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Cargo supply ship launches for ISS 7:35am EDT - 01:22
The Cygnus cargo ship, packed with supplies for the International Space Station, lifted off on an Antares rocket from Wallops Island, Virginia on Monday. Rough Cut (no reporter narration).
The Cygnus cargo ship, packed with supplies for the International Space Station, lifted off on an Antares rocket from Wallops Island, Virginia on Monday. Rough Cut (no reporter narration). //reut.rs/2IzcFJs | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/21/cargo-supply-ship-launches-for-iss?videoId=429011547 |
HAIFA, Israel, May 10, 2018 (GLOBE NEWSWIRE) -- Pluristem Therapeutics Inc. (Nasdaq:PSTI) (TASE:PSTI), a leading developer of placenta-based cell therapy products, today reported financial results and corporate developments for its third quarter of fiscal 2018 ended March 31, 2018.
“The past few months brought several significant milestones which we believe are key to our continued development”, stated Pluristem Chairman and Co-CEO Zami Aberman. “The U.S. Food and Drug Administration (FDA) has cleared our Investigational New Drug application (IND) for the use of PLX-R18 in treating victims who may have been acutely exposed to high dose radiation (ARS) due to nuclear attack or accident. Following this IND approval, and as an additional step to prepare for marketing, we will now start the necessary preparations in order to keep an emergency stock of PLX-R18 on hand for use in such events. We were also cleared by the FDA to start our Phase III study in PLX-PAD in the treatment of muscle injury following hip fracture surgery. This marks the second Phase III study in Pluristem’s clinical pipeline, and we intend to have an additional Phase III study in the treatment of ARS cleared by the FDA by the end of this year.”
“Pluristem is well positioned to be a significant market leader in the cell therapy and regenerative medicine industries”, stated Pluristem President and Co-CEO Yaky Yanay. “We expect to publish top line data from our Phase II study in intermittent claudication (IC) in June, which will be the largest clinical data set we have published to date. With these data and the latest IND approvals, we are moving closer to market. In support of this process we have announced that we are forming a strategic advisory board, composed of highly accomplished executives, such as Roger Jeffs, former CEO of United Therapeutics and who led Amgen’s Neupogen clinical programs. We believe that this strategic board will bring tremendous expertise and vision to Pluristem, and support our strategic development, clinical progress and commercialization. The company is well financed and has multiple non-dilutive grants to supports its clinical development, including a $2.5 million grant from the U.S. National Institutes of Health (NIH) for a research project in ARS which should provide bridging data for the final pivotal study.”
Financial Update:
As of March 31, 2018, Pluristem had $34.1 million in cash and cash equivalents, bank deposits and short-term restricted deposits. The Company’s net cash used for operating activities for the quarter ended March 31, 2018 was $5.6 million.
About Pluristem Therapeutics
Pluristem Therapeutics Inc. is a leading developer of placenta-based cell therapy products. The Company has reported robust clinical trial data in multiple indications for its patented PLX cells and is entering late-stage trials in several indications. Our PLX cell products release a range of therapeutic proteins in response to inflammation, ischemia, muscle trauma, hematological disorders, and radiation damage. The cells are grown using the Company's proprietary three-dimensional expansion technology and can be administered to patients off-the-shelf, without tissue matching. Pluristem has a strong intellectual property position; Company-owned and operated, GMP-certified manufacturing and research facilities; strategic relationships with major research institutions; and a seasoned management team.
Safe Harbor Statement
This press release contains express or implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. Federal securities laws. For example, Pluristem is using forward-looking statements when its discusses its belief that the recent milestones are key to Pluristem’s continued development and that Pluristem is heading towards a significant time period, its intention to make necessary preparations to keep an emergency stock of PLX-R18, that it expects to publish top line data from its Phase II study in IC within the coming weeks, its belief that with the data from the Phase II study in IC, and the latest IND approvals, it is moving closer to market, that the data developed from its ARS studies should provide data for its final pivotal study and its belief that it is in a strong position to become a significant market leader in the cell therapy and regenerative medicine industries. These forward-looking statements and their implications are based on the current expectations of the management of Pluristem only and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements; Pluristem may encounter delays or obstacles in launching and/or successfully completing its clinical trials; Pluristem’s products may not be approved by regulatory agencies, Pluristem’s technology may not be validated as it progresses further and its methods may not be accepted by the scientific community; Pluristem may be unable to retain or attract key employees whose knowledge is essential to the development of its products; unforeseen scientific difficulties may develop with Pluristem’s process; Pluristem’s products may wind up being more expensive than it anticipates; results in the laboratory may not translate to equally good results in real clinical settings; results of preclinical studies may not correlate with the results of human clinical trials; Pluristem’s patents may not be sufficient; Pluristem’s products may harm recipients; changes in legislation may adversely impact Pluristem; inability to timely develop and introduce new technologies, products and applications; loss of market share and pressure on pricing resulting from competition, which could cause the actual results or performance of Pluristem to differ materially from those contemplated in such forward-looking statements. Except as otherwise required by law, Pluristem undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risks and uncertainties affecting Pluristem, reference is made to Pluristem's reports filed from time to time with the Securities and Exchange Commission.
Contact:
Karine Kleinhaus, MD, MPH
Divisional VP, North America
1-914-512-4109
[email protected]
Efrat Kaduri
Head of Investor and Public Relations
972-74-7108600
[email protected]
Source:Pluristem Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-pluristem-reports-third-quarter-fiscal-2018-corporate-and-financial-highlights.html |
May 17, 2018 / 10:05 AM / Updated 9 minutes ago RPT-GLOBAL MARKETS-Government borrowing costs rise as oil heads back to the 80s Reuters Staff
(Repeats story, text unchanged)
By Marc Jones
LONDON, May 17 (Reuters) - The dollar took a breather at a five-month high on Thursday, though government borrowing costs continued to grind upwards as oil prices hit their highest since 2014 at almost $80 a barrel.
Ten-year U.S. government Treasury yields, which are a key driver of global borrowing costs, neared a 7-year high of 3.12 percent as higher oil pointed to higher inflation and followed Wednesday’s upbeat U.S. retail sales numbers.
Europe’s FX traders nursed dollar index positions after its latest surge, but euro/dollar was struggling to keep a foothold back above $1.18 and dollar/yen hit its highest level since late January at 110.57.
“The big turnaround was the Japanese yen, there is clearly big time (U.S. vs Japan) rate sensitivity there,” said Saxo Bank’s head of FX strategy John Hardy.
“The correlation (between moves in yields and yen) is likely to one-to-one almost, and without any risk appetite meltdown that should continue.”
World and European shares did creep higher but other two big macro market spotlights stayed on Italy and Turkey.
Turkey’s lira was on the slide again as concerns persisted about what an expansion of President Tayyip Erdogan’s powers could mean if he wins elections in the country next month as widely expected.
It came despite the central bank saying on Wednesday that it would take action against a sell-off in the currency.
Benchmark Italian government bond yields nudged higher after a 16 basis point jump on Wednesday following reports, subsequently denied, that the prospective Five Star/League coalition government had drafted an economic plan that would seek 250 billion euros of debt forgiveness from the European Central Bank.
While few people see that as either a realistic proposal or one that would remain in the coalition’s agenda, the tone of the new government’s stance toward euro zone rules was seen as confrontational and spooked some investors.
Markets are now eagerly awaiting the final agreement to see what details remain. Two-year Italian government yields are now back in positive territory for the first time in almost a year – the only other positive yielding two-year euro zone government bond is Greece.
“I’m still sceptical on the euro, there is a lot of headline risk,” Saxo bank’s Hardy said, adding the worry for lira was that investors will bolt even before they know Erdogan’s post- election plans. BACK TO THE FUTURES
The other major mover was oil which was nearing the $80 a barrel threshold for first time since late 2014.
With the global economy running at healthy clip demand remains strong, while U.S. President Donald Trump’s plans to re-impose sanctions on Iran could soon cut global supply by a million barrels a day.
Brent crude futures were last at $79.47 per barrel, up 0.12 percent from their last close, while U.S. crude was at $71.67 a barrel, up 18 cents. Both are now up almost 30 percent since February and 80 percent since June last year.
ANZ bank said on Thursday that Brent was “now threatening to break through $80 per barrel ... (as) geopolitical risks continue to support prices, (and as) an unexpected fall in inventories in the U.S. got investors excited.”
U.S. bank Morgan Stanley meanwhile raised its Brent price forecast to $90 per barrel by 2020 due to a steady increase in demand.
Back in the currency markets, sterling rallied against both the dollar and the euro after a UK newspaper reported that Prime Minister Theresa May would tell Brussels that Britain was prepared to stay in the European Union’s customs union after a transitional arrangement beyond 2021.
Pressure on Mexico’s peso returned as hopes for a new-look NAFTA trade deal with the U.S. and Canada were pushed back and as the country’s central bank said its systems had been hit by a 300 million pesos ($15.33 million) cyber attack. | ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SO2Z8 |
RIYADH (Reuters) - Saudi authorities have arrested seven people for suspicious contacts with foreign entities and offering financial support to enemies overseas, state news agency SPA said on Saturday.
Citing a state security spokesman, an SPA statement said the suspects arrested “had suspicious contacts with foreign entities to support their activities, recruited people working in sensitive government sites and offered financial support of hostile elements overseas.”
They aimed at undermining the security and stability of the Kingdom and dividing national unity, the statement said, adding that work was still underway to identify everyone involved in their activities and take all legal measures against them.
Saudi Arabia has arrested at least five people, mostly women who previously agitated for the right to drive and an end to the kingdom’s male guardianship system, rights activists said on Friday.
In September, Saudi authorities arrested some 30 clerics, intellectuals and activists in an apparent crackdown on potential opponents of the conservative kingdom’s absolute rulers and amid a deepening rift between the Kingdom and its allies on one side and Qatar on the other.
Saudi Arabia, alongside the United Arab Emirates, Bahrain and Egypt, almost a year ago cut diplomatic and transport ties with Qatar accusing it of supporting militants and Iran - charges Doha denies.
Reporting by Omar Fahmy and Marwa Rashad; Editing by Tom Brown and James Dalgleish
| ashraq/financial-news-articles | https://www.reuters.com/article/us-saudi-security-arrests/saudi-arabia-arrests-seven-for-suspected-links-with-foreign-entities-idUSKCN1IJ2TE |
May 23, 2018 / 6:38 AM / Updated 13 minutes ago Britvic's half-year revenue up 4.5 percent soft drink company Britvic Plc ( BVIC.L ) said on Wednesday its half-year revenue rose 4.5 percent to 733.2 million pounds as it sold more no- or low-sugar drinks during the period.
The UK bottler of Pepsi, 7UP and Mountain Dew Energy said profit before tax for the 28 weeks ended April 15, fell to 41.8 million pounds from 50.1 million pounds, as it took a charge of 21.6 million pounds in its ongoing business capability programme. Reporting by Sangameswaran S in Bengaluru; Editing by Sunil Nair | ashraq/financial-news-articles | https://uk.reuters.com/article/us-britvic-results/britvics-half-year-revenue-up-4-5-percent-idUKKCN1IO0N4 |
May 2 (Reuters) - HELGELAND SPAREBANK:
* Q1 LOAN LOSSES NOK 8 MILLION VERSUS NOK 6 MILLION YEAR AGO
* Q1 NET INTEREST & CREDIT COMMISSIONS INCOME NOK 141 MILLION VERSUS NOK 135 MILLION YEAR AGO
* Q1 NET INCOME NOK 73 MILLION VERSUS NOK 64 MILLION YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-helgeland-sparebank-q1-net-income/brief-helgeland-sparebank-q1-net-income-rises-to-nok-73-million-idUSFWN1S90FE |
By Clifton Leaf 3:53 PM EDT
For all the heady talk of Big-I “Innovation” propelling the pharmaceutical industry, we are often reminded that more mundane, and sometimes unseemly, forces are really driving the train. From engaging in rampant price gouging to blocking generic drug competition to fueling the epidemic of opioid addiction , drug makers and distributors have often used behind-the-scenes machinations and the greased levers of market, regulatory, and political power to pad their profits. PhRMA, the big-money trade group for the largest pharmaceutical companies, spent $25.4 million last year , $5 million more than it spent in 2016, on lobbying efforts. (The site, OpenSecrets.org, brought to you by the nonpartisan Center for Responsive Politics, provides a list of the bills PhRMA’s K Street emissaries actually tried to influence in 2017. It’s all-encompassing.) Still, as much as many of us shake our heads at such cloakroom-and-dagger plotting, we’ve grown to expect that it happens.
It saddens me immensely to say it, but we’re used to it.
What we’re not used to are the actions that were reported yesterday—by Michael Avenatti, the now-ubiquitous attorney for Stephanie Clifford, also known as the former porn star Stormy Daniels, who is embroiled in a lawsuit with President Trump. (Well, I’ll just quote the Times here : “Ms. Clifford…was paid $130,000 by Mr. Cohen to keep quiet about claims that she had an affair with Mr. Trump after meeting him in 2006. She sued last month to get out of the nondisclosure agreement she signed in October 2016, claiming it is void because Mr. Trump had never signed it.”)
The story that broke yesterday is that Essential Consultants—the apparent shell corporation that attorney Cohen apparently used to silence Ms. Clifford—also received some substantial inflows of cash. Some of that lucre reportedly came from a company with ties to a Russian oligarch—and some from major blue chip companies, including AT&T and Novartis. John Carroll at Endpoints News has a cogent summary and analysis here .
Novartis now acknowledges that it paid Cohen’s consulting firm a total of $1.2 million (rather than the $400,000 that was reported yesterday by Avenatti), as part of a one-year agreement that the Swiss drug giant entered into in February 2017, just after Trump was sworn in. It’s not clear what sort of service Cohen—who, to the best of anyone’s knowledge, had zero experience or expertise in the pharmaceutical trade—offered in return for all this cash. But it’s hard not to jump to the most straightforward conclusion: Cohen’s one and seemingly only “asset” to offer Novartis was the President’s receptive ear.
A source close to the company tells me that, “with the recent change in administration, Novartis believed that Michael Cohen could advise the company as to how the Trump administration might approach certain U.S. healthcare Act. The agreement was for a term of one year, and paid Essential Consultants $100,000 per month.”
The pressing need for this advice, says the source, was that the Democrats were suddenly out of power and the Republicans were suddenly in power, but it wasn’t clear if Mr. Trump thought (or would act) like a traditional Republican or heaven knows what—so the Swiss drug company was searching for some “clarity.”
In March 2017, Novartis had its first meeting with Cohen under this agreement, the source says. “But following this initial meeting, Novartis determined that Cohen and Essential Consultants would be unable to provide the services that Novartis had anticipated related to U.S. healthcare policy matters and the decision was taken not to engage further. As the contract unfortunately could only be terminated for cause, payments continued to be made until the contract expired by its own terms in February 2018.”
The source also makes the point that the engagement predated the new CEO, Vas Narasimhan, who “was in no way involved with this agreement.” Contrary to recent media reports, says the insider, “this agreement was also in no way related to the to the group dinner Dr. Narasimhan had at the World Economic Forum in Davos with President Trump and 15 Europe based industry leaders.”
As for the Special Counsel’s office, “Novartis was contacted in November 2017 regarding the company’s agreement with Essential Consultants. Novartis cooperated fully with the Special Counsel’s office and provided all the information requested. Novartis considers this matter closed as to itself and is not aware of any outstanding questions regarding the agreement.”
Which brings us back to the question of how much unseemliness is the business of normal these days. If Novartis’s interest in reaching out to Trump via Michael Cohen was merely “pay for way”—that is, to find out where pharma-related policy in the new administration might be headed, as my source says, that’s one thing. If it was “pay to sway”—spending money outside of traditional lobbying efforts to directly influence policy at the highest level of government, that’s worse. And if it was “pay to play”—securing the promise of some policy or regulatory change in exchange for this investment in Michael Cohen’s firm—that’s even more distressing.
In any case, there’s no way we’ve heard the last of this.
The rest of the day’s news is below. Clifton Leaf, Editor in Chief, FORTUNE @CliftonLeaf DIGITAL HEALTH
This AI algorithm mimicked brain cell activity. Scientists at University College London (UCL), in collaboration with researchers from Google’s AI-focused outfit DeepMind, have created an artificial intelligence-powered algorithm that mimics the activity patterns of specialized brain cells, Nature reports. “It is striking that the computer model, coming from a totally different perspective, ended up with the grid pattern we know from biology,” Nobel Prize winner Edvard Moser told the publication of the deep learning technique. ( Nature ) Advertisement INDICATIONS
There’s officially an EpiPen shortage underway. The Food and Drug Administration (FDA) officially added several key epinephrine products, including Mylan’s EpiPen and Impax Labs’ Adrenaclick, to its drug shortage list on Wednesday. This followed patient group reports that there had been backlogs for prescriptions; today, the FDA explained that these are related to some manufacturing instabilities, though it’s unclear when those will be resolved. In the meantime, people who need to refill their prescriptions still have some options, including alternative products like Kaleo’s Auvi-Q (read more on that here ). ( Fortune ) THE BIG PICTURE
The uninsured rate got worse in 17 states. A new Gallup report finds that the number of uninsured Americans continued to increase in 17 states last year. That’s the first time in four years that any state had a rise in the uninsurance rate at all, and also the first time in that span that zero states experienced a reduction in the uninsured rate. The survey follows multiple Trump administration efforts to undermine the Affordable Care Act through both regulatory and Congressional mechanisms. ( Gallup ) Advertisement REQUIRED READING | ashraq/financial-news-articles | http://fortune.com/2018/05/09/brainstorm-health-daily-05-09-18/ |
Economist discusses the top unresolved issues in NAFTA talks 6 Hours Ago Robert Scott of the Economic Policy Institute explains the "big differences of opinion" between the U.S. and the other countries involved in NAFTA talks. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/economist-discusses-the-top-unresolved-issues-in-nafta-talks.html |
May 25, 2018 / 11:59 PM / Updated 14 hours ago It's 'Love, Actually' as bachelor Hugh Grant marries at 57 Reuters Staff 2 Min Read
(Reuters) - Hugh Grant, best known for playing bumbling Britons in romantic comedies like “Four Weddings and a Funeral,” has married for the first time, British media reported on Friday. FILE PHOTO - Hugh Grant and Anna Eberstein arrive for the British Academy of Film and Television Awards (BAFTA) at the Royal Albert Hall in London, Britain, February 18, 2018. REUTERS/Hannah McKay
Grant, 57, who has played a string of commitment-phobic characters, married Swedish television producer Anna Eberstein, 39, at a low-key civil ceremony in London’s Chelsea district, photos of the pair printed in British newspapers showed.
Eberstein is the mother of three of Grant’s young children. The “Love, Actually” star has two other children with former partner Tinglan Hong.
The photos showed Grant and Eberstein leaving the Chelsea register office in London on Friday and posing for pictures on the steps outside with a small group of family members. Grant wore a dark blue suit, while Eberstein was dressed in a blue shirt and white miniskirt and wearing a simple gold wedding band. Slideshow (2 Images)
Grant’s publicist did not return a Reuters request for comment.
Grant, one of Britain’s best-known comic actors, is also famous for his own reluctance to marry. He split up in 2000 with his actress girlfriend Elizabeth Hurley after 13 years together.
“I’m not really a believer in marriage,” he told People magazine in 2015. “I’ve seen very few good examples, maybe five, in my life, but I think otherwise it’s a recipe for mutual misery.”
Grant, the star of two “Bridget Jones” comedies, also made headlines when he was arrested in Los Angeles in 1995 with a prostitute. Reporting by Jill Serjeant in Los Angeles; Editing by Sandra Maler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-people-hugh-grant/its-love-actually-as-bachelor-hugh-grant-marries-at-57-idUKKCN1IQ384 |
Published: May 13, 2018 11:10 a.m. ET Share
Despite the conventional wisdom, sometimes it’s the man who loses sexual desire Universal/Courtesy Everett Collection Men’s desire for sex can be as tricky as women’s
By Elizabeth Bernstein
Contrary to conventional wisdom, sometimes it’s men who first lose sexual desire in a long-term relationship, a new study finds.
Men’s desire for sex can be as tricky as women’s, according to researchers at the University of Kentucky. Men often lose interest when they feel insecure, when they worry they are losing autonomy in a relationship, or when physical changes cause embarrassment. Pressure to be the initiator compounds the stress.
“We expect male desire to always be high and to be simple, like an on and off switch, while we expect women’s desire to be a complicated switchboard, but they are both complex,” says Kristen P. Mark, associate professor of health promotion and director of the Sexual Health Promotion Lab at the University of Kentucky and the lead researcher on study, a broad look at men and women that analyzed 64 studies on sexual desire conducted since the 1950s.
Psychologists say desire in both sexes ebbs and flows. And it’s natural for it to decline after the heady honeymoon period, which typically lasts about 18 months to two years. Still, almost 80% of married couples have sex a few times a month or more: 32% reported having sex two to three times per week; 47% reported having sex a few times a month, according to “The Social Organization of Sexuality: Sexual Practices in the United States,” a 1994 University of Chicago study considered the most comprehensive in the field. | ashraq/financial-news-articles | https://www.wsj.com/articles/why-doesnt-your-husband-want-to-have-sex-1526122800?mod=trending_now_1?mod=mktw |
BEIJING (Reuters) - China’s Foreign Ministry said on Friday that the United States and North Korea should show patience and meet each other halfway, after U.S. President Donald Trump called off a summit with North Korean leader Kim Jong Un scheduled for next month.
Chinese Foreign Ministry spokesman Lu Kang points out a reporter to receive a question at a regular news conference in Beijing, October 27, 2015. REUTERS/Kim Kyung-Hoon/File Photo Ministry spokesman Lu Kang made the comment at a daily news briefing, while noting that Trump had said he remained willing to meet with Kim in future.
Reporting by Ben Blanchard; Editing by Nick Macfie
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-china/china-urges-u-s-north-korea-to-be-patient-and-meet-each-other-halfway-idUSKCN1IQ0R7 |
A mid-level California appeals court has ruled that a former Williams-Sonoma Inc employee was barred from suing the retailer for alleged wage-and-hour violations after he participated in an earlier settlement with the company over unpaid wages.
A unanimous three-judge panel of the California Court of Appeal, Second District in Los Angeles on Tuesday said that because Harley Shine’s reporting-time claim could have been raised in the earlier case against Williams-Sonoma, it was covered by a release he signed as part of a 2015 settlement.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2srzOTd
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May 14 (Reuters) - Internap Corp:
* INAP ANNOUNCES CHIEF FINANCIAL OFFICER TRANSITION * ROBERT M. DENNERLEIN IS STEPPING DOWN AS CHIEF FINANCIAL OFFICER
* ROBERT M. DENNERLEIN WILL CONTINUE TO SERVE AS INAP’S CHIEF FINANCIAL OFFICER UNTIL RETENTION OF HIS SUCCESSOR Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-inap-announces-chief-financial-off/brief-inap-announces-chief-financial-officer-transition-idUSASC0A1WA |
Taxes Anger in France, Britain over Trump's gun law speech U.S. President Donald Trump caused anger in France and Britain by suggesting looser gun laws could have helped prevent deadly attacks in Paris in 2015 and linking knife crime in London to a handgun ban. In a speech to the National Rifle Association (NRA) on Friday, Trump mimicked the shooting of victims in the Paris rampage and said if civilians had been armed "it would have been a whole different story." Published 7 Hours Ago Eric Peirmont | AFP | Getty Images French Economy Minister Bruno Le Maire.
U.S. President Donald Trump caused anger in France and Britain by suggesting looser gun laws could have helped prevent deadly attacks in Paris in 2015 and linking knife crime in London to a handgun ban.
In a speech to the National Rifle Association (NRA) on Friday, Trump mimicked the shooting of victims in the Paris rampage and said if civilians had been armed "it would have been a whole different story."
The French government issued its strongest criticism of Trump since he took office and one minister urged the leader to apologize, at a time when President Emmanuel Macron has been reinforcing bilateral ties following a state visit.
"France expresses its firm disapproval of President Trump's comments about the Paris attacks on Nov. 13, 2015 and demands that the memory of the victims be respected," the foreign office said in a statement.
"France is proud to be a country where acquiring and carrying firearms is strictly regulated."
French Finance Minister Bruno Le Maire said he hoped Trump "would come back on his words and express regret".
"His comments are shocking and not worthy of the president of the world's greatest superpower," Le Maire told BFM television on Sunday.
Other French politicians, including the mayor of Paris, took issue with Trump's comments, after he acted out the scene of the massacre by Islamist assailants at Paris' Bataclan concert hall, where 90 of the 130 victims of the attacks died.
"They took their time and gunned them down one by one. Boom! Come over here. Boom! Come over here. Boom!," Trump said, using his hands in a gun gesture.
Francois Hollande, who was French president at the time, said on Twitter Trump's remarks were "shameful" and "obscene". 'Knives, Knives, Knives, Knives'
Trauma surgeons in London, meanwhile, said Trump had missed the point when, in the same speech, he linked knife crime there to an absence of guns.
Comments by Trump have caused upset before in Britain. Relations with Prime Minister Theresa May cooled last year after she criticised him for retweeting anti-Islam videos by a British far-right group.
Trump, who is due to visit Britain on July 13, told NRA members that a "once very prestigious" London hospital, which he did not name, had become overwhelmed with knife attack victims.
"They don't have guns. They have knives and instead there's blood all over the floors of this hospital," he said. "They say it's as bad as a military war zone hospital. Knives, knives, knives, knives," he said, making stabbing gestures.
London suffered a spike in knife crime early this year, and saw more murders during February and March than New York.
Last month, trauma surgeon Martin Griffiths told the BBC some of his colleagues had likened the Royal London Hospital in east London where he works to the former British military base Camp Bastion in Afghanistan.
But on Saturday he indicated Trump had drawn the wrong conclusion from his remarks.
Griffiths posted his comment next to an animation of a stick figure with the phrase "The Point" flying over its head and also linked to a statement on the hospital's website by fellow trauma surgeon Karim Brohi.
"There is more we can all do to combat this violence, but to suggest guns are part of the solution is ridiculous. Gunshot wounds are at least twice as lethal as knife injuries and more difficult to repair," Brohi said in the statement on Saturday.
Britain's government effectively banned handgun ownership in England, Scotland and Wales after a school shooting in 1996. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/06/anger-in-france-britain-over-trumps-gun-law-speech.html |
May 2, 2018 / 11:33 AM / Updated 15 minutes ago Ghosts of tantrums past trigger first emerging mkt outflows since 2016-IIF Marc Jones 3 Min Read
LONDON, May 2 (Reuters) - The recent run up in the dollar and global borrowing costs has led to the first monthly outflow of foreign money from poorer “emerging” economies since 2016, estimates compiled by the Institute of International Finance show.
A new IIF report said the rising pressure from the dollar and bond yields has exhumed “the ghost of tantrums past” and caused a $0.5 outflow when combining figures from EM stocks funds and bond funds.
It was referring to the “taper tantrum” of 2013 when the U.S. Federal Reserve first hinted that it was looked to wind in the stimulus used to combat the financial crisis.
The April retrenchment was mostly concentrated in Asia, with combined debt and equity outflows amounting to some $7.8 billion. In contrast, foreign demand for Latin American securities was robust at about $6.8 billion.
“The rise of 10-year U.S. Treasury yields — in tandem with a stronger dollar — have been the key drivers of this downturn,” the authors of the IIF study said.
“Indeed, foreign investors have withdrawn more than $5.5 billion from EM debt markets since April 16, a slightly faster pace than that seen during the taper tantrum in May 2013.”
After a fast start to the year, net capital inflows to emerging markets which are a broader measure of cross-border flows, amounted to $77 billion in the first three months of 2018 which was still the largest net gain in four years.
For now though the tide has turned. The dollar has surged over three percent in two weeks and U.S. Treasury yields - a major driver of global borrowing costs - have broken above three percent for the first time in four years.
That has caused familiar jitters about the mountain of dollar-denominated debt that has been issued in the developing world in recent years.
They have borrowed at vastly cheaper rates by using dollars, but the rise in the U.S. currency now makes the repayments more costly unless they have been hedged.
The Bank for International Settlements this week said that a record 22 percent surge in debt sales last year pushed up the annual growth in EM dollar debt 10 percent to $3.7 trillion. (Reporting by Marc Jones, Editing by William Maclean) | ashraq/financial-news-articles | https://www.reuters.com/article/emerging-markets-flows/ghosts-of-tantrums-past-trigger-first-emerging-mkt-outflows-since-2016-iif-idUSL8N1S93MA |
Dream Hotel CEO: Offering travelers lifestyle brand choices 1 Hour Ago Jay Stein, Dream Hotel Group CEO, discusses the introduction of technology into the hospitality space along with other amenities. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/dream-hotel-ceo-offering-travelers-lifestyle-brand-choices.html |
SHANGHAI, China, May 10, 2018 (GLOBE NEWSWIRE) -- Baozun Inc. (Nasdaq:BZUN) ("Baozun" or the "Company"), the leading brand e-commerce service partner that helps brands execute their e-commerce strategies in China, today announced that it will release its unaudited financial results for the first quarter ended March 31, 2018, on Thursday, May 17, 2018, before the open of U.S. markets.
The Company will host a conference call to discuss the earnings at 7:30 a.m. Eastern Time on Thursday, May 17, 2018 (7:30 p.m. Beijing time on the same day).
Dial-in numbers for the live conference call are as follows:
International +852 3027 6500 U.S. Toll Free +1 855-824-5644 Mainland China Toll Free 8009-880563 Hong Kong 3027 6500 Passcode: 52759033# A telephone replay of the call will be available after the conclusion of the conference call through 11:59 p.m. Hong Kong Time, May 24, 2018.
Dial-in numbers for the replay are as follows:
International Dial-in +852 3027-6520 U.S. Toll Free +1 646-982-0473 Passcode: 319290002# A live and archived webcast of the conference call will be available on the Investor Relations section of Baozun’s website at http://ir.baozun.com/ .
Safe Harbor Statements
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
About Baozun Inc.
Baozun is the leading brand e-commerce solutions provider in China that helps brand partners execute their e-commerce strategies. The Company's integrated capabilities encompass all aspects of the e-commerce value chain, covering IT solutions, store operations, digital marketing, customer services, warehousing and fulfillment. With e-commerce in China growing rapidly in both scale and complexity, brands look to Baozun as a trusted partner and rely on its local knowledge and industry expertise to execute their e-commerce strategies.
For more information, please visit http://ir.baozun.com
For investor and media inquiries, please contact:
Baozun Inc.
Ms. Caroline Dong
Email: [email protected]
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: [email protected]
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]
Source:Baozun Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-baozun-inc-to-announce-first-quarter-2018-unaudited-financial-results-on-may-17-2018.html |
April 30 (Reuters) - AL SANABEL INTERNATIONAL FOR ISLAMIC INVESTMENTS HOLDING:
* Q1 LOSS 85,385 DINARS VERSUS LOSS OF 134,156 DINARS YEAR AGO Source: ( bit.ly/2HFIED4 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-al-sanabel-international-for-islam/brief-al-sanabel-international-for-islamic-investments-q1-loss-narrows-idUSFWN1S70P6 |
Discussing the 'key risk' faced by Argentina 8 Hours Ago Going to the International Monetary Fund is "definitely the right step" for Argentina's government, but the move could carry a political and social "liability," says Alberto Ramos of Goldman Sachs. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/discussing-the-key-risk-faced-by-argentina.html |
May 6 (Reuters) -
* UNIFOR SAYS WORKERS AT WINDSOR STAR VOTED 91 PER CENT IN FAVOUR SUNDAY FOR NEW THREE-YEAR COLLECTIVE AGREEMENT WITH POSTMEDIA NETWORK INC Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-unifor-says-windsor-star-workers-v/brief-unifor-says-windsor-star-workers-voted-in-favour-for-new-three-year-deal-with-postmedia-network-idUSFWN1SD00E |
China likely will offer to import more U.S. goods during negotiations in Washington next week as the two sides see one of the best ways to avert an all-out trade war is for Beijing to buy American.
Sufficient progress was made when a senior U.S. delegation went to Beijing last week, say the two sides, that China is dispatching its chief economic envoy, Liu He, to Washington in the days ahead, though China hasn’t confirmed his arrival date. Mr. Liu is expected to come with a shopping list of sorts, specific ideas for purchases... RELATED VIDEO U.S.-China Trade Tensions: What Business Leaders Say With increasing trade tensions between China and the U.S., top executives at the Wall Street Journal D.Live conference talk about how that will affect business. | ashraq/financial-news-articles | https://www.wsj.com/articles/china-plans-offer-to-buy-more-from-u-s-1525911483 |
May 8 (Reuters) - Charles & Colvard Ltd:
* CHARLES & COLVARD REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 LOSS PER SHARE $0.03 * Q1 SALES ROSE 20 PERCENT TO $6.8 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-charles-colvard-reports-q1-loss-pe/brief-charles-colvard-reports-q1-loss-per-share-0-03-idUSASC0A0MS |
It took three years and dozens of artisans—plus a fleet of donkeys—to create Villa Athena, an 11,496-square-foot home in Marrakesh, Morocco, fit for a sultan.
Jean Dominique Leymarie and his wife, Marielle, both 71 years old, first decided to buy a vacation home in Morocco as an escape from the cold winters of their home in northern France.
In... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/a-renovated-riad-fit-for-a-sultan-1525269601 |
May 8, 2018 / 10:02 AM / in 27 minutes Two buses catch fire in black day for Rome transport system Reuters Staff 3 Min Read
ROME (Reuters) - A passenger bus caught fire and exploded in the heart of Rome on Tuesday, while another bus was gutted in the suburbs later in the day, highlighting the dire state of public transport in the Italian capital. A firefighter walks next to a burned bus in downtown Rome, Italy May 8, 2018. REUTERS/Alessandro Bianchi
The twin blazes, both believed to have been caused by mechanical problems, brought the number of Rome buses destroyed by fire so far this year to 10. Some 20 buses operated by local transport company Atac were burnt out in 2017.
