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BROOKINGS, S.D., May 15, 2018 (GLOBE NEWSWIRE) -- Daktronics, Inc. (NASDAQ:DAKT), announced today it will release its fourth quarter and fiscal 2018 financial results on Wednesday, May 30, 2018 before the market opens. The Company will host a conference call and webcast for all interested parties at 10:00 AM CT that day.
Reece A. Kurtenbach, Chief Executive Officer and Sheila M. Anderson, Chief Financial Officer, will host the conference call, which will contain forward-looking statements and other material information.
The conference call may be accessed by a dial-in number or via the Internet as follows:
Wednesday, May 30, 2018 at 10:00 AM CT
Dial-in number: 877-303-4382
Webcast: http://www.daktronics.com
ABOUT DAKTRONICS
Daktronics helps its customers impact audiences throughout the world with large-format LED video displays, message displays, scoreboards, digital billboards and control systems in sport, business and transportation applications. Founded in 1968 as a USA-based manufacturing company, Daktronics has grown into the world leader in audio-visual systems and implementation with offices around the globe. Discover more at www.daktronics.com .
SAFE HARBOR STATEMENT
Cautionary Notice: In addition to statements of historical fact, this news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and is intended to enjoy the protection of that Act. These forward-looking statements reflect the Company's expectations or beliefs concerning future events. The Company cautions that these and similar statements involve risk and uncertainties which could cause actual results to differ materially from our expectations, including, but not limited to, changes in economic and market conditions, management of growth, timing and magnitude of future contracts, fluctuations in margins, the introduction of new products and technology, the impact of adverse weather conditions and other risks noted in the Company's SEC filings, including its Annual Report on Form 10-K for its 2016 fiscal year. Forward-looking statements are made in the context of information available as of the date stated. The Company undertakes no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
FOR MORE INFORMATION
Sheila Anderson, Chief Financial Officer
Investor Relations
Tel 605-692-0200
Email [email protected]
Source:Daktronics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-daktronics-inc-to-release-fourth-quarter-and-fiscal-2018-financial-results.html |
May 31, 2018 / 12:59 PM / Updated 27 minutes ago Ophir says continues financing search for Fortuna project Reuters Staff 1 Min Read
LONDON (Reuters) - Ophir Energy ( OPHR.L ), whose chief was replaced amid delays in funding the Fortuna gas project in Equatorial Guinea, is in talks with other potential partners, Ophir said on Thursday.
The announcement comes after its partners Golar LNG and Schlumberger dissolved their joint venture for the Fortuna project. Reporting by Shadia Nasralla; Editing by Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ophir-lng/ophir-says-continues-financing-search-for-fortuna-project-idUKKCN1IW1QG |
DUBAI, May 29 (Reuters) - Non-oil economic activity in the United Arab Emirates grew 3.1 percent from a year earlier in the first quarter of this year, slowing slightly from 3.4 percent growth in the fourth quarter of 2017, the central bank estimated on Tuesday.
Overall economic activity, which includes oil output, grew 1.2 percent in the first quarter, accelerating from 0.1 percent in the previous quarter. (Reporting by Andrew Torchia Editing by Raissa Kasolowsky)
| ashraq/financial-news-articles | https://www.reuters.com/article/emirates-economy/uae-non-oil-economic-growth-slows-slightly-in-q1-central-bank-idUSL5N1T00QX |
LONDON (Reuters Breakingviews) - OPEC is changing course. For the past year-and-a-half, the Organization of the Petroleum Exporting Countries and producers like Russia have diligently stuck to agreed oil supply cuts. Now Russia and Saudi Arabia are discussing opening the taps by an extra 1 million barrels per day, Reuters reported on Friday. It’s more of a reset than a rethink.
Saudi Energy Minister Khalid al-Falih and Russian Energy Minister Alexander Novak attend a news conference at the Ritz-Carlton hotel in Riyadh, Saudi Arabia February 14, 2018. REUTERS/Faisal Al Nasser/File Photo - RC18D1549FF0 The usual problem with cartels is that individual members have an incentive to cheat. Since the cuts were agreed at the end of 2016, OPEC and its supplier friends have had the opposite problem. In April, they restricted output by over 2.4 million barrels per day, more than the agreed level of over 1.7 million barrels. On average, OPEC compliance has been 110 percent of the target, according to the International Energy Agency.
It may seem odd that Saudi Arabia and Russia, whose oil ministers are conferring at the St. Petersburg International Economic Forum, see this as a problem. The combination of their cuts and steady demand has reduced the supply glut in developed markets to normal levels, and pushed oil prices close to $80 a barrel. Lower costs due to the recent depreciation of the rouble will help state-owned Russian group Rosneft make money hand over fist. Higher prices also prop up the Saudi budget, and support the planned initial public offering of state group Aramco.
Yet far-sighted Russians and Saudis know that pushing the cost of the black stuff to $90 or beyond will be self-defeating. The desert kingdom will fear annoying U.S. President Donald Trump, who has already tweeted his irritation at OPEC’s role in raising prices. Both countries will also be wary of giving U.S. producers an incentive to crank up production of shale oil.
