text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
House Republicans will meet for two hours on immigration next month as leaders face a rebellion within their caucus about how best to handle undocumented immigrants brought to the U.S. illegally as children.
The House Republican conference gathering will take place June 7, a spokeswoman for the conference confirmed. The potentially contentious discussions on a divisive policy will happen amid GOP primary elections across the country and only months ahead of November's critical midterms.
Centrist House Republicans, upset at a lack of action to shield those immigrants from deportation, are trying to force a vote on an immigration policy, against GOP leaders' wishes. With the support of many Democrats, they are only a handful of votes shy of reaching the threshold needed to bring up a vote.
Amid momentum for the moderate GOP effort, the party's right flank has pushed for a vote on a conservative immigration bill. The House Freedom Caucus last week helped to sink a GOP-written farm bill championed by House Speaker Paul Ryan as they did not get assurances about voting on immigration policy.
The squabbles threaten to pit two sides of the party against one another at a time when Republicans are trying to cling to a House majority. The immigration fight could force out Ryan as speaker even before his retirement in January and could hurt the bid by his handpicked successor, House Majority Leader Kevin McCarthy , to replace him. The California Republican will need support from conservatives to lead House Republicans.
Ryan asked the caucus Tuesday to put aside disagreements over immigration and work together to keep control of the chamber, Politico reported . His proposition "fell on deaf ears," according to the news outlet.
It is unclear what path Republicans could seek after the conference meeting. Many GOP lawmakers do not want to reach a bipartisan agreement with Democrats, believing doing so could tamp down enthusiasm from the Republican base in November.
Some conservatives have even proposed cutting off election cash from national GOP groups to moderates who support the immigration petition. That may not be realistic, as centrists often represent swing districts that Democrats have a better chance of flipping than those represented by conservatives.
, who has aligned with conservatives in calling for tougher restrictions on legal immigration in exchange for shielding the young immigrants, has stayed out of the spat. His administration ended the Obama-era Deferred Action for Childhood Arrivals program that protected those immigrants, though the move to kill the program has been held up by court decisions.
The program protects from deportation people brought to the U.S. as children and allows them to temporarily work or get an education legally in the U.S.
Several proposals to shield the immigrants failed in the Senate earlier this year. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/house-republicans-schedule-immigration-daca-policy-meeting.html |
IRVINE, Calif. (AP) _ Biolase Inc. (BIOL) on Wednesday reported a loss of $5 million in its first quarter.
The Irvine, California-based company said it had a loss of 5 cents per share. Losses, adjusted for stock option expense and non-recurring costs, came to 4 cents per share.
The maker of dental laser systems posted revenue of $10 million in the period.
In the final minutes of trading on Wednesday, the company's shares hit 37 cents. A year ago, they were trading at $1.28.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on BIOL at https://www.zacks.com/ap/BIOL | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/the-associated-press-biolase-1q-earnings-snapshot.html |
BRASILIA, May 22 (Reuters) - Brazil’s central bank considered cutting interest rates last week, but ultimately decided to leave them untouched due to potential inflationary pressure stemming from a weak currency, the minutes of its last policy meeting showed on Tuesday.
The bank last week unexpectedly kept the benchmark Selic rate at an all-time low of 6.50 percent, ending the deepest easing cycle in a decade and contradicting widespread expectations of a 25 basis-point cut. (Reporting by Bruno Federowski and Marcela Ayres)
| ashraq/financial-news-articles | https://www.reuters.com/article/brazil-economy-rates/brazil-central-bank-weighed-rate-cut-before-opting-to-hold-minutes-idUSE6N1QQ04X |
In Cleveland , a new road meant to cut commute times between the suburbs and a downtown medical hub has been redesigned as an "Opportunity Corridor" to bring businesses and jobs to poor neighborhoods along its way.
In St. Louis , development officials are repurposing a century-old hat factory into a space for small manufacturers to bring jobs back downtown, while Baltimore has committed $500 million to a private-led overhaul of an old industrial zone.
The efforts reflect a growing consensus among economists and policymakers that keeping the overall economy on track will not be enough to help areas left behind by a decade-long recovery.
The current expansion is among the longest ever and brought national unemployment to an 18-year low . Yet over 6.3 million are still out of work, many of them clustered in cities with chronic, high unemployment. A Reuters review of federal data shows that out of those unemployed about a quarter live in 50 urban counties with above-average unemployment, and a third in just 100.
Getty Images People visit booths of prospective employers during the Hiring Our Heroes job fair at the Washington Convention Center, on January 10, 2014 in Washington. Often with large minority populations, those areas include cities like St. Louis, Cleveland and Baltimore — 20th century industrial powerhouses hit hard by globalization, demographic changes, and the shift to a service-based economy.
Amid the tightest labor markets in two decades and labor force growth the slowest in half a century, local and national officials are turning to targeted training schemes, new investment incentives, and other strategies to bring jobs closer to the unemployed.
"We definitely need to be thinking in terms of place as an important component...Increasing the number of people who are connected to the economy is fundamental to the maximum employment goal," Atlanta Federal Reserve bank president Raphael Bostic told Reuters in an interview. "What counts as success? Is it two million people? Five million people?" Bostic said, referring to the number of jobless. "We can get to maximum employment and still have a lot of distress."
Pile of cash
While monetary policy works on the national level, the Fed under former chair Janet Yellen and now under chairman Jerome Powell has been only gently raising interest rates in part to see if it can help lagging areas join the recovery.
However, a consensus is building among economists and politicians that the persistence of unemployment and poverty in certain areas needs to be addressed with direct, "place-based" policies.
The tax code approved by the Republican Congress in December included a bipartisan-backed measure to support such locally-directed efforts, granting a capital gains waiver for those who invest in locations included on a list of distressed census tracts being chosen by state governors.
Advocates, who include Donald Trump's Council of Economic Advisers Chair Kevin Hassett and Jared Bernstein, a former Obama administration adviser, hope it shifts capital from buoyant stock markets and high-value real estate to blighted rural pockets, struggling suburbs, or ailing inner-city neighborhoods.
"Investors are sitting on a large pile of (unrealized) capital gains," said John Lettieri, president of the Economic Innovation Group, a think tank that sponsored a 2015 paper by Hassett and Bernstein outlining the idea.
"We think the scale is likely to be measured certainly in the tens of billions of dollars," Lettieri said about how much of an estimated $1 trillion in unrealized capital gains could make its way to neglected areas. Such amounts still pale with the scale of the U.S. economy and critics worry the plan may only reshuffle where the poor and jobless live by speeding up gentrification in areas already on the upswing.
However, while the rules for the program are still under development and its effects uncertain, several local initiatives are gaining traction even without federal tax breaks. The Fed's Bostic also noted that dollars invested in capital-starved areas may have greater impact and return than elsewhere.
That is a point often overlooked in the national debate over issues such as tariffs, or by development authorities who traditionally focus on large, greenfield projects, say officials at the DeSales Community Development Corp. in St. Louis.
The non-profit group is renovating a century-old, 87,000 square foot building in the Fox Park area that once housed a maker of high-end barber chairs, then a hat factory that supplied World War II troops. The plan is to bring jobs back to the area by filling the space with cabinetmakers, small bakers, or similar craft businesses.
In Baltimore, officials are backing an effort by Under Armour chief executive Kevin Plank to rebuild the Covington Point industrial area as an integrated tech, manufacturing, and residential hub.
From housekeeper to nurse
In Cleveland, University Hospitals medical complex has responded to labor shortages by hiring workers from the surrounding high-unemployment neighborhoods for entry-level jobs and training them for higher-level professions, such as nursing.
Loretta Bey is among more than two hundred local residents who have seized the opportunity since the program's launch in 2013. The 53-year-old widow lost her job as an office manager five years ago when her employer, a construction company, shut down. Bey, who cares for her teenage grandson, started as a housekeeper, became a nurse's assistant two years later and now is making $16 an hour while studying for an associate's degree to become a licensed nurse.
Kip Clarke, KeyBank market president for Cleveland, says local business officials hope to replicate those sort of job "pathways" citywide, for example by linking entry-level positions in fast food franchises with training and follow-on employment at other companies.
City planners, meanwhile, bet that by lowering the speed limit for the 3.2-mile (5.15 km) "Opportunity Corridor" and adding water, electricity, fiber optic cable and other utilities along its path, they can offer logistics firms, data farms and other businesses an alternative to suburban industrial parks. The project is still under construction, but local agencies have been buying vacant properties and cleaning up and consolidating land to offer for projects.
Alongside that effort, jobs officials are doing skill "inventories" of local residents to tailor training programs.
Some have already taken off, including a new office building IBM built for its Explorys healthcare analytics firm. "It is a micro issue," Clarke said of the city's employment challenges. "People can get caught up in academic studies of aggregate unemployment. But you need to dig into the trenches." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/hot-us-jobs-market-spurs-push-to-reach-those-left-behind.html |
The 10 cities with the most billionaires Share Updated 1 Hour Ago Grant Faint | Getty Images
New York is still the billionaire capital of the world. But Hong Kong is catching up fast.New York has 103 billionaires, according to the Wealth-X Billionaire Census. But Hong Kong is now a close second with 93. And while New York's billionaire population is static (it only grew by one last year), Hong Kong added 21 new billionaires last year, for a growth rate of 29 percent.
"New York is the preferred location for those seeking a luxury blend of finance, culture, commerce, shopping and real estate," the report said.In fact, New York City has more billionaires than every country except for China, Germany and India.Hong Kong's growth, however, could soon surpass the Big Apple. Its surge was "driven by strong domestic economic performance, the upturn in global financial markets and trade and investment with China," the report said. This was a big turnaround from 2016, when a falling stock market made Hong Kong the biggest billionaire loser.
San Francisco ranked third, with 14 new billionaires, bringing its total to 74. San Francisco now has more billionaires than all but eight countries."San Francisco has experienced the strongest growth in billionaire numbers of any U.S. city in recent years," the report said.Moscow lost two billionaires, as economic sanctions continued to hurt the economy.
Here is the rest of the top 10 billionaires cities list: 1. New York, 103 billionaires Grant Faint | Getty Images 2. Hong Kong, 93 billionaires Everett Rosenfeld | CNBC 3. San Francisco, 74 billionaires Kristine T Pham Photography | Getty Images 4. Moscow, 69 billionaires Andrey Rudakov | Bloomberg via Getty Images 5. London, 62 billionaires | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/the-10-cities-with-the-most-billionaires.html |
KIEV (Reuters) - Ukraine has put Russian businessman Oleg Deripaska, whose company Rusal owns a large alumina plant in the country, and other prominent Russians on an expanded sanctions list, a document on the president’s website showed on Thursday.
FILE PHOTO: Russian tycoon Oleg Deripaska attends the 7th annual VTB Capital "Russia Calling!" Investment Forum in Moscow, Russia, October 13, 2015. REUTERS/Sergei Karpukhin/File Photo It was not clear what effect the blacklisting would have as many Russian companies have already sought to wind up their Ukraine-linked activities due to earlier sanctions.
But restrictions on Deripaska could affect the operations of the Mykolaiv plant in southern Ukraine, which is the second-largest alumina asset of his aluminum business Rusal.
The Mykolaiv plant did not respond to a request for comment.
Kiev first implemented sanctions against hundreds of Russian companies and entities after Moscow’s annexation of Crimea in 2014 and over its support for a pro-Russian separatist uprising in eastern Ukraine.
Earlier in May it expanded these restrictions to mirror those of the United States, which blacklisted officials and businesspeople around President Vladimir Putin in April. This was one of Washington’s most aggressive moves to punish Moscow for its alleged meddling in the 2016 U.S. election and other “malign activity”.
Ukraine’s updated list was published online on Thursday, confirming sanctions on Deripaska as well as on other Russian tycoons such as Viktor Vekselberg, owner of Renova holding group, and Alexei Miller, the CEO of Russia’s gas exporter Gazprom.
The additions to the list also include the Ukraine operations of Russian state news agency RIA Novosti. It did not reply to a request for comment.
On May 15, Ukrainian state security agents searched RIA Novosti’s Kiev office and detained its director, accusing RIA of being used in an “information war” by Russia against Ukraine.
Kiev says the Kremlin uses an array of tactics to undermine and destabilize Ukraine, spreading propaganda while supporting the eastern separatists with troops and sophisticated weaponry and launching cyber attacks on Ukrainian infrastructure. Moscow denies the accusations.
Additional reporting by Natalia Zinets; Writing by Alessandra Prentice; editing by Matthias Williams and David Stamp
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ukraine-russia-sanctions/ukraine-puts-russian-tycoon-deripaska-on-updated-sanctions-list-idUSKCN1IP160 |
Closing Bell Ringer: May 14, 2018 7 Hours Ago Ringing today's closing bells are National Conference on Public Employee Retirement Systems' Modern Markets Initiative at the NYSE and Unum Therapeutics at the Nasdaq. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/video/2017/10/17/closing-bell-ringer-date.html |
* U.S. 10-year bond yield tops 3 pct
* Walmart falls on Flipkart deal, weighs on Dow
* Oil prices at highest levels since 2014
* Indexes up: Dow 0.73 pct, S&P 0.97 pct, Nasdaq 0.97 pct (Updates to afternoon)
By Noel Randewich
May 9 (Reuters) - Wall Street rallied on Wednesday as surging oil prices boosted energy stocks following U.S. President Donald Trump’s decision the previous day to quit a nuclear deal with Iran.
Gains were broad, with all but the utilities and telecom sectors advancing as investors who had moved to the sidelines in recent days ahead of Trump’s decision returned to the market.
“It’s classic ‘buy on the terrible news’,” said Ian Winer, director of trading at Wedbush Securities in Los Angeles. “People had gotten way too nervous about this.”
Oil hit its highest level in 3-1/2 years as investors worried that Trump’s decision to withdraw the United States from the international agreement aimed at preventing Iran from obtaining a nuclear bomb would increase risks of conflict in the Middle East and curtail global oil supplies.
The S&P energy index jumped 2.2 percent, bringing its gain this quarter to 12.8 percent, more than any other sectors.
“The rise in oil is helping energy sector, which is expected to be a pretty big growth sector. A lot of analysts are expecting strong earnings as oil rebounds, and that hasn’t really played out so much early this year,” said Shawn Cruz, senior trading specialist at TD Ameritrade in Chicago. At 2:34 pm ET, the Dow Jones Industrial Average was up 0.73 percent at 24,536.98 points, while the S&P 500 had gained 0.97 percent to 2,698.28.
The Nasdaq Composite added 0.97 percent to 7,337.66.
Worries lingered that rising oil prices would perk up inflation. The U.S. 10-year Treasury yield rose to a two-week high and above the key 3 percent level on expectations of higher interest rates.
In stock trading, Google-owner Alphabet rose 2.9 percent, providing more lift than any other stock to the S&P 500. It was followed by Facebook, rising 1.93 percent.
Walmart fell 3 percent after the retailer took a majority stake in Indian e-commerce firm Flipkart for about $16 billion.
Walt Disney dipped 2.13 percent, despite reporting a quarterly profit above Wall Street estimates.
Advancing issues outnumbered declining ones on the NYSE by a 1.81-to-1 ratio; on Nasdaq, a 1.71-to-1 ratio favored advancers.
The S&P 500 posted 39 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 158 new highs and 49 new lows. (Additional reporting by Sruthi Shankar in Bengaluru Editing by Chizu Nomiyama)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-wall-st-rallies-on-higher-oil-after-u-s-quits-iran-deal-idUSL1N1SG1VX |
NEWPORT NEWS, Va., May 01, 2018 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced today that its Board of Directors has declared a quarterly cash dividend of $0.72 per share, payable on June 8, 2018, to shareholders of record as of the close of business on May 25, 2018.
Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. For more than a century, HII’s Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. HII’s Technical Solutions division provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear & Environmental, and Oil & Gas groups. Headquartered in Newport News, Virginia, HII employs nearly 39,000 people operating both domestically and internationally. For more information, visit:
HII on the web: www.huntingtoningalls.com HII on Facebook: www.facebook.com/HuntingtonIngallsIndustries HII on Twitter: twitter.com/hiindustries
Contact:
Jerri Fuller Dickseski (Media)
[email protected]
757-380-2341
Dwayne Blake (Investors)
[email protected]
757-380-2104
Source:Huntington Ingalls Incorporated | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-huntington-ingalls-industries-declares-quarterly-dividend.html |
May 2 (Reuters) - Nanjing Xinjiekou Department Store Co Ltd :
* SAYS C.BANNER INTERNATIONAL HOLDINGS LTD AGREES TO INVEST 1.24 BILLION YUAN ($195.04 million) TO OWN 51 PERCENT STAKE IN HOUSE OF FRASER GROUP VIA STAKE PURCHASE, CAPITAL BOOST
* SAYS IT NO LONGER HOLDS CONTROLLING STAKE IN HOUSE OF FRASER AFTER THE TRANSACTION Source text in Chinese: bit.ly/2I6ZONp Further company coverage: ($1 = 6.3576 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nanjing-xinjiekou-department-store/brief-nanjing-xinjiekou-department-store-brings-in-c-banner-international-as-house-of-frasers-shareholder-idUSH9N1S402R |
May 26, 2018 / 4:15 PM / Updated 25 minutes ago Brazil's truckers protest drags on despite dispatch of military Flavia Bohone , Marcelo Teixeira 3 Min Read
SAO PAULO (Reuters) - A truckers protest over diesel prices in Brazil that is hurting supplies of fuel, food and medicines continued for the sixth day on Saturday despite President Michel Temer ordering the military to clear blocked roads the day before. Truckers attend a protest against high diesel fuel prices at BR-116 Regis Bittencourt highway in Sao Paulo, Brazil May 26, 2018. REUTERS/Leonardo Benassatto
Major cities have declared a state of emergency as gas stations and airports ran out of fuel, supermarket shelves went bare and hospitals said they were running out of supplies. Public transport and trash collection were reduced or halted across the country and prices for some food items jumped.
The government said there were fewer blockades on major highways across the country on Saturday compared to Friday. However, the main entity representing truckers, ABCAM, said they have not changed their main argument that they will call off protests only when federal taxes over diesel are scrapped.
Negotiators for several trucker groups initially agreed on Thursday to suspend the protests as the government vowed to subsidize and stabilize diesel prices, which may cost 5 billion reais ($1.4 billion) this year.
To win over truckers the government promised to extend for 30 days a 10-percent diesel price cut announced by state-led oil company Petroleo Brasileiro SA.
But truckers say they want a definitive solution, saying they will end the protest only when a decision to eliminate federal diesel taxes is published in the official gazette.
Local TV showed footage of federal forces being deployed over the night to some critical areas to help police remove trucks from highways.
There were no reports of violence, but main roads remained blocked in the morning, including a key transport ring around Sao Paulo, the country’s largest city.
Some business sectors that depend on daily supplies were suffering.
Lack of animal feed may cause one billion birds and 20 million hogs to die, Brazilian meat group ABPA said, adding that more than 150 poultry and pork processing plants had indefinitely suspended production.
Brazil’s sugar industry, the world’s largest, is slowly halting cane harvest operations as machines ran out of fuel.
Blockades continue to prevent trucks from entering the port of Santos, Latin America’s largest, and oilseeds crushing group Abiove said soy exports would halt on Saturday if truckers did not allow access to major ports.
Auto production, which contributes about a quarter of Brazil’s industrial output, ground to a halt on Friday.
Authorities said even after roads are completely cleared, it would still take several days to normalize supplies. Reporting by Flavia Bohone and Marcelo Teixeira; Editing by Chizu Nomiyama | ashraq/financial-news-articles | https://in.reuters.com/article/brazil-transport/brazils-truckers-protest-drags-on-despite-dispatch-of-military-idINKCN1IR0JT |
WINDSOR, England (Reuters) - Britain’s Queen Elizabeth and Prince Philip met Meghan Markle’s mother, Doria Ragland, on the eve of Prince Harry’s wedding to the U.S. actress at Windsor Castle, Buckingham Palace said.
A cardboard image of Britain’s Prince Harry and Meghan Markle is seen as people put up decorations at the Falkland Islands Defence Force headquarters where they will hold an event to celebrate the royal wedding, in Port Stanley, Falkland Islands, May 18, 2018. REUTERS/Marcos Brindicci A spokesman said the queen and Philip met Ragland, a yoga instructor, with Harry and Markle on Friday afternoon.
Reporting by Michael Holden; editing by Guy Faulconbridge
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-royals-queen-markle/britains-queen-elizabeth-meets-meghan-markles-mother-idUSKCN1IJ2D6 |
Oil drops as Trump weighs Iran nuclear deal 02:00
Oil prices tumbled from 3-1/2 year highs as media speculation on what President Trump would do with the Iran nuclear agreement put investors on edge.
Oil prices tumbled from 3-1/2 year highs as media speculation on what President Trump would do with the Iran nuclear agreement put investors on edge. //reut.rs/2FWeGsZ | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/08/oil-drops-as-trump-weighs-iran-nuclear-d?videoId=425015843 |
May 29, 2018 / 5:32 PM / Updated 37 minutes ago Exclusive - Latvia probes whether Russian money flows used to meddle in Europe John O'Donnell , Gederts Gelzis 6 Min Read
RIGA (Reuters) - Latvia is investigating whether its banks acted as conduits for Russian funds used to interfere in elections and politics elsewhere, after it received a warning from the United States, officials have told Reuters. Latvia's Foreign Minister Edgars Rinkevics speaks during an interview in Riga, Latvia May 23, 2018. REUTERS/Ints Kalnins
The allegations, which highlight the country’s role as a stepping stone for Russian money on its way to the west, come after Latvia’s third largest bank was shut in February after being accused by the United States of money laundering.
Foreign affairs minister Edgars Rinkevics told Reuters that citizens from Russia and former Soviet states, including people subject to U.S. sanctions, had put money in Latvian banks and some of it may have been used for political manipulation.
“There is also the connection to ... hybrid warfare that money being transferred or kept in (the) Latvian financial system can be used to undermine ... the political systems of other countries,” Rinkevics said.
“Currently, our law enforcement authorities are investigating some leads that we have been provided that are related to hybrid warfare,” he said, referring to campaigns to influence political developments.
Latvia’s finance minister, Dana Reizniece-Ozola, confirmed that the government had launched such an investigation after receiving credible information from “our strategic partners”, referring to the United States.
“This is the issue topical ... for the whole of Europe especially if it comes true that money has been used for manipulating election results in several European countries,” Reizniece-Ozola told Reuters.
When asked about possible Russian-sponsored campaigns to influence politics, she said: “If our financial sector might be used for financial crime ... especially if it is used for political goals, that is a no go.”
The ministers did not give details of which cases were being investigated but three senior Latvian officials said that one concerned the movement of funds from Russia through a Latvian bank to support an attempted coup in 2016 in Montenegro. A general view of the Russia's embassy in Riga, Latvia May 23, 2018. REUTERS/Ints Kalnins
Late that year, as Montenegrins voted in an election, authorities arrested 20 people from neighbouring Serbia on charges of planning armed attacks against the state. Serbia later said it had uncovered evidence including 125,000 euros (108,846 pounds) in cash and stashed uniforms.
Montenegro’s Special Prosecutor later accused Moscow of involvement in the plot, which he said was aimed at halting the integration of the former Yugoslav republic into NATO. The Kremlin has dismissed such claims as absurd.
“The money which flowed through Latvia was possibly used to finance the coup in Montenegro,” said one of the Latvian officials, who all asked not to be named, describing the ongoing investigation into the case.
“It might have been divided into parts, payments like $15,000 (£11,332), so that no one would notice.”
Russia has also been accused of interfering in elections from Germany to the United States although Moscow denies any such action.
Reuters asked the Kremlin whether Russia had used Latvia to move funds that were used for political interference in Europe, whether it had been involved in an attempted coup in Montenegro and whether people from Russia now on the U.S. sanctions list had accounts with banks in Latvia.
