chaired the Private Equity practice for 10 years. He is consistently recognized as a top corporate and M&A attorney by The Legal 500 and Super Lawyers.
He received his J.D., cum laude, from Washington and Lee University School of Law and his B.A. from Columbia University.
Learn more about his practice here .
About Pryor Cashman
Pryor Cashman is a premier, midsized law firm with headquarters at 7 Times Square in New York and a West Coast office in Los Angeles. With broad and sophisticated transactional and litigation practices, Pryor Cashman provides a full range of services to meet the complex legal needs of institutions, mid-market businesses, bold emerging entities, entrepreneurs and individuals.
View original content with multimedia: http://www.prnewswire.com/news-releases/veteran-private-equity-attorney-michael-weinsier-joins-pryor-cashman-as-practice-co-leader-300643069.html
SOURCE Pryor Cashman | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-veteran-private-equity-attorney-michael-weinsier-joins-pryor-cashman-as-practice-co-leader.html |
May 2 (Reuters) -
For other diaries, please see:
Top Economic Events
Emerging Markets Economic Events
Government Debt Auctions
Political and General News
U.S. Federal Reserve
Today in Washington - This Diary is filed daily. -
WEDNESDAY, MAY 2 TIRANA – Bank of Albania press conference – interest rate -1400 GMT.
TBILISI - National Bank of Georgia holds Monetary Policy Committee Meeting. SANTIAGO - Central Bank of Chile holds monetary policy meeting (to May 3).
THURSDAY, MAY 3 PRAGUE - Czech National Bank holds Monetary Policy Meeting. Statement and presentation will be published - 1100 GMT. CHISINAU - National Bank of Moldova announces interest rate decision.
FRIDAY, MAY 4 SYDNEY - Reserve Bank of Australia issues statement on Monetary Policy – 0130 GMT.
TUESDAY, MAY 8 BUENOS AIRES - Central Bank of Argentina releases monetary policy statement. SYDNEY - Speech by Matthew Boge, RBA Deputy Head, International Department – 0330 GMT.
WEDNESDAY, MAY 9 ZAGREB - Croatia National Bank holds monetary policy meeting. BUDAPEST - Hungarian Central Bank to publish the minutes of its April 2018 rate-setting meeting – 1200 GMT.
THURSDAY, MAY 10 TIRANA - Bank of Albania publishes the Monetary Policy Report. LIMA - Central Bank of Peru announces interest rate decision. KUALA LUMPUR - Central Bank of Malaysia announces interest rate decision. MANILA - Philippines Central Bank holds Monetary Policy Meeting. BELGRADE - National Bank of Serbia interest rate decision.
FRIDAY, MAY 11 PRAGUE - Czech National Bank will release the minutes of its May 2018 Monetary Policy Meeting.
MONDAY, MAY 14 SYDNEY – Reserve Bank of Australia Deputy Governor Guy Debelle will give a speech at the CFO Forum 2018 - 2300 GMT.
TUESDAY, MAY 15 WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (to May 16).
BRASILIA- Central Bank of Brazil holds Monetary Policy Committee Meeting (to May 16). SYDNEY - Reserve Bank of Australia (RBA) will release the minutes of March monetary policy meeting – 0130 GMT.
WEDNESDAY, MAY 16 JAKARTA – Indonesia Central Bank holds Board of Governors Meeting. (to May 17). BANGKOK - Bank of Thailand monetary policy committee meeting.
THURSDAY, MAY 17 MEXICO CITY - Central Bank of Mexico publishes monetary policy statement. CAIRO - Central Bank of Egypt holds monetary policy committee meeting.
WEDNESDAY, May 18 SYDNEY - Reserve Bank of Australia Payments System Board Meeting.
MONDAY, MAY 21 PRAGUE - European Central Bank Governing Council member Ewald Novotny attends the Czech National Bank’s Research Open Day at the CNB headquarters, delivering the keynote speech and taking part in a short discussion. ABUJA - Central Bank of Nigeria holds monetary policy meeting (to May 22).
TUESDAY, MAY 22 BUCHAREST - OMFIF Economists Meeting with the National Bank of Romania.
CAPE TOWN - South Africa Reserve Bank starts its three day monetary policy committee meeting (to May 24). BUENOS AIRES - Central Bank of Argentina releases monetary policy statement. BUDAPEST - Hungarian Central Bank holds its rate-setting meeting - 1200 GMT.
WEDNESDAY, MAY 23 SYDNEY - Reserve Bank of Australia Deputy Governor Guy Debelle will give a speech at the Australia-China Relations Institute – 0800 GMT.
THURSDAY, MAY 24 AMSTERDAM - Reserve Bank of Australia Assistant Governor (Financial System) Michele Bullock will give a speech at the De Nederlandsche Bank Housing Market seminar. SEOUL - Bank of Korea holds a monetary policy meeting to announce interest rates.
KIEV - National Bank of Ukraine holds monetary policy meeting. KIEV - The Governor of the National Bank of Ukraine Yakiv Smoliy holds a press conference – 1100 GMT.
MONDAY, MAY 28 JERUSALEM - Bank of Israel announces interest rate decision.
TUESDAY, MAY 29 WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (No interest rate announcement).
THURSDAY, MAY 31 SUVA - Reserve Bank of Fiji holds board meeting to announce interest rates. MEXICO CITY - Mexico Central Bank issues the minutes of its monetary policy meeting.
TUESDAY, JUNE 5 CHISINAU - National Bank of Moldova announces interest rate decision.
WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (to June 6).
SYDNEY - Reserve Bank of Australia (RBA) holds interest rate meeting – 0430 GMT. WEDNESDAY, JUNE 6
BUDAPEST - Hungarian Central Bank to publish the minutes of its May 2018 rate-setting meeting – 1200 GMT. MUMBAI - Reserve Bank of India holds Monetary Policy Committee Meeting.
THURSDAY, JUNE 7 ANKARA - Central Bank of the Republic of Turkey holds monetary policy meeting.
LIMA - Central Bnk of Peru announces interest rate decision.
BELGRADE - National Bank of Serbia interest rate decision.
TUESDAY, JUNE 12 BUENOS AIRES - Central Bank of Argentina releases monetary policy statement SANTIAGO - Central Bank of Chile holds monetary policy meeting (to June 13).
WEDNESDAY, JUNE 13 ZAGREB - Croatia National Bank holds monetary policy meeting.
TBILISI - National Bank of Georgia holds monetary policy meeting.
WINDHOEK - Central Bank of Namibia holds monetary policy meeting.
THURSDAY, JUNE 14 ANKARA - Central Bank of the Republic of Turkey releases minutes of its June monetary policy committee meeting.
KAMPALA - Bank of Uganda announces interest rate decision
FRIDAY, JUNE 15 MOSCOW - Central Bank of Russia announces interest rate decision – 1030 GMT.
TUESDAY, JUNE 19 SYDNEY - Reserve Bank of Australia (RBA) will release the minutes of June monetary policy meeting – 0130 GMT.
WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (no interest rate announcement).
BRASILIA - Central Bank of Brazil holds Monetary Policy Committee Meeting (to June 20).
BUDAPEST - Hungarian Central Bank holds its rate-setting meeting – 1200 GMT. RABAT - Bank of Morocco holds monetary policy meeting.
WEDNESDAY, JUNE 20 BANGKOK - Bank of Thailand monetary policy committee meeting
THURSDAY, JUNE 21 MEXICO CITY - Central Bank of Mexico publishes monetary policy statement.
WARSAW - National Bank of Poland release the minutes of its monitory policy meeting.
MANILA - Philippines Central Bank holds monetary policy meeting. MANILA - Philippines Central Bank holds Monetary Policy Meeting.
TUESDAY, JUNE 26 BUENOS AIRES - Central Bank of Argentina releases monetary policy statement.
WEDNESDAY, JUNE 27 PRAGUE - Czech National Bank holds monetary policy meeting. Statement and presentation will be published – 1100 GMT. JAKARTA - Indonesia Central Bank holds Board of Governors Meeting. (to June 28).
THURSDAY, JUNE 28 CAIRO - Central Bank of Egypt holds monetary policy committee meeting. JAKARTA - Indonesia Central Bank holds board of governors meeting.
SUVA - Reserve Bank of Fiji holds board meets to announce interest rates. -
NOTE: The inclusion of items in this diary does not necessarily mean that Reuters will file a story based on the event. For technical issues, please contact Thomson Reuters Customer Support (TRCS) here
| ashraq/financial-news-articles | https://www.reuters.com/article/diary-emrg-econ/diary-emerging-markets-economic-events-to-june-28-idUSL3N1S830Z |
Suits cast members, James Corden, Serena Williams arrive for royal wedding 01:07
The cast of Suits arrive for the wedding of Meghan Markle and Prince Harry. Rough cut (no reporter narration).
The cast of Suits arrive for the wedding of Meghan Markle and Prince Harry. Rough cut (no reporter narration). //reut.rs/2KCWl7b | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/19/suits-cast-members-james-corden-serena-w?videoId=428388043 |
May 21 (Reuters) - Newpark Resources Inc:
* SAYS ANTHONY J. BEST APPOINTED CHAIRMAN OF THE BOARD * ANTHONY J. BEST HAS BEEN NAMED CHAIRMAN OF BOARD EFFECTIVE MAY 17, 2018, SUCCEEDING DAVID C. ANDERSON Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-newpark-resources-announces-new-ch/brief-newpark-resources-announces-new-chairman-idUSASC0A307 |
(Reuters) - China’s Tianqi Lithium Corp ( 002466.SZ ) said on Thursday it will buy nearly a quarter of Chilean lithium producer SQM SQMa.SN for $4.1 billion, gaining it coveted access to a key ingredient in rechargeable batteries that power mobile phones and electric cars.
FILE PHOTO: An aerial view of the brine pools and processing plant of the SQM lithium mine on the Atacama salt flat, in the Atacama Desert of northern Chile, January 10, 2013. REUTERS/Ivan Alvarado/File Photo The sale, however, still faces scrutiny by an anti-trust regulator in Chile as it would leave Tianqi just shy of a controlling stake in SQM, the world’s second-largest lithium producer, and likely entitle the company to appoint three seats on its board.
Tianqi, which is already building a major lithium processor in Western Australia, said it will buy 62.5 million SQM A shares for $65 each from Canada-based fertilizer company Nutrien Ltd ( NTR.TO ).
Tianqi’s interest comes as Beijing aggressively promotes electric vehicles to combat air pollution and help China’s domestic carmakers leapfrog the combustion engine to build global brands.
Chile’s former government in March filed a complaint with the FNE antitrust regulator seeking to block the sale of the shares to Tianqi, alleging a potential fusion between the two lithium giants would distort the global lithium market and could give China the upper hand in a global race to secure resources for electric vehicles.
Chile’s Economy Minister Jose Valente told Reuters following the announcement that the government would respect an eventual ruling by the country’s regulators on the deal.
“We have strong laws on free competition...The FNE must deliberate and give its opinion with respect to (this deal) and we will abide by their decision,” Valente said.
He added that the Chilean government welcomed foreign investment and would not discriminate by nationality.
The FNE regulator has until August, with the possibility of extensions, to decide whether to launch a full investigation into the case.
Nutrien Chief Executive Chuck Magro said at a BMO investor conference in New York that he was confident the deal would not trigger antitrust concerns and would be completed by the fourth quarter.
Corfo, the Chilean agency that filed the complaint to block the sale of the stake to Tianqi, said in a statement it was awaiting the FNE’s decision and would cooperate in its investigation.
The FNE regulator responsible for ruling on the complaint declined to comment.
Reuters reported earlier this week that Tianqi and SQM were in talks for a deal. Tianqi had been circling SQM since 2016.
Earlier on Thursday, Australia’s Kidman Resources Ltd ( KDR.AX ) said it would supply lithium for Tesla Inc’s ( TSLA.O ) electric car batteries.
The 24-percent stake sale is necessary for Nutrien to meet regulatory commitments after it was formed in January by the merger of Agrium and Potash Corp of Saskatchewan..
SQM, whose U.S.-listed shares ( SQM.N ) fell 6.4 percent at $54.42, also has a significant fertilizer business. Nutrien shares eased 0.4 percent in Toronto to C$65.92.
Nutrien has said it plans to use proceeds from the sale of stakes in SQM and two other companies in part to expand its network of farm retail stores in the United States, and to establish a network in Brazil.
Nutrien plans to sell its remaining 20.2 million B shares of SQM - a nearly 8 percent stake - in the future.