The drivers of both buses on Tuesday managed to escape with their passengers unscathed, although a women who worked in a nearby shop suffered minor burns when one of the two vehicles subsequently exploded in central Rome.
The number 63 bus came to a halt near the Trevi Fountain, a popular tourist attraction, before the fire took hold. Video showed flames shooting into the sky and the facades of the two nearest buildings were left smeared with black soot. A burned bus is seen in downtown Rome, Italy May 8, 2018. REUTERS/Alessandro Bianchi
Less than four hours later a school bus also operated by Atac caught fire in a southern suburb.
Politicians were quick to blame mayor Virginia Raggi and her party, the anti-establishment 5-Star Movement, for the series of fires, saying it showed they were incapable of governing Rome. Slideshow (3 Images)
“Romans risk getting hurt every day with this 5-Star administration,” said Barbara Saltamartini, a member of the far-right League party. “These images are being seen around the world and they are the latest images of Raggi’s failure.”
5-Star says it inherited a transport system that was mired in debt and dragged down by poor management and that it is working hard to overcome numerous long-standing problems.
A former head of Atac said last year the company was suffocating under some 1.3 billion euros ($1.54 billion) of debts and should declare bankruptcy.
According to an internal Atac report, 36 percent of all the company’s buses are in garages because they have broken down or are undergoing maintenance, with the figure rising to 50 percent for the city’s creaking fleet of trams.
Atac’s woes reflect broader problems aflicting the city’s infrastructure. Many of Rome’s roads are riddled with potholes after a particularly cold, wet winter, while almost 50 sinkholes have opened since the start of the year. Reporting by Crispian Balmer; editing by Gareth Jones | ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-bus/bus-catches-fire-explodes-in-heart-of-rome-idUSKBN1I9134 |
Taxes Mueller issues grand jury subpoenas to Trump adviser's social media consultant U.S. Justice Department Special Counsel Robert Mueller has issued two subpoenas to a social media expert who worked for longtime Donald Trump adviser Roger Stone during the 2016 presidential election campaign. The subpoenas suggest that Mueller is focusing in part on Stone and whether he might have had advance knowledge of material allegedly hacked by Russian intelligence and sent to WikiLeaks founder Julian Assange, who published it. Mueller also has been probing whether anyone associated with the Trump campaign may have helped Assange or the Russians time or target the release of hacked emails. Published 20 Mins Ago Getty Images Robert Mueller
U.S. Justice Department Special Counsel Robert Mueller has issued two subpoenas to a social media expert who worked for longtime Donald Trump adviser Roger Stone during the 2016 presidential election campaign.
The subpoenas were delivered late last week to lawyers representing Jason Sullivan, a social media and Twitter specialist Stone hired to work for an independent political action committee he set up to support Trump, Knut Johnson, a lawyer for Sullivan, told Reuters on Tuesday.
The subpoenas suggest that Mueller, who is probing Russian meddling in the 2016 U.S. presidential election, is focusing in part on Stone and whether he might have had advance knowledge of material allegedly hacked by Russian intelligence and sent to WikiLeaks founder Julian Assange, who published it.
Stone appeared before the U.S. House of Representatives Intelligence Committee last September and denied allegations of collusion between the president's associates and Russia during the election. "I am aware of no evidence whatsoever of collusion by the Russian state or anyone in the Trump campaign," Stone told reporters at the time.
According to sources familiar with the ongoing investigation, Mueller also has been probing whether anyone associated with the Trump campaign may have helped Assange or the Russians time or target the release of hacked emails and other social media promoting Trump or critical of Democratic candidate Hillary Clinton.
A spokesman for Mueller declined to comment. Russia has denied interfering in the election. President Trump has repeatedly denied his campaign colluded with Russia.
Sullivan told Reuters that he heads Cyphoon.com, a social media firm, and "worked on the Trump campaign serving as Chief Strategist directly to Roger J. Stone Jr."
"Welcome To The Age of Weaponized Social Media," said a strategy document Sullivan prepared for Stone and seen by Reuters. He described a "system" he devised for creating Twitter "swarms" as "an army of sophisticated, hyper-targeted direct tweet automation systems driven by outcomes-based strategies derived from REAL-TIME actionable insights."
For example, at 6:43 a.m. local time on Election Day in 2016, Trump tweeted, "TODAY WE MAKE AMERICAN GREAT AGAIN". Trump's message soon was retweeted more than 343,000 times, and in an interview last year, Sullivan told Reuters that the swarm helped overcome a surge in pro-Clinton social media postings and boost voter turnout for Trump.
Stone on Tuesday repeated his public denials that he had an inside track to WikiLeaks or others who hacked or published Democratic Party and Clinton-related emails and said no one from Mueller's team has tried to contact him.
One of the two subpoenas delivered last week requests that Sullivan appear before a grand jury on May 18 at the Federal Courthouse in Washington, D.C. The other orders Sullivan to bring documents, objects and electronically stored information. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/mueller-issues-grand-jury-subpoenas-to-trump-advisers-social-media-consultant.html |
NEW YORK, May 24 (Reuters) - Interest rates on U.S. 30-year fixed-rate mortgages recorded seven-year highs even as Treasury yields have retreated from their multi-year peaks due to worries about U.S.-China trade tension and concerns about Italy and Turkey, Freddie Mac said on Thursday.
Thirty-year mortgage rates averaged 4.66 percent in the week ended May 24, which was the highest level since the week of May 5, 2011. A week earlier, 30-year rates averaged 4.61 percent, the U.S. mortgage finance agency said. (Reporting by Richard Leong)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-mortgages-freddiemac/u-s-30-year-mortgage-rates-post-7-year-high-freddie-mac-idUSN9N1RF02L |
(Reuters Health) - Canadians who cannot afford to eat regularly or to eat a healthy diet have more than double the average risk of developing type 2 diabetes, a study suggests.
To reduce the burden of diabetes on individuals and the national healthcare system, policymakers should consider intervening in this pathway early by reducing food insecurity, the study team urges in the journal PLOS ONE.
Household food insecurity is defined as having uncertain or insufficient food access due to limited financial resources. Being on a limited budget may result in having to rely on cheaper, high-calorie foods that contribute to weight gain and the risk of chronic disease, the authors write.
“Increasingly, food insecurity is being recognized as a significant social and health problem in Canada, but there isn’t a great deal of evidence that has linked food insecurity to the risk of future chronic diseases, such as type 2 diabetes,” lead author Christopher Tait told Reuters Health in an email.
Tait, a researcher at the Dalla Lana School of Public Health at the University of Toronto, and colleagues analyzed data from a 2004 national health survey. Survey participants were representative of 98 percent of the Canadian population, and the analysis focused on 4,739 men and women over age 18, including 277 who were classified as food insecure.
The study team also matched these people to a national database of people diagnosed with diabetes through 2016, making for an average of nearly 12 years of follow-up.
People who were food insecure at the time of the original survey tended to be younger, female, non-white, lower in income and had lower-quality diets compared to food-secure individuals. Food-insecure adults were also more likely to be smokers, less physically active and obese.
By the end of the follow-up period, 577 participants had developed type 2 diabetes. Those who were food-insecure had 2.4 times the risk of those who were not. When researchers accounted for obesity, the diabetes risk was still two-fold higher with food insecurity.
The findings speak to the importance of understanding the health burden associated with food insecurity, which has been steadily increasing in Canada over the past decade, Tait said.
“Our findings also emphasize the need to continue to monitor this important marker of economic deprivation. This is particularly relevant given Statistics Canada’s decision to make food insecurity measurement optional at the provincial-level as of 2013, which may be a missed opportunity moving forward, he added.
Testing strategies for reducing rates of household food insecurity will be important, Tait said, citing the Ontario Basic Income Pilot as an example of such a strategy. Also, he said, efforts are needed to meaningfully address the broader systemic factors that shape food environments, access and availability.
It’s well known that high and frequent intake of fast foods and processed foods are related to increased risk of obesity, unhealthy blood fat levels and diabetes type 2, among other diseases, said Sandra Arevalo, director of nutrition services and community outreach at Community Pediatrics, a program of Montefiore and The Children’s Health Fund in New York City.
“What I have seen in my practice in the South Bronx, located in the second poorest congressional district in the U.S. and working with the NYC homeless, is that people who are food insecure consume more foods with low nutritional value, which are more affordable,” said Arevalo, who wasn’t involved in the current study.
“Healthier foods such as fresh fruits and vegetables, low-fat milk, lean cuts of meat and low-sodium foods should be subsidized as a measure to prevent the increasing incidence of diabetes type 2 and to support diabetes control among patients,” she said in an email.
More diabetes prevention programs and diabetes self-management education that includes points for selecting healthier foods, shopping tips to save money, meal planning, and cooking classes are needed, Arevalo added.
SOURCE: bit.ly/2INEslh PLOS ONE, online May 23, 2018.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-diabetes-food-insecurity/food-insecurity-linked-to-type-2-diabetes-risk-idUSKCN1IQ2KC |
– Strong Performance for NUPLAZID ® in First Quarter 2018
– First Quarter Net Sales Grew to $48.9 Million, Representing a 12% Sequential Increase Over 4Q17 and 220% Increase Over 1Q17
– ACADIA Reiterates 2018 Net Sales Guidance of $255 Million to $270 Million
SAN DIEGO--(BUSINESS WIRE)-- ACADIA Pharmaceuticals Inc. (Nasdaq: ACAD), a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system (CNS) disorders, today announced its first quarter ended March 31, 2018.
“NUPLAZID delivered strong performance in the first quarter of 2018. Sequential volume growth of 13.5% drove sequential revenue growth of 12% as health care providers and patients continue to experience the benefits of NUPLAZID in treating the symptoms of Parkinson’s disease psychosis,” said Steve Davis, ACADIA’s President and Chief Executive Officer. “Our R&D organization also continued to advance our late-stage clinical programs in four major CNS indications and we look forward to providing top-line results from our Phase 2 study of pimavanserin in major depressive disorder in the second half of 2018. We remain confident in the tremendous opportunities ahead for NUPLAZID, which is early in its growth phase.”
Recent Highlights
Announced poster presentations at the 2018 American Academy of Neurology (AAN) Annual Meeting of clinical experience data from two independent studies of NUPLAZID (pimavanserin), including a retrospective chart review conducted by researchers at Vanderbilt University Medical Center and a survey of real-life experiences conducted by researchers from the Parkinson’s Disease and Movement Disorder Center at Henry Ford Hospital. Reported results of a survey conducted with the Parkinson and Movement Disorder Alliance revealing the serious impact of non-movement symptoms like hallucinations and delusions on quality of life of patients with Parkinson’s disease and their caregivers. Advanced broad clinical development programs with ongoing studies in dementia-related psychosis, schizophrenia inadequate response, schizophrenia negative symptoms and major depressive disorder with plans to announce top-line results of a Phase 2 study of pimavanserin in major depressive disorder in the second half of 2018. Appointed Elena Ridloff, CFA, as Senior Vice President, Investor Relations.
Financial Results
Revenue
Net sales of NUPLAZID were $48.9 million for the first quarter of 2018, an increase of 220% as compared to $15.3 million reported for the first quarter of 2017.
Research and Development
Research and development expenses for the first quarter of 2018 were $39.3 million, compared to $35.4 million for the same period of 2017. This increase was primarily due to additional personnel and related costs, including an additional $2.4 million in non-cash stock-based compensation, associated with the company’s expanded research and development organization during 2018 as compared to 2017. The company also incurred increased costs related to the clinical studies associated with the development of pimavanserin.
Selling, General and Administrative
Selling, general and administrative expenses for the first quarter of 2018 were $60.9 million, compared to $65.7 million for the same period of 2017. This decrease was primarily due to a decrease in external selling, general and administrative expenses, partially offset by an increase in non-cash stock-based compensation expense and the costs of expanding our specialty sales force in the second quarter of 2017.
Net Loss
For the first quarter of 2018, ACADIA reported a net loss of $54.3 million, or $0.44 per common share, compared to a net loss of $87.8 million, or $0.72 per common share, for the same period in 2017. The net loss for the first quarter of 2018 and 2017 included $20.4 million and $15.6 million, respectively, of non-cash stock-based compensation expense.
Cash and Investments
At March 31, 2018, ACADIA’s cash, cash equivalents and investment securities totaled $298.1 million, compared to $341.3 million at December 31, 2017.
Financial Guidance
ACADIA reiterates its 2018 NUPLAZID net sales guidance to be between $255 million and $270 million.
For the second quarter of 2018, ACADIA expects NUPLAZID net sales to be between $57 million and $61 million.
ACADIA reiterates its expectation to end 2018 with more than $200 million of cash, cash equivalents and investment securities on its balance sheet.
Conference Call and Webcast Information
ACADIA management will review its first quarter financial results and operations via conference call and webcast today at 8:30 a.m. Eastern Time. The conference call may be accessed by dialing 844-821-1109 for participants in the U.S. or Canada and 830-865-2550 for international callers (reference passcode 3685527). A telephone replay of the conference call may be accessed through May 18, 2018 by dialing 855-859-2056 for callers in the U.S. or Canada and 404-537-3406 for international callers (reference passcode 3685527). The conference call also will be webcast live on ACADIA’s website, www.acadia-pharm.com , under the investors section and will be archived there through May 18, 2018.
About NUPLAZID ® (pimavanserin)
NUPLAZID is the first and only FDA-approved treatment for hallucinations and delusions associated with PD Psychosis. NUPLAZID is a non-dopaminergic, selective serotonin inverse agonist preferentially targeting 5-HT 2A receptors that are thought to play an important role in PD Psychosis. NUPLAZID is an oral medicine taken once a day with a recommended dose of 34 mg (two 17-mg tablets). ACADIA discovered this new chemical entity and holds worldwide rights to develop and commercialize NUPLAZID.
About ACADIA Pharmaceuticals
ACADIA is a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system disorders. ACADIA maintains a website at www.acadia-pharm.com to which we regularly post copies of our press releases as well as additional information and through which interested parties can subscribe to receive e-mail alerts.
Forward-Looking Statements
Statements in this press release that are not strictly historical in nature are . These statements include but are not limited to statements related to guidance for second quarter and full-year 2018 NUPLAZID net sales; potential opportunity for and future growth of NUPLAZID; the timing of ongoing clinical studies; and the timing of reporting of results from our study in major depressive disorder. These statements are only predictions based on current information and expectations and involve a number of . Actual events or results may differ materially from those projected in any of such statements due to various factors, including the uncertainty of future commercial sales and related items that would impact net sales during 2018, the inherent in drug discovery, development, approval and commercialization, and the fact that past results of clinical trials may not be indicative of future trial results. For a discussion of these and other factors, please refer to ACADIA’s annual report on Form 10-K for the year ended December 31, 2017 as well as ACADIA’s subsequent filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these which speak only as of the date hereof. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All are qualified in their entirety by this cautionary statement and ACADIA undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof, except as required by law.
ACADIA PHARMACEUTICALS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended March 31, 2018 2017 Revenues Product sales, net $ 48,868 $ 15,286 Total revenues 48,868 15,286 Operating expenses Cost of product sales 2,153 2,263 License fees and royalties 1,332 675 Research and development 39,276 35,409 Selling, general and administrative 60,926 65,660 Total operating expenses 103,687 104,007 Loss from operations (54,819 ) (88,721 ) Interest income, net 1,170 963 Loss before income taxes (53,649 ) (87,758 ) Income tax expense 647 85 Net loss $ (54,296 ) $ (87,843 ) Net loss per common share, basic and diluted $ (0.44 ) $ (0.72 ) Weighted average common shares outstanding, basic and diluted 124,727 121,651 ACADIA PHARMACEUTICALS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, 2018
December 31, 2017
(unaudited) Assets Cash, cash equivalents and investment securities $ 298,063 $ 341,342 Accounts receivable, net 22,445 17,343 Interest and other receivables 903 1,087 Inventory 5,583 5,248 Prepaid expenses 13,020 8,457 Total current assets 340,014 373,477 Property and equipment, net 2,709 2,662 Intangible assets, net 5,169 5,538 Restricted cash 2,825 2,475 Other assets 323 354 Total assets $ 351,040 $ 384,506 Liabilities and stockholders’ equity Accounts payable $ 2,996 $ 8,786 Accrued liabilities 43,093 40,244 Total current liabilities 46,089 49,030 Long-term liabilities 782 191 Total liabilities 46,871 49,221 Total stockholders’ equity 304,169 335,285 Total liabilities and stockholders’ equity $ 351,040 $ 384,506 Important Safety Information and Indication for NUPLAZID (pimavanserin) tablets
WARNING: INCREASED MORTALITY IN ELDERLY PATIENTS WITH DEMENTIA-RELATED PSYCHOSIS
Elderly patients with dementia-related psychosis treated with antipsychotic drugs are at an increased risk of death. NUPLAZID is not approved for the treatment of patients with dementia-related psychosis unrelated to the hallucinations and delusions associated with Parkinson’s disease psychosis.
NUPLAZID is an atypical antipsychotic indicated for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis.
Contraindication: NUPLAZID is contraindicated in patients with a history of a hypersensitivity reaction to pimavanserin or any of its components. Rash, urticaria, and reactions consistent with angioedema (e.g., tongue swelling, circumoral edema, throat tightness, and dyspnea) have been reported.
QT Interval Prolongation: NUPLAZID prolongs the QT interval. The use of NUPLAZID should be avoided in patients with known QT prolongation or in combination with other drugs known to prolong QT interval including Class 1A antiarrhythmics or Class 3 antiarrhythmics, certain antipsychotic medications, and certain antibiotics. NUPLAZID should also be avoided in patients with a history of cardiac arrhythmias, as well as other circumstances that may increase the risk of the occurrence of torsade de pointes and/or sudden death, including symptomatic bradycardia, hypokalemia or hypomagnesemia, and presence of congenital prolongation of the QT interval.
Adverse Reactions: The most common adverse reactions (≥2% for NUPLAZID and greater than placebo) were peripheral edema (7% vs 2%), nausea (7% vs 4%), confusional state (6% vs 3%), hallucination (5% vs 3%), constipation (4% vs 3%), and gait disturbance (2% vs <1%).
Drug Interactions: Strong CYP3A4 inhibitors (eg, ketoconazole) increase NUPLAZID concentrations. Reduce the NUPLAZID dose by one-half. Strong CYP3A4 inducers may reduce NUPLAZID exposure, monitor for reduced efficacy. Increase in NUPLAZID dosage may be needed.
Pregnancy: Use of NUPLAZID in pregnant women has not been evaluated and should therefore be used in pregnancy only if the potential benefit justifies the potential risk to the mother and fetus.
Pediatric Use: Safety and efficacy have not been established in pediatric patients.
Dosage and Administration: Recommended dose: 34 mg per day, taken orally as two 17-mg tablets once daily, without titration.
For additional Important Safety Information, including boxed warning, please see the full Prescribing Information for NUPLAZID at https://www.nuplazid.com/pdf/NUPLAZID_Prescribing_Information.pdf .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005196/en/
Investor Contact:
ACADIA Pharmaceuticals Inc.
Elena Ridloff, CFA
or
Lisa Barthelemy
(858) 558-2871
[email protected]
or
Media Contact:
Taft Communications
Bob Laverty
(609) 558-5570
[email protected]
Source: ACADIA Pharmaceuticals Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-acadia-pharmaceuticals-reports-first-quarter-2018-financial-results.html |
May 4, 2018 / 5:50 PM / Updated 3 hours ago English County Championship Division One Scoreboard Reuters Staff 3 Scoreboard at stumps on the first day of between Nottinghamshire and Hampshire on Friday at Nottingham, England Hampshire trail Nottinghamshire by 232 runs with 7 wickets remaining Nottinghamshire 1st innings Steven Mullaney c Brad Wheal b Kyle Abbott 11 Jake Libby lbw Fidel Edwards 0 Chris Nash c Joe Weatherley b Fidel Edwards 11 Ross Taylor Run Out Hashim Amla 47 Samit Patel c Brad Wheal b Fidel Edwards 73 Riki Wessels c Liam Dawson b Brad Wheal 54 Tom Moores c Joe Weatherley b Chris Wood 29 Stuart Broad c James Vince b Brad Wheal 33 Luke Fletcher c Lewis McManus b Fidel Edwards 5 Jake Ball b Liam Dawson 11 Harry Gurney Not Out 16 Extras 9b 3lb 0nb 0pen 0w 12 Total (69.3 overs) 302 all out Fall of Wickets : 1-11 Mullaney, 2-26 Nash, 3-27 Libby, 4-122 Taylor, 5-176 Patel, 6-211 Moores, 7-265 Broad, 8-271 Fletcher, 9-275 Wessels, 10-302 Ball Bowling Ov Md Rn Wk Econ Ex Fidel Edwards 21 5 84 4 4.00 Kyle Abbott 17 2 73 1 4.29 Chris Wood 13 3 65 1 5.00 Brad Wheal 11 2 51 2 4.64 Liam Dawson 7.3 1 17 1 2.27 Hampshire 1st innings Joe Weatherley c Ross Taylor b Stuart Broad 12 Jimmy Adams c Tom Moores b Stuart Broad 0 James Vince lbw Luke Fletcher 5 Hashim Amla Not Out 27 Rilee Rossouw Not Out 24 Extras 0b 0lb 2nb 0pen 0w 2 Total (26.0 overs) 70-3 Fall of Wickets : 1-0 Adams, 2-17 Weatherley, 3-23 Vince To Bat : Dawson, McManus, Abbott, Wood, Wheal, Edwards Bowling Ov Md Rn Wk Econ Ex Jake Ball 6 2 13 0 2.17 Stuart Broad 7 3 19 2 2.71 Luke Fletcher 7 2 10 1 1.43 1nb Harry Gurney 5 0 28 0 5.60 Samit Patel 1 1 0 0 0.00 Umpire Robert Bailey Umpire Peter Hartley | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-england-scoreboard/english-county-championship-division-one-scoreboard-idINMTZXEE547TJKD6 |
Wall Street dips on trade, oil price concerns Thursday, May 17, 2018 - 01:32
Wall Street finished lower after a choppy session on Thursday as investors grappled with trade tensions and rising oil prices. Fred Katayama reports.
Wall Street finished lower after a choppy session on Thursday as investors grappled with trade tensions and rising oil prices. Fred Katayama reports. //reut.rs/2wNtFGc | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/17/wall-street-dips-on-trade-oil-price-conc?videoId=427861993 |
May 11, 2018 0
MOSCOW (Reuters) – Hosts Russia named their preliminary 28-man squad next month’s World Cup, with manager Stanislav Cherchesov counting on young players to fill the gaps left by injured footballers. FILE PHOTO: Soccer Football – International Friendly – Russia vs France – Saint-Petersburg Stadium, Saint Petersburg, Russia – March 27, 2018 Russia coach Stanislav Cherchesov gestures REUTERS/Anton Vaganov
Russia are hoping to make it to the knockout stage for the first time in post-Soviet era. The country hosts the tournament from June 14 to July 15 in 12 venues spread across 11 cities including Moscow, St Petersburg and Sochi.
There are only three players in the squad who play outside Russia — Brugge goalkeeper Vladimir Gabulov, Fenerbahce defender Roman Neustadter and Villarreal forward Denis Cheryshev — and six returning players from Russia’s 2014 World Cup squad.
Rubin Kazan defender Ruslan Kambolov, investigated by FIFA over alleged doping violations, also made the squad. His lawyers said last month that FIFA had closed the case against him.
Zenit St Petersburg forward Alexander Kokorin, one of Russia’s top strikers, was not included because he is still recovering from a right knee injury.
Defenders Viktor Vasin and Georgy Dzhikiya were also ruled out with the same injury.
Strikers Artem Dzyuba, who had been left out of recent international matches, and uncapped 20-year-old Fedor Chalov of CSKA Moscow were included. They will join two-time Russian Premier League top scorer Fedor Smolov of FC Krasnodar and 22-year-old Alexei Miranchuk of Lokomotiv Moscow, the club that clinched its first title in 14 years last week.
Russia will play friendlies against Austria on May 30 and Turkey on June 5. At the World Cup, they will face Saudi Arabia, Uruguay and Egypt in Group A.
Preliminary squad and reserve list:
Goalkeepers: Igor Akinfeev (CSKA Moscow), Vladimir Gabulov (Brugge), Soslan Dzhanaev (Rubin Kazan), Andrei Lunev (Zenit St Petersburg)
Defenders: Vladimir Granat, Ruslan Kambolov, Fedor Kudryashov (all Rubin Kazan), Ilya Kutepov (Spartak Moscow), Roman Neustadter (Fenerbahce), Konstantin Rausch (Dynamo Moscow), Andrei Semenov (Akhmat Grozny), Igor Smolnikov (Zenit St Petersburg), Mario Fernandes (CSKA Moscow)
Midfielders: Yuri Gazinsky (Krasnodar), Alexander Golovin, Alan Dzagoev (both CSKA Moscow), Alexander Erokhin, Yuri Zhirkov, Daler Kuzyaev (all Zenit St Petersburg), Roman Zobnin, Alexander Samedov (both Spartak Moscow), Anton Miranchuk (Lokomotiv Moscow), Alexander Tashaev (Dynamo Moscow), Denis Cheryshev (Villareal)
Strikers: Artem Dzyuba (Arsenal Tula), Alexei Miranchuk (Lokomotiv Moscow), Fedor Smolov (Krasnodar), Fedor Chalov (CSKA Moscow)
Reserve list
Defenders: Vladislav Ignatyev (Lokomotiv Moscow), Dmitry Kombarov (Spartak Moscow)
Midfielders: Denis Glushakov (Spartak Moscow), Anton Shvets (Akhmat Grozny)
Strikers: Anton Zabolotny, Dmitry Poloz (both Zenit St Petersburg) Reporting by Gabrielle Tétrault-Farber; Editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-rus/russia-banks-on-youth-to-replace-players-ruled-out-of-world-cup-idUKKBN1IC1C1/ |
Below is the transcript of an interview with Melco Resorts & Entertainment, Lawrence Ho. If you choose to use anything, please attribute to CNBC and Christine Tan.
The interview will play out in CNBC's latest episode of Managing Asia on 25 May 2018, 5.30PM SG/HK (in APAC) and 23.00 BST time (in EMEA).
Christine Tan: So Lawrence, Morpheus is in the final phase of development for City Of Dreams. What's the concept behind this huge inspiration that we're looking at today?
Lawrence Ho: It's a love letter for Macau as we've been very fortunate to operate in Macau, the greatest gaming and entertainment jurisdiction for the last 15 years. We really felt that Macau deserved a landmark and it's an architectural icon for Asia as well and fits in line with the overall theming of the city of dreams which is contemporary luxury.
C: Is this all part of your larger revamp of city of dreams which you're going to re-launch later this year?
L: The City Of Dreams is going to be 9 years old and so we wanted City Of Dreams to feel new in light of these new resorts that have opened up since then so there's a global rebranding campaign that uses Morpheus as the main catalyst and anchor. Morpheus is going to add around 800 rooms to City of Dreams which is a 1,400 rooms but even more importantly it targets the right customer base and for us our customer base, our bread and butter will always be 5-star premium mass and premium luxury customers
C: What exactly is premium mass? We know what VIPs are, we know what mass market is, but what exactly is a premium mass?
L: Well, premium mass is a term, a gaming terminology that Melco created around 5-6 years ago and the mission from the very get-go even from 10,15 years ago was that we wanted to have our own guest database, our customer database.
C: Did you want to move away from the junket operators? Was that the main reason?
L: We've always, that was always the goal even when we did our IPO on Nasdaq back in 2006, I was predicting to investors way back when that there would be a major shift and a transformational event where VIP is going to be less relevant, and mass really targets the growing affluent middle class, people who want to travel, people who want to experience more than just casino gaming. So I was predicting that probably a bit too early back in 2006, but that is happening today and it's the most sought after segment and a lot of our competitors have tried to replicate and copy it over, over the years.
C: How much of your overseas expansion is due to the fact that Macau is facing a tough situation as a result of the Chinese crackdown on corruption?
L: Well the, the goal for the company was always to go global so it wasn't as much related to Chinese policy and the Chinese crackdown. We've always wanted Melco to be an Asian company headquartered in Hong Kong but at the same time have reaches globally in jurisdictions that we can make big bets on. We are very selective in terms of what cities and what countries we go into because part of our DNA is that we don't ever want to commit to a city or a country where we're not doing the best we can. And that's why whether it's in the Philippines or in Cyprus, when we got into Philippines in 2012, we, ourselves and our partner SM Belle Group, we spent over a billion US dollars and at the time people thought you guys are insane, you're committing a billion dollars in 1 of the 4 licenses in Metro Manila. That was crazy at the time.
C: Did you think it was crazy for you at that time?
L: It was a bit, but..
C: It was a bit of a gamble?
L: It was a bit of a gamble, but it's just like everything we do. We like to go for the big plays, I always swing for the fences and I always try to hit the homerun.
C: Well these days, your main focus and priority appears to be in Japan where the government has actually endorsed a bill to legalize casinos in the country. You've established a Japanese subsidiary, opened an office in Tokyo and appointed a local leadership team. What do you think your chances are? Do you think your efforts will pay off?
L: We've spent 12 years lobbying and I'm in Japan, various parts of Japan every other week for the last year. I'm a genuine lover of Japan because and that's from a very young age. The first country I ever visited outside where I was born which was Hong Kong was Tokyo so for me to get a license in Japan it's not just all about business, it's really again fulfilling another dream that I've always had to have a big presence there.
C: So what do you think your chances are?
L: We think we have a good chance because ultimately what Melco stands for, and if you look at our track record of the integrated resorts that we've built, City Of Dreams Macau, Studio City Macau, City Of Dreams Manila and even City Of Dreams Mediterranean, they're all top resorts within the market that they're in and I feel that it's always important to attract tourists to a country, but even more importantly you have to attract the right tourists. On average our guests at our resorts spend 2 times as much at our resort and also stay longer than our competitors across the street or just next to us.
C: So I understand you're looking to build with a local Japanese partner and you've had some discussions. How are talks coming along, any progress?
L: We've met many Japanese corporates in different industries and there's been a lot of companies that can add value, but at the same time we need to wait for the national government because the IR implementation bill has just been submitted to the Diet and so we need to wait for the national government to decide what cities because there are different partners and their strengths are in particular cities. so the talks are still very preliminary at this stage because honestly we know 3 places, we suspect that 2 of those places are going to be mega metropolitan cities and 1 regional and our interest naturally is in the bigger cities, because we want to build the greatest, most amazing, most technologically advanced Integrated Resort ever and only the mega cities have that tourism appeal.
C: So which city are you gunning for?
L: Well I think right now we're looking at various cities because even within the cities and the prefectures, they're competing amongst themselves for the 3 slots that the national government has decided. I think a front runner certainly is Osaka in the Kansai region, I'm sure there's going to be a candidate city in the Kanto region, very likely to be Yokohama or somewhere close to the Tokyo airport but not within Tokyo, and then the regional city is very likely Hokkaido or Nagasaki or even Okinawa.
C: So you're favoring Osaka?
L: We like Osaka or Yokohama, Kansai or Kanto equally and because I think at either one of those places the tourism appeal and the infrastructure is there to enable us to build a 10 billion USD plus resort.
C: So you're talking in the meantime to these local Japanese companies whom you're looking to tie up with, but aren't your competitors also doing the same thing?
L: Well, absolutely. I think for the last few years sometimes visiting Japanese companies is like speed dating because we are literally in the lobby and then we see our competitor come out of the meeting room and then we go in.
C: So what are you doing to win your Japanese partner over?
L: Well, I think, again what we tell them is look at the track record. For whatever reason in the gaming entertainment industry, partnerships never work. If you look at our competitors, Steve Wynn and Okada, Sheldon Adelson and Galaxy, they always end very, very badly in lawsuits, and, and I think we have had a track record of great partnerships um across the board. To begin with in Macau was a partnership between myself and James Packer of Crown. In Philippines, we had a great partner, we continue to have a great partnership with the SM and Belle group and in Cyprus again we had great partners with the CNS group so we work well with people and I think a lot of that is because of my Canadian upbringing, because I'm an easy going, ultra open minded liberal guy.
C: So you're selling the good points, would you consider taking a minority stake in the venture?
L: Well, I think it's really subject to the conditions but I would think that, traditionally when you look at the IR bidding process, the IR developer is the lead, so we're not completely against it but that would not be our preference. So it really depends on the consortium. If there were many members in the consortium and there was no other way for us than to be a minority then we might consider it.
C: Have you done the math? How long will it take for you to recoup your 10 billion dollar investment in Japan?
L: Assuming the whole legislation process goes very smoothly without any hiccups – but in Japan the culture is consensus building so they're still doing a lot of groundwork. There's consensus building at the national level, the prefecture level and the city level with all the key stakeholders, the chambers of commerce, all of which we continue to have dialogue with. So I think the earliest that the bidding can even take place is probably 2020 or 2021, and if you build an Integrated Resort with Japan's dedication to quality and their building methods in terms of perfection, it's probably going to be a.. in Macau we built these great buildings for 3 and a half, 4 years so I think in Japan it's probably going to be 5 or 5 and a half years. So the soonest that an Integrated Resort will open in Japan I think would be in 2025. Usually with these mega buildings the payback is probably 3 to 5 years and I think in Japan it'll be longer.
C: So we're looking at 10 years at least?
L: Well, I wouldn't say 10 years, but definitely longer than your typical Asian development. For instance, Singapore had probably a payback of 4 years and I think Japan will be longer but the potential is so great that it's worth the wait.
C: You've said openly that if you were to win a Japan license, you would actually move your headquarters to Japan. Now that's a strong commitment to make, are you serious about it?
L: I think I would certainly move to Japan, and I've already spoken to my wife, she loves Japan.
C: You've gotten her consensus?
L: Yes, she loves Japan and she's happy to move tomorrow and so I would definitely move there to build up the resort and to make sure that it's operating to the very highest quality.
C: Right now the bulk of your revenue still comes from Macau. You actually own and operate about 3% of resorts here in the city. Given the amount of money that you spend in Japan and given the same amount of money that you spend in Japan as you did in Macau does it have the potential to overtake Macau in terms of revenues and earnings one day?