A Kremlin spokesman, Dmitry Peskov, said, in a comment passed to Reuters by his office: “The answers to all the questions are no.” Slideshow (4 Images)
A spokesman for the government in Montenegro did not comment. POLITICAL INFLUENCE
The latest warning from the United States that Latvian banks may have played a role in manipulation by Russia highlights the continued pressure from Washington on the Baltic state to tighten its controls.
Earlier this year, U.S. authorities accused Latvia’s third biggest bank, ABLV, of money laundering and breaking sanctions on North Korea, prompting its closure and Latvia’s worst financial crisis in a decade.
The suspicion that large flows of Russian funds could also have been used for political interference has underlined the need to change the Swiss-style banking offered by about a dozen Latvian banks to Russians and citizens of former Soviet states.
Foreign minister Rinkevics said the country’s change of tack with regards to this business was also due to more aggressive Russian foreign policy, such as in Ukraine.
“There has been quite ... a change in Russia’s behaviour,” he said. “There is connection between money laundering and the possibility of use of the black money also to influence ... the political system of our allies.”
“There was this concept that Latvia can be the bridge between the west and the east,” he said. “We need ... to say goodbye to the whole bridge concept.”
Since securing independence from Russia in 1991, more than a dozen Latvian banks have promoted themselves as a gateway to Western markets for clients in Russia and former Soviet states such as Ukraine - and promised Swiss-style secrecy for clients.
At the peak in 2015, Latvian banks held deposits of about 12 billion euros ($15 billion) for foreign customers. Bankers and officials have said much of the money came from Russia.
Changing its approach to banking presents Latvia with a difficult balancing act. Washington is an important military ally for the former Soviet-ruled state of 2 million people on the EU’s eastern flank. It also has close historical and trade ties with Russia. Additional reporting by Margarita Popova and Christian Lowe in Moscow; Writing by John O'Donnell; Editing by Giles Elgood | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-latvia-banks-politics-exclusive/exclusive-latvia-probes-whether-russian-money-flows-used-to-meddle-in-europe-idUKKCN1IU2BK |
NEW YORK--(BUSINESS WIRE)-- Clipper Realty Inc. (NYSE:CLPR) (the “Company”), an owner and operator of multifamily residential and commercial properties in the New York metropolitan area, today announced that it will release financial results for the quarter ended March 31, 2018, after the market closes on Thursday, May 10, 2018. The Company will host a conference call that same day at 5:00 PM (ET) to discuss the financial results.
The conference call can be accessed by dialing 800-346-7359 or 973-528-0008, conference entry code 384751. A replay of the call will be available from May 10, 2018, following the call, through May 24, 2018, by dialing 800-332-6854 or 973-528-0005, replay conference ID 384751.
About Clipper Realty
Clipper Realty is a self-administered and self-managed real estate company that acquires, owns, manages, operates and repositions multifamily residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn. For more information on the Company, please visit www.clipperrealty.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006747/en/
Clipper Realty Inc.
Michael Frenz, (718) 438-2804 x2274
Mobile: (917) 576-7750
Head of Capital Markets
[email protected]
Source: Clipper Realty Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-clipper-realty-inc-to-report-first-quarter-2018-financial-results.html |
May 24, 2018 / 3:42 PM / Updated 19 minutes ago Spy agency MI6 will recruit children of immigrants for first time Reuters Staff 2 Min Read
LONDON (Reuters) - Britain’s foreign spy agency will allow the children of immigrants to join the organisation for the first time and will launch its first ever TV advert. A still frame is seen from a new television recruitment advert released by Britain's Foreign Intelligence Service to be screened nationwide on terrestrial television, supplied on May 24, 2018. MOD/Handout via REUTERS
Alex Younger, the chief of MI6 known as “C”, is scrapping a rule that new recruits must have two British-born parents and they will now only need to be British born.
The service is on a recruitment drive aimed at women with children and black and minority ethnic candidates to bolster the service’s diversity.
“I want this opportunity to dispel the myths that still too often see potential candidates rule themselves out,” Younger told reporters. “My message remains simple: there is no ‘standard’ Ml6 officer: if you have what it takes, then apply to join us.” Slideshow (4 Images)
The change comes as MI6, whose greatest fictional agent is James Bond, launches the first TV advert in its 109-year history on Thursday evening. The advert shows a mother and her young child watching a shark in an aquarium.
“We are intelligence officers but we don’t do what you think. It is not keeping your cool in the shark tank, it is picking up the silent cues that matter,” the voice over in the advert says.
It ends: “MI6 - secretly we are just like you.” Reporting By Andrew MacAskill; editing by Michael Holden | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-security-advert/spy-agency-mi6-will-recruit-children-of-immigrants-for-first-time-idUKKCN1IP2RW |
ATHENS, May 17 (Reuters) - The European Central Bank lowered the ceiling on emergency liquidity assistance (ELA) Greek banks draw from the domestic central bank by 2.5 billion euros to 12.2 billion euros ($14.40 billion), the Bank of Greece said on Thursday.
The move reflected improved liquidity conditions, taking into account private sector deposit flows and banks’ access to financial markets, it said. The ELA ceiling is valid through June 14.
Greek banks have relied on emergency liquidity assistance(ELA) since February 2015 after being cut off from the ECB’s funding window. Emergency funding is more costly than borrowing directly from the ECB.
In June 2016 the ECB reinstated Greek banks’ access to its cheap funding operations, allowing lenders to reduce their dependence on the emergency liquidity lifeline. ($1 = 0.8470 euros) (Reporting by Angeliki Koutantou Editing by Karolina Tagaris)
| ashraq/financial-news-articles | https://www.reuters.com/article/greece-banks-funding/ecb-lowers-emergency-funding-cap-for-greek-banks-to-12-2-bln-euros-idUSA8N1PL027 |
Amber Rudd lost her job as U.K. Home Secretary this weekend amid a widening immigration scandal. Yet there’s every chance Britain’s political class—and voters—will let this crisis go to waste.
Ms. Rudd’s resignation is the latest fallout from the Windrush scandal. For two decades starting in the late 1940s, the U.K. accepted migrants from across the Empire (later, the Commonwealth) to rebuild after World War II. Known as the “Windrush generation” because one of the first ships to bring them was the HMT Empire Windrush, hundreds... | ashraq/financial-news-articles | https://www.wsj.com/articles/gone-with-the-windrush-in-britain-1525129397 |
BENGALURU (Reuters) - China’s yuan is forecast to move only a little in the coming months as authorities keep a tight leash on the currency until it becomes clear whether the trade spat with the United States will worsen, a Reuters poll showed.
FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo Despite the severity of the dispute and the potential to disrupt trade flows elsewhere, the range of yuan forecasts is even tighter than it was in polls taken in April and at the start of the year, reflecting that caution.
The move in the extremes of the range also suggests a gradual appreciation in the yuan. In the meantime, the resurgent U.S. dollar is at its strongest in over three months, but is still down more than 2 percent so far in 2018 against the yuan.
The yuan CNY=CFXS is forecast to trade steady at 6.37 per dollar in three months, according to a Reuters survey of over 60 foreign exchange analysts taken May 3-9. The currency is predicted to trade at 6.36 in a year.
“As the U.S. dollar heads higher, it is unlikely that the Chinese yuan will be immune to this move. But, we expect USD/CNY to continue to range trade in the near term amid U.S.-China trade tensions,” said Irene Cheung, senior strategist for Asia at ANZ.
Chinese officials are expected to meet their U.S. counterparts in Washington for a second round of negotiations next week, after talks last week in Beijing highlighted by a list of aggressive U.S. demands.
“A slight but persistent upward bias in the USD/CNY fixing and a cut in the Reserve Requirement Ratio (RRR) suggest that China is being cautious until the trade tensions are resolved,” Cheung added.
The People's Bank of China (PBoC) lowered its daily currency reference rate CNY=PBOC to its weakest since January on Wednesday. That move suggests policymakers might be working to limit gains in the yuan.
“It is unlikely that China and the U.S. will reach a grand deal very soon, given the large gap between the list of demands and offers,” said Haibin Zhu, chief China economist at JPMorgan in a note to clients.
“The biggest risk at this stage is that both sides have the wrong perception of the counterpart’s bottom line, and both sides seem to have under-estimated the losses if a trade war eventually occurs.”
The risk of a trade war between the United States and China threatens to curb the economic momentum created by years of policy stimulus, a Reuters polls of over 500 economists worldwide found. [ECILT/WRAP]
According to a separate Reuters poll on currency positioning taken last week, bullish bets on the Chinese yuan fell to the lowest since October in the previous two weeks. But the survey did not point to any sharp depreciation in the yuan. [ASIA/FXP]
A majority of strategists forecast the yuan to rise. That includes two respondents predicting it to strengthen sharply to 6.0 per dollar or lower, a rate not seen since China unified its dual exchange rates, officially devaluing the yuan overnight by 33 percent in January 1994.
“Recent trade-related anxieties could support the greenback and restrain the yuan for now,” said Erik Nelson, currency strategist at Wells Fargo.
“But confidence surveys point to steady and orderly growth, inflation has ticked higher, and China is gradually nudging interest rates up – factors that should eventually see a stronger Chinese yuan versus a soft U.S. dollar.”
To counter capital outflows following an interest rate hike from the U.S. Federal Reserve on March 21 the Chinese central bank raised its seven-day rate the day after and its 14-day rate in April.
That is a clear signal Beijing is watching policy moves across the globe and is ready to contain capital outflow risks.
REBOUNDING RUPEE The Indian rupee INR= , which has lost nearly 6 percent this year, hit its lowest level since February 2017 on Wednesday. But the currency is predicted to recoup some of those losses against the dollar over the coming year, largely supported by expectations for strong economic growth. [ECILT/IN]
The latest consensus is for the rupee to trade at 66.29 per dollar by end-July and at 65.83 in a year. It was trading around 67.42 on Wednesday.
“We see a firmer rupee over time. Overall economic growth continues to recover, while inflation softened. India’s central bank remains neutral for now, while the committee’s composition of votes remains slightly hawkish,” added Wells Fargo’s Nelson.
“India’s relatively high interest rates and the recent announcement to increase debt quotas for foreign investors should support the rupee via capital inflows.”
(Other stories from the global foreign exchange poll:)
Polling by Shaloo Shrivastava and Sarmista Sen; Editing by Toby Chopra
| ashraq/financial-news-articles | https://www.reuters.com/article/us-forex-poll-asia/chinas-yuan-to-cling-to-range-despite-trade-spat-with-u-s-poll-idUSKBN1IB015 |
May 10 (Reuters) - ARMO Biosciences Inc:
* ARMO BIOSCIENCES - UPON TERMINATION OF MERGER UNDER SPECIFIED CIRCUMSTANCES CO MAY BE REQUIRED TO PAY ELI LILLY TERMINATION FEE OF $63.4 MILLION Source: ( bit.ly/2I7j4vd ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-armo-biosciences-upon-termination/brief-armo-biosciences-upon-termination-of-merger-under-specified-circumstances-co-may-be-required-to-pay-eli-lilly-fee-of-63-4-mln-idUSFWN1SH1P7 |
May 9, 2018 / 8:31 AM / Updated 14 minutes ago Hong Kong stocks rise, led by energy shares Reuters Staff
* HK->Shanghai Connect daily quota used 1.6 pct, Shanghai->HK daily quota used 0.5 pct
* HSI +0.4 pct, HSCE +0.3 pct, CSI300 -0.2 pct
* Energy shares jump after U.S. pulls out of Iran deal
May 9 (Reuters) - Hong Kong shares rose on Wednesday, led by energy stocks after U.S. President Donald Trump pulled out of the Iran nuclear deal, sparking fears about global oil supplies, and pushing oil prices higher.
** The Hang Seng index rose 0.4 percent to 30,536.14, while the China Enterprises Index gained 0.3 percent to 12,185.44. ** The sub-index of the Hang Seng tracking energy shares jumped 2.3 percent, while the IT sector rose 0.9 percent, the financial sector was 0.25 percent higher and property sector rose 0.7 percent. ** The top gainer on the Hang Seng was PetroChina Co Ltd up 4.39 percent, while the biggest loser was China Resources Power Holdings Co Ltd which was down 2.23 percent. ** China’s main Shanghai Composite index closed down 0.08 percent at 3,161.4976 while its blue-chip CSI300 index ended down 0.18 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.04 percent, while Japan’s Nikkei index closed down 0.44 percent. ** The yuan was quoted at 6.3796 per U.S. dollar at 08:20 GMT, 0.2 percent weaker than the previous close of 6.3671. ** As of the previous trading session, the Hang Seng index was up 1.62 percent this year, while China’s H-share index was up 3.7 percent. As of the previous close, the Hang Seng has declined 1.32 percent this month. ** The top gainers among H-shares were PetroChina Co Ltd up 4.39 percent, followed by CNOOC Ltd gaining 2.27 percent and China Petroleum & Chemical Corp up by 2.2 percent. ** The three biggest H-shares percentage decliners were Air China Ltd which was down 3.45 percent, Great Wall Motor Co Ltd which fell 2.0 percent and GF Securities Co Ltd down by 1.3 percent. ** About 1.40 billion Hang Seng index shares were traded, roughly 86.1 percent of the market’s 30-day moving average of 1.63 billion shares a day. The volume traded in the previous trading session was 1.67 billion. ** At close, China’s A-shares were trading at a premium of 22.65 percent over the Hong Kong-listed H-shares. ** The price-to-earnings ratio of the Hang Seng index was 12.18 as of the last full trading day, while the dividend yield was 3.2 percent. ** So far this week, the market capitalisation of the Hang Seng index has risen by 1.58 percent to HK$19.70 trillion. (Reporting by the Shanghai Newsroom; Editing by Biju Dwarakanath) | ashraq/financial-news-articles | https://www.reuters.com/article/china-stocks-hongkong-close/hong-kong-stocks-rise-led-by-energy-shares-idUSZZN2NAM00 |
NEW YORK, May 09, 2018 (GLOBE NEWSWIRE) -- Stemline Therapeutics, Inc. (Nasdaq:STML), a clinical-stage biopharmaceutical company developing novel oncology therapeutics, announced today financial results for the quarter ended March 31, 2018. The Company also reviewed recent clinical and regulatory events, and outlined key upcoming milestones:
SL-401 in Blastic Plasmacytoid Dendritic Cell Neoplasm (BPDCN)
In April, we announced initiation of a rolling Biologics License Application (BLA) submission for SL-401, and expect to complete the rolling submission in 2Q18. If our BLA is successful, we anticipate possible U.S. approval of SL-401 in the 4Q18/1Q19 timeframe. In preparation for possible approval, we continue to build out our pre-launch and commercial activities. At the upcoming American Society of Clinical Oncology (ASCO) annual meeting, we are sponsoring a BPDCN disease awareness booth designed to continue to build awareness around BPDCN and CD123. We anticipate feedback from the European Medicines Agency (EMA) regarding a potential regulatory filing in Europe, later this year.
Additional Clinical Trials
SL-401 is also being evaluated in clinical trials in additional indications including myeloproliferative neoplasms (MPN) [focused on chronic myelomonocytic leukemia (CMML) and myelofibrosis (MF)], acute myeloid leukemia (AML), and multiple myeloma. We are evaluating possible registration-directed trial designs in CMML and MF given the results observed to date. Updates relating to these programs are expected later this year. SL-801: the Phase 1 trial in patients with advanced solid tumors is ongoing, and dose escalation continues. Data from the SL-801 trial were selected for presentation at the upcoming ASCO meeting in June. SL-701: the Phase 2 trial in patients with second-line glioblastoma has completed. Data from the SL-701 trial were selected for presentation at the upcoming ASCO meeting in June.
Ivan Bergstein, MD, CEO of Stemline, commented “The initiation of our rolling BLA submission advances us ever closer to potential approval and commercialization of SL-401. We continue to build out our commercial infrastructure, including accelerating efforts to raise awareness around BPDCN and CD123. In parallel, we continue to pursue SL-401 in other CD123 positive malignancies and look forward to forging additional registrational opportunities. We expect clinical updates from each of our pipeline candidates this year - all with an eye towards achieving our goal of improving the lives of patients with cancer and building a leading biopharmaceutical company.”
First Quarter 2018 Financial Results Review
Stemline ended with $106.2 million in cash, cash equivalents and investments, as compared to $66.2 million as of December 31, 2017, which reflects a cash increase of $40.0 million for the quarter. The $40.0 million increase in cash represents the $55.7 million in net cash proceeds received from the Company’s follow-on public offering during January 2018 offset by $15.7 million of net cash expenditures during the first quarter 2018. The Company ended with 30.2 million shares outstanding.
For , Stemline had a net loss of $18.4 million, or $0.69 per share, compared with a net loss of $14.6 million, or $0.67 per share, for the same period in 2017.
Research and development expense was $12.7 million for the quarter ended March 31, 2018, compared with $9.6 million for the quarter ended March 31, 2017, representing an increase of $3.1 million. The higher costs are primarily driven by an increase in regulatory and manufacturing expenses in support of our BLA filing and potential commercialization of SL-401.
General and administrative expense was $5.9 million for the quarter ended March 31, 2018, compared with $5.4 million for the quarter ended March 31, 2017, representing an increase of $0.5 million. The increase in expense was due to $0.9 million in higher pre-launch expenses in support of preparing for a potential commercialization of SL-401 in BPDCN, if marketing approval from the FDA is received. Additionally, the higher costs also resulted from a $0.9 million increase in non-cash stock-based compensation expense and increased headcount. Partially offsetting the higher costs was a decrease in legal expenses of $1.3 million.
About BPDCN
Please visit the BPDCN disease awareness booth (#4125) at ASCO 2018 and www.bpdcninfo.com .
About Stemline Therapeutics
Stemline Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing novel oncology therapeutics. Stemline is developing three clinical stage product candidates, SL-401, SL-801, and SL-701. SL-401 is a targeted therapy directed to the interleukin-3 receptor (CD123) present on a range of malignancies. SL-401 has completed a pivotal trial in blastic plasmacytoid dendritic cell neoplasm (BPDCN), for which it was granted breakthrough therapy designation (BTD). The pivotal trial met its primary endpoint, and a rolling Biologics License Application (BLA) submission has been initiated. SL-401 is also being evaluated in clinical trials in additional indications including chronic myelomonocytic leukemia (CMML), myelofibrosis (MF), acute myeloid leukemia (AML), and myeloma. SL-801 is a novel oral small molecule reversible inhibitor of XPO1 that is currently in a Phase 1 trial of patients with advanced solid tumors; dose escalation is ongoing. SL-701, an immunotherapeutic, has completed a Phase 2 trial in patients with second-line glioblastoma; data and next steps for the program are being evaluated.
Forward-Looking Statements
Some of the statements included in this press release may be forward-looking statements that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The factors that could cause our actual results to differ materially include: the success and timing of our BLA submission to the FDA; the success and timing of our clinical trials and preclinical studies for our product candidates, including site initiation, institutional review board approval, scientific review committee approval, patient accrual, safety, tolerability and efficacy data observed, and input from regulatory authorities including the risk that the FDA or other ex-U.S. national drug authority ultimately does not agree with our data, find our data supportive of approval, or approve any of our product candidates; our plans to develop and commercialize our product candidates; market acceptance of our products; reimbursement available for our products; our available cash and investments; our ability to obtain and maintain intellectual property protection for our product candidates; our ability to obtain and maintain intellectual property protection for our product candidates; our ability to manufacture; the performance of third-party manufacturers, clinical research organizations, clinical trial sponsors and clinical trial investigators; and other risk factors identified from time to time in our reports filed with the SEC. Any forward-looking statements set forth in this press release speak only as of the date of this press release. We do not intend to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof.
Contact
Investor Relations
Stemline Therapeutics, Inc.
750 Lexington Avenue
Eleventh Floor
New York, NY 10022
Tel: 646-502-2307
Email: [email protected]
Table 1. Stemline Therapeutics, Inc. - Balance Sheets
March 31, 2018
(Unaudited) December 31, 2017 Assets Current assets: Cash and cash equivalents $ 15,230,838 $ 4,795,098 Short-term investments 84,276,796 46,924,612 Prepaid expenses and other current assets 1,097,642 469,067 Total current assets 100,605,276 52,188,777 Property and equipment, net 124,886 136,672 Long-term investments 6,733,137 14,468,414 Other Assets 212,305 212,305
Total assets $ 107,675,604 $ 67,006,168
Liabilities and stockholders’ equity Current liabilities: Accounts payable and accrued expenses $ 19,488,507 $ 19,742,087 Other current liabilities 96,827 96,826 Total current liabilities 19,585,334 19,838,913 Other liabilities 72,620 96,826 Total liabilities 19,657,954 19,935,739
Stockholders’ equity: Preferred stock $0.0001 par value, 5,000,000 shares authorized, none issued
and outstanding at March 31, 2018 and December 31, 2017 — — Common stock $0.0001 par value, 53,750,000 shares authorized at March 31,
2018 and December 31, 2017. 30,216,530 shares issued and outstanding at
March 31, 2018 and 25,313,595 shares issued and outstanding at
December 31, 2017 3,022 2,531 Additional paid-in capital 310,857,448 251,489,546 Accumulated other comprehensive loss (150,377 ) (145,958 ) Accumulated deficit (222,692,443 ) (204,275,690 ) Total stockholders’ equity 88,017,650 47,070,429
Total liabilities and stockholders’ equity $ 107,675,604 $ 67,006,168 Table 2. Stemline Therapeutics, Inc. - Statements of Operations (Unaudited)
Three Months Ended March 31, 2018
2017
Income: Grant Income $ — $ 299,401
Operating expenses: Research and development 12,708,058 9,620,324 General and administrative 5,938,600 5,367,775 Total operating expenses 18,646,658 14,988,099
Loss from operations (18,646,658 ) (14,688,698 ) Other expense (3,897 ) — Interest income 233,802 122,688 Net loss $ (18,416,753 ) $ (14,566,010 )
Net loss per common share: Basic and Diluted $ (0.69 ) $ (0.67 )
Weighted-average shares outstanding:
Basic and Diluted 26,845,983 21,810,559
Source:Stemline Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-stemline-therapeutics-reports-first-quarter-2018-financial-results.html |
WASHINGTON (Reuters) - President Donald Trump will travel to Texas to visit with the victims of the Santa Fe High School shooting on Thursday, White House spokeswoman Sarah Sanders said on Wednesday.
The memorial for victims of the Santa Fe High School shooting lays outside the school as students return on the first day of class since the mass shooting in Santa Fe, Texas, U.S., May 29, 2018. REUTERS/Pu Ying Huang Eight students and two teachers were killed at the Santa Fe High School near Houston when a teenaged student opened fire at the school earlier in May.
Reporting by Steve Holland; writing by David Alexander; editing by Eric Walsh
| ashraq/financial-news-articles | https://www.reuters.com/article/us-texas-shooting-trump/trump-to-visit-victims-of-texas-school-shooting-on-thursday-white-house-idUSKCN1IV2K3 |
'Very little' expected to result from US-China trade talks: Asian Trade Centre 15 Hours Ago Among the U.S. officials in the delegation sent to China, there are at least "seven different ideas of what it is they want to accomplish," says Deborah Elms of the Asian Trade Centre. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/very-little-expected-to-result-from-us-china-trade-talks-asian-trade-centre.html |
GILLETTE, Wyo.--(BUSINESS WIRE)-- Following its annual meeting of stockholders today, Cloud Peak Energy Inc. (NYSE: CLD), one of the largest U.S. coal producers and the only pure-play Powder River Basin (PRB) coal company, announced the preliminary voting results from the annual meeting. The Company’s stockholders have:
elected current directors Colin Marshall and Steven Nance to its Board of Directors to serve until Cloud Peak Energy’s 2021 annual meeting; ratified the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for the 2018 fiscal year; approved, on an advisory basis, the compensation of Cloud Peak Energy’s named executive officers, as disclosed in its proxy statement; and approved the Second Amendment to the Cloud Peak Energy 2009 Long Term Incentive Plan to increase the number of shares authorized for issuance thereunder.
