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May 22, 2018 / 8:13 PM / Updated 14 minutes ago Pompeo says confident U.S. can develop common approach with Europeans on Iran Reuters Staff 1 Min Read
WASHINGTON (Reuters) - U.S. Secretary of State Mike Pompeo said on Tuesday the changes Washington has demanded that Iran make are not difficult to implement and he is confident a common diplomatic approach can be developed with European countries. U.S. Secretary of State Mike Pompeo arrives to deliver remarks on the Trump administration's Iran policy at the Heritage Foundation in Washington, U.S. May 21, 2018. REUTERS/Jonathan Ernst
“I’m confident that there is a set of overlapping values and interests here that will drive us to the same conclusion about the need to respond to the Islamic Republic of Iran’s threats to the world,” Pompeo told reporters at the State Department. Reporting by Arshad Mohammed; Writing by Mohammad Zargham; Editing by Eric Beech | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear-usa-pompeo/pompeo-says-confident-u-s-can-develop-common-approach-with-europeans-on-iran-idUKKCN1IN2U8 |
May 17 (Reuters) - Village Bank and Trust Financial Corp :
* KENNETH R. LEHMAN REPORTS 42.5 PERCENT STAKE IN VILLAGE BANK AND TRUST FINANCIAL CORP AS OF MAY 14, 2018 - SEC FILING
* KENNETH R. LEHMAN SAYS ACQUIRED SHARES OF VILLAGE BANK AND TRUST FINANCIAL CORP’S COMMON STOCK FOR INVESTMENT
* KENNETH R. LEHMAN - INTENDS TO ENGAGE IN DISCUSSIONS WITH VILLAGE BANK AND TRUST FINANCIAL'S MANAGEMENT REGARDING FINANCIAL CONDITION, RESULTS OF OPERATIONS, BUSINESS STRATEGIES Source text: ( bit.ly/2IsQQLu ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kenneth-lehman-reports-425-pct-sta/brief-kenneth-lehman-reports-42-5-pct-stake-in-village-bank-and-trust-financial-corp-as-of-may-14-2018-idUSFWN1SO10X |
May 10, 2018 / 8:38 AM / in 7 minutes BRIEF-Matrix Service Entered Into A Full EPC Contract With A Large Independent Oil Company Reuters Staff 1 Min Read
May 10 (Reuters) - Matrix Service Co:
* MATRIX SERVICE CO- ITS SUBSIDIARY MATRIX SERVICE INC ENTERED INTO A FULL EPC CONTRACT WITH A LARGE INDEPENDENT OIL COMPANY Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-matrix-service-entered-into-a-full/brief-matrix-service-entered-into-a-full-epc-contract-with-a-large-independent-oil-company-idUSFWN1SH0EY |
ATLANTA--(BUSINESS WIRE)-- SunLink Health Systems, Inc. (NYSE American: SSY) today announced a Loss from Continuing Operations of $604,000, or a loss of $0.08 per fully diluted share, for its third fiscal quarter ended March 31, 2018 compared to a Loss from Continuing Operations of $890,000, or a loss of $0.10 per fully diluted share, for the quarter ended March 31, 2017. The Net Loss for the quarter ended March 31, 2018 was $588,000, or a loss of $0.08 per fully diluted share compared to a Net Loss of $1,025,000, or a loss of $0.11 per fully diluted share, for the quarter ended March 31, 2017. Weighted average common shares outstanding for the quarter ended March 31, 2018 were 7,417,000 compared to 9,334,000 for the same quarter last year as a primarily as a result of the 1,746,000 common shares repurchased by the Company in December 2017.
Consolidated Net Revenues for the quarters ended March 31, 2018 and 2017 were $13,417,000 and $13,699,000, respectively, a decrease of 2% in the current year’s third fiscal quarter compared to the comparable quarter of the prior fiscal year. Healthcare Services segment net revenues of $5,657,000 for the quarter ended March 31, 2018 increased $156,000 (3%) over last year’s third quarter primarily due to increased nursing home revenues and reduced bad debts. Pharmacy segment net revenues of $7,760,000 in the quarter ended March 31, 2018 decreased $438,000 (5%) from the comparable quarter of the prior fiscal year due to decreased revenues in both Retail and Institutional Pharmacy operations this year.
SunLink reported an Operating Loss for the quarter ended March 31, 2018 of $731,000, compared to a $771,000 Operating Loss for the quarter ended March 31, 2017. The quarter ended March 31, 2018 includes a $183,000 gain on the January 2018 sale of certain Retail Pharmacy assets. Interest Expense of $56,000 for the quarter ended March 31, 2018 reflected a decrease of $73,000 from the quarter ended March 31, 2017 as a result of the $3,856,000 in debt repayments during the nine months ended March 31, 2018.
Earnings from Discontinued Operations were $16,000, or $0.00 per fully diluted share, for the quarter ended March 31, 2018 compared to a Loss from Discontinued Operations of $135,000, or a loss of $0.01 per fully diluted share, for the quarter ended March 31, 2017.
For the nine months ended March 31, 2018, SunLink reported a Loss from Continuing Operations of $29,000, or a loss of $0.00 per fully diluted share, compared to Earnings from Continuing Operations of $809,000, $0.09 per fully diluted share, for the comparable nine month period of the prior year. The Loss from Continuing Operations for the nine months period ended March 31, 2018 as compared to Earnings from Continuing Operations for the nine month period last year results from the significantly lower gains on the sale of assets during the first nine months of fiscal 2018. For the nine months ended March 31, 2018, SunLink reported a Net Loss of $139,000, or a loss of $0.02 per fully diluted share, compared to Net Earnings of $5,096,000, $0.54 per fully diluted share, for the nine months ended March 31, 2017. Loss from Discontinued Operations was $110,000, or a loss of $0.01 per fully diluted share, for the nine months ended March 31, 2018 compared to Earnings from Discontinued Operations of $4,287,000, $0.45 per fully diluted share, for the nine months ended March 31, 2017. The Earnings from Discontinued Operations for the nine months of the prior year resulted from a pre-tax gain of $7,270,000 on the August 2016 sale of a hospital.
Consolidated Net Revenues for the nine months ended March 31, 2018 and 2017 were $40,658,000 and $41,000,000 respectively, a decrease of 1% in the current nine months. Healthcare Services Segment net revenues in the nine months ended March 31, 2018 of $17,033,000 represented a decrease of $21,000 (1%) resulting from lower nursing home revenues in the first nine months of the fiscal year. The Pharmacy Segment net revenues of $23,625,000 in the nine months ended March 31, 2018 represented a decrease of $321,000, (1%) from the comparable nine months of the prior year due primarily to lower Retail and Institutional Pharmacy revenues.
SunLink had an Operating Loss for the nine months ended March 31, 2018 of $910,000, compared to an Operating Loss for the nine months ended March 31, 2017 of $1,696,000.
SunLink Health Systems, Inc. is the parent company of subsidiaries that own and operate healthcare businesses in the Southeast. Each of the Company’s healthcare businesses is operated locally with a strategy of linking patients’ needs with healthcare professionals. For additional information on SunLink Health Systems, Inc., please visit the Company’s website.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, without limitation, statements regarding the company’s business strategy. These forward-looking statements are subject to certain risks, uncertainties and other factors, which could cause actual results, performance and achievements to differ materially from those anticipated. Certain of those risks, uncertainties and other factors are disclosed in more detail in the company’s Annual Report on Form 10-K for the year ended June 30, 2017 and other filings with the Securities and Exchange Commission which can be located at www.sec.gov .
Adjusted earnings before income taxes, interest, depreciation and amortization
Earnings before income taxes, interest, depreciation and amortization (“EBITDA”) represent the sum of income before income taxes, interest, depreciation and amortization. We understand that certain industry analysts and investors generally consider EBITDA to be one measure of the liquidity of the company, and it is presented to assist analysts and investors in analyzing the ability of the company to generate cash, service debt and to satisfy capital requirements. We believe increased EBITDA is an indicator of improved ability to service existing debt and to satisfy capital requirements. EBITDA, however, is not a measure of financial performance under accounting principles generally accepted in the United States of America and should not be considered an alternative to Net income as a measure of operating performance or to cash liquidity. Because EBITDA is not a measure determined in accordance with accounting principles generally accepted in the United States of America and is thus susceptible to varying calculations, EBITDA, as presented, may not be comparable to other similarly titled measures of other corporations. Net cash used in operations for the nine months ended March 31, 2018 and 2017, respectively, is shown below. Healthcare Services Adjusted EBITDA and Pharmacy Adjusted EBITDA is the EBITDA for those facilities without any allocation of corporate overhead, impairment charges, the Deepwater Horizon Settlement Program gain, and gains on sale of businesses.
Nine Months Ended March 31, 2018 2017 Healthcare Services Adjusted EBITDA $ 603,000 $ 709,000 Pharmacy Adjusted EBITDA 1,130,000 299,000 Corporate Overhead Adjusted EBITDA (1,311,000 ) (1,328,000 ) Taxes and interest expense (6,000 ) (271,000 ) Other non-cash expenses and net change in operating assets and liabilities
(449,000 ) (4,408,000 ) Net cash provided by (used in) operations $ (33,000 ) $ (4,999,000 ) SUNLINK HEALTH SYSTEMS, INC. ANNOUNCES FISCAL 2018 THIRD QUARTER RESULTS Amounts in 000's, except per share and volume amounts CONSOLIDATED STATEMENTS OF EARNINGS
Three Months Ended March 31,
Nine Months Ended March 31, 2018 2017 2018 2017 % of Net % of Net % of Net % of Net Amount Revenues Amount Revenues Amount Revenues Amount Revenues Operating revenues (net of contractual allowances) $ 13,550 101.0 % $ 13,883 101.3 % $ 41,021 100.9 % $ 41,321 100.8 % Less provision for bad debts of Healthcare Facilities Segment 133 1.0 % 184 1.3 % 363 0.9 % 321 0.8 % Net Revenues 13,417 100.0 % 13,699 100.0 % 40,658 100.0 % 41,000 100.0 % Costs and Expenses: Cost of goods sold 5,073 37.8 % 5,523 40.3 % 14,623 36.0 % 15,592 38.0 % Salaries, wages and benefits 6,045 45.1 % 5,872 42.9 % 17,697 43.5 % 17,476 42.6 % Provision for bad debts of Specialty Pharmacy Segment 237 1.8 % 126 0.9 % 445 1.1 % 342 0.8 % Supplies 448 3.3 % 455 3.3 % 1,361 3.3 % 1,373 3.3 % Purchased services 672 5.0 % 692 5.1 % 2,021 5.0 % 2,113 5.2 % Other operating expenses 1,052 7.8 % 1,194 8.7 % 3,639 9.0 % 4,015 9.8 % Rents and leases 157 1.2 % 142 1.0 % 471 1.2 % 409 1.0 % Depreciation and amortization 464 3.5 % 466 3.4 % 1,332 3.3 % 1,376 3.4 % Electronic Health Records incentive programs - 0.0 % - 0.0 % (21 ) -0.1 % - 0.0 % Operating Loss (731 ) -5.4 % (771 ) -5.6 % (910 ) -2.2 % (1,696 ) -4.1 % Interest Expense - net (56 ) -0.4 % (129 ) -0.9 % (302 ) -0.7 % (507 ) -1.2 % Gain on economic damages claim, net - 0.0 % - 0.0 % 944 2.3 % - 0.0 % Loss on extinguishment of debt, net - 0.0 % - 0.0 % (238 ) -0.6 % (243 ) -0.6 % Gain on sale of assets 183 1.4 % 2 0.0 % 181 0.4 % 3,019 7.4 % Earnings (Loss) from Continuing Operations before Income Taxes
(604 ) -4.5 % (898 ) -6.6 % (325 ) -0.8 % 573 1.4 % Income Tax Benefit - 0.0 % (8 ) -0.1 % (296 ) -0.7 % (236 ) -0.6 % Earnings (Loss) from Continuing Operations (604 ) -4.5 % (890 ) -6.5 % (29 ) -0.1 % 809 2.0 % Earnings (Loss) from Discontinued Operations, net of tax 16 0.1 % (135 ) -1.0 % (110 ) -0.3 % 4,287 10.5 % Net (Loss) Earnings $ (588 ) -4.4 % $ (1,025 ) -7.5 % $ (139 ) -0.3 % $ 5,096 12.4 % Earnings (Loss) Per Share from Continuing Operations: Basic $ (0.08 ) $ (0.10 ) $ (0.00 ) $ 0.09 Diluted $ (0.08 ) $ (0.10 ) $ (0.00 ) $ 0.09 Earnings (Loss) Per Share from Discontinued Operations: Basic $ 0.00 $ (0.01 ) $ (0.01 ) $ 0.46 Diluted $ 0.00 $ (0.01 ) $ (0.01 ) $ 0.45 Net Earnings (Loss) Per Share: Basic $ (0.08 ) $ (0.11 ) $ (0.02 ) $ 0.54 Diluted $ (0.08 ) $ (0.11 ) $ (0.02 ) $ 0.54 Weighted Average Common Shares Outstanding: Basic 7,417 9,334 8,564 9,408 Diluted 7,417 9,334 8,564 9,429 HEALTHCARE FACILITIES VOLUME STATISTICS Hospital and Nursing Home Admissions 196 154 518 399 Hospital and Nursing Home Patient Days 13,876 14,561 42,749 45,268 SUMMARY BALANCE SHEETS March 31, June 30, 2018 2017 ASSETS Cash and Cash Equivalents $ 3,541 $ 10,494 Accounts Receivable - net 5,884 5,906 Other Current Assets 5,057 6,221 Property Plant and Equipment, net 10,544 10,290 Long-term Assets 2,765 2,425 $ 27,791 $ 35,336 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities $ 5,285 $ 12,314 Long-term Debt and Other Noncurrent Liabilities 3,919 1,329 Shareholders' Equity 18,587 21,693 $ 27,791 $ 35,336
View source version on businesswire.com : https://www.businesswire.com/news/home/20180511005328/en/
SunLink Health Systems, Inc.
Robert M. Thornton, Jr., 770-933-7004
Chief Executive Officer
Source: SunLink Health Systems, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/business-wire-sunlink-health-systems-inc-announces-fiscal-2018-third-quarter-results.html |
May 2 (Reuters) - Traders of U.S. short-term interest-rate futures on Wednesday kept bets the Federal Reserve will raise rates at least two more times this year after Fed policymakers ended a two-day meeting with no rate hike but on track for one in June.
Prices of futures tied to the U.S. central bank’s main policy rate reversed earlier slight losses, with some later-maturity contracts gaining in price after the decision was released.
The price changes were too small to reflect a serious pullback in expectations for interest-rate increases in June and September, with some chance of a further rate hike in December, based on a Reuters analysis of fed funds futures contracts traded at CME Group Inc. (Reporting by Ann Saphir in San Francisco Editing by Chizu Nomiyama)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-fed-futures/traders-keep-bets-on-more-fed-interest-rate-rises-idUSC3N1R300J |
May 17, 2018 / 5:30 AM / Updated 15 hours ago Cricket: Bumrah enhances death-overs reputation to keep Mumbai alive Amlan Chakraborty 3 Min Read
NEW DELHI (Reuters) - Jasprit Bumrah may not have exactly set alight this year’s Indian Premier League (IPL) but the 24-year-old showed his death-overs prowess once again to keep Mumbai Indians alive in the playoff race.
The right-arm paceman’s awkward sling-arm action is difficult to score off but it is his late innings mastery which makes him an asset, and which India will hope to see reprised on tour in England next month.
Bumrah displayed that skill in Wednesday night’s three-run victory against Kings XI Punjab to lift Mumbai to fourth place in the eight-team league.
Bowling the second over of the Punjab innings to the dangerous Chris Gayle and the in-form Lokesh Rahul, Bumrah conceded only one run before being taken out of attack.
He conceded four in his second over, the 12th of the innings.
Rahul and Aaron Finch were going great guns when Mumbai skipper Rohit Sharma pressed Bumrah into action again and the bowler did not let him down.
He dismissed Finch (46) and Marcus Stoinis in the 17th over and dealt a body blow in his next, getting rid of Rahul (94) to finish with figures of 4-0-15-3.
“I think Bumrah has come a long way in the past two years, worked really hard on his bowling,” Sharma said at the presentation ceremony.
“Never easy to do what he does but he has taken the responsibility. Coming out there and bowling at set batsmen who are trying to finish the job — he’s doing it perfectly for us.”
His ability to bowl yorkers almost at will and his unpredictable bounce make him a death-overs nightmare for most batsmen. He attributes it all to clear thinking.
“Clarity is very important when you bowl at the death otherwise there’ll be doubt,” he said after collecting his man-of-the-match award.
“Even on a bad day when a batsman hits you, you just have to execute your plan. (Rahul) has been batting really well so it’s sometimes difficult to bowl to a batsman like that. But I was backing myself.
“I was clear ... On this wicket when the slower ball was bowled on a good length, it wasn’t gripping, so I looked to bowl a dipper and it worked.” Reporting by Amlan Chakraborty in New Delhi; editing by Ian Ransom | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-t20-ipl-bumrah/cricket-bumrah-enhances-death-overs-reputation-to-keep-mumbai-alive-idINKCN1II0HI |
May 5, 2018 / 11:36 AM / Updated 5 hours ago WTA International, Prague (Women) Women's Singles Results Reuters Staff 1 Min Read May 5 (OPTA) - Results from the WTA International, Prague (Women) Women's Singles matches on Saturday .. Final .. 2-Petra Kvitova (CZE) beat 7-Mihaela Buzarnescu (ROU) 4-6 6-2 6-3 | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-wta-results-womens-singles/wta-international-prague-womens-singles-results-idUKMTZXEE5596PNQH |
NATCHEZ, Miss., May 14, 2018 /PRNewswire/ -- Callon Petroleum Company (NYSE: CPE) ("Callon" or the "Company") today announced that at the annual meeting of shareholders held on May 10, 2018, the shareholders of the Company elected Maj. Gen. (Ret.) Barbara J. Faulkenberry and Joseph C. Gatto, Jr., the Company's President and Chief Executive Officer, to the Company's Board of Directors (the "Board"). The shareholders also re-elected Board Chairman Richard L. Flury. General Faulkenberry and Messrs. Flury and Gatto were each nominated to the Board of Directors by management in the Company's proxy statement dated March 23, 2018.
Our newest independent Board member, Major General (Ret.) Faulkenberry, retired from the U.S. Air Force in 2014 as a Major General (2-stars) after a 32-year career. Her last assignment was as Vice Commander (COO) and interim Commander (CEO) of a 37,000-person organization conducting Department of Defense air logistics including cargo/passenger, air refueling, and patient movements across the globe. During her military career, General Faulkenberry served in a wide variety of operational and leadership positions, including Director of Mobility Forces for the U.S. Central Command during the drawdown of forces in Iraq and the simultaneous buildup in Afghanistan. Her staff assignments included experience in operations, logistics, strategy, governmental affairs and leadership development. She is currently an independent director for USA Truck, a publicly-traded provider of trucking and capacity solutions services across North America, where she serves as chair of the Technology Committee and as a member of the Nominating and Corporate Governance Committee. She holds a Bachelor of Science degree from the Air Force Academy, an MBA from Georgia College, and a Master of National Security from the National Defense University. Major General (Ret.) Faulkenberry has been appointed to serve on the Audit Committee, the Nominating and Corporate Governance Committee, and the Strategic Planning Committee.
Mr. Flury commented, "We are very pleased to add Barbara and Joe to Callon's Board of Directors as both will contribute meaningfully to the Company's strategic plans and growth as an organization. Their additions reflect our desire to continue advancing diversity of thought and experience on the Board. Barbara's thirty-plus years of experience in operations, logistics, and leadership will be an asset as we continue to optimize execution as a leading operator focused on sustained value creation. As a member of the management team, Joe has been a critical element to Callon's strategic growth in the Permian Basin, and we welcome his further contributions as a member the Board. On behalf of the Board, we look forward to leveraging both new members' insights and expertise to build upon Callon's success in the years to come."
Callon Petroleum Company is an independent energy company focused on the acquisition, development, exploration and operation of oil and gas properties in the Permian Basin in West Texas.
This news release is posted on the Company's website at www.callon.com , and will be archived for subsequent review under the "News" link on the top of the homepage.
Mark Brewer
Director of Investor Relations
281-589-5200
View original content: http://www.prnewswire.com/news-releases/callon-petroleum-company-announces-election-of-new-directors-to-the-board-300647924.html
SOURCE Callon Petroleum Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-callon-petroleum-company-announces-election-of-new-directors-to-the-board.html |
May 29 (Reuters) - Chinese conglomerate HNA Group's Hong Kong Airlines is considering an initial public offering in the "short to medium term" and tapping investors to raise funds through the issue of new shares and convertible bonds, a document reviewed by Reuters shows.
Ahead of the planned listing, HNA is seeking to raise about $350 million by selling new shares, expanding its equity base by 22 percent, according to the document dated April 2018. That would give the 12-year-old airline a pre-IPO valuation of about $1.6 billion, based on Reuters calculations.
The company also wants to raise up to $550 million via convertible bonds or tradable bonds before the listing, the document showed. The bond issue will be at a coupon rate of 8-to-10 percent for a two-to-five year period, according to the document.
For comparison, Virgin Australia Holdings, a partner of Hong Kong Airlines - which also lacks an investment grade rating - this month raised A$150 million ($113 million) through a senior unsecured bond at a coupon of 8.25 percent, according to Thomson Reuters IFR.
HNA referred fund raising questions to Hong Kong Airlines. Hong Kong Airlines declined to comment. HNA Group declined to comment on its relationship with HK Airlines.
These latest moves, previously unreported, signal its IPO plans for Hong Kong Airlines are back on after HNA tried to take it public a few years ago, eventually abandoning those plans in 2015. That attempt failed as it was unable to satisfy questions from the Hong Kong Stock Exchange in the timeline provided. It did not refile its listing application.
The document reviewed by Reuters did not contain the reasons behind the new push for an offering, or the investor interest HNA may be able to generate.
The Chinese aviation-to-financial services firm, which struck M&A deals worth about $50 billion in 2016 and 2017, is faced with soaring debt and a Beijing crackdown on aggressive Chinese acquirers.
HNA, which is selling a number of assets, is undergoing a wider reorganization under which it is partnering with companies to manage some of its assets. Reuters reported last month that HNA Group is seeking to raise as much as $1.5 billion by the end of this year in an investment fund that will serve a vehicle for the group's acquisitions.
Some of HNA's other recent IPO efforts have been delayed or scrapped. HNA Group's Swiss ground services and cargo handling unit, Swissport Group, deferred plans to float shares on the SIX Swiss Exchange, citing market conditions. HNA Group scrapped its planned listing of Swiss-based airline caterer Gategroup.
The new capital raising plans come at a time when Singapore state investor Temasek Holdings has expressed interest in buying into Hong Kong Airlines and its unit Hong Kong Express Airways, Reuters reported last month.
The document obtained by Reuters shows that Hong Kong Airlines is targeting annual revenue of HK$14.97 billion ($1.9 billion) in 2018 and a compound annual revenue growth rate of 15 percent between 2015 and 2018. Earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) - a measure used by hospitality companies - are estimated to have grown 11.4 percent in 2017 to about HK$4.21 billion. Estimates for 2018's earnings were not provided in the document.
Hong Kong Airlines is a carrier that operates 38 aircraft and flies to 40 cities in the Asia Pacific, Australia and North America. Its asset base is estimated to have grown 65 percent to HK$12.97 billion by 2017 from net assets of HK$7.84 billion in 2016, according to the document.
Cathay Pacific Airways, another Hong Kong-based carrier, had annual revenue of HK$97.3 billion in 2017 and has a market value of $6.4 billion.
($1 = 7.8498 Hong Kong dollars)
($1 = 1.3263 Australian dollars) (Additional reporting by Matthew Miller in Beijing and Julie Zhu in Hong Kong; Editing by Denny Thomas and Edward Tobin) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/reuters-america-exclusive-hnas-hong-kong-airlines-taps-investors-ahead-of-ipo-document.html |
ADDISON, Ill., April 30, 2018 /PRNewswire/ -- SunSource Holdings, Inc. ("SunSource"), a leading distributor of fluid power and fluid process components and systems in the U.S. and Canada, today completed the acquisition of Ryan Herco Flow Solutions ("RHFS"), a specialty distributor of flow solutions for mission-critical fluids, from Greenbriar Equity Group. Terms of the transaction were not disclosed.
RHFS is the leading nationwide distributor of high-purity and corrosion-resistant fluid conveyance, measurement and control products used in mission-critical systems across a wide range of industrial applications. RHFS distributes a broad portfolio of filtration products, pressure piping systems, tubing and tube fittings, as well as pumps, valves and process instrumentation. RHFS distributes more than 70,000 SKUs from 31 locations to more than 15,000 active customers.
"Like SunSource, Ryan Herco is known for its ability to solve complex customer challenges through its deep supplier relationships and talented professionals recognized in the industry for their technical expertise and customer orientation," said David Sacher, CEO of SunSource. "This is a highly strategic and complementary combination that will broaden our product offering, enhance our end-market exposure and expand our geographic reach."
"We are extremely excited about what the future holds for the combined business," said Randy Beckwith, CEO of RHFS. "The two companies share many of the same business philosophies, including an emphasis on adding value, a focus on customer satisfaction, a commitment to investing in the development of our employees, and a relentless pursuit of continuous improvement driving sustained growth, profitability, and shareholder value. Joining forces will create greater opportunity and value for our customers, employees and suppliers."
Debevoise & Plimpton LLP is SunSource's legal advisor. Harris Williams & Co is the financial advisor to RHFS, and Kirkland & Ellis LLP is the company's legal advisor.
About SunSource
Headquartered in Addison, Illinois, SunSource is a value-added distributor of fluid power and fluid process technologies in the U.S. and Canada. As a technically-focused distributor, SunSource serves as an extension of its customers' design and engineering teams and its suppliers' sales forces, delivering innovative solutions that lower total costs and streamline supply chains. The company operates through four highly focused strategic business units that provide tailored solutions for the unique needs of its Industrial, Mobile, Service & Repair and Process Solutions customers. For more information, visit www.sun-source.com .
About Ryan Herco Flow Solutions
Ryan Herco Flow Solutions is the leading distributor of high-purity and corrosion-resistant fluid-handling systems and high value filtration products in the U.S. Ryan Herco Flow Solutions augments its products with world-class technical expertise and application support, providing a wide array of products and services ranging from equipment rental to custom fabrication. Founded in 1948, Ryan Herco Flow Solutions operates from 31 locations worldwide serving the Aquatics, General Industrial, Water and Waste Water, Chemical Processing, Semiconductor, Life Sciences and Food & Beverage market segments. For more information, please visit www.rhfs.com .
Contact:
Chuck Freeman
630-317-2706
View original content: http://www.prnewswire.com/news-releases/sunsource-acquires-ryan-herco-flow-solutions-300639354.html
SOURCE SunSource Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/pr-newswire-sunsource-acquires-ryan-herco-flow-solutions.html |
May 29, 2018 / 6:16 AM / Updated an hour ago In China's booming tech scene, women battle sexism and conservative values Cate Cadell , Adam Jourdan 8 Min Read
BEIJING/SHANGHAI (Reuters) - Ms Li has a day job in the marketing department of one of China’s biggest tech firms. At night, she has a second career, livestreaming herself eating noodles or telling jokes in return for small donations from thousands of online viewers. FILE PHOTO: People check their phones during the third annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China November 17, 2016. REUTERS/Aly Song/File Photo
Li, 28, says she is one of at least five women in her office who moonlight to bolster their incomes. She says this is because she and her female peers are paid less than male colleagues and are often overlooked for promotion.
The late nights livestreaming on the YY.com social media platform are worth it, Li says, even though she has been reprimanded twice by her firm for moonlighting.
“The first time I was punished I was scared for my job, but I don’t worry too much now,” Li said. She asked that her first name and the name of her employer not be used.
“It’s not such a risk to work on the side if you know you’re not going anywhere.”