L: No, I think at the end of the day from a revenue standpoint, Macau will always be the highest grossing gaming market anywhere globally and that's why we're extremely grateful. Part of the reason why we built Morpheus as well is really as a thank you for the support that we've gotten from China and also from Macau. So I don't think Japan will ever be at the same level as Macau in terms of revenue, but we'll have to see. I think there's a license rebidding renewal process that will happen in Macau and so we really need to see what the tax rate, or what are the renewal/rebidding um conditions in due course.
C: But you still expect Macau to be the bulk of the revenues?
L: Absolutely. Macau at the peak in 2013 was a 45B USD market and I think in that same year Las Vegas was maybe 6 billion, so Macau was 7 times Las Vegas and even today Macau is probably 5-6 times the size of Las Vegas which is the next biggest market
C: The opening of Morpheus also coincides with a pickup in Macau's gaming revenue after what's been a tough few years. What's your outlook like now? Is a meaningful recovery in place?
L: Absolutely, we've had 20, 21 straight months of growth and I think at the same time when the Hong Kong Zhuhai Macau Bridge opens up it will be a transformational event for Macau so I think that the future is very bright for Macau and also for the entire region.
C: Your Macau license actually expires sometime between 2020 and 2022. Are you confident of an extension?
L: We're very confident. I think we have done more for Macau than any of our competitors. We didn't have to spend 10 billion dollars in Macau but we did, and in terms of listening to them, in terms of um non-gaming diversification, I think even when the Macau government had a midterm review back 2 or 3 years ago just to see the state of things in the market, if we weren't the top, top grader, we were indeed the first or second. So we're very proud of that fact and we continue to fine-tune our craft.
C: Last year you ended your decade long relationship with Australia's James Packer. What happened? Was there a big disagreement between the both of you?
L: Not at all, James and I are still very, very good friends. We consider ourselves brothers and I think it was just at a point in in time where James wanted to focus on his domestic Australian assets and I wanted to continue to grow so it was very happy and amicable unlike the other gaming partnership dissolving that we see in the industry. Ours was, there was no yelling or anything it was just very happy, and to be honest with James I wouldn't hesitate for a second to partner with him again on another project.
C: So if you had kept that partnership going, he would have been interested in Japan?
L: We were, we were definitely doing Japan together. We were in Japan a lot having meetings together.
C: So just to be clear, the conviction of his staff in China had nothing to do with the break up?
L: Well, it's hard for me to say what caused his change of view on China. James was, and I feel bad for James because he was such a huge supporter of China. He spoke so highly of it for an Australian, for a foreigner. He spoke very highly of the future of the Chinese economy and the relationships; he was trying to bridge the relationship between Australia and China. So I felt really bad for him and I don't know the details of what had happened with his local operating teams because we ran our marketing teams separately, but it could have had an impact. I honestly don't know but I think James with what was going on, and Melco wasn't the only asset that he divested. He divested his Hollywood assets to really focus on bringing down debt, and focusing on his domestic assets.
C: Last year in 2017, Melco posted a strong year in terms of growth, in terms of revenue, in terms of earnings. What's your outlook for the company this year? How do you expect to do?
L: Of course, Melco and the whole gaming industry had 2 very tough years between 2015 and 2016 when China had its anti-extravagance, anti-corruption campaign.
C: Painful year?
L: It was a very painful year, but at the same time we always look at things, from a glass half full or half empty, we'll always look at half full and I think that allowed us to be a lot more efficient, that got us to really focus on Kaizen, and we looked at everything from our purchasing practices to our labor practices.
C: So you were reinventing yourselves?
L: We reinvented ourselves, we took out a lot of costs out from the business but at the same time we didn't affect the ultimate guest experience and that was the most important thing.
C: So last year 2017 was a good year for you in terms of earnings and in terms of revenues, how do you expect to do this year? Will it be a better year for you?
L: It will, the mix of EBITDA has improved drastically over the last few years because as I mentioned earlier VIP used to account for 70% of the market and Mass was 30, but our EBITDA margin on VIP is 10% and our mass margin is 40% so its 4 times, and given the makeshift change in the business model, our earnings are much healthier now than it was previously. And what's even better is the fact that we've always been one of the least reliant companies on the VIP or junket business and so we control our own destiny if we continue to treat our guests well.
C: That's your payback?
L: Yes, as long as we continue to exceed their expectations, give them amazing cool products like Morpheus, a cool gaming experience and cool attractions, then I think we'll continue to do well.
C: Any plans to expand further in the Philippines?
L: We're looking at potentially expanding. I think there is contiguous land around where our resort is so we are looking at expanding together with our Philippines partner but again, still early days.
C: Your Father is well known casino mogul, he's 96 years old, Stanley Ho, he founded SJM Holdings um he was the one that held a 3 decade monopoly here in Macau. What's it like to be his eldest Son trying to build your own gambling empire?
L: It's been fun for me because my colleagues and I, we've really built this thing from the ground up.
C: In the last 10, 12 years looking back, any mistakes, any lessons learned along the way?
L: Well, tons, tons of mistakes.
C: Name me 1
L: Well, I think it was one of the coolest mistakes that we ever made and I had a lot of fun doing it but it was when we spent 75 million dollars doing a short film to promote the City Of Dreams Manila, Studio City Macau's opening and also what we were going to do in Japan. We had the coolest director in Martin Scorsese, Leo DiCaprio, Brad Pitt, and Robert DeNiro so it was a really cool project but for 75 million USD we spent more money on that than Scorsese's movie about casinos.
C: So on hindsight?
L: It was still really cool. Hahaha.
C: Well, building your own gambling empire yourself has also meant that you had to compete with your very own father, SJM, not to mention your sister who runs MGM China. What's it like to compete with family? Do things ever get personal?
L: No, not really because we all do our own thing. It's an ultra-competitive industry and the key is we just focus on our own ventures and we have great teams that that help us, but at the dinner table when we do have family gatherings it's nothing but laughs
C: What sort of relationship do you have with your Father? Has he said anything to you about your achievements at Melco?
L: Well, my father had a very serious accident around 9 years ago and so I think he's taking it very easy in the last 9 years. The bulk of my building for City Of Dreams, Studio City Manila, Cyprus or even our venture in Russia was post his accident so we haven't had a lot of dialogue in terms of what I built. But I think it's very similar to when he got into the industry in the 60s and he held the monopoly for 40 years, he revolutionized the gaming industry in Macau. Before he got involved it was even more archaic than it was, and I think I'm hoping to do that with this industry as well.
C: You want to build on his legacy?
L: I want to build my own legacy. We want to build the coolest, most amazing, most award winning resorts not just right now but 20 years from now, 30 years from now, I still want us to be the coolest operator out there.
C: But did you get the sense that he was supportive of what you were doing?
L: Uh, I think so. Again, I was very lucky not to have worked in any of his companies. I think after school I came back and I joined an investment bank during the IT bubble and I learned about corporate finance and to be honest to get Melco to this stage involved a lot of financial engineering, not just borrowing from the banks. Every single equity transaction derivative you can think of, we've done and so getting Melco to this stage was a result of that.
C: Your father is going to step down as Chairman of SJM next month and there are concerns of a power struggle within his company. Now I know you're young, but any lessons there for you in terms of succession planning that you can take away for yourself and Melco?
L: Of course it's very important to have succession planning and I think it's even easier if you have only 1 child like me.
C: Not 17?
L: Not 17, but at the same time I think for me I come from North America so I'm very open minded because Melco is a listed company, the parent company is listed in Hong Kong, the main operating company is listed on Nasdaq and so we need to look out for all of our shareholders and stakeholders including our banks, bondholders and it needs to operate like a genuine company with the highest regards for corporate governance and the best practices so I think for me if my daughter doesn't want to get into the business it's totally fine with me. I think one day there'll be a management team, a young, hungry, innovative and creative management team that can continue to take this thing forward as long as it has the philosophy that we've built so I'm pretty open-minded.
C: The power struggle and feud within your family made big headlines in 2011, were you sad things became so public?
L: Well, I stayed out of it. I think that whenever there's so many people involved and my view was that..
C: Must be used to it?
L: No, I'm not used to it because I stay out of it. On top of being very open minded I'm kind of a straight shooter and so I consider bickering just a waste of time and crappy. So I totally stayed out of that and I'm glad I did.
C: You are 41 years old, you left investment banking to get into gaming in 2003, operating under the license of your father before you got your very own in 2006. You now run 3 casino resorts here in Macau, one in the Philippines, and with gaming operations also in Cyprus. How would you describe your leadership and your management style? What is Lawrence Ho like as the boss? 115139
L: Well, I like to think that I want to surround myself with the best people, people that are much smarter than me and I think that's an important component because I consider myself hardworking, I think I have an eye for certain style but other than that I like to bring on more and more people that can supplement the team and have better and new ideas and that's what the company was built upon. We want the greatest ideas, the greatest concept and then we need to execute them properly. So I would say I enable my colleagues and we work as a team, I enable my colleagues to challenge themselves and do things that are super cool.
C: And finally, since I last interviewed you more than 10 years ago, you're still as energetic as ever. So just between you and me, how many casino resorts would you be having in say 10 years under Melco?
L: I don't know, for us what's more important is quality over quantity so I think 1 Japan or 1 Macau trumps 10 Koreas or 10 Cambodias. For us it's always going to be, we don't have the most hotel rooms but we have the best hotel rooms. We have the most attractions but we just want to make sure everything we do is the absolute best.
ENDS
For more information contact Clarence Chen, Communications Manager, APAC: [email protected]
D: +65 6326 1123
M?: +65 9852 8630
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About Managing Asia:
Managing Asia is the Asia Pacific region's ground-breaking interview programme featuring CEOs, entrepreneurs and other business leaders. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/cnbc-transcript-lawrence-ho-chairman-and-ceo-melco-resorts-entertainment.html |
Costco Wholesale Corp. is the latest company to be confronted on Chinese social media over its stance on Taiwan, creating a potential distraction for the retail giant as it moves into the mainland Chinese market.
The issue centers on a 2016 letter that a Costco executive sent to the Formosan Association for Public Affairs, which supports Taiwan’s right to be an independent country. The letter came in response to the group’s complaint that an online job application form didn’t include Taiwan in a drop-down menu of countries.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/costcos-taiwan-comment-leads-to-economy-sized-headache-in-china-1527593021 |
LONDON (Reuters) - Sterling fell sharply against the dollar on Tuesday to its lowest since December after a rise in U.S. Treasury yields helped the greenback resume its recent rally.
FILE PHOTO: A British Pound Sterling note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration/File Photo Weak economic data and a decision by the Bank of England to hold interest rates and cut its growth projections have confounded sterling bulls in the last month after a period outperforming other major currencies.
BoE Governor Mark Carney has expressed caution over the state of the UK economy but said that interest rates are still likely to rise by the end of this year.
But it is the dollar’s broad-based, strong rally that has hurt sterling this week. U.S. retail sales numbers showing a moderate increase in April also supported the dollar.
The pound fell as much as 0.6 percent to $1.3452 in late European trading, its lowest since Dec 29. Against the euro sterling traded up 0.1 percent 87.91 pence, reinforcing that the move in sterling was dollar-led.
Earlier on Tuesday sterling had edged up against the dollar after data showed UK employment jumped, although the official numbers also undermined that wage growth that was yet to rise sharply.
The data showed annual growth in earnings, excluding bonuses, edged up to 2.9 percent in the three months to March, as anticipated in a Reuters poll, after a 2.8 percent rise in February.
“While this should still be sufficient to deliver positive real wage growth, such a level of growth is just about in line with price stability but clearly not inflationary,” economists at Barclays wrote.
Analysts said the data was unlikely to alter the immediate outlook for Bank of England interest rate rises.
Market expectations of a rate raise in August are currently close to 50 percent compared with nearly 60 percent at the start of last week.
“We think the BoE will need to see evidence that the stronger growth is sustained in (coming months) before hiking again. We therefore expect the BoE to wait until November for the next hike,” said Berenberg economist Kallum Pickering in a note.
Reporting by Tom Finn; Editing by Tommy Wilkes and Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-sterling/sterling-dips-before-crucial-earnings-data-idUSKCN1IG10E |
Exclusive: Intel's Mobileye gets self-driving tech deal for 8 million cars Steven Scheer 5 Min Read
JERUSALEM (Reuters) - Mobileye, Intel Corp’s Israel-based autonomous driving unit, has signed a contract to supply eight million cars at a European automaker with its self-driving technologies, a company official told Reuters. A general view of a Mobileye autonomous driving test vehicle, at the Mobileye headquarters in Jerusalem, May 15, 2018. REUTERS/Ronen Zvulun
Financial terms of the deal and the identity of the automaker were not disclosed.
The deal, one of the largest yet for Mobileye, is a sign of how carmakers and suppliers are accelerating the introduction of features that automate certain driving tasks – such as highway driving and emergency braking – to generate revenue while technology to enable fully automated driving in all conditions is still years away from mass-market deployment.
The deal for the advanced driver assisted systems will begin in 2021, when Intel’s EyeQ5 chip, which is designed for fully autonomous driving, is launched as an upgrade to the EyeQ4 that will be rolled out in the coming weeks, said Erez Dagan, senior vice president for advanced development and strategy at Mobileye.
Intel and Mobileye are competing with several rival chip and machine vision system manufacturers, including Nvidia Corp., to provide the brains and eyes of automated cars.
The future system will be available on a variety of the automaker’s car models that will have partial automation - where the car is automatically driven but the driver must stay alert - as well as models integrating a more advanced system of conditional automation.
Mobileye, bought by Intel last year for $15.3 billion, says there are some 27 million cars on the road from 25 automakers that use some sort of driver assistance system and Mobileye has a market share of more than 70 percent.
“By the end of 2019, we expect over 100,000 Level 3 cars with Mobileye installed,” said Amnon Shashua, Mobileye’s chief executive.
In Level 3, the car is self-driving but the driver has about 10 seconds to take over if the system is unable to continue.
Mobileye is working with a number of automakers, such as General Motors - for its Super Cruise system - Nissan, Audi, BMW, Honda, Fiat Chrysler and China’s Nio, to supply its Level 3 technologies by next year.
At its Jerusalem headquarters, Mobileye is also testing a more advanced Level 4 technology in Ford Fusion hybrids with 12 small cameras installed and four of the soon-to-be-released EyeQ4 chips in the trunk. In a test witnessed by Reuters reporters, these cars are able to drive on Jerusalem highways in midday traffic with no driver interference.
ROBO-TAXIS
Mobileye says that while it Level 4 systems will start production in 2021, many of its technologies are relevant to creating systems that may soon be purchased by consumers.
Shashua said that based on commitments from automakers, self-driving taxis - called robo-taxis - should start hitting roads around 2021.
“When designing our system we are looking at all what can be used today, in a year, in two years and then the robo-taxi,” Shashua said.
He noted that about that time, some of the more expensive luxury cars for personal use, and possibly some medium-priced vehicles, will use the same technologies - for an extra cost of about $12,000 per car.
As a result, in a few year’s time, roads will be comprised of both human drivers and self-driving cars - which is why safety is paramount, Shashua said. He added that while there are 40,000 fatalities on U.S. roads each year, society won’t accept that number from self-driving cars, although perhaps about 40.
As such, Shashua said, autonomous cars cannot rely on just cameras. To prevent accidents and for the system to make the best driving decisions, it needs to process data from a combination of cameras, high-definition maps, radar and laser scanners called lidar, he said.
Shashua said test vehicles were made to drive like humans, and in Jerusalem they were assertive, given the “driving culture is very assertive.”
“On one hand you want to be safe but on the other hand assertive,” he said, noting that being too hesitant can cause impatience from other drivers and lead to accidents. “In the future, the system will observe other drivers on the road and after a certain amount of time adapts to driving conditions ... It’s not unlike a human experience.”
One issue in designing self-driving cars is how to define what is a dangerous situation. “When you look at driving laws, they are comprehensive but not formally defined,” Shashua said, adding that may ultimately be resolved by courts. “We would like to formalise these things in advance to allow machines not to get into dangerous situations to begin with.” The logo of Israeli technology firm Mobileye is seen on the building hosting their headquarters in Jerusalem, May 15, 2018. Picture taken May 15, 2018. REUTERS/Ronen Zvulun Reporting by Steven Scheer; Additional reporting by Joe White in Detroit; Editing by Mark Potter | ashraq/financial-news-articles | https://in.reuters.com/article/israel-tech-intel-mobileye/exclusive-intels-mobileye-gets-self-driving-tech-deal-for-8-million-cars-idINKCN1II1CI |
May 2 (Reuters) - Pinnacle Renewable Holdings Inc:
* PINNACLE RENEWABLE HOLDINGS REPORTS FISCAL 2018 FIRST QUARTER RESULTS AND ADDITIONAL NEW OFF-TAKE CONTRACTS IN JAPAN
* Q1 REVENUE ROSE 4.7 PERCENT TO C$71 MILLION * QTRLY LOSS PER SHARE $0.58 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pinnacle-renewable-holdings-report/brief-pinnacle-renewable-holdings-reports-qtrly-loss-per-share-0-58-idUSASC09Z90 |
Bitcoin's decline following a climb to nearly $20,000 was directly tied to the launch of a futures market, according to research from the San Francisco Federal Reserve published
Monday.
"The rapid run-up and subsequent fall in the price after the introduction of futures does not appear to be a coincidence," four researchers wrote in the regional Fed bank's most recent Economic Letter . "It is consistent with trading behavior that typically accompanies the introduction of futures markets for an asset."
Peak bitcoin prices lined up with the day the Chicago Mercantile Exchange , or CME, introduced bitcoin futures trading on Dec. 17. That same day, bitcoin hit a high of $19,783, according to data from CoinDesk. The Chicago Board Options exchange, or CBOE, also opened a futures market a week earlier but trading there was thin, the letter said.
Bitcoin's 12-month performance
Source: CoinDesk
Until futures existed it was extremely difficult, if not impossible, to bet on the decline of bitcoin prices, the researchers said. As o ptimistic investors continued to bid up, the cryptocurrency rose more than 1,300 percent in 2017.
The pessimists meanwhile, had no financial way to back a belief that the bitcoin price would collapse.
"So they were left to wait for their 'I told you so' moment," the researchers said. "The launch of bitcoin futures allowed pessimists to enter the market, which contributed to the reversal of the bitcoin price dynamics."
As of Monday, bitcoin was trading at about half of its pre-futures peak, near $9,365 as of 3:10 p.m. ET, according to CoinDesk.
The researchers compared this price reaction to mortgage-backed securities, which they said hinged on the same driving force of optimistic and pessimistic traders.
As for why it was a gradual fall rather than an overnight collapse, researchers said it could be a lack of attention or willingness to enter the market on the first week of trading.
Future prices and demand could be helped by any traditional financial institutions becoming more willing to accept bitcoin, and official recognition and regulatory acceptance of bitcoin as a means of payments, they wrote.
But a competing cryptocurrency becoming more widely used could cause bitcoin to "drop precipitously because these tend to be winner-takes-all markets," researchers said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/launch-of-bitcoin-futures-dragged-down-prices-fed-paper-shows.html |
SINGAPORE (Reuters) - North Korean leader Kim Jong Un’s trip to Singapore for talks with U.S. President Donald Trump poses logistical challenges that are likely to include using Soviet-era aircraft to carry him and his limousine, as well as dozens of security and other support staff.
A North Korean Air Koryo Ilyushin IL76M airplane arrives at an airport in Dalian, Liaoning province, China, in this photo taken by Kyodo May 8, 2018. Mandatory credit Kyodo/via REUTERS The choice of Singapore as the site of the first-ever meeting of a sitting U.S. president and a North Korean leader was as much because it was within reasonable flight time and distance from Pyongyang as because of the island state’s political neutrality, a South Korean presidential official told reporters.
Since becoming North Korea’s leader in 2011, Kim has only taken one known overseas trip by air – and that was earlier this week to Dalian in China to hold talks with Chinese President Xi Jinping. He flew in his personal Ilyushin-62M jet accompanied by a cargo plane that people with knowledge of North Korean affairs say is believed to have carried his limousine.
“It looks very much like the trip to Dalian was a dry run,” said Andray Abrahamian, a research fellow at Pacific Forum CSIS and formerly with Choson Exchange, a Singapore-based group that trains North Koreans in business skills.
At 4,700 km from Pyongyang’s Sunan airport, Singapore is easily in the range of the Il-62M aircraft. The Soviet-era narrow-body jet with four engines was first introduced in the 1970s and has a maximum range of 10,000 km.
But the Ilyushin-76 cargo plane cannot fly more than 3,000 km without refuelling if carrying a full load. It will therefore have to stop off at a friendly location like Vietnam’s capital on the way to Singapore or fly with a reduced load.
The Il-76, originally designed for moving heavy machinery to remote parts of the Soviet Union, is big enough to fit a school bus or two shipping containers inside it, according to passenger and cargo flight operator Antarctic Logistics & Expeditions.
But the cargo plane has had some safety issues. In the latest incident last month, a crash killed 257 people on board after takeoff from an Algiers air base.
Unlike his father Kim Jong Il, who died in 2011 and who travelled by armoured train on his rare trips abroad because he feared being shot down, according to a North Korean defector familiar with his security details, the younger leader is not known to be averse to flying.
But air travel of this distance does pose a significantly greater challenge in transporting communication and security equipment and personnel needed to back up a summit meeting.
SUITE FIT FOR A LEADER Lee Yun-keok, a defector who had worked for the North’s government and now heads the North Korea Strategic Information Service Center in Seoul, said the trip will involve dozens of security personnel and equipment including possibly a personal toilet for the leader.
North Korean leader Kim Jong Un (C) talks with officials onboard his personal plane in this undated photo released by North Korea's Korean Central News Agency (KCNA) in Pyongyang February 15, 2015. REUTERS/KCNA It will also mean burning a large quantity of jet fuel, a refined oil product sharply limited by U.N. sanctions targeting North Korea’ imports. Kim’s two planes will need around 50 metric tons of jet fuel per aircraft for the flight from Pyongyang to Singapore.
China, the main source of fuel for the North, exported just 3 tons of jet fuel in March and made no official exports the two previous months, according to Chinese customs data.
But the North’s planes can pick up extra fuel when they fly to China and Russia for commercial operations, and international security experts believe the North may have been stockpiling the fuel which it has also used for its missile programme.
“The United States had preferred Geneva,” the South Korean presidential official told reporters, requesting anonymity to discuss the arrangements for the summit meeting.
“But Singapore was selected as it was the most realistically viable destination Kim Jong Un could probably travel when considering the travel time and flight distance.”
The two sides initially considered meeting in the Panmunjom truce village straddling the Korean military border, the scene of the third inter-Korea summit attended by Kim and South Korean President Moon Jae-in last month, the official said. The official said the South did not know the reason why Panmunjom was dropped.
There was no confirmation on the specific location for the meeting between Kim and Trump although there are a number of sites in Singapore that can guarantee security protection, including hotels that have experience hosting high-security events, Singapore media and a Singapore government official said.
Singapore Prime Minister Lee Hsien Loong said the country was “honoured to host it, and would do our best to facilitate a smooth and successful meeting,” in a telephone call with Trump on Friday.
Trump said the summit would contribute to resolving the long outstanding issue of securing peace and stability on the Korean peninsula, Singapore’s foreign ministry said.
The meeting is scheduled for one day on June 12, but if either or both of the leaders decide to stay overnight, there is only one hotel room in all of the city that meets “security protocol” for the U.S. president, according to a source with knowledge of previous U.S. presidential visits.
That is the 348-square meter Shangri-la Suite in the Valley Wing of the hotel of the same name, at a current rate of S$10,000 ($7,500) a night for June 12.
Slideshow (4 Images) ($1 = 1.3348 Singapore dollars)
Additional reporting by Dewey Sim in Singapore, Christine Kim and Joori Roh in Seoul; Editing by Martin Howell and Toby Chopra
| ashraq/financial-news-articles | https://in.reuters.com/article/northkorea-usa-singapore/trump-kim-summit-in-singapore-presents-logistical-challenges-for-north-korea-idINKBN1IC191 |
May 18, 2018 / 10:50 AM / in 3 hours PRECIOUS-Gold rebounds as dollar eases on Italian political tensions Reuters Staff 4 Min Read * Spot gold down nearly 2 pct for the week * Dollar index hits fresh five-month high, then eases * Benchmark U.S. yields near 7-year peak * Italian political tensions drive gold safe-have bids (Recasts; updates prices, headline; adds comment, second byline, NEW YORK to dateline) By Renita D. Young and Eric Onstad NEW YORK/LONDON, May 18 (Reuters) - Gold prices rebounded on Friday, as the U.S. dollar eased after Italian political tension sparked a sell-off in the country's bond markets and investors sought a safe haven in bullion. Spot gold gained 0.2 percent at $1,292.12 per ounce by 1:33 p.m. EDT (1733 GMT), after hitting its lowest since Dec. 27 in the previous session at $1,285.41. The metal was heading for its biggest weekly decline since early December, down nearly 2 percent versus last week. U.S. gold futures for June delivery settled up $1.90, or 0.2 percent, at $1,291.30 per ounce. "Gold got stronger off Italian geopolitics and the sell-off in Italian bond markets," said Josh Graves, senior commodities strategist at RJO Futures. The demands of populist parties likely to form Italy's next government, which promised to ramp up spending, caused Italian investors to flee bond markets and purchase gold. "A debt crisis in Italy would have a far bigger impact than one in Greece. Gold would profit as a result," Commerzbank analysts said in a note. This caused more volatility in global equities, which also provided gold support, Graves added. Earlier, the sentiment index in gold was indicating it was strongly oversold while the dollar was heavily overbought as U.S. inflation measures were rising, said Gianclaudio Torlizzi, partner at consultancy T-Commodity in Milan. Thursday data showed a tightening U.S. labor market and mid-Atlantic factory activity picking up, bolstering expectations the Federal Reserve will raise interest rates next month. "We think there is room for a strong rally into the summer and we have a gold target of $1,430 by August," Torlizzi said. The dollar index earlier rose to a fresh five-month peak as the benchmark U.S. Treasury yield hit the highest in nearly seven years. A stronger greenback makes dollar-denominated gold more expensive for users of other currencies, while higher U.S. yields dampen the appeal of non-yielding bullion. Spot gold is still expected to hit $1,302 per ounce as it has stabilized around a support at $1,287, Reuters technical analyst Wang Tao said. Spot silver fell 0.4 percent to $885.40 an ounce, on track to shed slightly more than 1 percent for the week. Platinum dropped 0.4 percent to $885.40 per ounce after hitting a five-month low of $876.50. Platinum was set to fall around 4 percent on the week, the biggest weekly loss since early December. Palladium declined 1.2 percent to $966.30 per ounce, earlier hitting a two-week low at $960.22 and was heading for a nearly 3 percent weekly loss. (Additional reporting by Apeksha Nair in Bengaluru; Editing by Adrian Croft, Jon Boyle and Richard Chang) | ashraq/financial-news-articles | https://www.reuters.com/article/global-precious/precious-gold-prices-fall-as-dollar-hits-fresh-peak-rebound-seen-idUSL3N1SP355 |
VANCOUVER, Wash., May 23, 2018 (GLOBE NEWSWIRE) -- nLIGHT, Inc. (Nasdaq:LASR), a leading provider of high-power semiconductor and fiber lasers used in the industrial, microfabrication, and aerospace and defense markets, today reported financial results for the first quarter of 2018. These results included:
Revenues of $42.5 million, up 42.1% compared to $29.9 million for the first quarter of 2017 Gross margin of 34.7% compared to 30.0% for the first quarter of 2017 Income from operations of $4.2 million, or 9.9% of revenues, compared to $0.6 million, or 2.0% of revenues, for the first quarter of 2017
GAAP net income for the first quarter of 2018 was $2.9 million, or $0.00 per diluted common share, compared to a loss of $1.2 million, or a loss of $0.47 per diluted common share, for the first quarter of 2017. Excluding the impact of stock-based compensation and assuming the conversion of all outstanding convertible preferred stock in the period to common stock, non-GAAP net income for the first quarter of 2018 was $3.1 million, or $0.10 per diluted common share, compared to a non-GAAP net loss of $1.1 million, or a non-GAAP net loss of $0.05 per diluted common share, for the first quarter of 2017.
“We began 2018 on a strong note, delivering record quarterly revenues, gross profit, and income from operations,” commented Scott Keeney, nLIGHT’s President and Chief Executive Officer. “We saw activity accelerate across all end markets, led by growth in the industrial end market. Our first quarter results reflect growing customer adoption of our semiconductor and fiber laser technology and demonstrate the expanding global opportunity for high-power lasers.”
First Quarter 2018 Financial Highlights
Three Months Ended March 31, (In thousands, except percentages) 2018 2017 % Change Revenues $ 42,467 $ 29,887 42.1 % Gross margin 34.7 % 30.0 % Income from operations $ 4,208 $ 612 587.6 % Operating margin 9.9 % 2.0 % Net income (loss) $ 2,916 $ (1,213 ) NM Adjusted EBITDA (1) $ 6,316 $ 2,635 139.7 % Adjusted EBITDA, as percentage of revenues 14.9 % 8.8 % (1) A reconciliation of the non-GAAP information provided here to the most directly comparable GAAP metric has been provided in the financial statement tables included in this release.
Outlook
For the second quarter of 2018, nLIGHT expects revenues to be in the range of $48.0 million to $52.0 million, gross margin to be in the range of 33.0% to 36.0%, and income from operations in the range of $5.0 million to $7.0 million.
Investor Conference Call at 2:00 p.m. Pacific Time, Wednesday, May 23, 2018
Parties interested in listening to nLIGHT’s quarterly conference call may do so by dialing 1-877-270-2148 (U.S., toll-free) or +1-412-902-6510 (international and toll), with the conference title: nLIGHT First Quarter 2018 Earnings. The call can also be accessed via the web by going to nLIGHT’s Investor Relations page at http://nlight.net/company/investors .
Use of Non-GAAP Financial Results
In addition to U.S. GAAP results, this press release also contains non-GAAP financial results, including Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP net income (loss) per share, basic and diluted. Adjusted EBITDA, a non-GAAP financial metric, is used to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. In addition to our results determined in accordance with GAAP, we believe Adjusted EBITDA is useful in evaluating our operating performance. Similarly, we believe that providing non-GAAP net income (loss) and non-GAAP net income (loss) per share, basic and diluted, is useful to our investors as it gives effect to both the conversion of all outstanding preferred stock to common stock, which occurred immediately prior to the closing of nLIGHT’s initial public offering on April 30, 2018, as well as removing the effect of stock-based compensation expense, which we believe to be an informative view of our results during the period.
We define Adjusted EBITDA as net income (loss) adjusted for income tax expense, other non-operating expense or income, net interest expense, depreciation and amortization, stock-based compensation and other special items as determined by management, as applicable. We believe that Adjusted EBITDA is a meaningful measure of performance as it is commonly utilized by us and the investment community to analyze operating performance in our industry. We define non-GAAP net income (loss) as GAAP net income (loss) adjusted for stock-based compensation. We define non-GAAP net income (loss) per share, basic and diluted, as non-GAAP net income (loss) divided by preferred and common weighted-average shares outstanding during the respective period plus the dilutive effect of any outstanding options or warrants during the period, if applicable.
Tables presenting the reconciliation of net income (loss) to Adjusted EBITDA, as well as the reconciliation of net income (loss) and net income (loss) per share, basic and diluted to non-GAAP net income (loss) and non-GAAP net income (loss) per share, basic and diluted, the two most directly comparable GAAP financial metrics, are included at the end of this press release.
Safe Harbor Statement
Certain statements in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as “guidance,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates,” and similar expressions may identify these forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding expected revenues, gross margin and operating income, the expanding global opportunity for high-power lasers, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements, including but not limited to: (1) our ability to generate sufficient revenues to achieve or maintain profitability in the future as our operating costs increase, (2) the risk that our revenue growth rate in recent periods may not be indicative of our future performance, (3) downturns in the markets we serve could materially adversely affect our revenues and profitability, (4) our high levels of fixed costs and inventory levels may harm our gross profits and results of operations in the event that demand for our products declines or we maintain excess inventory levels, (5) the competiveness of the markets for our products, (6) our substantial sales and operations in China, which expose us to risks inherent in doing business there, (7) our manufacturing capacity and operations may not be appropriate for future levels of demand, (8) our reliance on a small number of customers for a significant portion of our revenues and (9) the risk that we may be unable to protect our proprietary technology and intellectual property rights. Additional information concerning these and other factors can be found in nLIGHT's filings with the Securities and Exchange Commission, including other risks, relevant factors and uncertainties identified in the “Risk Factors” section of nLIGHT's Registration Statement on Form S-1 or subsequent filings with the Securities and Exchange Commission. nLIGHT undertakes no obligation to update publicly or revise any forward-looking statements contained herein to reflect future events or developments, except as required by law.
The nLIGHT logo and “nLIGHT,” are registered trademarks or trademarks of nLIGHT, Inc. in various jurisdictions.
About nLIGHT
nLIGHT, Inc. is a leading provider of high‑power semiconductor and fiber lasers used in a variety of end applications in the industrial, microfabrication, and aerospace and defense markets. For more information, please visit www.nlight.net .
nLIGHT, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended March 31, 2018 2017 Revenues $ 42,467 $ 29,887 Cost of revenues 27,738 20,920 Gross profit 14,729 8,967 Operating expenses: Research and development 4,283 3,726 Sales, general, and administrative 6,238 4,629 Total operating expenses 10,521 8,355 Income from operations 4,208 612 Other expense: Interest expense, net (219 ) (502 ) Other expense 76 (167 ) Income (loss) before income taxes 4,065 (57 ) Income tax expense 1,149 1,156 Net income (loss) $ 2,916 $ (1,213 ) Less: Income allocated to preferred stockholders $ (2,916 ) $ — Net income (loss) attributable to common stockholders $ — $ (1,213 ) Net income (loss) per share, basic and diluted $ — $ (0.47 ) Shares used in basic and diluted per share calculations 3,031 2,600
nLIGHT, Inc.