That is why it’s time to act. Venezuelan output has slumped from 2 million barrels per day in early 2017 to below 1.5 million in April due to underinvestment. Renewed U.S. sanctions on Iran could remove as much as 800,000 barrels per day, ING analysts reckon. Given Saudi alone has 2 million barrels of daily spare capacity, it could fill any gaps, increase its market share and still look like a sober steward of the oil market. In that sense, the change of direction is a no-brainer.
Breakingviews Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com . All opinions expressed are those of the authors.
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-oil-opec-breakingviews/breakingviews-opec-supply-easing-is-more-reset-than-u-turn-idUSKCN1IQ1I9 |
(Removes extraneous word from headline)
SINGAPORE, May 11 (Reuters) - Singapore’s retail sales in March fell from a year earlier, as sales of motor vehicles as well as computer and telecommunications equipment dropped, data showed on Friday.
Total retail sales fell 1.5 percent from a year earlier, after rising 8.6 percent in the previous month, according to data from the Singapore Department of Statistics.
Sales of motor vehicles fell 16.1 percent in March from a year ago, while those of computer and telecommunications equipment were down 8.0 percent.
On a month-on-month and seasonally adjusted basis, total retail sales rose 2.3 percent in March after falling a revised 1.6 percent in the previous month. (Reporting by Aradhana Aravindan; Editing by Gopakumar Warrier)
| ashraq/financial-news-articles | https://www.reuters.com/article/singapore-economy-retail/embargoed-singapore-march-retail-sales-fall-1-5-pct-from-year-earlier-idUSS7N1NM01W |
TOKYO, May 9 (Reuters) - Mitsubishi Motors Corp on Wednesday forecast a 12 percent rise in operating profit for the current financial year, as it expects increasing vehicle sales in Asia to help boost its bottom line.
Japan’s seventh-largest automaker said it expects operating profit to rise to 110.0 billion yen ($1.0 billion) in the year to March 2019, mostly in line with the median forecast for 111.5 billion yen in a Thomson Reuters I/B/E/S poll.
Its operating profit was 98.2 billion yen in the year just ended, meeting market forecasts and surging roughly 20-fold from the previous year, as the automaker continues to recover from a mileage-cheating scandal from two years ago. ($1 = 109.7600 yen) (Reporting by Naomi Tajitsu; Editing by Himani Sarkar)
| ashraq/financial-news-articles | https://www.reuters.com/article/mitsubishimotors-results/mitsubishi-motors-sees-annual-profit-rising-on-asia-sales-idUSL3N1SE35X |
SAN JOSE, Calif. (AP) _ 8x8 Inc. (EGHT) on Thursday reported a loss of $13.3 million in its fiscal fourth quarter.
On a per-share basis, the San Jose, California-based company said it had a loss of 14 cents. Losses, adjusted for stock option expense and non-recurring costs, were 3 cents per share.
The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was breakeven on a per-share basis.
The telecommunications services company posted revenue of $79.3 million in the period, which beat Street forecasts. Five analysts surveyed by Zacks expected $76.9 million.
For the year, the company reported that its loss widened to $104.5 million, or $1.14 per share. Revenue was reported as $296.5 million.
For the current quarter ending in July, 8x8 said it expects revenue in the range of $77 million to $78 million.
The company expects full-year revenue in the range of $347 million to $352 million.
8x8 shares have risen 56 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $22.05, a rise of 68 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on EGHT at https://www.zacks.com/ap/EGHT | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/the-associated-press-8x8-fiscal-4q-earnings-snapshot.html |
May 10, 2018 / 3:34 PM / Updated 4 minutes ago Goldman Sachs, Apple to launch joint credit card - WSJ Reuters Staff 1 Min Read
(Reuters) - Goldman Sachs ( GS.N ) and Apple Inc ( AAPL.O ) are preparing to launch a joint credit card as early as next year, the Wall Street Journal on Thursday. The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid
Apple will replace its rewards-card partnership with Barclays ( BARC.L ), the report added.
In February, Apple was in talks with Goldman to offer financing to shoppers buying Apple products, including iPhones, the Journal had reported at the time.
A Goldman Sachs spokesman declined to comment, while Apple did not immediately respond to a request for comment. Reporting By Aparajita Saxena in Bengaluru; Editing by Sai Sachin Ravikumar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-apple-goldman-sachs/goldman-sachs-apple-to-launch-joint-credit-card-wsj-idUKKBN1IB29R |
ALLEN, Texas, May 09, 2018 (GLOBE NEWSWIRE) -- Atrion Corporation (Nasdaq:ATRI) today announced revenues for the quarter ended March 31, 2018 were $39.4 million compared with $38.5 million in the same period in 2017. Net income in the current-year quarter totaled $8.5 million compared to $10.0 million in last year’s first quarter, with diluted earnings per share for the first quarter of 2018 at $4.57 compared to $5.36 in the first quarter of 2017.
Commenting on the Company’s results for the first quarter of 2018 compared to the same period last year, David A. Battat, President & CEO, said, “As discussed in our recent press release announcing full year 2017 and fourth quarter results, net income and EPS comparisons throughout 2018 will be distorted as a result of the Tax Cuts and Jobs Act as well as non-recurring tax benefits recorded in the first two quarters of last year. While we are pleased with a 10% increase in earnings per diluted share as adjusted to exclude some of those tax benefits, we believe the best measures of comparative performance with prior-year periods are sales and operating income. Operating income for the just ended quarter was $11.4 million compared to $11.3 million in the first quarter of 2017.”