Additional information about these proposals can be found in the Company’s proxy statement for the annual meeting, as filed with the U.S. Commission.
The voting results are based on the preliminary report of the Company’s inspector of election. Final results will be included in the Company’s current report on Form 8-K to be filed within four business days of the annual meeting.
About Cloud Peak Energy ®
Cloud Peak Energy Inc. (NYSE:CLD) is headquartered in Wyoming and is one of the largest U.S. coal producers and the only pure-play Powder River Basin coal company. As one of the safest coal producers in the nation, Cloud Peak Energy mines low sulfur, subbituminous coal and provides logistics supply services. The Company owns and operates three surface coal mines in the PRB, the lowest cost major coal producing region in the nation. The Antelope and Cordero Rojo mines are located in Wyoming and the Spring Creek Mine is located in Montana. In 2017, Cloud Peak Energy sold approximately 58 million tons from its three mines to customers located throughout the U.S. and around the world. Cloud Peak Energy also owns rights to substantial undeveloped coal and complementary surface assets in the Northern PRB, further building the Company’s long-term position to serve Asian export and domestic customers. With approximately 1,300 total employees, the Company is widely recognized for its exemplary performance in its safety and environmental programs. Cloud Peak Energy is a sustainable fuel supplier for approximately two percent of the nation’s electricity.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006276/en/
Cloud Peak Energy Inc.
Lorri Owen, 720-566-2932
Investor Relations
Source: Cloud Peak Energy Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-cloud-peak-energy-inc-announces-results-of-2018-annual-meeting-of-stockholders.html |
Agriculture China inquires about US soybeans for the first time since April: Traders China's state grain stockpiler Sinograin has been enquiring about the prices of soybeans from the U.S. this week. It was a sign Beijing may resume purchases as trade tensions ease. Published 6 Hours Ago Reuters Workers transport imported soybeans at a port in Nantong, China April 9, 2018.
China's state grain stockpiler has returned this week to the U.S. soybean market for the first time since early April, a sign Beijing is preparing to resume purchases as trade tensions between the world's top two economies ease, two sources said.
The renewed interest in the oilseed, used in animal feed, follows Beijing's pledge at the weekend to buy more U.S. goods from its top trading partner, including agricultural products. China made the pledge to avert a trade war that could damage the global economy.
As the two sides stepped back from a full-blown trade war, Washington also neared a deal on Tuesday to lift its ban on U.S. firms supplying Chinese telecoms gear maker ZTE Corp., and Beijing announced tariff cuts on car imports.
State grains buyer Sinograin asked about U.S.-origin soybean prices this week after being largely absent for the last six weeks, two sources with knowledge of the matter said.
"Sinograin is in the market today asking U.S. suppliers to make offers for shipment of old crop as well as new crop beans for shipment August onwards," said a source who works at a private soybean crushing company in China.
Sinograin's requests for prices were interpreted as a sign that government curbs on buying American goods had been lifted.
"It is a clear message to even private companies that it is okay now to import U.S. beans," the source said.
Soybeans are America's top agricultural export to China, worth $12 billion last year.
Two other sources briefed on the matter said state grain trader Cofco was also now permitted to buy U.S. soybeans, with the restrictions put in place during high trade tensions removed.
It's not clear how or when the government communicated this, and Sinograin, Cofco and the Ministry of Agriculture and Rural Affairs did not respond to requests for comment.
A Ministry of Commerce spokeswoman said the ministry has not told state companies to increases purchases of U.S. soybeans.
One of the sources said Cofco had not yet made any purchases after buying large volumes earlier in recent months.
The sources declined to be named as they are not authorized to speak to the media. Broader pick-up
Traders also reported a pick-up this week in inquiries for other grains, including U.S. distillers dried grains (DDGS), a byproduct of making corn ethanol, as improving trade relations rekindled the broader U.S.-China grain trade.
A trader at an international trading firm said he received three enquiries for DDGS from China in recent days, the first in a while.
"We have got more enquiries on U.S. products, including DDGS this week from Chinese traders, following the developments last week and over the weekend," he said.
In November last year, Beijing removed a value-added tax on imports of U.S. DDGS, but it kept in place an 80 percent import duty, which prevented a big surge in Chinese buying.
U.S. Gulf export prices for the new soybean crop also rose on Tuesday by 4-5 cents a bushel, on a cost, insurance, and freight (CIF) basis, which a U.S. trader said may indicate a revival in demand from China, the top importer of the oilseed.
The trader said exporters were lining up supplies to load vessels in October to December, with the next U.S. crop hitting the market around September. Relief to farmers
The news of China's return to the market will come as a big relief to U.S. farmers, who saw orders canceled and business dry up as Washington and Beijing lobbed trade-tariff threats at one another.
The global commodities market and trade flow of goods from sorghum and corn to pork have been roiled by the dispute.
Beijing had warned in April it would hit U.S. imports of soybeans and other agricultural products with an additional 25 percent duty, after the U.S. had threatened to apply a similar tariff to some 1,300 Chinese products. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/china-inquires-about-us-soybeans-for-the-first-time-since-april-traders.html |
Trump to decide on Iran nuclear deal Tuesday Monday, May 07, 2018 - 01:33
U.S. President Donald Trump said he would announce a decision on Tuesday about the future of an international nuclear agreement with Iran, as Tehran hinted it might stay in the 2015 accord even if Washington pulls out.
U.S. President Donald Trump said he would announce a decision on Tuesday about the future of an international nuclear agreement with Iran, as Tehran hinted it might stay in the 2015 accord even if Washington pulls out. //reut.rs/2rr7IXO | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/07/trump-to-decide-on-iran-nuclear-deal-tue?videoId=424793937 |
Dueling protests over gun control at Florida supermarket 11:28am EDT - 01:05
Survivors of a February shooting at a Florida high school were met with counter-demonstrators when they protested donations made by a supermarket chain to a gubernatorial candidate who supports gun rights. Diane Hodges reports. ▲ Hide Transcript ▶ View Transcript
Survivors of a February shooting at a Florida high school were met with counter-demonstrators when they protested donations made by a supermarket chain to a gubernatorial candidate who supports gun rights. Diane Hodges reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2GRKoIu | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/26/dueling-protests-over-gun-control-at-flo?videoId=430540585 |
May 2 (Reuters) - EL NASR CLOTHING AND TEXTILES CO :
* BOARD APPROVES CAPITAL INCREASE TO EGP 507.4 MILLION FROM EGP 407.4 MILLION Source:( bit.ly/2jlhS8B ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-el-nasr-clothing-and-textiles-boar/brief-el-nasr-clothing-and-textiles-board-approves-capital-increase-idUSFWN1S90EO |
Castro flanks new Cuban leader at May Day rally Wednesday, May 02, 2018 - 01:06
In a show of continuity, Raul Castro stood side-by-side with his protege Miguel Diaz-Canel during Havana's May Day march on Tuesday. Nathan Frandino reports. ▲ Hide Transcript ▶ View Transcript
In a show of continuity, Raul Castro stood side-by-side with his protege Miguel Diaz-Canel during Havana's May Day march on Tuesday. Nathan Frandino reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2reTOI1 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/02/castro-flanks-new-cuban-leader-at-may-da?videoId=423060103 |
May 20, 2018 / 10:56 AM / Updated 9 hours ago NASCAR: Harvick continues strong season with All-Star win Reuters Staff 4 Min Read
Kevin Harvick has dominated NASCAR this season, and there was no reason to think he wouldn’t do it again at Saturday night’s All-Star Race at Charlotte Motor Speedway in Concord, N.C. May 19, 2018; Concord, NC, USA; Monster Energy NASCAR Cup Series driver Kevin Harvick (4) celebrates after his million dollar win during the NASCAR Cup Series All-Star Open at Charlotte Motor Speedway. Mandatory Credit: Jim Dedmon-USA TODAY Sports
On a restart with two laps to go, Harvick chose the outside lane, and the help of Ford stablemate Joey Logano pushed him past Daniel Suarez and into the lead.
That move was worth a cool $1 million when Harvick held off Suarez for his second victory in the All-Star Race.
“Our car was super fast and would accelerate well, and I just felt like if we could get to Turn 2 even we could take it on the backstretch,” Harvick said after the race on FS1.
And that’s how it unfolded, which for Suarez was bittersweet.
“It was not bad, but it hurts to be close and not win it,” he said on FS1.
But the biggest winner could be NASCAR after the way the cars ran against each other at Charlotte Motor Speedway. In fact, it might be worth a fortune to the sport’s sagging ratings and reputation.
A race package that had restrictor plates being used as well as a taller spoilers led to hard racing all over the track, if not necessarily always at the front, but even so the lead car couldn’t just check out and run away. That’s been lacking at 1.5-mile tracks such as Charlotte for years. May 18, 2018; Concord, NC, USA; Monster Energy NASCAR Cup Series driver Kevin Harvick (4) during qualifying for the Monster Energy NASCAR Cup Series All-Star Race at Charlotte Motor Speedway. Monster Energy NASCAR Cup Series driver Matt Kenseth (6) would win the pole. Mandatory Credit: Jim Dedmon-USA TODAY Sports
That package will not be used next week for the 600-miler at Charlotte or for the rest of the year because of an agreement with the race teams, but might be used in 2019 and beyond.
But fans may be clamoring, even demanding, the change before they go to sleep. Social media was decidedly in favor of the new package after the events.
And one track similar to Charlotte seemed convinced, with Texas Motor Speedway’s twitter account showing, complete with a begging kitten GIF, “@NASCAR, one #AllStarRace package plz.”
Harvick, winner of five points-paying races this season, took the first 30-lap segment of the race, holding off Martin Truex Jr. as the laps wound down.
Kyle Busch took Stage 2 with Suarez second after another 20 laps. Real drama started to unfold near the end of Stage 3 as Alex Bowman wrecked with two of the 20 laps to go to bring out a caution.
That left drivers and teams to decide if they should pit for fresh tires with the overtime shootout to end Stage 3 and then the final 10 laps of the race, or stay out for track position. Slideshow (5 Images)
Another crash meant double-overtime to end Stage 3, with Truex, Clint Bowyer, Kurt Busch and Brad Keselowski taken out of contention in the wreck.
Harvick passed Suarez on the outside of Turn 4 on the final lap of Stage 3 to take it, setting up the final 10-lap sprint to the finish.
Bowman, Suarez and A.J. Allmendinger advanced out of the All-Star Open, held earlier to allow those not already in the big race to get in to the All-Star Race. Chase Elliott got in via the fan vote for the third year in a row.
Bowman won the first stage of the Open, Suarez the second and Allmendinger took the overall honors after the stages of 20 laps, 20 laps and the final 10 were done.
That set up the big event, run in four stages with nothing on the line but $1 million to the winner. How much of that million the drivers see is based on their contracts with their team, as the purse is paid to the team.
Elliott, likely to take the mantle of NASCAR’s most popular driver now that Dale Earnhardt Jr. has retired, was thankful.
“Hopefully this time next year we will be in the big show and we don’t have to worry about it,” Elliott said of the fan vote. “... Being the third year in a row, that does mean a lot to me. It is pretty special as a racer that the folks at home voting have my back like that.”
Elliott finished fifth in the All-Star Race.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-nascar-recap/nascar-harvick-continues-strong-season-with-all-star-win-idUSKCN1IL0DJ |
May 23 (Reuters) - Australia’s Myer Holdings Ltd has dismissed charges by top shareholder Solomon Lew of engaging in an “extreme” discount program, and said Lew’s Premier Investments Ltd is conflicted due to being a major supplier and competitor of Myer.
The one-page rebuttal, issued late on Tuesday, was in response to a letter from Premier to Myer shareholders on Wednesday last week predicting Australia’s largest department store operator would report a “massive loss” in its annual results in September. It did not address all of Lew’s charges.
On Wednesday, Myer’s stock fell as much as 10 percent before ending down 6.4 percent at 44 Australian cents.
Once a retail heavyweight, Myer’s market value is a fraction that of its 2009 listing as it faces online competition and a revolt from Lew, who is trying to oust the firm’s entire board.
Lew’s Premier Investments, which operates fashion stores, bought 10.8 percent of Myer in March 2017. The stock has since fallen more than 60 percent.
“Premier Investments continues to be engaged in a hostile and obstructive campaign that appears to be designed to destabilise Myer,” Executive Chairman Garry Hounsell said in the rebuttal.
Premier in its letter told investors to prepare for a profit warning, and said they “may never see a dividend again from Myer unless the current board goes”.
Earlier this month, the 118-year-old firm reported a 2.7 percent fall in third-quarter sales - less than analysts had expected - and gave a start date for its new chief executive, British retail veteran John King. That led to a mild recovery in its share price.
In March, Myer reported its steepest half-yearly loss since listing. The firm has since embarked on a discounting program in an attempt to revive sales. (Reporting by Aditya Soni in BENGALURU Editing by Christopher Cushing)
| ashraq/financial-news-articles | https://www.reuters.com/article/myer-hldg-stocks/australias-myer-rebuts-discounting-charge-says-shareholder-conflicted-idUSL3N1SU2E5 |
* North Korea says may have to “reconsider” summit
* Macy’s jumps after results, lifts other department stores
* AMD, Micron rise after brokerage actions
* Futures down: Dow 0.08 pct, S&P 0.06 pct, Nasdaq 0.03 pct (Adds comment, adds details, updates prices)
By Medha Singh
May 16 (Reuters) - Wall Street was set to open little changed on Wednesday as investors assessed the impact of a surge in bond yields, while growing doubts about the U.S.-North Korea summit also weighed.
North Korea threw next month’s summit between Kim Jong Un and President Donald Trump into doubt, threatening weeks of diplomatic progress by saying it may reconsider if Washington insists it unilaterally gives up its nuclear weapons.
The country’s threat to cancel the June 12 summit in Singapore adds to the jitters in the market, which is already dealing with China-U.S. trade tensions and inflation concerns.
The Dow Jones Industrial Average and the Nasdaq recorded their biggest one-day percentage drop in three weeks on Tuesday after strong retail sales data stoked inflation worries.
“Traders are looking for some stability coming off of the sharp decline yesterday,” said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey.
“(They are) looking for a little more visibility coming from the trade front with China even as concern over inflation keeps rearing its head.”
At 8:47 a.m. ET, Dow e-minis were down 19 points, or 0.08 percent. S&P 500 e-minis were down 1.75 points, or 0.06 percent and Nasdaq 100 e-minis were down 2.25 points, or 0.03 percent.
The U.S. 10-year Treasury yield spiked above the key 3 percent level to its highest since July 2011 on Tuesday after the retail data. It was last at 3.0613 percent.
Federal funds futures implied that traders saw a 54 percent chance that the U.S. Federal Reserve would raise rates for a fourth time by year-end.
Macy’s 6.9 percent jump after reporting a much better-than-expected rise in same-store sales in the first quarter, helped shares of other retailers. J. C. Penney, Kohl’s and Nordstrom were all up more than 2.5 percent to 3.5 percent.
Micron rose 2.1 percent in premarket trading after RBC Capital Markets began coverage with “outperform” rating, while AMD gained 1.7 percent after a rating upgrade at Susquehanna. (Reporting by Medha Singh in Bengaluru; Editing by Anil D’Silva)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-wall-st-to-open-flat-on-rising-u-s-yields-n-korea-worries-idUSL3N1SN4WJ |
England's innovative way to announce a youthful World Cup squad 01:47 Wed, 16 May, 2018 - (1:12) Featured Videos Thu, 23 Nov, 2017 - (2:18) Follow Reuters: Reuters Plus | Reuters News Agency | Brand Attribution Guidelines | Careers
Reuters, the news and media division of Thomson Reuters , is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/17/england-find-an-innovative-way-to-announ?videoId=427440102 |
Canadian Prime Minister Justin Trudeau on Thursday said he felt "positive" about talks to rework the NAFTA trade pact, while a top Mexican official held out hope a deal could be hammered out by the end of May.
U.S. officials say the talks need to wrap up very soon to give the current Congress time to vote on a final text for a revamped North American Free Trade Agreement.
"We've worked with them (the Americans) on a whole bunch of issues, including this morning in Washington where we have some of our top folks continuing the conversations. To be honest, we are down to a point where there is a good deal on the table," Trudeau told the Economic Club of New York.
"It's right down to the last conversations ... I'm feeling positive about this, but it won't be done until it's done and people are working very, very hard on it right now," he added.
Mexico 's Economy Minister Ildefonso Guajardo said a deal could be reached by the end of May, but added that if no agreement is reached the talks could extend beyond the July 1 Mexican presidential election.
"If the conditions are defined by next week, nothing stands in the way of closing a deal by the end of May," said Guajardo.
He added that his technical negotiating team is in Washington but there is no date set for the next NAFTA ministerial meeting with the United States and Canada .
U.S. House Speaker Paul Ryan had said that the Republican-controlled Congress would need to be notified of a new deal by Thursday to give lawmakers a chance to approve it before a newly elected Congress takes over in January.
Ryan was asked at a regular weekly press briefing whether there was any wiggle room in the NAFTA approval timeline for Congress.
"The wiggle room would be at the ITC (U.S. International Trade Commission). The question is, can the ITC constrict their time that they would take to process and that's where the wiggle room would be," said Ryan.
"My guess is there is probably some wiggle room at the ITC for what it takes for their part of the process but not an indefinite amount and that means time is really of the essence."
Under the Trade Promotion Authority statute, U.S. President Donald Trump must notify Congress 90 days before he can sign the agreement. The ITC has up to 105 days after the signing to produce a study on the effects of the agreement. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/canada-positive-on-nafta-mexico-says-deal-possible-by-end-of-may.html |
May 22, 2018 / 8:39 AM / Updated 21 minutes ago State Bank of India posts $1.1 bln Q4 loss, misses estimates Reuters Staff 1 Min Read
May 22 (Reuters) - State Bank of India (SBI) posted a fourth-quarter net loss of 77.18 billion rupees ($1.13 billion) on Tuesday, hurt by higher provisions for bad loans.
The loss for the three months to March 31 was deeper than the expected loss of 12.85 billion rupees on average by 16 analysts, according to Thomson Reuters data.
Gross bad loans as a percentage of total loans rose to 10.91 percent from 10.35 percent three months earlier and 6.90 percent a year prior, the lender said in a statement. ($1 = 68.0350 Indian rupees) (Reporting by Vishal Sridhar in BENGALURU Editing by Christopher Cushing) | ashraq/financial-news-articles | https://www.reuters.com/article/state-bank-india-results/state-bank-of-india-posts-1-1-bln-q4-loss-misses-estimates-idUSL3N1ST305 |
UPDATE 2-Brazil's Temer says no threat of a coup amid truckers' protest Simon Webb Reuters
(Updates throughout with Temer interview.)
SAO PAULO, May 29 (Reuters) - Brazilian President Michel Temer said on Tuesday there was no chance that a nationwide truckers' protest that has paralyzed Latin America's biggest economy will spark a military coup and topple his government.
Temer, speaking to a small group of foreign journalists at an investment forum in Sao Paulo, batted down questions about risks of a military intervention.
The nine-day trucker demonstration against diesel price hikes has emptied roads and left major cities running short on food, gasoline and medical supplies. The nationwide protest has been has been slow to unwind despite a raft of concessions that Temer offered over the weekend.
Some striking truckers are calling for a coup, it is a hotly debated topic on social media, and fringe groups who want the military in charge have been a constant presence during many anti-government protests that have taken place in recent years.
"There is zero chance of military intervention," Temer said through a translator. "What I see is a rejection both in the Ministry of Defense and throughout the military forces to any kind of military intervention."
Polling shows that Temer is Brazil's least popular president since the nation's 1964-85 military regime ended. He remains under investigation on graft allegations .
If Brazil's Prosecutor General Raquel Dodge were to decide to charge Temer, it would be up to a congressional vote on whether or not he would be tried before the Supreme Court.
Temer last year fought off two such corruption charges . But it is not clear that he retains congressional support to survive any potential new charge, especially ahead of general elections in October and with Brazilians in polling consistently demonstrating deep dissatisfaction with leaders across the board.
TOUGH STANCE
Brazil's government has started talking tougher against the trucker protest, threatening to crack down on alleged political agitators contributing to the crisis.
Public Security Minister Raul Jungmann pledged hefty fines against distribution firms supporting the strike.
"Starting today, we will begin to find those infiltrators and we will fine those companies," he said in a radio interview, adding that antitrust agency Cade would also investigate the fuel distributors involved. "They know the price they will pay for the suffering they have imposed on the Brazilian people."
The more aggressive stance underscored the government's mounting urgency to end the protest.
The highway blockades and fuel shortages have halted industries from automaking to sugarcane crushing, hammering exports of everything from beef and soybeans to coffee and cars.
Some factions within the loosely organized trucker movement have added to demands and ignored a call to demobilize by industry group Abcam, which spearheaded the early protests and says it represents 600,000 drivers.
Oil industry regulator ANP said fuel distribution had begun to improve in cities such as Rio de Janeiro and the capital Brasilia but it remained scarce in several regions including the business hub of Sao Paulo.
It will take at least a week for fuel distribution to return to normal, according to ANP. (Reporting by Simon Webb Additional reporting by Brad Brooks in Sao Paulo, Pedro Fonseca and Rodrigo Viga Gaier in Rio de Janeiro Writing by Brad Brooks Editing by Brad Haynes and Susan Thomas) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/reuters-america-update-2-brazils-temer-says-no-threat-of-a-coup-amid-truckers-protest.html |
BEIJING, May 25 (Reuters) - Almost all base metals rose on Friday, led by Shanghai nickel which hit a near three-year high, after the dollar took a hit following U.S. President Donald Trump's decision to cancel a summit with North Korean leader Kim Jong Un. A weaker dollar makes metals more expensive for holders of other currencies and can support prices. FUNDAMENTALS * LME COPPER: Three-month copper on the London Metal Exchange was up 0.2 percent at $6,894 tonne, as of 0225 GMT, building on a 0.2 gain in the previous session. * SHFE COPPER: The most-traded July copper contract on the Shanghai Futures Exchange climbed 0.5 percent to 51,570 yuan ($8,071.94) a tonne. * USD: The dollar index edged up 0.2 percent, and recovered slightly against the yen after hitting its lowest in more than two weeks in the previous session. * NICKEL: Shanghai nickel gained 3.1 percent to 111,330 yuan a tonne, hitting its highest since June 2015. * LEAD: Lead was flat in London at $2,493, but is up 7 percent so far this week on dwindling stocks and a crackdown on recycling capacity in China. The metal is on course for its best week since January 2017. Shanghai lead added another 0.9 percent, and is up 9.6 percent in May. * RUSAL: Russian aluminium producer Rusal has asked the Russian government to purchase some of its output, a government source said on Thursday, in an effort to alleviate the pain inflicted by U.S. sanctions. * LITHIUM: Chilean miner SQM said on Thursday it would invest $525 million to boost its lithium production capacity in Chile through 2021 as demand for the key ingredient in electric vehicle batteries continues to surge. For the top stories in metals and other news, click or MARKETS NEWS * Asian shares were slightly weaker on Friday amid fragile market sentiment after U.S. President Donald Trump called off a key summit with North Korea, though investor concerns were softened by expectations the two countries may still continue dialogue. DATA AHEAD (GMT) 0800 Germany Ifo business climate May 0830 UK GDP 2nd release Q1 1230 U.S. Durable goods April PRICES BASE METALS PRICES 0224 GMT Three month LME copper 6894 Most active ShFE copper 51600 Three month LME aluminium 2288.5 Most active ShFE aluminium 14785 Three month LME zinc 3037.5 Most active ShFE zinc 23555 Three month LME lead 2493 Most active ShFE lead 20065 Three month LME nickel 15005 Most active ShFE nickel 111310 Three month LME tin 0 Most active ShFE tin 147380 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 289.58 LME/SHFE ALUMINIUM LMESHFALc3 -2227.15 LME/SHFE ZINC LMESHFZNc3 478.39 LME/SHFE LEAD LMESHFPBc3 317.48 LME/SHFE NICKEL LMESHFNIc3 -3080.01 ($1 = 6.3888 Chinese yuan) (Reporting by Tom Daly, Editing by Sherry Jacob-Phillips)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-metals/metals-base-metals-rise-on-weaker-dollar-after-trump-kim-summit-nixed-idUSL3N1SW1I3 |
Apple shares gained more than 4 percent Wednesday, a day after the company reported better-than-expected quarterly results and announced a $100 billion share repurchase program.