Consolidated Balance Sheets
(In thousands)
(Unaudited)
March 31, December 31, 2018 2017 Assets Current assets: Cash and cash equivalents $ 28,622 $ 36,687 Accounts receivable, net 18,171 13,353 Inventory 35,351 29,570 Prepaid expenses and other current assets 6,147 4,973 Total current assets 88,291 84,583 Property and equipment, net 19,811 17,968 Intangible assets, net 2,361 1,836 Goodwill 1,387 1,387 Other assets 4,346 4,374 Total assets $ 116,196 $ 110,148 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 15,581 $ 12,920 Accrued liabilities 11,870 12,650 Customer advances 753 575 Deferred revenue 541 386 Current portion of long-term debt 3,491 2,363 Total current liabilities 32,236 28,894 Non-current income taxes payable 4,185 3,930 Long-term debt 13,958 15,108 Other long-term liabilities 1,232 933 Total liabilities 51,611 48,865 Stockholders' equity: Convertible preferred stock - par value 12 12 Common stock - par value 2 2 Additional paid-in capital 180,093 180,657 Accumulated other comprehensive income (loss) 231 (719 ) Accumulated deficit (115,753 ) (118,669 ) Total stockholders’ equity 64,585 61,283 Total liabilities and stockholders’ equity $ 116,196 $ 110,148
nLIGHT, Inc.
Select Statements of Cash Flows Data
(In thousands)
(Unaudited)
Three Months Ended March 31, 2018 2017 Cash flows from operating activities: Net income (loss) $ 2,916 $ (1,213 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 1,946 1,950 Provision for losses on accounts receivable 40 125 Stock-based compensation 162 73 Loss on disposal of property and equipment 13 7 Changes in operating assets and liabilities: Accounts receivable (4,689 ) (2,802 ) Inventory (5,127 ) (1,069 ) Other changes 569 (817 ) Net cash used in operating activities (4,170 ) (3,746 ) Cash flows from investing activities: Purchases of property, equipment and intangibles (3,390 ) (715 ) Proceeds from sale of property and equipment — 6 Net cash used in investing activities (3,390 ) (709 ) Cash flows from financing activities: Principal payments on debt and capital leases (29 ) (325 ) Payments of deferred offering costs (521 ) (8 ) Proceeds from stock option exercises 61 61 Net cash used in financing activities (489 ) (272 ) Effect of exchange rate changes on cash (16 ) 141 Net decrease in cash and cash equivalents (8,065 ) (4,586 ) Cash and cash equivalents, beginning of period 36,687 13,500 Cash and cash equivalents, end of period $ 28,622 $ 8,914 Supplemental disclosures: Cash paid for interest $ 252 $ 459 Cash paid for income taxes 990 341 Accrued purchases of property, equipment and intangibles 1,380 291 Accrued deferred offering costs 797 26
nLIGHT, Inc.
Reconciliation of Non-GAAP Financial Metrics
(In thousands, except per share data)
(Unaudited)
Reconciliation of Net Income (Loss) to Adjusted EBITDA
Three Months Ended March 31, 2018 2017 Net income (loss) $ 2,916 $ (1,213 ) Income tax expense 1,149 1,156 Other (income) expense (76 ) 167 Interest expense, net 219 502 Depreciation and amortization 1,946 1,950 Stock-based compensation 162 73 Adjusted EBITDA $ 6,316 $ 2,635
Reconciliation of GAAP to Non-GAAP Net Income (Loss), and GAAP to Non-GAAP Net Income (Loss) per Share, Basic and Diluted
Three Months Ended March 31, 2018 2017 Net income (loss) $ 2,916 $ (1,213 ) Add back: Stock-based compensation 162 73 Non-GAAP income (loss) 3,078 (1,140 ) GAAP weighted average shares outstanding 3,031 2,600 Assumed conversion of convertible preferred stock to common stock 24,642 19,837 Non-GAAP weighted average number of shares, basic 27,673 22,437 Dilutive effect of common stock options and warrants 4,492 — Non-GAAP weighted average number of shares, diluted 32,165 22,437 Non-GAAP net income (loss) per share, basic $ 0.11 $ (0.05 ) Non-GAAP net income (loss) per share, diluted $ 0.10 $ (0.05 ) For more information contact: Jason Willey Investor Relations and Corporate Development nLIGHT, Inc. (360) 567-4890 [email protected]
Source: nLIGHT, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-nlight-inc-announces-first-quarter-2018-results.html |
BEIJING, May 23, 2018 /PRNewswire/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan" or the "Company") (NYSE: XIN), an NYSE-listed real estate developer and property manager primarily in China and in other countries, today announced that it plans to release its first quarter 2018 financial results on Wednesday, May 30th, 2018, before the U.S. market opens.
The Company will hold a conference call at 8:00am ET on May 30, 2018 to discuss its first quarter 2018 results. Listeners may access the call by dialing:
US Toll Free: 1-800-347-6311
International: 1-323-794-2094
A webcast will also be available through the Company's investor relations website at http://ir.xyre.com .
A replay of the call will be available through June 6, 2018 by dialing:
US: 1-844-512-2921
International: 1-412-317-6671
Access code: 5602971
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") is an NYSE-listed real estate developer and property manager primarily in China and in other countries. In China, Xinyuan develops and manages large scale, high quality real estate projects in over ten tier one and tier two cities, including Beijing, Shanghai, Zhengzhou, Jinan, Xi'an, Suzhou, among others. Xinyuan was one of the first Chinese real estate developers to enter the U.S. market and over the past few years has been active in real estate development in New York. Xinyuan aims to provide comfortable and convenient real estate related products and services to middle-class consumers. For more information, please visit http://www.xyre.com .
For more information, please contact:
In China:
Xinyuan Real Estate Co., Ltd.
Mr. Charles Wang
Investor Relations Director
Tel: +86 (10) 8588-9314
Email: [email protected]
ICR, LLC
Mr. William Zima
In U.S.: +1-646-308-1472
In China: +86 (10) 6583 7511
Email: [email protected]
Media:
Mr. Edmond Lococo
In China: +86 (10) 6583-7510
Email: [email protected]
View original content: http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-to-report-first-quarter-2018-financial-results-on-may-30-2018-300653400.html
SOURCE Xinyuan Real Estate Co., Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-xinyuan-real-estate-co-ltd-to-report-first-quarter-2018-financial-results-on-may-30-2018.html |
Iraqis went to the polls Saturday in an unpredictable election that could tip the contest for influence here between the U.S. and Iran, days after President Donald Trump withdrew from the nuclear deal with Tehran.
It is the first time Iraqis have voted since Islamic State took over a swath of the country in 2014 putting the very future of the state in doubt. After more than three years of war, Iraq has emerged battered but more united. Tensions between Sunnis and the majority Shiite Muslims have eased and violence is at one... | ashraq/financial-news-articles | https://www.wsj.com/articles/iraqis-vote-as-u-s-and-iran-vie-for-influence-1526103590 |
Drinks companies bank on an unusual cocktail recipe: less alcohol. 2:59pm BST - 01:30
n bars from London to New York, sales of “aperitifs” such as Aperol, Lillet and Martini Rosso are growing rapidly as younger drinkers in particular opt for lower-alcohol concoctions over stronger traditional cocktail spirits like vodka. Rosanna Philpott reports.
n bars from London to New York, sales of “aperitifs” such as Aperol, Lillet and Martini Rosso are growing rapidly as younger drinkers in particular opt for lower-alcohol concoctions over stronger traditional cocktail spirits like vodka. Rosanna Philpott reports. //reut.rs/2L9gvWB | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/30/drinks-companies-bank-on-an-unusual-cock?videoId=431688452 |
Quarterly Net Sales and Operating Income Grow 12% Versus 2017’s First Quarter
Board Declares Regular Quarterly Cash Dividend
CLEVELAND--(BUSINESS WIRE)-- Olympic Steel Inc., (Nasdaq: ZEUS) , a leading national metals service center, today announced financial results for the first quarter ended March 31, 2018.
First-quarter 2018 net sales increased 12% to $376 million, compared with $335 million in last year’s same quarter. Consolidated gross margin expanded to 21.5% of net sales in the first quarter of 2018, up from 19.4% of net sales in the fourth quarter of 2017, and up from 20.7% of net sales in the 2017 full-year period. Operating income in 2018’s first quarter grew 12% to $12.3 million, versus $11.1 million in last year’s comparable quarter.
Net income in the 2018 first quarter was $7.6 million, or $0.67 per diluted share, compared with net income of $7.7 million, or $0.68 per diluted share, in the first quarter of 2017. Last year’s first-quarter results included an out-of-period income tax adjustment that increased 2017 first-quarter net income by $1.9 million, or $0.17 per diluted share. The Company recorded $0.5 million of LIFO expense in the first quarter of 2018, compared with $0.4 million of LIFO expense in the first quarter of 2017.
After adjusting for the tax impact in the first quarter of 2017 and LIFO expense recorded in both first-quarter periods, adjusted net income increased 30% to $0.70 per diluted share in the first quarter of 2018, compared with adjusted net income of $0.54 per diluted share in 2017’s comparable period. Please see the table that follows for a reconciliation of non-GAAP measures to measures prepared in accordance with GAAP.
“First-quarter 2018 net sales grew in all three operating segments versus the fourth quarter and compared with the first quarter of last year,” said Chairman and Chief Executive Officer Michael D. Siegal. “Accelerating shipments and rising prices throughout the first quarter resulted in our highest operating income in any quarter since 2011.”
“After quarter end, we acquired Berlin Metals, a distributor of prime tin mill products with a growing stainless steel business. In addition to diversifying into new complementary products, this acquisition, which we believe will be accretive, also adds new customers and markets, providing us with cross-selling growth opportunities. We continue to seek potential acquisition candidates that align with our long-term objectives, as well as undertake internal growth initiatives in key strategic areas.”
“As we move through a busy spring season, shipping volumes and metal prices remain elevated, setting the stage for a strong first half,” Siegal said.
The Company’s Board of Directors also approved a regular quarterly cash dividend of $0.02 per share, which is payable on June 15, 2018, to shareholders of record on June 1, 2018.
Olympic Steel, Inc. Reconciliation of Net Income Per Diluted Share to Adjusted Net Income Per Diluted Share The following table reconciles adjusted net income per diluted share to the most directly comparable GAAP financial measure:
Three Months Ended March 31, 2018 2017 (unaudited) Net income per diluted share (GAAP): $ 0.67 $ 0.68 Excluding the following items: Tax adjustment on retirement plan - (0.17 ) LIFO expense 0.03 0.03 Adjusted net income per diluted share (non-GAAP): $ 0.70 $ 0.54 Conference Call and Webcast
A simulcast of Olympic Steel’s 2018 first-quarter earnings conference call can be accessed via the Investor Relations section of the Company’s website at www.olysteel.com . The simulcast will begin at 9 a.m. EDT today, May 3, and a replay of the call will be available for approximately 14 days thereafter.
Forward-Looking Statements
It is the Company’s policy not to endorse any analyst’s sales or earnings estimates. Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private 1995. Forward-looking statements are typically identified by words or phrases such as “may,” “will,” “anticipate,” “should,” “intend,” “expect,” “believe,” “estimate,” “project,” “plan,” “potential,” and “continue,” as well as the negative of these terms or similar expressions. Such are subject to certain risks and uncertainties that could implied by such statements. Readers are cautioned not to place undue reliance on these . Such risks and uncertainties include, but are not limited to: general and global business, economic, financial and political conditions; competitive factors such as the availability, global production levels and pricing of metals, industry shipping and inventory levels and rapid fluctuations in customer demand and metals pricing; cyclicality and volatility within the metals industry; fluctuations in the value of the U.S. dollar and the related impact on foreign steel pricing, U.S. exports, and foreign imports to the United States; the levels of imported steel in the United States and any associated tariffs and duties; the availability and rising costs of transportation and logistical services; the successes of our efforts and initiatives to increase sales and earnings, maintain or improve working capital turnover and free cash flows, improve our customer service, and achieve cost savings; our ability to generate free cash flow through operations and repay debt within anticipated time frames; events or circumstances that could impair or adversely impact the carrying value of any of our assets; risks and uncertainties associated with intangible assets, including additional impairment charges related to indefinite lived intangible assets; events or circumstances that could adversely impact the successful operation of our processing equipment and operations; the amounts, successes and our ability to continue our capital investments and strategic growth initiatives, including acquisitions and our business information system implementations; our ability to successfully integrate Berlin Metals, LLC, or Berlin Metals, into our business and risks inherent with the Berlin Metals acquisition in the achievement of expected results, including whether the acquisition will be accretive and within the expected timeframe; the success of our operational initiatives to improve our operating, cultural and management systems and reduce our costs; the ability to comply with the terms of our asset-based credit facility; the ability of our customers and third parties to honor their agreements related to derivative instruments; customer, supplier and competitor consolidation, bankruptcy or insolvency; reduced production schedules, layoffs or work stoppages by our own, our suppliers’ or customers’ personnel; the impacts of union organizing activities and the success of union contract renewals; the timing and outcomes of inventory lower of cost or market adjustments and last-in, first-out, or LIFO, income or expense; the ability of our customers (especially those that may be highly leveraged, and those with inadequate liquidity) to maintain their credit availability; the inflation or deflation existing within the metals industry, as well as our product mix and inventory levels on hand, which can impact our cost of materials sold as a result of the fluctuations in the LIFO inventory valuation; the adequacy of our existing information technology and business system software, including duplication and security processes; the adequacy of our efforts to mitigate cyber security risks and threats; access to capital and global credit markets; our ability to pay regular quarterly cash dividends and the amounts and timing of any future dividends; our ability to repurchase shares of our common stock and the amounts and timing of repurchases, if any; unanticipated developments that could occur with respect to contingencies such as litigation, arbitration and environmental matters, including any developments that would require any increase in our costs for such contingencies; and changes in laws or regulations or the manner of their interpretation or enforcement could impact our financial performance and restrict our ability to operate our business or execute our strategies.
In addition to financial information prepared in accordance with GAAP, this document also contains adjusted earnings per diluted share, which is a non-GAAP financial measure. Management’s view of the Company’s performance includes adjusted earnings per share, and management uses this non-GAAP financial measure internally for planning and forecasting purposes and to measure the performance of the Company. We believe this non-GAAP financial measure provides useful and meaningful information to us and investors because it enhances investors’ understanding of the continuing operating performance of our business and facilitates the comparison of performance between past and future periods. This non-GAAP financial measure should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. A reconciliation of this non-GAAP measure to the most directly comparable GAAP financial measure is provided above.
About Olympic Steel
Founded in 1954, Olympic Steel is a leading U.S. metals service center focused on the direct sale and distribution of large volumes of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminum, and tin products. The Company’s CTI subsidiary is a leading distributor of steel tubing, bar, pipe, valves and fittings, and fabricates pressure parts for the electric utility industry. Headquartered in Cleveland, Ohio, Olympic Steel operates from 31 facilities in North America.
For additional information, please visit the Company’s website at www.olysteel.com or http://ir.olysteel.com/Contact_Us?BzID=2195
-Financial Tables Follow-
Olympic Steel, Inc. Consolidated Statements of Comprehensive Income (in thousands, except per-share data)
Three Months Ended Mar. 31, 2018 2017 (unaudited) Net sales $ 375,598 $ 334,893 Costs and expenses Cost of materials sold (excludes items shown separately below)
294,777 258,454 Warehouse and processing 23,436 23,501 Administrative and general 18,872 18,165 Distribution 12,139 10,365 Selling 7,228 6,511 Occupancy 2,555 2,310 Depreciation 4,024 4,314 Amortization 222 222 Total costs and expenses 363,253 323,842 Operating income 12,345 11,051 Other loss, net (46 ) (26 ) Income before interest and income taxes 12,299 11,025 Interest and other expense on debt 1,986 1,626 Income before income taxes 10,313 9,399 Income tax provision 2,684 1,700 Net income $ 7,629 $ 7,699 Earnings per share: Net income per share - basic $ 0.67 $ 0.68 Weighted average shares outstanding - basic
11,418 11,369 Net income per share - diluted
$ 0.67 $ 0.68 Weighted average shares outstanding - diluted
11,418 11,369
Olympic Steel, Inc. Consolidated Balance Sheets (in thousands)
At Mar. 31, 2018 At Dec. 31, 2017 (unaudited) Assets Cash and cash equivalents $ 3,412 $ 3,009 Accounts receivable, net 174,813 132,737 Inventories, net (includes LIFO debit of $4,837 as of Mar. 31, 2018, and $5,337 as of Dec. 31, 2017)
319,024 275,307 Prepaid expenses and other 5,698 8,333 Assets held for sale 750 750 Total current assets 503,697 420,136 Property and equipment, at cost 384,218 376,710 Accumulated depreciation (232,908 ) (229,062 ) Net property and equipment 151,310 147,648 Intangible assets, net 22,758 22,980 Other long-term assets 13,114 13,394 Total assets $ 690,879 $ 604,158 Liabilities Current portion of long-term debt $ - $ 930 Accounts payable 112,518 84,034 Accrued payroll 9,782 11,999 Other accrued liabilities 14,567 14,184 Total current liabilities 136,867 111,147 Credit facility revolver 248,955 196,235 Other long-term liabilities 11,215 12,048 Deferred income taxes 12,827 12,145 Total liabilities 409,864 331,575 Shareholders' Equity Preferred stock - - Common stock 130,379 129,453 Treasury stock (239 ) (337 ) Retained earnings 150,875 143,467 Total shareholders' equity 281,015 272,583 Total liabilities and shareholders' equity
$ 690,879 $ 604,158
Olympic Steel, Inc. Segment Financial Information (In thousands, except tonnage and per-ton data. Figures may not foot to consolidated totals due to Corporate expenses.)
Three Months Ended March 31: (unaudited) Carbon Flat Specialty Metals Flat Tubular and Pipe Products Products Products 1
2018 2017 2018 2017 2018 2017 Tons Sold 1
297,604 303,792 24,863 23,193 NA NA Net Sales $ 240,894 $ 216,916 $ 65,529 $ 57,955 $ 69,175 $ 60,022 Average selling price per ton
809 714 2,636 2,499 NA NA Cost of materials sold 2 189,775 169,173 56,131 48,284 48,871 40,997 Gross profit 3 51,119 47,743 9,398 9,671 20,304 19,025 Operating expenses 4 43,013 40,368 6,387 5,686 16,037 16,538 Operating income $ 8,106 $ 7,375 $ 3,011 $ 3,985 $ 4,267 $ 2,487 Depreciation and Amortization
2,560 2,889 204 226 1,456 1,396
At March 31, 2018
At Dec. 31, 2017
Assets (unaudited) Flat products $ 490,622 $ 409,116 Tubular and pipe products 199,938 194,787 Corporate 319 255 Total assets $ 690,879 $ 604,158 Other Information: (In thousands, except per-share data)
At March 31, 2018
At Dec. 31, 2017
(unaudited) Shareholders' equity per share $ 25.55 $ 24.80 Debt-to-equity ratio 0.89 to 1 0.72 to 1 Three Months Ended March 31, 2018 2017 (unaudited) Net cash used for operating activities $ (43,455 ) $ (25,692 ) Cash dividends per share $ 0.02 $ 0.02 1
Tonnage is less meaningful for the Tubular and Pipe Products segment and therefore, is not reported.
2
Includes $0.5 million and $0.4 million of LIFO expense in the three months ended March 31, 2018 and 2017, respectively.
3
Gross profit is calculated as net sales less the cost of materials sold.
4
Operating expenses are calculated as total costs and expenses less the cost of materials sold from the Consolidated Statements of Comprehensive Income.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005225/en/
Olympic Steel Inc.
Olympic Steel Investor Relations
Matthew J. Dennis, CFA, 216-672-0522
Source: Olympic Steel Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-olympic-steel-reports-strong-2018-first-quarter-results.html |
The following factors could affect Italian markets on Wednesday.
Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).
For a complete list of diary events in Italy please click on .
POLITICS Italy may hold repeat elections as early as July after the man asked to be prime minister failed to secure support from major political parties for even a stop-gap government, sources said on Tuesday, as markets tumbled on the growing political turmoil. (*) The U.S. Treasury believes it would be better for Italy and other euro-zone countries to work out their issues with no major changes to the bloc, a senior Treasury official said on Tuesday as Italian political and market turmoil emerged as a key topic for a G7 finance leaders meeting this week.
DEBT Treasury sells 1.250-2.00 billion euros CCTeu bonds due Sept. 15, 2025; 1.00-1.750 billion euros 0.95 percent BTP bonds due March 1, 2023; 1.50-2.250 billion euros 2.00 percent BTP bond due Feb. 2, 2028. Subscriptions close at 0900 GMT.
A deepening political crisis in Italy, the euro zone’s third biggest economy, fuelled a selloff in Italian assets and the euro on Tuesday that was reminiscent of the euro zone debt crisis of 2010-2012.
Italy’s government debt situation is still manageable despite the sharp rise in borrowing rates in recent days as the country’s long debt maturity profile and improved economic fundamentals are supportive, ratings agency DBRS told Reuters.
Investor bets on short-dated Italian futures surged close to their highest on record last Friday, data suggested, as investors geared up for a brutal selloff triggered by this weekend’s political developments.
ECONOMY Italy’s political crisis risks undoing years spent rebuilding the country’s banks, undermining the value of their assets, choking off access to funding and rekindling euro exit fears.
The European Commission proposed on Tuesday spending more European Union money on Italy and other southern members hit by the economic and migrant crises, while spending less in the former communist countries of central Europe.
FIAT CHRYSLER Fiat Chrysler (FCA) boss Sergio Marchionne is expected to outline new plans for electric and hybrid cars in a strategy presentation on Friday, aiming to ensure the world’s seventh-largest carmaker remains in the race in the absence of a merger.
POSTE ITALIANE Shareholders at the Italian post office approved on Tuesday a share buy-back for up to 5 percent of the capital and spending for up to 500 million euros. Investors also gave their green light to the assignment of 210 million euros in free reserves to BancoPosta’s ring-fenced capital.
(*) UNICREDIT, INTESA SANPAOLO, BANCO BPM , UBI BANCA There are open short position on the four banks for more than 1.1 billion euros, MF said. (*) UNICREDIT
CFRA Research cut its target price on the stock to 18 euros from 22 euros.
(*) SAIPEM The company is close to securing a new contract related to the planned Nong Fab LNG receiving terminal in Thailand, Il Sole 24 Ore said. The company is also hoping to secure an onshore engineering contract, which relates to the further developemnt of the Bu Hasa oil field, south of Abu Dhabi. Saipem and Egypt’s ENPII are preparing a joint bid for the tender worth around 1.2 billion euros, the paper added.
(*) TREVI Creditor banks, including Intesa Sanpaolo and Unicredit, have asked the Trevisani Family, top investor with a 32.7 percent stake, to take a step back in the management of the group as part of its restructuring plan, Il Messaggero reported.
It added that the board will meet on Wednesday to try to finalise a rescue deal with Bain Capital Credit, which is willing to underwrite a 150 million euros super senior bond with a 10 percent interest rate in exchange for the conversion of about 300 million euros. The board is also expected to approve a 150 million capital increase, to be used as a plan B in case negotiations with Bain fall through, it added.
INTESA SANPAOLO Chairman Gian Maria Gros-Pietro attends news conference by FAI-Italian Environment Fund in Milan (0900 GMT).
PORTALE SARDEGNA CEO Massimiliano Cossu attends news conference to present a regional project in Nuoro (0830 GMT).
ABITARE IN Extraordinary shareholders’ meeting (1600 GMT).
AGATOS Board meeting on FY results.
ECOSUNTEK Board meeting on FY results.
ITWAY Board meeting on FY 2017 and Q1 2018 results.
NETWEEK Annual general meeting (0730 GMT).
TOSCANA AEROPORTI Annual general meeting (0900 GMT).
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/italy-factors-may-30/italy-factors-to-watch-on-may-30-idUSL5N1SZ31A |
May 16, 2018 / 3:35 PM / Updated 29 minutes ago Corrected: Rupert Murdoch's son Lachlan to become Fox CEO after Disney deal Reuters Staff 1 Min Read
(Corrects paragraph 1 to show Lachlan Murdoch will succeed his brother James as CEO) Lachlan Murdoch, son of Rupert Murdoch, 21st Century Fox CEO, arrives at the annual Allen and Co. conference at the Sun Valley, Idaho Resort July 11, 2013. REUTERS/Rick Wilking/Files
(Reuters) - Twenty First Century Fox’s James Murdoch will be succeeded by his brother Lachlan as chief executive officer once the company’s TV and film assets are acquired by Walt Disney Co, Fox said on Wednesday.
Lachlan and his father Rupert Murdoch will serve as co-chairmen of the new Fox, while current Chief Financial Officer John Nallen will also take the role of chief operating officer.
Fox agreed last year to sell the bulk of its film and TV assets to Walt Disney in a $52.4 billion deal. It expects to ask shareholders for approval of the transaction this summer.
The company has declined to comment on reports that Comcast Corp is preparing a rival all-cash offer for the same Fox assets.
The new Fox will house assets including Fox News, Fox Business Network and sports cable networks, the company said. Slideshow (2 Images) | ashraq/financial-news-articles | https://in.reuters.com/article/fox-m-a-disney/lachlan-murdoch-to-be-ceo-of-new-fox-after-disney-deal-idINKCN1IH25Z |
CNBC.com Lacy O'Toole | CNBC Warren Buffet walks the floor at the 2018 Berkshire Hathaway Annual Shareholder's Meeting in Omaha, NE on May 5th, 2018.
Warren Buffett predicts the U.S. and China will avoid a serious trade conflict.
"I don't think either country will dig themselves into something that precipitates and continues any kind of real trade war," he said at the Berkshire Hathaway 2018 annual shareholder meeting Saturday. "There will be some back and forth, but in the end I don't think we'll come out with a terrible answer on it."
Buffett said it was difficult politically to advocate for free trade as many of the benefits are spread across the whole population, while the negative effects "are very apparent and painful" to parts of the country.
But he is optimistic the two economic powers will figure it out because the awful historic track record of previous trade wars.
"We've had that in the past a few times, I think we learned a general lesson on it," he said. "It's just too big and too obvious, the benefits are huge and the world's dependent on it in a major way for its progress that two intelligent countries will do something extremely foolish." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/05/warren-buffett-u-s-and-china-will-avoid-an-extremely-foolish-trade-war.html |
WESTFORD, Mass.--(BUSINESS WIRE)-- NETSCOUT SYSTEMS, INC. (NASDAQ: NTCT), a leading provider of service assurance, security, and business analytics, today announced financial results for its fourth quarter and fiscal year ended March 31, 2018.
“Due to improved gross margins and lower operating costs, we delivered a reasonably good EPS performance against our January 2018 guidance despite revenue that approached the lower end of our targets,” stated Anil Singhal, NETSCOUT’s president and CEO. “Despite the difficult market conditions in the service provider customer segment, we’ve seen good adoption of our software-based real-time information platform, which contributed to higher gross margins. In the enterprise customer segment, we are seeing increasing interest in some of our newest offerings that provide seamless workflows into infrastructure performance as well as greater application visibility across traditional data center, private and public clouds, and hybrid environments.”
Singhal concluded, “We expect that orders for our next-generation, software-based instrumentation and analytic offerings will continue ramping over the coming quarters as we also introduce new capabilities that will enable us to address broader security and big data analytics requirements. We are also advancing plans that we believe will help us further recalibrate our cost structure in ways that can help us improve our underlying operating profitability without compromising our ability to capitalize on near-term and longer-term growth opportunities. As we move forward, we remain confident in our product and go-to-market strategies.”
Notable fourth-quarter and recent operational highlights include:
In late-February, NETSCOUT announced that it was selected by VodafoneZiggo to support its Network Function Virtualization (NFV) transformation. This win underscores why over two dozen other service providers are currently deploying the Company’s NFV solutions in their networks. NETSCOUT also showcased its solutions to service providers at Mobile World Congress that support ongoing innovation in 4G network technology as well as emerging 5G network architectures. NETSCOUT’s ongoing involvement in supporting industry standards was demonstrated several weeks ago when the Company announced that it had joined the Linux Foundation Networking (LFN) ecosystem , which encompasses OpenDaylight, OPNFV, ONAP, FD.io, PNDA and SNAS. Through membership in LFN, NETSCOUT will be able to collaborate with the open source community with its virtualized visibility instrumentation and smart data solutions that deliver actionable metadata and KPIs, driving network and services automation. In mid-March, NETSCOUT announced enhancements to nGeniusPULSE with new capabilities that extend infrastructure monitoring into VMware virtual infrastructures as well as Wi-Fi infrastructures. Recognition of the Company’s technology leadership and innovation continues to build. In early April, Network Computing selected both NETSCOUT’s LinkRunner G2 TM Smart Network Tester and Aircheck G2 TM Wireless Network Tester as a Bench Tested Product of the Year. In mid-April, NETSCOUT announced a new version of its distributed denial of service (DDoS) mitigation solution, the Arbor TMS HD1000 , that more than doubles mitigation capacity over the previous version, delivering a 40% reduction in the cost per gigabit of protection delivered. Also last month, NETSCOUT announced that the Brazilian Network Information Centre selected Arbor DDoS solutions to strengthen its Network Operations Center defense capabilities to protect its infrastructure against service disrupting Distributed Denial of Service (DDoS) attacks. Last week, two new independent directors were appointed to the Company’s Board. Mr. Alfred Grasso, who served as president and CEO of the MITRE Corporation from July 2006 until February 2017, was appointed as a Class I Director and will be eligible for election at the 2018 annual meeting of stockholders to serve a full three-year term. Ms. Susan L. Spradley, currently a partner in the Tap Growth Group and CEO of Motion Intelligence, Inc., was appointed as a Class III Director and will be eligible for election when this initial term expires at the 2020 annual meeting of stockholders. The appointments of Mr. Grasso and Ms. Spradley increase the size of the Board to nine members from seven. Detailed biographies on each new director are available online at https://www.netscout.com/company/board-of-directors . NETSCOUT plans to hold its annual user conference and technology summit, Engage18 , on May 14 through May 17 in Dallas, Texas.
Q4 FY18 Financial Results
Total revenue (GAAP) for the fourth quarter of fiscal year 2018 was $235.2 million, compared with $318.9 million in the same quarter one year ago. Non-GAAP total revenue for the fourth quarter of fiscal year 2018 was $238.5 million, compared with $327.2 million in the same quarter one year ago. A reconciliation of GAAP and non-GAAP results is included in the attached financial tables.
Product revenue (GAAP) for the fourth quarter of fiscal year 2018 was $128.8 million, which was approximately 55% of total revenue. This compares with product revenue (GAAP) of $210.1 million in the prior fiscal year’s fourth quarter, which was approximately 66% of total revenue. On a non-GAAP basis, product revenue for the fourth quarter of fiscal year 2018 was $129.8 million, which was approximately 54% of total non-GAAP revenue. This compares with fourth-quarter fiscal year 2017 non-GAAP product revenue of $213.7 million, which was approximately 65% of total non-GAAP revenue.
Service revenue (GAAP) for the fourth quarter of fiscal year 2018 was $106.4 million, or approximately 45% of total revenue, compared with $108.9 million in the same period one year ago, or 34% of total GAAP revenue. Non-GAAP service revenue for fiscal year 2018’s fourth quarter was $108.7 million, which was approximately 46% of total non-GAAP revenue, compared with $113.5 million in the year-ago quarter, or approximately 35% of total non-GAAP revenue.
NETSCOUT’s loss from operations (GAAP) was $7.5 million in the fourth quarter of fiscal year 2018 versus income from operations (GAAP) of $38.7 million in the same quarter one year ago. The Company’s fourth-quarter fiscal year 2018 operating profit margin (GAAP) was -3.2% versus 12.1% in fiscal year 2017’s fourth quarter. Fourth-quarter fiscal year 2018 non-GAAP EBITDA from operations was $51.5 million, or 21.6% of total non-GAAP quarterly revenue, compared with non-GAAP EBITDA from operations of $98.7 million, or 30.2% of total non-GAAP quarterly revenue, in the fourth quarter of fiscal year 2017. Fourth-quarter fiscal year 2018 non-GAAP income from operations was $42.5 million and the non-GAAP operating margin was 17.8%. This compares with non-GAAP income from operations of $89.9 million and a non-GAAP operating margin of 27.5% in the fourth quarter of fiscal year 2017.
Net income (GAAP) for the fourth quarter of fiscal year 2018 was $16.8 million, or $0.20 per share (diluted), versus net income (GAAP) of $22.3 million, or $0.24 per share (diluted), for the fourth quarter of fiscal year 2017. On a non-GAAP basis, net income for fiscal year 2018’s fourth quarter was $30.1 million, or $0.36 per share (diluted), compared with non-GAAP net income of $60.6 million, or $0.65 per share (diluted), for the same quarter one year ago.
As of March 31, 2018, cash and cash equivalents, and short and long-term marketable securities were $447.8 million, compared with $383.0 million as of December 31, 2017 and $464.7 million as of March 31, 2017.
During the fourth quarter of fiscal year 2018, NETSCOUT began executing a $300 million Accelerated Share Repurchase (ASR), under which 7,387,862 shares of NETSCOUT common stock were delivered to the Company on February 2, 2018. The shares delivered represent approximately 70 percent of the total number of shares of the Company’s common stock expected to be repurchased under the ASR. The cost of the initial delivery of shares was approximately $210 million, or $28.43 per share. The final number of shares to be repurchased is dependent upon the average of the daily volume-weighted average stock prices of the Company’s common stock during the term of the ASR, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR. Of the initial delivery of shares, 970,650 shares were repurchased under NETSCOUT’s prior 20 million share repurchase program that was authorized in 2015. The remainder of the shares delivered were executed under NETSCOUT’s previously disclosed 25 million share repurchase program.