Mr. Battat continued, “Revenues were up 2% compared to the first quarter of 2017. Growth in Fluid Delivery and Cardiovascular sales, which collectively account for more than 80% of our overall revenue, was largely offset by sales declines in Ophthalmology and in marine safety products in our Other category.” Mr. Battat added, “Despite the small increase in net revenue and higher costs for labor and materials in the current year period, the ratio of operating income to sales was 29%, the same highly profitable rate we saw in the comparable 2017 quarter. This reflects our continued focus on proprietary products, operational efficiency and customer service.” Mr. Battat noted, “We hold a strategic equity investment in a publicly traded company that provides research and development consulting services in the healthcare industry. New accounting rules took effect this year requiring that changes in the market value of such investments be reflected in each quarter’s results. In the first quarter of 2018, we took a charge of $778,000 reflecting an unrealized investment loss in these securities. Because this strategic relationship has been valuable to our own product development efforts, we have no plans to sell the stock we hold in that company. Future increases or decreases in the stock price of that company will similarly be reflected in our net income and EPS outcomes.” Mr. Battat concluded, “During the quarter, we added $4.2 million to our balance of cash and long and short term investments bringing the total to $78.9 million as of March 31, 2018.”
Atrion Corporation develops and manufactures products primarily for medical applications. The Company’s website is www.atrioncorp.com .
Contact:
Jeffery Strickland
Vice President and Chief Financial Officer
(972) 390-9800
Statements in this press release that are forward looking are based upon current expectations and actual results or future events may differ materially. Such statements include, but are not limited to, Atrion’s expectations regarding the reflection in our net income and EPS of future increases or decreases in the stock price of a company in which we invested. Words such as “expects,” “believes,” “anticipates,” “intends,” "should", "plans," "will" and variations of such words and similar expressions are intended to identify such Forward-looking statements involve risks and uncertainties. The following are some of the factors that could cause actual results or future events to differ materially from those expressed in or underlying our : changing economic, market and business conditions; acts of war or terrorism; the effects of governmental regulation; competition and new technologies; slower-than-anticipated introduction of new products or implementation of marketing strategies; the Company’s ability to protect its intellectual property; changes in the prices of raw materials; changes in product mix; and intellectual property and product liability claims and product recalls. The foregoing list of factors is not exclusive, and other factors are set forth in the Company’s filings Commission. The in this press release are made as of the date hereof, and we do not undertake any obligation, and disclaim any duty, to supplement, update or revise such statements, whether as a result of subsequent events, changed expectations or otherwise, except as required by applicable law.
ATRION CORPORATION CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited) Three Months Ended
March 31,
2018 2017 Revenues $ 39,401 $ 38,504 Cost of goods sold 20,450 19,873 Gross profit 18,951 18,631 Operating expenses 7,585 7,304 Operating income 11,366 11,327 Interest and dividend income 330 149 Other investment income (loss) (789 ) -- Income before income taxes 10,907 11,476 Income tax provision (2,420 ) (1,526 ) Net income 8,487 9,950 Income per basic share $ 4.58 $ 5.42 Weighted average basic shares outstanding 1,852 1,835 Income per diluted share $ 4.57 $ 5.36 Weighted average diluted shares outstanding 1,856 1,855
ATRION CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands) Mar. 31, Dec. 31, ASSETS 2018 2017 (Unaudited) Current assets: Cash and cash equivalents $ 20,181 $ 30,136 Short-term investments 34,795 35,468 Total cash and short-term investments 54,976 65,604 Accounts receivable 20,604 17,076 Inventories 29,907 29,354 Prepaid expenses and other 2,064 3,199 Total current assets 107,551 115,233
Long-term investments 23,953 9,136
Property, plant and equipment, net 67,485 66,369 Other assets 13,264 13,042 $ 212,253 $ 203,780 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities 11,183 9,622 Line of credit -- -- Other non-current liabilities 10,102 9,770 Stockholders’ equity 190,968 184,388 $ 212,253 $ 203,780 NON-GAAP FINANCIAL MEASURE RECONCILIATION
(In thousands, except per share data)
Included in our news release is a non-GAAP financial measure that is calculated by excluding certain tax benefits that are included in financial measures determined in accordance with GAAP. We have provided this non-GAAP measure as an additional tool for investors to better understand our operating results and to facilitate a comparison of the periods shown. This measure should be considered in addition to, rather than as a substitute for, GAAP measures of the Company's performance. The table below provides a reconciliation of this non-GAAP financial measure with the most directly comparable GAAP financial measure.