Reporting by Yashaswini Swamynathan in Bengaluru and Marcy Nicholson in New York; additional reporting by Felipe Iturrieta, Antonio de la Jara and Dave Sherwood in Santiago; writing by Rod Nickel and Dave Sherwood; Editing by Bernard Orr and Marguerita Choy
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tianqi-lithium-m-a-sqm/chinas-tianqi-to-buy-stake-worth-4-07-billion-in-chiles-sqm-idUSKCN1II1I8 |
Momentum Building with 25,000 RGU Additions
Delivered Strong Rebased Adjusted Segment EBITDA Growth of 8%
Operating Income of $29 million; Net Loss of $39 million
MIAMI--(BUSINESS WIRE)-- Cable & Wireless Communications Limited ("C&W") is a leading telecommunications operator in its consumer markets, which are predominantly located in the Caribbean and Latin America, providing entertainment, information and communication services to 3.4 million mobile, 0.6 million internet, 0.6 million fixed-line telephony and 0.4 million video subscribers. In addition, C&W delivers B2B services and provides wholesale services over its sub-sea and terrestrial networks that connect over 40 markets across the region.
Operating highlights 2 :
RGU additions of 25,000 in Q1 2018, as compared to 10,000 in Q1 2017. Broadband RGU additions of 14,000. Broadband additions nearly doubled those in the prior-year period, led by Jamaica, Panama and Trinidad. Over 15% of our broadband subscribers now experiencing our WiFi "Connect Box", enhancing in-home connectivity. Video RGU additions of 3,000, our second consecutive quarter of growth. Differentiated our proposition through improvement to our content offering, as we launched Flow Sports 2 in the Caribbean, which carries the Premier League, IPL (Indian Premier League), and other exclusive sporting events. Rolled-out our "Flow Evo" platform across the Caribbean, which brings enhanced functionality through an improved EPG (Electronic Programming Guide) experience and the ability to pause live TV. Fixed voice additions of 8,000. Bundled offers, driving telephony growth, particularly in Jamaica and Trinidad. Mobile subscribers declined by 20,000, reflecting an improvement over the prior three quarters. Our loss this quarter was driven by Jamaica and the Bahamas, although the quarterly loss at BTC was the lowest since a new competitor entered the market in Q4 2016. New build and upgrade initiatives delivered over 40,000 premises, primarily in Jamaica and Panama.
Full press release can be found at http://www.lla.com/ir-fixed-income-cable-wireless.html
C&W Footnotes
1. The financial figures contained in this release are prepared in accordance with IASB-IFRS. C&W's financial condition and results of operations are included in Liberty Latin America’s consolidated financial statements under U.S. GAAP. There are significant differences between the U.S. GAAP and IASB-IFRS presentations of our consolidated financial statements. Adjusted Segment EBITDA is described and defined in the full press release, which also includes a reconciliation to net loss.
2. With the exception of the presentation of SOHO RGUs, subscriber statistics are generally presented in accordance with Liberty Latin America’s policies. SOHO subscribers have not been included in C&W’s RGU counts pending further verification.
About C&W Communications
C&W is a full service communications and entertainment provider that delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers.
C&W also operates a state-of-the-art submarine fiber network – the most extensive in the region.
Learn more at www.cwc.com , or follow C&W on LinkedIn , Facebook and Twitter .
About Liberty Latin America
Liberty Latin America Ltd. (“Liberty Latin America”) is a leading telecommunications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil and BTC. The communications and entertainment services that we offer to our residential and business customers in the region increasingly include combinations of services comprised of digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a sub-sea and terrestrial fiber optic cable network that connects over 40 markets in the region.
Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols "LILA" (Class A) and "LILAK" (Class C), and on the OTC link under the symbol "LILAB" (Class B).
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005619/en/
C&W Communications Limited
Conall Gribben
Director, Digital and Global Communications
+447928007902
[email protected]
Source: Cable & Wireless Communications Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-cable-wireless-reports-preliminary-q1-2018-resultsa.html |
TAIPEI, Taiwan, May 07, 2018 (GLOBE NEWSWIRE) -- Success Entertainment Group International Inc. (OTCQB:SEGN) today announced that its registration statement on Form S-1 was declared effective by the U.S. Securities & Exchange Commission (SEC) on May 3, 2018, allowing the Company’s shares registered thereunder to be available for sale to the public.
Mr. Frank Tseng, Chief Financial Officer of Success Entertainment Group International Inc., stated: “We are very pleased that our shares have been registered for sale by the SEC. An equity offering will help to expand our shareholder base, particularly in the United States, and should also provide additional trading liquidity over time. In addition, an issuance of new SEGN shares should facilitate increased recognition amongst American investors and continue to advance greater awareness of the Company in the United States.”
The effective Success Entertainment Group International Inc. S-1 registration statement may be found on the SEC’s EDGAR website at: https://www.sec.gov/Archives/edgar/data/1574910/000147793218002047/0001477932-18-002047-index.htm
About Success Entertainment Group International Inc.:
Success Entertainment Group International Inc. (OTCQB:SEGN), is an education + big Data + Video sharing based organization focusing on membership database platform buildup. Our company has been awarded operational IP rights by one of Asia’s prominent inspirational speakers, Steve Chen, through his fans global database. Over the years, Mr. Chen’s Company has accumulated enormous membership data streamlining through to e-commerce and video platforms in Asia, creating substantial revenue. Our strategy for the company is to acquire or partner with platforms alike, and apply the aforementioned fans databases, which spreads to the more than 100-million-person consumer population in Asia. Such revenue streams may contribute viable and steady growth to the Company.
IR Contact:
Success Entertainment Group International Inc.
www.segnusa.com
Email Contact: [email protected]
Telephone: +1 (260) 490-9990
Source:Success Entertainment Group International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-success-entertainment-group-international-inc-athe-board-of-directors-announces-that-the-securities-exchange-commission-has.html |
CNBC.com show chapters 23 Hours Ago | 01:42
Market bull Jonathan Golub said stocks will make another record run this year just as the Dow sank back into correction territory.
The Credit Suisse chief U.S. equity strategist believes Wall Street is making a mistake by not embracing an unprecedented first-quarter earnings season.
"It's really strange. We're seeing the best earnings season maybe ever. Twenty-five percent year-over-year growth in the ninth year of a recovery, and companies are beating by 8 percent," Golub said Wednesday on CNBC's " Trading Nation ." "But the market's response to this is far more muted than normal."
His thoughts came shortly after the Federal Reserve made its latest decision on interest rates, leaving them unchanged, but noted it detected inflation.
"I'm generally a believer that we overemphasize the importance of the Fed as opposed to the economic backdrop and the earnings backdrop," said Golub.
The market didn't welcome the Fed's assessment. Stocks finished the Wednesday in the red.
The Dow has now dropped more than 10 percent below its Jan. 26 intraday all-time high of 26,616.71. The S&P 500 is now 8 percent below its intraday record high of 2,872.87 from that same date.
Despite the leg down, Golub expects a comeback. He predicts the S&P 500 will rally about 13 percent to 3,000 by year-end.
"This ultimately powers through. Take a look at stocks. They started the year with a forward P/E [price to earnings ratio] of 18x. Today it is a forward P/E of 16x," Golub said. "Stocks, if they don't rally, are going to get cheaper and cheaper." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/stocks-to-power-through-slump-credit-suisses-jonathan-golub-says.html |
May 7 (Reuters) - Heritage Insurance Holdings Inc:
* HERITAGE INSURANCE HOLDINGS, INC. REPORTS FINANCIAL RESULTS FOR FIRST QUARTER OF 2018
* Q1 EARNINGS PER SHARE $0.58 * Q1 EARNINGS PER SHARE VIEW $0.42 — THOMSON REUTERS I/B/E/S
* BOOK VALUE PER SHARE INCREASED 19.1% QUARTER-OVER-QUARTER TO $15.09 AS OF MARCH 31, 2018 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-heritage-insurance-holdings-report/brief-heritage-insurance-holdings-reports-q1-earnings-per-share-0-58-idUSASC0A09T |
May 4, 2018 / 1:12 PM / in 8 minutes BRIEF-HRG Group Reports Q2 Loss Per Share From Continuing Operations Of $0.18 Reuters Staff
May 4 (Reuters) - HRG Group Inc:
* HRG GROUP, INC. REPORTS FISCAL 2018 SECOND QUARTER RESULTS * Q2 LOSS PER SHARE $0.18 FROM CONTINUING OPERATIONS
* Q2 REVENUE ROSE 1.1 PERCENT TO $766.1 MILLION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-hrg-group-reports-q2-loss-per-shar/brief-hrg-group-reports-q2-loss-per-share-from-continuing-operations-of-0-18-idUSASC09ZXG |
May 24, 2018 / 12:27 AM / Updated 18 hours ago Amazon Web Services to invest in Chile for the long-term: executive Dave Sherwood , Felipe Iturrieta 3 Min Read
SANTIAGO (Reuters) - Amazon Web Services is looking to invest in Chile for the long-term as part of a larger Latin American expansion plan, a senior executive said on Wednesday after meeting with Chilean President Sebastian Pinera. FILE PICTURE - The logo of the web service Amazon is pictured in this June 8, 2017 illustration photo. REUTERS/Carlos Jasso/Illustration/File Photo
Teresa Carlson, AWS vice president, worldwide public sector, had sought the meeting with Pinera, a conservative billionaire and businessman, as Amazon.com Inc wants to expand its cloud computing footprint.
“You’re going to see us here for the long-term,” Carlson told reporters. “We think Chile is super important to Latin America and the rest of the world.”
Amazon has said it is keen to build more data centers in the region to handle data and computing for large enterprises, including governments, in the cloud.
Both Chile and Argentina - two of the largest economies in South America - have been courting investment from the cloud computing and e-commerce company.
Chile is interested in inviting companies such as Amazon and is “doing everything possible” to encourage them, said Economy Minister Jose Valente, who also attended Wednesday’s meeting.
Carlson declined to say whether both Chile and Argentina were still in the running for an Amazon data center. No announcement was imminent, she said.
Policies mattered most to Amazon, Carlson said when asked what criteria the company was considering.
“We look for telecommunication industries that are progressive,” she said. We look for a government that really is thinking forward on the digitization of their economy in terms of education and creating new jobs.”
Pinera has said he hopes to convert Chile into a digital and information services platform for South America. The sector has received $18 billion in investment in the past decade, according to Telecommunications Ministry data.
Amazon’s cloud-computing business is the largest in the world and accounts for a majority of its operating profit. Adding more data centers close to clients reduces latency and helps Amazon handle an influx of customers moving operations to the cloud. Reporting by Dave Sherwood and Felipe Iturrieta; Editing by Grant McCool | ashraq/financial-news-articles | https://www.reuters.com/article/us-chile-amazon-com/amazon-web-services-to-invest-in-chile-for-the-long-term-executive-idUSKCN1IP02A |
FREMONT, Calif., May 17, 2018 (GLOBE NEWSWIRE) -- Lam Research Corporation (Nasdaq:LRCX) today announced that its Board of Directors has approved a quarterly dividend of $1.10 per share of common stock. On an annualized basis, this will return approximately $722 million to stockholders based on shares outstanding as of March 25, 2018. The dividend payment will be made June 27, 2018 to holders of record on June 6, 2018. Future dividend payments are subject to review and approval by the Board of Directors.
About Lam Research:
Lam Research Corp. is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. As a trusted, collaborative partner to the world’s leading semiconductor companies, we combine superior systems engineering capability, technology leadership, and unwavering commitment to customer success to accelerate innovation through enhanced device performance. In fact, today, nearly every advanced chip is built with Lam technology. Lam Research (Nasdaq:LRCX) is a FORTUNE 500® company headquartered in Fremont, Calif., with operations around the globe. Learn more at www.lamresearch.com . (LRCX-F)
Caution Regarding Forward-Looking Statements:
Statements made in this press release that are not of historical fact are forward-looking statements and are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to, but are not limited to, our plans to declare dividends, the returns to stockholders from such planned dividends on an annualized basis, our engineering capabilities, our technology leadership, our commitment to customer success, and our continued ability to accelerate innovation and enhance device performance. These forward-looking statements are based on current expectations and are subject to uncertainties and changes in condition, significance, value and effect, our continued financial health and ability to pay dividends, and other risks detailed in documents filed by us with the Securities and Exchange Commission, including specifically our annual report on Form 10-K for the fiscal year ended June 25, 2017 and quarterly reports on Form 10-Q for the fiscal quarter ended March 25, 2018. These uncertainties and changes could cause actual results to vary from expectations. The Company undertakes no obligation to update the information or statements made in this press release.
Company Contacts:
Satya Kumar
Investor Relations
(510) 572 – 1615
Email: [email protected]
Source: Lam Research Corporation
Source:Lam Research Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-lam-research-corporation-declares-quarterly-dividend.html |
VANCOUVER, British Columbia, May 11, 2018 (GLOBE NEWSWIRE) -- Cameo Resources Corp. (TSX Venture:CRU) (OTC:CRUUF) (FWB:SY7D) (the “ Company ” or “ Cameo Resources ”) is pleased to note that Nemaska Lithium Inc. has priced and closed the books on its offering of senior secured callable bonds in the aggregate principal amount of $ 350-million (U.S.).