The iPhone maker's shares went negative for the year on April 20 , but erased year-to-date losses on Wednesday morning. Shares traded at $175.86 Wednesday morning, up 4 percent on the day and year.
Apple's capital return program, which is usually updated each spring, was widely expected to impress shareholders, thanks to tax reforms that executives said give the company more flexibility with cash. But Wall Street worried that the company's $999 flagship iPhone X would have trouble competing as the smartphone market gets more crowded.
CEO Tim Cook assuaged some of those fears on an earnings conference call Tuesday evening. Apple gave revenue guidance for the current quarter of $51.5 billion to $53.5 billion, well above the midpoint of $51.61 billion expected by a Thomson Reuters survey of analysts.
Although Apple sold slightly fewer iPhones than expected — and at a lower price — during the quarter, Cook said he's optimistic there's room to run in the smartphone market worldwide. The company also did a better-than-expected job of monetizing its existing user base with services.
"I don't buy the view that the market's saturated," Cook said. "I think the smartphone market is sort of the best market for a consumer product company in the history of the world." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/apple-aapl-stock-opens-up-after-q2-2018-earnings.html |
May 9, 2018 / 2:21 AM / Updated 8 hours ago Tencent's WeDoctor raises $500 million, values firm at $5.5 billion pre-IPO Adam Jourdan 3 Min Read
SHANGHAI (Reuters) - Chinese online healthcare solutions platform WeDoctor, which is backed by tech giant Tencent Holdings Ltd ( 0700.HK ), said on Wednesday it had raised $500 million from several investors, valuing the firm at $5.5 billion ahead of a listing this year.
The investment round was led by AIA Company Ltd, part of Hong Kong-listed insurer AIA Group Ltd ( 1299.HK ), and infrastructure and services group NWS Holdings Ltd ( 0659.HK ).
WeDoctor is among a spate of technology-driven firms looking to shake up China’s overburdened public healthcare market, with increasingly affluent consumers willing to pay for ways to get more convenient access to doctors and health services.
Founded in 2010, WeDoctor provides diagnosis and online appointment booking, an issue in China where patients often queue outside hospitals from early morning to get an appointment. Users can also consult doctors via the platform.
The pre-IPO fund raising comes after rival Ping An Good Doctor, formally known as Ping An Healthcare and Technology Co Ltd ( 1833.HK ), raised $1.1 billion in an IPO this month but saw its shares tumble soon after as investors worried about its high valuation.
The firm said it would use the funds to accelerate its expansion plans, helping it better tap into the country’s “flourishing and enormous market”.
AIA said it had made a “minority equity investment” in WeDoctor and had an agreement to be its “preferred provider” of life and health insurance, a boost as insurers race to tap into China’s life insurance market, the world’s third largest.
Chinese healthcare spending is set to hit $1 trillion by 2020, up from $357 billion in 2011, according to consultancy McKinsey & Co, with private healthcare providers and insurers looking to take a larger slice of the market.
WeDoctor, which has four main units focused on healthcare, cloud, insurance and pharmaceuticals, said it has on its platform over 2,700 hospitals, 220,000 doctors, 15,000 pharmacies and 27 million monthly active users.
Deutsche Bank advised AIA and WeDoctor on the transaction. Reporting by Adam Jourdan; Additional reporting by Sumeet Chatterjee; Editing by Edwina Gibbs and Kim Coghill | ashraq/financial-news-articles | https://www.reuters.com/article/us-china-tencent-wedoctor/tencents-wedoctor-closes-fund-raising-round-valued-at-5-5-billion-idUSKBN1IA08G |
Emerging market domestic economies are much stronger 10 Hours Ago Karine Hirn of East Capital says domestic consumption in emerging markets is now as important as trade-led growth. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/emerging-market-domestic-economies-are-much-stronger.html |
(Reuters) - InterContinental Hotels Group Plc ( IHG.L ) on Friday posted a better-than-expected rise in first-quarter global room revenue on strong demand in China, and said it was confident in the outlook for the year ahead.
General view of the Intercontinental hotel in Marseille, France, February 16, 2018. REUTERS/Jean-Paul Pelissier Revenue per available room (RevPAR), a key industry measure, rose 3.5 percent in the three months to March 31, above Morgan Stanley’s estimate of 2.5 percent. This compares with a 2.7 percent growth reported a year earlier.
Strong corporate demand and higher occupancies owing to the Chinese New Year lifted RevPAR growth in its Greater China region to 11 percent in the quarter, with 10 percent growth in mainland China.
In the United States, the largest market for the company in terms of room numbers, RevPAR was up 2.2 percent, which compared with a rise of 1.9 percent a year ago.
The group is expanding its luxury offering and focusing on business customers to help it weather rising competition from online rental marketplaces.
IHG signed an agreement on Thursday to rebrand and operate a portfolio of 13 upmarket hotels in Britain.
The hotelier, which runs over 5,000 hotels under brands such as Crowne Plaza, Holiday Inn and InterContinental, said the weakening of the U.S. dollar against many major currencies increased group RevPAR to 6.5 percent in the quarter.
Continental Europe RevPAR was up 6 percent in the first quarter, helped by “continued recovery in terror impacted markets”, the company said.
Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Amrutha Gayathri
| ashraq/financial-news-articles | https://www.reuters.com/article/us-intercontinental-outlook/hotelier-ihg-room-revenue-rises-on-strong-demand-in-china-idUSKBN1I50MH |
Updated 39 minutes ago Leeds United manager says in Myanmar 'for football' Reuters Staff 2 Min Read
YANGON (Reuters) - The manager of English soccer club Leeds United shrugged off criticism of the team’s visit to Myanmar on Wednesday, saying the club was there only “for football”. Soccer Football - Championship - Aston Villa vs Leeds United - Villa Park, Birmingham, Britain - April 13, 2018 Leeds United manager Paul Heckingbottom Action Images/Carl Recine
The club flew to Myanmar this week for a pre-season tour despite a military crackdown that Britain, the United States and others have denounced as ethnic cleansing of the minority Rohingya in the country’s northwest.
“We are just here for football,” said manager Paul Heckingbottom after his side lost a 2-1 friendly to Myanmar’s National League all-stars at Yangon football stadium.
Britain’s opposition Labour Party’s sport spokeswoman, Rosena Allin-Khan, said on Twitter that she had written to Leeds urging the club to cancel the planned tour.
Rohingya insurgent attacks on security posts in Myanmar’s Rakhine State in August sparked a military crackdown that, according to the United Nations and rights groups, sent nearly 700,000 Rohingya fleeing to camps in Bangladesh.
The United Nations said the military action amounted to ethnic cleansing. Myanmar denies the accusation, saying it was engaged in legitimate counter-insurgency operations.
Leeds said last month it was visiting Myanmar to support the country’s goals for grass-roots and elite football development.
Aside from friendly matches, the team said it will conduct football clinics with Myanmar Football Federation academies in Yangon and Mandalay and visit cultural sites. Reporting by Reuters Television; Editing by Darren Schuettler | ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-england-lee-myanmar/leeds-united-manager-says-in-myanmar-for-football-idUSKBN1IA2WQ |
May 14, 2018 / 10:57 AM / in 8 hours WHO calls for trans fats to be eliminated within five years Reuters Staff 2 Min Read
GENEVA (Reuters) - The world could eliminate industrially-produced trans fats by 2023, the World Health Organization said on Monday, unveiling a plan that it said would prevent 500,000 deaths per year from cardiovascular disease. Director-General of the World Health Organization (WHO) Tedros Adhanom Ghebreyesus attends a news conference at their headquarters in Geneva, Switzerland, May 14, 2018. REUTERS/Denis Balibouse
Trans fats are popular with manufacturers of fried, baked and snack foods because they have a long shelf life, but they are bad for consumers, increasing heart disease risk by 21 percent and deaths by 28 percent, a WHO statement said.
“Why should our children have such an unsafe ingredient in their foods?,” WHO director general Tedros Adhanom Ghebreyesus said in the statement.
Implementing the WHO’s strategy for replacing trans fats, including promoting healthier alternatives and legislating against the harmful ingredients, would remove them from the food chain and score a major victory against heart disease, he said. Slideshow (3 Images)
Several rich countries have already virtually eliminated trans fats by putting limits on the amounts allowed in packaged foods. Some have banned partially hydrogenated oils, the main source of industrially-produced trans fats, the WHO said.
“Trans-fat is an unnecessary toxic chemical that kills, and there’s no reason people around the world should continue to be exposed,” said Tom Frieden, a former head of the U.S. Centers for Disease Control who now leads the Resolve health initiative.
Earlier this month WHO issued its first draft recommendations on trans fats since 2002, saying adults and children should consume a maximum of one percent of their daily calories in the form of trans fats. Reporting by Tom Miles; Editing by Catherine Evans | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-fats/who-calls-for-trans-fats-to-be-eliminated-within-five-years-idUSKCN1IF1B8 |
Nestle tries to keep up with frozen food trend 6:27am EDT - 01:53
Nestle is hoping to cash in on a surprise wave of millennial-driven demand for frozen food in the United States.
Nestle is hoping to cash in on a surprise wave of millennial-driven demand for frozen food in the United States. //reut.rs/2G5V45U | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/11/nestle-tries-to-keep-up-with-frozen-food?videoId=425864505 |
May 10, 2018 / 6:54 PM / in 11 minutes Gambia selling ex-leader's luxury cars, planes amid mounting debt Pap Saine 3 Min Read
BANJUL (Reuters) - Gambia is selling several planes and a fleet of luxury cars bought by former president Yahya Jammeh as it seeks to reduce a mountain of crippling debt contracted during the authoritarian leader’s decades-long rule.
Jammeh, who seized power in a 1994 coup, fled Gambia early last year as West African neighbors were poised for military intervention to topple him after he refused to step down following an election loss to current President Adama Barrow.
While most of his people struggled in poverty under one of West Africa’s most oppressive regimes, Jammeh acquired vast wealth, much of which he packed into planes and carried with him into exile in Equatorial Guinea.
However, a fleet of vehicles, including several Rolls-Royces with Jammeh’s name embroidered in their red leather headrests, were left behind on the tarmac.
“The fleet of expensive vehicles at State House and the three planes bought by former president Yahya Jammeh have been put on sale,” Finance Minister Amadou Sanneh told Reuters. “My ministry will soon start publicizing the sales.”
The International Monetary Fund warned Gambia on Wednesday against any new borrowing after its debt stock reached 130 percent of gross domestic product at the end of last year.
Most of that debt was contracted under Jammeh, either through borrowing or the government’s taking on the liabilities of state-owned enterprises.
“Let me be very clear ... it may even go higher because we have not opened the books of the state-owned enterprises,” said Jaroslaw Wieczorek, who led a recent IMF mission to Gambia. “It could be a lot of liability.”
Since taking office and discovering government coffers were largely empty, Barrow’s administration has worked to disentangle Gambia’s state finances from Jammeh’s sprawling personal business empire.
Sanneh said last year that around $100 million - more than a third of the government’s annual budget - had been siphoned from state firms.
Barrow set up a commission that visited Jammeh’s many properties - one estate boasts a mosque, jungle warfare training camp and a vast private safari park - to establish an inventory of his possessions with the aim of recovering looted assets.
Investigators have also sought to establish what wealth Jammeh may have stashed abroad.
The process has faced opposition from Jammeh’s political party and supporters, who have accused Barrow’s government of carrying out a witchhunt against the ex-president. Additional reporting and writing by Joe Bavier; Editing by Mark Heinrich | ashraq/financial-news-articles | https://www.reuters.com/article/us-gambia-politics/gambia-selling-ex-leaders-luxury-cars-planes-amid-mounting-debt-idUSKBN1IB2QI |
Drew Butera ignited a three-run uprising in the 10th inning with a bases-loaded single Wednesday afternoon, sending the Kansas City Royals to a 5-2 victory over the rival St. Louis Cardinals in an interleague game in St. Louis.
The Royals’ second consecutive win gave them a 2-1 series triumph over the Cardinals. The clubs will meet again in Kansas City in August.
After being held to four hits in the first nine innings, the Royals pieced together four more in the 10th, starting with inning-opening singles by Jorge Soler and Alex Gordon.
An error by Cardinals reliever Bud Norris (1-1) loaded the bases, setting the stage for Butera’s tiebreaking hit.
One out later, Jon Jay singled in a third run, capping the scoring.
Blaine Boyer (2-0), the fourth Royals pitcher, was credited with the win after throwing a scoreless ninth inning. Closer Kelvin Herrera recorded his 10th save with a 1-2-3 bottom of the 10th.
Both teams held early leads, the Royals taking theirs when Salvador Perez connected off Cardinals starter Michael Wacha for his eighth home run of the season leading off the second to open the scoring.
The Cardinals countered immediately with a pair in the bottom of the second after Tyler O’Neill had singled and Jedd Gyorko doubled to open the inning.
Harrison Bader tied the score with an infield out before Francisco Pena plated Gyorko with a two-out double that put St. Louis up 2-1.
The Royals tied the game in the sixth on Whit Merrifield’s sacrifice fly.
Both starting pitchers went without a decision despite effective outings.
Royals right-hander Jakob Junis worked the first five innings, allowing two runs and five hits. He walked one and struck out seven.
The Cardinals’ Wacha was pulled two outs into the seventh, having given up just one earned run (two total). He allowed four hits and struck out six without walking anyone.
Gordon had two hits for the Royals, who improved to 2-3 both in interleague play and in extra-inning games.
Pena had a single and a double for the Cardinals, who completed a 3-4 homestand.
The Royals out-hit the Cardinals 8-6.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-stl-kc-recap/butera-strikes-in-10th-leads-royals-past-cardinals-idUSMTZEE5N77SVN6 |
Oil prices have come full circle from a historic implosion 3½ years ago sparked by OPEC's decision on Thanksgiving Day to take a hands-off approach to a global supply glut.
Brent crude , the international benchmark for oil prices, ended Monday's session at $78.23 barrel, the highest closing level since Nov. 25, 2014. On Tuesday, the contract took aim at $80 a barrel, striking a new 3½-year intraday high at $79.47.
At those levels, Brent was trading solidly above levels last seen prior to Nov. 27, 2014, the day OPEC refused to tackle oversupply in the oil market by agreeing to cap its production.
However, in a sign the market could struggle to maintain those levels, oil prices fell sharply on Tuesday morning, losing about $1 a barrel from the day's highs as U.S. stock markets slumped.
Brent crude 5-year performance, source: Factset
Until the November 2014 OPEC meeting, oil prices had slid about 30 percent from multiyear highs over the course of five months. OPEC's decision that year supercharged the sell-off, with Brent prices dropping from $77.75 the day before the meeting to $70.15 the day after.
OPEC and top oil exporter Saudi Arabia had wagered that low oil prices would force U.S. shale drillers to throttle back production. Shale drillers use expensive methods to squeeze oil and gas from rock formations in parts of the United States.
However, OPEC miscalculated, and Brent ultimately fell as low as $27.10 per barrel in January 2016. That persuaded OPEC to work with Russia and several other producers to take 1.8 million barrels a day off the market beginning in 2017.
That deal has helped boost prices back to where they were prior to OPEC's fateful decision. The price recovery has exceeded expectations thanks to robust oil demand; an economic crisis that has tanked Venezuela's production; and renewed U.S. sanctions on Iran, OPEC's third-largest producer, by President Donald Trump .
show chapters Middle East tensions weigh on oil markets 8 Hours Ago | 05:08 While surging U.S. production is offsetting the output curbs, OPEC appears to be in control of the market right now, said John Kilduff, founding partner at energy hedge fund Again Capital. In his view, OPEC could allow prices for U.S. crude to run up from today's prices between $70 and $72 a barrel to $80 to $85 a barrel.
"For now, it's going to stay high and it could easily be engineered higher by the Saudis until they get pressured maybe by President Trump to put more oil on the market," he told CNBC's "Squawk Box" on Tuesday.
Last month, Trump tweeted that oil prices are "artificially Very High," pointing a finger at OPEC for elevated crude costs, which can hurt incumbent politicians by raising fuel prices for voters.
West Texas Intermediate crude futures, the American benchmark, closed on Thursday at their highest levels since the day before the November 2014 OPEC meeting, but they have yet to settle higher than they did on that day. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/oil-prices-have-rebounded-since-opec-refused-to-cut-output-in-2014.html |
April 30 (Reuters) - FIRST INSURANCE COMPANY:
* Q1 PROFIT 611,480 DINARS VERSUS 504,150 DINARS YEAR AGO Source:( bit.ly/2vWFERo ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-first-insurance-q1-profit-rises/brief-first-insurance-q1-profit-rises-idUSFWN1S70P7 |
Ford expands safety recall to nearly 100,000 Transit vans in North America Robert Ferris | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/ford-expands-safety-recall-to-nearly-100000-transit-vans-in-north-america.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
SHENYANG, China, May 15, 2018 /PRNewswire/ -- NF Energy Saving Corporation. (NASDAQ: NFEC) ("NF Energy" or the "Company"), a leading energy saving services and solutions provider for China's power, petrochemical, coal, metallurgy, construction, and municipal infrastructure development industries, today reported its financial results for the three months ended March 31, 2018.
2018 First Quarter Results Highlight:
Total revenues were $147,079 and $1,036,041 for the three month ended March 31, 2018 and 2017, respectively, which decreased by $888,962, or 85.80% if compared total revenues for the three month ended March 31, 2017. The gross profit was $31,437 and $125,782 for the three month ended March 31, 2018 and 2017, respectively, which decreased by $94,345, or 75%, if compared to gross profit for the three month ended March 31, 2017. The net loss was $505,039 and $424,239 for the three month ended March 31, 2018 and 2017, respectively, which increased by $80,800 if compared to net loss for the three month ended March 31, 2017.
The decrease in the total revenues was due to the the delivered inventories in the end of 2017 were recognized without the invoices as the revenues of 2017. As a result, the Company deducted these revenues that have been recognized as the revenues of 2017 when received the invoices in the first quarter of 2018.
About NF Energy Saving Corporation
NF Energy Saving Corporation (NASDAQ: NFEC) is a China-based provider of integrated energy conservation solutions utilizing energy-saving equipment, technical services and energy management re-engineering project operations to provide energy saving services to clients. The Company's customers are mainly concentrated in the electrical generation (large-scale thermal power generation, hydroelectric power, and nuclear power), water supply, and heat supply industries. The majority of revenues are from energy efficient flow control solutions including equipment and energy efficiency project services. For more information, visit http://www.nfenergy.com .
Safe Harbor Statement
The statements contained herein that are not historical facts are considered "forward-looking statements." Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, statements regarding the efficacy of investment in research and development are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the effect of political, economic, and market conditions and geopolitical events; legislative and regulatory changes that affect our business; the availability of funds and working capital; the actions and initiatives of current and potential competitors; investor sentiment; and our reputation. We do not undertake any responsibility to publicly release any revisions to these forward-looking statements to take into account events or circumstances that occur after the date of this report. Additionally, we do not undertake any responsibility to update you on the occurrence of any unanticipated events, which may cause actual results to differ from those expressed or implied by any forward-looking statements. The factors discussed herein are expressed from time to time in our filings with the Securities and Exchange Commission available at http://www.sec.gov .
Andy Gao
Phone Number: +86-24-2560-9775
Email: [email protected]
View original content: http://www.prnewswire.com/news-releases/nf-energy-saving-corporation-announces-2018-first-quarter-financial-results-300648180.html
SOURCE NF Energy Saving Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-nf-energy-saving-corporation-announces-2018-first-quarter-financial-results.html |
Tesla books record loss in race to mass market Wednesday, May 02, 2018 - 02:03
Tesla may have posted its worst quarterly loss ever on Wednesday, but it’s staying on track with Model 3 production targets is giving investors a bit of relief.
Tesla may have posted its worst quarterly loss ever on Wednesday, but it’s staying on track with Model 3 production targets is giving investors a bit of relief. //reut.rs/2Kz7eay | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/02/tesla-books-record-loss-in-race-to-mass?videoId=423334141 |
SAINT-ÉPHREM-DE-BEAUCE, Québec, May 16, 2018 (GLOBE NEWSWIRE) -- Sigma Industries Inc. (TSX VENTURE:SSG), a manufacturing company specializing in the production of composite components, announced today that it is expanding its operations in the U.S. with the acquisition of a 70,000 square foot facility in Surgoinsville, Tennessee.
The new facility will produce composite parts for existing and future customers and is strategically located near several key customers in the U.S. who will benefit from the same processes, quality and service they already enjoy and recognize. The cost of the facility and required building improvements are expected to be approximately US$2.5 million and the facility is expected to be operational by the end of the second quarter of calendar 2019.
In conjunction with this acquisition, Sigma Industries created an operating subsidiary in the U.S., RMC Advanced Technologies Inc. Over the next three years, RMC Advanced Technologies Inc. will invest approximately US$4.5 million in equipment and expects to employ up to 50 people when the facility runs at full capacity. RMC Advanced Technologies Inc. will bring to the U.S. the excellence its sister companies RMC and Faroex are known for throughout the industry.
“This expansion in the U.S. represents an important strategic milestone for us,” said Denis Bertrand, President of Sigma Industries Inc. “It is the first step in our strategy to grow our operations in the U.S. market. In essence, it will allow us to better serve existing customers while providing us with the opportunity to grow our business in a market of significant size. Furthermore, we are proud to be in a position to serve our transit industry customers with Buy America compliant products,” concluded Mr. Bertrand.
The project’s realization is made possible in part by the assistance from the Quebec Government’s Accelerated Growth Center program (Centre de croissance accéléré (CCA)) for which Sigma was chosen in May 2017. This program is part of the “Destination: U.S.” segment of the Ministry’s Québec Export Strategy for 2016-2020, a Government of Quebec program that offers personalized services to companies developing their U.S. markets. Furthermore, Sigma Industries would like to thank the Tennessee Department of Economic and Community Development, Hawkins County, Surgoinsville and the Tennessee Valley Authority Economic Development for their assistance and support.