Three Months Ended
March 31,
%
2018 2017 Increase
(Decrease) GAAP net income $ 8,487 $ 9,950 Minus tax benefit related to employee stock compensation 23 2,270 Adjusted net income (non-GAAP) $ 8,464 $ 7,680 Weighted average diluted shares outstanding 1,856 1,855 Adjusted income per diluted share (non-GAAP) $ 4.56 $ 4.14 10 % GAAP income per diluted share $ 4.57 $ 5.36 (15 %)
Source:Atrion Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-atrion-reports-first-quarter-results.html |
May 10 (Reuters) - Golden Queen Mining Co Ltd:
* GOLDEN QUEEN ANNOUNCES FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2018
* QTRLY SILVER PRODUCTION OF 58,024 OUNCES * GOLD SOLD IN Q1 TOTALED 6,529 OUNCES AT AN AVERAGE REALIZED GOLD PRICE OF $1,330 PER OUNCE
* SILVER SOLD IN Q1 TOTALED 53,612 OUNCES AT AN AVERAGE REALIZED SILVER PRICE OF $16.70 PER OUNCE
* QTRLY REVENUE $9.6 MILLION VERSUS $14.8 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-golden-queen-announces-financial-r/brief-golden-queen-announces-financial-results-q1-loss-per-share-0-03-idUSASC0A1GJ |
On a wild day for the stock market, with stocks erasing their losses ahead of the closing bell, CNBC's Jim Cramer wanted to address what caused the craziness in the first place.
"[Investors] went nuts for fixer-uppers and ... punished consistent companies that are actually well-run," the "Mad Money" host said, pointing to one particular fixer-upper whose gains jumped out at him: jewelry maker Tiffany & Co .
Shares of the once-scorned Tiffany roared over 23 percent after the company delivered its first-quarter earnings report , with same-store sales and jewelry demand far exceeding expectations.
The New-York-based retailer earned $1.14 per share versus analysts' expectations of 83 cents. Same-store sales growth came in at 7 percent, overshooting expectations of only 2.6 percent.
Tiffany also saw strength in new product lines, with sales in the Americas climbing 9 percent and Asia-Pacific sales jumping 28 percent in the three months ended April 30.
"They've made extraordinary strides at improving their execution," Cramer said.
But one thing in particular stood out to Cramer in terms of Tiffany's turnaround: the appointment of former Bulgari and Diesel executive Alessandro Bogliolo as its new CEO .
"Talk about the right guy for the job," the "Mad Money" host said of Bogliolo, who took on the role in Oct. 2017. "Almost overnight, he's transformed what was once the stodgiest and least-up-to-date luxury retailer around into a growth powerhouse."
Beyond the numbers, Bogliolo pushed Tiffany to release a new product line called Paper Flowers, which Cramer called "a total refresh" compared with the old-line jeweler's traditional collections.
The new CEO also refurbished the company's online business and introduced new slogans like "Believe in Love," which he cited as part of the reason for Tiffany's double-digit growth in engagement ring sales.
"Bogliolo doled out credit and was incredibly self-effacing, talking about how the whole segment did well in retail, not just Tiffany," Cramer said. "The stock deserved to roar today, although that 23 percent [move] seems a little, let's say, in excess. But Bogliolo is the real deal."
Shares of Tiffany finished the day up over 23 percent having reached a new 52-week high. All in all, Cramer took the monster move as a sign that emotional markets can surprise you.
"Today's action tells me that you need to keep your eyes open for change because, boy, oh boy, has it ever been rewarded," the "Mad Money" host said. "Or, to put it another way, instead of being so blown away by the new Tiffany designs, I should've been blown away by how the stock had failed to keep up with the changes going into the quarter. And while this move seems extreme, it's hard to dislike a market that can get this excited about an earnings report."
WATCH: Cramer unpacks the backwards market action show chapters Cramer credits Tiffany's staggering post-earnings rally to new CEO, strong execution 21 Hours Ago | 10:41 Questions for Cramer?
Call Cramer: 1-800-743-CNBC
Want to take a deep dive into Cramer's world? Hit him up!
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Questions, comments, suggestions for the "Mad Money" website? [email protected] | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/cramer-credits-tiffanys-staggering-rally-to-new-ceo-strong-execution.html |
SAN JOSE, Calif. (AP) — The Latest on a plan to build two massive tunnels to remake California's water system (all times local):
10:30 p.m.
After hours of public comment, a Northern California water agency is delaying a vote on whether to support Gov. Jerry Brown's controversial plan to build two massive tunnels to remake the state's water system.
The Santa Clara Valley Water District board will vote at a special meeting May 8.
Wednesday's meeting came just weeks after a state commission recommended funding for a reservoir expansion the district is seeking.
If approved, it could renew momentum behind one of the Democratic governor's top priorities eight months before he leaves office.
The Santa Clara water district in October approved only a limited role in the project under the condition that Brown scale it back to include just one tunnel. The district's employees are now recommending that the board commit to the full project at $650 million.
12:15 p.m.
A Northern California water agency may reverse an earlier decision and grant its full support to Gov. Jerry Brown's controversial plan to build two massive tunnels to remake the state's water system.
A decision scheduled for Wednesday night by the Santa Clara Valley Water District board comes just weeks after a state commission recommended funding for a reservoir expansion the district is seeking.
If approved, it could renew momentum behind one of the Democratic governor's top priorities eight months before he leaves office.
The Santa Clara water district in October approved only a limited role in the project under the condition that Brown scale it back to include just one tunnel. The district's employees are now recommending that the board commit to the full project at $650 million. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/the-associated-press-the-latest-california-water-district-delays-tunnel-vote.html |
May 9, 2018 / 4:33 AM / in 37 minutes Stoke City owners admit 'major overhaul' needed Reuters Staff 2 Stoke City require a “major overhaul” to address the club’s failings in the transfer market and regain their identity following relegation from the Premier League, owners Peter and John Coates have said.