FY18 Financial Results
For fiscal year 2018, total revenue (GAAP) was $986.8 million versus total revenue (GAAP) of $1.162 billion in fiscal year 2017. Fiscal year 2018 non-GAAP total revenue was $999.3 million versus $1.2 billion in fiscal year 2017. Product revenue (GAAP) in fiscal year 2018 was $546.1 million, compared with $735.5 million in fiscal year 2017. Non-GAAP product revenue in fiscal year 2018 was $549.2 million versus $753.8 million in fiscal year 2017. Fiscal year 2018 service revenue (GAAP) was $440.7 million versus $426.6 million in fiscal year 2017. Fiscal year 2018 non-GAAP service revenue was $450.1 million compared with $446.1 million in fiscal year 2017. NETSCOUT’s fiscal year 2018 loss from operations (GAAP) was $4.1 million versus fiscal year 2017 operating income (GAAP) of $62.1 million. The Company’s operating margin (GAAP) for the fiscal year 2018 was -0.4% versus 5.3% for fiscal year 2017. Fiscal year 2018 non-GAAP EBITDA from operations was $220.9 million, or 22.1% of non-GAAP total annual revenue. This compares with non-GAAP EBITDA from operations of $309.5 million, or 25.8% of non-GAAP total annual revenue, in fiscal year 2017. The Company’s non-GAAP operating income for fiscal year 2018 was $183.4 million with a non-GAAP operating margin of 18.4%, compared with fiscal year 2017 non-GAAP operating income of $275.4 million and a non-GAAP operating margin of 23.0%. For fiscal year 2018, NETSCOUT’s net income (GAAP) was $79.8 million, or $0.90 per share (diluted), compared with net income (GAAP) of $33.3 million, or $0.36 per share (diluted) for fiscal year 2017. Non-GAAP net income for fiscal year 2018 was $124.7 million, or $1.41 per share (diluted), compared with $178.5 million, or $1.92 per share (diluted) for fiscal year 2017. During fiscal year 2018, NETSCOUT repurchased a total of 13,190,650 shares of its common stock at an average price of $31.08 per share, totaling approximately $410.0 million in the aggregate. This total includes 7,387,862 shares initially delivered on February 2, 2018 as part of the ASR.
Guidance:
NETSCOUT adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, as amended (commonly referred to as ASC 606) on April 1, 2018. The adoption of ASC 606 is currently expected to result in a reduction to NETSCOUT’s fiscal year 2019 GAAP revenue of approximately $26 million. The Company’s guidance reflects the anticipated impact of this transition against fiscal year 2018 results, which were accounted for under the legacy revenue recognition standard, ASC 605. For fiscal year 2019, NETSCOUT is providing the following guidance:
The Company’s fiscal year 2019 GAAP revenue performance is expected to range from a low single-digit decline to low single-digit growth on a percentage change basis from fiscal year 2018 GAAP revenue of $986.8 million. The Company’s fiscal year 2019 non-GAAP revenue performance is expected to range from a low single-digit decline to low single-digit growth from fiscal year 2018 non-GAAP revenue of $999.3 million. The Company’s GAAP and non-GAAP guidance includes the aforementioned anticipated negative impact of approximately $26 million resulting from the adoption of ASC 606. Under the legacy ASC 605 standard, the Company’s GAAP revenue guidance range would equate to low single-digit to mid single-digit revenue growth on a percentage change basis over fiscal year 2018 GAAP revenue. Under the legacy ASC 605 standard, the Company’s non-GAAP revenue guidance range would equate to roughly flat revenue with fiscal year 2018 non-GAAP revenue to low single-digit growth over fiscal year 2018 non-GAAP revenue on a percentage change basis. NETSCOUT expects improving product revenue growth over the course of fiscal year 2019. The Company’s fiscal year 2019 GAAP net income per share (diluted) is expected to decline within a range of 115 percent to 165 percent on a percentage change basis from fiscal year 2018 GAAP net income per share (diluted) of $0.90. The Company’s fiscal year 2019 non-GAAP net income per share (diluted) performance is expected to range from a decline of approximately 20 percent to low double-digit growth over fiscal year 2018 non-GAAP net income per share (diluted) of $1.41. Under the legacy ASC 605 standard, the Company’s GAAP net income per share (diluted) guidance would equate to a decline in the range of 90 percent to 140 percent from fiscal year 2018’s GAAP net income per share (diluted). Under the legacy ASC 605 standard, the non-GAAP net income per share (diluted) guidance would equate to a low single-digit decline from fiscal year 2018’s non-GAAP net income to approximately 30 percent growth over fiscal year 2018 on a percentage change basis. A reconciliation between GAAP and non-GAAP revenue and net income per share (diluted) for NETSCOUT’s guidance is included in the attached financial tables.
Conference Call Instructions:
NETSCOUT will host a conference call to discuss its fourth-quarter and fiscal year-end 2018 financial results, its near-term outlook and related fiscal year 2019 guidance, and other business matters today at 8:30 a.m. ET. This call will be webcast live through NETSCOUT’s website at http://ir.netscout.com/phoenix.zhtml?c=92658&p=irol-irhome . Alternatively, people can listen to the call by dialing (785) 424-1877. The conference call ID is NTCTQ418. A replay of the call will made be available after 12:00 p.m. ET on May 3 for approximately one week. The number for the replay is (800) 374-0934 for U.S./Canada and (402) 220-0680 for international callers.
Use of Non-GAAP Financial Information:
To supplement the financial measures presented in NETSCOUT's press release in accordance with accounting principles generally accepted in the United States ("GAAP"), NETSCOUT also reports the following non-GAAP measures: non-GAAP total revenue, non-GAAP product revenue, non-GAAP service revenue, non-GAAP income from operations, non-GAAP operating margin, non-GAAP earnings before interest and other expense, income taxes, depreciation and amortization (EBITDA) from operations, non-GAAP EBITDA from operations margin, non-GAAP net income, and non-GAAP net income per share (diluted). Non-GAAP revenue (total, product and service) eliminates the GAAP effects of acquisitions by adding back revenue related to deferred revenue revaluation, as well as revenue impacted by the amortization of intangible assets. Non-GAAP income from operations includes the aforementioned revenue adjustments and also removes expenses related to the amortization of acquired intangible assets, stock-based compensation, restructuring charges, expenses related to the implementation of a new accounting standard, and certain expenses relating to acquisitions including depreciation costs, compensation for post-combination services and business development and integration costs. Non-GAAP EBITDA from operations, which has been presented herein as a measure of NETSCOUT’s performance, includes the aforementioned items related to non-GAAP income from operations and also removes non-acquisition-related depreciation expense. Non-GAAP operating margin is calculated based on the non-GAAP financial metrics discussed above. Non-GAAP net income includes the aforementioned items related to non-GAAP income from operations, net of related income tax effects in addition to the provisional one-time impacts of the U.S. Tax Cuts and Jobs Act. Non-GAAP diluted net income per share also excludes these expenses as well as the related impact of all these adjustments on the provision for income taxes. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures included in the attached tables within this press release.
These non-GAAP measures are not in accordance with GAAP, should not be considered an alternative for measures prepared in accordance with GAAP (revenue, gross profit, operating profit, net income and diluted net income per share), and may have limitations because they do not reflect all of NETSCOUT’s results of operations as determined in accordance with GAAP. These non-GAAP measures should only be used to evaluate NETSCOUT’s results of operations in conjunction with the corresponding GAAP measures. The presentation of non-GAAP information is not meant to be considered superior to, in isolation from or as a substitute for results prepared in accordance with GAAP.
NETSCOUT believes these non-GAAP financial measures will enhance the reader’s overall understanding of NETSCOUT’s current financial performance and NETSCOUT's prospects for the future by providing a higher degree of transparency for certain financial measures and providing a level of disclosure that helps investors understand how the Company plans and measures its own business. NETSCOUT believes that providing these non-GAAP measures affords investors a view of NETSCOUT’s operating results that may be more easily compared to peer companies and also enables investors to consider NETSCOUT’s operating results on both a GAAP and non-GAAP basis during and following the integration period of NETSCOUT’s acquisitions. Presenting the GAAP measures on their own, without the supplemental non-GAAP disclosures, might not be indicative of NETSCOUT’s core operating results. Furthermore, NETSCOUT believes that the presentation of non-GAAP measures when shown in conjunction with the corresponding GAAP measures provides useful information to management and investors regarding present and future business trends relating to its financial condition and results of operations.
NETSCOUT management regularly uses supplemental non-GAAP financial measures internally to understand, manage and evaluate its business and to make operating decisions. These non-GAAP measures are among the primary factors that management uses in planning and forecasting.
About NETSCOUT
NETSCOUT SYSTEMS, INC. (NASDAQ: NTCT) assures digital business services against disruptions in availability, performance, and security. Our market and technology leadership stems from combining our patented smart data technology with smart analytics. We provide real-time, pervasive visibility, and insights customers need to accelerate, and secure their digital transformation. Our approach transforms the way organizations plan, deliver, integrate, test, and deploy services and applications. Our nGenius service assurance solutions provide real-time, contextual analysis of service, network, and application performance. Arbor security solutions protect against DDoS attacks that threaten availability, and advanced threats that infiltrate networks to steal critical business assets. To learn more about improving service, network, and application performance in physical or virtual data centers, or in the cloud, and how NETSCOUT’s performance and security solutions, powered by service intelligence can help you move forward with confidence, visit www.netscout.com or follow @NETSCOUT and @ArborNetworks on Twitter, Facebook, or LinkedIn.
Safe Harbor
Forward-looking statements in this release are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934 and other federal securities laws. Investors are cautioned that statements in this press release, which are not strictly historical statements, including without limitation, the statements related to fiscal year 2019 guidance, the expectation that orders for next-generation products will continue ramping over the coming quarters, the introduction of new capabilities to address broader security and big data requirements, our plans that we believe will help us recalibrate our cost structure to help improve underlying profitability without compromising our ability to capitalize on near-term and longer-term growth opportunities, our confidence in our product and go-to-market strategies and the anticipated benefits from our membership in the LFN ecosystem, constitute which involve risks and uncertainties. Actual results could the due to known and unknown risk, uncertainties, assumptions and other factors. Such factors include slowdowns or downturns in economic conditions generally and in the market for advanced network, service assurance and cybersecurity solutions specifically; the volatile foreign exchange environment; the Company’s relationships with strategic partners and resellers; dependence upon broad-based acceptance of the Company’s network performance management solutions; the presence of competitors with greater financial resources than we have, and their strategic response to our products; our ability to retain key executives and employees; lower than expected demand for the Company’s products and services; and the timing and magnitude of stock buyback activity based on market conditions, corporate considerations, debt agreements, and regulatory requirements. For a more detailed description of the risk factors associated with the Company, please refer to the Company’s K for the fiscal year ended March 31, 2017 and the Company’s subsequent Quarterly Reports on Form 10-Q, which are on file with the Securities and Exchange Commission. NETSCOUT assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
©2018 NETSCOUT SYSTEMS, INC. All rights reserved. NETSCOUT and the NETSCOUT logo are registered trademarks or trademarks of NETSCOUT SYSTEMS, INC. and/or its subsidiaries and/or affiliates in the USA and/or other countries.
NETSCOUT SYSTEMS, INC. Condensed Consolidated Statements of Operations (In thousands, except per share data) Three Months Ended Twelve March 31, 2018 2017 2018 2017 Revenue: Product $ 128,845 $ 210,059 $ 546,127 $ 735,531 Service 106,379 108,861 440,660 426,581 Total revenue 235,224 318,920 986,787 1,162,112 Cost of revenue: Product 39,513 66,232 164,526 238,002 Service 27,078 26,685 107,379 108,137 Total cost of revenue 66,591 92,917 271,905 346,139 Gross profit 168,633 226,003 714,882 815,973 Operating expenses: Research and development 53,314 53,020 215,076 232,701 Sales and marketing 72,639 87,122 312,536 328,628 General and administrative 27,079 27,444 109,479 118,438 Amortization of acquired intangible assets 21,738 17,495 76,640 70,141 Restructuring charges 1,388 2,271 5,209 4,001 Total operating expenses 176,158 187,352 718,940 753,909 Income (loss) from operations (7,525 ) 38,651 (4,058 ) 62,064 Interest and other expense, net (5,036 ) (1,797 ) (14,601 ) (9,879 ) Income (loss) before income tax benefit (12,561 ) 36,854 (18,659 ) 52,185 Income tax expense (benefit) (29,378 ) 14,544 (98,471 ) 18,894 Net income $ 16,817 $ 22,310 $ 79,812 $ 33,291 Basic net income per share $ 0.20 $ 0.24 $ 0.91 $ 0.36 Diluted net income per share $ 0.20 $ 0.24 $ 0.90 $ 0.36 Weighted average common shares outstanding used in computing: Net income per share - basic 82,655 91,882 87,425 92,226 Net income per share - diluted 83,359 92,801 88,261 92,920
NETSCOUT SYSTEMS, INC. Consolidated Balance Sheets (In thousands) March 31, March 31, 2018 2017 Assets Current assets: Cash, cash equivalents and marketable securities $ 447,762 $ 442,772 Accounts receivable and unbilled costs, net 213,438 294,374 Inventories 34,774 40,002 Prepaid expenses and other current assets 56,434 77,318 Total current assets 752,408 854,466 Fixed assets, net 52,511 61,393 Goodwill and intangible assets, net 2,544,138 2,649,431 Long-term marketable securities - 21,933 Other assets 19,551 14,290 Total assets $ 3,368,608 $ 3,601,513 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 30,133 $ 37,407 Accrued compensation 46,552 77,607 Accrued other 34,690 34,579 Deferred revenue and customer deposits 301,925 310,594 Total current liabilities 413,300 460,187 Other long-term liabilities 8,308 8,765 Deferred tax liability 151,563 277,599 Accrued long-term retirement benefits 35,246 32,117 Long-term deferred revenue 91,409 86,595 Long-term debt 600,000 300,000 Total liabilities 1,299,826 1,165,263 Stockholders' equity: Common stock 117 116 Additional paid-in capital 2,665,120 2,693,846 Accumulated other comprehensive income (loss) 2,895 (3,472 ) Treasury stock, at cost (995,843 ) (570,921 ) Retained earnings 396,493 316,681 Total stockholders' equity 2,068,782 2,436,250 Total liabilities and stockholders' equity $ 3,368,608 $ 3,601,513
NETSCOUT SYSTEMS, INC. Reconciliation of Current GAAP to Current and Historical Non-GAAP Financial Measures (In thousands, except per share data) (Unaudited) Three Months Ended Three Months Ended Twelve December 31, March 31, 2018 2017 2017 2018 2017 Product Revenue (GAAP) $ 128,845 $ 210,059 $ 153,179 $ 546,127 $ 735,531 Product deferred revenue fair value adjustment 910 797 719 3,064 6,786 Amortization of acquired intangible assets (2) 2 2,842 3 9 11,439 Non-GAAP Product Revenue $ 129,757 $ 213,698 $ 153,901 $ 549,200 $ 753,756 Service Revenue (GAAP) $ 106,379 $ 108,861 $ 115,765 $ 440,660 $ 426,581 Service deferred revenue fair value adjustment 2,328 4,678 2,345 9,409 19,476 Non-GAAP Service Revenue $ 108,707 $ 113,539 $ 118,110 $ 450,069 $ 446,057 Revenue (GAAP) $ 235,224 $ 318,920 $ 268,944 $ 986,787 $ 1,162,112 Product deferred revenue fair value adjustment 910 797 719 3,064 6,786 Service deferred revenue fair value adjustment 2,328 4,678 2,345 9,409 19,476 Amortization of acquired intangible assets (2) 2 2,842 3 9 11,439 Non-GAAP Revenue $ 238,464 $ 327,237 $ 272,011 $ 999,269 $ 1,199,813 Gross Profit (GAAP) $ 168,633 $ 226,003 $ 204,435 $ 714,882 $ 815,973 Product deferred revenue fair value adjustment 910 797 719 3,064 6,786 Service deferred revenue fair value adjustment 2,328 4,678 2,345 9,409 19,476 Share-based compensation expense (1) 1,579 1,116 1,588 5,983 4,890 Amortization of acquired intangible assets (2) 9,468 13,140 9,314 37,332 53,455 Business development and integration expense (3) - 217 (405 ) 244 398 Compensation for post-combination services (5) - - - - 552 Acquisition related depreciation expense (6) 34 44 33 145 240 Non-GAAP Gross Profit $ 182,952 $ 245,995 $ 218,029 $ 771,059 $ 901,770 Income (Loss) from Operations (GAAP) $ (7,525 ) $ 38,651 $ 38,261 $ (4,058 ) $ 62,064 Product deferred revenue fair value adjustment 910 797 719 3,064 6,786 Service deferred revenue fair value adjustment 2,328 4,678 2,345 9,409 19,476 Share-based compensation expense (1) 12,063 8,918 12,425 47,317 39,189 Amortization of acquired intangible assets (2) 31,206 30,635 27,535 113,972 123,596 Business development and integration expense (3) 112 3,185 (2,335 ) 2,689 12,083 New standard implementation expense (4) 1,296 - 903 2,630 - Compensation for post-combination services (5) 242 238 225 1,108 5,076 Restructuring charges 1,388 2,271 3,363 5,209 4,001 Acquisition related depreciation expense (6) 498 555 498 2,057 3,136 Non-GAAP Income from Operations $ 42,518 $ 89,928 $ 83,939 $ 183,397 $ 275,407 Net Income (GAAP) $ 16,817 $ 22,310 $ 89,685 $ 79,812 $ 33,291 Product deferred revenue fair value adjustment 910 797 719 3,064 6,786 Service deferred revenue fair value adjustment 2,328 4,678 2,345 9,409 19,476 Share-based compensation expense (1) 12,063 8,918 12,425 47,317 39,189 Amortization of acquired intangible assets (2) 31,206 30,635 27,535 113,972 123,596 Business development and integration expense (3) 112 3,185 (2,335 ) 2,689 12,083 New standard implementation expense (4) 1,296 - 903 2,630 - Compensation for post-combination services (5) 242 238 225 1,108 5,076 Restructuring charges 1,388 2,271 3,363 5,209 4,001 Acquisition related depreciation expense (6) 498 555 498 2,057 3,136 Other income (57 ) (426 ) - (57 ) (426 ) Income tax adjustments (7) (36,685 ) (12,584 ) (74,640 ) (142,546 ) (67,662 ) Non-GAAP Net Income $ 30,118 $ 60,577 $ 60,723 $ 124,664 $ 178,546 Diluted Net Income Per Share (GAAP) $ 0.20 $ 0.24 $ 1.02 $ 0.90 $ 0.36 Share impact of non-GAAP adjustments identified above 0.16 0.41 (0.33 ) 0.51 1.56 Non-GAAP Diluted Net Income Per Share $ 0.36 $ 0.65 $ 0.69 $ 1.41 $ 1.92 Shares used in computing non-GAAP diluted net income per share 83,359 92,801 87,860 88,261 92,920 NETSCOUT SYSTEMS, INC. Reconciliation of Current GAAP to Current and Historical Non-GAAP Financial Measures - Continued (In thousands, except per share data) (Unaudited) Three Months Ended Three Months Ended Twelve December 31, March 31, 2018 2017 2017 2018 2017 (1 ) Share-based compensation expense included in these amounts is as follows: Cost of product revenue $ 352 $ 218 $ 301 $ 1,159 $ 934 Cost of service revenue 1,227 898 1,287 4,824 3,956 Research and development 3,891 2,401 3,730 14,711 12,362 Sales and marketing 3,600 3,119 4,022 15,213 12,823 General and administrative 2,993 2,282 3,085 11,410 9,114 Total share-based compensation expense $ 12,063 $ 8,918 $ 12,425 $ 47,317 $ 39,189 (2 ) Amortization expense related to acquired software and product technology, tradenames, customer relationships included in these amounts is as follows: Total revenue adjustment $ 2 $ 2,842 $ 3 $ 9 $ 11,439 Cost of product revenue 9,466 10,298 9,311 37,323 42,016 Operating expenses 21,738 17,495 18,221 76,640 70,141 Total amortization expense $ 31,206 $ 30,635 $ 27,535 $ 113,972 $ 123,596 (3 ) Business development and integration expense included in these amounts is as follows: Cost of product revenue $ - $ 108 $ (107 ) $ 226 $ 289 Cost of service revenue - 109 (298 ) 18 109 Research and development - 21 (661 ) 61 32 Sales and marketing - 271 (620 ) 357 312 General and administrative 112 2,676 (649 ) 2,027 11,341 Total business development and integration expense $ 112 $ 3,185 $ (2,335 ) $ 2,689 $ 12,083 (4 ) New standard implementation expense included in these amounts is as follows: General and administrative $ 1,296 $ - $ 903 $ 2,630 $ - Total new standard implementation expense $ 1,296 $ - $ 903 $ 2,630 $ - (5 ) Compensation for post-combination services included in these amounts is as follows: Cost of product revenue $ - $ - $ - $ - $ 156 Cost of service revenue - - - - 396 Research and development 209 184 193 911 1,964 Sales and marketing 12 54 13 140 1,786 General and administrative 21 - 19 57 774 Total compensation for post-combination services $ 242 $ 238 $ 225 $ 1,108 $ 5,076 (6 ) Acquisition related depreciation expense included in these amounts is as follows: Cost of product revenue $ 14 $ 27 $ 13 $ 69 $ 139 Cost of service revenue 20 17 20 76 101 Research and development 306 343 307 1,268 2,047 Sales and marketing 42 54 42 182 321 General and administrative 116 114 116 462 528 Total acquisition related depreciation expense $ 498 $ 555 $ 498 $ 2,057 $ 3,136 (7 ) Total income tax adjustment included in these amounts is as follows: Tax effect of non-GAAP adjustments above $ (36,685 ) $ (12,584 ) $ (74,640 ) $ (142,546 ) $ (67,662 ) Total income tax adjustments $ (36,685 ) $ (12,584 ) $ (74,640 ) $ (142,546 ) $ (67,662 )
NetScout Systems, Inc. Reconciliation of Current GAAP to Current and Historical Non-GAAP Financial Measures - Non-GAAP EBITDA (In thousands, except per share data) (Unaudited) Three Months Ended Three Months Ended Twelve December 31, March 31, 2018 2017 2017 2018 2017 Income (loss) from operations (GAAP) $ (7,525 ) $ 38,651 $ 38,261 $ (4,058 ) $ 62,064 Previous adjustments to determine non-GAAP income from operations 50,043 51,277 45,678 187,455 213,343 Non-GAAP Income from operations 42,518 89,928 83,939 183,397 275,407 Depreciation excluding acquisition related 8,940 8,784 9,617 37,474 34,131 Non-GAAP EBITDA from operations $ 51,458 $ 98,712 $ 93,556 $ 220,871 $ 309,538
NETSCOUT SYSTEMS, INC. Reconciliation of GAAP Financial Guidance to Non-GAAP Financial Guidance (Unaudited) (In millions, except net income per share - diluted) FY'18 FY'19 606 Adjustment FY'19 (605 Comparison) GAAP revenue $ 986.8 Low single-digit decline to
low single-digit growth
~ ($26) Low single-digit to mid
single-digit growth
Deferred service revenue fair value adjustment $ 9.4 ~$1 million to ~$2 million ~$1 million to ~$2 million Deferred product revenue fair value adjustment $ 3.1 ~$0 million ~$0 million Amortization of intangible assets $ - - - Non-GAAP revenue $ 999.3 Low single-digit decline to
low single-digit growth
~ ($26) Flat to low single-digit
growth
FY'18 FY'19 FY'19 (605 Comparison) GAAP Net Income $ 79.8 (~160%) decline to (~115%)
decline
~ ($19) (~135%) decline to (~90%)
decline
Deferred service revenue fair value adjustment $ 9.4 ~$1 million ~$1 million Deferred product revenue fair value adjustment $ 3.1 ~$0 million ~$0 million Amortization of intangible assets $ 114.0 ~$128 million ~$128 million Share-based compensation expenses $ 47.3 ~$49 million to ~$51 million ~$49 million to ~$51 million Business development & integration expenses* $ 5.9 ~$2 million to ~$3 million ~$2 million to ~$3 million New accounting standard implementation $ 2.6 - - Restructuring costs $ 5.2 ~$2 million ~$2 million Other income $ (0.1 ) - - Total Adjustments $ 187.4 ~$182 million to ~$185 million ~$182 million to ~$185 million Related impact of adjustments on income tax $ (142.6 ) (~$45 million to ~$46 million) (~$45 million to ~$46 million) Non-GAAP Net Income $ 124.6 (~25%) decline to low
single-digit growth
~ ($19) Low double-digit decline to
mid teens growth
GAAP net income per share (diluted) $ 0.90 (~165%) decline to (~115%)
decline
~ ($0.24) (~140%) decline to (~90%)
decline
Non-GAAP net income per share (diluted) $ 1.41 (~20%) decline to low
double-digit growth
~ ($0.24) Low single-digit decline to
~30% growth
Average Weighted Shares Outstanding (diluted GAAP) 88.3 79.3 million 79.3 million Average Weighted Shares Outstanding (diluted Non-GAAP) 88.3 80.0 million 80.0 million *Business development & integration expenses include compensation for post-combination services and acquisition-related depreciation expense
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005297/en/
NETSCOUT SYSTEMS, INC.
Investors
Andrew Kramer, 978-614-4279
Vice President of Investor Relations
[email protected]
or
Media
Donna Candelori, 408-571-5226
Director, Corporate Communications
[email protected]
Source: NETSCOUT SYSTEMS, INC. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-netscout-reports-financial-results-for-fourth-quarter-and-fiscal-year-2018.html |
May 14 (Reuters) - Imv Inc:
* IMV INC. (FORMERLY IMMUNOVACCINE INC.) ANNOUNCES Q1 2018 FINANCIAL RESULTS
* IMV INC - QTRLY LOSS PER SHARE $0.7 Source text for Eikon: Further company coverage:
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May 10, 2018 / 8:24 AM / Updated 7 hours ago Apple scraps $1 billion Irish data center over planning delays Reuters Staff 3 Min Read
DUBLIN (Reuters) - Apple ditched plans to build an 850 million euro ($1 billion) data center in Ireland because of delays in the approval process that have stalled the project for more than three years, the iPhone maker said on Thursday. FILE PHOTO - An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. REUTERS/Mike Segar/File Photo
Apple announced plans in February 2015 to build the facility in the rural western town of Athenry to take advantage of green energy sources nearby, but a series of planning appeals, chiefly from two individuals, delayed its approval.
Ireland’s High Court ruled in October that the data center could proceed, dismissing the appellants who then took their case to the country’s Supreme Court.
“Despite our best efforts, delays in the approval process have forced us to make other plans and we will not be able to move forward with the data centre,” Apple said in a statement ahead of the Supreme Court heading on Thursday.
“While disappointing, this setback will not dampen our enthusiasm for future projects in Ireland as our business continues to grow,” the company said, citing plans to expand its European headquarters in County Cork where it employs over 6,000 people.
Ireland relies on foreign multinational companies like Apple for the creation of one in every 10 jobs across the economy and sees major investments such as data centers as a means of securing their presence in the country.
The government is in the process of amending its planning laws to include data centers as strategic infrastructure, thus allowing them to get through the planning process much more quickly.
A similar Apple center announced at the same time in Denmark was due to begin operations last year and Apple announced in July that it would build its second EU data center there.
“There is no disputing that Apple’s decision is very disappointing, particularly for Athenry and the West of Ireland,” Ireland’s Minister for Business and Enterprise Heather Humphreys said in a statement.
“The Government did everything it could to support this investment... These delays have, if nothing else, underlined our need to make the State’s planning and legal processes more efficient.” Reporting by Padraic Halpin, writing by Estelle Shirbon,; Editing by Alistair Smout and Elaine Hardcastle | ashraq/financial-news-articles | https://in.reuters.com/article/us-apple-ireland/apple-drops-plans-for-data-center-in-ireland-due-to-planning-delays-rte-idINKBN1IB0XT |
DUBAI (Reuters) - Iran’s rial traded near record lows against the dollar in the free market on Tuesday as Iranians tried to buy hard currency, fearing economic turmoil if U.S. President Donald Trump withdraws from a deal on Iran’s nuclear program.
FILE PHOTO: A money changer poses for the camera with a U.S hundred dollar bill (R) and the amount being given when converting it into Iranian rials (L), at a currency exchange shop in Tehran's business district, Iran, January 20, 2016. REUTERS/Raheb Homavandi/TIMA The dollar was selling for 65,000 rials, according to foreign exchange website Bonbast.com ( www.bonbast.com ), which tracks the free market. That was down from 57,500 at the end of last month and 42,890 at the end of last year.
Economists inside and outside the country said the rial was being driven down by heavy demand for dollars among Iranians who feared a U.S. pullout from the nuclear agreement would lead to the resumption of U.S. sanctions against Tehran, deterring other nations in Europe and Asia from developing business ties.
This could constrict Iran’s foreign trade, causing a spike of inflation and further reducing access to hard currency in an economy which is already struggling with high unemployment and the threat of a crisis among financially troubled banks.
Mehrdad Emadi, an Iranian economist who heads energy risk analysis at London’s Betamatrix consultancy, said the approach of Trump’s decision was encouraging a mass flight out of the rial. On Sunday, the currency hit a record low of 67,800.
“This large scale de-rialisation of the Iranian economy has now created a complete collapse of confidence,” Emadi said, adding that if the government did not take immediate steps to shore up the banking system and restore business confidence, the currency could fall as low as 110,000.
“Such a rate would translate to a tripling of the inflation rate and a deep dollarization of the Iranian economy, and barter-based transaction when hard currency cannot be found.”
Trump said he would announce at 2:00 p.m. EDT (1800 GMT) on Tuesday whether he would withdraw from the nuclear deal, which eased international sanctions on Iran in exchange for Tehran limiting its atomic program.
A senior U.S. official said it was unclear if efforts by European allies to address Trump’s concerns would be enough to save the pact, but European diplomats said privately they expected Trump to effectively withdraw from the agreement.
As pressure on the rial mounted in early April, Iranian authorities tried to halt its slide by saying they were unifying official and free-market exchange rates at a single level of 42,000, and banning any trade at other rates.
People who violated the ban were threatened with arrest. The strategy failed to stamp out the free market, however, because demand for dollars far exceeds limited supplies that authorities have provided through formal channels at the official rate.
“The free market has been shut down officially, but it continues its work unofficially. There is an underground currency market in Iran, with rates, charts and everything,” said an analyst in Tehran, declining to be named for legal reasons.
“Instead of stopping by at the exchange shop, people arrange their trade by phone calls and through underground channels.”
As part of its crackdown, Iran clamped a 10,000-euro ($11,900) ceiling on the amount of foreign currency that citizens can hold outside banks.
The Tehran analyst said this regulation was being widely disobeyed, and estimated billions of dollars were being held illicitly outside banks.
“The real dollar rate is much higher, and people know from the past that when they deposited their dollars into bank accounts, they were not able to withdraw later.”
Publicly, Iranian officials have blamed the rial’s weakness on a plot by the United States and other nations. But the turmoil has had political repercussions in Tehran, where members of parliament have demanded the resignation of central bank governor Valiollah Seif.
The government was already under fire over its management of the economy. In January, public protests over corruption and economic hardship were crushed by the authorities and at least 25 people were killed.
Iran is running a substantial current account surplus, according to the International Monetary Fund, which estimates the government’s foreign assets and reserves at $112 billion.
With oil prices at multi-year highs, that may give Tehran enough firepower to prevent any collapse of the rial, if it chooses to satisfy the demand for hard currency and flood the free market with dollars.
But official economic data in Iran can be inaccurate, and some private economists estimate the amount of reserves which Tehran can easily access is much lower.
In March, the semi-official ISNA News Agency Quote: d Mohammad Reza Pourebrahimi, head of the economic committee in Iran’s parliament, as saying Iran had suffered capital outflows of $30 billion over four months.
Reporting by Andrew Torchia, Editing by William Maclean and Angus MacSwan
| ashraq/financial-news-articles | https://in.reuters.com/article/us-iran-nuclear-economy/iran-rial-near-record-lows-as-trump-decision-on-nuclear-deal-looms-idINKBN1I90Q0 |
May 1 (Reuters) - JBG SMITH Properties:
* PRESS RELEASE - JBG SMITH ANNOUNCES THE SALE OF THE BOWEN BUILDING TO JPMORGAN CHASE
* JBG SMITH PROPERTIES - DEAL FOR $140 MILLION
* JBG SMITH PROPERTIES - BUILDING WILL SERVE AS JPMORGAN CHASE’S FIRST REGIONAL HEADQUARTERS
* JBG SMITH PROPERTIES - RENOVATIONS WILL BEGIN IN 2019 AND JPMORGAN CHASE INTENDS TO MOVE INTO NEW FACILITY IN 2021
* JBG SMITH PROPERTIES - FIRM WILL ALSO CONTINUE TO OPERATE OFFICES IN TYSONS CORNER, NORFOLK AND RICHMOND, VIRGINIA AND BALTIMORE, MARYLAND Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jbg-smith-to-sell-bowen-building-t/brief-jbg-smith-to-sell-bowen-building-to-jpmorgan-chase-idUSASC09YTV |
May 1, 2018 / 1:14 PM / Updated an hour ago FIFA to advance African teams $2 million World Cup prize cash Reuters Staff 2 Min Read
(Reuters) - FIFA will advance $2 million in prize money to each of the five African teams that have qualified for the World Cup to help them prepare for the tournament, the Confederation of African Football (CAF) said. FILE PHOTO: The logo of FIFA is seen in front of its headquarters in Zurich, Switzerland September 26, 2017. REUTERS/Arnd Wiegmann/File Photo
Egypt, Morocco, Nigeria, Senegal and Tunisia have qualified for the tournament in Russia, and CAF president Ahmad Ahmad said in a statement that the money would be used “to settle beforehand the question of bonuses due the players.”
Disputes over payments at previous tournaments “had led to situations that affected badly the image of African football, with a considerable impact on team performances,” he added.
Last year, Nigeria’s football federation (NFF) signed an agreement with its players pledging to avoid the bonus and pay rows that have blighted past World Cup campaigns.
The Super Eagles were involved in a protracted dispute ahead of the 2013 Confederations Cup in Brazil and a bonus row also disrupted their World Cup campaign in 2014.