In recent years, China’s tech industry has boomed, with champions like the e-commerce titan Alibaba and Tencent, the social media-to-gaming leader, making waves on the global stage.
But Li’s account of unequal pay at her company, which Reuters was unable to verify independently, underscores how women are often sidelined in that boom.
Reuters spoke to more than a dozen women - and some men - in the sector, from entry-level employees to executives, who described an industry where female engineers and coders battle against ingrained biases favouring men.
“The traditional view is simply to think that women aren’t suitable to be programmers,” said Chen Bin, a former Microsoft engineer and the Beijing-based founder of Teach Girls Coding, a campaign to get more women into the sector.
“Things are better now than ten years ago, but overall the number of women getting into tech is really small,” he said.
China is not the only country where the tech industry has faced heat over a lack of diversity in the workplace. But unlike U.S. peers that have faced legal action over discrimination, including Uber, Alphabet Inc’s Google and Microsoft Corp, Chinese technology companies are relatively opaque about gender issues.
Most give little data on hiring and none of the industry leaders share the diversity reports that are now customary in the United States, shedding doubt on whether women in Chinese firms hold a comparable number of technical or leadership roles. SOCIAL EVENTS
Penny Chen, a 29-year-old software engineer, has worked with the Chinese e-commerce firm JD.com Inc and Jinri Toutiao, a popular news app.
For her, the gender divide has long been knitted into the culture. At university, teachers would pair boys with good grades with attractive girls for class activities as a reward, she said. The same didn’t happen for high-achieving girls.
In the workplace, she says female colleagues are often left out of social events dominated by men. She described one incident in which employees were scheduled to go out for drinks together.
“Our boss told the women to meet outside,” she said. “But it was a practical joke; the men had already left before with the bus to the restaurant.”
Examples of sexism at major Chinese companies often wind up on social media, sometimes sparking online outcries.
Last year, video surfaced of a Tencent staff event that included a game in which female employees on their hands and knees had to unscrew bottle caps held between the legs of male counterparts. Tencent apologised for the incident.
The Chinese ride-hailing firm Didi Chuxing was criticised this month for allowing users on its carpooling app to rate female passengers’ physical traits after a 21-year-old air hostess was killed by her driver. The company has since apologised and made substantial changes to the service.
Many other incidents slip under the radar. The owner of the news aggregator Jinri Toutiao, a tech darling valued at over $20 billion, this month co-hosted a beauty pageant for female business reporters that attracted little attention. The company did not respond to a request for comment. FILE PHOTO: Students visit booths during a job fair at Donghua University in Shanghai, China November 20, 2014. REUTERS/Carlos Barria/File Photo SECRET CONTRACTS
China’s gender gap is not confined to tech. The country’s gender parity ranking fell in 2017 for the ninth straight year, leaving China placed 100 out of 144 countries surveyed in a report by the World Economic Forum.
The country ranked 60th in terms of female labour force participation and 70th in terms of wage equality for similar work. Men on average had an estimated income of around $19,000 (14,270 pounds), over $7,000 more than women.
Many top tech firms say they are taking steps to change their male-oriented cultures by doing things like changing hiring practices to promote gender diversity. However, many female employees and women in the industry say that many of the most sexist practices have simply been hidden from view.
Samantha Kwok, the Australian-Chinese founder of the Beijing-based recruitment firm JingJobs, said clients often gave her two job descriptions: one to be published publicly and a second internal one that detailed requirements based on age or gender.
“They already have in mind a very set candidate profile,” she said.
Human Rights Watch released a report last month showing that “men only” ads were pervasive in China.
It also called out large technology firms for objectifying women in order to attract new male personnel, sharing a video produced by Alibaba in 2014 that featured pole-dancing female employees.
Alibaba, Tencent and Baidu apologised for the ads mentioned in the report, adding that actual incidents were isolated.
According to experts, legal redress for gender discrimination is undermined by vague laws in China. While the country prohibits workplace bias, actual enforcement is rare and there are virtually no high-profile cases on record.
“China’s law is very good in that it prohibits all discrimination against women,” said Feng Yuan, co-founder of Equality, a women’s rights advocacy group. “But there is no definition whatsoever of what discrimination is.”
Some women feel pressured to play up perceived “male” behaviour to succeed, including eschewing family life, giving rise to a group called the “nü hanzi” - loosely meaning tomboys. Some job adverts even specify a preference for male candidates or “manly women”.
“If you want to achieve your goals, if you want to start a company you have to appear tough,” said Joanna Wei, a Beijing entrepreneur and venture capitalist. “LABYRINTH OF CHALLENGES”
A 2018 survey by Silicon Valley Bank found Chinese startups were more likely to have at least one woman founder or director than counterparts in western countries. But in high-level roles at top tech firms, women were still rare.
Currently, the search engine giant Baidu, Alibaba and Tencent have one woman on their collective boards out of 24 board seats.
“As one of the few female CEOs of an internet company in China, I understand the labyrinth of challenges that faces working women,” Jane Sun, chief executive officer of the China’s top online travel agent Ctrip.com.
She said Ctrip actively tries to promote women and that around one-third of senior management was female.
The gender imbalance in Chinese tech firms also remains largely unaddressed, especially among entry level and middle management roles, where stereotypes around marital status, temperament and age stall women where male counterparts advance.
Anna Peng, 26, an associate at a Beijing-based venture capital firm focused on tech, said she was the only woman on her team and that women needed to outperform men doing similar roles just to stay level - a sentiment reflected by others.
She said the proportion of women in the tech investment industry was really low. “They’re like phoenix feathers and unicorn horns,” she said, using a Chinese idiom meaning extremely rare. Reporting by Cate Cadell in BEIJING and Adam Jourdan in SHANGHAI; Additional reporting by Christian Shepherd in BEIJING and SHANGHAI newsroom; Editing by Philip McClellan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-china-tech-gender/in-chinas-booming-tech-scene-women-battle-sexism-and-conservative-values-idUKKCN1IU0H0 |
May 9, 2018 / 10:24 AM / Updated an hour ago Putin, newly inaugurated, reviews Russia's 'invincible weapons' on Red Square Christian Lowe , Andrew Osborn 5 Min Read
MOSCOW (Reuters) - Russia’s Vladimir Putin watched advanced jets carrying a hypersonic missile he has touted as invincible scream over Red Square on Wednesday, days after the start of his fourth presidential term. Russian servicemen attend the Victory Day parade, marking the 73rd anniversary of the victory over Nazi Germany in World War Two, at Red Square in Moscow, Russia May 9, 2018. REUTERS/Maxim Shemetov
Part of an annual event marking the Soviet Union’s World War Two victory over the Nazis, Putin looked on as thousands of troops marched past him and columns of tanks rumbled across the famous square in a show of military might reminiscent of those displayed during the Cold War.
Putin reviewed the parade from a tribune packed with Soviet war veterans, some of whom wore rows of campaign medals and clutched red roses. Israeli Prime Minister Benjamin Netanyahu, in Moscow for talks on Syria, was also present, as was Serbian President Aleksandar Vucic. Hollywood actor Steven Seagal, who was given a passport by Putin in 2016, was also a guest.
The authorities, backed by state media, use the event to boost patriotic feeling and show the world and potential buyers of military hardware how a multi-billion dollar modernisation programme is changing the face of the Russian military.
Putin, whose relations with the West are on a hostile trajectory, has said he does not want an arms race while warning potential enemies that his country has developed a new generation of invincible weapons to protect itself just in case.
“We remember the tragedies of the two world wars, about the lessons of history which do not allow us to become blind. The same old ugly traits are appearing along with new threats: egoism, intolerance, aggressive nationalism and claims to exceptionalism,” Putin told the parade.
“We understand the full seriousness of those threats,” added Putin, who complained about what he said were unacceptable attempts to rewrite history while saying Russia was open to talks on global security if they helped keep world peace. Russian servicemen drive military vehicles during the Victory Day parade, marking the 73rd anniversary of the victory over Nazi Germany in World War Two, at Red Square in Moscow, Russia May 9, 2018. REUTERS/Maxim Shemetov
Putin has sharply increased military spending over the 18 years he has dominated Russian politics, handed the Russian military significant policy-making clout, and deployed Russian forces in Ukraine and Syria, stoking tensions with the West.
As commander-in-chief, he has also at times donned military uniform himself and been filmed at the controls of a strategic bomber and on the conning tower of a submarine in photo opportunities designed to boost his man of action image.
Weapons displayed on Red Square included Russia’s Yars mobile intercontinental nuclear missile launcher, its Iskander-M ballistic missile launchers, and its advanced S-400 air defence missile system, which Moscow has deployed in Syria to protect its forces. ‘INVINCIBLE MISSILE’
The first public outing of the Kinjal (Dagger) hypersonic missile, carried by advanced MiG-31K interceptor jets, was one of several world premieres for Russian weapons. Slideshow (4 Images)
Putin disclosed the Kinjal’s existence in March along with other missile systems he touted as unbeatable, describing how it could evade any enemy defences.
Russian media have said it can hit targets up to 2,000 km (1,250 miles) distant with nuclear or conventional warheads and that the missiles have already been deployed in Russia’s southern military district.
Russia’s most advanced fifth generation Su-57 stealth fighter, which has undergone testing in Syria, also took part in the parade for the first time, as did an unmanned armoured reconnaissance and infantry support vehicle, the Uran-9.
Armed with a 30mm automatic cannon, a machine gun, anti-tank missiles and a rocket launcher, it looks like something out of a Hollywood science fiction film.
An unmanned de-mining vehicle, the Uran-6, was also put on show, as were Russia’s latest military drones and an armoured vehicle designed to support tanks on the battlefield dubbed “The Terminator” by its maker.
An advanced Russian military snowmobile fitted with a machine gun, the Berkut, built to bolster Moscow’s Arctic ambitions, also traversed the cobbled square.
The Moscow parade was one of many which took place across Russia on Wednesday involving a total of 55,000 troops, 1,200 weapons systems and 150 war planes in 28 Russian cities.
Some politicians in former Soviet republics and satellite states regard the parade as crude sabre-rattling by a resurgent Russia they say poses a threat to Europe’s security. Russia dismisses such allegations as nonsense. Writing by Andrew Osborn; additional reporting by Vladimir Soldatkin; Editing by Richard Balmforth | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ww2-anniversary-russia-parade/putin-newly-inaugurated-reviews-russias-invincible-weapons-on-red-square-idUKKBN1IA1CP |
May 18, 2018 / 6:29 PM / Updated 5 minutes ago Wall Street's 'Sell in May' could be fading away Reuters Staff 5 Min Read
NEW YORK (Reuters) - “Sell in May and go away,” arguably the most well-worn axiom on Wall Street, has proven to be shrewd advice during previous midterm election years. FILE PHOTO: People walk on Wall Street in front of the New York Stock Exchange (NYSE) in New York, U.S., February 6, 2018. REUTERS/Brendan McDermid/File Photo
Though the exact origins of the phrase are a bit murky, up until recently, stocks had underperformed in the six-month period starting in May, which coincides with vacation for many traders between the Memorial Day and Labor Day holidays.
But this year, investors may be better served by eschewing the adage as stocks look positioned to buck that trend, with corporate profits coming off a banner quarter and as the U.S. economy continues to gain traction.
According to the Stock Trader's Almanac, the Dow Jones Industrial Average .DJI has lost 64.71 points from May through October since 1950 versus a gain of 20,790.89 for the November through April months. Over the same time frame, the S&P .SPX has gained 264.31 points during the May-October period, compared with a gain of 2,420.72 points during the other six months.
While stocks have risen in the November through April period, volatility has also increased. After hitting a record high on Jan. 26, the S&P dropped more than 10 percent to bottom out on Feb. 8 at 2,581 and tested the low again in late March. The index now sits about 5.5 percent below the January high.
“I don’t think it is going to work this year,” said David Joy, chief market strategist at Ameriprise Financial in Boston.
“The economy is strong, earnings are good, the market has already sold off a little bit.”
This year, May is off to a strong start, with both the Dow and S&P on track for their best performance in the month since 2009.
Midterm years have proven to be particularly troublesome, however, according to data from LPL Research.
Elections for the U.S. House of Representatives and Senate are set to take place in November. Historically, the party in power loses seats after a new president’s election and the Republican party currently holds a majority in both the Senate and House of Representatives.
Since 1950, midterm years have only yielded an average gain of 0.1 percent on the S&P in the May through October period, with the index also suffering an average peak-to-trough pullback of 14.7 percent, the largest of the four years in the cycle.
“Clearly midterm elections are a headwind and a concern but there are others as well,” said Terry Sandven, senior equity strategist at U.S. Bank Wealth Management in Minneapolis.
“The difficulty of investing is on the rise, that is largely a factor of inflationary pressures becoming more prevalent and interest rates on the cusp of a regime change.”
Yields on the benchmark 10-year U.S. Treasury note US10YT=RR touched a high of 3.128 percent on Friday, their highest level since July 2011 and many analysts expect them to climb towards 3.25 percent.
As for selling in May, the last time the month was negative for both the Dow and the S&P was 2012. In the five years since, the S&P has climbed in the May through October period four times, with the only decline being a 0.3 percent dip in 2015.
Another reason for optimism this year, according to LPL, has been the performance of the S&P 500 over the prior six months and its position relative to the index’s 200-day moving average, a technical indicator.
Since 1950, when the S&P has entered the “sell in May” period above its 200-day moving average after notching gains in the prior six months, the benchmark index has climbed about 3.3 percent, with gains 70.2 percent of the time.
Perhaps even more telling for stocks is during midterm years; the S&P has climbed an average of 5.5 percent, with gains about two-thirds of the time when those conditions are met.
For 2017-2018, the S&P rose 2.8 percent in the November though April period while closing out the period nearly 40 points above its 200-day moving average.
“That is not even getting into the positive fundamental backdrop that is still in place with the corporate earnings strong, the overall fiscal policy which is still tax reform and potential infrastructure spending and deregulation,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.
“In these next six months we would be buyers of any weakness and wouldn’t be shocked at all if we bucked the ‘sell in May and go away’ trend for the sixth year out of the last seven.” Reporting by Chuck Mikolajczak; Editing by Alden Bentley and Bernadette Baum | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-stocks-weekahead/wall-streets-sell-in-may-could-be-fading-away-idUKKCN1IJ2HE |
Naval warfare is one of history’s most daunting subjects. Violent clashes at Midway, Trafalgar and Jutland have left us no grassy battlefields to walk, no topographical maps to study, no points of reference except sunken carcasses lying deep below the water’s surface. The effect of a maritime win or loss is also measured by the battle’s repercussions on land, which are not always obvious. From Herodotus to Samuel Eliot Morison, interpreting war at sea—conveying how sailors and admirals tipped history’s arc—has demanded both imagination and an intimate understanding of the world beyond shore.
World... | ashraq/financial-news-articles | https://www.wsj.com/articles/world-war-ii-at-sea-review-a-history-written-in-water-1526679460 |
5/30/2018 3:17PM Highlights From the Best Commencement Speeches of 2018 Oprah Winfrey, Rex Tillerson, and Abby Wambach were just a few of the highly successful people chosen to give commencement addresses this year that stressed integrity, truthfulness, and courage. Here are some highlights from this year's notable speeches. | ashraq/financial-news-articles | http://www.wsj.com/video/highlights-from-the-best-commencement-speeches-of-2018/FDE63C70-F481-439F-82DC-1B3BBB5BDF58.html |
May 12, 2018 / 6:07 PM / Updated 37 minutes ago IPL 3 close of play on the first day of match 45 between Delhi Daredevils and Royal Challengers Bangalore on Saturday at Delhi, India Royal Challengers Bangalore win by 5 wickets Delhi Daredevils 1st innings Prithvi Shaw b Yuzvendra Chahal 2 Jason Roy b Yuzvendra Chahal 12 Shreyas Iyer c Virat Kohli b Mohammed Siraj 32 Rishabh Pant c AB de Villiers b Moeen Ali 61 Vijay Shankar Not Out 21 Abhishek Sharma Not Out 46 Extras 0b 1lb 1nb 0pen 5w 7 Total (20.0 overs) 181-4 Fall of Wickets : 1-4 Shaw, 2-16 Roy, 3-109 Pant, 4-120 Iyer Did Not Bat : Patel, Mishra, Lamichhane, Dala, Boult Yuzvendra Chahal 4 0 28 2 7.00 Umesh Yadav 3 0 28 0 9.33 1w Tim Southee 4 0 41 0 10.25 2w 1nb Moeen Ali 4 0 25 1 6.25 2w Mohammed Siraj 4 0 46 1 11.50 Colin de Grandhomme 1 0 12 0 12.00 Royal Challengers Bangalore 1st innings Parthiv Patel lbw Sandeep Lamichhane 6 Moeen Ali c Prithvi Shaw b Trent Boult 1 Virat Kohli c Rishabh Pant b Amit Mishra 70 AB de Villiers Not Out 72 Mandeep Singh b Trent Boult 13 Sarfaraz Khan c Prithvi Shaw b Harshal Patel 11 Colin de Grandhomme Not Out 3 Extras 4b 0lb 0nb 0pen 7w 11 Total (19.0 overs) 187-5 Fall of Wickets : 1-6 Ali, 2-18 Patel, 3-136 Kohli, 4-153 Singh, 5-168 Khan Did Not Bat : Southee, Yadav, Siraj, Chahal Sandeep Lamichhane 4 0 25 1 6.25 Trent Boult 4 0 40 2 10.00 Junior Dala 3 0 34 0 11.33 1w Harshal Patel 4 0 51 1 12.75 3w Amit Mishra 4 0 33 1 8.25 1w Umpire Handunnettige Dharmasena Umpire Karumanaseri Ananthapadmanabhan Video Anil Chaudhary Match Referee Prakash Bhatt | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-india-scoreboard/ipl-scoreboard-idINMTZXEE5CMNKOAB |
MILAN Italy’s mooted radical agenda is a recipe for chaos. A leaked government programme drawn up by likely coalition partners the 5-Star Movement and the League says countries should be able to exit the euro zone, alongside other unorthodox measures and spending pledges. The plan promises a confrontation with European Union partners that is not yet reflected in Italy’s relatively low bond yields.
Northern League party leader Matteo Salvini talks during a news conference, the day after Italy's parliamentary elections, in Milan, Italy March 5, 2018. REUTERS/Stefano Rellandini - RC1F9A072560 The draft government agenda, leaked on Tuesday, adds some spice to an already extensive list of unworkable promises that allowed the two parties to score big in March 4 election. The programme confirms they want to hand out more welfare – possibly using EU funds – cut taxes and lower Italy’s retirement age.
The radicals also want the European Central Bank to forgive 250 billion euros of public debt - 11 percent of Italy’s massive pile - bought through its quantitative easing mechanism. Most controversial of all, the draft calls into question the irreversibility of the single currency by suggesting a mechanism to allow member states to leave if voters demand it.
Other far-out proposals include setting up a so-called Conciliation Committee made up of coalition leaders and other officials, giving them the power to resolve disagreements but also rule on anything from foreign policy to national security. That would undermine the government and parliament.
The League’s Matteo Salvini and 5-Star Movement’s Luigi di Maio have tried to backtrack from the draft. But it’s hard to believe the rapid change of heart is genuine, since the document is dated May 14. Italian borrowing costs hit two-month highs after the document was leaked. But Italy’s 150 basis point premium over Germany’s long-term debt is still below a crisis peak of over 5 percent in 2011. If the radical allies strike a deal this week, the premium may rise further.
The leak itself might kill off the chance of the coalition. The two parties have yet to agree on a prime minister. It’s hard to see how any respected figure could endorse such a programme. Failure to form a government now would probably push Italy towards snap elections. But with the outgoing ruling Democratic party still weak, a new vote would yield more of the same. Italy’s showdown with Europe would only be delayed.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-breakingviews/breakingviews-italian-radical-agenda-is-a-recipe-for-chaos-idUSKCN1IH1MQ |
May 5, 2018 / 11:40 AM / Updated 2 hours ago Final death toll at South African gold mine rises to seven Reuters Staff 2 Min Read
JOHANNESBURG (Reuters) - Seven miners were killed at Sibanye-Stillwater’s Masakhane mine while six others are recovering in hospital after being trapped underground for two days, the company said on Saturday. FILE PHOTO: A general shot of Driefontein Gold Mine shaft, located 70 km (43 miles) west of Johannesburg, is seen near Carletonville, South Africa September 4, 2013. REUTERS/Siphiwe Sibeko/File Photo
A total of 13 miners had been trapped at the mine located in its Driefontein operations west of Johannesburg on Thursday after an earthquake caused a cave-in, in a country that is home to the world’s deepest mines.
The death toll stood at four on Friday, but the last three miners still trapped were found to have died of their injuries.
All the miners trapped after the tremor had now been accounted for, the company said in a statement.
In a statement, President Cyril Ramaphosa said he hoped the investigation into the disaster would identify the causes of the incident and lead to solutions “that will address the unacceptable rate of death in South African mines.”
By the end of March, 22 people had been killed at South African mines, the Department of Mineral Resources (DMR) said.
The 2017 death toll in South Africa’s mines increased to 88, surpassing the 2016 figure of 73, and ending nine straight years of falling fatalities in a country with an unforgiving geology.
Seismic incidents accounted for about 30 percent of mine deaths last year, the DMR said in a statement.
It said mines minister Gwede Mantashe has asked a team that includes rock engineers and seismic experts to help the industry anticipate and deal with the threat of earthquakes.
The spate of mine deaths could reignite investor concern over mine safety and could prompt regulators to step up shaft inspections, which often result in costly production stoppages.
More than 1,000 mineworkers were rescued after being trapped underground for more than 24 hours after a storm knocked out power lines supplying electricity to Sibanye-Stillwater’s Beatrix gold mine in February. Reporting by James Macharia; Editing by Stephen Powell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-sibanye-gold-miners/final-death-toll-at-south-african-gold-mine-rises-to-seven-idUKKBN1I60DR |
LONDON (Reuters) - Mercedes have offered an explanation for the delay in signing a fresh contract with Lewis Hamilton by saying both parties wanted to focus on improving the Formula One team’s car.
FILE PHOTO: Formula One F1 - Spanish Grand Prix - Circuit de Barcelona-Catalunya, Barcelona, Spain - May 13, 2018 Mercedes’ Lewis Hamilton celebrates on the podium after winning the race REUTERS/Juan Medina The four times world champion and Mercedes have been talking about a lucrative new deal since last year, with regular assurances that it is on the point of being signed.
Despite talk of having something done before the start of the season in March, five races have gone by and there is still no announcement.
The Briton is otherwise out of contract at the end of the season.
“Obviously we don’t want to lose him and I don’t think he wants to go anywhere else. Everything’s going fine,” team boss Toto Wolff told reporters at last weekend’s Spanish Grand Prix in Barcelona.
“There’s no reason why we shouldn’t be racing with each other for a few more years. We had other priorities in the last few weeks. We weren’t happy with our car’s performance and we needed to sort it out.
“And finalizing a contract is something you need to involve yourself in and spend time and we both decided that we’d park it for a minute where we were. But it’s almost all sorted and we’ll pick it up at the right time,” added the Austrian.
Hamilton started the season with pole position in Melbourne but Ferrari won the first two races.
Australian Daniel Ricciardo then put Red Bull on top of the podium in China, dealing Mercedes their third straight defeat for the first time in the V6 turbo hybrid era that started in 2014.
Mercedes have won both titles for the past four seasons.
Sunday’s race at the Circuit de Catalunya was something of a reset, with Hamilton taking his second successive win — after Azerbaijan — to stretch his championship lead to 17 points.
Mercedes also returned to the top of the constructors’ standings with their first one-two finish of the year and Hamilton finally felt at one with the car.
Asked about contract talks, Hamilton said. “We’ve had all the bosses here and there is not a single person in the team, or at least the hierarchy of the team, that has any concerns as far as I am aware”.
“We do talk about it and we are not really far away from finishing things so it will happen hopefully in the near future.”
Reporting by Alan Baldwin, editing by Ken Ferris
| ashraq/financial-news-articles | https://www.reuters.com/article/us-motor-f1-spain-hamilton/motor-racing-car-issues-delayed-hamilton-contract-talks-says-wolff-idUSKCN1IG197 |
THIS MEDIA RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
MONTREAL, May 01, 2018 (GLOBE NEWSWIRE) -- Rogers Sugar Inc. (RSI) announces that its Board of Directors has authorized a declaration of a quarterly dividend of $0.09 per share to be paid to Shareholders of record on June 30, 2018, payable on or before July 20, 2018. This is an eligible dividend for income tax purposes.
For further information:
Ms. Manon Lacroix
Vice President, Finance, Chief Financial Officer & Secretary
Lantic Inc.
Tel: (514) 940-4350
Website www.lantic.ca or www.rogerssugarinc.com
Source: Rogers Sugar Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-rogers-sugar-inc-declares-dividend-to-shareholders.html |
(Recasts, adds details)
By Nevzat Devranoglu
ANKARA, May 28 (Reuters) - Turkey’s central bank said on Monday it would return to using the one-week repo rate as its benchmark, the latest move by authorities to reassure investors about the direction of monetary policy and give the ailing currency a boost.
At an emergency meeting last week the bank hiked its late liquidity window rate, the highest of the four interest rates it uses, by 3 percentage points to 16.5 percent. That followed a 20 percent tumble in the lira this year on deepening concerns about President Tayyip Erdogan’s grip on monetary policy.
For years the central bank has relied on multiple rates to set borrowing costs, creating a complex system that economists say has made policy less predictable. It has funded the financial system through the late liquidity window for months, all while keeping the repo rate steady at 8 percent.
The central bank’s unwillingness to use the repo rate has exacerbated concerns that it is less than independent. Erdogan, a self-described “enemy of interest rates” has repeatedly called for lower borrowing costs to fuel credit and construction.
The bank said in a statement the repo rate would be set at 16.5 percent and would once again be regarded as the main rate. The new framework would take effect on June 1, it said.
“We think conducting funding through a single rate, the weekly repo rate, has increased predictability and sends a powerful signal to the markets that the tight stance will continue,” Is Investment economist Muammer Komurcuoglu said.
The lira firmed 2.4 percent to 4.5950 against the U.S. dollar, putting it on track for its best one-day performance in 16 months. It remains one of the worst performing emerging market currencies this year and touched a record low of 4.9290 last week.
‘SIMPLIFICATION’ The central bank said Monday’s move had completed its longstanding drive for “simplification” — the term it uses for the need to move to a single rate. The overnight borrowing and lending rates will be determined at 150 basis points below and above the one-week repo rate, it said.
The late liquidity window rate will be 300 basis points above the repo, it said.
Monday’s decision complemented the central bank’s rate hike last week, and was a positive, said Sebastien Barbe, global head of emerging markets research and strategy at Credit Agricole.
“It is opening the door to another tightening, another hike in interest rates in the coming weeks if there is a need to do it,” he said.
“Eventually they can eliminate all other rates and go with one rate but in the short term I would expect them to keep this kind of system ... because it gives them flexibility.”
The lira sell-off accelerated this month after Erdogan said he would look to take greater control of monetary policy following June 24 presidential and parliamentary elections. That deepened alarm among investors already disconcerted by Erdogan’s growing authoritarianism.
The central bank decision came after days of meetings among Turkey’s top economic ministers and intervention by the prime minister to convince Erdogan of the need for a sharp increase in interest rates, Reuters reported last week.
Authorities have since been on a push to reassure investors.
Murat Cetinkaya, the governor of the central bank, and Deputy Prime Minister Mehmet Simsek are due to meet with foreign investors in London on Monday and Tuesday.
They held a similar meeting with investors in Turkey on Sunday, at which Cetinkaya flagged the return to a more orthodox policy framework, according to one banker who was present.
Bankers said Simsek’s comments focused on the government’s achievements and plans, stressing fiscal discipline, tight monetary policy and its commitment to the market economy.
Simsek said in similar comments last week that Turkey would not try to push back against financial markets.