Stoke’s 10-year stint in the English top flight come to an end following a 2-1 home defeat by Crystal Palace last weekend.
"It is absolutely clear that a major overhaul is required. We need to regain our identity and focus and the summer will be spent doing this," they said in a statement on Stoke's website here
Stoke goalkeeper Jack Butland had criticised the club’s “farcical” recruitment in recent seasons..
“It’s clear that significant errors were made in the transfer market,” the owners added. “There was a desire to improve the quality ... and players were brought to the club that it was felt had the ability to help us achieve our aim.
“Unfortunately the squad became unbalanced and perhaps we lost some of the core values that have served us so well and are so crucial when you have a bad spell.”
Stoke sacked manager Mark Hughes in January as they dropped into the relegation zone and crashed out of the FA Cup after a defeat by Coventry City. They replaced Hughes with Paul Lambert, who was unable to prevent relegation.
“It is right that supporters will question whether we should have made a managerial change sooner. We are inherently loyal people and this loyalty has served us well in business.
“We will always give people that little bit longer than most to prove themselves and this will continue. However, this does not mean that we always make the correct call and again with hindsight, we perhaps should have made an earlier change.”
Stoke are at relegation-threatened Swansea City in their final game of the season. Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Peter Rutherford | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-stk-owners/stoke-city-owners-admit-major-overhaul-needed-idUKKBN1IA0DR |
TRIER, Germany (Reuters) - Protesters held banners reading “Down with capitalism” and “Father of all dictators” at Saturday’s unveiling of a statue of Karl Marx in the German city of Trier, reflecting the polarising legacy of the philosopher in his birthplace and beyond.
The 4.4 metres (14 feet) high bronze statue of Karl Marx, created by Chinese artist Wu Weishan and donated by China to mark the 200th birth anniversary of the German philosopher, is seen in his hometown Trier, Germany May 5, 2018. REUTERS/Wolfgang Rattay The bronze sculpture, which towers over 5 metres (16 feet) high including the plinth, is a gift from China to mark Saturday’s 200th birthday of the founder of Communism.
Marx spent the first 17 years of his life in Trier, a small town on the Moselle River in Germany’s far west.
Many see the post-World War Two division of Germany and the erection of the Berlin Wall to divide the Communist east from the capitalist West as a result of his ideas, but Trier mayor Wolfram Leibe said historical controversies should be acknowledged.
“In Germany, we have this situation again and again with difficult, complex personalities of history - we want to hide them in the woods,” he said. “So it was a conscious act to bring Karl Marx into the city ... We don’t have to hide him.”
The city council voted to accept the gift from the Chinese government by 42 members to seven in March 2017.
While some see it as recognition of Trier’s most famous son, others argue that accepting the gift from China is not compatible with criticising human rights abuses there.
Since 2015, China’s President Xi Jinping has presided over a widespread crackdown on human rights activists.
The statue depicts a thoughtful Marx, holding a book in one hand.
“Yes, we stand by the child of our city. And we deal with Karl Marx in a constructive and active way,” said Malu Dreyer, premier of the state of Rhineland-Palatinate, to which Trier belongs. “We are glad to receive this present, this gesture of friendship.”
People pose in front of the 4.4 metres (14 feet) high bronze statue of Karl Marx, created by Chinese artist Wu Weishan and donated by China to mark the 200th birth anniversary of the German philosopher, in his hometown Trier, Germany May 5, 2018. REUTERS/Wolfgang Rattay Reporting by Reuters TV; Writing by Paul Carrel; Editing by Kevin Liffey
| ashraq/financial-news-articles | https://in.reuters.com/article/germany-marx/marxs-german-birthplace-unveils-controversial-statue-of-him-idINKBN1I60J0 |
PayPal buying iZettle for around $2.2B 2 Hours Ago 03:25 03:25 | 2 Hrs Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/paypal-buying-izettle-for-around-2-point-2b.html |
May 9, 2018 / 6:35 PM / Updated 22 minutes ago U.S. indicts three veterans healthcare providers over MiMedx payments Nate Raymond 2 Min Read
(Reuters) - Three healthcare providers with the U.S. Department of Veterans Affairs were indicted on charges they excessively used biotech MiMedx Group Inc’s products on patients after accepting meals, trips and gratuities from the company.
Donna Becker, 54, Dr. Marcela Dolores Farrer, 53, and Carol Guardiola, 65, were accused in an indictment filed in federal court in Greenville, South Carolina, on Tuesday of improperly taking thousands of dollars from MiMedx.
News of the indictment on Wednesday pushed the price of Marietta, Georgia-based MiMedx down sharply. In afternoon trading on Nasdaq, it was down $1.03, or 12.86 percent, at $6.98.
MiMedx did not immediately respond to a request for comment. Lawyers for the defendants could not be immediately identified.
According to the indictment, Becker, Farrer and Guardiola from 2012 to 2016 cultivated relationships with MiMedx sales representatives and received benefits from the company in the form of meals, salaries, trips, gifts and other gratuities.