Similar problems have affected other African teams.
The 32 teams taking part in the June-July tournament receive $1.5 million each from FIFA in the form of a preparation fee and are guaranteed a minimum of $8 million more in prize money after the tournament ends. Reporting by Simon Jennings in Bengaluru; Editing by Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/us-soccer-worldcup-africa/fifa-to-advance-african-teams-2-million-world-cup-prize-cash-idUKKBN1I23NW |
May 23 (Reuters) - SailPoint Technologies Holdings Inc :
* SAILPOINT ANNOUNCES UPSIZING AND PRICING OF FOLLOW-ON OFFERING BY SELLING STOCKHOLDERS
* OFFERING WAS UPSIZED FROM PREVIOUSLY ANNOUNCED 15,000,000 SHARES
* SAILPOINT TECHNOLOGIES HOLDINGS - PRICING OF AN UNDERWRITTEN PUBLIC OFFERING OF 17.8 MILLION SHARES OF ITS COMMON STOCK AT $22.50 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sailpoint-announces-upsizing-and-p/brief-sailpoint-announces-upsizing-and-pricing-of-follow-on-offering-by-selling-stockholders-idUSASC0A3HL |
May 14, 2018 / 11:25 AM / Updated 9 hours ago Ten die in Bangladesh stampede for alms ahead of Ramadan, 50 hurt Reuters Staff 1 Min Read
CHITTAGONG, Bangladesh (Reuters) - A stampede on Monday by thousands of poor villagers outside the home of a businessman distributing alms ahead of Ramadan killed at least 10 women and injured about 50 people, police in southeast Bangladesh said.
It is a custom for devout Muslims to donate money or goods to the poor before or during the holy fasting month of Ramadan, which is expected to begin on Wednesday or Thursday this week.
The stampede began after people jostled to collect clothes and other items at the residence of the owner of a steel mill, said police official Rafiqul Alam in the district of Chittagong, about 260 km (165 miles) from Dhaka, the capital.
“There were 10,000 to 12,000 people, mostly women and trying to push to each other to collect alms ahead of other and that led stamped,” he told Reuters.
The injured were treated at a nearby hospital and allowed to go, police said. Reporting by Nazimuddin Shyamol; Editing by Clarence Fernandez | ashraq/financial-news-articles | https://in.reuters.com/article/bangladesh-stampede/ten-die-in-bangladesh-stampede-for-alms-ahead-of-ramadan-50-hurt-idINKCN1IF1EN |
May 4, 2018 / 7:16 PM / Updated 14 minutes ago Exclusive - Redstone makes concessions on Viacom CEO to clinch CBS merger - sources Jessica Toonkel 3 Min Read
(Reuters) - Shari Redstone, the media heiress whose family controls CBS Corp ( CBS.N ) and Viacom Inc ( VIAB.O ), has offered CBS CEO Leslie Moonves to drop her demands for Viacom CEO Bob Bakish to be his No. 2 following a merger, as long as Bakish sits on the combined company’s board, people familiar with the matter told Reuters on Friday. FILE PHOTO - Shari Redstone arrives for Variety's Power of Women luncheon in New York City, U.S., April 21, 2017. REUTERS/Brendan McDermid/File Photo
The offer is an attempt by Redstone to resolve an impasse in the deal negotiations. Redstone has been trying to put together a deal that will keep Moonves, a 68-year-old media industry veteran credited with turning CBS around, at the helm, while positioning up-and-coming Bakish, 54, as Moonves’ successor.
Moonves has agreed to run the combined company for at least two years, as long as CBS Chief Operating Officer Joseph Ianniello will be president and chief operating officer of the combined company, so he can succeed him, sources have previously said.
Redstone, daughter of media mogul Sumner Redstone, has offered not to give Bakish any executive role in the combined company, but still wants him to sit on the board of directors and eventually succeed Moonves, the sources said on Friday.
Moonves does not want Bakish to be part of the combined company at all, because he is seeking as much autonomy as possible in running the combined company, said one of the sources.
As a result of the impasse over Bakish’s role, CBS executives have serious doubts that a deal will happen, the source said. CBS and Viacom have also disagreed about the stock exchange ratio that should be used in a merger, although the two sides are making progress on that front, the sources added. FILE PHOTO: Leslie Moonves, Chairman and CEO, CBS Corporation, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2017. REUTERS/Lucy Nicholson
The sources asked not to be identified because the matter is confidential. CBS, Viacom, and National Amusements Inc, the company of Shari Redstone, declined to comment.
Redstone offered her concessions earlier this week in a meeting with Moonves that included Richard Parsons, who recently joined the CBS board and is acting as a conduit between the two sides, the sources said.
There has not been any agreement about the composition of a combined company’s board, the sources said.
Ten of the 14 director nominees for consideration at this year’s CBS annual meeting are 70 or older. The average age is 72. The average for companies in the S&P 500 Index as a whole is 62. Two of Viacom’s directors are 70 or older, according to the company’s proxy.
CBS reported first-quarter earnings on Thursday that topped revenue and profit estimates.
“The strategy that we have laid out for you is clearly working and the good news is that there is much more to come,” Moonves said on the analyst call. Reporting By Jessica Toonkel in New York; Editing by Bill Rigby | ashraq/financial-news-articles | https://in.reuters.com/article/viacom-cbs-m-a-exclusive/exclusive-redstone-makes-concessions-on-viacom-ceo-to-clinch-cbs-merger-sources-idINKBN1I52EC |
May 7 (Reuters) - Baumot Group AG:
* DECIDES ON CASH CAPITAL INCREASE WITHOUT SUBSCRIPTION RIGHTS
* PLACEMENT PRICE 2.70 EUROS PER SHARE * TO INCREASE CAPITAL BY UP TO 393,724 EUROS TO UP TO 16.7 MILLION EUROS Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-baumot-group-resolves-cash-capital/brief-baumot-group-resolves-cash-capital-increase-idUSFWN1SE0R8 |
REDWOOD CITY, Calif., May 01, 2018 (GLOBE NEWSWIRE) -- OncoMed Pharmaceuticals, Inc. (NASDAQ:OMED), a clinical-stage biopharmaceutical company focused on discovering and developing novel anti-cancer therapeutics, today announced that the Company will report first quarter 2018 financial results and operational highlights on Tuesday, May 8 th , 2018. OncoMed will not be conducting a conference call in conjunction with this earnings release.
About OncoMed Pharmaceuticals
OncoMed Pharmaceuticals is a clinical-stage biopharmaceutical company focused on discovering and developing novel anti-cancer therapeutics. OncoMed has internally discovered a broad pipeline of investigational drugs intended to address the fundamental biology driving cancer's growth, resistance, recurrence and metastasis. Anti-TIGIT (OMP-313M32), navicixizumab (anti-DLL4/VEGF bispecific, OMP-305B83), and rosmantuzumab (anti-RSPO3, OMP-131R10) are part of OncoMed's strategic alliance with Celgene Corporation. OncoMed is independently developing GITRL-Fc (OMP-336B11), as well as continuing to pursue new drug discovery research. For further information about OncoMed Pharmaceuticals, please see www.oncomed.com .
Investor Relations Contact:
Matthew Beck
Solebury Trout
[email protected]
(646) 378-2933
Source:OncoMed Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-oncomed-pharmaceuticals-to-report-first-quarter-2018-financial-results-and-operational-highlights-on-may-8th-2018.html |
May 25, 2018 / 10:13 AM / Updated 2 hours ago Depleted Crusaders too strong for ineffective Hurricanes Reuters Staff 3 Min Read
(Reuters) - A depleted Canterbury Crusaders gave the Wellington Hurricanes a lesson in wet-weather rugby to end the visitors’ 10-match winning streak with a 24-13 victory in damp conditions in Christchurch on Friday.
The Crusaders, without at least seven front-line players through injury or suspension, controlled the ball through their forwards, punished their opponent’s poor discipline and produced a bruising defence to drive them back behind the advantage line.
The victory was the Crusader’s ninth in succession and moved them on to 50 points, extending their lead over the Hurricanes (45) at the top of the New Zealand conference and in the overall standings.
Lock Scott Barrett, prop Michael Alaalatoa and loose forward Heiden Bedwell-Curtis all scored tries for the home side, while Reed Prinsep scored a late consolation try for the visitors.
The match had been billed as potential precursor to the Aug. 4 final with home advantage throughout the playoffs likely to be claimed by whoever snatched the win.
The Hurricanes had been slightly favoured before the game as the Crusaders were without captain Sam Whitelock and vice-captain Ryan Crotty due to concussion, while props Joe Moody and Owen Franks were suspended.
Prop Tim Perry and loose forward Jordan Taufua were also forced out after sustaining injuries at an All Blacks training camp earlier this week.
The defending champions, however, were happy to showcase the depth in their squad and kept the game tight in a match that never really developed any great flow.
Crusaders’ flyhalf Richie Mo’unga, who was named in the All Blacks’ squad for the June tests against France, showcased his growing confidence with a sound all-round performance and nine points from the boot.
The home side took a 7-6 lead into the break after Scott Barrett’s converted try was countered by penalties from his brothers Jordie and Beauden, but the Crusaders dominated the second half by controlling possession and territory.
Alaalatoa and Bedwell-Curtis’s tries were both set up by forward dominance and the number eight’s try from an attacking scrum essentially ended the game as contest when the home side opened a 24-6 lead with 15 minutes remaining.
Prinsep scored a late try to give the Hurricanes a faint hope of a comeback they had barely deserved but the Crusaders starved the visitors of possession to comfortably run down the clock. Reporting by Greg Stutchbury in Wellington; Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-super-crusaders/depleted-crusaders-too-strong-for-ineffective-hurricanes-idUKKCN1IQ17Q |
Updated 8 minutes ago BRIEF-Charles River Laboratories Reports Q1 Non-GAAP Earnings Per Share Of $1.38 Charles River Laboratories International Inc:
* CHARLES RIVER LABORATORIES ANNOUNCES FIRST-QUARTER 2018 RESULTS FROM CONTINUING OPERATIONS
* Q1 NON-GAAP EARNINGS PER SHARE $1.38 * Q1 GAAP EARNINGS PER SHARE $1.08
* Q1 REVENUE $494 MILLION VERSUS I/B/E/S VIEW $480.3 MILLION
* Q1 EARNINGS PER SHARE VIEW $1.26 — THOMSON REUTERS I/B/E/S * UPDATES 2018 GUIDANCE
* REAFFIRMING ITS ORGANIC REVENUE GROWTH GUIDANCE FOR 2018. * IS INCREASING 2018 GUIDANCE FOR REPORTED REVENUE GROWTH
* IS PROVIDING INITIAL GAAP EARNINGS PER SHARE GUIDANCE INCLUDING ACQUISITION OF MPI RESEARCH OF $4.22 TO $4.37
* IS INCREASING ITS NON-GAAP EARNINGS PER SHARE GUIDANCE FOR 2018
* SEES 2018 NON-GAAP EPS $5.77 - $5.92
* SEES 2018 REVENUE GROWTH, REPORTED 18% - 20%
* SEES 2018 GAAP EPS $4.22-$4.37
* FY2018 EARNINGS PER SHARE VIEW $5.76, REVENUE VIEW $2.18 BILLION — THOMSON REUTERS I/B/E/S | ashraq/financial-news-articles | https://www.reuters.com/article/brief-charles-river-laboratories-reports/brief-charles-river-laboratories-reports-q1-non-gaap-earnings-per-share-of-1-38-idUSASC0A1C6 |
(Recasts with investor CIAM dropping threat of legal action)
By Bart H. Meijer
AMSTERDAM, May 9 (Reuters) - Ahold Delhaize on Wednesday managed to appease investors opposed to the extension of its takeover defence mechanism, by giving shareholders more rights if the poison pill is ever activated.
The Dutch-Belgian supermarket company decided to keep its defence mechanism, set to expire in December, in place for at least 15 years, even though a group of shareholders led by activist hedge fund CIAM had demanded a vote on the matter.
Ahold Delhaize insisted it did not need shareholders’ consent to extend the mechanism, which enables an independent body to issue shares to thwart a takeover.
But it did alter the arrangement to take into account shareholders’ wishes.
Under the new agreement, the company would call a shareholders’ meeting to discuss the situation within six months of the option being exercised, and hold a vote on the cancellation of the issued shares within a year. The body holding the new shares will have no say in this vote.
These concessions were enough for CIAM to drop its request for an extraordinary shareholders’ meeting to vote on the mechanism, and its warning that it would seek legal action if the company ignored its demand.
“These new commitments mark a significant victory for corporate governance and investor rights,” CIAM co-founder Catherine Berjal said in a statement.
“We believe that this is the right decision for the company and we have the mandate to take it”, Ahold Delhaize Chief Executive Dick Boer told reporters when announcing the extension of the defence mechanism earlier on Wednesday. “Shareholders will benefit with these commitments.”
Boer said he and other board members consulted “more than 150 shareholders and other stakeholders” on the issue in recent months, including CIAM.
Similar mechanisms to defend against unwanted takeovers are common among Dutch companies.
Ahold Delhaize was formed in 2016 through the takeover by Ahold of its Belgian counterpart Delhaize.
The company has almost two thirds of its business in the United States, where analysts have said it might need to team up with another of the large American grocers to fend off rising competition from internet giant Amazon. (Reporting by Bart Meijer; editing by Jason Neely and Adrian Croft)
| ashraq/financial-news-articles | https://www.reuters.com/article/ahold-delhaize-shareholders/update-1-ahold-delhaize-extends-contested-takeover-defence-idUSL8N1SG1CC |
May 18 (Reuters) -
For other diaries, please see:
Top Economic Events
Emerging Markets Economic Events
Government Debt Auctions
Political and General News
U.S. Federal Reserve
Today in Washington
- This Diary is filed daily. ** Indicates new events -
FRIDAY, MAY 18 RICHARDSON, Texas - Federal Reserve Bank of Dallas President Robert Kaplan participates in moderated question-and-answer session before the 12th Annual University of Texas at Dallas Project Management Symposium - 1315 GMT. NEW YORK - Federal Reserve Board Governor Lael Brainard speaks on “Community Reinvestment Act Modernization” before the Association for Neighborhood and Housing Development 8th Annual Community Development Conference - 1315 GMT.
FRANKFURT - Federal Reserve Bank of Cleveland President Loretta Mester speaks on “Macroprudential and Monetary Policy” before the Third Annual European Central Bank Macroprudential Policy and Research Conference - 0700 GMT. MONDAY, MAY 21 ATLANTA - Federal Reserve Bank of Atlanta President Raphael Bostic speaks on “Welfare Economics: Trade and a Review of Principles” before the Atlanta Economics Club - 1615 GMT.
HALMSTAD, Sweden - Riksbank Deputy Governor Per Jansson will participate in Region Kronberg’s professional development initiative Tylosandsdagarna, where he will discuss the Riksbank’s role in the economy and the economic situation – 1030 GMT.
NEW YORK - Federal Reserve Bank of Philadelphia President Patrick Harker participates in conversation before the Chief Executives Organization’s CEO Financial Seminar 2018, “Visionary Investing: Managing Late Cycle Risks and Opportunities” - 1815 GMT. ESCANABA, Michigan - Federal Reserve Bank of Minneapolis President Neel Kashkari participates in a moderated question-and-answer session town hall forum hosted by Bay College - 2230 GMT. TUESDAY, MAY 22
HELSINKI - Erkki Liikanen, the Bank of Finland governor and a member of the ECB’s governing council, is due to hold a public hearing to Finnish lawmakers about monetary policy and economic outlook - 0900 GMT. PHILADELPHIA, United States - Federal Reserve Bank of Philadelphia issues Nonmanufacturing Business Outlook Survey for May - 1230 GMT.
STOCKHOLM - Riksbank executive board meeting - 0700 GMT. WEDNESDAY, MAY 23 ** BISMARCK, North Dakota - Federal Reserve Bank of Minneapolis President Neel Kashkari participates in a moderated question-and-answer session on “New Energy Economic Reality” before the Williston Basin Petroleum Conference - 1815 GMT. STOCKHOLM - Riksbank Governor Stefan Ingves and Head of the Department of Financial Stability Olof Sandstedt participate in a press conference on financial stability – 0900 GMT. MADRID - Bank of Spain Governor Linde to open a Deloitte-ABC economy event in Madrid - 0730 GMT.
BRUSSELS - The European Business Summit’s annual 2-day conference at Egmont Palace in Brussels (to May 24). WASHINGTON, D.C. - U.S. Federal Reserve’s Federal Open Market Committee (FOMC) will release minutes from its May 1-2 policy meeting – 1800 GMT. STOCKHOLM - Swedish Central Bank publishes The Financial Stability Report 2018:1 - 0730 GMT.
THURSDAY, MAY 24 ** FRANKFURT - ECB publishes minutes of April policy meeting – 1130 GMT. MAEBASHI, Japan - Bank of Japan board member Makoto Sakurai speaks in Maebashi, eastern Japan. LONDON - William Dudley, President of the Federal Reserve Bank of New York: speaker and panelist at Markets Forum 2018 – 0815 GMT. LONDON - The Bank of England will be hosting Markets Forum 2018 in central London. LONDON - Bank of England Governor Mark Carney gives a speech at the annual dinner of London’s Society of Professional Economists – 1800 GMT. DALLAS - Federal Reserve Banks of Dallas and Atlanta hold a two-day conference on “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy”. Participants include Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Chicago President Charles Evans, Federal Reserve Bank of Philadelphia President Patrick Harker and Federal Reserve Bank of Dallas President Robert Kaplan (to May 25). DALLAS - Federal Reserve Bank of Atlanta President Raphael Bostic and his Dallas counterpart, Robert Kaplan, give opening remarks at the conference - 1435 GMT. DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan moderates “Session I: The Disruption Challenge Facing Business” of the conference - 1500 GMT
DALLAS - Federal Reserve Bank of Philadelphia President Patrick Harker participates in “Session III: Broader Labor Market Implications of Technology-Enabled Disruption” of the conference - 1800 GMT.
DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan gives introductory remarks before the conference - 0000 GMT.
FRIDAY, MAY 25 DALLAS - Federal Reserve Bank of Richmond President Thomas Barkin gives introductory remarks at a conference organized by the Federal Reserve Banks of Dallas and Atlanta on “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy” - 0000 GMT.
STOCKHOLM – Central Bank Governor Mark Carney from the Bank of England, Finland’s central bank manager Erkki Liikanen and central bank governor Jerome Powell from the Federal Reserve System participate in the Riksbank’s 350th conference – 0615 GMT. DALLAS - Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Chicago President Charles Evans and Federal Reserve Bank of Dallas President Robert Kaplan participate in “Session VIII: Policymaker Panel” before the Federal Reserve Banks of Dallas and Atlanta “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy” conference - 1545 GMT. DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan gives closing remarks before the Federal Reserve Banks of Dallas and Atlanta “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy” conference - 1830 GMT TUESDAY, MAY 29 ** FRANKFURT - ECB board member Sabine Lautenschlager speaks about monetary policy in Frankfurt – 1530 GMT. WELLINGTON - Reserve Bank of New Zealand publishes Financial Stability Report - 2100 GMT.
FRANKFURT - The European Central Bank releases monthly data on lending and money supply – 0800 GMT. TOKYO - Federal Reserve Bank of St. Louis President James Bullard gives presentation on the U.S. economy and monetary policy before the Japan Center for International Finance Global Finance Seminar- 0440 GMT. FRANKFURT - Frankfurt Finance Summit 2018.
WEDNESDAY, MAY 30 LONDON – Bank of England Macro-finance workshop 2018 (to May 31).
WASHINGTON, D.C. - U.S. Federal Reserve issues its Beige Book on economic condition - 1800 GMT. OTTAWA - Bank of Canada key policy interest rate announcement and monetary policy report – 1400 GMT. THURSDAY, MAY 31 LONDON - The Bank of England and CEPR are holding a conference on Competition and Regulation in Financial Markets.
QUEBEC CITY, Canada - Speech by Sylvain Leduc, Bank of Canada Deputy Governor about Economic Progress Report – 1635 GMT.
WHISTLER, Canada - G7 finance and development ministers, as well as central bank governors will meet on the theme of “investing in growth that works for everyone” (to June 2). TUESDAY, JUNE 5
** FRANKFURT - ECB President Mario Draghi and Jean-Claude Trichet meet for talks on 20th ECB anniversary. THURSDAY, JUNE 7
OTTAWA - Bank of Canada Governor Stephen Poloz and Bank of Canada Senior Deputy Governor Carolyn Wilkins will hold a press conference to discuss the contents of the Financial System Review – 1530 GMT.
MONDAY, JUNE 11 STOCKHOLM - Riksbank executive board meeting – 1100 GMT.
TUESDAY, JUNE 12 WASHINGTON, D.C. - U.S. Federal Reserve’s Federal Open Market Committee (FOMC) starts its two-day meeting on interest rates (to June 13). WEDNESDAY, JUNE 13 REYKJAVIK - Bank of Iceland releases monetary policy statements.
WASHINGTON D.C. - U.S. Federal Reserve’s Federal Open Market Committee (FOMC) announces decision on interest rate, followed by statement – 1800 GMT. THURSDAY, JUNE 14 TOKYO - Bank of Japan holds Monetary Policy Meeting (to June 15).
FRANKFURT - ECB Governing Council meeting, followed by interest rate announcement (external meeting).
FRANKFURT - ECB President Mario Draghi holds a press conference, after the interest rate meeting (external meeting) – 1230 GMT.
FRIDAY, JUNE 15 FORT WORTH, Texas - Federal Reserve Bank of Dallas President Robert Kaplan speaks before a business leaders luncheon hosted by the Fort Worth Chamber of Commerce - 1700 GMT.
TOKYO - Bank of Japan holds Monetary Policy Meeting.
MONDAY, JUNE 18 TORONTO, Canada – Speech by Bank of Canada Deputy Governor Lynn Patterson at Investment Industry Association of Canada and Institute of International Finance – 1700 GMT. STOCKHOLM - Riksbank general council meeting – 1100 GMT.
TUESDAY, JUNE 19 BRATISLAVA - Slovakia Central Bank Governor Jozef Makuch holds a news conference.
HELSINKI - Bank of Finland governor and European Central Bank governing council member Erkki Liikanen is due to hold a press conference in Finland. TOKYO - Bank of Japan releases Minutes of Monetary Policy Meeting held on Apr 26 and 27 – 2350.
WEDNESDAY, JUNE 20 ** LISBON - Panel participation by Philip Lowe, RBA Governor, at the Forum on Central Banking, hosted by the ECB, Portugal. THURSDAY, JUNE 21
BERN - Swiss National Bank Financial Stability Report 2018 – 0430 GMT. BERN - Swiss National Bank (SNB) Monetary policy assessment with news conference – 0730 GMT. OSLO - Norway Central Bank holds Announcement of the Executive Board’s interest rate decision and publication of Monetary Policy followed by press conference – 0800 GMT.
LONDON - Bank of England announces rate decision and publishes the minutes of the meeting, after the rate decision – 1100 GMT.
SUNDAY, JUNE 24 TOKYO - Bank of Japan to release summary of opinions from board members at its Jun. 14-15 policy meeting – 2350 GMT.
TUESDAY, JUNE 26 STOCKHOLM - Riksbank executive board meeting – 0700 GMT.
WEDNESDAY, JUNE 27 VICTORIA, Canada – Speech by Bank of Canada Governor Stephen Poloz at Greater Victoria Chamber of Commerce – 1915 GMT. LONDON – Bank of England Financial Stability Report June 2018 – 0930 GMT. FRANKFURT - The European Central Bank releases monthly data on lending and money supply – 0800 GMT.
FRANKFURT - ECB Governing Council meeting. No interest rate announcements scheduled.
THURSDAY, JUNE 28 FRANKFURT - General Council meeting of the ECB in Frankfurt. WELLINGTON - Reserve Bank of New Zealand announces Official Cash Rate (OCR).
NOTE: The inclusion of items in this diary does not necessarily mean that Reuters will file a story based on the event. For technical issues, please contact Thomson Reuters Customer Support (TRCS) here
| ashraq/financial-news-articles | https://www.reuters.com/article/diary-top-econ/diary-top-economic-events-to-june-28-idUSL3N1SO4V2 |
Life, liberty, and the pursuit of happiness make for an awful Terms of Service contract. But Rohit “Ro” Khanna is adamant about pushing an Internet Bill of Rights. The freshman representative from California is the most noteworthy member of Congress you’ve never heard of. As he seeks reelection, that’s about to change.
His district includes some towns you might know—Cupertino, Fremont, Santa Clara, Sunnyvale—and some corporate headquarters you definitely know: Apple , Google , Intel , Oracle , Tesla. The district is 54% Asian and 29% white. It has more foreign-born residents than native-born. The median income is $121,000, more than twice the national average; an 848-square-foot home in Sunnyvale recently sold for $2 million. It’s Anytown, USA, circa 2080—making Khanna a weird guy in a weird district on a weird mission. When Apple, which has more cash on hand than the U.S. Treasury, is located in your constituency, is serving it still an act of public service? A smart use of taxpayer dollars? Okay, Google, all set? Yeah, thought so. How do you serve entrepreneurs with a private space fleet?
Here’s a disruptive idea: You don’t. Armed with expertise in intellectual-property law and experience as a Stanford economist, Khanna aims to de-jargonize Silicon Valley with the belief that if a policy cannot be explained in laypersons’ language, then it is not common sense.
Yes, Khanna was one of the creators of the Antitrust Caucus, attacking Amazon’s Whole Foods takeover and the AT&T–Time Warner merger, while letting Apple, Facebook , and Google slide by. But he is quick with the receipts on Apple’s boast of bringing $350 billion back to the U.S. It’s more like $35 billion, he says. And Khanna is wary of Facebook’s ownership of Instagram and WhatsApp (he advocated for a stronger, tougher Federal Trade Commission long before it launched an investigation into Facebook). He says he was joking when he said “some of the engineers in the Valley have the biggest egos known to humankind,” but he never says the joke is untrue. He floats the idea of a job displacement tax on corporations but also calls breaking up companies “the nuclear option.” Two months into the job, he helped trigger the investigation of an Ohio defense contractor for operating as a “hidden monopolist.”
The one predictable thing about Khanna is that he’s a Democrat representing California’s 17th Congressional District. The rest is up for grabs, and so far, it’s been a hell of a grab. Forty-one, Hindu, and of Indian descent, the economist sticks out on Capitol Hill—though like 41% of Congress, he has a law degree (from Yale) and, like 39% of Congress, he’s a millionaire. Khanna favors congressional term limits (12 years, which would wipe out huge swaths of Congress) and cocreated a No PAC Caucus consisting of, for now, just Khanna and Rep. Beto O’Rourke. With a net worth of $27 million, he is the fourth-richest member of California’s delegation (thanks to his heiress wife) but maintains $50,000 in student debt because, he says, “We keep separate finances.” He cites Bain and McKinsey studies or Alexis de Tocqueville Quote: s like he’s doing a walk-and-talk in an Aaron Sorkin script, and casually references German philosopher Jürgen Habermas during his “office hours” listening sessions with constituents at a Panera Bread across from a Party City. He is a whip-smart firecracker of defiance, and he is just getting started.
Not everyone agrees. “Khanna is a smart man, a thoughtful man, but he’s not a member of Congress. Nobody in that seat is. That’s the seat we give to this lobby we call Big Tech,” says Scott Galloway, author of The Four: The Hidden DNA of Amazon , Apple, Facebook, and Google. “One billion iPhones are preloaded with Safari, and 2 billion Android phones are preloaded with YouTube, but Khanna wants to focus on a merger that affects 130 million people because it’s more important to him that AT&T doesn’t own Cartoon Network. Middle America doesn’t want to become the Silicon Anything. It wants to break up Apple, Google, Amazon, and Facebook, and it wants it done 10 years ago. But I wouldn’t expect Khanna to make that conclusion any more than I’d expect a tobacco country congressman to fight cigarettes or the NRA to push for gun control.”
Over days when Fortune shadowed Khanna in California and Washington, D.C., a portrait emerged of a man who has tasked himself—in a legislative body where just one of 435 representatives has a computer science degree—with being more than a post-Obama demographic first-timer. He can’t code, but he aims to be the ambassador of our collective digital future. And, as the only freshman Democrat to have passed a bill, he wants action. He recognizes that 21st-century America can’t cloister its silicon prowess in the San Francisco Bay Area any more than 19th-century America could limit banks to New York or 20th-century America could huddle manufacturing in Detroit or filmmaking in Los Angeles. He is evangelizing the gospel of tech to Arizona, Kentucky, Michigan, Ohio, Tennessee, and anywhere else that will hear him out. Khanna positions himself as Congress’s silicon soul, marrying tech’s magic with old-school, blue-collar hustle. “Silicon Valley needs partners,” he says. “You can’t do edited manufacturing just in the Valley. Why not have the DNA of manufacturing but combine it with the digital world?” It’s not difficult to extend Khanna’s line of thought: Why not teach coal miners to mine data? Why not teach car mechanics to fix robots and 3D printers? Why not teach farmers to harvest solar and wind energy? Yet, while his desk is strewn with copies of Brotopia and Dark Money and his in-box is full of back-and-forths with Robert Reich, his digital worldview has found an unlikely framer in W.E.B. DuBois, a titan of black intellectualism who cofounded the NAACP in 1909. Khanna recently finished DuBois’s 1903 book, The Souls of Black Folk.
Detail of Ro Khanna's 17th District office in Santa Clara, Calif. “DuBois and Booker T. Washington had this fascinating debate about whether black education should focus on skills or on the bigger notions of poetry and philosophy and history and art,” he says. “It was STEM vs. STEAM, even back then. It’s an incredible cultural case study. So that’s what I read instead of a Tim Ferriss book or whatever.”
Broadly, Khanna wants to avoid a Sputnik moment in the global race to develop artificial intelligence and is kept awake by a sweeping fear. “Imagine a world where Apple, Google, and Intel were Chinese companies,” he says. “It would be scary.” He wants tech to be more human and innovation to be more accessible.
He learned from the best. In 1996 as a student at the University of Chicago—long known as a place “where fun goes to die”—Khanna knocked on doors in a local race on behalf of a fellow weirdo named Barack Obama. When Obama shot into the White House 12 years later, Khanna sent in an old letter of thanks Obama had written him and begged for a job in the administration. “I tried very, very, very hard,” he recalls. “I was very, very, very persistent.” He became deputy assistant secretary at the U.S. Department of Commerce. In 2014 he ran (and lost) against longtime representative Mike Honda. Khanna ran again and won, but under a dark cloud (his campaign manager resigned after a lawsuit accused him of email hacking). Now Khanna is up for his first reelection. In Congress, Silicon Valley, like the rest of the country, gets an OS update every two years.
Khanna, always plugged in. Photographed by Brad Wenner for Fortune Thank God. In 2011 investors proposed Blueseed, a fix for tech’s H-1B visa crisis that was, in essence, a luxurious slave ship anchored in international waters off the coast of San Francisco, offering tenants day passes into the country. In 2013 venture capitalist Tim Draper proposed to fracture California into six states (he later revised it to three). In 2015 the Russia-linked CalExit secession plan emerged. Does America really need that crackpot thinking infecting the hinterlands?
“I’m a technology optimist, and I’m glad to see a fellow technology optimist working hard in Washington,” says Jonathan Levin, dean of Stanford’s graduate school of business and a friend of Khanna’s. “I want optimism, given the alternative.”
On the bright side, the tech industry itself has galvanized an egalitarian awakening as toxic brogrammer culture gives way to leaning in and #MeToo empathy. At a gender equity panel he convened at Santa Clara University to shatter Silicon Valley’s quid bro quo, Khanna sat onstage with eight powerful women (and no men), including senior staff from Facebook, Google, and LinkedIn.
He took the center seat.
This article originally appeared in the June 1, 2018 issue of Fortune. | ashraq/financial-news-articles | http://fortune.com/2018/05/29/ro-khanna-reelection/ |
May 10 (Reuters) - Bear Creek Mining Corp:
* CONSTRUCTION AND WATER PERMITS GRANTED FOR BEAR CREEK MINING’S CORANI PROJECT Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-construction-and-water-permits-gra/brief-construction-and-water-permits-granted-for-bear-creek-minings-corani-project-idUSFWN1SH169 |
Market News May 2, 2018 / 6:13 PM / Updated 25 minutes ago BRIEF-Halcyon Long Duration Recoveries Management Says John Greene Has Been Nominated By Finjan Holdings For Election To Its Board Reuters Staff 1 Min Read
May 2 (Reuters) - HALCYON LONG DURATION RECOVERIES MANAGEMENT:
* HALCYON LONG DURATION RECOVERIES MANAGEMENT- JOHN GREENE HAS BEEN NOMINATED BY FINJAN HOLDINGS FOR ELECTION TO ITS BOARD AT THE 2018 ANNUAL MEETING
* HALCYON LONG DURATION RECOVERIES MANAGEMENT SAYS JOHN GREENE HAS BEEN NOMINATED FOR ELECTION AS A CLASS 3 DIRECTOR - SEC FILING Source text : ( bit.ly/2jnnDmf ) Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-halcyon-long-duration-recoveries-m/brief-halcyon-long-duration-recoveries-management-says-john-greene-has-been-nominated-by-finjan-holdings-for-election-to-its-board-idUSFWN1S917E |
show chapters Retailers could be on verge of regaining pricing power, money manager suggests 20 Hours Ago | 01:23 Wall Street may be perceiving inflation as a stock market risk, but J.P. Morgan Private Bank's Jack Caffrey suggests there's at least one group that may be secretly hoping for it.
"I actually think most retailers would actually benefit from a discussion about inflation," the firm's equity portfolio manager said Monday on CNBC's " Trading Nation ." "That might actually catalyze the consumer to actually spend sooner rather than waiting with the anticipation that it will be cheaper."
After years of deflation, Caffrey notes that the idea of somewhat higher prices could reignite excitement — a factor that's typically bullish for the group.
Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding.
"I actually think inflation might help some of the retailers actually start prompting somewhat better comparisons," he added.