“We understand the concerns of the market. We understand the worries that investors might have,” he told broadcaster NTV. “We took the necessary steps to address these concerns and we will continue to do so.”
Additional reporting by Ezgi Erkoyun Writing by Daren Butler and David Dolan; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/turkey-currency/update-2-turkish-cenbank-governor-signal-on-monetary-policy-boosts-lira-idUSL5N1SZ0G3 |
LONDON, May 15 (IFR) - South Africa has set the yields for a dual-tranche offering of benchmark-sized US dollar bonds, according to a lead.
The sovereign has set the yield for a June 2030 bond at 5.875%. The notes were first marketed at 6% area.
The yield has been set for a June 2048 note at 6.30%. The tranche was initially marketed at 6.375% area.
The combined order books are around US$4.3bn.
The deal is today’s business via Deutsche Bank/Nedbank, JP Morgan, Rand Merchant Bank and Standard Bank.
South Africa is rated Baa3/BB/BB+. (Reporting by Robert Hogg; editing by Sudip Roy)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SM4GR |
May 4, 2018 / 3:54 PM / Updated 39 minutes ago Liverpool focused on two Premier League 'semi-finals' - Klopp Reuters Staff 2 Min Read
(Reuters) - Liverpool must approach their remaining two Premier League games as if they were “semi-finals”, manager Juergen Klopp said ahead of Sunday’s trip to last season’s champions Chelsea. FILE PHOTO: Soccer Football - Champions League Semi Final First Leg - Liverpool vs AS Roma - Anfield, Liverpool, Britain - April 24, 2018 Liverpool manager Juergen Klopp Action Images via Reuters/Carl Recine/File Photo
Liverpool, who will face Real Madrid in the Champions League final later this month after a 7-6 aggregate win over AS Roma, are looking to seal a top-four finish in the league to ensure qualification for Europe’s elite club competition next season.
The Merseyside club are third in the table with 72 points with Tottenham Hotspur (71) and Chelsea (66) breathing down their necks. Klopp said his team’s focus is on beating Chelsea and Brighton and Hove Albion in their final game.
“We have two semis again, against Chelsea and Brighton. Both games are important. There is no chance to think of anything else and then we have two weeks to prepare (for the Champions League final),” Klopp told a news conference.
“We have really fought hard to be in the position we are and now we have to finish the job... we need to be ready for Chelsea and it could be the same intensity like it was in Rome because it’s a similar situation. They need to win and we want to.”
Liverpool will assess the injuries of midfielder Emre Can (back) and defender Joe Gomez (knock) before they can determine if the pair can return to action in the run-in.
Midfielder Adam Lallana stepped up his recovery from a hamstring injury by completing a training session on Thursday. Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-che-liv-klopp/liverpool-focused-on-two-premier-league-semi-finals-klopp-idUKKBN1I51ZA |
May 28 (Reuters) - Australia shares are expected to fall on Monday, with material and energy stocks set to decline on weaker oil and select base metal prices. Banks are inclined to dip, following weakness in Wall Street's index for financial stocks in the previous session on Friday. The share price index futures fell 30 points to 6007, a 25.8-point discount to the underlying S&P/ASX 200 index close. The benchmark fell 0.1 percent on Friday. New Zealand's benchmark S&P/NZX 50 index fell marginally to 8,636.81 during early trade. (Reporting by Karthika Suresh Namboothiri in Bengaluru; Editing by Peter Cooney)
| ashraq/financial-news-articles | https://www.reuters.com/article/australia-stocks-morning/australia-shares-to-slide-nz-down-idUSL3N1SY0L0 |
BEIJING (Reuters) - China’s foreign ministry said on Friday it understood that trade talks with visiting senior U.S. officials were ongoing.
Ministry spokeswoman Hua Chunying made the comment at a daily news briefing in Beijing.
The discussions, led by U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He, are expected to cover a wide range of U.S. complaints about China’s trade practices, from accusations of forced technology transfers to state subsidies for technology development.
Reporting by Philip Wen; Writing by Ben Blanchard; Editing by Nick Macfie
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china-ministry/china-says-trade-talks-with-u-s-continuing-idUSKBN1I50N6 |
MILAN (Reuters) - European shares steadied on Thursday as a flurry of company results rolled in with losses in BT following a disappointing update and weighed down further by a weakness among utilities stocks.
The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, March 21, 2018. REUTERS/Tilman Blasshofer Gains in RBS ( RBS.L ) following a multi-billion deal to settle a U.S. investigation of the bank’s bond sales, and a solid update from Italy’s biggest bank UniCredit ( CRDI.MI ) buoyed the banking sector, helping the pan-European STOXX 600 steady by 0748 GMT.
BT ( BT.L ) shares fell 7.1 percent after saying it was cutting 13,000 jobs, the latest attempt by Britain’s biggest telecoms group to rebuild after an accounting scandal and a downturn in trading.
Traders said its latest update showed a disappointing guidance, while Jefferies analysts highlighted that the company missed on the opportunity of announcing a bolder mover of fiber roll out while job cuts were bigger then expected.
“No evidence of inflection in results or mindset,” said Jefferies.
RBS rallied 5.5 percent after it agreed to pay a smaller-than-expected $4.9 billion to resolve a U.S. investigation into its sale of mortgage-backed securities.
Analysts, who had estimated the U.S. could impose a fine of up to $12 billion, said the bank could reinstate a dividend.
Gains in RBS helped the UK's FTSE .FTSE edge ahead 0.2 percent, outperforming other European bourses ahead of a Bank of England policy meeting expected to keep interest rates on hold.
Still in banks, UniCredit rose 2.7 percent after it posted its best first-quarter result since 2007, topping forecasts with a 1.1 billion euro net profit thanks to lower-than-expected loan losses.
Italy's FTSE MIB .FTMIB fell as much as 0.7 percent, as bond yields jumped on an increased possibility that a government of anti-establishment parties will take power. The index however recovered ground and was up 0.2 percent.
Top movers on the STOXX also included precious metals miner Randgold ( RRS.L ), down 6.6 percent after its quarterly profit fell, while Next ( NXT.L ) rose 5.7 percent after a strong outlook and trading update.
Utilities were a weak spot, down 0.8 percent to lead sectoral losers in Europe, weighed by a disappointing update at Italy’s Enel ( RRS.L )
Reporting by Danilo Masoni, editing by Larry King and Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-stocks/european-shares-led-lower-by-bt-rbs-rallies-idUSKBN1IB0T6 |
I'm a little shocked by Marvin Ellison's departure, says former JC Penney CEO 1 Hour Ago Allen Questrom, former J.C. Penney chairman and CEO, discusses Marvin Ellison moving from the top job at the retailer to CEO at Lowe's. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/im-a-little-shocked-by-marvin-ellisons-departure-says-former-jc-penney-ceo.html |
9:14 AM EDT
Melinda Gates needs no introduction.
She has been the co-chair of The Bill & Melinda Gates Foundation for 18 years. Now, she has quietly entered the venture capital world by investing in female-led or minority-focused venture firms like Aspect Ventures , Female Founders Fund , and Defy Partners .
“I am a big believer in disruptive innovation, but it’s been incredibly disappointing to watch how few women-led businesses are getting funded,” Gates told Fortune. “Ultimately, if we want more innovation and better products, we’ve got to put more money behind women and minorities. That wasn’t happening, so I decided to step in and see what I could do to help a little bit.”
Through Pivotal Ventures, her Seattle-based investment and incubation company, Gates is betting that non-traditional funds can bring outsize returns. In a conversation with Fortune, Gates discusses the role LPs play in the venture ecosystem, the long-lasting effects of the #MeToo movement, and what industry she’d like to see backed by more venture dollars.
FORTUNE: As a limited partner, what are some specific questions you’re asking fund managers before deciding to invest?
GATES: To be clear, I am both investing in emerging fund managers, like Female Founders Fund, and I’m investing in some long-standing funds as well.
I am specifically looking at funds who over-index on women-led and minority-led businesses. Has this leader done this before? How do they think about business? Where have they done a great job in the past? Or if they are emerging, why am I willing to take a little bit more risk on that situation? What is it about those fund managers that makes me think I’ll still get a great return on my money — because I care a lot about that — but also wow, they’re going to find some new ideas out there that others aren’t already going after.
I’m asking a lot of business questions about how they will go about their funding, how they will over-index on women’s businesses, and how they will hold themselves accountable for a great return.
How do you define diversity?
GATES: I define diversity as when you have a mix of people seated at the table who look representative of our whole society.
What is the target return multiple you expect from these investments?
GATES: I’m not putting a specific number on it publicly. But quite honestly, I want as good a return as I’m getting on the rest of my money. Bill and I are willing to take more risk with some of our money, but I’m looking for an equal return.
The female-led & female-focused firms are relatively small when compared to the more traditional firms on Sand Hill Road. Do you think they are truly in a position to challenge the established players?
GATES: Do I think they can challenge the big VC firms? You bet. Because the big VC funds are leaving money on the table. If they’re not seeing the latest innovative, disruptive technology because they don’t understand it or they don’t understand some things that women are spending money on, I think they’re not making great investments.They’ll start to wake up over time, and there are some opportunities there.
And yes, some of these funds are still small, but as they get a proven track record, believe me — they’re going to get a lot more money from investors.
Some of these big firms often believe in the white guy in a hoodie disrupting a whole industry. So we’re going to disrupt it by making sure we’re indexing for women and minorities because they’ve got great ideas.
Based on your conversations with top-tier VCs, what are the biggest misconceptions you think they have about these types of funds?
GATES: Many of them think if they have one female at the table, they’ve done their job. Another big one is when they say that they have trouble finding women. Those are just excuses. They don’t know what investing in these areas looks like until they get several women who are partners in their firm.
It’s the same thing we see on the board level. You put one woman on a board — the business won’t change much. She has to assimilate. She can’t carry all of that by herself. You put several women on a board and the questions asked of the business become different. So I think the VC firms haven’t quite woken up to that.
So what do you think it’ll take for that to change? More big exits?
GATES: Yes. I think the big exits are helping. I think the #MeToo movement is helping. I think when they start to see some of these small funds getting bigger returns than they are, they’ll start to realize they’ve missed some opportunities. And quite frankly, I think when you start seeing some of these startups get more leverage and turn down traditional VCs’ money, the investors will start to wake up.pital
Less than 2% of all venture capital went to female founders & fewer than 8% of investors are women. How much of a role do you think LPs have in driving change, and how soon should we expect to see the stats improve?
GATES: Look at how much the #MeToo movement has disrupted what’s expected in society. The conversations have changed drastically since last fall. So I can’t totally predict when the stats will change, but I can put money where I think there are levers. And I think the LP community is one of the levers.
When you see the LPs starting to move, that’s when I think you’ll start seeing pretty disruptive change, perhaps sometime in the next three to five years.
You’ve previously said the #MeToo movement could backfire if men stop taking meetings with women because they’re afraid they’ll get accused for inappropriate behavior. Can you elaborate on some of the ways you think real change can occur?
GATES: I think real change can occur when the VC community starts to demand that the people it invests in have diversity, the right values, and the right behavior. When they start demanding that, then you’re going to see some real change.
It’s like the pressure that #MeToo has put on boards. Now, boards don’t have a choice. When men or women raise a sexual harassment claim, the board can’t just tuck it away anymore. The VC community doesn’t have as much light on it internally as a corporate board does, but when it starts to wake up to the fact that they’ll have to expect the same things from the companies they invest in, then you’ll see a big shift.
What’s one industry that you’d like to see backed by more venture capital dollars?
GATES: I’d love to see more innovations coming forward that have positive outcomes for young teenagers. I’m sure you’ve seen a lot of the stats about the mental health crisis we’re facing as a nation. We need to figure out how to use all of this innovation and technology to have positive messages and outcomes for kids. This generation has been online faster than any other generation before them and yet they are dealing the most severely with the negative consequences of it.
In addition to Pivotal Ventures, you’re also the co-chair of the Bill and Melinda Gates Foundation. How does your investing approach differ from Bill’s, and how do you come to consensus on investment decisions when you disagree?
GATES: At the Foundation, every big strategy decision gets made together. We purposefully decided a decade ago that we didn’t want him to run a piece of it and me to run another piece. So all the big strategy decisions are made together.
But then, when it comes to a specific area, like health, Bill is more an expert on polio so he takes the lead decisions there. In family planning, I take the lead decisions there. And we keep one another informed.
You recently said that when you used to attend meetings with Bill, people would avoid looking you in the eye or including you in the conversation because they assumed Bill was the decision-maker. What is the best thing for a female founder or VC to do if she finds herself in a similar situation?
GATES: First of all, she needs to surround herself with people who have her back, who know she is the leader — man or woman. As soon as the person turns to the male at the table, he would reference back to the female founder and say, “Jane actually knows the answer to that. Jane, you and I were just talking about that. Tell them what you think.”
You do that once or twice and the people at the table will stop asking him the questions and realize that she’s the one that knows this business deeply, and she’s the one who has credibility.
This article originally ran in Term Sheet, Fortune’s newsletter about deals and dealmakers. Sign up here. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/30/melinda-gates-limited-partner-venture-capital/ |
May 30, 2018 / 11:35 AM / in a few seconds Aerospace group Safran sticks to LEAP engine targets, no 'bad surprises' at Zodiac Tim Hepher 4 Min Read
PARIS (Reuters) - French aerospace firm Safran ( SAF.PA ) is sticking to production targets for the LEAP jet engine, but is still unwilling to back proposals for higher output from Airbus and Boeing until it is convinced its own suppliers can keep up, its chief executive said on Wednesday. FILE PHOTO: Logo of the Safran Aircraft Engines plant is seen on the company's headquarters building in Blagnac, near Toulouse, France March 21, 2018. REUTERS/Regis Duvignau
Safran co-owns the world’s largest jet engine supplier, based on the number of units produced, along with General Electric ( GE.N ) and their plans for a record hike in output of LEAP are 4-6 weeks behind schedule.
“I want to be virtually certain about the robustness of the supply chain before committing to higher production,” Philippe Petitcolin said.
CFM International, the joint venture that makes LEAP engines, aims to deliver around 1,100 of the engines this year, followed by 1,800 next year and hitting the 2,000 mark in 2020.
Its factories are currently churning out 12 LEAP engines a week for the Airbus A320 family and 14 a week for the Boeing 737. By the end of the year it aims to raise the weekly rate by two engines for Airbus ( AIR.PA ) and 4-6 for Boeing ( BA.N ), Petitcolin said.
Engine makers have been struggling to keep up with demand triggered by a new generation of fuel-saving engines.
CFM has been spared most of the delays felt by rival Pratt & Whitney or technical problems seen at Rolls-Royce ( RR.L ), but its performance has widespread economic implications since it powers 75 percent of the world’s most-used narrowbody jets.
Petitcolin said CFM continues to see demand for the previous generation of engines, its decades-old CFM56, even as it switches to the new fuel-saving model. Analysts say airlines calculate that current engines are still economic on shorter trips.
Safran is juggling the LEAP ramp-up against efforts to turn around French aircraft seats and cabin equipment maker Zodiac Aerospace ( ZODFF.PK ), which Petitcolin said occupies much of his attention.
Three months after taking control of Zodiac, Safran has not discovered any nasty surprises - seen as a significant fact in its own right after around 10 profit warnings from Zodiac beforehand.
“There have been no major (bad) surprises but there haven’t been any good surprises either,” Petitcolin told the AJPAE aerospace media association, adding it would take 12-18 months for delayed airline seat projects currently being handled by Zodiac to work their way through the system.
Petitcolin deflected questions about intermittent speculation in France of a future tie-up between Safran and French defense and aerospace equipment company Thales ( TCFP.PA ).
The two companies faced pressure to merge more than a decade ago but never went through with a deal. Thales later fell into the orbit of Dassault Aviation ( AVMD.PA ), which has industrial control as part of a shareholder pact with the French state.
Industry sources say the mosaic of state-influenced French aerospace companies could again come under scrutiny following the death this week of industrialist Serge Dassault.
In 2012, one of his sons, Laurent Dassault, suggested a broad combination of Dassault Aviation, Thales, Safran and Zodiac as a counterweight to Franco-German Airbus group (then called EADS), but few in the industry publicly warmed to the idea.
Petitcolin paid tribute to Serge Dassault as a “great man” of French aeronautics, but declined to be drawn on any future industry deals, saying his priority was to integrate Zodiac.
Safran meanwhile hopes for an inaugural contract for its new E-Taxi electrically powered aircraft taxiing system at the Farnborough Airshow in July, Petitcolin said. Reporting by Tim Hepher; Editing by Richard Lough and Susan Fenton | ashraq/financial-news-articles | https://www.reuters.com/article/us-france-safran/aerospace-group-safran-sticks-to-leap-engine-targets-no-bad-surprises-at-zodiac-idUSKCN1IV1EC |
Crude slump hits energy ETFS 46 Mins Ago CNBC's Dominic Chu takes a look at the moves in crude oil and how energy-tracking ETFs are reacting. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/crude-slump-hits-energy-etfs.html |
Cristian Penilla scored two goals in the first seven minutes of the match, and the New England Revolution rode that early momentum for a dominating 3-2 win over Toronto FC on Saturday at Gillette Stadium in Foxborough, Mass.
May 12, 2018; Foxborough, MA, USA; New England Revolution forward Cristian Penilla (70) and Toronto FC midfielder Jonathan Osorio (21) battle for the ball during the first half at Gillette Stadium. Mandatory Credit: Bob DeChiara-USA TODAY Sports Penilla pushed New England to the lead in the fourth minute when he took a pass from Teal Bunbury after a turnover at midfield and calmly, but quickly, dribbled down the middle of the pitch. Penilla split two Toronto defenders before unleashing a wicked right-footed kick from just outside the penalty area that wrong-footed Reds’ goalkeeper Alexander Bono couldn’t handle. The shot nestled into the lower-left corner of the net.
Penilla wasted no time adding to the lead, scoring in the seventh minute to claim his brace. Bono ventured out of the area under duress to try to clear the ball and passed to teammate Ager Aketxe, who, inexplicably, turned to his right and sent the ball straight to Penilla, who steadied the ball, waited a beat and lifted a shot that beat Bono back to his line and into the net.
May 12, 2018; Foxborough, MA, USA; New England Revolution forward Cristian Penilla (70) reacts after scoring a goal during the first half against Toronto FC at Gillette Stadium. Mandatory Credit: Bob DeChiara-USA TODAY Sports Bunbury built the Revolution advantage to 3-0 in the first minute of the second half, taking a clearing pass from Andrew Farrell and carrying it deep into the Toronto zone as the Reds’ defense retreated instead of attacking. Bunbury got to the edge of the box and lofted a shot that flew over Bono’s right shoulder and bounced into the net.
Slideshow (3 Images) Toronto got on the scoreboard in the 55th minute when Jay Chapman centered a pass that Jordan Hamilton and New England defender Antonio Mlinar Delamea both lunged for near the goal line as it flew into the net past Revolution goalkeeper Matt Turner.
Delamea was the last person to touch the ball, so the tally was booked as an own goal for New England but it still pulled the Reds to within 3-1.
Sebastian Giovinco, who entered as a sub in the 60th minute, cut the New England lead to 3-2 in the 89th minute on a penalty kick after Chris Tierney fouled Auro in the area.
Giovinco and New England’s Wilfried Zahibo had words as the Toronto midfielder made his way back to midfield, and Giovinco put his right hand into Zahibo’s face, drawing a red card that forced the Reds to play the final minutes of the match with just 10 men. The infraction will keep him out of Toronto’s next match.
Toronto (2-6-1) returns to the pitch with a home match Friday against Orlando City while the Revolution (5-3-2) will host Columbus on Saturday.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-usa-tfc-ner/penillas-two-early-goals-push-revs-past-toronto-idUSKCN1IE033 |
May 7 (Reuters) - China Overseas Grand Oceans Group Ltd :
* APRIL PROPERTY CONTRACTED SALES HK$4,081 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-china-overseas-grand-oceans-group/brief-china-overseas-grand-oceans-group-posts-april-property-contracted-sales-of-hk4-08-bln-idUSFWN1SE0GD |
May 8 (Reuters) - SCHMOLZ & BICKENBACH AG:
* SALES VOLUME INCREASED BY 11.5% TO 545 KILOTONS IN Q1 2018
* Q1 ADJUSTED EBITDA OF EUR 70.3 MILLION, 5.6% HIGHER THAN IN Q1 2017 WITH EUR 66.6 MILLION
* OUTLOOK FOR 2018 CONFIRMED * Q1 GROUP RESULT MILLION EUR 59.0 VERSUS MILLION EUR 16.5 YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-schmolz-bickenbach-q1-group-result/brief-schmolz-bickenbach-q1-group-result-at-eur-59-0-mln-idUSFWN1SF00O |
Facebook to unveil dating feature 3:05pm EDT - 01:02
Facebook Inc. will add features around dating and building long-term relationships on its social platform, Chief Executive Officer Mark Zuckerberg said on Tuesday at the company's developers conference. Rough Cut (no reporter narration).
Facebook Inc. will add features around dating and building long-term relationships on its social platform, Chief Executive Officer Mark Zuckerberg said on Tuesday at the company's developers conference. Rough Cut (no reporter narration). //reut.rs/2KuC4Bo | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/01/facebook-to-unveil-dating-feature?videoId=423003148 |
May 29 - Canada’s main stock index slipped lower on Tuesday due to losses in financial stocks led by Bank of Nova Scotia , which reported quarterly results.
* At 9:44 a.m. ET (1344 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 51.75 points, or 0.32 percent, at 15,964.39.
* The financials sector fell 1.1 percent, dragged by a 3 percent fall in shares of Bank of Nova Scotia.
* Shares of Toronto-Dominion Bank slipped 0.9 percent and were the second biggest drag to the financials.
* The industrials sector fell 0.4 percent, weighed down by the 0.9 percent decline in freight and logistics company Canadian National Railway Co’s and 2.2 percent fall in planemaker Bombardier Inc.
* Six of the index’s 11 major sectors were lower, pressured by the heavyweight financial sector.
* President Donald Trump is running out of time to deliver a revamp of NAFTA deal he promised for this year.
* The energy sector climbed 1.1 percent as Brent crude pared losses, triggered by expectations that Saudi Arabia and Russia could pump more crude to compensate for a potential supply shortfall.
* The materials sector, which includes precious and base metals miners, added 0.6 percent after gold prices edged up as a deepening political crisis in Italy provoked a second day of heavy selling on European financial markets
* On the TSX, 103 issues were higher, while 139 issues declined for a 1.35-to-1 ratio to the downside, with 16.22 million shares traded.
* Shares of Kinder Morgan Canada Ltd were up 2.8 percent after the Canadian government said it will buy the Trans Mountain pipeline project for C$4.5 billion ($3.5 billion).
* The Canadian dollar weakened to a more than two-month low against its U.S. counterpart as oil prices fell and the greenback broadly rose, while investors weighed a decision by Canada’s government to purchase a major oil pipeline project.
* The largest percentage gainers on the TSX was oil producer Crescent Point, which jumped 6.4 percent after CEO Scott Saxberg left the company.
* Bank of Nova Scotia was the biggest percentage loser on the TSX, followed by Hudson’s Bay Co, which fell 0.2 percent.
* The most heavily traded shares by volume were Crescent Point, Bombardier Inc and Canopy Growth Corp.
* The TSX posted no new 52-week highs and no new lows.
* Across all Canadian issues there were 7 new 52-week highs and 7 new lows, with total volume of 24.96 million shares. (Reporting by Shreyashi Sanyal in Bengaluru)
| ashraq/financial-news-articles | https://www.reuters.com/article/canada-stocks/canada-stocks-tsx-falls-due-to-losses-in-financial-stocks-idUSL3N1T04G9 |
TOKYO, May 17 (Reuters) - Japan’s Nikkei share average followed U.S. stocks higher on Thursday morning after Wall Street gained overnight, with financial stocks rallying on an increase in U.S. bond yields.
The Nikkei gained 0.5 percent to 22,824.73 in midmorning trade as a weaker yen helped overall sentiment.
Wall Street indexes ended higher as small-cap stocks surged, even as a rise in U.S. bond yields to an almost seven-year high suggested more competition for equities and investors fretted over global politics.
Japanese banks and insurers, which invest in higher-yielding products such as foreign bonds, rallied. Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group both soared 2.1 percent, while Dai-ichi Life Holdings surged 1.3 percent.
Yields on 10-year U.S. Treasuries hit 3.10 percent on Wednesday for the first time since July 2011.
“Investors are still worried about rising U.S. yields. But as long as the yield’s rise is gradual, the market is likely to withstand it,” said Masashi Oda, general manager of the strategic investment department at Sumitomo Mitsui Trust Asset Management.
The weaker yen supported big exporters such tech companies. Advantest Corp gained 1.8 percent, Kyocera Corp added 0.9 percent and Sumco advanced 2.0 percent.
The broader Topix gained 0.3 percent to 1,806.29. (Reporting by Ayai Tomisawa Editing by Eric Meijer)
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-stocks-midday/nikkei-rises-in-line-with-wall-street-gains-financials-rally-idUSL3N1SO1P1 |
BERLIN (Reuters) - Germany will analyze information presented by Israel on Iran’s nuclear activities on Monday but independent inspections must be maintained, a German government spokesman said.
“It is clear that the international community had doubts that Iran was carrying out an exclusively peaceful nuclear program,” the spokesman said. “It was for this reason the nuclear accord was signed in 2015, including the implementation of an unprecedented, thorough and robust surveillance system by the International Atomic Energy Agency.”
The spokesman said it was critical to maintain independent surveillance to ensure Iran was complying with the accord.
Reporting by Andrea Shalal
| ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-iran-netanyahu-germany/germany-stresses-importance-of-iaea-inspections-of-iran-nuclear-program-idUSKBN1I127P |
April 30 (Reuters) - ARAB LIFE AND ACCIDENT INSURANCE COMPANY:
* Q1 PROFIT AFTER TAX 69,650 DINARS VERSUS 219,981 DINARS YEAR AGO
* Q1 TOTAL REVENUE 3.5 MILLION DINARS VERSUS 3.8 MILLION DINARS YEAR AGO Source: ( bit.ly/2I2jBO8 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-arab-life-and-accident-insurance-q/brief-arab-life-and-accident-insurance-q1-profit-falls-idUSFWN1S714J |
By David Meyer 7:23 AM EDT
The smartphone business is not growing anymore, according to this year’s installment of Mary Meeker’s much-lauded annual tech industry report.
The Kleiner Perkins partner gave her latest presentation Wednesday at the Code 2018 Conference. The findings of Meeker and her team pointed to a general trend of slowing growth in the Internet.
Shipments of new smartphones showed zero year-on-year growth in 2017, she said. With more than half the people in the world now using the Internet, growth in user numbers has dropped from 12% to 7%. Meeker said internet usage was still growing solidly—4% year-on-year—but the industry still faces a challenge.
“The reality of all for the business people in the room, when you get to a market, when you get to 50% penetration, new growth becomes a lot harder to find,” the venture capitalist told the conference.
Another interesting aspect of Meeker’s presentation was the fact that simple-to-use apps are taking over, whether that’s in messaging, commerce or media. This focus on user experience is having an effect—”With payments friction is declining, products like messengers and also, mobile payments are rising dramatically and digital currencies are emerging,” she said.
Meeker said data-driven personalization was key to improving these user experiences, but there is of course a downside on the privacy front.
“Internet companies are making low price services better in part from user data. Internet users are increasing their time on internet services based on perceived value. Regulators want to ensure data is not used improperly and not all regulators think about this in the same way,” she said, nodding to Europe’s new General Data Protection Regulation (GDPR.) SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/31/mary-meeker-internet-trends-report-smartphone-growth-internet/ |
As the U.S. and China continue hashing out trade negotiations, a new player has joined the fray: President Donald Trump 's national security advisor, John Bolton .
A National Security Council official told CNBC that it was only "natural" that Bolton be involved in recalibrating the U.S. trade relationship with China.