The indictment said that Becker, a nurse practitioner, and Farrer, a physician, had not just received gratuities but also participated in speaking engagements on MiMedx’s behalf aimed at increasing sales to VA facilities.
The indictment said that Becker and Farrer received $19,897 and $3,300 to promote and make recommendations and requests for orders for the company’s skin graft product, EpiFix.
Becker, Farrer and Guardiola, a physical therapist, were charged with conspiracy and acts affecting a personal financial interest. Farrer and Becker were also charged with one count each of bribery of public officials and witnesses.
The case is U.S. v. Becker, U.S. District Court, District of South Carolina, No. 18-cr-481. Reporting by Nate Raymond in Boston; editing by Jonathan Oatis | ashraq/financial-news-articles | https://in.reuters.com/article/us-mimedx-group-court/u-s-indicts-three-veterans-healthcare-providers-over-mimedx-payments-idINKBN1IA312 |
May 9, 2018 / 4:11 PM / Updated 15 minutes ago Peru declares alert over suspected Guillain-Barre outbreak Reuters Staff 2 Min Read
LIMA (Reuters) - Peru has declared a national epidemiological alert to contain what appears to be an outbreak of the rare Guillain-Barre syndrome, which is associated with the Zika virus, the country’s health ministry said on Wednesday.
Health authorities suspect more than 19 cases of the syndrome in Peru and have warned hospitals to watch for symptoms in other people, the ministry said in a statement. It added that the suspected cases will be confirmed in the coming days.
Guillain-Barre, in which the immune system attacks part of the nervous system, causes gradual weakness in the legs, arms and upper body and sometimes leads to total paralysis.
Four of the patients who are suspected to have the syndrome in Peru need respirators to support their breathing, the ministry said.
Researchers have found a close association between an increased number of mosquito-born Zika infections and increases in Guillain-Barre.
There were some 500 confirmed cases and 5,269 suspected cases of Zika in Peru last year, up from a combined total of 1,651 suspected and confirmed cases in 2016, according to health ministry data.
The health ministry said between 3 percent and 5 percent of Guillain-Barre cases are fatal. Reporting by Maria Cervantes; Writing by Mitra Taj; Editing by Paul Simao | ashraq/financial-news-articles | https://in.reuters.com/article/peru-health/peru-declares-alert-over-suspected-guillain-barre-outbreak-idINKBN1IA2NL |
May 3 (Reuters) - SCHOUW & CO A/S:
* REG-INTERIM REPORT - FIRST QUARTER OF 2018
* Q1 EBITDA WAS UP BY 10% TO DKK 314 MILLION * CONSOLIDATED REVENUE GREW BY 7% IN Q1 OF 2018 TO DKK 3,851 MILLION
* 2018 FULL-YEAR EBITDA GUIDANCE IS MAINTAINED AT DKK 1,665-1,805 MILLION RANGE.
* “DUE TO VOLATILE RAW MATERIALS PRICES AND FOREIGN EXCHANGE RATES WE ARE OPERATING IN UNPREDICTABLE MARKETS”
* Q1 EBIT DKK 183 MILLION VERSUS DKK 178 MILLION YEAR AGO * MAINTAIN OUR FULL-YEAR GUIDANCE OF REVENUE GROWTH OF ABOUT DKK 1 BILLION AND A 5-15% INCREASE IN EBITDA RELATIVE TO 2017.
* Q1 REVENUE DKK 3.85 BILLION VERSUS DKK 3.58 BILLION YEAR AGO Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-schouw-co-q1-ebitda-up-at-dkk-314/brief-schouw-co-q1-ebitda-up-at-dkk-314-million-idUSASO00047I |
(Reuters) - U.S. crude stockpiles were seen declining last week after rising for two straight weeks, and refined product inventories also likely fell, a preliminary Reuters poll showed on Monday.
FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub in Cushing, Oklahoma, U.S., March 24, 2016. REUTERS/Nick Oxford/File Photo Five analysts polled ahead of inventory reports from industry group American Petroleum Institute (API) and the U.S. Energy Department’s Energy Information Administration (EIA) estimated, on average, that data would show crude stocks fell about 1.2 million barrels in the week ended May 4.
Crude inventories jumped by 6.2 million barrels to about 436 million barrels in the week to April 27, compared with expectations for an increase of 739,000 barrels. The build was largely concentrated on the West Coast, where inventories rose by nearly 5 million barrels.
The API is scheduled to release its data for last week at 4:30 p.m. EDT on Tuesday, and the EIA report is due at 10:30 a.m. EDT on Wednesday.
Analysts forecast that stockpiles of gasoline fell about 1 million barrels last week.
Distillate inventories, which include heating oil and diesel fuel, were seen declining 1.4 million barrels last week, the poll showed.
The rate of refinery utilization was projected to rise 0.5 percentage point from 91.1 percent of total capacity in the week ended April 27, according to the poll.