As reported by Nemaska Lithium (news release dated May 10, 2018) the Bonds will be senior debt of the Corporation and guaranteed by Nemaska Lithium Whabouchi Mine Inc. ("NMX Whabouchi") and Nemaska Lithium Shawinigan Transformation Inc. ("NMX Shawinigan"), each a wholly-owned subsidiary of the Corporation. Subject to certain exceptions, the Bonds will be secured on a first priority basis over all material assets (tangible and intangible) of the Corporation, NMX Whabouchi and NMX Shawinigan, and will also be secured by a second ranking pledge of the shares of Nemaska Lithium P1P Inc., another wholly owned subsidiary of the Corporation.
Nemaska Lithium Inc. holds the Whabouchi Lithium deposit claims, which extend to within 1 km of Cameo’s Montagne Lake Property in central Québec. Nemaska Lithium’s Whabouchi lithium deposit is one of the most important spodumene lithium deposits in the world, and Nemaska Lithium is currently raising funds for the construction and commissioning of its proposed Whabouchi Mine and Shawinigan Plant project.
Cameo’s Whabouchi Regional Lithium (“WRL”) Project in Quebec covers more than 19,000 ha in two blocks on either side of Nemaska’s proposed Whabouchi lithium mine including Cameo’s 4,484 ha Montagne Lake Property immediately to the west of Nemaska’s proposed Whabouchi lithium mine, and the Dumont Property 6 km to the east.
Although Nemaska Lithium’s proposed mine at Whabouchi is proximal to Cameo’s WRL Project, the spodumene lithium mineralization on Nemaska’s ground is not necessarily indicative of similar mineralization on Cameo’s property and Cameo’s qualified person is unable to independently verify the information reported by Nemaska Lithium Inc.
The Company is also pleased to announce the launch of the company's redesigned website, http://cameocorp.ca/ . Cameo encourages all current and potential shareholders to visit the website to explore the completed rebranding and redesign initiatives.
Harrison Cookenboo, Ph.D., P.Geo., is a qualified person as defined in National Instrument 43-101. He has reviewed and is responsible for the presentation of technical information in this news release.
CAMEO RESOURCES CORP.
“Akash Patel”
Akash Patel
President
(778) 549-6714
Email: [email protected]
www.cameoresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source:Cameo Resources | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-cameo-neighbor-announces-closing-of-us-350m-bond-offering.html |
LONDON, May 3 (Reuters) - Smith & Nephew, Europe’s biggest artificial hip and knee maker, downgraded its forecast for full-year underlying revenue growth and profit margin after some markets softened and it saw a slowdown in its bioactives business in the first quarter.
It forecast underlying revenue for the year to rise by 2-3 percent, less than the 3-4 percent it predicted in February, while its trading profit margin would be at or above the level achieved last year rather than its previous target of growth of 30-70 basis points.
Reporting by Paul Sandle; editing by Kate Holton
Our | ashraq/financial-news-articles | https://www.reuters.com/article/smith-nephew-outlook/smith-nephew-downgrades-outlook-after-weak-q1-idUSASO00046R |
ITASCA, Ill., May 03, 2018 (GLOBE NEWSWIRE) -- Flexera , the company that’s reimagining how software is bought, sold, managed and secured, announced today that it has acquired the Switzerland-based Software Asset Management (SAM) provider, Brainwaregroup . The deal significantly expands Flexera’s presence in Germany, Austria and Switzerland (DACH). It also extends Flexera’s dominance as the leading global provider of SAM solutions for large, midsize and small enterprises seeking to optimize software spend and minimize risk across their portfolios – from the desktop and datacenter to the cloud.
Strong alignment around customer time to value, experience and industry vision cements deal as Flexera drives further consolidation in SAM market
“Brainwaregroup is a great fit for Flexera – they share our philosophy of delivering competence, quality and value. Their extensive European customer base allows us to quickly build upon Brainwaregroup’s success and expand customer value in this important region,” said Tom Canning, Vice President of Strategy at Flexera. “In addition, our recent successes competing in the mid-market convince us that companies of all sizes demand a high-quality SAM solution from a supplier with deep experience and expertise. Brainwaregroup’s ties to large and mid-size enterprises in DACH, combined with Flexera’s broad vision and global reach, will help us accelerate plans to deliver high-value solutions to customers of all sizes.”
Extending Flexera’s Leadership in Europe and Mid-Market SAM
The game has changed for companies everywhere. They’re finally demanding more from their technology assets and suppliers. They expect – and deserve – faster time to value, more complete solutions and trustworthy data to drive better business outcomes. Flexera achieves its promise to meet these needs by rapidly building or buying the best technology through M&A, such as today’s acquisition of Brainwaregroup, and others including Meta SaaS and BDNA .
Brainwaregroup offers a suite of SAM and other solutions , with a strong following of 500+ customers primarily located in the DACH region. Flexera offers customers a broad vision unifying SAM with other essential functions like security, IT Service Management, IT Financial Management and other disciplines – all powered by common data . Practically speaking, this means the underlying technology asset data powering Flexera’s SAM solution, FlexNet Manager Suite for Enterprises , is the most accurate and comprehensive in the world. As a result, Flexera customers have immediate access to actionable intelligence to simplify integration, improve decision-making and accelerate business transformation.
Flexera’s SAM vision and leadership has been widely recognized. Gartner designated Flexera a SAM market Leader in its Magic Quadrant for Software Asset Management Tools report. Flexera also scored highest among all suppliers in intermediate and advanced SAM, in Gartner’s Critical Capabilities for Software Asset Management tools report . Flexera customers have also affirmed Flexera’s SAM leadership giving superior ratings to FlexNet Manager Suite, Flexera’s SAM and license optimization solution via Gartner’s Peer Insights product reviews . Brainwaregroup has also distinguished itself in the SAM marketplace as an award-winning supplier focused on breadth and substance. With an ‘end-to-end’ competency in software lifecycle management, Brainwaregroup partners with customers over the long term with solutions and technical expertise across disciplines, from SAM to software and operating system deployment, security patch remediation and multi-platform datacenter inventory.
Flexera will continue to support Brainwaregroup’s solutions and its 500+ customers. Over time these products will be integrated with FlexNet Manager Suite and other Flexera solutions.
“We know that customers want to partner with vendors that don’t just promise easy solutions to complex problems – but those that can deliver. We also know these customers want to partner with vendors capable of meeting their needs immediately and over the long term as they grow and evolve,” said Rey Schallberger, CEO of Brainwaregroup. “We are thrilled to now be part of Flexera and to be able, together, to make our solutions even better, expand our leadership in Europe, and accelerate our mid-market focus – giving more options to companies looking for smarter solutions.”
Follow us on…
LinkedIn Twitter Facebook Instagram Google+ RSS
About Flexera
Flexera is reimagining the way software is bought, sold, managed and secured. We view the software industry as a supply chain, and make the business of buying and selling software and technology asset data more profitable, secure, and effective. Our Monetization and Security solutions help software sellers transform their business models, grow recurring revenues and minimize open source risk. Our Vulnerability and Software Asset Management (SAM) solutions strip waste and unpredictability out of procuring software, helping companies buy only the software and cloud services they need, manage what they have, and reduce compliance and security risk. Powering these solutions and the entire software supply chain, Flexera has built the world’s largest and most comprehensive repository of market intelligence on technology assets. In business for 30+ years, our 1200+ employees are passionate about helping our 80,000+ customers generate millions in ROI every year. Visit us at www.flexera.com .
*All third-party trademarks are the property of their respective owners.
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/4af49656-810f-4838-a61b-c4116e6b6240
For more information, contact: Flexera Amanda Ingalls (949) 241-1515 [email protected]
Source: Flexera | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-flexera-acquires-brainwaregroup-expanding-european-presence-and-leadershipain-the-large-and-midsize-sam-marketplace.html |
May 15 (Reuters) - Rackla Metals Inc:
* RACKLA METALS RESTRUCTURES YUKON PROPERTY HOLDINGS * RACKLA METALS INC - SOLD OR JOINT VENTURED A MAJORITY OF ITS YUKON PROJECTS Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-rackla-metals-restructures-yukon-p/brief-rackla-metals-restructures-yukon-property-holdings-idUSASC0A2AD |
TOKYO (Reuters) - Japan has notified the World Trade Organisation that it reserves the right to take counter-measures against U.S. tariffs on steel and aluminum imports, the foreign ministry said on Friday.
Japan is the only major U.S. ally that did not receive exemptions from U.S. President Donald Trump’s decision in March to set import tariffs of 25 percent on steel and 10 percent for aluminum.
But it had previously refrained from following in the footsteps of China and the European Union, which responded to the U.S. decision with reciprocal threats.
The Japanese government will make any decision on its actual implementation of “rebalancing” measures on the basis of further U.S. steps, as well as the possible impact of retaliatory measures by Tokyo on Japanese companies, the foreign ministry said in a statement.
Tariffs Japan will shoulder under the new duties come to about 50 billion yen ($450 million) a year. The ministry said Japan had notified the WTO it reserved the right to take rebalancing measures worth that amount.
Reporting by Kiyoshi Takenaka; Editing by Andrew Roche
| ashraq/financial-news-articles | https://www.reuters.com/article/us-trade-japan-countermeasure/japan-reserves-right-to-take-counter-measures-against-u-s-steel-tariffs-idUSKCN1IJ1UX |
Goldman Sachs is cautioning its clients that computerized trading may exacerbate the volatility of the next big market sell-off.
"One theory that has been proposed for why market fragility could be higher today is that because HFTs [high-frequency trading] supply liquidity without taking into account fundamental information, they are forced to withdraw liquidity during periods of market stress to avoid being adversely selected," Charles Himmelberg, co-head of global markets research at Goldman, said in a report Tuesday. "In our view, this at least raises the risk that as machines have replaced people, and speed has replaced capital, the inability of the market's liquidity providers to process complex information may lead to surprisingly large drops in liquidity when the next crisis hits."
Himmelberg noted the higher level of computerized trading has not been truly "stress tested" during the bull market since the financial crisis. He said the increasing incidents of volatility in various markets such as the VIX spike on Feb. 5, the 10-year Treasury bond on Oct. 15, 2014, and the British pound on Oct. 6, 2016, may be precursors of a bigger one to come.
show chapters BlackRock turns to the machines for new stock-picking strategy 9:11 AM ET Wed, 29 March 2017 | 02:23 "The rising frequency of 'flash crashes' across many major markets may be an important early warning sign that something is not quite right with the current state of trading liquidity," he said. "These warning signs plus the rapid growth of high-frequency trading (HFT) and its near-total dominance in many of the largest and most widely traded markets prompt us to more carefully consider the possibility (not necessarily the probability) that the long expansion accompanied by relatively low market volatility may have helped disguise an under-appreciated rise in 'market fragility.'"
The strategist said computerized trading is generally not backed by large levels of capital, which could drive the "collapse" of liquidity if the machines suffer any big losses during a significant market downturn.
"Future flash crashes may not end well," he warned. "The quality of trading liquidity for even the biggest, most heavily-traded markets should not be taken for granted."
— With reporting by CNBC's Michael Bloom . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/goldman-sachs-rise-of-trading-machines-could-make-next-market-crash-much-worse.html |
May 2, 2018 / 6:47 PM / Updated 26 minutes ago Brazil's Meirelles says government unpopularity would not handicap bid Bruno Federowski , Lisandra Paraguassu 3 Min Read
BRASILIA (Reuters) - Potential Brazilian presidential candidate Henrique Meirelles is certain his success in steering the economy through stormy waters will shield him from voters’ disapproval of the current administration he served as finance minister. Brazilian Democratic Movement Party (MDB) presidential candidate Henrique Meirelles reacts during an interview with Reuters in Brasilia, Brazil May 1, 2018. Picture taken May 1, 2018. REUTERS/Adriano Machado
In an interview with Reuters, Meirelles said on Tuesday that he has agreed with his party, the ruling Brazilian Democratic Movement (MDB), that he will run for president in October’s election if current President Michel Temer decides by July he will not run. Meirelles has ruled out running as Temer’s vice president.
Meirelles’ challenge is to set himself apart from Temer’s government, with its single-digit approval rating, while also defending its legacy of free-market policies.
Polling at hardly 1 percent of voter intentions, he has been touring the country since stepping down from the Finance Ministry in April, in a bid to raise his profile and position himself as the face of Brazil’s recovery from the deepest recession in decades.
“There is no question that there is a communication challenge, that’s obvious. But I have an advantage when facing that challenge, which is that reality works in my favour,” he said in his new office at the MDB headquarters in Brasilia. “My track record is very positive, especially in terms of personal integrity.”
Meirelles is one of several presidential hopefuls looking to fill a vacuum left by the imprisonment of former President Luiz Inacio Lula da Silva, who maintains he will still run for the presidency and leads polls. Brazilian Democratic Movement Party (MDB) presidential candidate Henrique Meirelles looks on during an interview with Reuters in Brasilia, Brazil May 1, 2018. Picture taken May 1, 2018. REUTERS/Adriano Machado
As head of the central bank under Lula, Meirelles helped usher in a period of fast growth underpinned by high commodity prices that allowed the government to undertake an ambitious agenda of income redistribution and bolster the social security net.