"Rebalancing trade and investment relations are an important component of the President's overall strategic approach to China, and therefore it is natural that the National Security Adviser would play a role in ensuring U.S. economic officials' ongoing discussions with China are framed within that strategic approach," the official said.
Bolton's involvement in trade negotiations signals a broadening scope of authority for the president's top national security aide, whose views on the U.S.' shifting relationships with North Korea and Iran were central points of scrutiny when he was appointed in March.
The high-stakes trade talks between the U.S. and China come as the Trump administration prepares for a June summit with North Korean leader Kim Jong Un, a frequent target of Bolton's criticism over the years. North Korea, likewise, recently criticized Bolton while threatening to pull out of the landmark meeting . China, which is North Korea's biggest and most important ally, has played a key role in arranging diplomatic connections between the communist dictatorship and the U.S.
The hawkish Bolton has also been outspoken on China trade policy. In a talk-radio interview in March, Bolton said China has for too long "taken advantage of its place in the world" through "the trade arrangements it has with the United States and other countries," multiple outlets reported .
show chapters Never was a trade war, it was a trade dispute with China: Sec. Mnuchin 2:30 PM ET Mon, 21 May 2018 | 02:03 He added that a revamped trade policy with China "could be a little shock therapy, get their attention, and hopefully it'll have a good impact."
Bolton also suggested, in a 2016 op-ed for the Wall Street Journal , that the U.S. should challenge China's relationship with Taiwan — which China considers to be an official part of its country through the "one China" policy. He even appeared to suggest that military intervention should not be off the table.
Bolton and North Korea Bolton has had rocky history with North Korea. About a month before he was tapped to join the White House team of core advisors to the president, he penned an op-ed for the Journal laying out a case for a pre-emptive attack on North Korea.
Prior to Bolton joining the Trump team, the White House's "maximum pressure" campaign had been a seen as a catalyst for progress between the two nations.
Kim Jong Un 's regime made overtures toward thawing relations with the U.S. and South Korea. Kim vowed to destroy its only known missile test site and agreed to landmark talks with South Korean President Moon Jae-In and, separately, a summit with Trump.
But annual military drills between the U.S. and South Korea, which North Korea views as a threat , spurred the regime to abruptly call off the talks with its southern neighbor and potentially cancel Kim's meeting with Trump.
Worse for the prospect of the Trump-Kim meeting, which is still currently scheduled for June 12 in Singapore, was North Korea's angry reaction to Bolton's latest statements on ridding the rogue regime of nuclear weapons.
Bolton said in television interviews on May 13 that the U.S. had the "Libya model" of denuclearization in mind going into talks with North Korea. Libya's dictator at the time, Muammar Gaddafi, agreed to relinquish his nuclear weapons in exchange for the U.S. relaxing sanctions on his country.
show chapters China to cut import tariffs on autos 6 Hours Ago | 01:35 Gaddafi was later killed in the street by a mob of his own people in a violent insurrection — a vision that appears to serve as Kim's main takeaway from the "Libya model."
North Korea's vice foreign minister on Wednesday said his country does "not hide our feeling of repugnance towards" Bolton, and referenced his remarks about Libya in a searing statement.
Trump quickly distanced himself from Bolton's analogy in Oval Office remarks last week.
"The Libyan model isn't a model that we have at all," Trump said Thursday. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/john-bolton-joins-us-china-trade-talks.html |
It's a tough time to be an investor with overvalued markets, CIO says 8 Hours Ago Most assets look unattractive, so investors should hold onto cash, Dan Kemp, CIO of EMEA at Morningstar Investment Management, said. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/its-a-tough-time-to-be-an-investor-with-overvalued-markets-cio-says.html |
Deutsche Bank cuts at least 7,000 jobs in trading retreat 8:21am EDT - 01:26
Deutsche Bank will cut global staff numbers by more than 7,000 in the first major move by its new CEO to reduce costs and restore profitability after years of false starts. Ciara Lee
Deutsche Bank will cut global staff numbers by more than 7,000 in the first major move by its new CEO to reduce costs and restore profitability after years of false starts. Ciara Lee //reut.rs/2KP92LZ | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/24/deutsche-bank-cuts-at-least-7000-jobs-in?videoId=429870272 |
April 30 (Reuters) - Angola’s central bank left its benchmark interest rate unchanged at 18 percent at a meeting of its monetary policy committee, the regulator said in a notice posted on its website on Monday. (Reporting by Tanisha Heiberg Editing by Hugh Lawson)
| ashraq/financial-news-articles | https://www.reuters.com/article/angola-rates/angola-central-bank-leaves-main-interest-rate-unchanged-at-18-pct-idUSJ8N1RH01C |
Data Sheet Data Sheet—As AI Goes to War, Debate Over Regulation Must Heat Up The silhouettes of attendees are seen at the Google Inc. booth during the 2018 Consumer Electronics Show in Las Vegas, Nev., on Jan. 11, 2018. David Paul Morris—Bloomberg/Getty Images By Aaron Pressman 9:32 AM EDT
This is the web version of Data Sheet, Fortune’s daily newsletter on the top tech news. To get it delivered daily to your in-box, sign up here .
The current controversy over data privacy may look like a tempest in a teapot compared to the possible misuses of artificial intelligence. Or as Fei-Fei Li, chief scientist for AI at Google Cloud, put it in a recent email: “I don’t know what would happen if the media starts picking up a theme that Google is secretly building AI weapons or AI technologies to enable weapons for the Defense industry.”
Good morning at midweek. Aaron in for Adam, thinking about whether it should be Arnold Schwarzenegger’s Terminator or Majel Barrett-Roddenberry’s Star Trek computer voice that comes to mind when we consider the future of AI.
A trio of New York Times reporters has dug into the internal debate at Google over developing AI applications for the military after the company won a Pentagon contract to do just that. The reporters got their hands on the Li email, as well as many others, to reveal just how controversial the Pentagon work is inside the company. Some of this has been reported previously, like Gizmodo’s report about Google employees resigning over the contract. But the Times report includes considerable new detail and nuance.
And it also goes to show that we probably can’t rely on tech companies to police themselves when it comes to dangerous AI developments. Not only did Google take the military work, citing the fact that competitors Amazon and Microsoft were already in the running, but its all-too-frequent arrogance was also on display. Google co-founder Sergey Brin explained to employees last week, according to the Times , that it would be better for the world if military groups engaged with Google rather than just traditional defense contractors. That’s a rationalization that could justify almost any unethical or risky decision. Google also says it’s developing guidelines that will include a ban on AI work in weaponry.
Still, the debate over whether or how to regulate artificial intelligence is just getting started. AI expert Amitai Etzioni and his son and fellow expert Oren Etzioni penned a lengthy essay last year arguing against regulation . He’s out of media favor right now, but Tesla CEO Elon Musk has been the most vocal on the other side of the debate, calling for strong and immediate regulation .
But if there’s one take away from all of the recent reporting, it’s that decisions must be made soon, because the industry is racing ahead now. Aaron Pressman @ampressman NEWSWORTHY
Press one for more options . Uber is adding an emergency assistance button to its ride hailing app. If a user pushes the button , the app reaches out to emergency services and displays the user’s location along with the make, model, and license plate number of the car they are in. The company may need some additional assistance of its own, after San Francisco subpoenaed Uber and rival Lyft for driver pay data. The information could be used in conjunction with a recent state Supreme Court ruling on independent contractors to challenge whether drivers’ pay and benefits meet San Francisco law for employees.
A plague on both your houses . Electric scooter rental service Bird is raising at least $150 million in a venture capital deal that will value the company at $1 billion, Bloomberg reports. Rivals Lime and Spin are also in capital raising mode, as the startups compete to plaster America’s streets and sidewalks with scooters.
Up day. Back in the public markets, Salesforce said its fiscal first quarter revenue increased 25% to $3 billion, better than analysts expected, and forecast another 25% year-over-year jump to $3.2 billion in its next quarter. CEO Marc Benioff said the company’s Einstein platform was delivering 2 billion AI predictions per day to customers. Salesforce shares gained 4% in premarket trading on Wednesday. HP also beat analyst expectations , with a 13% revenue gain to $14 billion, with sales of both PCs and printers increasing by double digits. Also, HP CFO Cathie Lesjak said she will retire early in 2019. HP’s shares were up 3%.
Up day, continued . What did famed investor Benjamin Graham say about the stock market? In the short run, it’s a voting machine (or popularity contest) but in the long run, it’s a weighing machine (looking at fundamental results). Not sure whether it’s popularity or profits, but investors decided yesterday after three years that Microsoft’s stock is worth more than the shares of Google’s parent Alphabet . The crossing is a bit of a mirage since, including the impact of debt and cash, Microsoft has been more valuable in overall enterprise value for a while.
Up day, literally . Someone has been watching a lot of episodes of The Expanse . Jeff Bezos predicted that most heavy industry will move off the Earth to the moon and elsewhere in the solar system. The effort won’t be accomplished just by his company, Blue Origin, but will need “thousands of companies working in concert over many decades,” Bezos said at the Space Development Conference in Los Angeles.
Probably doesn’t have a second career as a comedian . While he’s not happy that Facebook copied his app’s key feature, stories, Snap CEO Evan Spiegel got in a joke at his rival’s expense. “We would really appreciate it if they copied our data protection practices also,” Spiegel said in an interview at the Code Conference on Tuesday. Separately, news emerged on Tuesday that a former software engineer at Snap wrote a memo to her entire department last year criticizing the company’s lack of diversity. Shannon Lubetich, who left the app maker last November, told Cheddar she wanted to make others who felt as she did “know that they are not alone and to know that it is okay to criticize a culture and try to make it better.” Advertisement FOOD FOR THOUGHT
Wall Street banks may be hemming and hawing about whether to embrace digital currencies, but their top traders are suffering from no such hesitation, it seems. Bloomberg’s Alastair Marsh reports on top traders quitting their jobs after making a personal killing trading bitcoin and other cryptocurrencies. Consider the case of former BlackRock pension adviser Asim Ahmad, for example:
When Ahmad first came across Ether in 2016, the same year he joined BlackRock in London, he invested all the savings he had available from six years working for an investment consultancy in Northern England, or 10,000 pounds ($13,250). While declining to say how much money he made from his investments, which included participation in initial coin offerings, he said Ether cost about $10 when he invested. It now trades above $500 and cost more than $1,400 earlier in the year.
“If you start mentally spending this money it will hurt you when it falls,” said Ahmad, who quit BlackRock in March. “If you enjoyed the volatility on the way up you have to accept it falls as hard if not harder at times.” IN CASE YOU MISSED IT | ashraq/financial-news-articles | http://fortune.com/2018/05/30/data-sheet-ai-war-military-google/ |
ROME (Reuters) - Italian Prime Minister-designate Carlo Cottarelli will see the country’s president at 4:30 p.m. (1430 GMT), the president’s office said in a statement on Tuesday.
Former senior International Monetary Fund (IMF) official Carlo Cottarelli speaks to the media after a meeting with Italy's President Sergio Mattarella at the Quirinal Palace in Rome, Italy, May 28, 2018. REUTERS/Tony Gentile President Sergio Mattarella has asked Cottarelli to form a stop-gap government to lead the country to early elections. Cottarelli is expected to unveil his cabinet after the meeting.
Reporting By Philip Pullella
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-cabinet/italy-pm-designate-to-see-president-at-1430-gmt-statement-idUSKCN1IU19S |
May 31, 2018 / 9:23 AM / Updated 22 minutes ago Two dead in North Carolina landslide as Alberto no longer a storm Reuters Staff 2 Min Read
(Reuters) - Two people were killed after floods triggered a landslide in North Carolina, as Alberto was downgraded to a post-tropical cyclone with diminished rainfall by the U.S. National Hurricane Center (NHC) on Thursday.
Rescue workers found two bodies after being alerted late Wednesday that the landslide had destroyed a home in Boone, North Carolina, in the heart of the Blue Ridge Mountains, said Jeff Virginia, spokesman for Watauga County Emergency Management.
Local media reported that heavy rains caused the landslide which triggered a gas explosion.
Video images posted to Twitter by the Boone Police Department showed an apparently charred home reduced to rubble.
Alberto has becomes a post-tropical cyclone as it attempts to exit northeastern lower Michigan, and a heavy rainfall threat is fading near its center, the U.S. National Hurricane Center (NHC) said in its latest advisory.
The system is located about 20 miles (30 km) west south-west of Alpena, Michigan with maximum sustained winds of 30 miles per hour (45 km/h), the weather forecaster said.
“Flash flood watches remain in effect for the western Carolinas, northwest Virginia, and far eastern west Virginia,” the NHC added. Reporting by Arpan Varghese and Eileen Soreng in Bengaluru, and Barbara Goldberg in New York; Editing by Toby Chopra and Bernadette Baum | ashraq/financial-news-articles | https://www.reuters.com/article/us-storm-alberto/alberto-becomes-a-post-tropical-cyclone-nhc-idUSKCN1IW10I |
HOUSTON, May 9, 2018 /PRNewswire/ -- Adams Resources & Energy, Inc. (NYSE AMERICAN: AE) ("Adams" or the "Company") today announced its three months ended March 31, 2018.
The Company reported net earnings of $1.1 million, or $0.27 per common share, on revenues of $387.3 million for the first quarter of 2018, compared to a net loss of $0.9 million, or ($0.20) per common share, on revenues of $303.1 million for the first quarter of 2017. On an adjusted basis, net earnings were $0.7 million, or $0.16 per common share, for the first quarter of 2018, compared to a net loss of $0.7 million, or ($0.17) per common share, for the first quarter of 2017.
Adjusted net (losses) earnings, adjusted (losses) earnings per common share and adjusted cash flow are non-generally accepted accounting principle ("non-GAAP") financial measures that are defined and reconciled in the financial tables below.
First Quarter 2018 Highlights:
Gross revenues of approximately $387.3 million for the first quarter of 2018 compared to $303.1 million for the first quarter of 2017 Our crude oil marketing subsidiary, GulfMark Energy, Inc., marketed approximately 65,194 per day ("bpd") of crude oil during the first quarter of 2018, compared to 66,374 bpd of crude oil during the first quarter of 2017 increased 2 percent from December 31, 2017 levels of $109.4 million to over $111.5 million at March 31, 2018 $59.6 million of undrawn capacity under our letter of credit facility at March 31, 2018 Generated adjusted cash flow of $3.3 million for the first quarter of 2018 compared to $2.8 million for the first quarter of 2017 Approximately 296,808 barrels of crude oil inventory at March 31, 2018 compared to 198,011 barrels at December 31, 2017 Dividend of $0.22 per share for the first quarter of 2018 No short or long term debt as of March 31, 2018
"During the first quarter of 2018, Service Transport generated improved financial and operating results as our revenue per mile increased 6 percent from the fourth quarter of 2017 and 12 percent from the first quarter of 2017," said Townes G. Pressler, Executive Chairman. "As demand continues to increase in this segment, we are making strides in improving trucking rates as we continue to provide superior service to our customers at Service Transport."
"At GulfMark, volumes have decreased slightly in the first quarter of 2018, compared to the first quarter of 2017, but the decline was mainly in areas that we elected to exit due to very thin margins, and consequently, our overall marketing margins have increased as a result."
"During 2018, we plan to remain focused on increasing margins in our crude oil marketing division, disciplined replacement of aging tractors and right sizing our tractor and trailer fleets, improving company-wide driver retention and increasing driver count, and exploring growth opportunities in our core businesses, both organically and in the open market," continued Pressler.
Capital Investments and Dividends
During the first quarter of 2018, the Company recorded approximately $0.9 million of capital costs and paid dividends of $0.9 million ($0.22 per share). The majority of the capital costs relate to construction of a pipeline connection at our GulfMark Energy subsidiary.
The Company's Board of Directors also declared a quarterly cash dividend for the first quarter of 2018 in the amount of $0.22 per common share, payable on June 15, 2018 to shareholders of record as of June 1, 2018.
Use of Non-GAAP Financial Measures
This press release and accompanying schedules includes the non-GAAP financial measures of adjusted cash flow, adjusted net (losses) earnings and adjusted (losses) earnings per common share. The accompanying schedules provide definitions of these non-GAAP financial measures and reconciliations to their most directly comparable financial measures calculated and presented in accordance with GAAP. Company management uses these measurements as aids in monitoring the Company's ongoing financial performance from quarter to quarter and year to year on a regular basis and for benchmarking against peer companies. Our non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, net cash flow provided by operating activities or any other measure of financial performance calculated and presented in accordance with GAAP. Our non-GAAP financial measures may not be comparable to similarly-titled measures of other companies because they may not calculate such measures in the same manner as we do.
Adams Resources & Energy, Inc. is engaged in the business of crude oil marketing, transportation and storage, tank truck transportation of liquid chemicals and dry bulk and ISO tank container storage and transportation. For more information, visit www.adamsresources.com .
Cautionary Statement Regarding Forward-Looking Statements
This news release contains . Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. In many cases you can identify by terminology such as "anticipate," "intend," "plan," "project," "estimate," "continue," "potential," "should," "could," "may," "will," "objective," "guidance," "outlook," "effort," "expect," "believe," "predict," "budget," "projection," "goal," "forecast," "target" or similar words. Statements may be forward looking even in the absence of these particular words. Where, in any forward-looking statement, the Company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that such expectation or belief will result or be achieved. Unless legally required, Adams undertakes no obligation to update publicly any , whether as a result of new information, future events or otherwise.
Contact: Sharon C. Davis
EVP, Interim Chief Financial Officer
[email protected]
(713) 881-3674
ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended
March 31,
2018
2017
Revenues:
Marketing
$
373,638
$
288,615
Transportation
13,618
13,455
Oil and natural gas
—
1,017
Total revenues
387,256
303,087
Costs and expenses:
Marketing
369,183
285,153
Transportation
12,301
12,162
Oil and natural gas
—
750
General and administrative
2,283
2,637
Depreciation, depletion and amortization
2,412
3,969
Total costs and expenses
386,179
304,671
Operating earnings (losses)
1,077
(1,584)
Other income (expense):
Interest income
387
159
Interest expense
(19)
(1)
Total other income (expense), net
368
158
(Losses) earnings before income taxes
1,445
(1,426)
Income tax benefit (provision)
(307)
566
Net (losses) earnings
$
1,138
$
(860)
Earnings (losses) per share:
Basic and diluted net (losses) earnings per common share
$
0.27
$
(0.20)
Weighted average number of common shares outstanding
4,218
4,218
Dividends per common share
$
0.22
$
0.22
ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
March 31,
December 31,
2018
2017
ASSETS
Current assets:
$
111,536
$
109,393
Accounts receivable, net of allowance for doubtful accounts
117,153
121,353
Inventory
19,267
12,192
Derivative assets
312
166
Income tax receivable
437
1,317
Prepayments and other current assets
1,111
1,264
Total current assets
249,816
245,685
Property and equipment, net
27,744
29,362
Investments in unconsolidated affiliates
425
425
Cash deposits and other
6,523
7,232
Total assets
$
284,508
$
282,704
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
126,044
$
124,706
Accounts payable – related party
5
5
Derivative liabilities
289
145
Current portion of capital lease obligations
341
338
Other current liabilities
5,255
4,404
Total current liabilities
131,934
129,598
Other long-term liabilities:
Asset retirement obligations
1,334
1,273
Capital lease obligations
1,265
1,351
Deferred taxes and other liabilities
2,646
3,363
Total liabilities
137,179
135,585
Commitments and contingencies
Shareholders' equity
147,329
147,119
Total liabilities and shareholders' equity
$
284,508
$
282,704
ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Three Months Ended
March 31,
2018
2017
Operating activities:
Net (losses) earnings
$
1,138
$
(860)
Adjustments to reconcile net (losses) earnings to net cash provided by operating activities:
Depreciation, depletion and amortization
2,412
3,969
Gains (losses) on sales of property
(26)
7
Impairment of oil and natural gas properties
—
3
Deferred income taxes
(709)
60
Net change in fair value contracts
(2)
(420)
Changes in assets and liabilities:
Accounts receivable
4,200
(1,968)
Inventories
(7,075)
(7,557)
Income tax receivable
880
(736)
Prepayments and other current assets
153
744
Accounts payable
1,377
17,746
Accrued liabilities
851
1,084
Other
86
78
Net cash provided by (used in) operating activities
3,285
12,150
Investing activities:
Property and equipment additions
(866)
(1,006)
Proceeds from property sales
132
39
Insurance and state collateral refunds
603
476
Net cash used in investing activities
(131)
(491)
Financing activities:
Principal repayments of capital lease obligations
(83)
—
Dividends paid on common stock
(928)
(928)
Net cash used in financing activities
(1,011)
(928)
Increase in cash and cash equivalents
2,143
10,731
at beginning of period
109,393
87,342
at end of period
$
111,536
$
98,073
ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATIONS
(In thousands, except per share data)
Three Months Ended
March 31,
2018
2017
Reconciliation of Adjusted Cash Flow to Net (Losses) Earnings:
Net (losses) earnings
$
1,138
$
(860)
Income tax benefit (provision)
307
(566)
Depreciation, depletion and amortization
2,412
3,969
Gains (losses) on sales of property
(26)
7
Impairment of oil and natural gas properties
—
3
Inventory liquidation gains
(552)
—
Inventory valuation losses
—
658
Net change in fair value contracts
(2)
(420)
Adjusted cash flow
$
3,277
$
2,791
Three Months Ended
March 31,
2018
2017
Adjusted net (losses) earnings and (losses) earnings per common share (Non-GAAP):
Net (losses) earnings
$
1,138
$
(860)
Add (subtract):
Gains (losses) on sales of property
(26)
7
Impairment of oil and natural gas properties
—
3
Net change in fair value of contracts
(2)
(420)
Inventory liquidation gains
(552)
—
Inventory valuation losses
—
658
Tax effect of adjustments to (losses) earnings
122
(87)
Adjusted net (losses) earnings
$
680
$
(699)
Adjusted (losses) earnings per common share
$
0.16
$
(0.17)
View original content with multimedia: http://www.prnewswire.com/news-releases/adams-resources--energy-inc-announces-results-for-first-quarter-2018-and-declares-quarterly-dividend-300645783.html
SOURCE Adams Resources & Energy, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-adams-resources-energy-inc-announces-results-for-first-quarter-2018-and-declares-quarterly-dividend.html |
PARIS (Reuters) - Shares in French media giant Vivendi fell sharply after Vivendi’s Canal Plus TV arm ended up empty-handed in a crucial soccer broadcasting rights auction in France.
FILE PHOTO: A logo is seen over the main entrance of the entertainment-to-telecoms conglomerate Vivendi's headquarters in Paris April 8, 2015. REUTERS/Gonzalo Fuentes/File Photo Vivendi shares were down by about 4 percent at 0905 GMT, the worst performer on France’s benchmark CAC-40 index.
Canal Plus was beaten out for the most-coveted rights by Spain’s Mediapro, a Chinese-owned group, as prices boomed by close to 60 percent to more than 1.15 billion euros ($1.33 billion).
The setback in the rights for the Ligue 1 championship, France’s main soccer competition, highlights Canal Plus’ current difficulties to grow in France, where it has historically built a reputation of broadcasting major soccer matches.
Billionaire businessman Vincent Bollore, who recently increased his Vivendi stake to more than 24 percent, also saw the shares in his holding company Groupe Bollore fell by around 2 percent on Wednesday.
Separately, French telecoms operator Iliad provided details on its acquisition of one of the seven lots offered by France’s professional soccer body during the auction on Tuesday.
Iliad said it will pay 50 million euros per year for the seasons extending from 2020/2021 to 2023/2024 to be able to stream quasi-live goals, the best saves and other highlights on its fixed and mobile platforms.
At the end of each matchday in the season, Iliad - which is majority-owned by billionaire Xavier Niel - will also release a magazine featuring game summaries, the goals, an overview of developments and the best highlights.
Reporting by Sudip Kar-Gupta and Mathieu Rosemain; Editing by John Irish
| ashraq/financial-news-articles | https://www.reuters.com/article/us-france-soccer-vivendi/vivendi-shares-slide-after-losing-french-soccer-tv-rights-idUSKCN1IV114 |
VANCOUVER, May 14, 2018 /PRNewswire/ - Pure Industrial Real Estate Trust (the "Trust") (TSX: AAR.UN) is pleased to announce the release of its financial results for the three months ended March 31, 2018.
Q1-2018 Financial Results
The Q1-2018 financial results, consisting of the Trust's unaudited consolidated interim financial statements for the three months ended March 31, 2018, and management's discussion and analysis of results of operations and financial condition ("MD&A") dated May 14, 2018, are available on SEDAR ( www.sedar.com ) and the Trust's website ( www.piret.ca ). Unless otherwise indicated, all amounts are in thousands of Canadian dollars.
Q1-2018 Highlights
(All metrics have been normalized for IFRIC 21 and assumes all property taxes have been pro-rated and accrued based on the number of days of ownership within the reporting year.)
As at March 31, 2018, the Trust's portfolio under management consists of 173 income producing properties representing gross leasable area ("GLA") of 25.4 million square feet ("sf"), an increase from 25.3 million sf as at December 31, 2017. In addition, the Trust's portfolio consists of 145.8 acres of land held for future development and three properties under development.
Investment properties fair value, including properties classified as assets held for sale as at March 31, 2018, is $3,231,286, a $101,892 increase from December 31, 2017. The increase in investment properties is due primarily to net acquisition activities during the three months ended March 31, 2018 and a foreign exchange related increase due to the U.S. exchange rate increasing from USD:CAD 1.2545 as at December 31, 2017 to USD:CAD 1.2894 as at March 31, 2018, partially offset by an aggregate fair value loss across the portfolio of $1,549.
The occupancy of the Trust's portfolio was 93.1% as at March 31, 2018, excluding properties classified as assets held for sale, a decrease of 230 basis points from December 31, 2017. Including committed leasing, the occupancy is 95.7% as at March 31, 2018 compared to 95.6% as at December 31, 2017. On December 14, 2017, the Trust acquired a newly-constructed 760,256 sf distribution centre, as vacant. Normalizing for this vacancy, the occupancy as at March 31, 2018 would be 95.9%, and including committed leasing, the occupancy would be 98.6%. The weighted average lease term for the Trust's portfolio increased from 6.3 years to 6.5 years between Q4-2017 and Q1-2018.
Net asset value per unit increased to $6.23 as at March 31, 2018 from $6.19 as at December 31, 2017.
Debt to Gross Book Value , as defined in the MD&A, as at March 31, 2018 was 39.4%, a 160 basis point increase from 37.8% as at December 31, 2017. The increase in the leverage metric was predominately attributable to the Trust drawing the remaining $25,000 available on its unsecured term loan, draws on the operating line, as well as the assumption of three new mortgages, all pertaining to acquisitions completed in the quarter.
Revenues for the three months ended March 31, 2018 increased by 17.3% compared to the same period in the prior year. The increase is primarily related to the acquisition activity in 2017 and Q1-2018, contributions from the development in Richmond, British Columbia which became income producing during December 2017.
Adjusted Net Operating Income ("NOI") , as defined in the MD&A, for the three months ended March 31, 2018 increased 15.5% to $44,272 from $38,317 for the same period in 2017. The increase in NOI is primarily due to the impact from fifteen properties acquired from April 2017 to March 2018 and the contribution from the development in Richmond, British Columbia which became income producing in December 2017. The increase was partially offset by the disposition of sixteen properties from April 2017 to March 2018 and an unfavourable average US dollar exchange rate for the three months ended March 31, 2018 (US$1:00:C$1.2647) compared to the same period in the prior year (US$1.00:C$1.3238).
For the three months ended March 31, 2018, the Trust's same property NOI ("SPNOI") , as defined in the MD&A, increased by $36 or 0.1% compared to the same period in 2017, from 19.2 million sf representing 75.1% of the Trust's overall portfolio. On a constant currency basis , eliminating for the impact of the change in the U.S. dollar exchange rate quarter over quarter, the Trust's SPNOI increased 1.1% for the three months ended March 31, 2018 relative to the same period in the prior year. SPNOI was also impacted by the departure of tenant Best Buy from the Trust's Bolton, ON property effective February 28, 2018. Adjusting for this vacancy in the quarter, SPNOI was 1.27% higher when compared to the same period in 2017.