It's possible big retailers reporting quarterly numbers this week, such as Macy's , Walmart and Nordstrom , could give guidance about inflation. But for now, Caffrey believes it's too early to determine if rising prices will fetch bigger profits. So he's staying neutral on the space.
But there are two areas he's confident will benefit from rising inflation.
"Certainly, financials might be beneficiaries if this leads to a higher interest rate environment or concerns of higher interest rates ," Caffrey said. "It could also be helpful for the energy stocks to the extent that higher inflation is caused by higher oil [and] higher gasoline prices."
show chapters Solid earnings to overpower inflation jitters, J.P. Morgan Private Bank says 20 Hours Ago | 04:15 Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/one-area-of-market-that-may-be-secretly-wishing-for-inflation--retail.html |
May 16, 2018 / 7:30 AM / in 7 hours Britain's strategy to meet climate change targets not sufficient - lawmakers Reuters Staff 2 Min Read
LONDON (Reuters) - The British government’s Clean Growth Strategy to reduce greenhouse gas emissions will not be enough to meet legally binding climate change targets, a committee of cross-party lawmakers said on Wednesday. FILE PHOTO: Prospective Labour leader Mary Creagh arrives at the annual conference of independent organisations for Labour Party members and trade unionists, London, May 16, 2015. REUTERS/Paul Hackett
The strategy, launched last year, outlines investment in research and innovation to help reduce emissions which lead to global warming.
Britain has committed to cut emissions by 80 percent by 2050 compared to 1990 levels and must produce proposals on how to reach its climate targets as part of carbon budgets set every five years.
Although the amount of electricity generated from low-carbon energy doubled to a record 50 percent last year from 2009, there are signs that investment might have stalled in the past two years, the Environmental Audit Committee said in a report.
Annual clean energy investment in Britain is now at its lowest level since 2008, threatening the country’s ability to meet its carbon budgets from 2023.
The report also said that changes to low-carbon energy policies in 2015 has undermined investor confidence and reduced the number of renewable energy projects in development.
Added to that, disruption from the privatization of the Green Investment Bank - which was set up by the government in 2012 to spur private investment in green projects but sold to a consortium led by Macquarie Bank last year - and a reduction in European Investment Bank lending following a vote to leave the EU might also have contributed to the dip in clean energy investment.
“The government must urgently plug this policy gap and publish its plan to secure the investment required to meet the UK’s climate change targets,” said Mary Creagh, chair of the Environmental Audit Committee.
“It should provide greater clarity on how it intends to deliver the Clean Growth Strategy by the 2018 Budget, and explore how a sovereign green bond could kickstart its Clean Growth Strategy,” she added. Reporting by Nina Chestney; Editing by Raissa Kasolowsky | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-renewables-investment/britains-strategy-to-meet-climate-change-targets-not-sufficient-lawmakers-idUSKCN1IH0NO |
From Mark Zuckerberg’s EU grilling to the latest on Malaysia’s 1MDB scandal, catch up with the Morning Briefing.
Labourers clean the fountain in the historic Taj Mahal premises in Agra, India, May 19, 2018. Picture taken May 19, 2018. REUTERS/Saumya Khandelwal For all the news you need to start your day, subscribe to the News Now newsletter . The best of Reuters news delivered right into your inbox absolutely free.
HIGHLIGHTS
Texas political leaders are considering installing airport-style security at public schools and screening students for mental health issues as alternatives to gun control to thwart a repeat of last week’s deadly shooting at a Houston-area high school.
How do Iranians view the United States since its withdrawal from the nuclear deal? Commentary contributor and State Department veteran Peter Van Buren just returned from a week-long trip there , where he met with university students and scholars.
A Swiss robot is one of new breed of AI weeders that investors say could disrupt the $100 billion pesticides and seeds industry by reducing the need for universal herbicides and the genetically modified crops that tolerate them.
WORLD
A Myanmar judge will rule today whether to allow the submission of evidence police say they obtained from the mobile phones of two Reuters reporters arrested in December for alleged possession of secret documents. Follow more coverage on the case with our dedicated page .
The government of ousted Malaysian Prime Minister Najib Razak deceived parliament over the finances of state fund 1MDB and suppressed an investigation by intimidating and purging anti-corruption agents, officials said today.
Sweden will send out instructions to its citizens next week on how to cope with an outbreak of war, as the country faces an assertive Russia across the Baltic Sea. Here is what is in the 20-page pamphlet , the first public awareness campaign of its kind since the days of the Cold War.
The Marie Stopes Ladies who drive from village to village in the remote north of Burkina Faso offering free contraception, advice on family planning, sexual health and sometimes abortion, may have to stop work in June. The ten have been entirely funded by a $1.25 million grant from USAID but the U.S. development agency cut all money for Marie Stopes International when it refused to comply with a rule reinstated by Trump in January 2017.
BUSINESS
Chief Executive Officer Elon Musk said that the braking issue on Tesla Inc’s Model 3 sedan, pointed out by Consumer Reports, can be fixed with a firmware update which the electric car maker will be rolling out in a few days.
Sony said it would pay about $2.3 billion to gain control of EMI , becoming the world’s largest music publisher in an industry that has found new life on the back of streaming services.
U.S. farmers said they would push ahead with plantings planned before U.S.-China trade tensions eased and, now that the two countries have resumed talks, take a wait-and-see approach to Trump’s promises for more sales to China.
REUTERS TV
CEO Mark Zuckerberg will meet the leaders of the European Parliament for a private meeting to answer questions about the improper use of millions of users’ data by a political consultancy, as pressure on the company’s protection of data continues. Anna Bevan reports
| ashraq/financial-news-articles | https://www.reuters.com/article/us-newsnow-may22/tuesday-morning-briefing-idUSKCN1IN1FN |
(Rewrites lead, adds background)
BEIJING, May 3 (Reuters) - China’s central bank on Thursday signalled the resumption of an outbound investment scheme that allows qualified domestic financial institutions to buy yuan-denominated products in overseas markets, the latest move by Beijing to relax capital controls.
The People’s Bank of China (PBOC) published a notice on its website updating the regulations around the so-called Renminbi Qualified Domestic Institutional Investors (RQDII) programme, which was suspended unofficially in late 2015, along with several other outbound schemes amid fears of capital flight and worries of rapid yuan depreciation.
The latest announcement suggests Beijing is gradually relaxing the outbound investment scheme.
The PBOC notice said the yuan must not be converted into foreign currencies under the scheme for overseas investment. In addition, RQDII investors must submit investment details to the central bank, and are subject to PBOC’s macro prudent assessment.
The notice on RQDII, launched in 2014, came after China last month resumed the Qualified Domestic Institution Investor (QDII) scheme, which allows Chinese investors to convert yuan into foreign currencies to buy overseas securities.
China’s forex regulator has also widened the quotas of two other outbound investment schemes in Shanghai and Shenzhen as part of the government’s efforts to liberalize financial markets. (Reporting by Beijing Monitoring Desk Editing by Shri Navaratnam)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-investment-rqdii/update-1-china-c-bank-signals-resumption-of-rqdii-outbound-investment-scheme-idUSB9N1S000Q |
NEW YORK--(BUSINESS WIRE)-- Urban Edge Properties (NYSE:UE) (the "Company") today announced its results for the quarter ended March 31, 2018.
Financial Results (1)(2)
Generated net income of $23.0 million, or $0.18 per diluted share. Generated Funds from Operations applicable to diluted common shareholders ("FFO") of $44.1 million, or $0.35 per share. Generated FFO as Adjusted of $41.3 million or $0.33 per share, consistent with the first quarter of 2017. Increased current cash balance to $515 million, up nearly $400 million compared to March 31, 2017.
Operating Results (1)
Increased same-property cash Net Operating Income (“NOI”) by 2.4% over the first quarter of 2017 due to rent commencements and higher recovery revenue. Increased same-property cash NOI including properties in redevelopment by 2.7% over the first quarter of 2017. Reported same-property retail portfolio occupancy of 98.2%, a decrease of 20 basis points compared to March 31, 2017 and 10 basis points from December 31, 2017. Reported consolidated retail portfolio occupancy of 96.1%, down 110 basis points compared to March 31, 2017 as a result of the acquisition of centers with lower occupancy than our existing portfolio in the second quarter of 2017. This metric increased 10 basis points compared to December 31, 2017. Executed 35 new leases, renewals and options totaling 597,000 square feet (sf). Same-space leases totaled 504,000 sf and generated average rent spreads of 12.8% on a GAAP basis and 6.9% on a cash basis.
Leasing Activity
Leasing activity during the first quarter was strong. Approximately 151,000 sf of new leases were executed of which only four leases comprising 58,000 sf were on comparable same space locations including a 53,000 sf furniture store located in Glen Burnie, MD which negatively impacted the reported cash leasing spread. Eleven new leases comprising 93,000 sf were executed on newly created or redeveloped spaces for which the new cash rent averaged $41.54 psf.
Development, Redevelopment and Anchor Repositioning Activity
The Company is investing $363 million to renovate and remerchandise 27 of its properties. New retailers include ShopRite, Sprouts, Marshalls, Homesense, Burlington, Best Buy, Ulta, Five Below, Starbucks and Chick-fil-A. It has completed $64 million in projects in the last 12 months, has $206 million underway and has approximately $93 million in its pipeline. There are $200 million of remaining costs to complete these redevelopment projects. The Company expects to earn approximately 9% on its total investment.
The Company’s largest projects include Bergen Town Center and Bruckner Commons. At Bergen, Best Buy just opened its newest prototype store and construction is underway on a new 47,000 sf Burlington expected to open in April 2019. Enhanced food offerings include Cava Grill, Ruth’s Chris Steakhouse and a daytime café. At Bruckner, ShopRite and Burlington are opening this summer.
Disposition Activity
On April 26, 2018, the Company sold MacArthur Commons in Allentown, PA for $55 million, consistent with the plan to dispose of assets in non-core markets.
Balance Sheet Highlights at March 31, 2018 (1)(3)(4)
Total market capitalization of approximately $4.3 billion comprising 126.8 million, fully diluted common shares valued at $2.7 billion and $1.6 billion of debt. Net debt to total market capitalization of 26%. Net debt to Adjusted Earnings before interest, tax, for real estate ("EBITDAre") of 4.8x. $473.6 million of cash and cash equivalents, including restricted cash, and no amounts drawn on the $600 million revolving credit facility.
(1) Refer to "Non-GAAP Financial Measures" and "Operating Metrics" for definitions and additional detail. (2) Refer to page 8 for a reconciliation of net income to FFO and FFO as Adjusted for the quarter ended March 31, 2018. (3) Refer to page 10 for a reconciliation of net income to EBITDAre and annualized Adjusted EBITDAre for the quarter ended March 31, 2018. (4) Net debt as of March 31, 2018 is calculated as total consolidated debt of $1.6 billion less total cash and cash equivalents, including restricted cash, of $473.6 million. Non-GAAP Financial Measures
The Company uses certain non-GAAP performance measures, in addition to the primary GAAP presentations, as we believe these measures improve the understanding of the Company's operational results. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the investing public, and thus such reported measures are subject to change. The Company's non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results. The following non-GAAP measures are commonly used by the Company and investing public to understand and evaluate our operating results and performance:
FFO: The Company believes FFO is a useful, supplemental measure of its operating performance that is a recognized metric used extensively by the real estate industry and, in particular REITs. FFO, as defined by the National Association of Real Estate Investment Trusts ("NAREIT") and the Company, is net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciated real estate assets, real estate impairment losses, rental property expense. The Company believes that financial analysts, investors and shareholders are better served by the presentation of comparable period operating results generated from FFO primarily because it excludes the assumption that the value of real estate assets diminish predictably. FFO does not represent cash flows from operating activities in accordance with GAAP, should not be considered an alternative to net income as an indication of our performance, and is not indicative of cash flow as a measure of liquidity or our ability to make cash distributions. FFO as Adjusted: The Company provides disclosure of FFO as Adjusted because it believes it is a useful supplemental measure of its core operating performance that facilitates comparability of historical financial periods. FFO as Adjusted is calculated by making certain adjustments to FFO to account for items the Company does not believe are representative of ongoing core operating results including non-comparable revenues and expenses. The Company's method of calculating FFO as Adjusted may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Cash NOI: The Company uses cash NOI internally to make investment and capital allocation decisions and to compare the unlevered performance of our properties to our peers. The Company believes cash NOI is useful to investors as a performance measure because, when compared across periods, cash NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis, providing perspective not immediately apparent from operating income or net income. The Company calculates cash NOI using net income as defined by GAAP reflecting only those income and expense items that are incurred at the property level, adjusted for the following items: lease termination fees, bankruptcy settlement income, non-cash rental income and ground rent expense and income or expenses that we do not believe are representative of ongoing operating results, if any. Same-property Cash NOI: The Company provides disclosure of cash NOI on a same-property basis, which includes the results of properties that were owned and operated for the entirety of the reporting periods being compared totaling 75 properties for the three months ended March 31, 2018 and 2017. Information provided on a same-property basis excludes properties under development, redevelopment or that involve anchor repositioning where a substantial portion of the gross leasable area ("GLA") is taken out of service and also excludes properties acquired, sold, or under contract to be sold during the periods being compared. As such, same-property cash NOI assists in eliminating disparities in net income due to the development, redevelopment, acquisition or disposition of properties during the periods presented, and thus provides a more consistent performance measure for the comparison of the operating performance of the Company's properties. While there is judgment surrounding changes in designations, a property is removed from the same-property pool when it is designated as a redevelopment property because it is undergoing significant renovation or retenanting pursuant to a formal plan that is expected to have a significant impact on its operating income. A development or redevelopment property is moved back to the same-property pool once a substantial portion of the NOI growth expected from the development or redevelopment is reflected in both the current and comparable prior year period, generally one year after at least 80% of the expected NOI from the project is realized on a cash basis. Acquisitions are moved into the same-property pool once we have owned the property for the entirety of the comparable periods and the property is not under significant development or redevelopment. The Company has also provided disclosure of cash NOI on a same-property basis adjusted to include redevelopment properties. Same-property cash NOI may include other adjustments as detailed in the Reconciliation of Net Income to cash NOI and same-property cash NOI included in the tables accompanying this press release. EBITDAre and Adjusted EBITDAre: EBITDAre and Adjusted EBITDAre are supplemental, non-GAAP measures utilized by us in various financial ratios. The White Paper on EBITDAre, approved by NAREIT's Board of Governors in September 2017, defines EBITDAre as net income (computed in accordance with GAAP), adjusted for interest expense, income tax expense, , losses and gains on the disposition of depreciated property, impairment write-downs of depreciated property and investments in unconsolidated joint ventures, and adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures. EBITDAre and Adjusted EBITDAre are presented to assist investors in the evaluation of REITs, as a measure of the Company's operational performance as they exclude various items that do not relate to or are not indicative of our operating performance and because they approximate key performance measures in our debt covenants. Accordingly, the Company believes that the use of EBITDAre and Adjusted EBITDAre, as opposed to income before income taxes in various ratios, provides meaningful performance measures related to the Company's ability to meet various coverage tests for the stated periods. The Company also presents the ratio of net debt (net of cash) to annualized Adjusted EBITDAre for the first quarter of 2018, and net debt (net of cash) to total market capitalization, which it believes is useful to investors as a supplemental measure in evaluating the Company's balance sheet leverage. The presentation of EBITDAre and Adjusted EBITDAre are consistent with EBITDA and Adjusted EBITDA as presented in prior periods.
The Company believes net income is the most directly comparable GAAP financial measure to the non-GAAP performance measures outlined above. Reconciliations of these measures to net income have been provided in the tables accompanying this press release.
Operating Metrics
The Company presents certain operating metrics related to our properties including occupancy, leasing activity and rental rates. Operating metrics are used by the Company and are useful to investors in facilitating an understanding of the operational performance for our properties.
Occupancy metrics represent the percentage of occupied gross leasable area based on executed leases (including properties in development and redevelopment) and includes leases signed, but for which rent has not yet commenced. Same-property retail portfolio occupancy includes shopping centers and malls that have been owned and operated for the entirety of the reporting periods being compared totaling 75 properties for the three months ended March 31, 2018 and 2017. Occupancy metrics presented for the Company's same-property retail portfolio excludes properties under development, redevelopment or that involve anchor repositioning where a substantial portion of the gross leasable area is taken out of service and also excludes properties acquired within the past 12 months, properties sold, or under contract to be sold during the periods being compared.
Executed new leases, renewals and exercised options are presented on a same-space basis. Same-space leases represent those leases signed on spaces for which there was a previous lease with comparable gross leasable area.
ADDITIONAL INFORMATION
For a copy of the Company’s supplemental disclosure package, please access the "Investors" section of UE’s website at www.uedge.com . Our website also includes other financial information, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports.
ABOUT URBAN EDGE
Urban Edge Properties is a NYSE listed real estate investment trust focused on managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the New York metropolitan region. Urban Edge owns 88 properties totaling 16.3 million square feet of gross leasable area.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this Press Release constitute as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these You can find many of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this Press Release. Many of the factors that will determine the outcome of these and our other are beyond our ability to control or predict; these factors include, among others, the Company's ability to complete its active development, redevelopment and anchor repositioning projects, the Company's ability to pursue, finance and complete acquisition opportunities, the Company's ability to engage in the projects in its planned expansion and redevelopment pipeline, the Company's ability to achieve the estimated unleveraged returns for such projects and acquisitions, the estimated remediation and repair costs related to Hurricane Maria at the affected properties. For further discussion of factors that could materially affect the outcome of our , see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2017 and the other documents filed by the Company with the Securities and Exchange Commission.
For these statements, we claim the protection of the safe harbor for contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our , which speak only as of the date of this Press Release. All subsequent written and oral attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our to reflect events or circumstances occurring after the date of this Press Release.
URBAN EDGE PROPERTIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
March 31, December 31, 2018 2017 ASSETS Real estate, at cost: Land $ 523,798 $ 521,669 Buildings and improvements 2,005,590 2,010,527 Construction in progress 165,403 133,761 Furniture, fixtures and equipment 5,996 5,897 Total 2,700,787 2,671,854 Accumulated (601,729 ) (587,127 ) Real estate, net 2,099,058 2,084,727 462,774 490,279 Restricted cash 10,817 10,562 Tenant and other receivables, net of allowance for doubtful accounts of $5,854 and $4,937, respectively 21,564 20,078 Receivable arising from the straight-lining of rents, net of allowance for doubtful accounts of $528 and $494, respectively 85,727 85,843 Identified intangible assets, net of accumulated amortization of $36,629 and $33,827, respectively 82,787 87,249 Deferred leasing costs, net of accumulated amortization of $15,390 and $14,796, respectively 20,422 20,268 Deferred financing costs, net of accumulated amortization of $1,998 and $1,740, respectively 2,985 3,243 Prepaid expenses and other assets 17,244 18,559 Total assets $ 2,803,378 $ 2,820,808 LIABILITIES AND EQUITY Liabilities: Mortgages payable, net $ 1,552,543 $ 1,564,542 Identified intangible liabilities, net of accumulated amortization of $66,866 and $65,832, respectively 176,770 180,959 Accounts payable and accrued expenses 71,061 69,595 Other liabilities 15,574 15,171 Total liabilities 1,815,948 1,830,267 Commitments and contingencies Shareholders’ equity: Common shares: $0.01 par value; 500,000,000 shares authorized and 113,923,724 and 113,827,529 shares issued and outstanding, respectively 1,139 1,138 Additional paid-in capital 947,815 946,402 Accumulated deficit (61,975 ) (57,621 ) Noncontrolling interests: Operating partnership 100,036 100,218 Consolidated subsidiaries 415 404 Total equity 987,430 990,541 Total liabilities and equity $ 2,803,378 $ 2,820,808 URBAN EDGE PROPERTIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share amounts)
Quarter Ended March 31, 2018 2017 REVENUE Property rentals $ 69,722 $ 62,498 Tenant expense reimbursements 28,672 23,771 Management and development fees 342 479 Income from acquired leasehold interest — 39,215 Other income 317 101 Total revenue 99,053 126,064 EXPENSES Depreciation and amortization 21,270 15,828 Real estate taxes 15,775 13,392 Property operating 16,667 13,368 General and administrative 7,641 8,132 Casualty and impairment (gain) loss, net (1,341 ) 3,164 Ground rent 2,736 2,670 Provision for doubtful accounts 1,236 193 Total expenses 63,984 56,747 Operating income 35,069 69,317 Interest income 1,524 127 Interest and debt expense (15,644 ) (13,115 ) Gain (loss) on extinguishment of debt 2,524 (1,274 ) Income before income taxes 23,473 55,055 Income tax expense (434 ) (320 ) Net income 23,039 54,735 Less net income attributable to noncontrolling interests in: Operating partnership (2,328 ) (4,138 ) Consolidated subsidiaries (11 ) (11 ) Net income attributable to common shareholders $ 20,700 $ 50,586 Earnings per common share - Basic: $ 0.18 $ 0.51 Earnings per common share - Diluted: $ 0.18 $ 0.50 outstanding - Basic 113,677 99,639 outstanding - Diluted 113,864 100,093 Reconciliation of Net Income to FFO and FFO as Adjusted
The following table reflects the reconciliation of net income to FFO and FFO as Adjusted for the quarter ended March 31, 2018. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 3 for a description of FFO and FFO as Adjusted.
Quarter Ended March 31, 2018 (in thousands) (per share) Net income $ 23,039 $ 0.18 Less net income attributable to noncontrolling interests in: Operating partnership (2,328 ) (0.02 ) Consolidated subsidiaries (11 ) — Net income attributable to common shareholders 20,700 0.16 Adjustments: Rental property 21,072 0.17 Limited partnership interests in operating partnership 2,328 0.02 FFO applicable to diluted common shareholders 44,100 0.35 Gain on extinguishment of debt (2,524 ) (0.02 ) Casualty gain, net (2) (580 ) — Tenant bankruptcy settlement income (164 ) — Environmental remediation costs 250 — Reduction of deferred tax asset related to hurricane 168 — FFO as Adjusted applicable to diluted common shareholders $ 41,250 $ 0.33 Weighted average diluted shares used to calculate EPS 113,864 Assumed conversion of OP and LTIP Units to common shares (1) 12,717 Weighted average diluted common shares - FFO 126,581 (1) Operating Partnership ("OP") and Long-Term Incentive Plan ("LTIP") Units are excluded from the calculation of earnings per diluted share for the three months ended March 31, 2018 because their inclusion is anti-dilutive. FFO includes earnings allocated to unitholders as the inclusion of these units is dilutive to FFO per share. (2) Casualty gain, net for the quarter ended March 31, 2018 includes: Quarter Ended
(in thousands) March 31, 2018
Insurance proceeds, net of hurricane related expenses $ 1,341 Provision for doubtful accounts (181 ) Property rental and tenant reimbursement losses (580 ) Casualty gain, net $ 580 Reconciliation of Net Income to Cash NOI and Same-Property Cash NOI
The following table reflects the reconciliation of net income to cash NOI, same-property cash NOI and same-property cash NOI including properties in redevelopment for the quarter ended March 31, 2018 and 2017. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 3 for a description of cash NOI and same-property cash NOI.
Quarter Ended March 31, (Amounts in thousands) 2018 2017 Net income $ 23,039 $ 54,735 Management and development fee income from non-owned properties (342 ) (479 ) Other income (77 ) (64 ) Depreciation and amortization 21,270 15,828 General and administrative expense 7,641 8,132 Casualty and impairment (gain) loss, net (5) (1,341 ) 3,164 Interest income (1,524 ) (127 ) Interest and debt expense 15,644 13,115 (Gain) loss on extinguishment of debt (2,524 ) 1,274 Income tax expense 434 320 Non-cash revenue and expenses (2,289 ) (40,801 ) Cash NOI (1) 59,931 55,097 Adjustments: Non-same property cash NOI (1)(2) (12,474 ) (8,334 ) Tenant bankruptcy settlement income (164 ) (27 ) Hurricane related operating loss (3) 306 — Environmental remediation costs 250 — Same-property cash NOI $ 47,849 $ 46,736 Cash NOI related to properties being redeveloped (4) 5,983 5,693 Same-property cash NOI including properties in redevelopment $ 53,832 $ 52,429 (1) Cash NOI is calculated as total property revenues less property operating expenses excluding the net effects of non-cash rental income and non-cash ground rent expense. (2) Non-same property cash NOI includes cash NOI related to properties being redeveloped and properties acquired or disposed. (3) Amount reflects rental and tenant reimbursement losses as well as provisions for outstanding amounts due from tenants at Las Catalinas that are subject to reimbursement from the insurance company. (4) Excludes $0.5 million of rental and tenant reimbursement losses as well as provisions for outstanding amounts due from tenants at Montehiedra that are subject to reimbursement from the insurance company. (5) Casualty and impairment gain of $1.3 million per the consolidated statements of income is comprised of a $1.5 million insurance gain net of $0.2 million hurricane-related expenses for the first quarter of 2018. Casualty and impairment loss for the first quarter of 2017 is comprised of a $3.2 million real estate impairment loss incurred related to our property in Eatontown, NJ sold in the second quarter of 2017. Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre
The following table reflects the reconciliation of net income to EBITDAre and Adjusted EBITDAre for the quarter ended March 31, 2018. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 3 for a description of EBITDAre and Adjusted EBITDAre.
Quarter Ended March 31, (Amounts in thousands) 2018 2017 Net income $ 23,039 $ 54,735 Depreciation and amortization 21,270 15,828 Interest and debt expense 15,644 13,115 Income tax expense 434 320 Real estate impairment loss — 3,164 EBITDAre 60,387 87,162 Adjustments for Adjusted EBITDAre: Casualty gain, net (1) (580 ) — Tenant bankruptcy settlement income (164 ) (27 ) Environmental remediation costs 250 — Transaction costs — 51 (Gain) loss on extinguishment of debt (2,524 ) 1,274 Income from acquired leasehold interest — (39,215 ) Adjusted EBITDAre $ 57,369 $ 49,245 (1) Refer to footnote 2 on page 8, Reconciliation of Net Income to FFO and FFO as Adjusted, for the adjustments included in Casualty gain, net for the quarter ended March 31, 2018.
//www.businesswire.com/news/home/20180502006601/en/
Urban Edge Properties
Mark Langer, 212-956-2556
EVP and Chief Financial Officer
Source: Urban Edge Properties | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-urban-edge-properties-reports-first-quarter-2018-results.html |
May 29, 2018 / 12:27 PM / Updated 23 minutes ago China vows to protect its interests from 'reckless' U.S. trade threats Michael Martina , Ben Blanchard 5 Min Read
BEIJING (Reuters) - China lashed out on Wednesday at renewed threats from the White House on trade, warning that it was ready to fight back if Washington was looking for a trade war, days ahead of a planned visit by U.S. Commerce Secretary Wilbur Ross.
In an unexpected change in tone, the United States said on Tuesday that it still held the threat of imposing tariffs on $50 billion of imports from China unless it addressed the issue of theft of American intellectual property.
Washington also said it will press ahead with restrictions on investment by Chinese companies in the United States as well as export controls for goods exported to China.
Its tougher stance comes as President Donald Trump prepares for a June 12 summit with North Korean leader Kim Jong Un, whose key diplomatic backer is China, and as Washington steps up efforts to counter what it sees as Beijing’s efforts to limit freedom of navigation in the South China Sea.
The trade escalation came after the two sides had agreed during talks in Washington this month to find steps to narrow China’s $375 billion trade surplus. Ross is expected to try to get China to agree to firm numbers to buy more U.S. goods during a June 2-4 visit to the Chinese capital.
“We urge the United States to keep its promise, and meet China halfway in the spirit of the joint statement,” Chinese Foreign Ministry spokeswoman Hua Chunying told a daily news briefing, adding that China would take “resolute and forceful” measures to protect its interests if Washington insists upon acting in an “arbitrary and reckless manner”.
“When it comes to international relations, every time a country does an about face and contradicts itself, it’s another blow to, and a squandering of, its reputation,” Hua said.
China has said it will respond in kind to threats by Trump to impose tariffs on up to $150 billion of Chinese goods.
It was not clear if the developments would have any impact on the planned visit to China by Ross. China’s Foreign Ministry referred questions to the Commerce Ministry, which did not reply to a fax seeking comment.
Several U.S. officials arrived in Beijing on Wednesday for talks, according to a U.S. embassy spokeswoman, including Under Secretary of Agriculture Ted McKinney; the U.S. Trade Representative’s chief agricultural negotiator, Gregg Doud; and Commerce Department Deputy Assistant Secretary Alan Turley.
Trade war fears had receded after the Trump administration said it had reached a deal to put ZTE Corp back in business after banning China’s second-biggest telecoms equipment maker from buying U.S. technology parts for seven years.
The easing in tension had fueled optimism that agreement was imminent for Chinese antitrust clearance for San Diego-based Qualcomm Inc’s $44 billion purchase of Netherlands-based NXP Semiconductors NV, which has been hanging in the balance amid the trade dispute. Related Coverage | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-trade-china/u-s-to-continue-trade-actions-against-china-white-house-idUKKCN1IU1GQ |
BoE's Broadbent apologizes for 'menopausal' remark 10:07pm IST - 01:15
Bank of England Deputy Governor Ben Broadbent apologizes for describing Britain’s economy as “menopausal”, a comment that was roundly criticized. Lea Jakobiak reports
Bank of England Deputy Governor Ben Broadbent apologizes for describing Britain’s economy as “menopausal”, a comment that was roundly criticized. Lea Jakobiak reports //reut.rs/2L7fSgY | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/16/boes-broadbent-apologizes-for-menopausal?videoId=427465420 |
May 11 (Reuters) - Talos Energy Inc:
* MACKAY SHIELDS LLC REPORTS 7.46 PERCENT PASSIVE STAKE IN TALOS ENERGY INC AS OF MAY 10, 2018 - SEC FILING Source text: ( bit.ly/2rBPeDX ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mackay-shields-reports-746-pct-pas/brief-mackay-shields-reports-7-46-pct-passive-stake-in-talos-energy-idUSFWN1SI1GA |
18 Hours Ago | 01:01
Roku on Wednesday afternoon releases its third quarterly earnings statement as a public company, and the options market is implying it expects something unique: relatively little.
Stacey Gilbert, head of derivative strategy at Susquehanna, told CNBC's " Trading Nation " that shares of the streaming technology company, which have plunged 36 percent this year, are expected to see a smaller move than in its prior two reports. She explains.
• Roku earnings, historically have had some notable moves after its earnings. Two quarters ago, on Roku's first quarterly earnings report as a public company, the stock soared 55 percent; last quarter it tumbled 18 percent.
• Heading into earnings on Wednesday after the closing bell, the options market's implied move is roughly 15 percent in either direction. This double-digit move is still a notable move, though less volatile than the prior two quarters.
• The market is suggesting that investors are not expecting to see many surprises. If a surprise does indeed arise, the stock could see an outsized move.
• For investors who believe the stock could continue to see earnings volatility similar to past reports, the options are attractive and consistent with that fundamental thesis.
Bottom line: The options market is implying Roku shares are expected to see a move of around 15 percent in either direction earnings, Gilbert said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/roku-could-see-15-percent-move-on-earnings--and-thats-not-big-trader.html |
Starbucks bias training a significant event: Professor 2 Hours Ago Patricia Pope, Pope and Associates, and Dr. Bryant Marks, Morehouse College, discuss Starbucks' decision to hold anti-bias training. With CNBC's Mike Santoli. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/starbucks-bias-training-significant.html |
May 5, 2018 / 6:32 AM / Updated 6 hours ago China state media sees positives in trade talks with U.S. Reuters Staff 4 Min Read
BEIJING (Reuters) - Chinese state media struck an optimistic note on trade talks between Chinese and U.S. officials after U.S. President Donald Trump threatened to impose tariffs on up to $150 billion in Chinese goods over allegations of intellectual property theft. Members of U.S. trade delegation, Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross, leave a hotel in Beijing, China, May 4, 2018. REUTERS/Thomas Peter
The English-language China Daily saw a “positive development” in the two days of talks in an agreement to establish a mechanism to keep the dialogue open, despite “big differences”, as part an effort to resolve trade disputes.
The newspaper said the biggest achievement was “the constructive agreement between Beijing and Washington to keep discussing contentious trade issues, instead of continuing the two-way barrage of tariffs, which pretty much brought the two countries to the brink of a trade war”.
The People’s Daily said the talks “laid solid foundation for further talks on trade and economic cooperation, and for ultimately achieving benefits (to both countries) and win-win results”.
China’s state-run Xinhua news agency described the talks as “constructive, candid and efficient” but with disagreements that remain “relatively big”.
People familiar with the talks said on Friday the Trump administration had drawn a hard line, demanding a $200 billion cut in the Chinese trade surplus with the United States, sharply lower tariffs and advanced technology subsidies.
The lengthy list of demands was presented to Beijing before the start of talks on Thursday and Friday to try to avert a damaging trade war between the world’s two largest economies.
A White House statement issued on Friday said the U.S. delegation, led by Treasury Secretary Steven Mnuchin, “held frank discussions with Chinese officials on rebalancing the United States–China bilateral economic relationship, improving China’s protection of intellectual property, and identifying policies that unfairly enforce technology transfers”. A motorcade leaves the U.S. embassy after U.S. officials had trade talks with Chinese counterparts, in Beijing, China May 4, 2018. REUTERS/Thomas Peter
The statement gave no indication that Trump would back off on his threat to impose tariffs.
Capital Economics, a private economic research consultancy based in London, said in a research note that demands made by the United States were so “unrealistically high” that an agreement was unlikely this week.
“Unless the Trump administration settles for a lot less
than initially demanded, tensions between the two countries will continue for some time,” it said.
But “both the U.S. and China have shown some willingness to compromise”, it said. “Given that the U.S. entered into the negotiations with a list of unrealistically high demands... it is reassuring that the talks didn’t break down altogether.”
The U.S. delegation was returning to Washington to brief Trump and “seek his decision on next steps”, the White House said, adding that the administration had “consensus” for “immediate attention” to change the U.S-China trade and investment relationship.
Trump said he would meet the delegation on Saturday.