He will now look to establish himself as a centrist with market-friendly credentials, while bashing the policies of Lula’s hand-picked successor Dilma Rousseff, who was impeached in 2016.
That is a common strategy among candidates in what is set to be the most unpredictable Brazilian election in decades, though it puts him in contrast with radicals such as far-right law-and-order lawmaker Jair Bolsonaro, who has performed well in early polls.
Meirelles said his centrist stance should play to his advantage in a likely second-round vote. Slideshow (2 Images)
“Any centrist candidate who reaches the second round will win the election, because both sides of the radical spectrum have very clear limitations,” he said. In a potential runoff against Bolsonaro, “I have no doubt that a lot of people who currently say they would vote for Lula would have no problem voting for me.” Reporting by Bruno Federowski and Lisandra Paraguassu; Editing by Rosalba O'Brien | ashraq/financial-news-articles | https://in.reuters.com/article/brazil-politics-meirelles/brazils-meirelles-says-government-unpopularity-would-not-handicap-bid-idINKBN1I32NX |
Who actually cares about the royal wedding? 7:59am BST - 02:05
The forthcoming wedding of the UK's Prince Harry to U.S. actor Meghan Markle has attracted near constant media attention, but a survey suggests the public doesn't actually care.
The forthcoming wedding of the UK's Prince Harry to U.S. actor Meghan Markle has attracted near constant media attention, but a survey suggests the public doesn't actually care. //reut.rs/2L17BLt | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/15/who-actually-cares-about-the-royal-weddi?videoId=427022254 |
DALLAS--(BUSINESS WIRE)-- Atmos Energy Corporation (NYSE: ATO) today reported consolidated results for its fiscal 2018 second quarter and six months ended March 31, 2018.
Fiscal 2018 second quarter consolidated net income was $179.0 million, or $1.60 per diluted share, compared with consolidated net income of $164.7 million, or $1.55 per diluted share in the prior-year quarter. Adjusted income from continuing operations was $175.2 million, or $1.57 per diluted share after excluding an income tax benefit of $3.8 million, or $0.03 per diluted share, related to the Tax Cuts and Jobs Act of 2017 (the TCJA). Net income from continuing operations was $162.0 million, or $1.52 per diluted share for the same quarter last year. The company's Board of Directors has declared a quarterly dividend of $0.485 per common share. The indicated annual dividend for fiscal 2018 is $1.94, which represents a 7.8 percent increase over fiscal 2017.
For the six months ended March 31, 2018, consolidated net income was $493.1 million or $4.47 per diluted share, compared with consolidated net income of $289.8 million, or $2.74 per diluted share for the same period last year. Adjusted income from continuing operations for the six months ended March 31, 2018, which excludes a one-time income tax benefit related to the TCJA of $165.7 million, or $1.50 per diluted share, was $327.4 million, or $2.97 per diluted share, compared with adjusted net income from continuing operations of $276.1 million, or $2.61 per diluted share in the prior-year period.
“Our results continue to benefit from the significant capital investments we are making to modernize our infrastructure to improve system safety and reliability,” said Mike Haefner, President and Chief Executive Officer of Atmos Energy Corporation. "We remain on track to meet our fiscal 2018 guidance range of $3.85 to $4.05 per diluted share. Also, we expect our customers will save over $100 million annually from the recently enacted Tax Cuts and Jobs Act. We have made significant progress during the quarter to ensure that our customers receive the full benefit of these savings,” Haefner concluded.
Results for the Three Months Ended March 31, 2018
Operating income decreased $16.2 million to $269.0 million for the three months ended March 31, 2018, from $285.2 million in the prior-year quarter. The decrease primarily reflects the lower statutory tax rate in revenues due to the TCJA and higher operation and maintenance expenses in the current-year quarter.
Distribution contribution margin increased $22.8 million to $472.2 million for the three months ended March 31, 2018, compared with $449.4 million in the prior-year quarter. Contribution margin reflects a net $27.6 million increase in rates, primarily in the Mid-Tex, West Texas, and Kentucky/Mid-States Divisions. Net consumption increased $9.3 million, primarily due to weather that was 43 percent colder than the prior-year quarter. Transportation contribution margin increased $4.3 million quarter over quarter primarily due to the addition of new industrial customers. These increases were partially offset by a decrease of $26.2 million as a result of incorporating the lower statutory tax rate in revenues due to the TCJA.
Pipeline and storage contribution margin increased $9.3 million to $120.5 million for the three months ended March 31, 2018, compared with $111.2 million in the prior-year quarter. This increase is attributable to a $16.5 million increase in rates, due to the Atmos Pipeline–Texas rate case and the Gas Reliability Infrastructure Program (GRIP) filing approved in December 2017, partially offset by a decrease of $8.0 million as a result of including the lower statutory tax rate in revenues due to the TCJA. Additionally, transportation fees and volumes increased contribution margin a net $1.7 million due to wider spreads and positive supply and demand dynamics affecting the Permian Basin.
Continuing operation and maintenance expense for the three months ended March 31, 2018, was $161.1 million, compared with $132.2 million for the prior-year period. This $28.9 million increase was primarily driven by expenses incurred as part of a planned outage in the Mid-Tex Division in March 2018 and increased system maintenance and other expense during the quarter.
Results for the Six Months Ended March 31, 2018
Operating income increased $15.4 million to $510.5 million for the six months ended March 31, 2018, compared to $495.1 million in the prior-year period, which primarily reflects positive rate outcomes, stronger customer consumption, and customer growth in the distribution business, partially offset by reduced revenues as a result of implementing the TCJA and higher operation and maintenance expense in the current-year period.
Distribution contribution margin increased $60.5 million to $869.3 million for the six months ended March 31, 2018, compared with $808.8 million in the prior-year period. Contribution margin reflects a net $53.1 million increase in rates, primarily in the Mid-Tex, West Texas, and Kentucky/Mid-States Divisions. In addition, net consumption increased $15.0 million, primarily due to weather that was 33 percent colder than the prior-year period. Transportation contribution margin increased $6.0 million period over period primarily due to the addition of new industrial customers. These increases were partially offset by a decrease of $26.2 million as a result of incorporating the lower statutory tax rate in revenues due to the TCJA.
Pipeline and storage contribution margin increased $25.3 million to $246.1 million for the six months ended March 31, 2018, compared with $220.8 million in the prior-year period. This increase is primarily attributable to a $30.4 million increase in revenue from the Atmos Pipeline–Texas rate case and the GRIP filing approved in December 2017, partially offset by a decrease of $8.0 million as a result of including the lower statutory tax rate in revenues due to the TCJA. In addition, transportation fees and volumes increased contribution margin by a net $3.1 million due to wider spreads and positive supply and demand dynamics impacting the Permian Basin.
Continuing operation and maintenance expense for the six months ended March 31, 2018 was $290.6 million, compared with $257.2 million in the prior-year period. This increase was primarily driven by expenses incurred as a result of the aforementioned planned outage experienced in March and increased maintenance activities in the distribution segment in the current year.
Capital expenditures increased $134.6 million to $694.0 million for the six months ended March 31, 2018, compared with $559.4 million in the prior-year period, due to continued spending for infrastructure replacements and enhancements.
For the six months ended March 31, 2018, the company generated operating cash flow of $751.4 million, a $199.4 million increase compared with the six months ended March 31, 2017. The period-over-period increase primarily reflects successful rate case outcomes achieved in fiscal 2017 and changes in working capital, primarily as a result of the timing of gas cost recoveries under purchased gas cost mechanisms and increased customer consumption and transportation margins.
The equity capitalization ratio at March 31, 2018 was 59.6%, compared with 52.6% at September 30, 2017. On November 28, 2017, Atmos Energy completed the public offering of 4,558,404 shares of common stock for gross proceeds of approximately $400 million. Atmos Energy used the net proceeds of $395.1 million from this offering to repay short-term debt under its commercial paper program, to fund capital spending primarily to enhance the safety and reliability of its system, and for general corporate purposes.
Outlook
The leadership of Atmos Energy remains focused on enhancing system safety and reliability through infrastructure investment while delivering shareholder value and consistent earnings growth. Atmos Energy expects fiscal 2018 earnings to be in the previously announced range of $3.85 to $4.05 per diluted share, excluding the one-time, non-cash income tax benefit. Capital expenditures for fiscal 2018 are expected to be approximately $1.4 billion.
Conference Call to be Webcast May 3, 2018
Atmos Energy will host a conference call with financial analysts to discuss the fiscal 2018 second quarter financial results on Thursday, May 3, 2018, at 10:00 a.m. Eastern Time. The domestic telephone number is 877-485-3107 and the international telephone number is 201-689-8427. Mike Haefner, President and Chief Executive Officer and Chris Forsythe, Senior Vice President and Chief Financial Officer will participate in the conference call. The conference call will be webcast live on the Atmos Energy website at www.atmosenergy.com . A playback of the call will be available on the website later that day.
This news release should be read in conjunction with the attached unaudited financial information.
Forward-Looking Statements
The matters discussed in this news release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included in this news release are forward-looking statements made in good faith by the company and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. When used in this news release or in any of the company's other documents or oral presentations, the words “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “objective,” “plan,” “projection,” “seek,” “strategy” or similar words are intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in this news release, including the risks and uncertainties relating to regulatory trends and decisions, the company's ability to continue to access the credit and capital markets and the other factors discussed in the company's reports filed with the Securities and Exchange Commission. These factors include the risks and uncertainties discussed in the company's Annual Report on Form 10-K for the fiscal year ended September 30, 2017.
Although the company believes these forward-looking statements to be reasonable, there can be no assurance that they will approximate actual experience or that the expectations derived from them will be realized. The company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
The historical financial information in this news release utilizes certain financial measures that are not presented in accordance with generally accepted accounting principles (GAAP). Specifically, the company uses contribution margin, defined as operating revenues less purchased gas cost, to discuss and analyze its financial performance. Its operations are affected by the cost of natural gas, which is passed through to its customers without markup and includes commodity price, transportation, storage, injection and withdrawal fees, along with hedging settlements. These costs are reflected in the income statement as purchased gas cost. Therefore, increases in the cost of gas are offset by a corresponding increase in revenues. Accordingly, the company believes contribution margin is a more useful and relevant measure to analyze its financial performance than operating revenues. The term contribution margin is not intended to represent operating income, the most comparable GAAP financial measure, as an indicator of operating performance, and is not necessarily comparable to similarly titled measures reported by other companies.
In addition, the enactment of the TCJA required the company to remeasure its deferred tax assets and liabilities at its new federal statutory income tax rate as of December 31, 2017, which resulted in the recognition of a one-time, non-cash income tax benefit of $165.7 million during the six months ended March 31, 2018. Due to the non-recurring nature of this benefit, the company believes that income from continuing operations and diluted earnings per share from continuing operations before the one-time, non-cash income tax benefit, provides a more useful and relevant measure to analyze its financial performance than income from continuing operations and consolidated diluted earnings per share from continuing operations. Accordingly, the discussion and analysis of the company's financial performance will reference adjusted income from continuing operations and diluted earnings per share, which is calculated as follows:
Three Months Ended March 31 2018 2017 Change (In thousands, except per share data) Income from continuing operations $ 178,992 $ 162,012 $ 16,980 TCJA non-cash income tax benefit 3,791 — 3,791 Adjusted income from continuing operations $ 175,201 $ 162,012 $ 13,189 Consolidated diluted EPS from continuing operations $ 1.60 $ 1.52 $ 0.08 Diluted EPS from TCJA non-cash income tax benefit 0.03 — 0.03 Adjusted diluted EPS from continuing operations $ 1.57 $ 1.52 $ 0.05 Six Months Ended March 31 2018 2017 Change (In thousands, except per share data) Income from continuing operations $ 493,124 $ 276,050 $ 217,074 TCJA non-cash income tax benefit 165,675 — 165,675 Adjusted income from continuing operations $ 327,449 $ 276,050 $ 51,399 Consolidated diluted EPS from continuing operations $ 4.47 $ 2.61 $ 1.86 Diluted EPS from TCJA non-cash income tax benefit 1.50 — 1.50 Adjusted diluted EPS from continuing operations $ 2.97 $ 2.61 $ 0.36 About Atmos Energy
Atmos Energy Corporation, headquartered in Dallas, is the country's largest fully-regulated, natural-gas-only distributor, serving over three million natural gas distribution customers in over 1,400 communities in eight states from the Blue Ridge Mountains in the East to the Rocky Mountains in the West. Atmos Energy also manages company-owned natural gas pipeline and storage assets, including one of the largest intrastate natural gas pipeline systems in Texas. For more information, visit www.atmosenergy.com .