Funds from Operations ("FFO") , as defined in the MD&A, for the three months ended March 31, 2018 increased 20.6% over the same period in the prior year and was relatively flat when compared to Q4-2017, increasing by $13 or an increase of 0.04%. FFO in the first quarter of 2018 relative to the first quarter of 2017 was positively impacted by SPNOI increases, FFO from net new acquisitions, and from the completion of the development in Richmond, British Columbia which became income producing in December 2017, offset partially by the unfavourable average US dollar exchange rate in the period.
FFO per Unit ("FFOPU"), as defined in the MD&A, of $0.10 decreased by 4.0% for the three months ended March 31, 2018 over the same quarter in the prior year and was flat when compared to Q4-2017. The flat FFOPU during the quarter compared to Q4-2017 is due to incremental NOI earned from the three properties acquired during the quarter, offset by the unfavourable average US dollar exchange rate in the periods.
Adjusted Funds from Operations ("AFFO") , as defined in the MD&A, for the three months ended March 31, 2018 increased 17.8% over the same period in the prior year and increased by 0.9% when compared to Q4-2017. The increase in AFFO over the same period in the prior year is due to higher SPNOI and successful acquisition and development activity during the 2017 and the current year, offset partially by the unfavourable average US dollar exchange rate in the period.
Adjusted Funds from Operations per Unit ("AFFOPU") , as defined in the MD&A, of $0.09 decreased by 5.4% for the three months ended March 31, 2018 compared to the prior year and increased by 0.9% from Q4-2017, mostly due to lower capital expenditures in Q1-2018 compared to Q4-2017.
G&A expenses for the three months ended March 31, 2018 increased $3,363 or 145% relative to the same period in the prior year, representing 9.0% and 4.3% of rental and recoveries revenue, respectively. The increase is primarily due to the increase in non-cash compensation and $2,068 in special transactions costs which relate to the Trust's announced transaction with Blackstone Property Partners (see "Subsequent Events" below). Included in G&A expense for the three months ended March 31, 2018 is the non-cash fair value adjustment relating to the re-measurement of the Trust's unit-based compensation liabilities, totaling $1,773 expense, an increase of $1,138 relative to Q1-2017. G&A expenses excluding the special transaction costs and the non-cash fair value component of unit-based compensation, represents 2.9% and 3.1% of rental and recoveries revenue, for the three months ended March 31, 2018 and for the same period in the prior year, respectively.
During the three months ended March 31, 2018, approximately 101,000 sf of new leases were signed and 340,000 sf of expiring space was renewed.
Acquisitions and Dispositions
On January 31, 2018 the Trust completed the acquisition of a 14,818 sf property in Acheson, Alberta for a purchase price of $1,900, plus standard closing costs and adjustments of $50, which was immediately transferred to properties under development. As at March 31, 2018, the costs incurred to date amounted to $226 and the total costs for the redevelopment are estimated to be approximately $1,070.
On February 1, 2018, the Trust completed the acquisition of a newly-constructed 287,338 sf property in Montreal, Quebec for a purchase price of $32,500 plus standard closing costs and adjustments of $30. The property includes a 40-year ground lease with Aéroports de Montreal. The acquisition was funded with the Trust's operating line and an assumed mortgage in the amount of $22,807 with a remaining term of 7.5 years and annual interest rate of 3.48%, fixed with an interest rate swap.
On February 22, 2018, the Trust completed the acquisition of a 12,647 sf building on 38.1 acres of land, and an adjacent 14.2 acres of income-producing land located in Acheson, Alberta for a purchase price of $48,000 plus standard closing costs and adjustments of $40. The acquisition was funded with the Trust's operating line and two assumed mortgages totaling $25,482 with 3 years remaining on the terms and with fixed interest rates of 3.47% and 3.75% per annum (weighted average interest rate of 3.53%).
During the three months ended March 31, 2018, the Trust completed the disposition of a 17,180 sf investment property located in Vaughan, Ontario, for gross proceeds of $3,608. The property was unencumbered at the time of sale and was not classified as held for sale as at December 31, 2017.
Subsequent events
On January 9, 2018, the Trust announced that it entered into an arrangement agreement with an affiliate of Blackstone Property Partners ("Blackstone"), pursuant to which Blackstone will acquire all of the outstanding trust units of the Trust ("the Transaction") for $8.10 per unit in cash. The Transaction is structured as a statutory plan of arrangement under the British Columbia Business Corporations Act. Completion of the Transaction, is subject to customary conditions, including approval of at least 66 2/3% of the votes cast by Unitholders at a special meeting of Unitholders, court approval and regulatory approval (Investment Canada Act).
On February 26, 2018, the Commissioner of Competition issued an Advance Ruling Certificate approving the Transaction.
On March 23, 2018, at a special meeting of Unitholders, the Transaction was approved by Unitholders where approximately 99.66% of the votes cast were voted in favour of the Transaction.
On March 29, 2018, the Supreme Court of British Columbia issued a final order approving the plan of arrangement for the Transaction.
On April 11, 2018, Blackstone received Investment Canada Act approval in connection with the Transaction.
Completion of the Transaction is expected to occur in the second quarter of 2018.
On May 1, 2018, the Trust completed the disposition of the Trust's 50% interest in four investment properties, three located in Alberta and one in Manitoba, to an existing joint venture partner, for gross proceeds of $23,750. The joint venture paid out four mortgages associated with the sold properties, with the Trust's share totaling $10,059.
On May 14, 2018, the Trust completed the disposition of an investment property located in Edmonton, Alberta for gross proceeds of $2,400. The property was classified as held for sale as at March 31, 2018 and was unencumbered at the time of sale.
Selected Financial Information
March 31,
2018
December 31,
2017
Investment properties ($000s)
$3,209,951
$3,108,059
Mortgages payable and other loans ($000s)
$1,292,753
$1,211,920
Weighted average debt term to maturity on mortgages (years)
4.6
4.7
Debt to gross book value 1
39.4%
37.8%
Debt to EBITDA 1
8.4
8.0
March 31,
2018
December 31,
2017
Occupancy, end of period including committed* 2
95.7%
95.6%
Occupancy, end of period* 2
93.1%
95.4%
Occupancy, average for the three months ended
94.4%
96.8%
*
Includes 760,256 sf vacant space acquired in December 2017 ("King Mill II Acquisition", as defined in the MD&A). Excluding this space, occupancy at the end of the period is 95.9% and committed occupancy is 98.6%.
Three months ended March 31
($000s, except per unit basis)
2018
2017
Revenue
$62,832
$53,574
Net operating income 3
$44,272
$38,317
Distributions declared per unit
$0.08
$0.08
FFO 4 per unit (fully diluted)
$0.10
$0.10
Payout Ratio 5
77.8%
75.3%
AFFO 4 per unit (fully diluted)
$0.09
$0.09
Payout Ratio 5
89.6%
84.7%
G&A as a Percent of Revenue
9.0%
4.3%
1
Non-IFRS measure and further defined in Section VI "Additional IFRS and Non-IFRS Measures" in the Trust's MD&A.
2
Excludes properties classified as assets held for sale.
3
Net operating income has been normalized for IFRIC 21 ("Adjusted NOI") and assumes all property taxes have been pro-rated and accrued based on number of days of ownership within the reporting year.
4
FFO and AFFO are widely accepted supplemental measures of financial performance for real estate entities. These measures are not defined under the International Financial Reporting Standards ("IFRS"). For a description of these measures and an IFRS to non-IFRS reconciliation, see the Trust's MD&A under "Funds from Operations and Adjusted Funds from Operations" and "Operational and Financial Highlights" and "Non-IFRS Measures". The Trust's MD&A is available on SEDAR at www.sedar.com .
5
FFO and AFFO payout ratios are calculated based on the ratio of distribution rate to fully diluted FFO and AFFO per unit.
About Pure Industrial Real Estate Trust
Pure Industrial Real Estate Trust is an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in leading markets across Canada and key distribution and logistics markets in the United States. The Trust is an internally managed REIT and is one of the largest publicly-traded REITs in Canada that offers investors exposure to industrial real estate assets in Canada and the United States. Additional information about the Trust is available at www.piret.ca and www.sedar.com .
TSX – AAR.UN
Non-GAAP Measures:
The Trust prepares and releases audited consolidated annual financial statements prepared in accordance with IFRS (GAAP). In this release, the Trust discloses and discusses certain non-GAAP financial measures, including FFO, FFO per Unit, AFFO, AFFO per Unit, adjusted net operating income (Adjusted NOI), Net Asset Value per Unit, occupancy, Loan to Gross Book Value, and capitalization rate. The non-GAAP measures are further defined and discussed in the MD&A dated May 14, 2018 and filed on SEDAR, which should be read in conjunction with this release. Since FFO, FFO per Unit, AFFO, AFFO per Unit, adjusted net operating income (Adjusted NOI), Net Asset Value per Unit, occupancy, Loan to Gross Book Value, and capitalization rate are not determined by IFRS, such measures may not be comparable to similar measures reported by other issuers. The Trust has presented such non-GAAP measures as management believes the measures are a relevant measure of the ability of the Trust to earn and distribute cash returns to Unitholders and to evaluate the Trust's performance. These non-GAAP measures should not be construed as alternatives to net income (loss) or cash flow from operating activities determined in accordance with GAAP as an indicator of the Trust's performance. Please refer to "Additional IFRS Measures and Non-IFRS Measures" in the Trust's MD&A.
Forward-Looking Information:
Certain statements contained in this press release may constitute forward-looking statements. are often, but not always, identified by the use of words such as such as "outlook", "believe", "expect", "may", "anticipate", "should", "intend", "estimates" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by the Trust, including: (i) the accretive acquisition of properties and the anticipated extent of the accretion of any acquisitions, which could be impacted by demand for properties and the effect that demand has on acquisition capitalization rates and changes in the cost of capital; (ii) the maintaining of occupancy levels and rental revenue, which could be impacted by changes in demand for the Trust's properties, tenant bankruptcies, the effects of general economic conditions and supply of competitive locations in proximity to the Trust's locations; (iii) the overall indebtedness levels and the Trust's ability to refinance expiring debt, which could be impacted by the level of acquisition activity and the state of debt markets in general; (iv) The Trust's REIT status, which can be impacted by regulatory changes enacted by governmental authorities; (v) The Trust's cost estimates and expected yields pertaining to development activity which could be impacted by construction cost overruns or delays; (vi) the anticipated distributions and payout ratios, which could be impacted by capital expenditures, results of operations and capital resource allocation decisions; and (vii) the anticipated replacement of expiring tenancies, which could be impacted by the effects of general economic conditions and the supply of competitive locations.
Although the Trust believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Trust can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals or satisfy the conditions to closing the property acquisitions, competitive factors in the industries in which the Trust operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Trust.
The forward-looking statements contained in this press release represent the Trust's expectations as of the date hereof, and are subject to change after such date. The Trust disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
The Toronto Stock Exchange has not reviewed nor approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.
View original content: http://www.prnewswire.com/news-releases/pure-industrial-real-estate-trust-announces-release-of-q1-2018-financial-results-300647876.html
SOURCE Pure Industrial Real Estate Trust (PIRET) | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-pure-industrial-real-estate-trust-announces-release-of-q1-2018-financial-results.html |
May 18 (Reuters) - Resolute Energy Corp:
* RESOLUTE ENERGY CORP - FY 2017 TOTAL COMPENSATION OF CEO RICHARD BETZ $4.1 MILLION - SEC FILING
* RESOLUTE ENERGY CORP - FY 2017 TOTAL COMPENSATION OF PRESIDENT JAMES PICCONE $3.4 MILLION Source bit.ly/2IWS4Oq Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-resolute-energy-corp-says-fy-2017/brief-resolute-energy-corp-says-fy-2017-total-compensation-of-ceo-betz-4-1-mln-idUSFWN1SP0XO |
Good morning. From the diplomatic flurry over the Trump-Kim summit to France’s ‘Spiderman’ hero, catch up on the latest headlines.
Lightning illuminates the sky above the Swiss Federal Palace (Bundeshaus) in Bern, Switzerland May 27, 2018. Picture taken May 27, 2018. REUTERS/Stefan Wermuth For all the news you need to start your day, subscribe to the News Now newsletter . The best of Reuters news delivered right into your inbox absolutely free.
NORTH KOREA
North Korea has dispatched top officials to the United States and Singapore, the latest indication that an on-again-off-again summit with President Trump may go ahead .
Trump said meetings were being held to set up a summit and confirmed that a top North Korean official was en route to New York.
EUROPE
A deepening political crisis in Italy provoked a second day of heavy selling on European financial markets, with the euro cut to a 6-1/2 month low, stocks punished and short-term borrowing costs surging for the government in Rome.
The euro looked to have dodged a bullet when Italy’s would-be eurosceptic coalition government collapsed at the weekend, but it may turn out to have been the opening salvo in a war over Europe’s single currency.
WORLD
Palestinian militants fired more than 25 mortar bombs from Gaza into Israel today, the Israeli military said, in one of the heaviest barrages in years.
Police in Myanmar examined the mobile phones of two Reuters reporters accused of possessing secret documents without a search warrant after their arrests in December, an officer told a court yesterday, in what has become a landmark press freedom case. Read more on Wa Lone and Kyaw Soe Oo’s case.
Nouf al-Anzy’s new life shows how Saudi Arabia’s social reforms are helping its struggling economy. Six months ago she got her first job, one of tens of thousands of women to do so as the government tackles prejudice against female employment. Read the latest in the World at Work series.
BUSINESS
Blame it on Trump, Iran or Venezuela. Rising oil prices combined with a heavy debt load killed the world’s biggest private equity oil and gas industry deal last week. Here’s why gas-producer Santos jilted Harbour Energy at the altar .
Trump is running out of time to deliver a revamp of the North American Free Trade Agreement he promised for this year and people involved in the talks say the crunch is largely of his administration’s own making.
REUTERS TV
France on Monday offered citizenship to an illegal immigrant from Mali who scaled the facade of a Paris apartment block to save a boy who was about to fall from a fourth-floor balcony, President Emmanuel Macron said.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-newsnow-may29/tuesday-morning-briefing-idUSKCN1IU16I |
WEST PALM BEACH, Fla., May 14, 2018 (GLOBE NEWSWIRE) -- Rennova Health, Inc. (OTCQB: RNVA), (OTCQB: RNVAW) (“Rennova” or the “Company”), a vertically integrated provider of industry-leading diagnostics and supportive software solutions to healthcare providers that recently announced the acquisition of its second Rural Hospital, is pleased to announce it has confirmed June 1 st , 2018 as the expected closing date for its acquisition of an 85 bed hospital in Jamestown Tennessee.
While closing is subject to customary regulatory approvals and closing conditions the Company believes these are all scheduled to complete timely. The hospital known as Tennova Healthcare - Jamestown, and its associated assets are being acquired from Community Health Systems, Inc. (NYSE: CYH). The transaction also includes a Jamestown based doctor’s practice and clinic.
“We look forward to completing the acquisition of what will be our second hospital in the same geographic location at the end of this month and focusing on the successful integration with our existing business” said Seamus Lagan, Chief Executive Officer of Rennova. “We also look forward to completing the previously announced spin-offs of AMSG and our technology division in coming months. We continue to believe this will create additional value and opportunity for our shareholders and create separate public companies, each of which can focus on its own strengths and operational plans. We believe we can quickly achieve a cash-flow positive position in our new hospital division within the next few months and this combined with the spin-offs as planned should remove the need for additional capital to operate our business thereafter.”
About Rennova Health, Inc.
Rennova provides industry-leading diagnostics and supportive software solutions to healthcare providers, delivering an efficient, effective patient experience and superior clinical outcomes. Through an ever-expanding group of strategic brands that work in unison to empower customers, we are creating the next generation of healthcare. For more information, please visit www.rennovahealth.com .
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Additional information concerning these and other risk factors are contained in the Company’s most recent filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Contacts:
Rennova Health
Sebastien Sainsbury, 561-666-9818
[email protected]
# # #
Source:Rennova Health, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-rennova-health-confirms-intended-closing-date-for-acquisition-of-85-bed-hospital-in-jamestown-tn-as-june-1-2018.html |
Uber Air unveils details for flying cars 32 Mins Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/uber-air-unveils-details-for-flying-cars.html |
May 4 (Reuters) - China Banking Corp:
* Q1 CONSOLIDATED NET INCOME OF 1.50 BILLION PESOS, UP 2 PERCENT
* Q1 NET INTEREST INCOME ROSE 18 PERCENT TO 5.29 BILLION PESOS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-china-banking-posts-q1-consolidate/brief-china-banking-posts-q1-consolidated-net-income-of-1-50-bln-pesos-idUSFWN1SA1EC |
DETROIT (Reuters) - Toyota Motor Corp said on Thursday it is building a closed-course test facility in Michigan for its self-driving vehicle technology that will replicate “edge case” driving scenarios that are too dangerous to conduct on public roads.
The Toyota company logo is see on a Yaris model car that is on display at Toyota's automobile manufacturing plant before the visit by the French president in Onnaing, France, January 22, 2018. REUTERS/Pascal Rossignol The facility at Ottawa Lake, which is being built by the Toyota Research Institute, will go into operation in October.
“This new site will give us the flexibility to customize driving scenarios that will push the limits of our technology and move us closer to conceiving a human-driven vehicle that is incapable of causing a crash,” Ryan Eustice, the Toyota Research Institute’s senior vice president of automated driving, said in a statement.
Automakers such as General Motors Co and companies such as Alphabet Inc unit Waymo have been racing to develop self-driving cars and be the first to market with a viable product.
But questions about the safety of self-driving technology and oversight of developers were raised after a fatal collision between an Uber Technologies Inc self-driving vehicle and a pedestrian in Arizona in March.
Following that accident, Toyota suspended all its self-driving tests on U.S. public roads in California and Michigan. Toyota has continued tests on closed courses.
A Toyota Research Institute spokesman said halting tests on public roads has allowed the automaker to refine and upgrade its fleet of test vehicles.
“We will resume testing on public roads in a few weeks, once these three systems have been more closely aligned,” the spokesman said.
Reporting By Nick Carey; Editing by Bernadette Baum
| ashraq/financial-news-articles | https://www.reuters.com/article/us-toyota-selfdriving-tests/toyota-builds-self-driving-test-track-for-edge-case-scenarios-idUSKBN1I41WL |
April 30 (Reuters) - Laboratory equipment maker PerkinElmer on Monday reported slightly higher-than-expected first-quarter profit and revenue and raised its full-year earnings forecast as sales grew in both of its business units.
The company, which also makes environmental and neonatal testing equipment, said net profit fell to $26 million, or 23 cents per share, from a profit of $38.6 million, or 33 cents a share, a year ago, because of an accounting adjustment related to an acquisition.
Excluding one-time items, PerkinElmer said it earned 63 cents a share. Analysts on average expected 61 cents per share, according to Thomson Reuters I/B/E/S.
The company said it now expected 2018 adjusted earnings of $3.60 per share, up from its prior view of $3.50 and above current Wall Street estimates of $3.53 per share.
Reporting by Bill Berkrot in New York; Editing by Peter Cooney
| ashraq/financial-news-articles | https://www.reuters.com/article/perkinelmer-results/perkinelmer-first-quarter-profit-beats-street-view-idUSL1N1S71M8 |
May 1 (Reuters) - Pinnacle Financial Partners Inc:
* PINNACLE FINANCIAL PARTNERS SAYS ON APRIL 26 ENTERED AMENDMENT TO LOAN AGREEMENT WITH U.S. BANK, NATIONAL ASSOCIATION DATED MARCH 29, 2016
* PINNACLE FINANCIAL PARTNERS SAYS AMENDMENT EXTEND MATURITY DATE OF CREDIT FACILITY TO APRIL 25, 2019 - SEC FILING
* PINNACLE FINANCIAL-AMENDMENT REDUCE INTEREST PAID ON BORROWINGS UNDER CREDIT FACILITY TO 1.75 PCT PLUS GREATER OF 0%, 1-MONTH LIBOR RATE Quote: D BY LENDER Source text for Eikon: ( bit.ly/2jmphoh ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pinnacle-financial-partners-enters/brief-pinnacle-financial-partners-enters-amendment-to-loan-agreement-with-u-s-bank-national-association-idUSFWN1S80NJ |
May 1 (Reuters) - NewLink Genetics Corp:
* NEWLINK GENETICS - IN CONNECTION WITH APPOINTMENT OF MATTHEW SHERMAN TO CO’S BOARD, BOARD WILL BE COMPRISED OF EIGHT DIRECTORS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-newlink-genetics-appoints-matthew/brief-newlink-genetics-appoints-matthew-sherman-to-board-idUSFWN1S809H |
(Reuters) - The following are some hot stocks including the so-called FAANG technology stocks - Facebook Inc ( FB.O ), Amazon.com ( AMZN.O ), Apple Inc ( AAPL.O ), Netflix Inc ( NFLX.O ) and Google parent Alphabet Inc ( GOOGL.O ) - as well as other companies in which hedge fund managers either took new stakes, adding to or exiting existing positions in the first quarter, filings with the U.S. Securities and Exchange Commission showed on Tuesday.
Bags with the Facebook logo are seen before a content summit at France's Facebook headquarters in Paris, France, May 15, 2018. REUTERS/Charles Platiau FACEBOOK INC Some managers appeared to be betting on a recovery in shares of the world’s largest social media company, which were hammered after a data privacy scandal erupted in mid-March.
Suvretta Capital swooped in and opened a new position, buying 2.7 million shares. Viking Global Investors nearly doubled its position to 9 million shares, listing Facebook as the fund’s biggest position. Soroban Capital Partners also listed Facebook as a new position, owning 2.3 million shares.
Tiger Global more than doubled its position in Facebook by buying approximately 2.5 million shares.
But Stanley Druckenmiller’s Duquesne Family Office took another approach and closed out of its Facebook position during the first quarter.
AMAZON.COM Druckenmiller’s Duquesne Family Office increased its stake in Amazon.com for a total of 170,853 shares as of the end of the first quarter. Soros Fund Management took a new 44,200-share stake in Amazon, along with an additional call-option position in the name.
ALPHABET Soros Fund Management hiked its stake in Alphabet by 20,800 shares.
Slideshow (3 Images) NETFLIX Soros Fund Management increased its share count in video-streaming company Netflix by 148,500 shares. Druckenmiller’s Duquesne Family Office opened a new stake in Netflix with 189,700 shares for a market value of $56 million as of the end of the first quarter.
PAYPAL HOLDINGS ( PYPL.O )
Activist investor Carl Icahn sold out of his position, dumping 8 million shares. Meanwhile, David Einhorn’s Greenlight Capital took a new share stake during the first quarter with 67,000 shares for a market value of $5 million as of the end of the first quarter.
MYLAN NV ( MYL.O )
Generic drug companies have been out of favor with investors and Leon Cooperman’s Omega Advisors sold out completely in the first quarter. Redwood Capital Management also exited, selling 100,000 shares.
MGM RESORTS INTERNATIONAL ( MGM.N )
Omega Advisors sold all of its 831,990 shares in the casino operator.
SOTHEBY’S ( BID.N )
The auction house attracted attention for activist investors a few years ago. Now Marcato Capital Management, one of the first to push for changes, has exited the position entirely, selling its remaining 646,291 shares. Similarly, Arrowstreet Capital and Broadview Advisors also exited.
WENDY’S CO ( WEN.O )
Melvin Capital nearly doubled its stake to 6 million shares.
WYNN RESORTS LTD ( WYNN.O )
The casino company’s chief executive resigned in February following allegations of sexual misconduct. Maverick Capital, Southeastern Asset Management and Thornburg Investment Management exited their stakes in the first quarter. But Melvin Capital, founded by one of Steven Cohen’s former fund managers, ramped up its position, buying 1.4 million shares to own 2.5 million.
ZIMMER BIOMET HOLDINGS ( ZBH.N )
The medical device company is considering selling its dental products unit. Healthcor Management added to its position to own 2.3 million shares and Ceredex Value Advisors put on a new position to own 1.6 million shares.
JACK IN THE BOX ( JACK.O )
Fast-food chain Jack in the Box, which sold its Qdoba chain to private equity company Apollo Global Management last year, has attracted new attention: activist fund Blue Harbour took a new stake to own 667,000 shares and Jana Partners doubled its stake to own 2.1 million shares. Similarly, Samlyn Capital and Nokota Management took new stakes.
UNITED TECHNOLOGIES ( UTX.N )
Daniel Loeb’s Third Point owned 7.1 million shares at the end of the first quarter while Bill Ackman’s Pershing Square Capital Management owned 1.9 million shares. Other big buyers include Citadel Advisors which raised its stake to 3 million shares, Capital International Investors and Suvretta Capital Management.
PINNACLE FOODS INC ( PF.N )
The frozen foods company has been pushed by Jana Partners, which owned 5.3 million shares at the end of the quarter, to review operations. Jana has since boosted its stake to 10.8 million shares. Speculation has mounted that a sale or acquisition might be in the offing. Meanwhile, Third Point exited its position, selling 1 million shares.
Reporting By Svea Herbst-Bayliss; Editing by Jennifer Ablan, Meredith Mazzilli and Chris Reese
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-investment-funds-highlights/hedge-funds-chomped-on-faangs-during-first-quarter-tech-turmoil-idUSKCN1IH01K |
Blackrock's iShares has a new traditional media ETF 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/blackrocks-ishares-has-a-new-traditional-media-etf.html |
OTTAWA, May 23 (Reuters) - Lending to small Canadian businesses picked up in March as gains were seen in the manufacturing and construction industries, boding well for stronger economic growth in the coming months, data showed on Wednesday.
The PayNet Small Business Lending index rose to 118.9 in March from a downwardly revised 110.6 the month before. The index for medium-sized firms increased to 202.7 from 188.2 in the same time frame.
“That’s an indication the smaller businesses are getting in the game, they’re finding some reasons to invest and put money to work,” said PayNet President Bill Phelan.
Increased investment by small businesses can lead economic growth by two to five months, Phelan said.
Lending to small businesses increased in a number of sectors, including manufacturing, which rose to 67.6 from 66.9, while construction was up at 153.7 from 150.6.
“We’ve got a broad base now, it’s not just one industry carrying the load,” said Phelan.
The number of small firms that were 30 days or more behind on their loans rose to 0.96 percent from 0.88 percent, though those that were delinquent by 90 days or more held steady at 0.29 percent. (Reporting by Leah Schnurr; editing by Diane Craft)
| ashraq/financial-news-articles | https://www.reuters.com/article/canada-economy-paynet/canadian-small-business-lending-picks-up-in-march-paynet-idUSL2N1ST1SU |
SINGAPORE (Reuters) - Chinese private chemical producer Hengli Group [HLGRP.UL] will receive its first cargo of Saudi crude oil by July as it prepares a new refinery for trial runs to be held in October, a source with knowledge of the matter said on Wednesday.
The 400,000 barrels-per-day (bpd) refinery in the northeastern port city of Dalian will become one of the five largest refineries in China and a major Saudi crude oil buyer. The plant is configured to process medium and heavy crude grades from Saudi Arabia.
The first cargo - 2 million spot barrels of Saudi Arab Medium crude - will be loaded in June and imported by Chinese state oil firm Sinochem Corp [SASADA.UL], said the source, who declined to be named due to company policy.
Hengli and Sinochem will officially open a joint venture trading office in June in Singapore to purchase crude for the refinery and sell oil products produced there, trade sources said.
Hengli expects to import up to 22 million barrels of crude this year for trial runs at the plant, the source said. New refineries typically take up to six months to produce fuel that meet commercial specifications and to ramp up output.
Hengli has received state approval to import 400,000 bpd of crude, but it is still waiting for the Ministry of Commerce to say how much of this quota can be used this year.
Construction of Hengli’s refinery and petrochemical complex is expected to be completed in July and trial runs would start in October, the company has said.