Reporting by Nithin Prasad in Bengaluru, Editing by Rosalba O'Brien
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-oil-eia/u-s-crude-inventories-refined-products-likely-fell-last-week-idUSKBN1I8221 |
May 1, 2018 / 5:39 PM / Updated 2 hours ago Pakistan's Hafeez cleared to resume bowling in internationals Reuters Staff 2 Min Read
(Reuters) - Pakistan off-spinner Mohammad Hafeez has been cleared to resume bowling in international cricket after his action was deemed to be legal by the International Cricket Council (ICC) following reassessment, the sport’s governing body said on Tuesday. FILE PHOTO: Britain Cricket - Pakistan v South Africa - 2017 ICC Champions Trophy Group B - Edgbaston - June 7, 2017 Pakistan's Mohammad Hafeez celebrates taking the wicket of South Africa's Quinton de Kock (not pictured) Action Images via Reuters / Andrew Boyers Livepic
Hafeez, 37, was suspended last November after match officials reported him for a suspected illegal bowling action in October’s one-day international against Sri Lanka.
“Hafeez underwent a re-assessment of his bowling action... where it was revealed that the amount of elbow extension in his bowling action was within the 15-degree level of tolerance permitted under the ICC Illegal Bowling Regulations,” the ICC said in a statement.
The sport’s governing body said that Hafeez had undergone remedial work prior to the re-assessment and videos and images of his corrected action will be provided to match officials in future games.
The images are provided to help officials ensure that Hafeez does not revert back to his illegal bowling action in the future.
Hafeez had been suspended on two previous occasions for the same offence and served a 12-month ban from July 2015 after his action was found to be illegal for the second time in a two-year period.
Meanwhile, West Indies paceman Ronsford Beaton has been suspended from bowling in international cricket after the ICC found his action to be illegal.
The 25-year-old could be allowed to play domestic matches in the Caribbean with the consent of the nation’s cricket board Cricket West Indies (CWI). Reporting by Aditi Prakash in Bengaluru; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-pakistan-hafeez/pakistans-hafeez-cleared-to-resume-bowling-in-internationals-idUKKBN1I243W |
WSM beats on top and bottom, issues strong Q2 guidance 3 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/wsm-beats-on-top-and-bottom-issues-strong-q2-guidance.html |
May 10 (Reuters) - Smartsheet Inc:
* CAPITAL WORLD INVESTORS REPORTS 19.9 PERCENT PASSIVE STAKE IN SMARTSHEET INC AS OF APRIL 30, 2018 - SEC FILING Source text - bit.ly/2KbaAzC Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-capital-world-investors-reports-19/brief-capital-world-investors-reports-19-9-percent-passive-stake-in-smartsheet-inc-as-of-april-30-idUSFWN1SH1MY |
CALGARY, Alberta, May 03, 2018 (GLOBE NEWSWIRE) -- Xtreme Drilling Corp. (TSX:XDC) ( “Xtreme” or the “Company” ) announces its first quarter 2018 financial and operating results. It is anticipated that filing will take place on SEDAR of Interim Consolidated Financial Statements as well as Management's Discussion and Analysis for the three months ended March 31, 2018, by May 4, 2018. All reported amounts are in Canadian dollars ("CAD"), unless otherwise noted.
Q1 2018 Highlights
Operating days for the quarter were 844, an increase from 707 in the fourth quarter of 2017. The increase in operating days from the prior quarter was based on the reactivation of two rigs during the quarter, the operating days contributed by the first 850XE rig that commenced operations in January 2018 and the second 850XE rig which commenced operations in late March 2018 on an 18-month contract in the Utica play of the Appalachian Basin. Utilization was 85 percent for the quarter, compared to 77 percent in the fourth quarter.
The third 850XE rig was in the process of mobilization to the Appalachian Basin for the same customer at the end of the quarter. It also is contracted for 18-months and commenced operations in mid-April.
For the three months ended March 31, 2018, the Company reported revenue of $21.3 million as compared to $16.3 million in the fourth quarter of 2017. The increase is due to higher utilization and higher day-rates earned during the period. Revenue per day increased to $25,262 in the first quarter of 2018 from $23,088 in the fourth quarter of 2017.
Operating expenses include all direct and indirect costs associated with the operation, maintenance and support of the drilling operations. For the three months ended March 31, 2018, operating expenses were $20,699 per operating day, an increase from $18,919 per operating day in the fourth quarter of 2017. Operating expenses per operating day increased in the first quarter primarily due to the impact of start-up and mobilization of the first two 850XE rigs as well as the reactivation costs for the two idle XDR 500 rigs.
General and Administrative expenses were $2.4 million in the first quarter of 2018 as compared to $2.1 million for the fourth quarter of 2017. The increase from the previous quarter is due primarily to higher professional fees.
Adjusted EBITDA was $1.5 million for the first quarter, an increase from what was reported in the fourth quarter of 2017 of $0.8 million.
In March 2018, the Company executed an amendment to the loan agreement with an equipment finance lender to increase the amount of an existing loan by $3.0 million US dollar ("USD") to $9.0 million USD in total. The $9.0 million USD loan has a term of 42 months, with a balloon payment of approximately $1.6 million USD due at the end of the term. There are no restrictive covenants associated with this debt and is secured by the single asset of Rig 801.
The Company’s US dollar revenue and expenses are impacted by the exchange rate between the US dollar and Canadian dollar. For the three months ended March 31, 2018, the average exchange rate used to convert the USD-denominated revenues and expenses to CAD was $1.29/$1 USD ($1.27 for the previous quarter).