“We will be meeting tomorrow to determine the results, but it is hard for China in that they have become very spoiled with U.S. trade wins!” he said in a Twitter post late on Friday. Reporting By Norihiko Shirouzu and Pei Li; Editing by Nick Macfie | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trade-china/china-state-media-strikes-positive-note-after-trade-talks-with-u-s-idUKKBN1I6042 |
TORONTO, May 15, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la négociation des titres suivants :
Company / Société : Platinum Group Metals Ltd. Warrants TSX Symbol / Symbole TSX :
PTM.WT.U Reason / Motif : Pending Closing/En attente Halt Time (ET) / Heure de la suspension (HE) 8:00 AM ET / 8 h 00 (HE) IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L'OCRCVM peut prendre la décision de suspendre (ou d'arrêter) temporairement les opérations à l'égard d'un titre d'une société cotée en bourse. Les arrêts des opérations sont mis en oeuvre afin d'assurer le bon fonctionnement d'un marché équitable. L'OCRCVM est l'organisme d'autoréglementation national qui surveille l'ensemble des courtiers en placement et l'ensemble des opérations effectuées sur les marchés des titres de capitaux propres et les marchés des titres de créance au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--ptm-wt-u.html |
In the midst of a very tumultuous 2017 , Uber hired Harvard Business School professor Frances Frei as the SVP of leadership and strategy to help instill something that she said the company had lost: trust.
"I was super attracted to going to an organization that was metaphorically and perhaps quite literally on fire," the professor says in a recent Ted Talk . "This was an organization that had lost trust with every constituent that mattered."
Uber brought Frei on in June, before the departure of CEO Travis Kalanick . Over the course of 250 days, Frei trained Uber's executive team and over 3,000 Uber managers, giving them the tools they need to build trust in each other and, eventually, restore the public's confidence in the company. In February of this year, she left to resume teaching at Harvard .
"What happened at Uber? When I got there, Uber was wobbling all over the place. Empathy, logic, authenticity were all wobbling like crazy," Frei reports in her Ted Talk. These traits, she says, are key for earning trust.
Based on Frei's approach with Uber, here are three simple ways to get more people to trust you.
Don't pretend to be someone you're not Being yourself can be challenging when you're not around other people like you, Frei points out.
Uber may still struggle to create an environment where people can be themselves, but "that doesn't make Uber very different from all of the other companies I've seen in Silicon Valley and beyond," Frei says. In these places, those who uphold the status quo often get rewarded over those who offer a unique perspective.
Still, Frei says, "if we hold back who we are, we're less likely to be trusted." That's because "we as a human species can sniff out in a moment, literally in a moment, whether or not someone is being their authentic true self."
And if we can't be trusted at work, "we're less likely to be given stretch assignments," which then means "we're less likely to get promoted," she says.
To be more authentic, "wear whatever makes you feel fabulous. Pay less attention to what you think people want to hear from you and far more attention to what your authentic, awesome self needs to say," Frei suggests.
Be upfront with people When you're with others, it's important to get your point across quickly and directly.
"Start with your point in a crisp half-sentence and then give your supporting evidence," Frei says. "This means that people will be able to get access to our awesome ideas, and just as importantly, if you get cut off before you're done, you still get credit for the idea, as opposed to someone else coming in and snatching it from you."
Steer clear of long-winded stories or explanations. That will help lessen the chances of being misunderstood.
show chapters Here's why you should stop multitasking if you want to be productive 1:01 PM ET Fri, 6 Oct 2017 | 01:03 Avoid distractions when you're around others Giving others your undivided attention is an important part of being empathetic.
"In the meetings at Uber, it was not uncommon for people to be texting one another about the meeting. I had never seen anything like it," Frei says. "It did not create a safe, empathetic environment."
Once she picked up on this habit, Frei created a new rule: "Technology off and away."
"We are all so busy with so many demands on our time, it's easy to crowd out the time and space that empathy requires," Frei says. "If you do nothing else, please put away your cell phone. It is the largest distraction magnet yet to be made, and it is super difficult to create empathy and trust in its presence."
The change "forced people to look up, to look at the people in front of them, to listen to them, to immerse themselves in their perspectives and to collaborate in unprecedented ways," Frei adds.
Using the same no-tech, low-distraction strategy is a good way to de-stress and to connect with coworkers, family or friends. When we "look at the people right in front of us, listen to them, deeply immerse ourselves in their perspectives, then we have a chance of having a sturdy leg of empathy," Frei says.
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SAO PAULO, May 25 (Reuters) - A nationwide truck drivers’ protest in Brazil was slow to wind down on Friday despite an agreement to end the mobilization, with many highway blockades in place for a fifth straight day rattling sectors from agribusiness to automaking.
Negotiators for several trucker groups agreed late on Thursday to immediately suspend the strike for 15 days after the government vowed to stabilize diesel prices, which could cost it 5 billion reais ($1.4 billion) this year.
To win over truckers, who began the blockades on Monday to protest high fuel prices, the government also promised to extend for 30 days a 10 percent diesel price cut announced by state-led oil company Petroleo Brasileiro SA.
Abcam, a trucking group that was a major force behind the strike, was not among the parties that signed on to the accord, raising questions about how truckers around the country would respond to the agreement.
Meanwhile, gas stations remained short of fuel, grocers’ aisles were understocked in many areas and access to the major port of Santos was still blocked. Public transportation and trash collection services have been reduced in major cities such as Sao Paulo because of fuel shortages.
Auto production in Brazil, which accounts for about a quarter of its industrial output, ground to a halt on Friday, according to carmakers association ANfavea, in the latest blow to a fragile economic recovery following the worst downturn in decades. ($1 = 3.65 reais) (Reporting by Gram Slattery Editing by Brad Haynes and Steve Orlofsky)
| ashraq/financial-news-articles | https://www.reuters.com/article/brazil-transport/brazil-trucker-protest-lingers-after-government-accord-on-diesel-idUSL2N1SW0ES |
FAR HILLS, N.J., May 02, 2018 (GLOBE NEWSWIRE) -- Mango Capital, Inc. (OTC:MCAP) today announces the execution of an agreement to acquire 640 acres in Nevada for $975,000, once again diversifying its land holdings and further growing Mango’s balance sheet and real estate portfolio.
“In furtherance of its business model, Mango will substantially grow its real estate footprint through this transaction,” stated Rick Makoujy, Mango President. “Additional opportunities are being evaluated at all times.”
Consideration for the property, located near Reno, Nevada, will consist of a combination of cash, notes and MCAP shares.
About Mango Capital, Inc.
Mango Capital Inc. is a real estate holding company specializing in acquiring undervalued American land and complimentary operating businesses in promising markets. MCAP recently announced the acquisition of more than 900 real estate properties in Colorado, Arkansas, Arizona, Nevada, Texas and New Mexico. With a motivated team, Mango will seize the opportunity to efficiently grow Mango into a major domestic land owner. Mango plans to continue to acquire promising real property efficiently utilizing company shares as currency and intends to opportunistically sell properties for cash and/or notes.
For additional information about Mango, contact Brooke Pagano, Public Relations, Mango Capital, Inc., at (845) 270-5792.
Please visit our website http://mangocapitalinc.com/
This release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. The matters discussed in this news release involve goals, forecasts, assumptions, risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements.
Source:Mango Capital, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-mango-capital-inc-agrees-to-acquire-640-acres-for-975000.html |
Exiled musician returns to Zimbabwe, post-Mugabe 2:38pm BST - 01:48
Known as the ''Lion of Zimbabwe,'' musician Thomas Mapfumo has long been a figure of protest. But after fleeing Zimbabwe during Robert Mugabe's presidency he's now returned. Matthew Larotonda reports
Known as the "Lion of Zimbabwe," musician Thomas Mapfumo has long been a figure of protest. But after fleeing Zimbabwe during Robert Mugabe's presidency he's now returned. Matthew Larotonda reports //uk.reuters.com/video/2018/05/05/exiled-musician-returns-to-zimbabwe-post?videoId=424101519&videoChannel=13422 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/05/exiled-musician-returns-to-zimbabwe-post?videoId=424101519 |
May 21, 2018 / 10:37 AM / Updated 11 minutes ago AstraZeneca potassium drug finally approved, threatening Vifor Reuters Staff 2 Min Read
LONDON, May 21 (Reuters) - The decision by U.S. regulators to finally approve AstraZeneca’s much-delayed excess potassium drug Lokelma gives the group another new medicine launch, boosting its portfolio as it strives to offset declining sales of older products.
The U.S. Food and Drug Administration (FDA) had turned down the drug, formerly known as ZS-9, two times previously, casting doubt over AstraZeneca’s decision to buy its original developer ZS Pharma for $2.7 billion in 2015.
Analysts, reacting to the approval announced late on Friday, said on Monday that the label for Lokelma was modestly better than for Vifor Pharma’s rival therapy Veltassa, which also treats excess potassium levels or hyperkalemia.
In particular, AstraZeneca’s drug has a faster onset of action, a better drug-drug interaction profile and can be stored indefinitely at room temperature, Deutsche analysts said. However, both drugs are still deemed unsuitable for acute life-threatening hyperkalemia episodes.
“Whilst we must concede the label is not a best-case, we nonetheless see it as an improvement on the only incumbent option, Vifor’s Veltassa,” Barclays analysts said in a note. “Our thesis remains that Lokelma will be the dominant player in the eventual $3 billion hyperkalemia market.”
AstraZeneca is banking on a range of new drugs to return the company to sales growth in 2018. Last week it reported first-quarter results that showed the impact of generic competition to older medicines, but promising sales of newer ones.
AstraZeneca shares, which fell on Friday’s financial results, were up 2 percent on Monday. (Reporting by Ben Hirschler; editing by Jason Neely) | ashraq/financial-news-articles | https://www.reuters.com/article/astrazeneca-launch/astrazeneca-potassium-drug-finally-approved-threatening-vifor-idUSL5N1SS1XK |
Eugenio Suarez had three hits and four RBIs Tuesday night as his two-run single in the first inning gave the Cincinnati Reds a lead they’d never relinquish in a 7-2 win over the New York Mets at Great American Ball Park.
The Reds won for just the second time in eight games to improve to 9-27 and climb out of the Major League Baseball basement ahead of the Baltimore Orioles. The Mets have lost 15 of 22 since an 11-1 start.
Suarez was the last of four straight batters to reach base to open the game against Jason Vargas. Suarez helped extend the lead during a two-run third inning, when he laced a one-out RBI double and scored on Tucker Barnhart’s two-out single.
Reds starter Luis Castillo retired the first 14 batters and carried a one-hitter into the sixth, when the Mets scored both their runs via a Wilmer Flores homer and a bases-loaded walk drawn by Adrian Gonzalez.
But four Reds pitchers combined to limit the Mets to three hits the rest of the way, and Cincinnati put the game away during a three-run seventh, when Suarez laced an RBI single and scored on Scooter Gennett’s two-run homer.
Barnhart had three hits and Scott Schebler had two hits for the Reds.
Castillo (2-4) earned the win after allowing the two runs on three hits and one walk while striking out seven over 5 2/3 innings.
Flores and Asdrubal Cabrera had two hits each for the Mets.
Vargas (0-3) allowed four runs on six hits and two walks while striking out one over four innings. The outing actually lowered Vargas’ ERA from 16.20 to 13.86.
The Reds and Mets played just hours after exchanging former All-Stars in a trade in which Cincinnati sent catcher Devin Mesoraco to New York for right-handed pitcher Matt Harvey. Mesoraco, who took batting practice with the Reds before the game, pinch-hit for the Mets in the ninth and struck out.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-cin-nym-recap/suarezs-4-rbi-night-leads-reds-past-mets-idUSMTZEE59FVTEFL |
May 15 (Reuters) - Sigma Labs Inc:
* QTRLY LOSS PER SHARE $0.23 * QTRLY LOSS PER SHARE $0.23 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-sigma-labs-reports-q1-loss-per-sha/brief-sigma-labs-reports-q1-loss-per-share-0-23-idUSASC0A2F3 |
May 18, 2018 / 11:23 AM / Updated 4 minutes ago Police in Bosnia turn back buses carrying 270 migrants Dado Ruvic 3 Min Read
KONJIC, Bosnia (Reuters) - A convoy of buses transporting 270 migrants from Bosnia’s capital to a refugee centre in the south of the country was stopped and turned back by police in a Bosnian Croat-dominated canton on Friday, officials said. Emergency workers help a migrant who got sick after her bus was stopped and turned back by the police, near Konjic, May 18, 2018. REUTERS/Dado Ruvic
The decision reflects tension over how to deal with more than 4,000 migrants who have entered the country this year from Syria, Iraq, Turkey, Algeria and Afghanistan after smugglers created a route via Bosnia to Croatia and western Europe. That route runs from Greece via Albania, Montenegro and Bosnia.
After they were turned back, the migrants got out of the buses and sat by the side of a road. Some drank from a stream. Children cried and some people said they were scared and hungry, according to a Reuters witness.
Local food companies later gave them something to eat. People help a migrant who got sick after her bus was stopped and turned back by the police, near Konjic, Bosnia and Herzegovina May 18, 2018. REUTERS/Dado Ruvic
Most of the migrants are Muslims, a fact that has made Bosnia’s Orthodox Serbs and Catholic Croats less willing to welcome them. More than a million migrants crossed into Europe from North Africa and the Middle East in 2015 causing a crisis for the European Union but relatively few went through Bosnia.
The migrants had been camped in a Sarajevo park but the government’s bureau for migrants ordered them to be moved to Salakovac refugee centre about 100 km (62 miles) south. Slideshow (2 Images)
The buses were stopped by about a dozen police vehicles in Herzegovina-Neretva, a canton dominated by ethnic Croats outside the southern town of Konjic, where their jurisdiction begins.
They returned via Konjic towards the Sarajevo canton, where special forces of the Sarajevo cantonal police arrived. The border between the cantons is a tunnel. Sarajevo police are stationed at one end, while Croat police are at the other.
The government said this week it would accommodate all migrants sleeping rough and also said it would secure the border with more police patrols.
Bosnia has 14 police agencies. One operates at the national level and two at the levels of the country’s two autonomous regions, the Bosniak-Croat Federation and the Serb Republic. Ten federal cantons have a police force and northern Brcko district also has one.
Officials in Bosnia’s security ministry, which leads national efforts to manage migrants from the Middle East and North Africa, said they were not informed about the cantonal police action in advance.
“We are trying to resolve the problem,” a ministry official told Reuters, adding that the migrants will not be returned to Sarajevo.
Local media said the police acted on orders from the cantonal government but a government spokesman could not confirm the information. Duty officer at the cantonal police only said the buses were returned but could not provide more information. Additional reporting and writing by Daria Sito-Sucic; Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-migrants-bosnia/police-in-bosnia-turn-back-buses-carrying-270-migrants-idUKKCN1IJ1DI |
MOUNT OLIVE, N.J. (AP) — A school bus taking children on a field trip to a New Jersey historic site collided with a dump truck Thursday, ripping the bus apart and killing a teacher and student.
The crash left the bus lying on its side on the guardrail of Interstate 80 in Mount Olive, its undercarriage and front end sheared off and its steering wheel exposed. Some of the victims crawled out of the emergency exit in the back and an escape hatch on the roof. More than 40 people were taken to hospitals.
"I heard a scraping sound and we toppled over the highway," said fifth-grade student Theo Ancevski, who was sitting in the fourth row of the bus and was treated at a hospital for cuts and scrapes. "A lot of people were screaming and hanging from their seatbelts."
New Jersey Gov. Phil Murphy said one adult and one student were killed. Their names had not been released. Murphy said the truck driver was hospitalized, but officials didn't reveal his condition.
The front end of the red dump truck was mangled in the wreck, which took place about 50 miles (80 kilometers) west of New York. The truck was registered to Mendez Trucking, of Belleville, and had "In God We Trust" emblazoned on the back of it.
Police didn't release details of how the crash happened, but the trucking company had a string of crashes in recent years and a higher than average rate of violations that sidelined its vehicles, according to federal safety data.
There were 45 people, including 38 students, on the bus. Forty-three people from the bus and the truck driver were taken to three area hospitals, where some were listed in critical condition.
The bus was owned by the school district and had seat belts, according to Paramus schools superintendent Michele Robinson. There is no federal requirement for seat belts on full-sized school buses, but six states including New Jersey require them.
The bus was one of three taking students from East Brook Middle School to Waterloo Village, a historic site depicting a Lenape Indian community and once-thriving port about 5 miles from the crash scene. The other buses made it to the site, but returned to the school about 50 miles (80 kilometers) away.
Some of the children were inside the bus and some outside when first responders arrived, according to Jeff Paul, director of the Morris County Office of Emergency Management.
"We had patients laying all over the median and on the interstate," Paul said. "There were all kinds of injuries, every injury type you could expect in a crash of his magnitude."
Paul said some of the first responders were "very emotionally upset. It was a rough scene to see."
Thuy Nguyen, a nurse from Paramus, said she rushed to the school where her son was taking a test after hearing the news.
"My heart just dropped, You hear the name of the school..." she said before trailing off.
Robinson said that the district was cancelling school trips for the rest of the year.
Mendez Trucking has about 40 drivers and trucks, according to the Federal Motor Carrier Safety Administration. Its trucks had been in seven crashes during the last two years before Thursday's crash, according to FMCSA. None of them was fatal. Messages left with the company weren't returned.
Mendez has a higher than average vehicle out-of-service rate, which means inspections found violations which had to be corrected before the vehicle could be returned to service. Mendez's rate was 37.9 percent, according to FMCSA. The national average is 20.7.
"It's an alarmingly high accident rate for such a small, little fleet," said trucking safety expert Paul Herbert, who runs the Western Motor Carrier Safety Institute in California. "These (previous accidents) should be eye-openers for the company, for them to say, 'hey, we need to do something before the big one happens.' Sadly, it looks like maybe it has."
A Mendez-owned dump truck driven by a driver police say had a suspended license struck and killed a French fashion stylist in Manhattan in January 2011, according to court records. Laurence Renard was severed in half by the truck, which was hauling tons of material for the Second Avenue Subway project.
Herbert said the company had poor marks across the board, from maintenance to safe driving. He said the out-of-service rate "speaks volumes as to the adequacy of their safety management program."
Mendez trucks have racked up more than 130 violations in the last two years, according to FMCSA, including 27 for excessive weight, 17 for leaking, spilling or falling cargo and four speeding violations — three of them this year.
Mendez was fined $22,850 in 2016 for violating regulations on inspections, repairs and maintenance and post-crash drug and alcohol testing, according to the FMCSA.
According to the National Highway Traffic Safety Administration, 118 people on school buses were killed in crashes from 2007-2016, the last year for which data is available.
Of those killed, 68 were passengers — including 58 school-age children — and 50 were drivers. School bus crashes killed 902 people in other vehicles over that span.
Porter reported from Morristown and Sisak reported from Philadelphia. Associated Press writers Shawn Marsh, in Trenton, Mike Catalini in Paramus, and Christina Paciolla, Jeff McMillan, Alexandra Villarreal, and Claudia Lauer in Philadelphia, contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/the-associated-press-school-bus-ripped-apart-in-dump-truck-crash-killing-2.html |
May 17 (Reuters) - Whitestone REIT:
* WHITESTONE REIT - BASED ON PRELIMINARY VOTE COUNT, SHAREHOLDERS DID NOT APPROVE, ON A NON-BINDING ADVISORY BASIS, COMPANY’S EXECUTIVE COMPENSATION
* WHITESTONE REIT - BASED ON PRELIMINARY VOTE COUNT, ALL THREE OF WHITESTONE’S TRUSTEE NOMINEES HAVE BEEN RE-ELECTED TO WHITESTONE BOARD OF TRUSTEES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-whitestone-reit-says-based-on-prel/brief-whitestone-reit-says-based-on-preliminary-vote-count-all-3-of-cos-trustee-nominees-have-been-re-elected-idUSFWN1SO0W7 |
May 10, 2018 / 1:13 PM / Updated 13 minutes ago BRIEF-Bluegreen Vacations Announces Fee-Based Service Business With Marquee Reuters Staff 1 Min Read
May 10 (Reuters) - Bluegreen Vacations Corp:
* BLUEGREEN VACATIONS - ANNOUNCED A FEE-BASED SERVICE AGREEMENT WITH MARQUEE DEVELOPER Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-bluegreen-vacations-announces-fee/brief-bluegreen-vacations-announces-fee-based-service-business-with-marquee-idUSFWN1SH18B |
SAO PAULO, May 7 (Reuters) - Brazilian financial startup Neon Pagamentos SA said on Monday it has formed a partnership with Banco Votorantim SA, seeking to quickly normalize operations with its 600,000-client base after suffering a regulatory blow last week.
On Friday, Brazil’s central bank liquidated smaller lender Banco Neon SA, which was used by Neon Pagamentos to process checking accounts, due to a breach of regulations, forcing the so-called fintech to partially halt operations.
In a statement, Neon Pagamentos said it will work to stabilize its services as soon as possible.
Banco Votorantim is Brazil’s sixth-largest private lender and has as one of its shareholders state-controlled bank Banco do Brasil SA. (Reporting by Carolina Mandl)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/neon-pagamentos-votorantim/brazil-fintech-neon-pagamentos-partners-with-banco-votorantim-idUSL1N1SE0FZ |
May 3 (Reuters) - Australian shares are expected to edge higher at Thursday’s open with rising oil and metal prices likely helping the local benchmark overcome losses on Wednesday in all three major U.S. indexes.
July Brent futures settled up 23 cents at $73.36 a barrel, while the most-active iron ore futures on the Dalian Commodity Exchange rose more than 2 percent.
The local share price index futures rose 4 points to 6,050, a 0.2 point discount to the underlying S&P/ASX 200 index close. The benchmark rose 0.6 percent on Wednesday.
New Zealand’s benchmark S&P/NZX 50 index fell by 3.12 points to 8,491.120 in early trade. (Reporting by Syed Saif Hussain Naqvi in Bengaluru Editing by Chris Reese)
| ashraq/financial-news-articles | https://www.reuters.com/article/australia-stocks-morning/australia-shares-to-edge-higher-nz-down-idUSL3N1S9619 |
LONDON, May 16 (Reuters) - Two people who came to Britain from Jamaica as children of immigrants invited to plug labour shortfalls after World War Two told lawmakers on Wednesday how decades later they were wrongly branded illegal immigrants and locked up.
Anthony Bryan and Paulette Wilson are among an unknown number of children of the so-called Windrush generation, named after a ship that sailed from the Caribbean to Britain in 1948, who were wrongly caught up in a crackdown on illegal immigrants.
The resulting political scandal forced interior minister, Amber Rudd, to resign last month and has raised questions about the record of Prime Minister Theresa May, who as interior minister for six years before Rudd presided over a toughening of immigration policies.
Now in their 60s, Bryan and Wilson, who are unrelated, arrived in Britain in the 1960s as primary school-aged children and have lived in the country ever since. Both appeared on Wednesday in front of parliament’s human rights committee, which is investigating the Windrush debacle.
Although legally entitled to remain indefinitely, both were subjected to a bureaucratic nightmare in which they were asked to provide ever more detailed records of their lives stretching back decades, and told that if they failed to prove their legal status they would be deported.
“I was fighting, fighting, fighting, fighting, but I wasn’t getting nowhere. Immigration wasn’t believing me,” Bryan said, describing the months leading up to his detention, during which he lost his job after being told his boss could be fined for employing an illegal immigrant.
Bryan’s difficulties culminated in five weeks in detention centres for illegal immigrants.
Wilson described similar experiences, and she too ended up in detention for a week. She was then taken to Heathrow Airport and thought she was about to be put on a plane to Jamaica, where she had not set foot since leaving aged 10.
“I didn’t know anybody over there, so it was like, are they sending me to die? My mind was up and down 24/7 going this way, going that way,” she said.
After interventions from non-governmental groups, lawyers, lawmakers and media coverage, both have since been told that they are in fact legally entitled to remain in Britain indefinitely.
The Conservative government has tried to portray the Windrush fiasco as an administrative problem in which people got wrongly caught up in immigration controls that were not aimed at them.
But the opposition Labour party and other critics have argued that the affair was a consequence of an anti-immigrant climate which they say dates back to May’s six years as interior minister between 2010 and 2016. (Editing by Stephen Addison)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-windrush/wrongly-locked-up-after-decades-in-uk-windrush-victims-speak-out-idUSL5N1SN6DV |
Turmoil in Italian politics has sent shock waves through financial markets in moves reminiscent of the eurozone crisis.
Much has changed in Europe over... | ashraq/financial-news-articles | https://www.wsj.com/articles/then-and-now-the-italian-crisis-in-seven-charts-1527688080 |
Overall emerging market sell-off is overdone, says expert 1 Hour Ago Joyce Chen, J.P. Morgan head of emerging markets and global credit research, discusses the outlook for emerging markets | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/overall-emerging-market-sell-off-is-overdone-says-expert.html |
May 4 (Reuters) - VERKKOKAUPPA.COM OYJ:
* REG-VERKKOKAUPPA.COM OYJ: INTERIM REPORT FOR 1 JANUARY - 31 MARCH 2018: REVENUE GREW BY 2.5% IN Q1 AND EBITDA WAS ON THE SAME LEVEL AS IN PREVIOUS YEAR
* Q1 OPERATING PROFIT EUR 2.0 MILLION VERSUS EUR 2.1 MILLION YEAR AGO
* Q1 REVENUE EUR 102.5 MILLION VERSUS EUR 100.0 MILLION YEAR AGO
* FINANCIAL GUIDANCE - UNCHANGED Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-verkkokauppacom-q1-operating-profi/brief-verkkokauppa-com-q1-operating-profit-stable-at-eur-2-0-million-idUSASO00048Z |
IAG boosts profits but gets rebuff from Norwegian Air 10:31am EDT - 01:09
British Airways-owner IAG is considering its options after Norwegian Air Shuttle rebuffed two takeover advances, it said on Friday, warning some airlines will struggle to survive as fuel prices rise. David Pollard reports.
British Airways-owner IAG is considering its options after Norwegian Air Shuttle rebuffed two takeover advances, it said on Friday, warning some airlines will struggle to survive as fuel prices rise. David Pollard reports. //reut.rs/2KDvhVQ | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/04/iag-boosts-profits-but-gets-rebuff-from?videoId=423837033 |
Joe Lieberman on ‘unprecedented’ political divisions in the US 46 Mins Ago Joe Lieberman, former independent senator from Connecticut, discusses social media and its effect on political discourse in the United States. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/joe-lieberman-on-unprecedented-political-divisions-in-the-us.html |
Positions the company to deliver advanced solutions products for automotive, medical, industrial and consumer markets
PHOENIX--(BUSINESS WIRE)-- ON Semiconductor Corporation (Nasdaq: ON ), driving energy efficient innovations, today announced its acquisition of SensL Technologies Ltd. (“SensL”). The acquisition is expected to be immediately accretive to ON Semiconductor’s non-GAAP earnings per share. SensL, based in Ireland, is a technology leader specializing in Silicon Photomultipliers (SiPM), Single Photon Avalanche Diode (SPAD) and LiDAR sensing products for automotive, medical, industrial and consumer markets. This acquisition positions ON Semiconductor to extend its market leadership in automotive sensing applications for ADAS and autonomous driving with expanded capabilities in imaging, radar and LiDAR. By combining this acquisition in Ireland with previously acquired radar technology and design centers in Israel and United Kingdom, ON Semiconductor is uniquely positioned to provide a comprehensive set of sensor solutions for next generation highly autonomous vehicles and to solidify its position as a leader in image sensing and ultrasonic park assistance. In the second half of 2018, ON Semiconductor is planning to introduce samples to the market which incorporate technology from the radar assets acquired in 2017.
“The entire SensL team, founded by Carl Jackson and led by Bryan Campbell, have done a great job in bringing SiPMs to market and we look forward to expanding their market success and continuing their product portfolio in LiDAR, medical imaging and radiation detection,” said Taner Ozcelik, senior vice president and general manager Image Sensor Group. “The automotive sensor fusion demand is growing at an accelerated pace with a need for additional sensor technologies that are provided by the SensL team. Expanding our sensor technology assets and design capacity in Ireland will allow us to extend our leadership in established segments and to deliver new, world-class solutions for emerging segments.”
The SensL team will report directly into the Image Sensor Group. The team is located in Cork, Ireland and expands a global sensor design footprint that now includes major locations in the United States, UK, Japan, India, Israel, and Ireland.
SensL is a leader today in the new frontier of medical imaging with broad product lines around SiPM and SPAD technologies which pave the way towards affordable solid state LiDAR. The company has been a leader in the emerging field of automotive LiDAR with multiple customers and strong roadmap based on their leading SPAD and SiPM based depth sensing technologies. SensL has been a leader in these depth sensing technologies with deep investments in research and development for the past 15 years. The technology is based on CMOS, which provides the economies of scale for cost effective solid state LiDAR solutions and enables leading depth accuracy, distance and power consumption for challenging imaging situations. These depth sensing technologies also enables advances in industrial robotics, machine vision, drones as well as mobile and other consumer applications. Additionally, complementing SensL’s sensors with the expanded ON Semiconductor portfolio and strength in ASICs, ON Semiconductor will be able to provide more complete and optimized solutions to its broad customer base in automotive, medical, industrial and consumer markets.
This acquisition solidifies ON Semiconductor as a leader in sensing solutions for autonomous driving and ADAS applications, with a comprehensive portfolio of imaging, radar, ultrasound and LiDAR technologies.
About ON Semiconductor
ON Semiconductor (Nasdaq: ON) is driving energy efficient innovations, empowering customers to reduce global energy use. The company is a leading supplier of semiconductor-based solutions, offering a comprehensive portfolio of energy efficient power management, analog, sensors, logic, timing, connectivity, discrete, SoC and custom devices. The company’s products help engineers solve their unique design challenges in automotive, communications, computing, consumer, industrial, medical, aerospace and defense applications . ON Semiconductor operates a responsive, reliable, world-class supply chain and quality program, a robust compliance and ethics program, and a network of manufacturing facilities, sales offices and design centers in key markets throughout North America, Europe and the Asia Pacific regions. For more information, visit http://www.onsemi.com .
Follow @onsemi on Twitter .
ON Semiconductor and the ON Semiconductor logo are registered trademarks of Semiconductor Components Industries, LLC. All other brand and product names appearing in this document are registered trademarks or trademarks of their respective holders. Although the company references its website in this news release, information on the website is not to be incorporated herein.
Cautions regarding Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements related to the consummation and benefits of the acquisition by ON Semiconductor Corporation (“ON Semiconductor”) of SensL and the future financial performance of ON Semiconductor. Forward-looking statements are often characterized by the use of words such as “believes,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” or “anticipates,” or by discussions of strategy, plans or intentions. These forward-looking statements are based on information available to us as of the date of this release and current expectations, forecasts, and assumptions and involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. Such risks and uncertainties include a variety of factors, some of which are beyond our control. In particular, such risks and uncertainties include, but are not limited to: difficulties encountered in integrating SensL; difficulties leveraging desired growth opportunities and markets; the prospect that automotive, medical, industrial and consumer sensor markets will not grow as rapidly as currently anticipated; the variable demand and the aggressive pricing environment for semiconductor products; the cyclical nature of the semiconductor industry; the adverse impact of competitive product announcements; revenues and operating performance; changes in demand for our products; technological and product development risks; litigation, including with respect to intellectual property matters; and availability of raw materials. Information concerning additional factors that could cause results to differ materially from those projected in the forward-looking statements is contained in ON Semiconductor’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other of ON Semiconductor’s filings with the Securities and Exchange Commission. These forward-looking statements are as of the date hereof and should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as may be required by law. For additional information, visit ON Semiconductor’s corporate website, www.onsemi.com , or for official filings visit the SEC website, www.sec.gov .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006888/en/
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Source: ON Semiconductor Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-on-semiconductor-acquires-sensl-technologies-ltd-leading-provider-of-sipm-spad-and-lidar-sensing-products.html |
May 10 (Reuters) - TALOS :
* TALOS SAYS ENTERED NEW CREDIT FACILITY AGREEMENT WITH INITIAL BORROWING BASE OF $600.0 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-talos-says-entered-new-credit-faci/brief-talos-says-entered-new-credit-facility-agreement-with-initial-borrowing-base-of-600-0-million-idUSFWN1SH1I2 |
Former Facebook director Don Graham defended CEO Mark Zuckerberg on Friday from criticism following the social network's recent data-leak scandal.
"I've known Mark since he was 20," said the former Washington Post chief who met Zuckerberg in 2005 and was on the board of Facebook for six years until 2015. "Mark is a good, decent, human being."
"The conversation has to stop there," Graham told CNBC's Becky Quick in a " Squawk Box " interview. "I'm prepared to listen to anybody who says Facebook shouldn't do some of the things they're doing. I'm not prepared to listen to anybody who tells me Mark is a terrible person."
Zuckerberg and COO Sheryl Sandberg came under heavy criticism for being notably silent for days after reports on March 17 that Cambridge Analytica had harvested the data from millions of users of the social network without their permission.
The data were used to target ads promoting Donald Trump's 2016 candidacy, according to The New York Times and The Observer. Cambridge Analytica has denied any wrongdoing.
Zuckerberg and Sandberg eventually went on an apology tour, and Zuckerberg testified about the matter on Capitol Hill.
Graham, a longtime supporter of Zuckerberg, urged critics to put themselves in Zuckerberg's shoes.
"Just think what it would have been like for you ... to try and run Facebook," he said. "Could you have done it? I could not. Not close. I don't think anybody else could have built and I know Mark will do."
Sign Up for Our Newsletter Morning Squawk CNBC's before the bell news roundup SIGN UP NOW Get this delivered to your inbox, and more info about about our products and service. Privacy Policy . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/former-facebook-director-don-graham-defends-mark-zuckerberg.html |
‘Grey’s Anatomy’ actor Jesse Williams on activism through apps 13 Hours Ago Jesse Williams, "Grey’s Anatomy" actor and activist, and David-Michel Davis, head of the Webby Awards, discuss activism on the internet. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/greys-anatomy-actor-jesse-williams-on-activism-through-apps.html |
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