About Sigma INDUSTRIES
Sigma Industries Inc. (TSX VENTURE:SSG), a manufacturing company specializing in the production of composite components, has two operating subsidiaries and employs 275 people. The Company is active in the heavy-duty truck, coach, transit, machinery and wind energy markets. Sigma sells its products to original equipment manufacturers and distributors in the United States, Canada and Europe.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements about the Company. Such forward-looking statements are dependent on a number of factors and are subject to risks and uncertainties. Actual results may differ from those expected. The information contained in this press release is dated May 16, 2018, the date on which management approved the press release. Management does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information or future events, except as required by law.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Additional information: Sigma Industries Inc. Denis Bertrand President and Chief Executive Officer 418-484-5282 [email protected]
Source:Sigma Industries Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-sigma-industries-expands-in-the-u-s-with-the-acquisition-of-a-facility-in-tennessee.html |
Good morning,
11th-Hour Reprieve
President Trump eased trade pressure on top U.S. allies, giving the European Union and some nations outside the bloc until June 1 to negotiate exemptions from U.S. steel and aluminum tariffs. The White House said broad tariffs of 25% on steel and 10% on aluminum—already in effect against China, Russia, Japan and others—won’t be applied to the EU Tuesday, as previously planned. As expected, Canada and Mexico were also given an additional month. Following through on threats to impose tariffs would... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-10-point-1525172970 |
WALNUT CREEK, Calif., May 1, 2018 /PRNewswire/ -- ARC Document Solutions, Inc. (NYSE: ARC), a leading document solutions provider to design, engineering, construction, and facilities management professionals, today reported its financial results for
Financial Highlights:
Three Months Ended
March 31,
(All dollar amounts in millions, except EPS)
2018
2017
Net Sales
$
97.7
$
98.7
Gross Margin
30.9%
31.2%
Net income attributable to ARC
$
0.6
$
1.8
Adjusted net income attributable to ARC
$
0.5
$
1.9
Earnings per share - Diluted
$
0.01
$
0.04
Adjusted earnings per share - Diluted
$
0.01
$
0.04
Cash (used in) provided by operating activities
$
(2.0)
$
6.9
EBITDA
$
10.2
$
12.8
Adjusted EBITDA
$
10.9
$
13.6
Capital Expenditures
$
2.9
$
2.0
Debt & Capital Leases (including current), net of unamortized deferred financing fees
$
138.1
$
154.3
Management Commentary
"We are starting to see our sales declines moderating, while we experience a return to growth in our more traditional business lines. This is encouraging and clear evidence that we are making progress against our strategic objectives laid out last year," said K. "Suri" Suriyakumar, Chairman, President and CEO of ARC Document Solutions. "Our renewed focus on ARC's print business gained considerable traction during the quarter with a 2.1% increase in CDIM."
"While our efforts to protect our print business and grow our tech business are starting to show results, recent experience shows that we must continue to make changes as we move forward and stay ahead of the curve in an ever-changing business environment," said Mr. Suriyakumar. "We remain upbeat about the coming year and our strategic direction, and in pursuit of further progress, we will continue to support initiatives that are growing, but shrink costs associated with products and services that have not."
"Medical costs were exceptionally high during the period, having a 140 basis point impact on our operating margins and a two cent impact on earnings per share. Despite these costs, gross margin declined just 30 basis points," said Jorge Avalos, Chief Financial Officer. "Negative cash flow from operations was due to changes in working capital, and more specifically the timing of payables. This is a trend that is likely to be familiar to our long-term investors, and as usual, we expect this trend to reverse by the second half of the year, and anticipate strong cash flows for the year as our forecast demonstrates."
2018 First Quarter Supplemental Information:
Net sales were $97.7 million, a 1.0% decrease compared to the first quarter of 2017.
Days sales outstanding were 55 in Q1 2018 and 54 in Q1 2017.
Architectural, engineering, construction and building owner/operators (AEC/O) customers comprised approximately 79% of our total net sales, while customers outside of construction made up approximately 21% of our total net sales.
Total number of MPS locations at the end of the first quarter has grown to approximately 10,270, a net gain of approximately 590 locations over Q1 2017.
Adjusted EBITDA excludes loss on extinguishment and modification of debt and stock-based compensation expense.
Sales from Services and Product Lines as a Percentage of Net Sales
Three Months Ended
March 31,
Services and Product Line
2018
2017
CDIM
53.5%
51.9%
MPS
32.2%
32.9%
AIM
3.0%
3.3%
Equipment and supplies sales
11.3%
11.9%
Outlook
The outlook for ARC Document Solutions remains unchanged with 2018 fully-diluted annual adjusted earnings per share anticipated to be in the range of $0.10 to $0.16; 2018 annual cash provided by operating activities projected to be in the range of $44 to $50 million; and 2018 annual adjusted EBITDA forecast to be in the range of $48 to $54 million.
Teleconference and Webcast
ARC Document Solutions will hold a conference call with investors and analysts on Tuesday, May 1, 2018, at 2 P.M. Pacific Time (5 P.M. Eastern Time) to discuss results for the Company's 2018 first quarter. To access the live audio call, dial 800-239-9838. International callers may join the conference by dialing +1 323-794-2551. The conference code is 9761261. A live webcast will also be made available on the investor relations page of ARC Document Solution's website at http://ir.e-arc.com. A recording of the webcast will be available for approximately 90 days following the call's conclusion.
About ARC Document Solutions (NYSE: ARC)
ARC Document Solutions distributes Documents and Information to facilitate communication for design, engineering and construction professionals, real estate managers and developers, facilities owners, and a variety of similar disciplines. The Company provides cloud and mobile solutions, professional services, and hardware to help its customers around the world reduce costs and increase efficiency, improve information access and control, and communicate faster, easier, and better. Follow ARC at www.e-arc.com .
Forward-Looking Statements
This press release contains that are based on current opinions, estimates and assumptions of management regarding future events and the future financial performance of the Company. Words and phrases such as "return to growth," "making progress," "remain upbeat," "guidance," "expect," "projected," "forecast," "outlook," and similar expressions identify and all statements other than statements of historical fact, including, but not limited to, any projections regarding earnings, revenues and financial performance of the Company, could be deemed . We caution you that such statements are only predictions and are subject to certain risks and uncertainties that could cause actual results to those contained in the . In addition to matters affecting the construction, managed print services, document management or reprographics industries, or the economy generally, factors that could cause actual results to differ from expectations stated in include, among others, the factors described in the caption entitled "Risk Factors" in Item 1A in ARC Document Solution's Annual Report on Form 10-K for the fiscal year ended December 31, 2017, Quarterly Reports on Form 10-Q, and other periodic filings and prospectuses. The Company undertakes no obligation to update or revise any , whether as a result of new information, future events, or otherwise, except as required by law.
ARC Document Solutions, Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
March 31,
December 31,
Current assets:
2018
2017
Cash and cash equivalents
$
13,968
$
28,059
Accounts receivable, net of allowances for accounts receivable of $2,516 and $2,341
59,893
57,011
Inventories, net
19,577
19,937
Prepaid expenses
5,220
4,208
Other current assets
4,313
5,266
Total current assets
102,971
114,481
of accumulated depreciation of $199,231 and $198,693
63,083
64,245
Goodwill
121,051
121,051
Other intangible assets, net
8,078
9,068
Deferred income taxes
28,043
28,029
Other assets
2,577
2,551
Total assets
$
325,803
$
339,425
Current liabilities:
Accounts payable
$
20,850
$
24,289
Accrued payroll and payroll-related expenses
9,552
12,617
Accrued expenses
14,912
17,201
Current portion of long-term debt and capital leases
20,198
20,791
65,512
74,898
Long-term debt and capital leases
117,888
123,626
Other long-term liabilities
3,279
3,290
Total liabilities
186,679
201,814
Commitments and contingencies
Stockholders' equity:
ARC Document Solutions, Inc. stockholders' equity:
Preferred stock, $0.001 par value, 25,000 shares authorized; 0 shares issued and outstanding
—
—
Common stock, $0.001 par value, 150,000 shares authorized; 47,936 and 47,913 shares issued and 45,262 and 45,266 shares outstanding
48
48
Additional paid-in capital
121,650
120,953
Retained earnings
21,152
20,524
Accumulated other comprehensive loss
(1,954)
(1,998)
140,896
139,527
Less cost of common stock in treasury, 2,674 and 2,647 shares
9,350
9,290
Total ARC Document Solutions, Inc. stockholders' equity
131,546
130,237
Noncontrolling interest
7,578
7,374
Total equity
139,124
137,611
Total liabilities and equity
$
325,803
$
339,425
ARC Document Solutions, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
2018
2017
Service sales
$
86,710
$
86,964
Equipment and supplies sales
10,998
11,767
Total net sales
97,708
98,731
Cost of sales
67,523
67,893
Gross profit
30,185
30,838
expenses
27,301
25,147
Amortization of intangible assets
1,008
1,115
Income from operations
1,876
4,576
Other income, net
(81)
(19)
Loss on extinguishment and modification of debt
—
66
Interest expense, net
1,442
1,555
Income before income tax provision
515
2,974
Income tax provision
39
1,226
Net income
476
1,748
Loss attributable to the noncontrolling interest
152
36
Net income attributable to ARC Document Solutions, Inc. shareholders
$
628
$
1,784
Earnings per share attributable to ARC Document Solutions, Inc. shareholders:
Basic
$
0.01
$
0.04
Diluted
$
0.01
$
0.04
Weighted average common shares outstanding:
Basic
44,741
45,639
Diluted
44,855
46,382
ARC Document Solutions, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2018
2017
Cash flows from operating activities
Net income
$
476
$
1,748
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Allowance for accounts receivable
327
208
Depreciation
7,129
7,139
Amortization of intangible assets
1,008
1,115
Amortization of deferred financing costs
60
94
Stock-based compensation
653
737
Deferred income taxes
(92)
1,177
Deferred tax valuation allowance
57
(11)
Loss on extinguishment and modification of debt
—
66
Other non-cash items, net
(44)
27
Changes in operating assets and liabilities:
Accounts receivable
(2,913)
(53)
Inventory
524
(1,534)
Prepaid expenses and other assets
(150)
(202)
Accounts payable and accrued expenses
(9,014)
(3,569)
Net cash (used in) provided by operating activities
(1,979)
6,942
Cash flows from investing activities
Capital expenditures
(2,892)
(2,012)
Other
380
132
Net cash used in investing activities
(2,512)
(1,880)
Cash flows from financing activities
Proceeds from stock option exercises
—
68
Proceeds from issuance of common stock under Employee Stock Purchase Plan
44
36
Share repurchases
(60)
—
Contingent consideration on prior acquisitions
(53)
(70)
Early extinguishment of long-term debt
—
(8,500)
Payments on long-term debt agreements and capital leases
(5,751)
(3,808)
Borrowings under revolving credit facilities
2,000
1,500
Payments under revolving credit facilities
(5,875)
(125)
Net cash used in financing activities
(9,695)
(10,899)
Effect of foreign currency translation on cash balances
95
267
Net change in cash and cash equivalents
(14,091)
(5,570)
Cash and cash equivalents at beginning of period
28,059
25,239
Cash and cash equivalents at end of period
$
13,968
$
19,669
Supplemental disclosure of cash flow information
Noncash investing and financing activities
Capital lease obligations incurred
$
3,275
$
7,920
ARC Document Solutions, Inc.
Net Sales by Product Line
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2018
2017
Service sales
CDIM
$
52,320
$
51,258
MPS
31,467
32,494
AIM
2,923
3,212
Total service sales
86,710
86,964
Equipment and supplies sales
10,998
11,767
Total net sales
$
97,708
$
98,731
ARC Document Solutions, Inc.
Non-GAAP Measures
Reconciliation of cash flows (used in) provided by operating activities to EBITDA and Adjusted EBITDA
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2018
2017
Cash flows (used in) provided by operating activities
$
(1,979)
$
6,942
Changes in operating assets and liabilities
11,553
5,358
Non-cash expenses, including depreciation and amortization
(9,098)
(10,552)
Income tax provision
39
1,226
Interest expense, net
1,442
1,555
Loss attributable to the noncontrolling interest
152
36
Depreciation and amortization
8,137
8,254
EBITDA
10,246
12,819
Loss on extinguishment and modification of debt
—
66
Stock-based compensation
653
737
Adjusted EBITDA
$
10,899
$
13,622
See Non-GAAP Financial Measures discussion below.
ARC Document Solutions, Inc.
Non-GAAP Measures
Reconciliation of net income attributable to ARC Document Solutions, Inc. to EBITDA and Adjusted EBITDA
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2018
2017
Net income attributable to ARC Document Solutions, Inc.
$
628
$
1,784
Interest expense, net
1,442
1,555
Income tax provision
39
1,226
Depreciation and amortization
8,137
8,254
EBITDA
10,246
12,819
Loss on extinguishment and modification of debt
—
66
Stock-based compensation
653
737
Adjusted EBITDA
$
10,899
$
13,622
See Non-GAAP Financial Measures discussion below.
ARC Document Solutions, Inc.
Non-GAAP Measures
Reconciliation of net income attributable to ARC to unaudited adjusted net income attributable to ARC
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
2018
2017
Net income attributable to ARC Document Solutions, Inc.
$
628
$
1,784
Loss on extinguishment and modification of debt
—
66
Income tax benefit related to above items
—
(26)
Deferred tax valuation allowance and other discrete tax items
(149)
28
Adjusted net income attributable to ARC Document Solutions, Inc.
$
479
$
1,852
Actual:
Earnings per share attributable to ARC Document Solutions, Inc. shareholders:
Basic
$
0.01
$
0.04
Diluted
$
0.01
$
0.04
Weighted average common shares outstanding:
Basic
44,741
45,639
Diluted
44,855
46,382
Adjusted:
Earnings per share attributable to ARC Document Solutions, Inc. shareholders:
Basic
$
0.01
$
0.04
Diluted
$
0.01
$
0.04
Weighted average common shares outstanding:
Basic
44,741
45,639
Diluted
44,855
46,382
See Non-GAAP Financial Measures discussion below.
Non-GAAP Financial Measures
EBITDA and related ratios presented in this report are supplemental measures of our performance that are not required by or presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These measures are not measurements of our financial performance under GAAP and should not be considered as alternatives to net income, income from operations, or any other performance measures derived in accordance with GAAP or as an alternative to cash flows from operating, investing or financing activities as a measure of our liquidity.
EBITDA represents net income before interest, taxes, depreciation and amortization.
We have presented EBITDA and related ratios because we consider them important supplemental measures of our performance and liquidity. We believe investors may also find these measures meaningful, given how our management makes use of them. The following is a discussion of our use of these measures.
We use EBITDA to measure and compare the performance of our operating segments. Our operating segments' financial performance includes all of the operating activities except debt and taxation which are managed at the corporate level for U.S. operating segments. We use EBITDA to compare the performance of our operating segments and to measure performance for determining consolidated-level compensation. In addition, we use EBITDA to evaluate potential acquisitions and potential capital expenditures.
EBITDA and related ratios have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are as follows:
They do not reflect our cash expenditures, or future requirements for capital expenditures and contractual commitments; They do not reflect changes in, or cash requirements for, our working capital needs; They do not reflect the significant interest expense, or the cash requirements necessary, to service interest or principal payments on our debt; Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and Other companies, including companies in our industry, may calculate these measures differently than we do, limiting their usefulness as comparative measures.
Because of these limitations, EBITDA and related ratios should not be considered as measures of discretionary cash available to us to invest in business growth or to reduce our indebtedness. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA and related ratios only as supplements.
Our presentation of adjusted net income and adjusted EBITDA is an attempt to provide meaningful comparisons to our historical performance for our existing and future investors. The unprecedented changes in our end markets over the past several years have required us to take measures that are unique in our history and specific to individual circumstances. Comparisons inclusive of these actions make normal financial and other performance patterns difficult to discern under a strict GAAP presentation. Each non-GAAP presentation, however, is explained in detail in the reconciliation tables above.
Specifically, we have presented adjusted net income attributable to ARC and adjusted earnings per share attributable to ARC shareholders for the three months ended March 31, 2018 and 2017 to reflect the exclusion of loss on extinguishment and modification of debt and changes in the valuation allowances related to certain deferred tax assets and other discrete tax items. This presentation facilitates a meaningful comparison of our operating results for the three months ended March 31, 2018 and 2017.
We have presented adjusted EBITDA for the three months ended March 31, 2018 and 2017 to exclude loss on extinguishment and modification of debt and stock-based compensation expense. The adjustment of EBITDA for these items is consistent with the definition of adjusted EBITDA in our credit agreement; therefore, we believe this information is useful to investors in assessing our financial performance.
View original content with multimedia: http://www.prnewswire.com/news-releases/arc-document-solutions-reports-results-for-first-quarter-2018-300640287.html
SOURCE ARC Document Solutions, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-arc-document-solutions-reports-results-for-first-quarter-2018.html |
JOHANNESBURG, May 30 (Reuters) - South African retailer and wholesaler Spar Group Ltd reported on Wednesday a 13.8 percent increase in half-year earnings, boosted by contributions from its European operations.
Spar, a grocery chain which also sells building materials and medicine in Southern Africa, said headline earnings per share rose to 541.2 cents for the six months ended March from 475.5 cents a year earlier.
Headline earnings per share is the main profit measure in South Africa and strips out certain one-off items. (Reporting by Nqobile Dludla; Editing by Amrutha Gayathri)
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Advertise with Us Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/spar-group-results/south-africas-spar-group-h1-earnings-up-on-european-operations-idUSL5N1T063W |
May 23, 2018 / 8:06 AM / in an hour MIDEAST STOCKS-Dubai markets flat after 2-day rally, SABIC pulls Saudi down Reuters Staff 2 Min Read
RIYADH, May 23 (Reuters) - Dubai markets edged lower in early trading on Wednesday as investors took profit from a two-day rally, while petrochemical stocks took a hit from easing oil prices and pushed the Saudi market into a weaker territory.
Other markets were slightly higher, but volumes were generally low during the Muslim fasting month of Ramadan.
The Saudi index was down 0.2 percent, with 63 declining stocks out of 124 stocks being traded.
Petrochemical giant SABIC lost 0.8 percent, reversing Tuesday’s close to 3 percent gains, as oil prices dropped on the possibility of higher OPEC output.
Al Rajhi Bank dropped 0.3 percent to 83 riyals ($22.1). Morgan Stanley cut the bank’s price target to 90.5 riyals from 92 riyals, keeping its overweight rating.
National Commercial Bank, the largest bank in the kingdom by assets, lost 0.3 percent and Jabal Omar dropped 0.4 percent.
Markets in the United Arab Emirates declined on what looked like profit-taking after a two-day rally that had been supported by a government decision to grant residency visas of up to 10 years to investors and specialists.
The Dubai index shed 0.1 percent on Wednesday, with Emirates NBD losing 1.9 percent, reversing nearly 7 percent gains a day earlier after it agreed to buy Turkish lender Denizbank for $3.2 billion.
Dubai’s largest bank has been one of the standout performers in the Dubai market so far this year, with its gains so far reaching about 28 percent.
Emaar Properties rose 0.6 percent to 5.3 dirhams - property stocks have enjoyed a particular boost from the decision on residency visas.
Contractor Drake and Scull gained 3.3 percent.
Trading in Abu Dhabi was laclustre. The index rose 0.1 percent on a 0.4 percent increase by First Abu Dhabi Bank and a 1.8 percent jump by Dana Gas.
Emirates Telecom and Taqa lost 0.3 percent and 2.4 percent respectively.
In Qatar, the index added 0.3 percent, with Industries Qatar adding 0.8 percent and Qatar Islamic Bank jumping 1.1 percent. (Reporting by Marwa Rashad) | ashraq/financial-news-articles | https://www.reuters.com/article/mideast-stocks/mideast-stocks-dubai-markets-flat-after-2-day-rally-sabic-pulls-saudi-down-idUSL5N1SU1OR |
LONDON (Reuters) - Liverpool’s clash with Brighton & Hove Albion at Anfield next weekend is now a “final” in their bid for a top-four finish after a 1-0 defeat at rivals Chelsea in the Premier League on Sunday, manager Juergen Klopp said.
Soccer Football - Premier League - Chelsea vs Liverpool - Stamford Bridge, London, Britain - May 6, 2018 Liverpool manager Juergen Klopp reacts REUTERS/Eddie Keogh One league win in five means Liverpool - who looked assured of a Champions League qualifying spot a month ago - are three points clear of Chelsea in fifth, having played a game more.
Chelsea striker Olivier Giroud’s first-half header was enough to earn the three points for the home side. Liverpool did plenty of pressing but could not find an equalizer.
Liverpool have 72 points ahead of Tottenham Hotspur with 71 and Chelsea on 69, both with a game in hand on the Merseysiders.
However, Liverpool’s superior goal difference over Chelsea means a win in their final-day clash with Brighton would guarantee a top-four finish, regardless of what fourth-placed Tottenham Hotspur or Chelsea do in their remaining fixtures.
“I’m really proud of the boys because they again invested everything,” Klopp said. “Of course we have played better games this season but in our situation against Chelsea, who are a world-class team, that is quite a challenge to do it much better than we did today.
“Now we have a final next Sunday, and that’s how life is. Chelsea have to win their games as well. We play our last game at home and Chelsea have to go to Newcastle - that’s not a holiday trip, it doesn’t sound like a holiday trip to me.”
Liverpool face Real Madrid in the Champions League final and could also qualify for next season’s competition as winners.
The spotlight at Stamford Bridge was on league top scorer Mohamed Salah, facing his old club, but the Egypt forward was booked for diving and had a quiet afternoon - one that was understandable in the circumstances, according to Klopp.
“He can do much better, and he will score again, but today was not a game for (him),’ Klopp added. “There was no space - and he can play with no space but not today.”
Editing by Ken Ferris
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-england-che-liv-klopp/brighton-match-is-a-final-for-liverpool-says-klopp-idUSKBN1I70U7 |
Proven CannaRoyalty senior executive Afzal Hasan to assume the role effective immediately
OTTAWA, May 7, 2018 /PRNewswire/ - CannaRoyalty Corp. (CSE: CRZ) (OTCQX: CNNRF) ("CannaRoyalty" or the "Company"), a leading North American cannabis products and brands company, is pleased to announce that current EVP, Corporate Development and General Counsel, Afzal Hasan, has been appointed President of the Company, effective immediately. As President, Afzal will have responsibility for the Company's day-to-day operations with a near-term focus on integrating recent California acquisitions and maximizing the potential of the Company's leading distribution footprint and strong brand position in the state. In addition, he will be responsible for driving growth through distribution and licensing agreements in Canada and exploring opportunities globally. As EVP, Corporate Development and General Counsel for the Company, Afzal has led all transactions since joining and has been instrumental in growing the Company into a leader in California. Prior to joining CannaRoyalty, Afzal was a securities lawyer at Cassels Brock & Blackwell LLP, where he provided advice to both public and private companies on transactions.
"Afzal has been a driving force behind CannaRoyalty's strategy and execution since he joined the Company in January 2017," said Marc Lustig, CEO of CannaRoyalty. "The industry is starting to realize that the long-term value in this space will be in leading consumer brands and distribution. CannaRoyalty is a first-mover, and our current standing as one of the largest cannabis players in the largest cannabis market in the world 1 , is largely due to his vision. Afzal has proven himself time and again to be adept at recognizing value and, more importantly at successfully completing transactions and integrating acquisitions quickly and efficiently."
Afzal added, "I grow more confident every day that we are executing the right strategy at the right time. We have assembled an experienced team and put the pieces in place to grow a dominant cannabis brand commercialization and distribution platform in California. This is just the beginning for CannaRoyalty. Over the next 12 months we will reinforce this platform and seek to replicate it in other legal jurisdictions such as Canada, to become a truly global cannabis brand powerhouse."
Additional appointments made by the Company recently, include:
Richard Sellers as VP of Operations. Richard co-founded Alta Supply, the first California cannabis distribution company. He co-founded Bhang chocolate, one of the most widely distributed cannabis brands in the world. Marco Rullo as Director of Brand Strategy. Marco is the former executive director of Kaya with extensive knowledge of the cannabis industry and over 10 years of executive experience in brand strategy and product development including successfully launching over 100 CPG products. Sadie Reyes, as President of Alta Supply. Sadie helped grow a BMW sales franchise to a $200M revenue level. She applied her marketing and business development expertise to co-found Alta Supply. Thomas J. Finch as Director of Corporate Development. Previously, Thomas was the lead financial analyst at CannaRoyalty. In that role he was instrumental in the execution of the River Distribution, Alta Supply Inc., and Kaya Management Inc. transactions. Prior to joining CannaRoyalty, Thomas was an investment banker at a Canadian independent dealer and a corporate banking analyst and debt capital markets associate with one of Canada's large banks.
About CannaRoyalty
CannaRoyalty is an active operator and investor in the global cannabis industry, with a strong focus on California, the world's largest cannabis market. Our core mission is to become the leading global consumer product goods company for discerning cannabis consumers. We are currently focused on building a diversified portfolio of manufacturing, distribution, intellectual property, and infrastructure assets to achieve this goal. Our leadership team combines a passion and hands-on understanding of the cannabis industry, with seasoned financial and legal expertise. CannaRoyalty's shares trade on the Canadian Stock Exchange (CSE) under the symbol CRZ and internationally on the OTCQX under the symbol CNNRF.