Atmos Energy Corporation Financial Highlights (Unaudited)
Statements of Income
Three Months Ended
March 31 (000s except per share) 2018 2017 Operating revenues Distribution segment $ 1,199,291 $ 962,541 Pipeline and storage segment 120,955 111,972 Intersegment eliminations (100,837 ) (86,327 ) 1,219,409 988,186 Purchased gas cost Distribution segment 727,053 513,096 Pipeline and storage segment 433 725 Intersegment eliminations (100,526 ) (86,327 ) 626,960 427,494 Contribution margin 592,449 560,692 Operation and maintenance expense 161,073 132,239 Depreciation and amortization 89,381 77,667 Taxes, other than income 73,007 65,614 Total operating expenses 323,461 275,520 Operating income 268,988 285,172 Miscellaneous income (expense) (253 ) 833 Interest charges 27,304 26,944 Income from continuing operations before income taxes 241,431 259,061 Income tax expense 62,439 97,049 Income from continuing operations 178,992 162,012 Gain on sale of discontinued operations, net of tax — 2,716 Net Income $ 178,992 $ 164,728 Basic and diluted net income per share Income per share from continuing operations $ 1.60 $ 1.52 Income per share from discontinued operations — 0.03 Net income per share - basic and diluted $ 1.60 $ 1.55 Cash dividends per share $ 0.485 $ 0.450 Basic and diluted weighted average shares outstanding 111,706 105,935 Three Months Ended
March 31 Summary Net Income by Segment (000s)
2018 2017 Distribution $ 145,243 $ 131,145 Pipeline and storage 33,749 30,867 Net income from continuing operations 178,992 162,012 Net income from discontinued operations — 2,716 Net Income $ 178,992 $ 164,728 Atmos Energy Corporation Financial Highlights, continued (Unaudited)
Statements of Income
Six Months Ended
March 31 (000s except per share) 2018 2017 Operating revenues Distribution segment $ 2,060,083 $ 1,717,197 Pipeline and storage segment 247,418 221,924 Intersegment eliminations (198,900 ) (170,767 ) 2,108,601 1,768,354 Purchased gas cost Distribution segment 1,190,811 908,442 Pipeline and storage segment 1,345 1,080 Intersegment eliminations (198,279 ) (170,723 ) 993,877 738,799 Contribution margin 1,114,724 1,029,555 Operation and maintenance expense 290,640 257,177 Depreciation and amortization 177,755 154,625 Taxes, other than income 135,780 122,663 Total operating expenses 604,175 534,465 Operating income 510,549 495,090 Miscellaneous expense (2,288 ) (161 ) Interest charges 58,813 57,974 Income from continuing operations before income taxes 449,448 436,955 Income tax expense (43,676 ) 160,905 Income from continuing operations 493,124 276,050 Income from discontinued operations, net of tax — 10,994 Gain on sale of discontinued operations, net of tax — 2,716 Net Income $ 493,124 $ 289,760 Basic and diluted earnings per share Income per share from continuing operations $ 4.47 $ 2.61 Income per share from discontinued operations — 0.13 Net income per share - basic and diluted $ 4.47 $ 2.74 Cash dividends per share $ 0.97 $ 0.90 Basic and diluted weighted average shares outstanding 110,135 105,610 Six Months Ended
March 31 Summary Net Income by Segment (000s)
2018 2017 Distribution $ 394,342 $ 216,509 Pipeline and storage 98,782 59,541 Net income from continuing operations 493,124 276,050 Net income from discontinued operations — 13,710 Net income $ 493,124 $ 289,760 Atmos Energy Corporation Financial Highlights, continued (Unaudited)
Condensed Balance Sheets
March 31, September 30, (000s) 2018 2017 Net property, plant and equipment $ 9,761,329 $ 9,259,182 Cash and cash equivalents 71,074 26,409 Accounts receivable, net 407,134 222,263 Gas stored underground 89,265 184,653 Other current assets 55,263 106,321 Total current assets 622,736 539,646 Goodwill 730,132 730,132 Deferred charges and other assets 242,125 220,636 $ 11,356,322 $ 10,749,596 Shareholders' equity $ 4,721,346 $ 3,898,666 Long-term debt 2,617,892 3,067,045 Total capitalization 7,339,238 6,965,711 Accounts payable and accrued liabilities 230,823 233,050 Other current liabilities 538,702 332,648 Short-term debt 129,602 447,745 Current maturities of long-term debt 450,000 — Total current liabilities 1,349,127 1,013,443 Deferred income taxes 1,107,036 1,878,699 Regulatory excess deferred taxes 737,798 — Deferred credits and other liabilities 823,123 891,743 $ 11,356,322 $ 10,749,596 Atmos Energy Corporation Financial Highlights, continued (Unaudited)
Condensed Statements of Cash Flows
Six Months Ended
March 31 (000s) 2018 2017 Cash flows from operating activities Net income $ 493,124 $ 289,760 Depreciation and amortization 177,755 154,810 Deferred income taxes 116,023 148,657 One-time income tax benefit (165,675 ) — Gain on sale of discontinued operations — (12,931 ) Discontinued cash flow hedging for natural gas marketing commodity contracts — (10,579 ) Other 12,252 10,391 Changes in assets and liabilities 117,888 (28,105 ) Net cash provided by operating activities 751,367 552,003 Cash flows from investing activities Capital expenditures (693,978 ) (559,385 ) Acquisition — (85,714 ) Proceeds from the sale of discontinued operations 3,000 133,560 Available-for-sale securities activities, net (1,175 ) (8,918 ) Other, net 4,009 3,787 Net cash used in investing activities (688,144 ) (516,670 ) Cash flows from financing activities Net decrease in short-term debt (318,143 ) (159,204 ) Proceeds from issuance of long-term debt, net of premium/discount — 125,000 Net proceeds from equity offering 395,092 49,400 Issuance of common stock through stock purchase and employee retirement plans 11,902 16,984 Interest rate agreements cash collateral — 25,670 Cash dividends paid (105,891 ) (95,314 ) Other (1,518 ) — Net cash used in financing activities (18,558 ) (37,464 ) Net increase (decrease) in cash and cash equivalents 44,665 (2,131 ) Cash and cash equivalents at beginning of period 26,409 47,534 Cash and cash equivalents at end of period $ 71,074 $ 45,403 Three Months Ended
March 31 Six Months Ended
March 31 Statistics
2018 2017 2018 2017 Consolidated distribution throughput (MMcf as metered) 179,978 137,669 304,335 248,274 Consolidated pipeline and storage transportation volumes (MMcf) 148,980 131,151 304,085 266,127 Distribution meters in service 3,245,012 3,208,532 3,245,012 3,208,532 Distribution average cost of gas $ 5.42 $ 5.25 $ 5.40 $ 5.28
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006790/en/
Atmos Energy Corporation
Jennifer Hills, 972-855-3729
Source: Atmos Energy Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-atmos-energy-corporation-reports-earnings-for-fiscal-2018-second-quarter-and-six-months-reaffirms-fiscal-2018-guidance.html |
Thinking about buying that oceanfront condominium or ski chalet? If you are shopping for a vacation home, bear in mind that the new tax laws may have an impact on how you choose to pay for that property.
The Tax Cuts and Jobs Act of 2017, passed by Congress in December and effective on Jan. 1, made some significant changes that may affect owners or purchasers of luxury homes.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/want-a-vacation-home-check-the-tax-laws-first-1525878000 |
ROME, May 7 (Reuters) - Former prime minister Silvio Berlusconi’s Forza Italia party cautioned its political allies on Monday against rushing towards an early election in July, saying it would be better to vote in the autumn.
Berlusconi’s main ally, the far-right League, called on Monday for a July ballot after efforts to form a coalition government and end two months of political deadlock failed.
“We are not afraid of an election, but a summer (vote) does not help turnout. Autumn is better,” Forza Italia said in a statement, adding that it needed to discuss the political situation with its partners. (Reporting by Crispian Balmer; Editing by Kevin Liffey)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/italy-politics-berlusconi/italys-berlusconi-cautions-against-july-vote-says-autumn-better-idUSR1N1R501P |
* Investors still interested, group increasingly courted-CEO
* CEO will however not commit to a timetable for a deal
* H1 EBITDA up 6.7 pct (Recasts with CEO comments on potential investors)
By Dominique Vidalon
PARIS, May 24 (Reuters) - Compagnie des Alpes said on Thursday it was still working on a plan to sell a stake to potential investors to speed up its expansion as it posted higher first-half profits.
“The plan is still on the agenda. It is taking longer than expected. We are working on it very seriously,” Chairman and CEO Dominique Marcel told a conference call.
Asked if potential partners, including China’s Fosun , were still interested, he said: “These partners remain interested and we are getting a lot of interest, we are being increasingly courted,”
Marcel would however not commit to a timetable for a deal.
“I am very calm. The company is developing very well, which puts us in the best situation to do a deal.”
Compagnie des Alpes (CDA) operates 11 ski resorts in France and 13 leisure parks in Europe. It wants to expand in high-growth markets such as China, and has been looking for partners.
But talks that started more than two years ago had been put on hold ahead of the May 2017 presidential election in France and were further delayed by the search for a new boss at key shareholder state-owned bank Caisse des Depots, sources have told Reuters.
Fosun, which already controls French holiday group Club Med, told Reuters in July 2017 it was still interested in CDA, where it could take a holding of up to 10 percent.
However, French politicians and local officials in the French Alps had voiced concerns about French regions losing control of ski resorts to foreign companies.
Caisse des Depots (CDC), which is CDA’s main shareholder with a 39.5 percent stake, has said it would stay as the reference shareholder and keep the company anchored in France.
Eric Lombard was named in November as the new head of CDC by French President Emmanuel Macron. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 6.7 percent to 169.8 million euros ($199.35 million) in the six months to March 31, helped by higher sales at the ski operations and theme parks.
The company’s fiscal year runs from October to September.
The ski business, which makes the bulk of group sales, suffered during the first two weeks of April due to a late school holiday calendar and a transport strike in France but went on to recover somewhat for the end of the ski season.
As a result, the group expects growth in sales for the ski division to be slightly higher than 2 percent for full year 2017/18.
$1 = 0.8518 euros Reporting by Dominique Vidalon, Editing by Ingrid Melander and Alexandra Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/cie-des-alpes-results/update-1-compagnie-des-alpes-still-eying-stake-sale-h1-profits-rise-idUSL5N1SV743 |
(Repeats story from Tuesday with no changes to text)
* Noble seeks $3.4 bln debt restructuring to survive
* Dissident shareholder files lawsuit to prevent deal
* Market value falls from more than $11 bln to just $80 mln
By Anshuman Daga and Henning Gloystein
SINGAPORE, May 15 (Reuters) - Just seven years ago, Noble Group was an $11 billion-plus Asian commodity powerhouse, trading everything from soybeans to oil. Now it’s worth barely $80 million, rooted among Singapore’s penny stocks.
Noble has posted huge losses provoked by a lack of trade financing and market calls that went sour, while also whittling down a mountain of debt. On Tuesday, it reported a narrower first-quarter loss than a year ago, although saying its performance was still beset by constraints on liquidity and trade finance.
Shareholder meetings and legal rulings over the next few weeks will decide whether it survives.
Amid accusations of false accounting levelled in 2015 by Iceberg Research, and a legal spat this year, a long slide in investor confidence has seen most of Noble’s market value wiped out. Noble has defended its accounting and is now trying to clinch a last-ditch deal with creditors and shareholders from which - if it succeeds - it will emerge a transformed company.
Noble is seeking approval to halve its $3.4 billion debt in return for handing over 70 percent of equity to senior creditors, mostly a group of hedge funds which calls itself the “Ad Hoc Group”. Under that plan, its headquarters will be in London, not Asia, no longer controlled by founder Richard Elman.
The deal would leave existing shareholders with just 15 percent equity in a company that has seen its share price fall from a peak of S$17.6 Singapore dollar ($13.18) in 2011 to below S$0.1.
Despite its woes, Noble has so far defied talk of its demise. But to keep going, Noble needs a majority of its shareholders to approve the restructuring - a vote on the proposal is expected in June.
GOLDILOCKS, BEARS Scared by the prospect of total loss and lack of any alternate plan, the proposal could get enough support, company sources say.
Founder Elman, still Noble’s biggest shareholder with a stake of nearly 18 percent, would be given a board seat in the new firm.
Noble chairman Paul Brough, a restructuring and liquidation expert, has urged shareholders to support the deal, threatening a failure would result in insolvency and bankruptcy.
But leading the resistance is Abu Dhabi-based Goldilocks Investment Co. Ltd, which holds 8.1 percent in Noble. Goldilocks has filed complaints and lawsuits against the restructuring plans, arguing they protect creditors at the expense of shareholders.
Goldilocks is Noble’s third-biggest shareholder after Elman and China Investment Corp, which has a 9.5 percent stake.
It’s not just shareholders who are unhappy, though.
One of Noble’s business partners, Indonesian coal miner PT Atlas Resources, has also filed lawsuit against Noble and its chief executive William James Randall, alleging it was given false information related to asset sales.
Shipping Indonesian coal to buyers in Asia is the biggest remaining business at Noble, which has said it plans to resist any and all allegations or claims made against it.