Hengli is also in talks with Saudi Aramco for long-term supplies, the source said. Hengli, Saudi Aramco and Sinochem did not respond to requests for comment.
Hengli is one of three companies in China bringing on new refining capacity in the fourth quarter.
Another private chemical firm, Zhejiang Ronsheng Group, is expected to start operating a new 400,000-bpd refinery in the eastern city of Zhoushan in the fourth quarter, while a 100,000-bpd expansion at China National Petroleum Corp’s (CNPC’s) Huabei refinery will also start up in October.
These refineries together will lift China’s refining capacity by nearly 10 percent and add to a domestic fuel supply glut.
Hengli started as a small chemical fiber maker and now operates the world’s largest purified terephthalic acid (PTA) plant, with a capacity of 6.6 million tonnes a year.
PTA is used for producing polyester to make synthetic fiber and water bottles.
Reporting by Florence Tan; Editing by Tom Hogue
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-saudi-oil-refinery/chinese-refiner-hengli-to-receive-first-saudi-crude-oil-by-july-source-idUSKCN1IV138 |
May 15, 2018 / 8:22 PM / Updated 35 minutes ago UPDATE 2-ATP World Tour Masters 1000 / WTA Premier, Rome Masters Women's Singles Seeds Progress Reuters Staff 3 Min Read May 16 (OPTA) - Seeds Progress from the ATP World Tour Masters 1000 / WTA Premier, Rome Masters Women's Singles matches on Tuesday .. Seeds .. Seed Round Rslt Opponent Score 1 Simona Halep (ROU) 2nd to play Naomi Osaka (JPN) (start 09:00) 1st won (Bye) 2 Caroline Wozniacki (DEN) 2nd to play Alison Van Uytvanck (BEL) (start 17:00) 1st won (Bye) 3 Garbine Muguruza (ESP) 2nd to play Daria Gavrilova (AUS) (start 19:30) 1st won (Bye) 4 Elina Svitolina (UKR) 3rd to play (start 08:00) 2nd won Petra Martic (CRO) 6-1 6-2 1st won (Bye) 5 Jelena Ostapenko (LAT) 3rd to play (start 08:00) 2nd won Shuai Zhang (CHN) 6-2 7-5 1st won (Bye) 6 Karolina Pliskova (CZE) 2nd to play Maria Sakkari (GRE) (start 11:00) 1st won (Bye) 7 Caroline Garcia (FRA) 2nd to play Timea Babos (HUN) (start 09:00) 1st won (Bye) 8 Venus Williams (USA) 2nd to play Elena Vesnina (RUS) (start 13:00) 1st won (Bye) 9 Sloane Stephens (USA) 2nd to play Kaia Kanepi (EST) (start 09:00) 1st won Barbora Strycova (CZE) 6-7(4) 6-3 6-1 11 Angelique Kerber (GER) 2nd to play Irina-Camelia Begu (ROU) (start 13:00) 1st won Zarina Diyas (KAZ) 6-2 7-6(6) 12 Coco Vandeweghe (USA) 1st lost Anett Kontaveit (EST) 6-1 6-1 13 Madison Keys (USA) 2nd to play Donna Vekic (CRO) (start 11:00) 1st won Anastasia Pavlyuchenkova 6-4 6-1 (RUS) 14 Daria Kasatkina (RUS) 2nd to play Danielle Collins (USA) (start 10:00) 1st won Ajla Tomljanovic (AUS) 6-0 6-4 15 Anastasija Sevastova (LAT) 2nd to play Aleksandra Krunic (SRB) (start 14:00) 1st won Kristina Mladenovic (FRA) 6-3 3-0 (Retired) 16 Ashleigh Barty (AUS) 1st lost Maria Sharapova (RUS) 7-5 3-6 6-2 17 Magdalena Rybarikova (SVK) 1st lost Johanna Konta (GBR) 6-4 6-3 (Note : all times are GMT) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-seeds-womens-singles/atp-world-tour-masters-1000-wta-premier-rome-masters-womens-singles-seeds-progress-idUKMTZXEE5FSDTJQY |
NEW YORK, May 31 (Reuters) - Italy’s political woes pose a threat to synchronized global economic growth and stand out among risks for the Federal Reserve as it continues to gradually raise U.S. interest rates in the face of fiscal stimulus at home, one of the most influential Fed policymakers said on Thursday.
“Global growth has been synchronized over the past year, but recent developments pose some risk. Political developments in Italy have reintroduced some risk, and financial conditions in the euro area have worsened somewhat in response,” Fed Governor Lael Brainard said in prepared remarks.
“I continue to view gradual increases in the federal funds rate as the appropriate path, although I will remain vigilant for the emergence of risks and prepared to adjust if conditions change,” she added. (Reporting by Jonathan Spicer Editing by Chizu Nomiyama)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-fed-brainard/italy-crisis-a-risk-to-global-growth-worth-watching-feds-brainard-idUSN9N1S400F |
DANBURY, Conn. & RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)-- IQVIA Holdings Inc. (NYSE: IQV), a leading global provider of advanced analytics, technology solutions, and contract research services to the life sciences industry, announced today that in light of recent market conditions, it and the selling stockholders will not proceed with the previously announced secondary public offering and concurrent repurchase of common stock.
IQVIA (NYSE: IQV) is a leading global provider of advanced analytics, technology solutions, and contract research services to the life sciences industry. Formed through the merger of IMS Health and Quintiles, IQVIA applies human data science — leveraging the analytic rigor and clarity of data science to the ever-expanding scope of human science — to enable companies to reimagine and develop new approaches to clinical development and commercialization, speed innovation, and accelerate improvements in healthcare outcomes. Powered by the IQVIA CORE™, IQVIA delivers unique and actionable insights at the intersection of large-scale analytics, transformative technology and extensive domain expertise, as well as execution capabilities. With more than 55,000 employees, IQVIA conducts operations in more than 100 countries.
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The Detroit Pistons will interview two-time NBA champion and current TNT analyst Kenny “The Jet” Smith for their head coaching vacancy, Yahoo! Sports reports.
If hired, the 53-year-old Smith would replace Stan Van Gundy. The Pistons parted ways with veteran coach and president of basketball operations earlier this month after going 152-176 in four seasons.
Smith played nine games for the Pistons during the 1996-97 season, his last of 10 in the NBA.
While he has no NBA coaching experience, Smith interviewed for the New York Knicks’ coaching job earlier this year. The Knicks opted to hire former Memphis Grizzlies coach David Fizdale instead.
Smith averaged 12.8 points and 5.5 assists over 737 career NBA games, but is most remembered for his run with the Houston Rockets from 1990 to 1996. The former No. 6 overall pick teamed with Hall of Famer Hakeem Olajuwon to win back-to-back championships with the Rockets in 1994 and 1995.
—Field Level Media
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May 22, 2018 / 8:16 PM / a few seconds ago HPE quarterly revenue rises 10 percent
(Reuters) - Hewlett Packard Enterprise Co ( HPE.N ) reported a 9.7 percent rise in quarterly revenue on Tuesday, helped by higher demand for servers and networking equipment. A trader passes by the post where Hewlett Packard Enterprise Co., is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 25, 2016. REUTERS/Brendan McDermid
Net profit was $778 million, or 50 cents per share, in the second quarter ended April 30, compared with a loss of $612 million, or 37 cents per share, a year earlier.
Revenue rose to $7.47 billion from $6.81 billion. Reporting by Pushkala Aripaka in Bengaluru; Editing by Anil D'Silva | ashraq/financial-news-articles | https://www.reuters.com/article/us-hpe-results/hpe-quarterly-revenue-rises-10-percent-idUSKCN1IN2UG |
* Dollar recovers after Thursday’s falls; euro slips
* U.S. inflation points to gradual rate rises
* Emerging market currencies get a breather
* Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh
By Tommy Wilkes
LONDON, May 11 (Reuters) - The euro slipped on Friday as the dollar recovered following weaker than expected inflation data that appears to have stalled the greenback’s recent rally to 2018 highs.
The dollar is still headed for its fourth straight week of gains, although much more modestly this week. The U.S. currency’s recovery has been led by investors unwinding short positions in the belief that the U.S. economy looks relatively strong and that interest rates in the United States will rise while stagnating in other parts of the world.
U.S. consumer prices rose less than expected in April, which would support gradual, rather than more aggressive, rate increases by the Federal Reserve.
The dollar index is up 0.2 percent this week, less than the more than 1 percent gains it racked up in the previous two weeks.
“The dollar’s rally is likely to have ended for now. But of course U.S. dollar strength could hardly go on as quickly and smoothly as it had done for the past weeks,” said Commerzbank analysts, predicting that the inflation numbers would only cause a pause in the dollar’s recovery.
The dollar index against a basket of major currencies rose 0.1 percent to 92.744, down from Wednesday’s 4-1/2-month high of 93.42.
The euro fell 0.1 percent to $1.1905 but was off its 2018 lows of $1.1823 hit on Wednesday.
The single currency had started 2018 on a run as investors bet on a stronger euro zone economy and tighter monetary policy, but is now down year-to-date against the dollar.
The euro has so far weathered the impact from rises in Italian bond yields on signs the two anti-establishment parties could sweep into power as they made “significant steps” towards forming a government after weeks of political stalemate.
However, Italy’s next prime minister could be an independent figure who is not a member of either the anti-establishment 5-Star movement or the far-right League and a government could be sworn in next week if all goes well, a top 5-Star member said in a newspaper interview published on Friday.
Currency trading was generally quiet on Friday after a busy week, with most major pairs holding within small ranges.
“Given recent rises in oil prices, a weaker dollar earlier this year, and U.S. tax cuts, markets were clearly worried more about upside risks in (U.S.) inflation,” said Minori Uchida, chief currency strategist at MUFG Bank.
The dollar traded flat against the yen at 109.41 yen, off its three-month top of 110.05 yen touched on May 2.
The Australian dollar, which had been hit by the loss of its long-cherished status as the highest yielding currency in the developed world as U.S. rates have risen, bounced back to $0.7539 from Wednesday’s 11-month low of $0.7413
The dollar’s retreat should also take the heat off emerging market currencies that have been battered by worries about rising dollar costs and about capital outflows to the U.S.
Political uncertainty in specific emerging markets has also hurt some emerging market currencies.
The Turkish lira, however, fell another half a percent to 4.26 to the dollar, although that was off its record low of 4.3780 hit on Wednesday.
The Malaysian ringgit, which has been hurt by uncertainty following a surprise election result, dropped to 4.075 per dollar in the offshore forward market, off a near six-month low of 4.1350 touched on Thursday. (Additional reporting by Hideyuki Sano in TOKYO Editing by Richard Balmforth)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-hovers-below-2018-peak-after-softer-u-s-inflation-idUSL8N1SI1P2 |
MBANDAKA, Democratic Republic of Congo (Reuters) - Congo began administering an experimental Ebola vaccine to medical staff in the northwestern city of Mbandaka on Monday to tackle an outbreak of the virus believed to have killed 26 people since early April.
The World Health Organization (WHO) hailed the vaccinations as a “paradigm shift” in how to fight the disease which killed more than 11,300 people in a West African epidemic between 2013 and 2016.
The WHO is sending over 7,540 doses of the vaccine to the central African country, 540 of which have been earmarked for Mbandaka, a city of about 1.5 million where four Ebola cases have been confirmed.
In a ceremony attended by health minister Oly Ilunga Kalenga, health workers in blue overalls and rubber gloves administered the vaccine developed by U.S. drug company Merck, marking the start of a complex effort to ring-fence the virus before it gets out of control.
The other vaccines will be given to medical staff later on Monday at a nearby hospital. People who had contact with Ebola victims will come later.
“This is a new phase in our response, another pillar in the fight. We must continue the monitoring of contacts,” Ilunga said.
Ebola causes hemorrhagic fever, vomiting and diarrhoea and spreads through contact with the bodily fluids of an infected person. When a new case is diagnosed, all people who might have been in recent contact with the patient are traced and vaccinated to keep the disease from spreading.
A health worker sprays a visitor with chlorine after leaving the isolation facility, prepared to receive suspected Ebola cases, at the Mbandaka General Hospital, in Mbandaka, Democratic Republic of Congo May 20, 2018. REUTERS/Kenny Katombe WHO Director General Tedros Adhanom said the outlook for dealing with the new outbreak, the ninth in Congo since the disease made its first known appearance in the 1970s, was brighter than when the West African epidemic was reported.
Mbandaka lies on the Congo River with regular transport links to the Kinshasa, raising concerns that the virus could spread to the capital where 10 million people live. The need to keep the vaccine at 80 degrees Celsius below freezing (minus 112 Fahrenheit) in a humid region with erratic electricity supply has further complicated the operation.
“It’s concerning that we now have cases of Ebola in an urban centre, but we are much better placed to deal with this outbreak than we were in 2014,” Tedros told health ministers at the start of the WHO’s annual assembly in Geneva.
The WHO’s head of emergency response Peter Salama said use of the VSV-EBOV shot means regions with Ebola outbreaks can in future expect more than just containment with basic public health measures such as isolation and hygiene.
“It’s the first time in the midst of an outbreak ... that we’re using this as a way to stem transmission,” Salama told Reuters in a telephone interview. “It’s an important moment that changes the way we’ve seen Ebola for 40 years.”
Slideshow (2 Images) Of the 46 people thought to have been infected so far in the latest outbreak, 26 have died, the WHO said. Of that caseload, 21 have been confirmed in a laboratory, 21 are regarded as probable Ebola cases, and four patients are suspected of having Ebola.
The WHO’s previous leadership was heavily criticised for its slow response to the outbreak that began in late 2013. The WHO did not call an emergency meeting for that outbreak until August 2014.
Additional Reporting by Tom Miles in Geneva and Kate Kelland in London; Writing by Edward McAlliser; Editing by Toby Chopra and David Stamp
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JACKSON, Miss.--(BUSINESS WIRE)-- The Molpus Woodlands Group, LLC (Molpus), a timberland management organization headquartered in Jackson, Mississippi, today announced the appointment of Ashley S. Harris as the company's new Vice President-Timberland Investments. Mr. Harris will be the company’s leader directly responsible for overall sourcing of acquisitions and overseeing the closing processes.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180529005235/en/
Ashley Harris, Vice President for Timberland Investments (Photo: Business Wire)
"We look forward to adding Ashley to our team. He has worked closely with Molpus and our clients for 15 years and he is highly respected in the timberland management industry,” said Bob Lyle, President of Molpus. "Ashley’s extensive networks in the industry will be invaluable in identifying properties that we believe will meet our clients’ investment objectives."
Mr. Harris, 40, is a graduate of Mississippi State University (B.A., Banking and Finance, 2000) and the University of Mississippi School of Law (J.D., 2003). Prior to joining Molpus, he was a partner with the law firm of Adams and Reese LLP. His practice focused primarily on forestry, real estate and financing transactions. During Mr. Harris’ 15 years of practice, he represented timberland management companies in acquisitions and sales of more than 8 million acres of timberland along with timberland-related issues such as complex structuring on acquisitions and dispositions, financing of acquisitions, fiber supply agreements, natural resource opportunities (solar, wind, mineral and carbon), environmental issues and conservation easements.
“Joining the Molpus acquisitions team is a great opportunity,” Harris said. “I look forward to new and continuing relationships in the industry.”
Mr. Harris begins his new responsibilities May 29. He can be contacted directly at (251) 580-5690 or by email at [email protected] .
Molpus currently manages approximately 2.1 million acres of timberland investments in 18 states. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-molpus-woodlands-group-announces-new-vice-president-for-timberland-investments.html |
May 3, 2018 / 1:53 PM / Updated 6 hours ago Vodafone closes in on game-changing Liberty Global deal Ben Martin , Paul Sandle 3 Min Read
LONDON (Reuters) - Vodafone ( VOD.L ) is nearing a transformational deal to buy continental European assets from cable giant Liberty Global and could announce an agreement next week, three sources familiar with the matter told Reuters. A man checks his mobile phone next to a Vodafone logo at the Mobile World Congress in Barcelona, Spain, February 28, 2018. REUTERS/Sergio Perez
Talks between the two companies about a deal for Liberty’s German and Eastern European cable operations are nearing a conclusion, according to the sources. “It’s the final phase,” one of them said.
Both companies declined to comment.
John Malone’s Liberty will report its first-quarter results on May 9 after the U.S. market closes and Vodafone has its annual results the following week on May 15.
Either earnings announcement would provide the companies with an opportunity to unveil a deal. The two sides could still hit a hurdle, however, the sources cautioned. Related Coverage
The world’s second biggest mobile operator said in February it was in talks about buying Liberty’s assets in the continental European countries where they overlap: Germany, Czech Republic, Hungary and Romania.
The two had previously discussed combining operations in 2015, but they could not reach agreement on values.
But the logic of bundling Vodafone’s mobile networks with Liberty’s broadband and cable TV to take on former incumbents such as Deutsche Telekom ( DTEGn.DE ) never went away.
The thesis has already been tested in the Netherlands, where the two formed a joint venture, VodafoneZiggo, in 2016.
When the talks were announced three months ago, analysts at Royal Bank of Canada said that based on a typical deal multiple of 11 times enterprise value divided by core earnings, Vodafone could pay about 20.7 billion euros (18.3 billion pounds) for Liberty’s Unity Media in Germany and the other assets.
Other media reports have valued a potential deal at 16.5 billion euros.
Deutsche Telekom has already voiced its concern over a deal and a lobby group representing Germany’s glass fibre industry chimed in on Thursday by saying it should be blocked because it would create a cable TV monopoly in the country.
The talks coincide with a mergers and acquisitions boom in Britain as company bosses take advantage of the availability of cheap debt financing and confidence in the global economy to strike deals.
On Monday, supermarket giant Sainsbury’s ( SBRY.L ) struck a 7.3 billion-pound deal to buy rival Asda from Walmart ( WMT.N ), while last week Japan’s Takeda Pharmaceutical ( 4502.T ) agreed the preliminary terms of a $64 billion offer for London-listed drugmaker Shire ( SHP.L ) and Comcast ( CMCSA.O ) made a 22 billion-pound bid for Britain’s Sky ( SKYB.L ). Additional reporting by Pamela Barbaglia and Kate Holton in London; Nadine Schimroszik in Frankfurt | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-liberty-global-m-a-vodafone/vodafone-closes-in-on-game-changing-liberty-global-deal-idUKKBN1I41PB |
May 10, 2018 / 8:35 AM / Updated 29 minutes ago INTERVIEW-Cricket-Test cricket a step forward for ambitious Ireland Nick Said 5 Min Read
DUBLIN, May 10 (Reuters) - Ireland will make a giant leap when they host their first ever test match, against Pakistan in Dublin on Friday, the start of what will be a slow introduction to the longest format of the game, according to Cricket Ireland CEO Warren Deutrom.
Ireland will become the first team to debut in the test format since Bangladesh in 2000, after being awarded full member status by last June along with Afghanistan.
The benefits of being a full member are more likely, especially initially, to be felt more keenly off the pitch though as the game seeks to earn mainstream status in Ireland.
“We have done things in the opposite way to the norm,” Deutrom told Reuters in a telephonic interview from Dublin.
“Normally a game becomes a major sport in their country first and they then use that to create success on an international stage.
“But Irish cricket has become successful on the international stage initially, punching above our weight, and we are using that to hopefully become a mainstream sport in Ireland.
“Will test cricket be the format to bring people to the sport in Ireland? The answer is probably no. But we wouldn’t anticipate playing more than one or two test matches at home per year, probably up until 2022. Then we can look again thereafter.
“We are adopting a less-is-more approach, to develop a brand of hosting test cricket without it becoming too financially unsustainable.”
Deutrom says the ICC full member status provides certainty to the board’s commercial partners, an important step forward in developing the game in the country.
“The tangible benefits are more funding from the ICC and the ability to guarantee more fixtures across all three formats in the coming years that will improve our players.
“We have a very good diet of multi-format cricket coming up, of which the mainstay will be the One-Day International league. We will have 60 to 65 fixtures over the next four or five years, and that is just at home.
“If you are relying on one or two standalone fixtures in a season then that is never enough to generate consistent spectator and media interest.
“We can now go forward with some certainty to provide our commercial partners with multiple opportunities through the coming seasons. Broadcasters also want to develop a relationship with a visible brand and playing across multiple formats will allow for that.
“By virtue of all of these things, cricket will become more visible in Ireland, which will hopefully get kids playing the sport in greater numbers. Having the opportunity to wear the green shirt of Ireland as a professional international sportsperson … few major sports can offer that.”
Deutrom says public interest in Ireland’s first ever test has been “good”, with media interest “phenomenal”.
“We were a bit unsure about how many temporary seats to put up (in Malahide) as we are trying to bed down an unfamiliar format to many in Ireland, but we settled on 6,300.
“Tickets sales for day one (as of May 9) were 5,100, for day two 4,000 and day three around 2,000. We had a four-page pull-out in Ireland’s biggest-selling national newspaper, the Independent, last weekend which has been part of a phenomenal media response to the test.”
There is a potential threat facing Ireland with the exit of Britain from the European Union that will mean their cricketers become less accessible to English counties.
That presents a problem on two fronts – the lack of exposure for the players to quality cricket to help with their development and the potential that some may choose ‘club over country’ if that option is open to them through lineage.
Deutrom believes the solution lies in strengthening Ireland’s domestic competitions and that is something that has been under way for a few years now.
“We have been thinking about this as far back as 2012,” he reveals. “The more we were taking players out of county cricket, it became a tug-of-love for the players between their bread and butter and developing the national team.
“So we put our inter-provincial structure in place in 2013, which was actually the revival of an old structure between our three primary provinces. We added Munster to that in the Twenty20 format to give us four teams.
“So we had a greater quantity of cricket being played in Ireland, the next step is to improve the quality and with players less likely to feature for English county sides after 2019, that should improve as well.” (Reporting By Nick Said Editing by Amlan Chakraborty) | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-ireland-deutrom/interview-cricket-test-cricket-a-step-forward-for-ambitious-ireland-idUKL3N1SH3PG |
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May 23, 2018 / 10:45 AM / Updated 6 minutes ago U.S. cautions citizens in China after 'abnormal' sound incident Michael Martina , Lesley Wroughton 4 Min Read
BEIJING/WASHINGTON (Reuters) - An American citizen working at the U.S. consulate in the southern Chinese city of Guangzhou has reported suffering from “abnormal” sounds and pressure leading to a mild brain injury, the U.S. embassy said on Wednesday and China said it was investigating the incident.
The embassy, which issued a health alert to Americans living in China, said it could not link the case to health issues suffered by U.S. government staff in Cuba dating back to late 2016.
In Washington, U.S. Secretary of State Mike Pompeo said the United States was concerned about the “serious medical incident” and raised it with China’s visiting State Councillor Wang Yi.
“We notified China of what took place as best we know it and they have responded in a way that is exactly the right response,” Pompeo told a news conference with Wang. “We’re working together to resolve (this) ... I hope we can figure it out.”
Earlier, he told Congress that the incident in China was “medically similar” to one suffered by American diplomats in Cuba.
Wang, speaking through a translator, said Beijing was investigating the incident and “we haven’t found any organization or individual has carried out such a sonic influence.”
“We don’t want to see that this individual case will be magnified, complicated or even politicized. We hope people will not associate it with other unnecessary matters,” he cautioned.
The unnamed American citizen assigned to the consulate in Guangzhou had reported a variety of “physical symptoms” dating from late 2017 to April this year, the U.S. embassy in Beijing said in an email.
The worker was sent to the United States for further evaluation. “The clinical findings of this evaluation matched mild traumatic brain injury (MTBI),” the embassy said. Related Coverage U.S. says American consulate worker in China back in U.S. after abnormal injury
The State Department was taking the incident very seriously and working to determine the cause and impact, the embassy said. Pompeo said that medical teams were heading to Guangzhou to investigate the incident.
The State Department added that the Chinese government told the embassy it was also investigating and taking appropriate measures.
“We cannot at this time connect it with what happened in Havana, but we are investigating all possibilities,” a U.S. embassy official told Reuters.
The U.S. government on Wednesday issued a health alert to Americans in China, warning them about the incident it described as “subtle and vague, but abnormal, sensations of sound and pressure”.
“While in China, if you experience any unusual acute auditory or sensory phenomena accompanied by unusual sounds or piercing noises, do not attempt to locate their source. Instead, move to a location where the sounds are not present,” the emailed alert said.
The U.S. government in October expelled 15 Cuban diplomats from the United States for what it said was Cuba’s failure to protect staff at the U.S. embassy in Havana from mysterious health incidents at one point thought to possibly have been acoustic “attacks”.
Staff there reported symptoms including hearing loss, dizziness, fatigue and cognitive issues, though Cuban officials dismissed the idea of acoustic strikes as “science fiction” and accused Washington of slander. U.S. Secretary of State Mike Pompeo gestures as he testifies at a hearing of the U.S. House Foreign Affairs Committee on Capitol Hill in Washington, U.S., May 23, 2018. REUTERS/Leah Millis
The cause of those incidents remains unresolved.
The Canadian government in April said it would remove families of diplomats posted to Cuba after Canadian personnel there in 2017 also reported similar health symptoms. Reporting by Michael Martina; Additional reporting by Lesley Wroughton and Patricia Zengerle and David Alexnader in Washington; Editing by Darren Schuettler and Susan Thomas | ashraq/financial-news-articles | https://www.reuters.com/article/us-china-usa-health/u-s-warns-citizens-in-china-after-abnormal-sound-injures-consulate-worker-idUSKCN1IO1FQ |
WASHINGTON (Reuters) - No decision has been made by the Trump administration over removing a ban on Chinese telecoms firm ZTE Corp( 000063.SZ ), U.S. Secretary of State Mike Pompeo said on Wednesday during congressional testimony.
FILE PHOTO: U.S. Secretary of State Mike Pompeo testifies at a hearing of the U.S. House Foreign Affairs Committee on Capitol Hill in Washington, U.S., May 23, 2018. REUTERS/Leah Millis “We’re still working on the appropriate response and how to address it,” Pompeo told House Foreign Affairs Committee lawmakers.
Reporting by Lesley Wroughton; Editing by Bill Trott
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-china-zte-pompeo/pompeo-says-no-final-decision-made-yet-on-chinas-zte-idUSKCN1IO2AB |
(Adds U.S. market open, byline, dateline; previous LONDON)
* Dollar falls, poised to end flat for the week
* Oil down but near multi-year highs on Iran concerns
By Herbert Lash
NEW YORK, May 11 (Reuters) - The U.S. dollar eased on Friday while an index of world stock markets gained and was poised for its best week since early March, as moderate inflation eased worries over a faster pace of U.S. interest rate hikes and boosted risk appetite.
The dollar fell for a third day against a basket of major currencies as traders booked recent gains tied to widening interest rate gaps in favor of the United States and signs of slower growth elsewhere in the world.
Gold was set for its first weekly gain in four weeks after soft U.S. inflation data on Thursday suggested the Federal Reserve would show caution as it boosts interest rates.
Oil prices slipped but remained near 3-1/2 year highs as the prospect of new U.S. sanctions against Iran tightened the outlook for Middle East supply at a time when global crude production is just keeping pace with rising demand.
U.S. stocks gained as healthcare stocks led a rally ahead of a speech by U.S. President Donald Trump on drug pricing. They were also propelled by results, with corporate earnings growth for the first quarter estimated at 26 percent, according to Thomson Reuters Proprietary Research.
The advance was a delayed reaction to exceptionally strong earnings growth and benign inflation, said Leo Grohowski, chief investment officer at BNY Mellon Wealth Management in New York.
The Cboe Volatility Index, a barometer of expected near-term volatility for the S&P 500 that often is referred to as Wall Street’s fear gauge, has fallen to levels seen before the February market correction, Grohowski said.
“Not only has the market returned handsomely, but risk has also taken a breather,” he said.
MSCI’s gauge of stock markets across the globe gained 0.36 percent.
European shares edged higher, with the pan-regional STOXX 600 index of companies in 17 countries, rising 0.11 percent for a seventh straight week of gains and the largest string of weekly advances since March 2015.