1) According to New Frontier Data, California has the world's largest cannabis market with annual sales in 2016 of $2.8 billion.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in CannaRoyalty's periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward- looking statements.
Forward-looking statements may include, without limitation, statements relating to the Acquisitions, the execution of the Company's strategy, new opportunities, future growth and other statements.
Although CannaRoyalty has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects that are engaged in activities currently considered illegal under US federal law; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. CannaRoyalty disclaims any intention or obligation to update or revise such information, except as required by applicable law, and CannaRoyalty does not assume any liability for disclosure relating to any other company mentioned herein.
: releases/cannaroyalty-appoints-president-to-lead-operations-and-global-growth-initiatives-300643328.html
SOURCE CannaRoyalty Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-cannaroyalty-appoints-president-to-lead-operations-and-global-growth-initiatives.html |
May 8 (Reuters) - US Auto Parts Network Inc:
* Q1 SALES $78.4 MILLION VERSUS $80.8 MILLION * SEES 2018 NET SALES TO INCREASE LOW SINGLE DIGITS ON A PERCENTAGE BASIS COMPARED TO 2017
* US AUTO PARTS NETWORK - HAS PRELIMINARY INJUNCTION HEARING ON MATTER RELATING TO LAWSUIT AGAINST DEPARTMENT OF HOMELAND SECURITY SCHEDULED FOR MAY 9
* US AUTO PARTS NETWORK - IN LIGHT OF ANTICIPATED COSTS ASSOCIATED WITH CUSTOMS ISSUES, REVISED ADJUSTED EBITDA RANGE TO $13.0 AND $14.5 MILLION FOR 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-us-auto-parts-reports-q1-earnings/brief-u-s-auto-parts-reports-q1-earnings-per-share-0-02-idUSASC0A0L8 |
May 3 (Reuters) - Intra-Cellular Therapies Inc:
* INTRA-CELLULAR THERAPIES REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE
* Q1 LOSS PER SHARE $0.65 * Q1 EARNINGS PER SHARE VIEW $-0.66 — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-intra-cellular-therapies-reports-q/brief-intra-cellular-therapies-reports-q1-loss-per-share-0-65-idUSASC09ZGT |
2 COMMENTS As hedge funds scour the globe for weak spots in what have been mainly placid markets, Italy is becoming a prime target.
Bets by hedge fund against Italian bonds have risen to levels not seen since the financial crisis, in a reminder of latent risks in the eurozone. Bets have mounted throughout the year, with the trend accelerating in recent days, on fears that Italy’s likely new antiestablishment coalition government will add to the country’s large debt pile and potentially loosen ties with the European Union.
On Friday, yields on the 10-year Italian government-bond rose to 2.538%, their highest level since 2014, with the spread versus German debt going above 2 percentage points for the first time since June 2017. Italian banks, meanwhile, were the biggest losers in European stock markets.
Investors’ concerns have heightened as the European Central Bank slowly unwinds the huge stimulus that has supported Italian , and other nations’, debt. That stimulus helped dispel fears of a eurozone breakup that had spurred the region’s debt crisis at the start of the decade.
Among big-name managers profiting from the selloff in Italian bonds is Alan Howard, the secretive billionaire co-founder of hedge fund firm Brevan Howard. A little-known hedge fund run personally by Mr. Howard has been betting that Italy’s borrowing costs will rise relative to Germany’s, said two people familiar with the fund’s positioning.
A spokesman for Brevan Howard declined to comment.
Italy’s election in March gave two antiestablishment political parties—League and the 5 Star Movement—a parliamentary majority. A leaked draft agreement between the two parties included proposals to write off debt and increase spending. The debt proposal was later abandoned.
The two parties have also said they want to review “the economic governance infrastructure of Europe” and 5 Star and the League have flirted in the past with the idea of Italy leaving the eurozone.
Demand to borrow Italian government bonds—a good gauge of investors short selling, or betting on falling prices—is up 33% to $33.3 billion worth of debt this year to Tuesday, according to data group IHS Markit . In contrast, demand to borrow bonds from EU countries excluding Italy has risen 5% this year.
Over the past week demand to borrow Italian bonds has risen by $1.2 billion. That takes demand close to its highest level since the financial crisis in 2008. Demand to borrow bonds from EU countries excluding Italy has fallen by $800 million over the past week.
The figures are a good gauge of short selling interest because that strategy involves borrowing a security and then selling it in the open market, in the hope of buying it back at a lower price.
Connecticut-based Discovery Capital Management—headed by Robert Citrone, an alumnus of Julian Robertson’s U.S. hedge fund giant Tiger Management—has also been betting on Italian bond spreads widening, said a person familiar with the matter. A spokesman for Discovery declined to comment.
Hedge funds are notoriously secretive about their trading positions, and individual short positions in government bonds aren’t publicly disclosed.
Clouds form above an Italian flag. Some hedge funds are betting against the country’s bonds. Photo: Vincenzo Tersigni/Zuma Press Profits from Mr. Howard’s position in Italy are among bets that have his helped the fund gain 7.5% this month and 13% this year, said one of the people. That makes it one of the top-performing funds to be betting on global bonds and currencies this year.
Betting against Italian bonds—known as BTPs—has been a difficult trade to pull off in recent years. Despite the country’s 130% debt-to-GDP ratio and lackluster economic growth, ECB bond-buying, or quantitative easing, has suppressed yields and often made shorting the bonds unprofitable.
But traders say that has changed as the ECB slowly unwinds its stimulus package and political risk rises in Italy.
“QE has destroyed any sense of risk in the sovereign bond market and we may be due for a very rude wake-up call once the dust settles,” said Joseph Oughourlian, founder of London-based hedge fund Amber Capital.
Amber has hedged its positions in Italian banks by betting that the spread between Italian and German government bonds will widen and shorting Italian corporate bonds. It has also shifted its positions in Italian bank stocks by selling what it sees as weaker lenders.
Mr. Oughourlian said the new government’s spending plans could push the country’s deficit up by €150 billion ($128 billion) while Rome could try to renegotiate its relationship with Europe.
“What’s most troubling is that markets haven’t yet woken up to this major political risk,” he said.
Bets against Italy also reflect growing investor concerns about the rest of Europe’s so-called periphery, its weaker mainly southern countries. Their bond and stock markets have also been boosted by QE.
Yields on Portuguese, Spanish and Greek bonds were higher Friday.
“We’ve seen increased interest in owning volatility, particularly in European banks—not just Italy but other peripheral names,” said James Conway, EMEA head of equity trading strategy at Citigroup. “The theme [we’re seeing] is owning protection on the periphery.”
—Jon Sindreu contributed to this article.
Write to Laurence Fletcher at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/hedge-funds-raise-bets-against-italy-bond-yields-soar-1527255926 |
Warren Buffett has spent the last five decades making a massive, long-term bet on America.
His conglomerate, Berkshire Hathaway , makes and sells everything from bricks and batteries to cowboy boots, underwear and Ginsu knives. To illustrate how intertwined the company is with American life, Berkshire subsidiaries sell and build homes, produce insulation, flooring, paint and furnishings. They even stock the pantries and closets — and clothe the occupants.
In addition, Berkshire entities distribute food and other items to groceries, truck stops and convenience stores; produce the ingredients for baby shampoo and other household goods; and insure millions of drivers and deliver regional news.
With more than 360,000 workers in operations as vast as manufacturing, retail, insurance, financial services, railroads and energy, Berkshire subsidiaries produce the components, goods and services that help drive the engine of American commerce.
This gives Buffett a unique view on the health of the American economy, which he has said is growing more quickly than in the recent past. He recently told CNBC that business activity is "stronger than it's been. It's been improving year after year after the financial panic [of 2008]."
He has talked about the ways American ingenuity and resourcefulness have improved the lives of the middle class. Those improvements have given them options in education, medicine, travel and entertainment that weren't accessible but by the very rich only a couple of generations ago.
"We've got something that works," he said in a Fortune interview last year. "I believe, and I think this has been borne out over 240 years, that this country gets better all the time."
"If America did well, American business would do well." -Warren Buffett, billionaire investor Much of this optimism is put on display at the Omaha company's annual meeting , including a vast exhibit hall where Buffett holds court each year, often with a Dairy Queen product in hand.
Shareholders are invited to shop the booths at the convention center, but also around town for candy at See's, jewelry at Borsheims and furniture at Nebraska Furniture Mart.
Buffett's investing advice sticks close to home — something he said he learned as a boy growing up during World War II.
"All you had to do was figure that America was going to do well over time, and if America did well, American business would do well," he told shareholders at Saturday's annual meeting. "You didn't have to pick winning stocks. You basically had to make one investment decision in your life."
For Buffett, one decision he made in 1964 would catapult him to fame. He found a beaten down textile maker with a stock so cheap it seemed like a safe bet to buy.
His plan was to tender it back to the management for a profit. He thought he had a deal with them, but then management tried to extract a tiny bit more than he was willing to give — making him mad enough to buy the rest of the company.
That's how he ended up with Berkshire Hathaway, a fading manufacturing business that would become the basis of a far-reaching conglomerate with a market capitalization of $486 billion (making it the sixth-largest stock) and a compounded annual gain since then of 19.1 percent.
Berkshire shares have skyrocketed, from less than $10 per share back then, to $292,600.
David A. Grogan | CNBC The Coca-Cola booth at the 2018 Berkshire Hathaway Annual Shareholder's Meeting in Omaha, NE, on May 5, 2018. Over the years, Berkshire has rolled up leading positions in a myriad of sectors across its 63 operating subsidiaries.
In 2009, in its biggest deal yet, it acquired the rest of Burlington Northern Santa Fe railroad it didn't already own, the second-largest freight line in the U.S. It also took on Geico, now the second-largest auto insurer. It also owns nearly one-third of packaged food giant Kraft Heinz.
Buffett has also ridden to the rescue more than once, injecting money into Goldman Sachs, Bank of America and General Electric to help them navigate the financial crisis. The billionaire also took on an active role in managing Salomon Brothers in the late 1980s, after a scandal involving rigged Treasury bond auctions.
The company's $170 billion portfolio of stock holdings doubles down on Buffett's America-focused bet, specifically on consumers, whose spending makes up more than two-thirds of the U.S. economy.
Berkshire holds large stakes of lenders (like M&T Bank), household product makers (such as Gillette), food and beverage companies, communications and travel providers and the quintessential American gadget maker, Apple. Its five biggest holdings are Wells Fargo and Bank of America , Apple , Coca-Cola and American Express .
Over his career, Buffett developed his buy-and-hold investment style inspired by Benjamin Graham. Berkshire's longest-held stock investment is American Express, which it began buying in the 1960s, building up to a 17 percent stake currently.
More recently Buffett has changed his mind about airlines, taking on sizable stakes in four of the nation's largest carriers, while exiting stakes in former American industrial stalwarts General Electric and IBM .
And though he admits he regrets missing out on Amazon and Google parent Alphabet , his recent embrace of Apple shows Buffett is closely watching for the next big opportunity.
"This game of economic miracles is in its early innings," Buffett wrote in an essay that appeared in Time magazine earlier this year. "Americans will benefit from far more and better 'stuff' in the future." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/warren-buffetts-massive-five-decade-bet-on-america.html |
May 19, 2018 / 3:45 PM / Updated 15 minutes ago Ice hockey: Swiss beat Canada to reach World Championship final Philip O'Connor 2 Min Read
(Reuters) - Switzerland booked their place in Sunday’s Ice Hockey World Championship final against reigning champions Sweden after a shock 3-2 win over Canada on Saturday. Ice Hockey - 2018 IIHF World Championships - Semifinals - Sweden v USA - Royal Arena - Copenhagen, Denmark - May 19, 2018 - Team Sweden celebrate after winning a match. REUTERS/Grigory Dukor
They will be up against a Swedish team in red-hot form after hammering the United States 6-0 in Saturday’s earlier semi-final.
The Swiss took a surprise lead with 1:19 to go in the first period when Tristan Scherwey swept the puck home, and although Bo Horvat struck back for Canada in the second, the Europeans went ahead again with a power-play goal from Gregory Hofmann. Ice Hockey - 2018 IIHF World Championships - Semifinals - Sweden v USA - Royal Arena - Copenhagen, Denmark - May 19, 2018 - Team Sweden listen to the national anthem after winning a match. REUTERS/Grigory Dukor
The Canadians struggled throughout to break down the dogged Swiss defense and Gaetan Haas administered the coup de grace when he steered in Switzerland’s third goal early in the final period. Slideshow (13 Images)
Colton Parayko threw his side a lifeline with a slapshot from distance with just over two minutes to go, and the Canadians threw everything forward in search of an equalizer, but the Swiss held firm to make the final for the first time since 2013.
Current champions Sweden led 1-0 after a cautious first period in their semi-final but they left their American opponents reeling with a three-goal salvo in the second as Patric Hornqvist and Mattias Janmark netted two goals in 11 seconds.
The misery was compounded for the U.S. with Viktor Arvidsson punishing them for taking out goaltender Keith Kinkaid by firing his second goal of the game into an empty net to make it 5-0, and Adrian Kempe added a sixth before the horn sounded.
The Americans will be left scratching their heads as to how Swedish goalie Anders Nilsson managed to shut them out, despite facing 41 shots during the 60 minutes.
Canada will now face the United States in a third-place playoff at Copenhagen’s Royal Arena on Sunday afternoon ahead of the decider between Sweden and Switzerland. Reporting by Philip O'Connor,; Editing by Neville Dalton | ashraq/financial-news-articles | https://www.reuters.com/article/us-icehockey-world-swe-usa/ice-hockey-swedes-thrash-usa-to-make-world-championship-final-idUSKCN1IK0LY |
Larry Haverty: In battle between ownership and management, ownership wins 1 Hour Ago Larry Haverty, LJH Investment Advisors, discusses dual-class structures under scrutiny in the light of the CBS battle with National Amusements. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/larry-haverty-in-battle-between-ownership-and-management-ownership-wins.html |
A co-owner of a Massachusetts compounding pharmacy whose tainted drugs caused a deadly 2012 fungal meningitis outbreak lost his bid on Wednesday to avoid being tried alongside eight former employees.
U.S. District Judge Richard Stearns in Boston rejected former New England Compounding Center co-owner Gregory Conigliaro’s claim that his case should be severed ahead of the upcoming trial in October.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2KOKgN5
| ashraq/financial-news-articles | https://www.reuters.com/article/health-meningitis/separate-trial-denied-for-co-owner-of-pharmacy-in-meningitis-outbreak-idUSL1N1SG2M0 |
MONACO (Reuters) - Azerbaijan wants to return to a June slot on the Formula One calendar and is trying to renegotiate its contract post-2020 so that it pays less in race-hosting fees and gains more commercial benefits.
Promoter Arif Rahimov told reporters at the Monaco Grand Prix that the current contract was a binding commitment for five races from 2016 but with a break clause before a subsequent five.
That clause has to be activated before the end of June.
“We haven’t triggered the break clause, we’re negotiating on the second part of the contract,” said Rahimov.
Azerbaijan pays more than most for its race in Baku and any reduction in fees would hit commercial rights holders Liberty Media’s balance sheet.
Rahimov said he hoped his bill could be closer to the average for long-haul ‘flyaway’ races.
Although contracts are confidential, the global average fee of the current 21 races’ is around $30.6 million, and some $40 million for those outside of Europe, according to the racefans.net website.
Baku’s bill, thanks to an annual escalator clause, is estimated to have climbed to more than $60 million.
“We do definitely want to be there in the average of the flyaway races. That’s not the only thing we’re discussing with FOM (Formula One Management),” said Rahimov. “It’s most of the other commercial terms in the contract too.
“They (Liberty) want to try the new approach too so its a bilateral effort to make this viable for all of us.”
Rahimov hoped everything could be sorted before the end of June: “I think we’ll come to some agreement,” he said.
A recent economic study carried out by PricewaterhouseCoopers showed Azerbaijan gaining a net economic impact of around $280 million from the race, over two years. The media value was put at an additional $100 million.
This year’s race was held in April and for the second year in a row served up a thriller with Mercedes driver Lewis Hamilton winning.
The 2016 and 2017 grands prix were in June, when the weather is warmer, and Rahimov said that remained the preferred date because three or four months were needed to set everything up on the city streets.
“If we are in April, then really we have to start in the winter and you have adverse weather, all the rains and winds that stops you from working effectively,” he said. “Ideally we would like to hold the race in June.”
Reporting by Alan Baldwin, editing by Christian Radnedge
| ashraq/financial-news-articles | https://www.reuters.com/article/us-motor-f1-monaco-azerbaijan/baku-wants-a-june-race-date-and-revised-f1-contract-idUSKCN1IQ1MH |
Poplar Bluff, Missouri, May 03, 2018 (GLOBE NEWSWIRE) --
Southern Missouri Bancorp, Inc. (the “Company”), the parent company of Southern Bank (the “Bank”) is excited to announce that Rick Windes is joining our team as an Executive Vice President and the Chief Lending Officer of the Company and the Bank, effective May 7, 2018. Mr. Windes will report to Greg Steffens, President & CEO of the Company and the Bank, and will be based from the Bank’s location in Springfield, Missouri.
Mr. Windes has 25 years’ experience in commercial lending and lending management. Most recently, he served as a regional president for Bear State Bank in Springfield, Missouri, prior to its merger with Arvest Bank. Previously, he was the senior lender for Metropolitan National Bank, prior to its acquisition by Bear State Bank. Mr. Windes holds a Bachelor of Science degree in business administration from Truman State University, Kirksville, Missouri, and is a graduate of the Graduate School of Banking at Colorado, Boulder, Colorado.
“We are excited to bring Rick on board and look forward to the leadership he will provide to our lending function,” said Steffens. “His experience, professionalism, and attitude will be well-received across our organization.”
About Southern Missouri Bancorp, Inc.
Southern Missouri Bancorp, Inc. (NASDAQ:SMBC) is a Missouri corporation which conducts commercial banking activities through its wholly-owned subsidiary, Southern Bank. The Bank operates 42 facilities in Missouri, Arkansas, and Illinois. At March 31, 2018, the Company reported total assets of $1.8 billion, loans of $1.5 billion, deposits of $1.6 billion, and stockholders’ equity of $196 million.
###
Greg Steffens, President/CEO 573-778-1800
Source:Southern Missouri Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-southern-missouri-bancorp-inc-appoints-chief-lending-officer.html |
May 9, 2018 / 2:42 PM / Updated 13 minutes ago UPDATE 1-Britain plays down media report of Hitachi nuclear deal Reuters Staff
(Updates throughout, recasts with UK govt response)
By Susanna Twidale
LONDON/TOKYO, May 9 (Reuters) - Britain’s government on Wednesday played down a media report that it will guarantee Hitachi Ltd’s Horizon Nuclear Power loans for the construction of two reactors in Wales.
British Prime Minister Theresa May met Hitachi Chairman Hiroaki Nakanishi last week in London and asked him to go ahead with the project, conveying the government’s intention to fully guarantee the loans, Japan’s Mainichi newspaper paper said, without citing a source.
“We don’t recognise these reports,” a spokesman for Britain’s Department for Business, Energy and Industrial Strategy (BEIS) said in an emailed statement.
“Nuclear power remains a crucial part of the UK’s energy future but we have always been clear that this must be delivered at the right price for consumers and taxpayers,” he said.
Britain is seeking new ways to fund nuclear projects after criticism over a deal awarded to France’s EDF to build the first nuclear plant in Britain for 20 years, which could cost consumers 30 billion pounds ($40 billion).
“These discussions are commercially sensitive and we have no further details at this time,” the BEIS spokesman said.
Hitachi’s Horizon plans to construct at least 5.4 gigawatts of new nuclear capacity at two sites in Britain – the first at Wylfa Newydd in Wales, and a second at Oldbury-on-Severn in England.
Horizon said the two projects could generate enough electricity to power 10 million homes and create tens of thousands of jobs.
“There are regular and ongoing discussions between ourselves and the UK Government on the project but we will not comment on the specifics in terms of the participants in, or content of the conversations,” a spokesman for Horizon said.
The Mainichi report said Hitachi is still pushing for the British government to take a stake in the project and guarantee electricity prices to ensure it is profitable.
The cost of the Hitachi project in Wales has ballooned to 3 trillion yen ($27.4 billion) due to tougher safety measures, the newspaper said.
Hitachi declined to comment, when contacted by Reuters. ($1 = 0.7391 pounds) ($1 = 109.5000 yen) (Reporting by Susanna Twidale, Yoshiyasu Shida and Osamu Tsukimori; Writing by Aaron Sheldrick; Editing by Christian Schmollinger and Alexandra Hudson) | ashraq/financial-news-articles | https://www.reuters.com/article/britain-nuclear-hitachi/update-1-britain-plays-down-media-report-of-hitachi-nuclear-deal-idUSL3N1SG5HZ |
The Pre-Markets Rundown: May 23, 2018 2 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/the-pre-markets-rundown-may-23-2018.html |
(Reuters) - The United States will withdraw from the Iran nuclear pact negotiated in 2015 and reimpose sanctions it had previously withdrawn, President Donald Trump said, calling the deal “defective” at its core.
U.S. President Donald Trump displays a presidential memorandum after announcing his intent to withdraw from the JCPOA Iran nuclear agreement in the Diplomatic Room at the White House in Washington, U.S., May 8, 2018. REUTERS/Jonathan Ernst MARKET REACTION: OIL: Oil prices initially slumped on conflicting headlines about President Trump’s intentions, rebounded after Trump’s announcement at the end of the trading session, and then sold off again to settle lower.
STOCKS: Equities were volatile, and ended the day mostly unchanged.
CURRENCIES: The dollar pulled back against other major currencies.
BOB MCNALLY, PRESIDENT, RAPIDAN GROUP, WASHINGTON, D.C.: “He could have been tougher. He could have reimposed all sanctions right away. I think it was combined with this message of we’re still going to talk, and it could have been worse. My sense is it’s not going to be 500,000 barrels by the end of the year.
“I think it is going to be very difficult to tell what it will be on a volumetric basis. It is going to be on a case by case, country-by-country basis.
“We think everyone is going to scramble to call the White House on Monday and get an exemption. We’re expecting it to dissuade some buyers from purchasing Iranian crude. We assume Iran will stay in, and not kick out inspectors, as long as the Europeans stick close to them.”
DAVID DIXON, CHIEF EXECUTIVE OF OILFIELD SERVICE COMPANY MCDERMOTT INTERNATIONAL INC:
“There is nothing we (McDermott) can do about it anyway. It will be interesting to see what the impact is. Imposing those heavy sanctions takes a lot of product out of the market.”
BRIAN LAROSE, TECHNICAL ANALYST, ICAP-TA, NEW YORK:
“Sanctions will take time to reimpose. It’s not going to happen overnight. At this point we don’t know what the new sanctions will be. About 1 mln bpd of production might be at risk. There are plenty of other players that would be more than willing to step up to the plate to fill that void.
“1 mln bpd, I don’t think, is a big enough story to jolt the markets higher. Not too many folks are paying attention to the fact that the dollar is up.”
MATTHEW BOLTON, PACE UNIVERSITY POLITICAL SCIENCE PROFESSOR:
“The decision to withdraw from the Iran deal is truly irresponsible, putting political posturing above human security. The Iran nuclear deal made the world safer and less at risk of nuclear proliferation. The agreement cut off all the pathways to an Iranian bomb. This plays into the hands of hardliners in Iran who also want to scuttle the deal. It is a blow to America’s credibility, undercutting its capacity to persuade others that the US keeps its promises. The rest of the signatories of the Iran Deal - Iran, China, France, Germany, Russia, the United Kingdom, and the EU – should forge ahead with upholding the agreement.”