‘NIMBLE AND MOTIVATED’ In its glory days, Noble employed hundreds of traders, with ambitions to rival global rivals like Glencore.
But with its market value a shadow of what it once was, and billions in debt, Noble has struggled to remain active. Instead of trading itself out of trouble, it was forced to sell off its core businesses, including oil and gas, to competitors Vitol and Mercuria.
This, as well as some bad trading calls, meant Noble booked a whopping $5 billion loss in 2017 - despite a broad commodity market recovery.
As a result, Noble was unable to join a share-price rally enjoyed by rival miners and traders like Glencore or Whitehaven Coal.
For now, Noble fights on, seeking to make the best of its new look.
Earlier in May, its gave a market presentation at a major coal trading event in Bali at which it described itself as “small, but nimble and motivated”. ($1 = 1.3352 Singapore dollars)
Reporting by Anshuman Daga and Henning Gloystein; Editing by Kenneth Maxwell and Tom Hogue
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/noble-group-debt/rpt-explainer-from-11-bln-trading-titan-to-penny-stock-noble-group-faces-crunch-as-creditors-investors-circle-idUSL3N1SN1IV |
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.
CINCINNATI, May 15, 2018 (GLOBE NEWSWIRE) -- Protech Home Medical Corp. (the “ Company ”) (TSXV:PHM), a healthcare services company with operations in the U.S., today announced its second quarter financial results and operational highlights.
Financial highlights from the second fiscal quarter ending March 31, 2018:
Revenue for the quarter ended March 31, 2018 on target with guidance at $18,724,000 Adjusted EBITDA exceeded guidance at $2,244,000 for the quarter; a 12% Adjusted EBITDA margin Cash increased in the quarter to $3,964,000; an increase of 30% compared to 2018 Q1 Trade Payables decreased by almost $1,000,000; a decrease of 11% compared to 2018 Q1
Operational highlights from the second fiscal quarter ending March 31, 2018:
Increased the number of resupply set-ups or deliveries from 7,562 in 2017 Q2 to 10,067 in the current quarter, an increase of more than 33% Achieved 5% - 10% organic growth on higher margin respiratory product lines Fulfilled over 122,000 orders across our national distribution platform
The interim financial statements of the Company for the three and six months ended March 31, 2018 and 2017 and accompanying Management's Discussion & Analysis (MD&A) are available at www.sedar.com .
“I’m very pleased with our second quarter financial results,” said CEO and Chairman Greg Crawford. “I’m confident we can continue our trend of increasing profits and EBITDA margins as we’ve done now in two consecutive quarters. We had great cash flow this quarter and expect our balance sheet to continue to improve in the third quarter from our operational initiatives.”
“We will be holding our quarterly conference call this afternoon,” continued Mr. Crawford. “Not only will we review the financial and operational progress, we will also discuss our upcoming meetings with institutional investors. As we continue to demonstrate reliable and consistent financial success, I believe we will become an increasingly attractive company to institutional and retail investors.”
ABOUT PROTECH HOME MEDICAL CORP.
The Company provides in-home monitoring and disease management services for patients in the United States healthcare market. It seeks to continue to expand its offerings to include the management of several chronic disease states focusing on patients with heart or pulmonary disease, sleep disorders, reduced mobility and other chronic health conditions. The initial service line includes in-home monitoring equipment, supplies and services to patients in the U.S. who take prescription blood thinners, such as Coumadin® (warfarin).
The primary business objective of the Company is to create shareholder value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. The Company’s organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient’s services and making life easier for the patient.
Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Company, including the Company continuing its trend of increasing profits and EBITDA margins; the Company expecting its balance sheet to continue to improve in the third quarter from our operational initiatives; and the Company becoming an increasingly attractive company to institutional and retail investors ; are intended to identify forward-looking information . All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions, including, without limitation: the Company’s ability to maintain/slightly increase its collections ratios; the Company maintaining its gross margins and maintaining its revenue growth; and the Company maintaining its selling, general and administrative expenses. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Examples of such risk factors include, without limitation: credit; market (including equity, commodity, foreign exchange and interest rate); liquidity; operational (including technology and infrastructure); reputational; insurance; strategic; regulatory; legal; environmental; capital adequacy; the general business and economic conditions in the regions in which the Company operates; the ability of the Company to execute on key priorities, including the successful completion of acquisitions, business retention, and strategic plans and to attract, develop and retain key executives; difficulty integrating newly acquired businesses; the ability to implement business strategies and pursue business opportunities; low profit market segments; disruptions in or attacks (including cyber-attacks) on the Company's information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which the Company is exposed; the failure of third parties to comply with their obligations to the Company or its affiliates; the impact of new and changes to, or application of, current laws and regulations; decline of reimbursement rates; dependence on few payors; possible new drug discoveries; a novel business model; dependence on key suppliers; granting of permits and licenses in a highly regulated business; the overall difficult litigation environment, including in the U.S.; increased competition; changes in foreign currency rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the availability of funds and resources to pursue operations; critical accounting estimates and changes to accounting standards, policies, and methods used by the Company; and the occurrence of natural and unnatural catastrophic events and claims resulting from such events; as well as those risk factors discussed or referred to in the Company’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com . Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
Non-GAAP Measures
This press release refers to “Adjusted EBITDA” which is a non-GAAP and non-IFRS financial measure that does not have a standardized meaning prescribed by GAAP or IFRS. The Company’s presentation of this financial measure may not be comparable to similarly titled measures used by other companies. This financial measure is intended to provide additional information to investors concerning the Company’s performance. Adjusted EBITDA is defined as EBITDA excluding stock based compensation and gains/losses on financial derivatives. Adjusted EBITDA is a Non-IFRS measure the Company uses as an indicator of financial health, and excludes several items which may be useful in the consideration of the financial condition of the Company, including interest expense, taxes, depreciation, amortization, stock based compensation, good will impairment and gain/losses on financial derivatives. The following table shows our Non-IFRS measure (Adjusted EBITDA) reconciled to our net income for the indicated periods:
3 Months Ended March 31, 2018 Net Income $ (3,822) Add back: Depreciation and amortization 4,045 Interest expense (net of interest income) 611 Provision (recovery) for income taxes 90 EBITDA $ 924 Stock-based compensation 1,225 Gain on disposal of business 194 Gain on financial derivatives (99) Adjusted EBITDA $ 2,244 Management uses these non-GAAP measures as key metrics in the evaluation of the Company’s performance and the consolidated financial results. The Company believes these non-GAAP measures are useful to investors in their assessment of the operating performance and the valuation of the Company. In addition, these non-GAAP measures address questions the Company routinely receives from analysts and investors and, in order to assure that all investors have access to similar data, the Company has determined that it is appropriate to make this data available to all investors. However, non-GAAP financial measures are not prepared in accordance with GAAP, and the information is not necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please visit our website at www.protechhomemedical.com , or contact:
Hardik Mehta
Chief Financial Officer
Protech Home Medical Corp.
859-300-6455
[email protected]
Source:Protech Home Medical Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-protech-home-medical-releases-second-quarter-financial-results.html |
Higher rates, faster inflation and a rougher time for stocks are ahead: CNBC Fed Survey
The CNBC Fed Survey sees an 86 percent chance that the Fed will hike in June. Respondents raised their CPI forecasts with year-over-year inflation now forecast to hit 2.45 percent this year. For the second survey in a row, respondents lowered their outlook for stocks for both this year and next. Steve Liesman | @steveliesman
The outlook for inflation — and for Fed rate hikes to counter the threat — continues to push higher.
The CNBC Fed Survey sees little chance for a hike at May's two-day meeting, which begins Tuesday, but an 86 percent chance that the Fed will hike in June.
The 37 respondents to the survey — economists, fund managers and strategists — are split over whether the Fed will hike an additional two or three times after June. About 46 percent of respondents see two more in 2018 and the same percentage see three.
"Strong economic momentum and accelerating price and wage gains should lead to three more Fed rate hikes this year,'' Kathy Bostjancic, head of U.S. macro investor services at Oxford Economics USA, wrote in response to the survey.
For 2019, the median is for two hikes, but most of the risk looks to be with more rates rises. Forty-three percent forecast either three or four hikes next year.
In the past year, the median outlook for the Fed's top rate in this hiking cycle has risen by nearly 60 basis points to 3.24 percent. The Fed is forecast to hit its so-called terminal rate in the third quarter of next year.
"With inflation firming and the economy likely to regain speed, the Fed has no reason to fight the market," wrote Lynn Reaser, chief economist, Point Loma Nazarene University. "Look for a steady diet of a rate hike each quarter."
Inflation outlook
The outlook for inflation continues to rise, with respondents raising their consumer price index forecasts in this survey and in four of the past five surveys. Year-over-year inflation is forecast to hit 2.45 percent this year, up from a 2.14 percent low forecast last July for 2018.
After a weak first quarter, respondents shaved their outlook a bit for 2018 GDP to 2.7 percent but raised it to 2.8 percent for next year. The probability of recession in the next 12 months remains low at 16.5 percent, though up a bit from earlier this year. Higher interest rates are viewed as the second biggest threat to the economic expansion, behind protectionism.
The growth outlook hinges significantly on whether tax cuts do their job and stimulate growth. And respondents disagree.
"The long-term positive effects of tax reform and less extreme regulation is not being given the merit it deserves," wrote Richard I. Sichel, senior investment strategist at Philadelphia Trust.
But Robert Brusca, chief economist at Fact and Opinion Economics, counters: "I think tax cuts and fiscal stimulus will be the big disappointments of 2018-2019. It will leave Fed policy as too aggressive."
Diane Swonk, chief economist at Grant Thornton, notes how the Fed and fiscal policy are working, seemingly, at cross purposes. "The Fed is attempting to water down the punch and even take a few glasses away, while the administration and Congress are sneaking flasks of grain alcohol into the school dance to spike the punch," Swonk said. "Tensions between the Fed and the rest of Washington will intensify."
More than two-thirds of respondents say the benefits of tax cuts for the U.S. economy will outweigh the drag from higher interest rates, and a similar percentage say the flattening yield curve does not signal a recession. As for the reasons for higher rates, respondents give almost equal weight to all the major factors: the fed, higher inflation concerns, faster growth and bigger deficits.
"The spread between the 2-year and 10-year Treasury is now the tightest it's been since 2007," said Rob Morgan, chief investment officer at Sethi: "The flattening yield curve in 2007 was a harbinger of the Great Recession of 2008. Scary stuff."
Stock outlook lowered
For the second survey in a row, respondents lowered their outlook for stocks for both this year and next. This follows a string of eight-straight increases earlier this year peaking in January. The current outlook for the S&P 500 at 2,787 for the end of this year is now 150 points, or 5 percent, below the outlook in January. But respondents still see stocks rising 7.5 percent from current levels to 2,879 by the end of 2019. Most see the recent volatility as a healthy part of the economic cycle and say it hasn't changed their view of stocks.
"It is no coincidence that a market correction and jump in volatility is happening as the Fed gets deeper into its tightening. It happens just about every time,'' said Peter Boockvar, chief investment officer at Bleakley Advisory Group.
For more information contact:
Jennifer Dauble
CNBC
t: 201.735.4721
m: 201.615.2787
e: [email protected]
Emma Martin
CNBC
t: 201.735.4713
m: 551.275.6221
e: [email protected]
About CNBC:
With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, and CNBC World, CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to more than 409 million homes worldwide, including more than 91 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries.
CNBC Digital delivers more than 50 million multi-platform unique visitors each month. CNBC.com provides real-time financial market news and information to CNBC's investor audience. CNBC Make It is a digital destination focused on making you smarter about how you earn, save and spend your money by zeroing in on careers, leadership, entrepreneurship and personal finance.
CNBC has a vast portfolio of digital products across a variety of platforms including: CNBC.com; CNBC PRO, the premium, integrated desktop/mobile service that provides live access to CNBC programming, exclusive video content and global market data and analysis; a suite of CNBC mobile products including the CNBC Apps for iOS, Android and Windows devices; and additional products such as the CNBC App for the Apple Watch and Apple TV.
Members of the media can receive more information about CNBC and its programming on the NBCUniversal Media Village Web site at http://www.nbcumv.com/programming/cnbc .
For more information about NBCUniversal, please visit http://www.NBCUniversal.com . | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/cnbc-fed-survey-cnbcs-steve-liesman-higher-rates-faster-inflation-and-a-rougher-time-for-stocks-are-ahead.html |
BEIRUT (Reuters) - The Iran-backed Hezbollah aims to move beyond its traditional backseat role by assuming more influence in Lebanon’s next government to help it counter an escalating U.S. campaign against Tehran and its regional ascendancy.