Shares in Daily Mail and General Trust (DMGT) rose 1.3 percent, having jumped as much as 9.4 percent, after U.S. private equity firm Silver Lake Management Co agreed to buy ZPG , the owner of British property websites Zoopla and PrimeLocation, for $3 billion.
On Wall Street, the Dow Jones Industrial Average rose 25.36 points, or 0.1 percent, to 24,764.89. The S&P 500 lost 0.84 points, or 0.03 percent, to 2,722.23 and the Nasdaq Composite dropped 16.44 points, or 0.22 percent, to 7,388.54.
U.S. plans to reintroduce sanctions against Iran, which pumps about 4 percent of the world’s oil, has buoyed crude prices.
U.S. crude fell 37 cents to $70.99 per barrel and Brent was last at $77.30, down 17 cents on the day.
The dollar index fell 0.23 percent, with the euro up 0.38 percent to $1.1958. The Japanese yen firmed 0.16 percent versus the greenback at 109.24 per dollar.
Central bankers around the world appear to have become more cautious as concerns over inflation and international trade cloud the global economy.
On Thursday, the Bank of England held rates against recent expectations and New Zealand’s Reserve Bank said the official cash rate will remain at 1.75 percent for “some time to come.”
This leaves the Fed as the only major central bank committed to rate hikes, but Thursday’s moderate inflation reading cast doubt over the pace of these hikes.
Benchmark 10-year notes rose 1/32 in price to yield 2.9677 percent (Reporting by Herbert Lash; Editing by Bernadette Baum)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-dollar-eases-stocks-climb-amid-benign-u-s-inflation-idUSL8N1SI4WK |
FORT LAUDERDALE, Fla., May 15, 2018 /PRNewswire/ -- Ocean Bio-Chem, Inc. (NASDAQ: OBCI) announced today its first quarter 2018 financial results.
The Company reported record first quarter 2018 net sales of $8.4 million compared to net sales of approximately $8.2 million in the first quarter 2017, an increase of approximately $163,000 or 2.0%.
Net income for the first quarter of 2018 was approximately $523,000, compared to net income of approximately $504,000 in the first quarter of 2017. Diluted earnings per common share during the first quarter of 2018 was $0.06, compared to diluted earnings per common share of $0.05 for the first quarter of 2017.
(In thousands except per share data)
Quarter Ended
March 31,
2018
2017
Net sales
$ 8,384
$ 8,221
Pre-tax income
$ 679
$ 740
Net income
$ 523
$ 504
Earnings – per common share diluted
$ 0.06
$ 0.05
Dividends declared per common share
$ 0.06
$ 0.00
Mr. Dornau, the Company's President and CEO, commented: "The 2018 first quarter record net sales do not fully reflect the many accomplishments and successes the Company had. The Company continued to increase sales of its newer line of chlorine dioxide products, with the placement of our branded NosGUARD product in a major national automotive retailer with approximately 5,000 retail stores. In addition, as previously reported, we commenced shipments to a national mass transit railroad company to supply Performacide ® for the sanitizing of their entire fleet of railroad cars. We also continued to see increased sales growth of our chlorine dioxide group of private label products thru one of our national distributors for use in commercial and residential fire, mold and water damage restoration markets. Additionally, we have seen significant growth in the hydroponics market for the control of both mold and mildew in greenhouses.
In the first quarter the Company expanded distribution of its enzyme fuel treatment product Star Tron ® to one of the world's largest retailers."
Mr. Dornau continued, "We believe the extended unseasonably cold weather throughout most of the country negatively impacted our marine product sales in the first quarter of 2018. Sales to our major marine retail and wholesale distributors were lower compared to the prior period with the delay of the recreational boating season."
Mr. Dornau concluded, "Despite the delay in the start of the recreational boating season, we continue to increase distribution of our products and brand awareness. We look forward to successful sales in the second quarter in the marine markets as the weather improves across the United States."
Jeff Barocas, Chief Financial Officer of the Company, stated: "Our expansion project at the manufacturing, distribution and warehouse facilities of our Kinpak Inc. subsidiary is nearing completion. We are in the final phase of construction and anticipate being fully operational in the latter part of the second quarter. You can see an aerial view of our expanded facility on the cover of our 2017 Annual Report at www.oceanbiochem.com ."
About Ocean Bio-Chem, Inc.:
Ocean Bio-Chem, Inc. manufactures, markets and distributes a broad line of appearance and maintenance products for the marine, automotive, power sports, recreational vehicle and outdoor power equipment markets under the Star brite®, Star Tron®, Odor Star®, Outdoor Collection and other brand names within the United States of America and Canada. In addition, the Company produces private label formulations of many of its products for various customers and provides custom blending and packaging services for these and other products. The Company also manufactures, markets and distributes a line of disinfectant, sanitizing and deodorizing products under the Performacide® and Star brite® brand names.
The Company's web sites are: www.oceanbiochem.com , www.starbrite.com , www.performacide.com
Forward-looking Statements:
Certain statements contained in this press release, including without limitation, successful second quarter results from the continued benefit of the improved weather, is a forward-looking statement. For this purpose, any statements contained in this report that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "believe," "may," "will," "expect," "anticipate," "intend," or "could," including the negative or other variations thereof or comparable terminology, are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from those expressed or implied by such forward-looking statements. Factors that may affect these results include, but are not limited to, the highly competitive nature of our industry; reliance on certain key customers; changes in consumer demand for marine, recreational vehicle and automotive products; advertising and promotional efforts; unanticipated litigation developments; exposure to market risks relating to changes in interest rates, foreign exchange rates, prices for raw materials that are petroleum or chemical based, adverse changes to unemployment rates, fuel prices and the economy in general, our failure to negotiate suitable financing for the Kinpak, Inc. expansion project and other factors addressed in our annual report on Form 10-K for the year ended December 31, 2017.
Contact:
Peter Dornau
CEO and President
[email protected]
954-587-6280
Jeff Barocas
Vice President & CFO
[email protected]
954-587-6280
View original content: http://www.prnewswire.com/news-releases/ocean-bio-chem-inc-reports-record-first-quarter-sales-of-8-4-million-and-net-income-of-523-000-and-diluted-eps-of-0-06-for-the-first-quarter-of-2018--300648084.html
SOURCE Ocean Bio-Chem, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-ocean-bio-chem-inc-reports-record-first-quarter-sales-of-8-point-4-million-and-net-income-of-523000-and-diluted-eps-of-0-point.html |
When asked to define wealth with a number, Americans say it would take $2.4 million to be considered "truly wealthy."
That's according to Charles Schwab, which surveyed 1,000 Americans aged 21 to 75 for its 2018 Modern Wealth Index .
Of course, there's more to wealth than net worth: Charles Schwab even found that "wealth for most Americans is not defined by money." Things like spending time with family, living stress-free and owning a home make Americans feel wealthy in their day-to-day lives.
We want to hear from you! What is your personal definition of wealth? If you had to put a number on it, how much would it take for you to feel rich? Let us know what you think on Facebook .
Check back in a few days for the results of our informal reader survey.
Don't miss: One simple habit can make you better with money—but many Americans think it's just for the super rich
show chapters These tricks can help you thrive on a budget 2:44 PM ET Tue, 7 March 2017 | 01:01 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/how-much-money-does-it-take-to-feel-rich.html |
May 9 (Reuters) - Kelt Exploration Ltd:
* KELT REPORTS FINANCIAL AND OPERATING RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2018
* Q1 FFO PER SHARE C$0.25 * FORECASTING FUNDS FROM OPERATIONS IN 2018 OF $215.0 MILLION
* HAS NOT CHANGED ITS 2018 AVERAGE PRODUCTION GUIDANCE OF 28,500 TO 29,500 BOE PER DAY
* SAYS BOARD OF DIRECTORS HAVE AGREED TO INCREASE 2018 CAPITAL EXPENDITURE BUDGET BY $65.0 MILLION
* WELL POSITIONED FINANCIALLY TO EXECUTE ITS CAPITAL PROGRAM DURING REMAINDER OF 2018
* CURRENTLY UNHEDGED IN 2018 * QTRLY COMBINED AVERAGE DAILY PRODUCTION OF 26,978 BOE/D VERSUS 20,204 BOE/D Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kelt-reports-q1-ffo-per-share-c025/brief-kelt-reports-q1-ffo-per-share-c0-25-idUSASC0A0ZQ |
May 2 (Reuters) - Realm Therapeutics PLC:
* CONFIDENTIALLY SUBMITTED REGISTRATION STATEMENT TO U.S. SEC TO LIST ADSS REPRESENTING CO’S ORDINARY SHARES ON NASDAQ GLOBAL MARKET Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-realm-therapeutics-says-files-regi/brief-realm-therapeutics-says-files-registration-for-nasdaq-listing-of-ads-idUSFWN1S9028 |
NEW YORK--(BUSINESS WIRE)-- Volt Information Sciences, Inc. (NYSE-AMERICAN:VISI) today announced that it will release its second quarter fiscal 2018 results on Wednesday, June 6 th after the market close. Michael Dean, President and Chief Executive Officer, and Paul Tomkins, Senior Vice President and Chief Financial Officer, will host a conference call to discuss the Company’s results at 4:30 p.m. Eastern Time the same day. Prepared remarks will be followed by a question and answer session.
To access the call, participants may dial (877) 407-9039 (U.S.) or (201) 689-8470 (International) and reference the "Volt Information Sciences Earnings Conference Call." The call will also be broadcast live over the Internet, accessible through the Company's website at www.volt.com in the Investors & Governance section.
Following the call, an audio replay will be available beginning Wednesday, June 6, 2018 at 7:30 p.m. Eastern Time through Wednesday, June 20, 2018 at 11:59 p.m. Eastern Time. To access the replay, dial (844) 512-2921 (U.S.) or (412) 317-6671 (International) and enter the Conference ID #13679698. A replay of the webcast will also be available for 90 days upon completion of the call, accessible through the Company's website at www.volt.com in the Investors & Governance section.
About Volt Information Sciences, Inc.
Volt Information Sciences, Inc. is a global provider of staffing services (traditional time and materials-based as well as project-based) and managed staffing service programs. Our staffing services consists of workforce solutions that include providing contingent workers, personnel recruitment services, and managed services programs supporting primarily professional administration, technical, information technology, light-industrial and engineering positions. Our managed staffing service programs involves managing the procurement and on-boarding of contingent workers from multiple providers. Our customer care solutions specializes in serving as an extension of our customers' consumer relationships and processes including collaborating with customers, from help desk inquiries to advanced technical support. Our complementary businesses offer customer care call centers, customized talent and supplier management solutions to a diverse client base. Volt services global industries including aerospace, automotive, banking and finance, consumer electronics, information technology, insurance, life sciences, manufacturing, media and entertainment, pharmaceutical, software, telecommunications, transportation, and utilities. For more information, visit www.volt.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005548/en/
Investor Contacts:
Volt Information Sciences, Inc.
[email protected]
or
Addo Investor Relations
Lasse Glassen, 310-829-5400
[email protected]
Source: Volt Information Sciences, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-volt-information-sciences-to-host-second-quarter-2018-earnings-conference-call-on-wednesday-june-6th.html |
Cave Creek, AZ, May 09, 2018 (GLOBE NEWSWIRE) -- Endexx Corporation (OTC PINK: EDXC), a provider of innovative phytonutrient-based food and nutritional products, has completed its acquisition of Go Green Global Enterprises Inc. to secure an international distribution hub in Jamaica for its entire array of cannabidiol (CBD) based products to key markets, among which are Canada, Europe, South and Central America and the Caribbean. By having a company based in Jamaica, Endexx can legally export its CBD products and Innovative Autospense™ products internationally, possibly increasing substantially its revenue and earnings.
Endexx is pursuing multiple licenses in Jamaica to establish a vertical market to grow, process, transport, dispense, sell, and export its entire array of products, both current and future. The Company’s CBD Unlimited line of cannabidiol (CBD) Cannsummable Portfolio products includes its formulated topical CBD balm and mist, travel sleep aid, teas, oils, capsules, soft chews for dogs and cats, and other products that provide key benefits to users.
Endexx can now legally export its CBD products and Innovative Autospense™ products internationally, which is expected to substantially increase revenue and earnings. The acquisition is expected to substantially drive the company’s growth strategy as it also establishes a new market for Endexx’s Autospense technology, an industrial-grade automated asset protection and dispensing solution aimed at the retail and pharmacy markets.
Todd Davis, Chief Executive Officer of Endexx, said, “During the past several months, we have secured key relationships and business partners in Jamaica to ensure our success with operations, compliance, and governmental affairs, education and medical resourcing and exportation procedures. As a result, we have formed strong alliances within the country that afford us the opportunity to quickly scale up all aspects of the business for our product and product lines so we can begin exporting our products internationally. Given the significant demand and sizeable market opportunity for our products globally, we expect to significantly ramp revenue and earnings in the coming quarters.”
According to Forbes , cannabis sales internationally currently exceed $10 billion and are projected to reach $31.5 billion by 2021. A separate report published by Energias Market Research, cited that the global medical cannabis market is expected to grow significantly from $8.28 billion in 2017 to $28.07 billion in 2024 at a CAGR of 19.1% from 2018 to 2024.
About Endexx
Endexx, with its collaborative partners and consultants, develops and distributes two consumable product lines derived from industrial hemp, which is organic and naturally rich in phytocannabinoids. Phyto-Bites® is its CBD-infused soft chews for dogs and cats. The dog treats are formulated to promote health and support the reduction of separation anxiety, pain and inflammation. The company also has two technology products and services that launched in 2014 – the m3hub and the AutoSpense™. Both products provide essential solutions to promote regulatory compliance and full accountability through “seed to sale” inventory management and an “end of sale” technology integration. Based on principles developed by the pharmacological industry, the m3hub platform is the first standardized software solution for tracking pharmaceutical-grade marijuana that maintains compliance with federal, state and local regulations. It is intended to provide a smooth transition to eventual federal mandates. The AutoSpense™ is a commercial-grade inventory control and dispensing device that provides up-to-the-minute accounting details and ensures both product and patient security. By automating the dispensing process, AutoSpense™ increases productivity and reduces costs for marijuana retailers, while enhancing their service quality by reducing transaction time for customers. Websites include www.cbdunlimited.com , www.endexx.com and www.phytobites.com .
Safe Harbor Notice
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities, and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the company’s business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The company undertakes no obligation to update any forward-looking statements.
Contact: For further investor and media information, contact: Endexx Corporation Todd Davis Chairman & CEO [email protected] 480-595-6900
Source:Endexx Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-endexx-completes-go-green-global-enterprises-acquisition-establishing-hub-in-jamaica-to-export-internationally-its.html |
NEW YORK,
NorthStar Realty Europe Corp. (NYSE: NRE) ("NorthStar Realty Europe") today announced that its Board of Directors has declared a cash dividend of $0.15 per share of common stock, payable with respect to the quarter ended March 31, 2018. The dividend is expected to be paid on May 25, 2018 to stockholders of record as of the close of business on May 21, 2018. NorthStar Realty Europe's common stock will begin trading ex-dividend on May 18, 2018.
About NorthStar Realty Europe Corp.
NorthStar Realty Europe Corp. (NYSE: NRE) is a European-focused commercial real estate company with predominantly high quality office properties in Germany, the United Kingdom and France, organized as a REIT and managed by an affiliate of Colony NorthStar, Inc. (NYSE: CLNS), a leading global real estate and investment management firm. For more information about NorthStar Realty Europe Corp., please visit http://www.nrecorp.com .
Safe Harbor Statement
Certain items in this press release may constitute forward-looking statements, which can be identified by words like "expect," "will," "intends" and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; NorthStar Realty Europe can give no assurance that its expectations will be attained, including any expectation regarding payment of dividends. Forward-looking statements are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying any forward-looking statements will not materialize or will vary significantly from actual results. Variations of assumptions and results may be material. Factors that could cause actual results to differ materially from NorthStar Realty Europe's expectations include, but are not limited to, NorthStar Realty Europe's liquidity and financial flexibility; NorthStar Realty Europe's future cash available for distribution and contractual restrictions on dividend payments; NorthStar Realty Europe's use of leverage; and the anticipated strength and growth of NorthStar Realty Europe's business. Additional information about these and other factors that could cause actual results to differ materially from those in the forward-looking statements are specified in NorthStar Realty Europe's Annual Report on Form 10-K for the year ended December 31, 2017 and its other filings with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date of this press release. NorthStar Realty Europe expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
Investor Relations:
Gordon Simpson, Finsbury, +1-855-527-8539 or +44(0)20-7251-3801
SOURCE NorthStar Realty Europe | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-northstar-realty-europe-corp-declares-first-quarter-2018-common-stock-dividend.html |
May 10 (Reuters) -
* WRIGHT’S WELL CONTROL SERVICES EXITS BANKRUPTCY, TERMINATES CHAPTER 11 REORGANIZATION
* WRIGHT’S WELL CONTROL SERVICES LLC SAYS THAT ITS MOTION TO EXIT BANKRUPTCY AND TERMINATE ITS CHAPTER 11 REORGANIZATION WAS GRANTED ON APRIL 17 Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-wrights-well-control-services-exit/brief-wrights-well-control-services-exits-bankruptcy-idUSASC0A1OE |
FRANKFURT, May 14 (Reuters) - Germany’s year-ahead electricity contract hit a new all-time high in the European wholesale market on Monday, lifted by gains in oil, the energy sector’s “lead currency.”
* German baseload for 2019 delivery reached 40.70 euros ($48.77) a megawatt hour (MWh), a level never seen on the contract that started trading in 2015.
* This was 0.6 percent up from its close on Friday.
* Brent crude oil was 0.4 percent up at $77.4 a barrel, with the market’s surge coming in the wake of U.S. sanctions against major exporter Iran. ($1 = 0.8345 euros) (Reporting by Vera Eckert; Editing by Mark Potter)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/germany-power/german-year-ahead-power-hits-new-high-of-40-70-euros-as-oil-climbs-idUSL5N1SL3W6 |
May 15, 2018 / 9:45 AM / Updated 20 minutes ago Gazans bury dead after bloodiest day of Israel border protests Nidal al-Mughrabi 6 Min Read
GAZA (Reuters) - Palestinians rallied in Gaza on Tuesday for the funerals of scores of people killed by Israeli troops a day earlier, while on the Gaza-Israel border, Israeli forces took up positions to deal with the expected final day of a Palestinian protest campaign. The mother of 8-month-old Palestinian infant Laila al-Ghandour, who died after inhaling tear gas during a protest against U.S. embassy move to Jerusalem at the Israel-Gaza border, mourns during her funeral in Gaza City May 15, 2018. REUTERS/Mohammed Salem
Monday’s violence on the border, which took place as the United States opened its new embassy in Jerusalem, was the bloodiest for Palestinians since the 2014 Gaza conflict.
The death toll rose to 60 overnight after an eight-month-old baby died from tear gas that her family said she inhaled at a protest camp on Monday. More than 2,200 Palestinians were also injured by gunfire or tear gas.
Palestinian leaders have called Monday’s events a massacre, and the Israeli tactic of using live fire against the protesters has drawn worldwide concern and condemnation.
Israel has said it is acting in self-defence to defend its borders and communities. Its main ally the United States has backed that stance, with both saying that Hamas, the Islamist group that rules the coastal enclave, instigated the violence.
There were fears of further bloodshed on Tuesday as Palestinians planned a further protest to mark the “Nakba”, or “Catastrophe”.
That is the day Palestinians lament the creation of Israel in 1948, when hundreds of thousands of Palestinians fled or were driven from their homes in violence culminating in war between the newly created Jewish state and its Arab neighbors in 1948. Related Coverage U.N. warns of more Gaza violence, condemns Israel's use of force
A six-week campaign of border protests dubbed “The Great March of Return” has revived calls for refugees to have the right of return to their former lands, which now lie inside Israel.
It was unclear whether large crowds would turn up at the border on Tuesday for the climax to the campaign after the heavy fatalities suffered on Monday.
Palestinian medical officials say that 104 Gazans have now died since the start of the protests on March 30. No Israeli casualties have been reported.
Israeli troops deployed along the border again on Tuesday. The area was relatively quiet early in the day, with many Gazans at the funerals. Protesters are expected to go to the border later.
In Geneva, the U.N. human rights office condemned what it called the “appalling deadly violence” by Israeli forces and said it was extremely worried about what might happen later. A man rides a bicycle past closed shops during a general strike to mourn Palestinians who were killed during protests against U.S. embassy move to Jerusalem, in Khan Younis in the southern Gaza Strip May 15, 2018. REUTERS/Ibraheem Abu Mustafa
U.N. human rights spokesman Rupert Colville said Israel had a right to defend its borders according to international law, but lethal force must only be used a last resort, and was not justified by Palestinians approaching the Gaza fence.
More than 2 million people are crammed into the narrow Gaza Strip, which is blockaded by Egypt and Israel and suffering a humanitarian crisis. YOUNG VICTIM
At the Gaza hospital where the body of eight-month-old Laila al-Ghandour was being prepared for burial, her grandmother said the child was at one of the tented protest encampments that have been set up a few hundred yards inside the border.
“We were at the tent camp east of Gaza when the Israelis fired lots of tear gas,” Heyam Omar said.
“Suddenly my son cried at me that Lolo was weeping and screaming. I took her further away. When we got back home, the baby stopped crying and I thought she was asleep. I took her to the children’s hospital and the doctor told me she was martyred (dead).”
Most of the protesters stay around the tent camps, but groups of youths have ventured closer to the no-go zone along the fence, risking live fire from Israeli troops to roll burning tyres and throw stones. An Israeli tank is seen on the Israeli side of the border fence between Israel and the Gaza Strip May 15, 2018. REUTERS/Baz Ratner
Some have flown kites carrying containers of petrol that have spread fires on the Israeli side.
Palestinian President Mahmoud Abbas ordered a general strike across the Palestinian Territories on Tuesday and three days of national mourning.
Monday’s protests were fired by the opening ceremony for the new U.S. Embassy in Jerusalem following its relocation from Tel Aviv. The move fulfilled a pledge by U.S. President Donald Trump, who in December recognised the contested city as the Israeli capital.
Palestinians envision East Jerusalem as the capital of a state they hope to establish in the occupied West Bank and the Gaza Strip. Israel regards all of Jerusalem, including the eastern sector it captured in the 1967 Middle East war and annexed in a move that is not recognised internationally, as its “eternal and indivisible capital”.
Most countries say the status of Jerusalem - a sacred city to Jews, Muslims and Christians - should be determined in a final peace settlement and that moving their embassies now would prejudge any such deal.
Netanyhau praised Trump’s decisions but Palestinians have said the United States can no longer serve as an honest broker in any peace process. Talks aimed a finding a two-state solution to the conflict have been frozen since 2014.
Netanyahu blamed Hamas for the Gaza violence. Hamas denied instigating it but the White House backed Netanyahu.
“The responsibility for these tragic deaths rests squarely with Hamas. Hamas is intentionally and cynically provoking this response,” White House spokesman Raj Shah told reporters.
Trump, in a recorded message on Monday, said he remained committed to peace between Israel and the Palestinians. He was represented at the embassy ceremony by his daughter Ivanka and his son-in-law Jared Kushner, U.S. envoy to the Middle East.
The Trump administration says it has nearly completed a new Israeli-Palestinian peace plan but is undecided on how and when to roll it out.
The United States on Monday blocked a Kuwait-drafted U.N. Security Council statement that would have expressed “outrage and sorrow at the killing of Palestinian civilians” and called for an independent investigation, U.N. diplomats said. Writing by Maayan Lubell, Editing by Angus MacSwan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-israeli-palestinians/gazans-bury-dead-after-bloodiest-day-of-israel-border-protests-idUKKCN1IG195 |
Radisys Corp:
* RADISYS REPORTS FIRST QUARTER 2018 RESULTS * Q1 NON-GAAP LOSS PER SHARE $0.08
* Q1 GAAP LOSS PER SHARE $0.16 * Q1 REVENUE $26.2 MILLION VERSUS I/B/E/S VIEW $24.4 MILLION
* SEES Q2 2018 NON-GAAP LOSS PER SHARE $0.02 TO $0.08
* SEES Q2 2018 REVENUE $20 MILLION TO $22 MILLION * Q1 EARNINGS PER SHARE VIEW $-0.10 — THOMSON REUTERS I/B/E/S
* REMAIN ON TRACK TO DELIVER QUARTERLY NON-GAAP PROFITABILITY IN SECOND HALF OF 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-radisys-q1-gaap-loss-per-share-016/brief-radisys-q1-gaap-loss-per-share-0-16-idUSASC09YQ6 |
QUETTA, Pakistan (Reuters) - The death toll from Saturday’s coal mine blast and landslides in southwest Pakistan climbed to 23 on Sunday, officials said, after ending their rescue operation.
At least 16 miners died on Saturday and more than a dozen were trapped after an explosion in a mine in the Marwar coalfields in Baluchistan province, Director of Disaster Management Attaullah Khan said.
A methane gas build-up inside the mine caused the blast, Khan said. Chief inspector of mines Iftikhar Ahmad said the rescue operation overnight pulled out 11 injured miners.
He said two laborers died in a landslide on Saturday in another mine in Surrang coalfields. It was not immediately clear if that was caused by the explosion.
“Rescuers retrieved five more bodies from this mine,” he said.
Another official, Mohammad Atif, said authorities had opened an investigation after sealing both mines.
Accidents are frequent in the province’s mines, where safety measures are basic and many of the workforce come from other parts of Pakistan.
The mines are mostly owned by state-run Pakistan Mineral Development Corporation, which leases many of them to private contractors.
The country has huge coal reserves estimated at more than 184 billion tonnes. It produces 4 million tonnes of coal annually, most of which is consumed by brick-making kilns.
The Marwar and Surrang coalfields lie east of Baluchistan’s capital Quetta.
Writing by Asif Shahzad; Editing by Janet Lawrence
| ashraq/financial-news-articles | https://www.reuters.com/article/us-pakistan-miners/coal-mine-deaths-climb-to-23-in-southwest-pakistan-officials-idUSKBN1I70B8 |
By Sy Mukherjee May 22, 2018 Good afternoon, readers. This is Sy.
The opioid crisis ravaging America has understandably become the biggest public health story of the past few years. But the specter of potential overmedication, and the consequences thereof, isn’t limited to painkillers—as suggested by a new study noting a significant increase in hospitalizations and overdoses related to ADHD medications .
Researchers examined data from U.S. poison control centers between 2000 and 2014. During this timeframe, there were more than 156,000 reported cases related to ADHD, or attention deficit/hyperactivity disorder, drug exposure (such as to popular brands like Adderall, Ritalin, and Vyvanse). And while exposures to the treatments, which can be deadly if misused or abused, dropped slightly between 2011 and 2014, the rate of incidents ballooned nearly 72% from 2000 to 2011.
Admittedly, many of these exposures (nearly 42%) were attributable to simple medication error (although that in and of itself is also concerning from a public safety perspective). But suicide attempts and abuse of ADHD drugs accounted for more than half of the exposures for teenagers aged 13 to 19, according to the study, and one in four of all exposures involved children 12 years old and younger. More than 9,300 of these incidents required medical treatment and several children died .
So what’s driving this increase? The researchers have some theories.
“The increasing number and rate of reported ADHD medication exposures during the study period is consistent with increasing trends in ADHD diagnosis and medication prescribing. Exposures associated with suspected suicide or medication abuse and/or misuse among adolescents are of particular concern,” wrote the study authors.
Indeed, ADHD diagnoses have skyrocketed over the past few decades, according to the Centers for Disease Control (CDC) . About 6.1 million children aged two to 17 had been diagnosed with the condition as of 2016, with steady rises between the beginning of the millennium and 2012. Part of that may be attributable to better screening and diagnosis of a behavioral condition that afflicts millions of American children (and adults).
But some caution may also be warranted, especially when it comes to dispensing and monitoring addictive drugs.