JOE MCMONIGLE, SENIOR ENERGY POLICY ANALYST, HEDGEEYE POTOMAC RESEARCH, WASHINGTON, D.C.:
“It was very much as advertised. A lot of people were second-guessing this, and it became clear today that is not the case.
“He’s very focused on the oil revenue to the regime. There are other sanctions that will go into effect as well, and I think he spelled that out in his remarks as well.
“He indicated in the speech that countries that do business with Iran will also be subject to sanctions. China, dealing with a different currency, could potentially escape some sanctions. But any country that wants to be doing business with the U.S. needs to think about sanctions.
“It’s going to have a potential chilling effect in companies doing business with Iran.”
BRIAN DAINGERFIELD, MACRO STRATEGIST AT NATWEST MARKETS IN STAMFORD, CONNECTICUT:
“The market has been preparing, in a sense, for this announcement. The combination of the changeover in the president’s team from (Secretary of State Rex) Tillerson to (Mike) Pompeo and the appointment of (national security adviser) John Bolton was a signal to the market of the direction that the administration was going.
“You have seem some modest flight to quality, though it hasn’t been major. I think right now there’s still quite a bit of uncertainty about the future of the deal even now that the U.S. has made its intentions clear.
“We do know that the European Union has said they will continue to uphold the accord regardless of the U.S. decision. We need to know how Iran will respond to this. There’s still plenty up in the air.
“You could argue that President Trump being open to negotiation of a better deal while also hanging the risk of sanctions over Iran...that if an agreement could still be reached, a risky scenario could be avoided.”
ERIC NUTTALL, PARTNER AND SENIOR PORTFOLIO MANAGER AT NINEPOINT PARTNERS IN TORONTO:
“As an energy investor, Trump announced everything that one could possibly have wanted him to say ... The term that he used was the ‘highest’ level of sanctions, we’re obviously looking for the detail to this.
“But it gives one confidence that there could be a reduction in the physical movement of barrels and this also puts at stake the medium- and long-term growth ambitions of Iran to grow their production and capacity. Today’s announcement gives energy bulls that much more confidence that the bull market for oil has even greater longevity for it.
“I think we’re going to $80 next year for WTI. We see the inventories reaching a 10-year low by the end of this year.”
BRIAN BATTLE, DIRECTOR OF TRADING AT PERFORMANCE TRUST CAPITAL PARTNERS IN CHICAGO
“This is a really telegraphed policy position, so I don’t think the market is surprised. The economic effects will be minimal. Really this is a political story. It’s not a markets or an economic story.”
Investors are also reacting to Trump’s tone:
“He’s not closed the door and shunned them. He wants a new deal. The door is open to try again which is probably less harsh than what he could have said.”
MICHAEL O’ROURKE, CHIEF MARKET STRATEGIST AT JONESTRADING IN GREENWICH, CONNECTICUT:
“There was so much of this leaked out there in the media. It doesn’t seem to be much of a surprise to the market. The initial reaction was that defense names popped and rallied, oil had rallied, but they’re giving back now as well. Overall, we haven’t moved beyond the range we were trading in.”
JACQUES ROUSSEAU, MANAGING DIRECTOR OF CLEARVIEW ENERGY IN WASHINGTON, D.C.:
“I think people are sorting through what could actually happen. Is there actually any oil that’s going to leave the market? It doesn’t appear so in the near-term.
“If you take a look at what’s going on now, Iran ships about 2.2 million barrels per day to Asia. And that oil is unlikely to get changed at all. Those buyers, which are mainly China, India, and Korea, are unlikely to adjust their plans.
“The piece that could come into play is what goes to Europe. About 600,000 barrels a day goes to Europe, and so it depends on the level that Europe is cooperating with Trump.
“One important thing in all of this: the oil in Iran is very different to the oil in Venezuela. One of the issues Venezuela has is that their oil is very heavy and sour and so not many refiners in the world can actually process it. If, for example, the U.S. stops importing the oil from Venezuela, it’s a little more difficult to find a home for it... Whereas the oil from Iran is medium quality, so there’s a lot more places it could go.”
“If you look back on the last time sanctions came into effect; the Asian buyers did not cut back on their purchases. So now, that’s something that is unlikely to occur.
“There’s definitely a lot of little ins and outs that could try and steer things in that direction; in terms of whether cargoes would be insured, there’s a lot of pieces to the puzzle and I’m not sure when exactly all of that is going to be put out. But it doesn’t seem like there’s going to be volumes affected in the near term.”
STEPHEN MASSOCCA, SENIOR VICE PRESIDENT, WEDBUSH SECURITIES, SAN FRANCISCO:
“It’s difficult to see how going back to the old Iranian sanctions without cooperation from major European countries will be effective. It might have an impact on oil pricing more than anything else...But to the stock market, I don’t see a big move one way or the other. At the end of the day, it’s not that important.”
LEO MARIANI, ENERGY SPECIALIST, NATALLIANCE SECURITIES, AUSTIN, TEXAS:
“I do think that there is a good chance that Iranian production will start to decline by YE18 and Iran could lose roughly 250-600,000 Bopd over the next 12-18 months. This should set up oil prices to continue to act well into 2019, and our 2019 oil price forecast is $67 WTI and $71 Brent.”
MICHAEL PURVES, CHIEF GLOBAL STRATEGIST, HEAD OF EQUITY DERIVATIVES STRATEGY, WEEDEN & CO:
“The big risk is a crude spike which Trump doesn’t want ahead of the midterms. Does Trump really want that from a political strategy point of view? So, does he bark at 2 p.m., then walk it back if oil prices go too high? But the secondary impact is that it drives up inflation which could lift bond yields higher.”
BLU PUTNAM, CHIEF ECONOMIST, CME GROUP, CHICAGO: “A pullout from the Iran deal could lead China to buy more Iranian oil over the long term in place of the excess shale oil it imports from the U.S.
“A U.S. pullout from the nuclear deal could raise gas prices at the pump, with the possibility of forecasts for $5 a gallon during the summer driving season, stoking inflation.
“Shale producers will decide on whether to increase production and hedge it based on futures prices six to 24 months out, which are now significantly lower than spot prices. Energy ETFs are influenced by this backwardation price structure.”
DANIEL FLYNN, ENERGY ANALYST TRADER, PRICE FUTURES GROUP, CHICAGO:
“Everybody knows we’re going to pull out of the nuclear deal. Investors are going to be looking to see if our European allies are on board with us. I see us going higher. Definitely going higher. Unless we have a black swan event, $80 is not out of the question.”
CHAD MORGANLANDER, PORTFOLIO MANAGER, WASHINGTON CROSSING ADVISORS, FLORHAM PARK, NEW JERSEY:
“We’ve already seen a run-up within oil prices that has been quite violent, so this sell-off on oil prices is basically ‘buy the rumor, sell on the news’ overall. That intraday move to positive territory (in stocks), investors should not take any special note of that. I really think the current administration rehearsed its signals in an effective manner, the decision to pull out of the Iran deal. So any type of intraday shift within the market is playing off of oil prices continuing to hit lower lows. It applies additional pressure to the overall sentiment of the market as the dollar continues to grind higher and (Treasury) yields continue to move higher as well. That’s the overall real driver of the market. The news out of Iran hasn’t surprised the system at all.”
MICHAEL ANTONELLI, MANAGING DIRECTOR, INSTITUTIONAL SALES TRADING, ROBERT W. BAIRD, MILWAUKEE:
“We’re getting conflicting reports about the Iran deal. CNN reported that (Trump) would not withdraw but the New York Times is reporting that he will withdraw. The market will struggle until we get clarity on this.
“The original report was that he would stay in the agreement and the market liked that because its less global tensions. Then the NY Times said he will withdraw, so that brings back to the table the thought of global tensions with Iran.
“We’re just looking at Iran today, nothing else. We’re all over the place. Nobody knows what the right answer is right now.”
STAN SHIPLEY, STRATEGIST, EVERCORE ISI, NEW YORK: “Trump is going to leave the deal, but this is pretty well anticipated here. The market has priced this in pretty well here. There are still deals between Iran with the Europeans, Russia and China. Does it cause Iran more problem to move money around the world? Yes. It is lose/lose deal for the U.S. It raises the risk that Iran might forgo negotiations and go ahead with its nuclear program.”
Reporting by Stephanie Kelly, April Joyner, Ayenat Mersie, Megan Davies, Sinead Carew, Richard Leong, Rodrigo Campos, Jessica Resnick Ault, Ernest Scheyder and Liz Hampton
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-instantview/instant-view-u-s-withdraws-from-iran-deal-idUSKBN1I92UA |
May 20, 2018 / 12:17 PM / Updated 7 hours ago Egypt gets bids for coal-fired power plant, to announce winner next week Reuters Staff 2 Min Read
CAIRO, May 20 (Reuters) - Egypt next week will announce the winning consortium to build a 6,000 megawatt coal-fired power plant in the Red Sea port of Hamrawein after having received bids from three international consortiums, the electricity minister said on Sunday.
Egypt is looking to expend electricity production after acute shortages in the years immediately following its 2011 uprising led to frequent summer blackouts and cuts to industrial production.
The minister, Mohamed Shaker, said in a statement that the lowest bid received was for $4.4 billion from a Chinese consortium that includes Shanghai Electric and Dongfang Electric.
A U.S. consortium led by General Electric made a bid for $5.2 billion, and a Japanese-Egyptian consortium that includes Mitsubishi-Hitachi Power Systems, Toyota Tsusho Corp as well as Egypt’s Orascom Construction and El Sewedy Electric made a bid for $6.19 billion.
Shaker said the winner would be chosen according to the average price of electricity production during the lifetime of the project. (Reporting by Momen Saeed Atallah; writing by Eric Knecht; editing by Sami Aboudi and Jason Neely) | ashraq/financial-news-articles | https://www.reuters.com/article/egypt-coal/egypt-gets-bids-for-coal-fired-power-plant-to-announce-winner-next-week-idUSL5N1SR08Z |
May 7, 2018 / 2:04 PM / Updated 30 minutes ago Latvian bank takes ECB to court for triggering collapse Gederts Gelzis , John O'Donnell 4 Min Read
RIGA/FRANKFURT (Reuters) - Latvian bank ABLV said on Monday it is taking the European Central Bank to court for triggering its demise after it faced allegations of money laundering. FILE PHOTO: European Union flags flutter outside the European Central Bank (ECB) headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach/File Photo
The development is the latest challenge to the European banks supervisor over its handling of the affair, over which it has been widely criticized.
Earlier this year the United States accused Latvia’s third biggest bank, ABLV, of money laundering and breaking sanctions on North Korea, prompting its closure and triggering the Baltic state’s worst financial crisis in a decade.
The scandal placed the country of two million people in the middle of a power struggle between Russia and the United States, and fueled a debate over European money-laundering controls.
It also caught the ECB, the euro zone’s top supervisor of banks, by surprise, and led to criticism by European lawmakers for what they see as its failure to monitor the bank on the outskirts of the currency bloc.
The ECB, which declined to comment on Monday, has sought to play down its role, arguing that it was not responsible for monitoring money laundering.
But ABLV, which is chiefly owned by two wealthy Latvian bankers, Ernests Bernis and Olegs Fils, said it had filed legal action with the Court of Justice of the European Union against the euro zone’s central bank for its role in its collapse.
The ECB’s move to stop payments at the bank and subsequent declaration that it was failing sealed ABLV’s fate. Okko Hendrik Behrends, the Latvian bank’s lawyer, said the ECB should not have triggered ABLV’s closure because it was financially healthy and could have survived. REFORM SETBACK
Latvia is trying to repair its reputation by paring back those banks that attracted clients in Russia and former Soviet states such as Ukraine with the promise of Swiss-style secrecy.
Its Prime Minister Maris Kucinskis has pledged to improve the policing of banks, while Washington, an important military ally for the former Soviet-ruled state, is keeping up pressure on Latvia to tackle money laundering, much of which Latvian officials and bankers privately say involves wealthy Russians.
But reform is proving difficult as Russian-speaking opposition lawmakers, who come from a 500,000-strong minority in the country, are sceptical about the need for change.
The overhaul hit another snag on Monday when Latvia’s prosecutor general postponed the appointment of a new head of the country’s anti-money laundering agency.
Since securing its independence from Moscow in 1991, more than a dozen Latvian banks have promoted themselves as a gateway to Western markets for largely Russian customers.
After it joined the European Union in 2004, transfers were deemed less risky for Western banks to handle than if they had come directly from Russia, bankers and officials have said.
In many cases, money was lodged in a Latvian bank and then funneled to accounts elsewhere, such as Switzerland, they said.
In a separate case before the European Court, the ECB alleges Latvian authorities broke the law by keeping the country’s central bank governor from fulfilling his role as an ECB policymaker because of bribery allegations.
The Latvian government has barred the central bank chief, Ilmars Rimsevics, from leaving the country after he was detained in a bribery probe. He has denied wrongdoing. Writing by John O'Donnell; Editing by Alexander Smith | ashraq/financial-news-articles | https://www.reuters.com/article/us-latvia-banking/latvian-bank-takes-ecb-to-court-for-triggering-collapse-idUSKBN1I81HE |
ROME, May 17 (Reuters) - The leader of Italy’s anti-establishment 5-Star Movement said on Thursday the programme intended to be the basis of a coalition government with the far-right League had not yet been definitively approved.
Luigi Di Maio told reporters after a meeting with League chief Matteo Salvini that there were still some “minor points” which needed to be agreed on, adding that a final deal would be reached later in the day.
A 5-Star source had told Reuters earlier that the two leaders had signed off on the pact. (Reporting by Giuseppe Fonte, Writing by Gavin Jones; Editing by Crispian Balmer)
| ashraq/financial-news-articles | https://www.reuters.com/article/italy-politics-programme-5star/italys-5-star-chief-says-govt-programme-review-not-quite-finished-idUSR1N1R502O |
China moved to ease trade tensions with the U.S., as talks in Washington, D.C., between the two nations entered their second day.
Beijing ended an antidumping probe into imported U.S. sorghum, used for livestock feed and brewing alcohol, which had all but shut down U.S. sales to China. China’s Commerce Ministry said on Friday that punitive measures on purchases of the crop would “affect the cost of living for consumers” in China.
... RELATED VIDEO The Tech Arms Race Driving the U.S.-China Trade Dispute “Made in China 2025” is Beijing’s industrial plan to dominate high-tech industries including robotics, aerospace and computer chips. The Trump administration argues China is using the plan to give its tech companies unfair advantage over foreign rivals. But what is it exactly? | ashraq/financial-news-articles | https://www.wsj.com/articles/china-drops-probe-into-u-s-sorghum-shipments-1526629000 |
Federal Reserve ready to loosen bank rules 4:14am IST - 01:51
U.S. regulators on Wednesday proposed simplifying a rule introduced after the 2007-2009 financial crisis that bans banks from trading on their own account in order to make compliance easier for many firms.
U.S. regulators on Wednesday proposed simplifying a rule introduced after the 2007-2009 financial crisis that bans banks from trading on their own account in order to make compliance easier for many firms. //reut.rs/2LbjoGv | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/30/federal-reserve-ready-to-loosen-bank-rul?videoId=431768724 |
CBS sues Redstones over Viacom merger 7:46pm BST - 01:25
CBS asked a court to block controlling shareholder Shari Redstone from interfering at a special meeting of its board called to consider a merger with Viacom. Aleksandra Michalska reports. ▲ Hide Transcript ▶ View Transcript
CBS asked a court to block controlling shareholder Shari Redstone from interfering at a special meeting of its board called to consider a merger with Viacom. Aleksandra Michalska reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2rNNXdh | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/14/cbs-sues-redstones-over-viacom-merger?videoId=426904614 |
May 11, 2018 / 8:06 AM / Updated 9 hours ago Super Rugby Fixtures Reuters Staff 1 Min Read May 11 (OPTA) - Super Rugby fixtures for this weekend Friday, May 11 fixtures (GMT) Blues v Hurricanes (06:35) Saturday, May 12 fixtures (GMT) Sunwolves v Reds (02:05) Crusaders v Waratahs (04:15) Highlanders v Lions (06:35) Brumbies v Rebels (08:45) Stormers v Chiefs (12:05) Bulls v Sharks (14:15) | ashraq/financial-news-articles | https://uk.reuters.com/article/rugbyunion-super-fixtures/super-rugby-fixtures-idUKMTZXEE5BK14M3N |
May 2(Reuters) - Technical Olympic SA :
* REPORTED ON MONDAY, FY 2017 SALES 22.0 MLN VS EUR 28.9 MLN YR AGO
* FY EBITDA LOSS AT EUR 14.2 MLN VS LOSS EUR 5.4 MLN YR AGO
* NET CASH ON DEC 31, AT EUR 1.1 MLN VS 1.5 MLN YR AGO Source text : bit.ly/2HK3dmh
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S91IG |
Saks Fifth Avenue is moving the beauty department at its flagship store off the ground floor, scrapping a nearly century-old blueprint in a bid to compete with Sephora and other beauty chains, and win back shoppers who have migrated online.
Cosmetics, fragrances and face creams will relocate to a remodeled second floor that will include spa services and treatment rooms. Handbags and leather goods will take their place in the store’s most valuable real estate.
... RELATED VIDEO A Brief History of Retail The retail industry is undergoing another major shift -- to e-commerce. How did we get here? Photo: Associated Press | ashraq/financial-news-articles | https://www.wsj.com/articles/saks-bumps-its-beauty-counter-off-coveted-ground-floor-1526635802 |
UNITED NATIONS (Reuters) - United Nations Secretary-General Antonio Guterres called on the remaining parties to the Iran nuclear deal (JCPOA) to abide by their commitments after U.S. President Donald Trump said on Tuesday that Washington would withdraw.
United Nations Secretary General Antonio Guterres takes part in the 37th session of the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) in Havana, Cuba, May 8, 2018. REUTERS/Alexandre Meneghini Guterres said in a statement that he was “deeply concerned” by Trump’s decision.
“It is essential that all concerns regarding the implementation of the plan be addressed through the mechanisms established in the JCPOA. Issues not directly related to the JCPOA should be addressed without prejudice to preserving the agreement and its accomplishments,” Guterres said.
Reporting by Michelle Nichols; Editing by Peter Cooney
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-un/u-n-chief-calls-on-remaining-parties-to-abide-by-iran-deal-idUSKBN1I92VP |
LOS ANGELES--(BUSINESS WIRE)-- CBRE Group, Inc. (NYSE: CBRE) today announced that Dara Bazzano has been appointed the company’s Chief Accounting Officer. She will lead CBRE’s Finance operations globally and have responsibility for all internal and external financial reporting.
Ms. Bazzano joined in April 2018. She had previously served as Global Controller and Chief Accounting Officer at The Gap, Inc., where she led all aspects of the company’s accounting, shared services and control functions. Earlier, she was a Partner at PwC and at KPMG where she held numerous roles over 13 years, including serving as a technical leader in the national office of KPMG.
“Dara brings strong technical skills, business savvy and leadership experience to her role at CBRE,” said Jim Groch, Chief Financial Officer, CBRE. “She is a great addition to CBRE’s Global Finance leadership team.”
Ms. Bazzano earned a BS with an accounting concentration from California State University, Sacramento. She is accredited by the American Institute of Certified Public Accountants.
With Ms. Bazzano assuming the Chief Accounting Officer duties, Arlin Gaffner, who filled this role on an interim basis since November 2017, will focus full-time on his responsibilities as Chief Financial Officer of the Americas.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005017/en/
CBRE Group, Inc.
Robert McGrath
Media Relations
212.984.8267
[email protected]
or
Brad Burke
Investor Relations
215.921.7436
[email protected]
Source: CBRE Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-cbre-group-inc-appoints-dara-bazzano-as-chief-accounting-officer.html |
Internationally-renowned geneticist and neurobiologist with decades of hearing research leadership to head Sensorion’s Scientific Advisory Board
MONTPELLIER, France, May 22, 2018 (GLOBE NEWSWIRE) -- Sensorion (FR0012596468 – ALSEN), a biotech company specializing in the treatment of inner ear diseases, today announces that Professor Christine Petit, M.D., Ph.D. will be appointed as the Chair of its Scientific Advisory Board.
Professor Christine Petit presently serves concurrently as Professor at College de France, Chair of Genetics and Cellular Physiology, Professor at Institut Pasteur (Paris) and Head of the Laboratory of Genetics and Physiology of Hearing of the Pasteur Institute, affiliated to INSERM (UMRS 1120) and Sorbonne University (Paris).
Among her most notable accomplishments are deciphering the genetic basis for human deafness, elucidating key molecular machineries for sound reception and encoding, and uncovering pathogenic processes for a large variety of hearing deficits. Based on these findings, she is now developing curative therapies for deafness. She has been the recipient of numerous prestigious awards for her scientific contributions, such as the ARO Lifetime Achievement Award of Merit (USA), the International Brain Prize from Grete Lundbeck Foundation, The Hughes Knowles Prize (USA), the Louis-Jeantet for Medicine Prize for her outstanding contribution to the understanding of the auditory science (Europe), the l’Oréal-Unesco Award recognizing outstanding Women in Sciences (Europe) and the Grand Prize from the INSERM (France).
She is a member of the French and American Sciences Academies and the American Medical Academy.
“Professor Christine Petit has a profound and multidisciplinary understanding of hearing and has made paradigm-changing discoveries in the field,” said Nawal Ouzren, Chief Executive Officer of Sensorion. “We are humbled and honored to have an established leader and world-renowned scientist of Professor Petit’s caliber joining Sensorion. We are confident that her guidance, expertise and experience will serve as invaluable assets to our company and to our efforts in providing better treatment options for those suffering from inner ear diseases.”
Professor Christine Petit will lead the French Hearing Institute coupled to an innovative research center in human audiology, which will open early 2019 in Paris. It aims to advance knowledge in auditory neurosciences and to develop new diagnostic and therapeutic approaches.
About Sensorion
Sensorion is a biotech company pioneering novel treatments of inner ear diseases such as severe vertigo, tinnitus or hearing loss. Two products are currently in the clinical development stage: SENS-111, in phase 2 in acute unilateral vestibulopathy (vestibular neuritis), and SENS-401, which has completed a phase 1 trial. The company was founded by Inserm (the French Institute of Health and Medical Research) and is utilizing its pharmaceutical R&D experience and comprehensive technology platform to develop first-in-class easy-to-administer, notably orally active, drugs for treating and preventing hearing loss and the symptoms of bouts of vertigo and tinnitus.
Based in Montpellier, Southern France, Sensorion has received financial support from Bpifrance, through the InnoBio fund, and Inserm Transfert Initiative.
Sensorion has been listed on the Euronext Growth Paris exchange since April 2015.
www.sensorion-pharma.com
Contacts
Sensorion
Nawal Ouzren
CEO
[email protected]
Tél : +33(0) 467 207 730 Investor Relations
LifeSci Advisors LLC
Chris Maggos
[email protected]
Tél. : +41 79 367 6254 Label : SENSORION Press ISIN : FR0012596468 Alize RP Mnemonic : ALSEN Caroline Carmagnol & Wendy Rigal [email protected] Disclaimer
This press release contains certain forward-looking statements concerning Sensorion and its business. Such forward-looking statements are based on assumptions that Sensorion considers to be reasonable. However, there can be no assurance that such forward-looking statements will be verified, which statements are subject to numerous risks, including the risks set forth in the Document de référence registration document filed with the Autorité des marchés financiers (AMF- French Financial Market Authority) on July 28, 2016 under n°R.16-069 and to the development of economic conditions, financial markets and the markets in which Sensorion operates. The forward-looking statements contained in this press release are also subject to risks not yet known to Sensorion or not currently considered material by Sensorion. The occurrence of all or part of such risks could cause actual results, financial conditions, performance or achievements of Sensorion to be materially different from such forward-looking statements.