Lebanon's outgoing Prime Minister Saad al-Hariri meets Islamic orphans in Beirut, Lebanon May 23, 2018. REUTERS/Dalati Nohra/Handout via REUTERS A parliamentary majority for the Shi'ite Muslim Hezbollah and its allies is expected to be reflected in a new coalition government that Western-backed Saad al-Hariri will now try to form, weakened by the loss of more than a third of his MPs.(Graphic on Lebanon's new assembly - tmsnrt.rs/2IsdkeT )
The May 6 election underlined how Lebanon’s political landscape has tilted in Hezbollah’s favour in recent years, and is part of a bigger picture of expanding Iranian influence that Washington wants to counter.
“Hezbollah will strengthen its presence more than at any previous time,” a senior Lebanese official familiar with the group’s thinking told Reuters. “Now it has two ministers. It will have three - and three party members, known leaders - as clear as the sun. Shi’ites,” the senior official said.
The group, which has to date held only marginal cabinet posts, is also seeking more significant service-providing ministries in the new cabinet, according to the official and other sources familiar with Hezbollah thinking.
Any expansion of Hezbollah’s role in government could pose new questions for Western policy in Lebanon.
The country has been a big recipient of aid to help it cope with 1 million Syrian refugees on its soil, and its military has been armed and trained by the United States, which deems Hezbollah a terrorist group.
Analysts expect the new government to expand ties with the Hezbollah-allied Syrian government that is shunned by the West.
That would further erode Lebanon’s stated policy of regional neutrality that Beirut has claimed to uphold even with Hezbollah fighting in support of Syrian President Bashar al-Assad.
The U.S. administration has made Hezbollah a target of its new policy to counter Iran after pulling out of the Iranian nuclear deal, a move welcomed by U.S. allies such as Saudi Arabia that view Iran and Hezbollah as a regional threat.
While Hezbollah’s arsenal has long made it the most powerful group in Lebanon, it has always limited its role in state institutions that are divided out among sectarian groups.
Hezbollah has in the past foregone some of the ministries to which it was entitled and ceded them to allies, the senior official said. This election marks a break with that approach, the official said, though Hezbollah is not seeking to dominate.
In the outgoing government, it held the ministries of youth and sport, and industry. A second senior source familiar with Hezbollah’s thinking said the group was eyeing the ministries of public works, health, social affairs or telecoms.
These service-providing ministries could boost Hezbollah’s political capital, analysts say.
In addition, Hezbollah believes one of its Sunni Muslim allies should be assigned a ministry to reflect gains they made at Hariri’s expense in the election, the sources say.
Hezbollah is not seeking any of the so-called “sovereign” ministries - finance, interior, defence and foreign affairs. But it wants the finance ministry to remain with its close ally, the Shi’ite Amal Movement, the senior official said.
U.S. SAYS LEBANON’S POWER BALANCE NOT GOOD Hezbollah, groups and individuals that support its possession of arms won at least 70 of parliament’s 128 seats in the election. That was a reversal of Lebanon’s last general election in 2009, when an anti-Hezbollah coalition led by Hariri and backed by Saudi Arabia won the majority.
Hariri’s “March 14” coalition disintegrated after 2009. Saudi Arabia has turned its focus to countering Iran in other parts of the region since then, leaving Hariri weaker.
The collapse of his Saudi-based construction business hit the finances that had supported his Future Movement.
U.S. Secretary of State Mike Pompeo said this week that
Iran must end its support for Hezbollah as one of Washington’s conditions for Tehran to avoid tough new sanctions.
Speaking to the U.S. House Foreign Affairs Committee on Wednesday, Pompeo said there were “certainly changes” in Lebanon’s election but Washington assessed the “overall balance of power won’t be materially changed as an outcome of that”.
“That’s good and bad. The existing balance of power is not a good one in its own right,” he said.
He added that Washington should review its assistance, including to the Lebanese army, “to make sure that we’re using American taxpayers’ dollars right, and supporting the groups that can most likely achieve our outcome there”.
The U.S. administration has issued new financial sanctions targeting the leadership of Hezbollah, which was set up by Iran’s Revolutionary Guards in 1982.
Lebanon’s government has previously lobbied Washington to avoid sanctions that would hit its banking system as a whole.
Hariri has said the new sanctions may accelerate the formation of the new government.
But analysts see a tough time ahead in the cabinet talks, noting parliamentary gains by the staunchly anti-Hezbollah Lebanese Forces, which roughly doubled their representation to 15 MPs and wants a bigger slice of cabinet.
“It’s difficult to see this process wrapped up quickly,” Mohanad Hage Ali of the Carnegie Middle East Center said.
Lebanon's Finance Minister Ali Hassan Khalil takes photos of the parliamentary re-elected speaker Nabih Berri with outgoing Prime Minister Saad al-Hariri at the parliament in Beirut, Lebanon May 23, 2018. Lebanese Parliament/Handout via REUTERS Additional reporting by Angus McDowall and Ellen Francis; editing by Mark Heinrich
| ashraq/financial-news-articles | https://in.reuters.com/article/lebanon-election-hezbollah/hezbollah-eyes-bigger-role-in-next-lebanon-government-idINKCN1IO316 |
May 11 (Reuters) - Euronav NV:
* GENER8 MARITIME - CO’S CURRENT DIRECTORS, 1 FORMER DIRECTOR, EURONAV ENTERED INTO MOU WITH PLAINTIFFS OF 2 LAWSUITS TO SETTLE ACTIONS OF THE LAWSUITS
* GENER8 MARITIME SAYS PLAINTIFFS OF THE 2 LAWSUITS "CHALLENGE" CO'S PROPOSED MERGER WITH EURONAV Source text: ( bit.ly/2wEwXfc ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-gener8-maritime-plaintiffs-of-two/brief-gener8-maritime-plaintiffs-of-two-lawsuits-challenge-cos-proposed-merger-with-euronav-idUSFWN1SI1GH |
BoE to wait out soft data as eyes next rate rise 9:32pm IST - 01:48
The Bank of England held interest rates steady on Thursday and said weak growth during a snowy start to 2018 was likely to be temporary, but it wanted to be sure the economy was picking up in coming months before raising borrowing costs. David Pollard reports.
The Bank of England held interest rates steady on Thursday and said weak growth during a snowy start to 2018 was likely to be temporary, but it wanted to be sure the economy was picking up in coming months before raising borrowing costs. David Pollard reports. //reut.rs/2KSqXCA | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/10/boe-to-wait-out-soft-data-as-eyes-next-r?videoId=425615390 |
* U.S., China drop tariff threats amid work on wider agreement
* Oil markets tight amid OPEC-cuts, looming U.S. sanctions vs Iran
* Plunging output in Venezuela also a market concern
* But surge in U.S. production counters supply shortfalls
By Henning Gloystein
SINGAPORE, May 21 (Reuters) - Oil prices rose on Monday, lifted by news that China and the United States had put a looming trade war between the world’s two biggest economies “on hold”.
Brent crude futures were at $78.87 per barrel at 0045 GMT, up 36 cents, or 0.5 percent, from their last close. Brent broke through $80 for the first time since November 2014 last week.
U.S. West Texas Intermediate (WTI) crude futures were at $71.68 a barrel, up 40 cents, or 0.6 percent, from their last settlement.
The U.S. trade war with China is “on hold” after the world’s largest economies agreed to drop their tariff threats while they work on a wider trade agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday, giving global markets a lift in early trading on Monday.
“The U.S. and China agreeing to no trade war will be positive for oil prices given that the possibility of a full-out trade war would have dealt a significant blow to global growth,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.
However, crude prices were some way off the November 2014 highs reached last week as many traders and analysts say there is enough supply to meet demand despite ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC), plunging output in crisis-struck Venezuela and looming U.S. sanctions against major oil producer Iran.
“Without a further escalation in geopolitical risk, oil might be due a pullback,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
BP’s Chief Executive Bob Dudley told Reuters he expected a flood of U.S. shale and a possible reopening of OPEC taps to cool oil markets after crude rose above $80 a barrel last week.
Dudley said he saw oil prices falling to between $50 and $65 a barrel due to surging shale output and OPEC’s capacity to boost production to replace potential falls in Iranian supplies due to sanctions.
The U.S. oil rig count, an early indicator of future output, was at 844, according to energy services firm Baker Hughes. That was the same count as the week before, which marked the highest level since March 2015.
Reporting by Henning Gloystein Editing by Joseph Radford
| ashraq/financial-news-articles | https://www.reuters.com/article/global-oil/oil-prices-rise-with-global-markets-after-china-us-put-trade-war-on-hold-idUSL3N1SS08K |
SAO PAULO (Reuters) - Singapore’s sovereign wealth fund GIC is investing 100 million reais ($27.9 million) in Brazilian gym chain Smartfit Escola de Ginastica e Dança SA ( SMFT3.SA ), Smartfit said in a securities filing.
FILE PHOTO: The logo for Singapore sovereign wealth fund GIC Pte Ltd, is seen on a building in Singapore July 6, 2017. Picture taken July 6, 2017. REUTERS/Darren Whiteside Smartfit did not disclose in the filing the size of the stake GIC’s GIC Special Investments Pte Ltd had acquired in the company.
With stores in Brazil, Mexico, Chile, Peru and the Dominican Republic, Smartfit has among its shareholders the Brazilian family Corona and investment firm Pátria Investimentos Ltda, which has a partnership with U.S. buyout firm Blackstone Group LP ( BX.N ).
Smartfit, Pátria and GIC did not immediately comment on the matter.
Reporting by Alberto Alerigi; Writing by Carolina Mandl; Editing by Susan Thomas
| ashraq/financial-news-articles | https://www.reuters.com/article/us-gic-special-smartfit-escola/singapores-gic-buys-stake-in-brazilian-gym-chain-smartfit-idUSKCN1IF1U6 |
May 1, 2018 / 5:35 PM / Updated an hour ago Cricket: Pakistan's Mohammad Hafeez cleared to resume bowling in internationals Reuters Staff 2 Min Read
(Reuters) - Pakistan off-spinner Mohammad Hafeez has been cleared to resume bowling in international cricket after his action was deemed to be legal by the International Cricket Council (ICC) following reassessment, the sport’s governing body said on Tuesday. Britain Cricket - Pakistan v South Africa - 2017 ICC Champions Trophy Group B - Edgbaston - June 7, 2017 Pakistan's Mohammad Hafeez celebrates taking the wicket of South Africa's Quinton de Kock (not pictured) Action Images via Reuters / Andrew Boyers Livepic
Hafeez, 37, was suspended last November after match officials reported him for a suspected illegal bowling action in October’s one-day international against Sri Lanka.
“Hafeez underwent a re-assessment of his bowling action... where it was revealed that the amount of elbow extension in his bowling action was within the 15-degree level of tolerance permitted under the ICC Illegal Bowling Regulations,” the ICC said in a statement.
The sport’s governing body said that Hafeez had undergone remedial work prior to the re-assessment and videos and images of his corrected action will be provided to match officials in future games.
The images are provided to help officials ensure that Hafeez does not revert back to his illegal bowling action in the future.
Hafeez had been suspended on two previous occasions for the same offence and served a 12-month ban from July 2015 after his action was found to be illegal for the second time in a two-year period.
Meanwhile, West Indies paceman Ronsford Beaton has been suspended from bowling in international cricket after the ICC found his action to be illegal.
The 25-year-old could be allowed to play domestic matches in the Caribbean with the consent of the nation’s cricket board Cricket West Indies (CWI). Reporting by Aditi Prakash in Bengaluru; Editing by Toby Davis | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-pakistan-hafeez/cricket-pakistans-mohammad-hafeez-cleared-to-resume-bowling-in-internationals-idINKBN1I2438 |
Vladimir Putin Says He Will Step Down as Russia's President in 2024 Photograph by Getty Images By Emily Price 3:47 PM EDT
Russian President Vladimir Putin announced on Friday that he will step down after his term expires in 2024 to comply with the country’s constitution, which prohibits anyone from serving more than two consecutive terms.
Putin made the remarks during an economic forum in St. Petersburg that was also broadcast on state TV. While the comments aren’t exactly surprising given the law, they don’t guarantee that he will relinquish power in six years, Reuters notes .
Putin previously served two consecutive six-year terms as president before stepping down in 2008, when he then become prime minister for four years before returning to the presidency. He could do the same in 2024, and then return to the presidency.
In 2024, Putin will be Russia’s longest-serving leader since Josef Stalin, who led the Soviet Union from 1929 until his death in 1953. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/25/vladimir-putin-says-he-will-step-down-as-russias-president-in-2024/ |
divestment@ (Adds quote from CalSTRS' investment committee chair; updates with Walmart firearms policy)
May 9 (Reuters) - The California State Teachers' Retirement System decided on Wednesday to publicly engage retailers of military-style assault weapons in the wake of public outcry over mass shootings, as opposed to immediately reducing investments in these companies.
The decision by the nations second largest pension fund came after California State Treasurer John Chiang urged CalSTRS to use "the power of its purse strings" and "deny weapons of mass carnage to another killer stalking our innocent loved ones."
The pension fund has already divested from firearms manufacturers, but the board said that with retailers, it preferred to take a high-profile engagement strategy.