“The hard part is that ADHD is just like depression, just like autism, just like schizophrenia in that it’s a symptom-based mental disorder,” Berkeley psychologist and ADHD expert Dr. Stephen Hinshaw said in one interview with the American Psychological Association. “We don’t have a blood test or a brain scan yet that’s definitive. I believe that ADHD is a real condition, but it’s on a spectrum, just the way that high blood pressure and autism are. It’s always a bit arbitrary as to who is actually above the cut and who is below because we don’t know exactly where the cut is.”
Read on for the day’s news.
Sy Mukherjee @the_sy_guy [email protected] DIGITAL HEALTH
Geisinger’s huge DNA testing move. Geisinger Health wants to make genetic testing a regular part of primary care. The health system—one that we explored in our April feature on big data and AI in medicine —will offer DNA sequencing to 1,000 patients and plans to eventually extend the service to all three million of its patients. The tests will examine mutations related to cancer, heart disease, and hereditary disorders. This has always been one of Geisinger’s key missions; the new initiative could make it a standard bearer for DNA’s role in primary care. ( Kaiser Health News )
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Pfizer and drug supply chain debacle. My colleague Erika Fry has an absolute must-read story in our new, hot off the presses Fortune 500 issue. Erika examines the supply chain breakdown for Pfizer stemming from its purchase of Hospira—and its massive downstream consequences on hospitals, pharmacies, and patients. Here’s a sneak peek: “A 20-year veteran of her field, Landau had seen a variety of drug shortages come and go during her career, but nothing of this magnitude, and never with such little warning: “Suddenly, we’re being told this one drug—the one we’ve been using for decades, that we know best how to give, how fast it kicks in, we can do it with our eyes shut—suddenly, we’re being told we won’t have that drug.” Within days, anesthesiologists at hospitals across North America were conferring about the same problem over social media; many were throwing out short-term fixes that were risky in their own right—putting delivering mothers under general anesthesia, for example. Landau thought the field had moved past such practices decades ago.” ( Fortune )
Ex-Valeant executive found guilty. Former Valeant executive Gary Tanner has been found guilty of taking a bribe from Andrew Davenport, the former chief of mail-order pharmacy Philidor, by a federal jury. Both Tanner and Davenport could face as much as 20 years in prison for wire fraud and conspiracy in a scandal that prompted massive executive shakeups and a meteoric fall in Valeant’s market value. ( Bloomberg )
THE BIG PICTURE
Lettuce rejoice. Good news, lettuce lovers: The CDC says it’s officially safe to start buying and eating Romaine lettuce again. The tainted products in the supply chain should be long gone after a month of caution. Sorry—no more (public health) excuses for trading in mac and cheese for those greens. ( Washington Post )
Advertisement REQUIRED READING
How an Autonomous Vehicle Found the ‘Holy Grail’ of Shipwrecks , by Don Reisinger
Here’s What Fortune 500 CEOs Think About Trump’s Policies, the Global Economy, and Facebook , by Alan Murray
McDonald’s Shareholders May Ban the Plastic Straw , by Sarah Gray
Japan’s Biggest Bank to Switch on Blockchain Payments in 2020 , by Robert Hackett
Produced by Sy Mukherjee @the_sy_guy [email protected] Find past coverage. Sign up for other Fortune newsletters . | ashraq/financial-news-articles | http://fortune.com/2018/05/22/brainstorm-health-daily-05-22-18/ |
Gold just hit its lowest level of the year, and it's about to get worse 14 Hours Ago Gold hits its 2018 low. Trading gold now, with CNBC's Melissa Lee and the Futures Now traders, Jim Iuorio and Brian Stutland, both at the CME. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/gold-hits-lowest-level-of-year-and-is-about-to-get-worse.html |
Rookie right-handed starter Walker Buehler and relievers Tony Cingrani, Yimi Garcia and Adam Liberatore pitched the first combined no-hitter in Dodgers history Friday night as Los Angeles defeated the San Diego Padres 4-0 at Monterrey, Mexico.
Buehler, the Dodgers’ first-round pick (24th overall) in the 2015 draft, issued three walks with eight strikeouts and faced only two batters over the limit for his six-inning gem. The 6-foot-2, 175-pound 23-year-old threw 93 pitches with 59 for strikes.
The left-handed Cingrani worked the seventh and issued two walks with a strikeout. Right-hander Garcia struck out two in a perfect eighth. Left-hander Liberatore closed out the no-hitter with two strikeouts in a perfect ninth.
Dodgers pitchers had 13 strikeouts with five walks.
The no-hitter was the Dodgers first since 2014 and the 23rd in franchise history.
“It’s one of those where you’re pretty angry to come out, but the bullpen guys we have — I trust it in their hands, too, and it worked out,” Buehler said during a postgame interview with SportsNet LA. “It’s hard to explain how good those guys are. Getting to know them, you just trust them. They did their job, and we got the win, too.”
In marked the 10th time in the Padres’ 50-season history that they have been no-hit — and is the first time since Tim Lincecum no-hit San Diego on June 25, 2014. The Padres are the only team in the Major Leagues whose pitchers have never thrown a no-hitter.
Buehler became part of history in only the third start of his Major League career. He is 2-0 with a 1.13 earned run average.
Infielders Chris Taylor and Kike Hernandez hit back-to-back home runs in the top of the second off Padres starter Joey Lucchesi after the rookie left-hander allowed a run in the top of the first.
Taylor drew a game-opening walk, moved to third on a single to right by Hernandez and scored when Matt Kemp’s pop up into short right was lost in the lights and fell in for a single.
After working out of a basses-loaded jam to hold the Dodgers to the one run in the first, Lucchesi retired the first two hitters he faced in the second before Taylor and Hernandez connected. Lucchesi allowed three runs on five hits and three walks with five strikeouts in five innings.
The Dodgers final run came against reliever Adam Cimber. Pinch-hitter Chase Utley tripled to lead off the sixth and scored on single.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-sd-lad-recap/four-dodgers-toss-combined-no-hitter-against-padres-idUSMTZEE558N8WBA |
LONDON (Reuters) - A biography of Britain’s latest royal, Meghan Markle, appeared on the monarchy’s official website within hours of her marrying Queen Elizabeth’s grandson Prince Harry on Saturday, with a single Quote: : “I am proud to be a woman and a feminist”.
To royal watchers, it represented a statement of intent and a clear demonstration of a new, modern path the 1,000-year-old British monarchy will be treading as it seeks to remain relevant in a fast-changing political climate exemplified by Brexit.
“Just 20 years ago, the monarchy seemed to be struggling for its very survival,” said the Daily Mail newspaper, referring to the Windsors’ grimmest hours in the aftermath of the death of Harry’s mother Princess Diana in a Paris car crash in 1997 when the family were heavily criticised for seeming not to care.
“How different the picture looks today. Prince Harry’s wedding to the glamorous and thoroughly modern actress Meghan Markle did more than put the seal on a fairytale romance.
“It symbolised the monarchy’s evolution into a contemporary institution - at ease with itself, outward looking and fit for the 21st Century.”
Saturday’s wedding of Harry and Meghan, who has an African American mother and white father, has been widely hailed as a union of tradition and modernity and a breakthrough in race relations.
The bride entered the church alone, while a passionate address by Michael Curry, the first black head of the Episcopal Church in the United States, which electrified Windsor Castle’s 15th century St George’s Chapel, has been pored over for its symbolism.
Now, the royal biography of Meghan, the newly titled Duchess of Sussex, has been seen as showing another departure from the usual stuffy image of the monarchy.
“From a young age, The Duchess had a keen awareness of social issues and actively participated in charitable work,” it says. “Aged 11 she successfully campaigned for a company to alter their television advert that had used sexist language to sell washing-up liquid.”
“MODEL MODERN COUPLE” Commentators said it indicated the royal family, which traditionally steers clear of making overtly political statements, had given its blessing to her to speak out on issues such as feminism.
“It’s sure changed the Royal Family,” historian and constitutional expert David Starkey wrote in the Sun newspaper of the marriage.
“Meghan and Harry are the model modern couple: Mature, bi-racial, bi-cultural, international, do-gooding, fashion-conscious and media-savvy to their fingertips.”
British newspapers on Monday dedicated dozens of souvenir pages to every tiny detail of the wedding, while the British TV audience was reported to be almost 18 million, making it the most watched programme of the year so far.
But amidst the eulogies, some have suggested that beneath the splendid show of pomp and pageantry, where Britain boasts it has few rivals, little might change.
“The royal family is not a place where you can make any strong, particular statements,” Kehinde Andrews, an associate professor of sociology at Birmingham City University and author on race issues told Reuters.
He said the wedding was meaningless for Britain’s black community in terms of addressing entrenched racism in job prospects, the criminal justice system and health disparities.
“When we sit back and actually analyse what’s happened and what’s changed, we’ll realise it means nothing at all,” he said.
Ironically, by being more modern and more relatable to ordinary Britons, the younger royals such as Harry, his elder brother Prince William and his wife Kate, who are at the forefront of the overhaul of the Windsors, risk destroying the mystique which gives the institution its cachet.
“I think the young royals do have to be careful because although they are trying to become much more touchy-feely and accessible, they are in danger of devaluing the brand because the brand is based on the fairytale and the fact they aren’t accessible,” royal biographer Claudia Joseph told Reuters.
“It’s a very difficult line for them to tread.”
FILE PHOTO: Meghan reacts as she rides in a carriage with her husband Britain’s Prince Harry after their wedding ceremony at St George’s Chapel in Windsor Castle in Windsor, Britain, May 19, 2018. REUTERS/John Sibley/File Photo Editing by Guy Faulconbridge
| ashraq/financial-news-articles | https://in.reuters.com/article/britain-royals-meghan/i-am-proud-to-be-a-feminist-will-meghan-shake-up-britains-royals-idINKCN1IM114 |
Trade EU considers Iran central bank transfers to beat US sanctions The European Commission is proposing EU governments make direct money transfers to Iran's central bank to avoid U.S. penalties. The step would allow European companies to repay Iran for oil exports and repatriate Iranian funds in Europe. This is the most forthright challenge to the Trump administration's newly reimposed sanctions. Published 3 Hours Ago Francois Lenoir | Reuters European Commission President Jean-Claude Juncker
The European Commission is proposing that EU governments make direct money transfers to Iran's central bank to avoid U.S. penalties, an EU official said, in what would be the most forthright challenge to Washington's newly reimposed sanctions.
The step, which would seek to bypass the U.S. financial system, would allow European companies to repay Iran for oil exports and repatriate Iranian funds in Europe, a senior EU official said, although the details were still to be worked out.
The European Union , once Iran's biggest oil importer, is determined to save the nuclear accord, that U.S. President Donald Trump abandoned on May 8, by keeping money flowing to Tehran as long as the Islamic Republic complies with the 2015 deal to prevent it from developing an atomic weapon.
"Commission President Jean-Claude Juncker has proposed this to member states. We now need to work out how we can facilitate oil payments and repatriate Iranian funds in the European Union to Iran's central bank," said the EU official, who is directly involved in the discussions.
The U.S. Treasury announced on Tuesday more sanctions on officials of the Iranian central bank, including Governor Valiollah Seif. But the EU official said the bloc believes that does not sanction the central bank itself. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/eu-considers-iran-central-bank-transfers-to-beat-us-sanctions.html |
Sponsored by Bank of America Sponsored by Bank of America video Corrections Twitter alert! Reset passwords please 38
Twitter saying Thursday it found a bug that unmasked encrypted passwords in its internal log. And it's suggesting its 330 million users reset those passwords. ▲ Hide Transcript ▶ View Transcript
Twitter saying Thursday it found a bug that unmasked encrypted passwords in its internal log. And it's suggesting its 330 million users reset those passwords. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2riIOJP | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/03/twitter-alert-reset-passwords-please?videoId=423616449 |
May 31, 2018 / 11:25 AM / Updated an hour ago Spain's Muguruza downs French wild card, into Roland Garros third round Reuters Staff 2 Min Read
PARIS (Reuters) - Garbine Muguruza cruised past French wild card player Fiona Ferro 6-4 6-3 on Thursday, booking her place in the French Open third round. Tennis - French Open - Roland Garros, Paris, France - May 31, 2018 Spain's Garbine Muguruza celebrates winning her second round match against France's Fiona Ferro REUTERS/Benoit Tessier
The Spaniard sealed the match with a whipped cross-court forehand, though for much of the match the number three seed struggled to find her rhythm and range on the forehand. Related Coverage Highlights of French Open fifth day
Muguruza, who won at Roland Garros in 2016 and heads to Wimbledon this year as defending champion, had not played 21-year-old Ferro before Thursday’s encounter. Tennis - French Open - Roland Garros, Paris, France - May 31, 2018 Spain's Garbine Muguruza celebrates winning her second round match against France's Fiona Ferro REUTERS/Benoit Tessier
“She’s young and she’s talented,” Muguruza said in a post match interview on court Suzanne Lenglen. “These matches are very difficult.” Tennis - French Open - Roland Garros, Paris, France - May 31, 2018 France's Fiona Ferro in action during her second round match against Spain's Garbine Muguruza REUTERS/Benoit Tessier
Muguruza arrived in Paris as one of five women with a chance of claiming the world number one spot.
Her form leading up to the clay-court Grand Slam was mixed, exiting the Madrid Open in the third round and suffering a defeat in her opening match of the Rome Open. But she said she felt good in Paris.
“The French Open is the tournament for me. My body is good and my tennis is following,” she said.
Muguruza hit 26 winners and 23 unforced errors, often over-cooking her forehand from the baseline.
She eases into the third round for the fifth consecutive year, and will face the winner of the match between 2010 French Open runner-up Samantha Stosur of Australia and 30th seed Anastasia Pavlyuchenkova of Russia. Reporting by Richard Lough; Editing by Catherine Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-muguruza/spains-muguruza-downs-french-wild-card-into-roland-garros-third-round-idUKKCN1IW1FO |
Photograph by Getty Images By Alan Murray and David Meyer 6:15 AM EDT
Good morning.
The New York Times /Equilar list of the most highly-paid CEOs of publicly-traded corporations was out this weekend. In case you missed it, number one on the list was a Malaysian: Hock Tan, who heads global chip maker Broadcom, best known recently because its effort to take over Qualcomm was blocked by the Trump administration for national security reasons. Tan had total compensation of $103 million last year–mostly in stock awards. Other CEOs in the top ten:
2. First Data’s Frank Bisignano at $102 million
3. Live Nation’s Michael Rapino at $71 million
4. CBS’ Leslie Moonves at $68 million
5. Liberty Media’s Gregory Maffei at $67 million
6. TransDigm’s Nicholas Howley at $61 million
7. Altice USA’s Dexter Goel at $54 million
8. Time Warner’s Jeffrey Bewkes at $49 million
9. FleetCor Technologies’ Ronald Clarke at $45 million
10. TripAdvisor’s Stephen Kaufer at $43 million
This year is the first time companies had to report “pay ratios”—how the CEO’s compensation compares with the median of other employees—which was required by the 2010 Dodd-Frank banking regulation. But there is no indication that the prospect of those revelations had a dampening effect on CEO pay. The median pay for the 200 best-paid CEOs was up 14% from last year, to $17.5 million.
While the pay ratios are predictably eye-popping—Les Moonves makes 595 times the median CBS worker, and Jeff Bewkes makes 651 times the median Time Warner worker—they also are a fundamentally flawed statistic. Mattel CEO Margo Georgiadis, who has since left the company to run Ancestry, had one of the highest ratios on the list, with Georgiadis making 4,987 times that of the company’s median employee. That’s because Mattel owns its factories overseas, and has thousands of low-paid workers in Asia on its payroll. On the other hand, CEO Herve Hoppenot of Incyte, which outsources its manufacturing, had one of the lowest ratios, at 64 times the median. Not clear to me why outsourcing cheap labor should be prized over insourcing it. You can explore the full list here .
Separately, the Wall Street Journal ’s Justin Lahart notes that, despite surveys showing companies plan to put a good chunk of their tax cuts into new investment, the numbers aren’t yet showing it. Friday’s report on durable goods orders–which should reflect any increased investment in equipment—dropped 1.7% in April from a month earlier. It will be an unfortunate outcome if statistics eventually suggest the tax cut boosted CEO pay and shareholder returns, but didn’t lift investment or average wages.
More news below. And if you need a caffeine fix this afternoon, be sure to hit Starbucks before 2 p.m. That’s when the stores will be closing for a half-day bias training session .
Alan Murray @alansmurray [email protected] Top News
Italian Turmoil
The collapse of Italy’s putative populist government has sent Italian bond yields soaring to their highest level in over four years. U.S. stock futures are down too, thanks to the crisis. Over the weekend, President Sergio Mattarella vetoed the almost-coalition’s euroskeptic choice of finance minister, setting the country on course for fresh elections. In the meanwhile, Mattarella has appointed a technocratic, pro-austerity interim government—a move that only plays into the hands of the frustrated League and 5Star Movement parties, who now get to whip up more anti-establishment sentiment. Financial Times
Spanish Turmoil
Over in Spain, early elections may also be the outcome of a no-confidence vote, faced by Prime Minister Mariano Rajoy at the end of this week. Rajoy’s right-wing Popular Party (PP) has been hit by a major court ruling over corruption, affecting the party and former officials—29 people have been jailed. The center-right Ciudadanos, a relatively new party that has been riding high in polls, is hoping for early elections by the end of this year. The Local Spain
North Korea
With the summit between North Korea’s Kim Jong-un and U.S. President Donald Trump now possibly back on—do keep up—the U.S. has decided to hold off on launching new sanctions against North Korea for the moment. The sanctions were to be announced today, also targeting Russian and Chinese entities. Preparatory pre-summit meetings are taking place in Singapore this week. Wall Street Journal
Apple Screens
Apple is, according to South Korean media, considering putting high-end OLED screens in all its iPhone models as of next year. The bright, sharp screens are currently only found in the top-of-the-range iPhone X, with the rest of the range sporting relatively old-fashioned LCD screens. The news sent the stock of Japan Display, a key supplier of iPhone LCD screens, tumbling by as much as 20% at one point. Fortune
Advertisement Around the Water Cooler
Coca-Cola Booze
Coca-Cola has launched its first alcoholic product—an alcopop called Lemon-Do, which is initially only available on the Japanese island of Kyushu. Lemon-Do falls into the “Chu-Hi” category of drinks, which mix spirits with flavored carbonated water. Japan is something of a testbed for Coke; it experiments with 100 new products a year there. Fortune
Plastic Ban
The European Commission has proposed the world’s biggest ban on single-use plastic products, from straws to cutlery, in order to save the environment (and people) from excessive plastic pollution. If passed, the ban would affect a range of products where affordable, more sustainable alternatives are available—in other words, it’s paper straw time. The proposed directive would also hugely step up plastic recycling efforts across the European Union. Fortune
Founder Power
The Wall Street Journal has a piece describing how, in an increasingly flush tech world, more and more venture capitalists are losing their power to “star entrepreneurs” and a new class of investors—mutual and sovereign wealth funds, plus the likes of SoftBank. “The flood of capital…gives entrepreneurs the ability to pick not just their investors but also when and whether to go public,” the article notes. WSJ
Storm Cost
Subtropical Storm Alberto killed two journalists in North Carolina yesterday afternoon, after making landfall in Florida. Experts are predicting this year’s Atlantic storm season will be “near or above normal.” Last year saw 17 named storms, with three major hurricanes landing on U.S. soil—that was well above the average, which involves a dozen named storms in a year. However, while the likelihood is that this year will be better, it only takes one or two large hurricanes to cause immense damage. Two of last year’s, Harvey and Irma, counted among the costliest ever. Fox Business
This edition of CEO Daily was edited by David Meyer . Find previous editions here , and sign up for other Fortune newsletters here . | ashraq/financial-news-articles | http://fortune.com/2018/05/29/italy-spain-north-korea-ceo-daily-for-may-29-2018/ |
May 8 (Reuters) - Vifor Pharma AG:
* US FDA APPROVES USE OF VELTASSA® WITH OR WITHOUT FOOD * VIFOR PHARMA AG - UPDATED LABEL MAY ALLOW FOR INCREASED DOSING FLEXIBILITY FOR PATIENTS WITH HYPERKALAEMIA Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-vifor-pharma-says-us-fda-approves/brief-vifor-pharma-says-us-fda-approves-use-of-veltassa-with-or-without-food-idUSASO0004HF |
By Jonathan Vanian 3:14 PM EDT
Google plans to buy the small enterprise startup Velostrata as the search giant continues growing its cloud computing business.
Google said Wednesday that it would acquire Israel-based Velostrata, which specializes in helping companies move their internal corporate infrastructure to cloud providers. Terms of the Google-Velostrata deal were not disclosed, but Google (goog) said that Velostrata’s employees would join the company’s office in Tel Aviv.
Velostrata has 25 employees and has raised about $31.5 million since it debuted in 2014, according to deal-tracking service PitchBook.
When Velostrata first formed, it pitched its service as a way for companies to more efficiently manage their IT operations across both their internal data centers and public cloud providers like Amazon Web Services (amzn) and Microsoft’s (msft) Azure business unit.
Since then, Velostrata added Google and its cloud computing service as another company it will help businesses migrate their infrastructure to.
“We are proud to join forces and help pave the way for enterprise customers to transform their most demanding enterprise workloads on Google Cloud Platform,” Velostrata Issy Ben-Shaul said in a statement.
Now that Velostrata will be part of Google, it’s likely that the company will no longer offer services that help companies move to competing cloud computing services like AWS or Azure.
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“This acquisition, subject to closing conditions, will add to our broad portfolio of migration tools to support enterprises in their journey to the cloud,” Google Cloud vice president of engineering Eyal Manor said in a statement. “That way, businesses can simplify their onboarding process to Google Cloud Platform, and easily migrate workloads to Google Compute Engine.” | ashraq/financial-news-articles | http://fortune.com/2018/05/09/google-buys-velostrata-cloud-computing/ |
0 COMMENTS HONG KONG—A U.S.-based short seller bolstered his calls for Samsonite 1910 -12.38% International S.A.’s chief executive to be fired for résumé fabrication , saying boardrooms “are littered with carcasses of executives who told far more minor lies on their résumés than this.”
Speaking at the sixth annual Hong Kong edition of the Sohn conference on Wednesday, Soren Aandahl, founder of a new activist investment fund called Blue Orca Capital LLC, unleashed against Samsonite’s chief executive Ramesh Tainwala, saying he misrepresented himself for years as a doctor.
“It doesn’t get simpler than this: If you’re not a doctor, you can’t go around saying you’re a doctor,” Mr. Aandahl said on stage in front of more than 300 people at the conference. “You can’t do it at a restaurant, you can’t do it on an airplane, you can’t do it on a dating website. And you definitely can’t do it if you’re the CEO of a major public company.”
Samsonite’s Ramesh Tainwala speaks during an interview in Hong Kong in March last year. Photo: Calvin Sit/Bloomberg News Mr. Aandahl’s presentation followed a 48-page report he published last week that also critiqued some of Samsonite’s accounting practices and corporate governance.
The “Dr.” designation appeared alongside Mr. Tainwala’s name in at least two regulatory filings with the U.S. Securities and Exchange Commission more than a decade ago, as well as in some regulatory documents in India. It was also included in press reports and Mr. Tainwala was addressed as “Dr.” on at least one earnings call. Mr. Aandahl said he found at least 73 biographical references that labeled Mr. Tainwala as a doctor.
The problem is Mr. Tainwala never earned a doctoral degree, a fact he later confirmed in an email to The Wall Street Journal. Mr. Tainwala told the Journal last week after Blue Orca’s report was published that he “never claimed” to hold a doctoral degree. He said he had enrolled for a Ph.D. program in 1992, and friends and colleagues jokingly addressed him as “doctor” afterward even though he didn’t complete the program.
Samsonite didn’t have an immediate comment to Mr. Aandahl’s speech. Samsonite’s shares remained halted Wednesday for a third straight day. In a Monday filing, the company said it halted its shares “pending the release of a further announcement in relation to certain allegations contained in a report.”
The stock fell a combined 21% on Thursday and Friday last week after Blue Orca published its report. It was Samsonite’s biggest two-day drop since it went public in Hong Kong in 2011.
Hours after Mr. Tainwala’s disclosure to the Journal last week, Samsonite published a statement saying Blue Orca’s report was “one-sided and misleading, and the conclusions drawn in the report are incorrect.” Samsonite’s chairman, Timothy Parker, was Quote: d as saying he had “full confidence in Ramesh’s capabilities as CEO, and in the broader management team.”
But Mr. Aandahl said he is even more confident now that Mr. Tainwala should be fired following his disclosure to the Journal. “Restoring Samsonite’s credibility in the market simply requires that he goes.”
Mr. Aandahl was one of several investment managers who spoke at Wednesday’s conference, where each presenter was given a short time slot to explain their latest big investing idea. Seth Fischer of Oasis Management, a Hong Kong-based hedge fund, touted Japan Asset Marketing Co. , claiming it has 50% upside from current levels. He recommended Sony Corp. at last year’s Sohn conference and the stock has risen about 25% since then.
Carl Huttenlocher of Myriad Asset Management said he was bullish on mainland Chinese stocks ahead of MSCI ’s upcoming inclusion of A-shares in its indexes Friday. That reversed a bearish call he made on China at this conference four years ago.
Write to Steven Russolillo at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/short-seller-on-samsonite-ceo-you-cant-go-around-saying-youre-a-doctor-when-youre-not-1527672016 |
LOS ANGELES (Reuters) - Women in Hollywood applauded on Thursday after Harvey Weinstein agreed to turn himself into authorities in New York after a months-long investigation into multiple allegations of sexual misconduct.
FILE PHOTO: 71st Cannes Film Festival - Closing ceremony - Cannes, France May 19, 2018. Asia Argento delivers a speech. REUTERS/Eric Gaillard More than 70 women have accused the once-powerful film producer of sexual impropriety, including rape, since October 2017. Weinstein has denied having nonconsensual sex with anyone.
Weinstein was expected to surrender on Friday morning, a person familiar with the case said. The exact nature of the charges being brought against him by Manhattan prosecutors was unclear.
“BOOM”, tweeted Italian actress Asia Argento, who has accused Weinstein of raping her at the Cannes film festival in 1997 when she was 21.
Argento repeated her accusations in an emotional speech at the Cannes festival on Saturday.
Weinstein’s Italian attorney said on Saturday that Argento’s allegations were “completely false.” On Thursday in the United States, Weinstein’s spokesman Juda Engelmayer and Weinstein’s New York lawyer Benjamin Brafman both declined to comment.
Rose McGowan, who was among the first actresses to accuse Weinstein of sexual assault, said his victims were “one step closer to justice.”
“I, and so many of Harvey Weinstein’s survivors, had given up hope that our rapist would be held accountable by law,” McGowan said in a statement. “May this give hope to all victims and survivors everywhere that are telling their truths.”
Former “Sopranos” actress Annabella Sciorra, who has said she was sexually assaulted by Weinstein in the 1990s, tweeted “Can’t Wait!” followed by “Anyone know where I can get front row seats?”
“A Wrinkle in Time” director Ava DuVernay, one of the leaders of the Time’s Up campaign against sexual harassment in the workplace, posted a link on Twitter to news of Weinstein’s expected surrender, adding “Karma NEVER loses an address.”
Tarana Burke, the founder of the wider #MeToo movement triggered by accusations against Weinstein, told Hollywood trade publication Variety that the expected charges represent a shift in the movement to change how sexual violence is handled.
“This moves from the court of public of opinion into an actual courtroom,” Burke told Variety in an interview. “That is super cathartic for a bunch of the survivors, or even survivors who are not necessarily victimized by him.”
Melissa Silverstein, founder of the blog Women and Hollywood, wrote on Twitter, “This is for all the women who stood up and spoke out and for those who endured years of pain who probably never thought this day would come.”
Reporting by Jill Serjeant and Lisa Richwine; editing by Grant McCool
| ashraq/financial-news-articles | https://www.reuters.com/article/us-people-harvey-weinstein-reaction/hollywood-women-applaud-impending-harvey-weinstein-charges-idUSKCN1IP3RF |
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