This press release and the information that it contains do not constitute an offer to sell or subscribe for, or a solicitation of an offer to purchase or subscribe for, Sensorion shares in any country. The communication of this press release in certain countries may constitute a violation of local laws and regulations. Any recipient of this press release must inform oneself of any such local restrictions and comply therewith.
Source:Sensorion | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-sensorion-appoints-professor-christine-petit-md-phd-as-chair-of-its-scientific-advisory-board.html |
May 4, 2018 / 6:33 AM / Updated 15 minutes ago UPDATE 2-Rising costs overshadow net profit jump at Erste Group, hurting shares Reuters Staff 3 Min Read
(Recasts, adds share price fall, detail)
VIENNA, May 4 (Reuters) - Rising costs at Austrian lender Erste Group in the first quarter overshadowed a bottom line bolstered by less risk provisioning, hurting its shares on Friday.
Despite net profit rising by more than a quarter to 332.6 million euros ($398.6 million), slightly above an average forecast of of 311 million euros in a Reuters poll of analysts, operating profit fell 2 percent and operating expenses increased 5 percent.
Although the company repeated that its operating expenses should fall over 2018 as a whole, its shares took a beating. By 0802 GMT they were down 5.3 percent at 37.93 euros in a weaker banking sector.
“Personnel expenses were ... up. With unemployment rates in most of our core markets low, further upward pressure is to be expected,” Chief Executive Andreas Treichl said. “The costs of IT-related projects — many of them driven by regulatory requirements — remained substantial.”
Those expenses were the flip-side of robust economic growth in Austria and eastern Europe, where Erste operates. That had a positive effect on loan demand and loan quality, which enabled it to reduce its risk provisioning.
“Demand for loans continues to be strong, particularly in the Czech Republic and Slovakia,” Treichl said. “By far the biggest contribution came, however, from an exceptionally benign risk environment, which resulted in net releases.”
The impairment result from financial instruments, normally a negative figure, turned positive, reaching 54.4 million euros in the quarter, compared with a write-down of 65.8 million euros a year earlier.
Despite the rising costs and a lower core capital ratio, Erste said it was “excellently positioned” to meet its targets for 2018 of a higher dividend and a return on tangible equity (ROTE) above 10 percent. ROTE rose to 11.8 percent from 10.3 percent in the previous quarter.
“Overall, all the conditions needed for a continuing positive development are in place,” Treichl said, citing a non-performing loans ratio of 3.7 percent and solid economic growth forecasts for countries Erste operates in. ($1 = 0.8344 euros) (Reporting by Francois Murphy; Editing by Kevin Liffey and Adrian Croft) | ashraq/financial-news-articles | https://www.reuters.com/article/erste-results/update-1-lower-risk-provisioning-lifts-erste-groups-net-profit-idUSL8N1SB160 |
May 23 (Reuters) - Nevada Gold & Casinos Inc:
* NEVADA GOLD & CASINOS INC SAYS NO LONGER IN EXCLUSIVE DISCUSSIONS TO SELL CO - SEC FILING
* NEVADA GOLD & CASINOS INC - BOARD INITIATED PROCESS TO EVALUATE POTENTIAL STRATEGIC ALTERNATIVES
* NEVADA GOLD & CASINOS - BOARD WILL CONSIDER FULL RANGE OF STRATEGIC, OPERATIONAL & FINANCIAL ALTERNATIVES, WHICH MAY INCLUDE SALE OR OTHER DEAL
* NEVADA GOLD & CASINOS INC - AGREEMENT TO SELL SOUTH DAKOTA ROUTE OPERATION TO MICHAEL J. TRUCANO FOR $400,000 Source: ( bit.ly/2J0Hhms ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nevada-gold-casinos-inc-says-no-lo/brief-nevada-gold-casinos-inc-says-no-longer-in-exclusive-discussions-to-sell-co-idUSFWN1SU0I9 |
SAN DIEGO, May 22, 2018 /PRNewswire/ -- Bank of Southern California, N.A. (OTC Pink: BCAL), a community business bank headquartered in San Diego, is pleased to announce Gaylin Anderson has joined the company as Executive Vice President, Market Executive in Southern California. He will be responsible for leading Bank of Southern California's regional presence by actively seeking new business opportunities while expanding upon current relationships. This marks an important step in the Bank's expansion into the Los Angeles region and further demonstrates its commitment to the Southern California business community.
Mr. Anderson is a high-performing executive that brings extensive market expertise, with more than 30 years' experience in the banking industry. Prior to joining Bank of Southern California, he served as the Executive Vice President, Managing Director of Community Banking at Banc of California and was responsible for growing the Bank's footprint and portfolio.
Mr. Anderson attended the University of Utah. Active in the community, he served in a leadership role with Junior Achievement of San Diego and is involved with several local philanthropic organizations including LATM and Habitat for Humanity.
"I am pleased to welcome Gaylin to Bank of Southern California's executive leadership group. Gaylin is an accomplished and well-respected leader bringing advanced industry expertise to further support our ongoing expansion of the Bank's footprint," said Nathan Rogge, President & CEO. "Gaylin will play a key role in growing our brand and presence in Los Angeles," concluded Rogge.
About Bank of Southern California:
A growing community bank, established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, CA, is locally owned and managed, and offers a range of financial products to individuals, professionals, and small-to-medium sized businesses. The Bank's solution-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. The Bank currently operates seven branches in San Diego and the Coachella Valley in Riverside County, and a production office in Orange County. For more information, please visit www.banksocal.com or call 858.847.4780.
* LOGO for Media: Send2Press.com/300dpi/18-0118s2p-bank-so-cal-300dpi.jpg
View original content with multimedia: http://www.prnewswire.com/news-releases/bank-of-southern-california-hires-market-executive-to-grow-the-banks-presence-in-los-angeles-300652383.html
SOURCE Bank of Southern California, N.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-bank-of-southern-california-hires-market-executive-to-grow-the-banks-presence-in-los-angeles.html |
ANKARA (Reuters) - Turkish Foreign minister Mevlut Cavusoglu will meet U.S. Secretary of State Mike Pompeo in Washington on June 4, a Turkish foreign ministry official said on Tuesday.
FILE PHOTO: Turkish Foreign Minister Mevlut Cavusoglu gestures during a news conference in Ankara, Turkey April 16, 2018. REUTERS/Umit Bektas The meeting comes amid high tension between the two NATO allies, most recently due to U.S. moving its Israeli embassy to Jerusalem.
Reporting by Ece Toksabay; Editing by Dominic Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-turkey-minister/turkish-u-s-foreign-ministers-to-meet-on-june-4-idUSKCN1IH0Y7 |
BRUSSELS (Reuters) - European Union finance ministers agreed on Friday to remove the Caribbean island countries of the Bahamas and Saint Kitts and Nevis from an EU list of tax havens.
The two countries had been included on the blacklist in March as their tax rules and practices were deemed not in line with EU standards.
After they committed to changes, EU ministers agreed to move them from the blacklist to a so-called grey list of jurisdictions with low tax transparency standards but aiming to become less opaque, an EU document shows.
Seven other jurisdictions remain on the blacklist. They are Namibia, Palau, Samoa, Trinidad and Tobago and the three U.S. territories of American Samoa, Guam and the U.S. Virgin Islands.
The EU blacklist was set up last December after revelations of widespread tax avoidance schemes used by corporations and wealthy individuals to lower their tax bills. It originally included 17 jurisdictions.
“Having fewer jurisdictions on the list is a measure of the success of the listing process”, said Vladislav Goranov, minister for finance of Bulgaria, which currently holds the EU presidency.
Fair tax groups and EU lawmakers have criticized the rapid shrinking of the list and the fact that renowned tax avoidance countries are not listed.
Blacklisted jurisdictions could face reputational damage and stricter controls on their financial transactions with the EU, although no sanctions have been agreed by member states yet.
Those who are on the grey list could be moved to the blacklist if they do not honor their commitments.
Reporting by Francesco Guarascio; editing by David Stamp
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eu-tax-blacklist/eu-removes-bahamas-st-kitts-from-tax-haven-blacklist-idUSKCN1IQ1BC |
CANNES, France (Reuters) - Italian actress Asia Argento, who has accused movie mogul Harvey Weinstein of sexual assault, told the closing ceremony of the Cannes Film Festival there were abusers in the audience who had yet to be outed.
Argento, one of the women Quote: d in Ronan Farrow’s New Yorker article in October, said Weinstein raped her during the Cannes festival in 1997 when she was 21.
Weinstein has denied allegations of non-consensual sex, and a lawyer representing him said that Argento’s claims were completely false. Argento’s London-based agent, Steve Kenis, was not immediately available to provide further details.
“This festival was his hunting ground,” Argento said in a speech ahead of the awarding of the Palme d’Or and other prizes.
She said Weinstein, until this year a hugely influential presence at the festival, would never return, “shunned by a film community that once embraced him and covered up for his crimes”.
“Even tonight, sitting among you, there are those who still have to be held accountable for their conduct against women,” she said.
“You know who you are, but, most importantly, we know who you are, and we are not going to allow you to get away with it any longer,” she ended her speech, to applause.
Weinstein’s attorney in Italy, Filomena Cusano, was in Cannes as Argento spoke and said there was as much stunned silence in the hall as there was applause.
“The allegations by Ms. Argento are completely false. Mr. Weinstein had a consensual relationship with Ms. Argento, and she starred in Mr. Weinstein’s film B. Monkey in 1998, in which Argento was excellent, and she herself said was a fantastic role for her,” Cusano said in a statement.
“After that, she wrote a script for Mr. Weinstein about Italian director Vittorio De Sica that he wishes could have been produced. This is clearly a painful time for Ms. Argento, but it is a false narrative. Mr. Weinstein only wishes Ms. Argento well.”
Organisers of the festival, which began on May 9, set up a telephone hotline for victims of harassment, and several discussion groups addressed the issues of sexual abuse and the under-representation of women in the film business. [nL5N1SK0IC]
Reporting by Robin Pomeroy and Sarah Mils; Writing by Robin Pomeroy; Editing by Jon Boyle and Daniel Wallis
| ashraq/financial-news-articles | https://in.reuters.com/article/filmfestival-cannes-asia-argento/weinstein-accuser-argento-warns-others-at-cannes-we-know-who-you-are-idINKCN1IL03A |
Seven bodies found in rural Australian town 9:46am EDT - 01:15
Australian police found seven dead people on Friday, including four children, in a rural town in the Margaret River wine-growing region, and said guns were involved in the killings.
Australian police found seven dead people on Friday, including four children, in a rural town in the Margaret River wine-growing region, and said guns were involved in the killings. //reut.rs/2KORRex | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/11/seven-bodies-found-in-rural-australian-t?videoId=425908045 |
May 9 (Reuters) - Cactus Inc:
* CACTUS ANNOUNCES FIRST QUARTER 2018 RESULTS * CACTUS INC - QTRLY REVENUES $115.1 MILLION VERSUS $58.5 MILLION
* CACTUS INC - QTRLY EARNINGS PER CLASS A SHARE $0.14
* CACTUS INC - CURRENTLY EXPECTS TOTAL CAPITAL EXPENDITURES FOR 2018 TO RANGE BETWEEN $50 MILLION AND $60 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cactus-reports-qtrly-earnings-per/brief-cactus-reports-qtrly-earnings-per-class-a-share-0-14-idUSASC0A181 |
May 2, 2018 / 5:48 PM / Updated 12 minutes ago BRIEF-MTY Announces Changes In Senior Management Reuters Staff
May 2 (Reuters) - MTY Food Group Inc: * SAYS ERIC LEFEBVRE APPOINTED CEO
* STANLEY MA WILL BE STEPPING DOWN AS CHIEF EXECUTIVE OFFICER OF COMPANY EFFECTIVE NOVEMBER 2
* MTY FOOD - MA WILL RETAIN ROLE AS CHAIRMAN OF BOARD Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-mty-announces-changes-in-senior-ma/brief-mty-announces-changes-in-senior-management-idUSASC09Z23 |
HARARE (Reuters) - Zimbabwe’s wildlife agency said on Tuesday it was investigating allegations that a South African national bribed officials to allow a Colorado-based tourist to take the ivory tusks of an elephant illegally shot in a Zimbabwe game park.
Their inquiry comes after U.S. prosecutors accused the South African, who was with a hunting party in Gonarezhou National Park in southern Zimbabwe, of paying up to $8,000 in bribes to Zimbabwean government officials to kill the elephant inside the park and to have the animal’s ivory released.
“We are investigating the matter,” said Tinashe Farawo, spokesman for the Zimbabwe Parks and Wildlife Management Authority. He gave no further details.
A government official, who declined to be named because he was not authorized to speak to the media, said Zimbabwean authorities had contacted the South African but he was not forthcoming with information.
A statement by the U.S. Department of Justice in Colorado dated May 21 said the South African conspired with the unidentified Colorado hunter to export the tusks by falsely saying in official documents the hunter was a South African resident and that the elephant was shot outside Gonarezhou.
It is illegal under Zimbabwean law for hunters to shoot animals inside a state game park.
In 2015, a U.S. dentist touched off a global storm when he killed a rare black-maned lion named Cecil with a bow and arrow outside Hwange National Park in western Zimbabwe, forcing the United States to suspend importation of elephant trophies from Africa.
Reporting by MacDonald Dzirutwe; Editing by Alison Williams
| ashraq/financial-news-articles | https://www.reuters.com/article/us-zimbabwe-usa-wildlife/zimbabwe-investigates-bribe-allegations-after-hunter-indicted-in-u-s-idUSKCN1IU28E |
RESTON, Va.--(BUSINESS WIRE)-- Access National Corporation (NASDAQ: ANCX), holding company of its primary subsidiary Access National Bank (the “Bank”), welcomes Matthew Johnson to its financial leadership team as Senior Vice President and Treasurer of the Bank effective June 1, 2018.
Mr. Johnson has more than 30 years in financial management, with expertise in the financial services industry. Most recently, he served as Executive Vice President and Chief Financial Officer of the $2.1 billion WashingtonFirst Bankshares, Inc. (WFBI) for 15-years until its sale to Sandy Spring Bancorp (SASR). In his capacity at WashingtonFirst, Mr. Johnson had responsibility for all financial reporting compliance, liquidity management, asset-liability management functions and execution of equity offerings and corporate transactions.
According to Access CEO Michael Clarke: “We are honored to have Matt join our leadership team, bringing his financial acumen to our growing company. We have always admired Matt as a knowledgeable and adept cross-town competitor. He is known as a leader and collaborator focused on working smart to get the job done. He will be a great addition and will fit naturally into our hard working and ambitious culture.”
Mr. Johnson added, “I have watched and competed with the Access team’s success for many years. I know we will work well together to maximize the opportunities afforded to the company and its shareholders stemming from the 2017 merger with Middleburg Financial. Together with CFO Meg Taylor, we will ensure there is a solid finance function and foundation going forward to support meaningful growth and success.”
As of March 31, 2018, Access National Corporation reported total assets of $2.8 billion and reported earnings of $8.1 million or $0.39 per diluted share for the period then ended.
Access National Bank was founded in 1999 by professional bankers and business people. It is an independent, nationally-chartered bank based in Reston, Virginia that serves the Greater Washington DC Metropolitan area. In April 2017, Access National Bank completed a merger with Middleburg Bank (founded in 1924), creating Virginia’s premier bank with enhanced scale, improved efficiency, and a well-diversified business model. Access National Bank is a subsidiary of Access National Corporation and trades on the NASDAQ Global Market under the symbol “ANCX.” Member FDIC.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180518005757/en/
Access National Corporation
Michael Clarke, CEO
703-871-2100
Source: Access National Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/business-wire-access-national-bank-adds-treasurer-matthew-johnson.html |
May 16 (Reuters) - Universal Electronics Inc:
* UNIVERSAL ELECTRONICS - ON MAY 11, BOARD AUTHORIZED SHARE BUYBACK PURSUANT TO WHICH CO MAY BUY SHARES FOR PRICE NOT EXCEEDING $10 MILLION UNTIL AUG 2 Source text : [ bit.ly/2Go8lXE ] Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-universal-electronics-board-author/brief-universal-electronics-board-authorizes-10-million-share-buyback-program-idUSFWN1SN0XQ |
Tapestry shares tumble on weak Kate Spade sales 4 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/tapestry-share-tumble-on-weak-kate-spade-sales.html |
(Recasts, adds poll, cenbank minutes)
By Ezgi Erkoyun and Nevzat Devranoglu
ISTANBUL, May 30 (Reuters) - Turkey’s lira hit its firmest level in nearly two weeks on Wednesday, as emergency measures by both the central bank and top officials helped alleviate some of the concern about the direction of monetary policy under President Tayyip Erdogan.
The lira is on track for its best week in nine years, after a market rout last week that forced the central bank to hike rates by 3 percentage points at an emergency meeting. The bank has also announced plans to move to a single policy rate, a move long sought by investors.
Still, the market remains cautious. Ratings agency Moody’s on Wednesday slashed its forecast for Turkey’s 2018 economic growth to 2.5 percent from 4 percent previously, citing the sell-off in the lira and the impact of double-digit inflation on growth.
“There was the rate hike last week and this week they announced the central bank would simplify its policy framework,” said Per Hammarlund, chief emerging markets strategist at SEB.
“This suggests the central bank will be more autonomous when it sets interest rates and monetary policy – it could change in future but for now it signals the central bank will be more independent and that’s very good news for the lira.”
The lira was at 4.4560 to the dollar at 1202 GMT, firming some 2 percent and not far off its firmest since May 18. Last week it hit a record low of 4.9290, prompting the emergency move by the central bank.
The main stock index was 0.65 percent lower at 10,4417.
Investors have hammered the currency - at one point sending it down by as much as 20 percent this year - on concerns about Erdogan’s drive for lower interest rates. The selling accelerated this month after he said he would look to take greater control over monetary policy following June 24 presidential and parliamentary elections.
Deputy Prime Minister Mehmet Simsek and Turkish Central Bank Governor Murat Cetinkaya met with investors in London on Tuesday, and dialled back on Erdogan’s messages on interest rate policy. They insisted the central bank has the freedom to defend the lira, according to investors who met them.
INFLATION FIGHT On Wednesday Simsek said on Twitter the meetings were “beneficial” and that Turkey would prioritise the fight against inflation and the current account deficit.
But taming inflation has not proved easy for the bank. A Reuters poll showed on Wednesday that monthly inflation is likely to jump 1.45 percent in May. That would translate into an annual increase of nearly 12 percent.
“The impact of the devaluation of the lira is slowly being seen in inflation,” said Ozlem Bayraktar, chief economist at Tacirler Investment. Annual inflation could rise toward 13.5 percent in July before ending the year at more than 11 percent, she said.
The central bank said its tight stance would be maintained decisively and further monetary tightening would be delivered if needed, according to the minutes of its emergency meeting last week, which were released on Wednesday.
Separately, official data showed that the economic confidence index fell to 93.5 points in May, further easing from a five-month high reached at the start of this year. (Additional reporting by Ali Kucukgocmen in Istanbul and Claire Milhench in London; Editing by David Dolan and Andrew Roche)
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Advertise with Us Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/turkey-currency/update-1-turkeys-lira-extends-rare-hot-streak-after-central-bank-moves-idUSL5N1T144Q |
LIMA, May 10 (Reuters) - Peru’s central bank left the benchmark interest rate unchanged at 2.75 percent as expected on Thursday, citing “clear signs” that economic growth was recovering and predicting that inflation would quicken back into its target range in the second quarter.
The central bank said it would maintain its expansive monetary policy position until inflation converges back toward its goal of 2 percent with inflation expectations anchored. (Reporting by Mitra Taj; Editing by Leslie Adler)
| ashraq/financial-news-articles | https://www.reuters.com/article/peru-rates/peru-central-bank-holds-key-rate-cites-recovering-economic-growth-idUSEMNI530TW |
BERLIN (Reuters) - Germany’s Angela Merkel on Wednesday defended the Iran nuclear deal following its rejection by Washington, arguing the pact is the best way to tackle concerns about Tehran’s role in Syria and its ballistic missile program.
German Chancellor Angela Merkel speaks during the 2018 budget debate at the lower house of parliament Bundestag in Berlin, Germany, May 16, 2018. REUTERS/Hannibal Hanschke In a wide-ranging policy speech to the Bundestag lower house of parliament, the chancellor of 12-1/2 years addressed a range of individual issues from euro zone reform to digitalization and defense, without laying out a cohesive strategic vision.
A multilateral approach, including towards Iran, is the only option, said Merkel, who with other European powers is struggling to keep alive the nuclear deal without the United States.
Merkel described the deal as “everything other than ideal”, but argued that international nuclear authorities said Iran was sticking to its commitments.
“This does not mean we are happy about everything Iran is doing, we have to talk about its role in Syria, its ballistic missile program, other issues, but the question is whether you can talk better if you terminate an agreement or if you stay in it,” Merkel told lawmakers.
“We say you can talk better if you remain in it,” she added.
Last week, U.S. President Donald Trump abandoned the 2016 pact between Iran and six world powers which lifted most international sanctions in return for Tehran curbing its nuclear program, under the surveillance of the U.N. nuclear watchdog.
“Despite all the difficulties that we have these days, the transatlantic relationship is and remains paramount,” Merkel, whose fourth term atop a coalition started in March after her conservatives made big losses in a Sept. vote, told lawmakers.
“But these transatlantic relationships also must be able to deal with differences of opinion.”
German Chancellor Angela Merkel speaks at the lower house of parliament Bundestag in Berlin, Germany, May 16, 2018. REUTERS/Hannibal Hanschke EURO ZONE BACKSTOP Merkel also called for a strengthening of the euro zone and threw her weight behind proposals from her Social Democrat Finance Minister Olaf Scholz to transform the European Stability Mechanism (ESM) fund, into a facility to wind down bad banks.
Merkel and Scholz are at odds with French President Emmanuel Macron over his more radical ideas to create a separate euro zone budget, appoint a finance minister and convert the bloc’s ESM emergency rescue fund into a European monetary fund.
Merkel, adamant that Germans will not take on greater risks, said that individual members must take responsibility for themselves within a currency union. She also said she supported developing the ESM “to give it tasks that come close to those of a international monetary fund”.
“I agree that when a lot of progress has been made on reducing risks nationally, we can have a common backstop and this common backstop could be domiciled in the ESM, as the finance minister said yesterday,” said Merkel.
Scholz had on Tuesday suggested the ESM become a common backstop as long as risks in national banks’ balance sheets were reduced first. This is a smaller step than Macron wants. He aims to turn it into a preventative fund to help members facing short-term financial problems.
Both leaders have said they will reach agreement before a summit in Brussels on June 28-29.
In a lively debate, the parliamentary leader of the far-right opposition Alternative for Germany (AfD), Alice Weidel, was scolded by Bundestag President Wolfgang Schaeuble for discriminating against women wearing headscarves in her speech.
“Burkas, headscarf girls, knifemen who live off benefits and other good-for nothings will not secure our prosperity, economic growth and above all the welfare state,” Weidel had said to boos from other lawmakers.
She also Quote: d Czech President Milos Zeman: “If you live in a country where you are punished for fishing without a license but not for illegally crossing a border, then you are fully justified in saying the country is ruled by idiots.”
Additional reporting by Paul CarrelWriting by Madeline Chambers; Editing by Paul Carrel and Janet Lawrence, William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-politics/best-to-talk-to-iran-and-stay-in-nuclear-deal-merkel-says-idUSKCN1IH0P4 |
Stocks can resume rally with tech leadership, says Jeff Tomasulo Tuesday, May 15, 2018 - 05:00
Vespula Capital's CEO also tells Reuters' Fred Katayama that equity markets can withstand a sharp rise in interest rates so long as it's gradual.
Vespula Capital's CEO also tells Reuters' Fred Katayama that equity markets can withstand a sharp rise in interest rates so long as it's gradual. //reut.rs/2L49kzR | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/15/stocks-can-resume-rally-with-tech-leader?videoId=427200909 |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.