The plan calls for the fund to hire two new positions devoted to actively engaging retailers. It allows the board to reconsider divestment if it "fails to achieve an acceptable outcome," but did not specify what would be considered unsuccessful engagement.
The plan would prioritize "a public communication plan to highlight areas of firearm concern and applaud responsive companies."
Unlike other CalSTRS engagements, where our staff practices quiet diplomacy, this plan advances a more public approach, to leverage the public pressure that has been mounting in this country in response to recent tragic gun violence, said Harry Keiley, CalSTRS' Investment Committee Chair. We encourage other institutional investors to consider conducting similar activities.
CalSTRS' decision follows a vote by the California Public Employees' Retirement System board in March to not divest in assault rifle retailers and wholesalers, saying the move would do little to reduce gun violence.
Both proposals were pushed by Chiang, who is running for governor of California.
CalSTRS', in documents discussed on Wednesday, noted exposure to retailers and wholesalers of assault-style rifles exceeds $420 million, the majority of it passively held in an investment in Walmart Inc.
However, two weeks after February's mass shooting at Marjory Stoneman Douglas High School in Florida, Walmart amended its firearms sales policy by raising the minimum age for purchasing firearms and ammunition to 21 years. Walmart ended sales of modern sporting rifles, including the AR-15, in 2015, the company said in a February statement. It doesn't sell handguns, except in Alaska.
The CalSTRS board on Wednesday listened to statements from about a dozen members of the public, including teachers, parents, and family members of victims of mass shootings, who called on the board "to be an agent of change" by supporting divestment.
In 2013, CalSTRS divested from publicly traded companies that manufactured firearms after the mass shooting at Sandy Hook Elementary School.
Following the massacre at Marjory Stoneman Douglas High School, weapon manufacturers, too, have been under increasing scrutiny to acknowledge a growing public discourse over weapon sales to the public.
Sturm Ruger & Co executives said on Wednesday a majority of investors backed a shareholder resolution calling for the company to produce a safety report, a rare rebuke to management and the first time in memory such as resolution passed at a publicly traded gunmaker.
The pension fund's total portfolio reached $222.5 billion as of March 31.
(Reporting by Robin Respaut in San Francisco; Editing by Daniel Bases and David Gregorio) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/reuters-america-update-1-calstrs-opts-to-engage-assault-weapon-retailers-not-immediate-divestment.html |
ZURICH, May 18 (Reuters) - Luxury goods group Richemont said on Friday it could target strategic investments and divestments after organic sales rose 8 percent in constant currency terms in its fiscal year to March, helped by buoyant jewellery sales.
“Our long-term approach does not preclude us from targeting strategic investments and divestments, as we have demonstrated over the past year,” the maker of Cartier jewellery and IWC watches said in a statement on Friday.
Net profit rose 1 percent to 1.221 billion euros ($1.44 billion), well below a 1.719 billion forecast in a Reuters poll of analysts, partly due to inventory buy-backs of watches of 203 million euros in 2017/18. ($1 = 0.8468 euros) (Reporting by Silke Koltrowitz; editing by Brenna Hughes Neghaiwi)
| ashraq/financial-news-articles | https://www.reuters.com/article/richemont-results/richemont-says-could-do-more-ma-net-profit-misses-poll-idUSFWN1SP08L |
May 1 (Reuters) - Mitek Systems Inc:
* MITEK REPORTS RECORD SECOND QUARTER REVENUE, UP 25% YEAR OVER YEAR RAISES FULL YEAR REVENUE GUIDANCE
* Q2 NON-GAAP EARNINGS PER SHARE $0.06
* Q2 GAAP LOSS PER SHARE $0.03 * Q2 REVENUE $14.3 MILLION VERSUS I/B/E/S VIEW $13.4 MILLION
* SEES FY REVENUE $59 MILLION TO $60 MILLION * Q2 EARNINGS PER SHARE VIEW $0.04 — THOMSON REUTERS I/B/E/S
* CONTINUES TO EXPECT TO GENERATE A NON-GAAP PROFIT MARGIN OF APPROXIMATELY 19% TO 20% FOR FISCAL 2018
* FY2018 EARNINGS PER SHARE VIEW $0.30, REVENUE VIEW $57.8 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mitek-systems-raises-fy-revenue-gu/brief-mitek-systems-raises-fy-revenue-guidance-to-59-million-to-60-million-idUSL8N1S85UT |
BRUSSELS, May 15 (Reuters) - Euro zone economic growth slowed in the first three months of the year and industrial output in March was weaker than expected, data from the European Union’s statistics office Eurostat showed on Tuesday.
Eurostat confirmed its earlier preliminary flash estimate that gross domestic product in the 19 countries that share the euro rose 0.4 percent quarter on quarter in the January-March period slowing from 0.7 percent in the previous quarters.
Year-on-year, euro zone GDP grew 2.5 percent, in line with the preliminary estimate and down from 2.8 percent in the fourth quarter of 2017 and 2.7 percent in the third quarter.
Eurostat also said that industrial production rose 0.5 percent month-on-month in March, falling short of market expectations of a 0.7 percent rise. Year-on-year, production increased 3.0 percent in March against expectations of a rise of 3.7 percent.
February output numbers were revised down as well to -0.9 percent month-on-month from -0.8 and to 2.6 percent year-on-year from 2.9 percent. (Reporting By Jan Strupczewski; editing by Philip Blenkinsop)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-economy-gdp/euro-zone-q1-slowdown-confirmed-march-output-weaker-than-expected-idUSL5N1SM3OM |
David A. Grogan | CNBC Marcelo Claure speaking at eMerge Americas in Miami on June 12, 2017.
Sprint announced on Wednesday that its Board of Directors appointed CFO Michel Combes to the role of CEO. Acting CEO Marcelo Claure will fill the role of executive chairman at Sprint, as well as new roles at SoftBank .
Claure and Combes are expected to assume their new roles on or before May 31. In the meantime, they will collaborate on Sprint's planned merger with T-Mobile .
"Marcelo has...positioned Sprint as a leader in the race to 5G, which promises to revolutionize the communications industry. He will continue to guide Sprint's strategy and momentum as Executive Chairman through a successful closing with T-Mobile," Masayoshi Son, chairman and CEO of SoftBank Group said in a statement.
At SoftBank, Claure will assume the roles of COO at SoftBank Group and CEO at SoftBank Group International. There, he will continue to oversee SoftBank's investment in Sprint and the combined Sprint-T-Mobile company, should the merger be approved.
Claure's responsibilities will include facilitating collaboration between Sprint and SoftBank's portfolio companies in IoT, automation and artificial intelligence - areas in which SoftBank is investing and that the proposed Sprint-T-Mobile company will target as it moves to develop 5G.
Sprint has begun searching for an executive to fill the CFO position that will be left vacant after Combes assumes his new position.
Shares of Sprint jumped 1.35 percent after the announcement.
This story is developing. Please check back for updates. Chloe Aiello News Associate for CNBC.com Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/sprint-appoints-michel-combes-as-ceo.html |
May 31, 2018 / 3:34 PM / Updated 13 minutes ago Eleven killed in Nicaragua protests, including attack on Mother's Day march Oswaldo Rivas 2 Min Read
MANAGUA (Reuters) - Eleven people were killed on Wednesday in one of the worst days of violence since protests against Nicaraguan President Daniel Ortega began more than a month ago, a rights group said on Thursday. Demonstrators stand behind a barricade during a protest against Nicaragua's President Daniel Ortega's government in Managua, Nicaragua May 30, 2018. REUTERS/Oswaldo Rivas
The bloodshed was condemned by the Central American country’s Episcopal conference of Catholic bishops, who called it “organized and systematic aggression” and suspended talks with the government scheduled for Thursday.
Witnesses said pro-government armed groups opened fire on the marchers during a demonstration on Wednesday, Nicaragua’s Mother’s Day. The march was held to remember the children who were among the more than 80 killed since the start of protests more than a month ago.
The Nicaraguan Human Rights Center said six people were killed in the capital of Managua, with five others killed in other parts of the country and 79 injured. The army said it was treating some of the injured.
The European Parliament on Thursday condemned what it called “brutal repression” in Nicaragua and called for elections to be held earlier, echoing other calls for Ortega make the 2021 presidential election earlier.
In a letter to Ortega published on Twitter, business association COSEP urged the 72-year-old president to push up the vote to a date agreed between the government and civilian representatives.
“Given the magnitude of this crisis, we urge you to undertake every effort in your power to find a peaceful solution before we find ourselves immersed in an even more tragic situation,” the letter said.
Ortega told supporters that Nicaragua “is not private property” in response to the COSEP demand, local newspaper La Prensa reported.
Proposed changes to Nicaragua’s social security system last month triggered the student-led protests. Additional reporting by Delphine Schrank and Tomas Bravo in Mexico City; Editing by Frank Jack Daniel and Jeffrey Benkoe | ashraq/financial-news-articles | https://www.reuters.com/article/us-nicaragua-protests/eleven-killed-in-nicaragua-protests-including-attack-on-mothers-day-march-idUSKCN1IW27E |
May 14 (Reuters) - Mazor Robotics Ltd:
* Q1 REVENUE $15.5 MILLION * Q1 NON-GAAP EARNINGS PER SHARE $0.01
* Q1 LOSS PER SHARE $0.02 * Q1 REVENUE ROSE 32 PERCENT TO $15.5 MILLION Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-mazor-robotics-q1-revenue-rose-32/brief-mazor-robotics-q1-revenue-rose-32-percent-to-15-5-mln-idUSL5N1SL2BF |
SANTIAGO, May 22 (Reuters) - President Sebastian Pinera will meet Amazon Web Services Vice President Teresa Carlson on Wednesday, three government sources told Reuters on Tuesday, as the company eyes expansion in Latin America.
Amazon.com Inc aims to expand cloud computing operations in Latin America and has already opened offices in Brazil, Chile, Colombia and Mexico. Carlson, who is vice president, worldwide public sector, visited Argentina this week after the company opened an office in Buenos Aires last month. (Reporting by Antonio de la Jara, writing by Dave Sherwood Editing by Susan Thomas)
| ashraq/financial-news-articles | https://www.reuters.com/article/chile-amazoncom/chiles-president-pinera-to-meet-vp-amazon-web-services-sources-idUSC0N1OX007 |
* Sentiment slightly positive following optimistic budget
* Commonwealth Bank drags on Australian index
* Fletcher Building biggest drag on New Zealand
By Ambar Warrick
May 9 (Reuters) - Australian shares were flat on Wednesday as broad-based gains after a well-received government budget were offset when the country’s largest bank fell on a weak earnings statement.
The S&P/ASX 200 index fell 0.05 percent or 3.2 points to 6,090.4 by 0231 GMT after a marginal rise on Tuesday.
Australia’s government said it would return the budget to a small surplus in 2019/20, a year earlier than planned.
It also unveiled some big spending measures, including an income tax cut for low and middle-level earners, along with a substantial infrastructure and health care push.
The improved budgetary position was welcomed by the two biggest ratings agencies - Standard & Poor’s Global and Moody’s Investors Service.
“The impulse lifting the market today is the federal budget. The market is appearing to respond positively in a mild way to the reform of income tax and the increase in infrastructure spend,” said Michael McCarthy, chief market strategist at CMC Markets.
Material stocks led gains, with the sector index rising about 0.6 percent. Building materials maker James Hardie Industries PLC and plastics maker Amcor Ltd rose about 1 percent each.
Metal miners were also higher, with index heavyweight BHP Billiton rising about 1 percent.
Chinese steelmaking materials such as iron ore and coking coal saw stronger prices overnight, while some base metal prices also firmed. An uptick in metal prices implies stronger sales revenue for miners of metals.
But losses in Commonwealth Bank, Australia’s largest lender, single-handedly dragged down the index.
Its stock fell as much as 3.4 percent to the lowest since November 2016 after its third-quarter cash profit fell 2 percent.
“(Earnings) are a slight disappointment. An increase in expenses and loan impairment expenses is quite interesting, given the other banks have gone the other way,” McCarthy added.
“The net impact is a decline in the net interest margin, which is seen as negative for the bank. We can see the underperformance today with shares down 3 pct in early trade, in contrast with other majors which are flatish.”
Commercial explosives maker Incitec Pivot also dragged on the index, shedding 7 percent after its half-year profit fell.
New Zealand shares were largely flat as gains in healthcare and consumer staples were offset by declines across a variety of sectors.
New Zealand’s benchmark S&P/NZX 50 index rose 0.06 percent or 4.84 points to 8,599.43.
Dairy producer a2 Milk Co was the biggest boost to the benchmark, followed by Ryman Healthcare, but losses in Fletcher Building and telco Spark New Zealand pulled down the index.
Reporting by Ambar Warrick in Bengaluru;Additional reporting by Shanima A Editing by Eric Meijer
| ashraq/financial-news-articles | https://www.reuters.com/article/australia-stocks-midday/cbas-weak-earnings-weigh-down-aussie-shares-new-zealand-flat-idUSL3N1SG1PO |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.