Capital expenditures for the first quarter were $16.1 million, which included approximately $14.1 million related to the 850XE rig build program. In the second quarter the Company anticipates final capital expenses of approximately $2.0 million related to the 850XE build and related spares.
Outlook
Xtreme finalized the rig build portion of the 850XE program in the first quarter of 2018. Two of the three rigs commenced operations during the quarter with the third rig spudding its first well in mid-April. The completion of the 850XE design and build is a significant milestone for the Company. The combination of drilling depth capacity and technological innovation make the 850XE the ideal rig design for the most challenging of US pad drilling operations. The Company envisions opportunities in the future to create additional scale around the 850XE platform.
Initial performance has been encouraging for the 850XE rigs. Aside from normal start-up items and final commissioning the drilling penetration rate and non-drilling efficiencies have been as expected. Once the Company has completed several wells we are confident that the 850XE will fully live up to the goal of being the most optimized pad drilling rig in US land.
The nine marketed XDR 500 fleet continued to perform well in the first quarter of 2018. Utilization increased as two rigs returned to work in January. Currently, the Company has two XDR 500 rigs idle but anticipates one returning to work in the coming weeks. Overall, the XDR 500 rigs are efficient AC electric rigs with a history of impressive performance across multiple US basins. Today they operate primarily in the DJ, Williston and Anadarko Basins of Colorado, North Dakota and Oklahoma respectively.
The supportive WTI oil prices and demand for efficient rigs provides a relatively strong macro environment. Overall, the Company has an optimistic outlook for the US drilling business over the coming 12 months. The Company has a significant revenue backlog and will look for opportunities to improve pricing as rigs roll off contract.
Selected Quarterly Financial Information from Continuing Operations
Three months ended Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Revenue 21,321 16,323 18,172 15,141 Adjusted EBITDA 1,468 818 1,008 (1,630 ) Adjusted EBITDA as a percentage of revenue 7 % 5 % 6 % (11 )% Net loss (5,926 ) (9,564 ) (8,673 ) (48,366 ) Net loss per share - basic ($) (0.08 ) (0.13 ) (0.12 ) (0.61 ) Operating cash flows from continuing operations 834 (3,130 ) (3,096 ) (4,957 ) Capital assets 220,572 205,456 203,316 196,704 Total assets 262,927 251,573 253,171 272,798 Net debt 2,772 (8,126 ) (19,144 ) (41,682 ) Operating days 844 707 851 683 Utilization (percentage) 85 % 77 % 93 % 75 % Weighted average number of rigs in service 11 10 10 10 Total number of available rigs, end of quarter 12 10 10 10 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Revenue 12,379 9,929 8,468 7,369 Adjusted EBITDA (78 ) (148 ) (1,423 ) (5,449 ) Adjusted EBITDA as a percentage of revenue (1 )% (1 )% (17 )% (74 )% Net loss (12,168 ) (11,122 ) (29,542 ) (28,699 ) Net loss per share - basic ($) (0.14 ) (0.13 ) (0.35 ) (0.34 ) Operating cash flows from continuing operations 101 (1,032 ) (1,168 ) (10,849 ) Capital assets 245,267 240,656 243,564 266,188 Total assets 348,083 366,762 373,104 409,794 Net debt (88,152 ) (113,882 ) (118,863 ) (110,794 ) Operating days 583 479 433 355 Utilization (percentage) 36 % 25 % 22 % 19 % Weighted average number of rigs in service 18 21 21 21 Total number of rigs, end of quarter 18 21 21 21 Conference Call Details
Xtreme has scheduled a conference call to discuss results with investors, analysts, and stakeholders on Friday, May 4, 2018, beginning promptly at 10:00 am MT (11:00 am CT, 12:00 am ET).
Matt Porter, President and Chief Executive Officer, will host the conference call.
Conference operator dial in numbers
To participate in the conference call, please dial in as follows approximately ten minutes before the start time in your time zone.
+1 844-889-6858 (North America Toll-Free) or +1 661-378-9711 (International)
Webcast: https://edge.media-server.com/m6/p/byfigto8 Conference ID: 6998699
An audio replay of the call will be available until 4:00, May 9, 2018. To access the replay, call +1 (855) 859-2056 or +1 (404) 537-3406 and enter Conference ID 6998699.
Xtreme Drilling Corp. Interim Consolidated Statements of Financial Position (in thousands of Canadian dollars) Mar 31, 2018 Dec 31, 2017 Assets Current assets Cash and cash equivalents 7,679 15,450 Accounts receivable 15,616 12,081 Other receivables 1,769 1,782 Inventory 2,888 1,703 Prepaid expenses and other 1,472 1,140 29,424 32,156 Assets held for sale 12,120 13,172 Tax recoverable 811 789 Property and equipment 220,572 205,456 Total Assets 262,927 251,573 Liabilities and Equity Current liabilities Accounts payable and accrued liabilities 19,444 12,214 Current tax payable 212 219 Secured borrowings 6,666 4,419 Current portion of finance leases 149 118 Current portion of long-term debt 2,387 1,569 28,858 18,539 Finance leases 454 514 Long-term debt 7,936 5,755 Total Liabilities 37,248 24,808 Shareholders’ equity Share capital 298,262 298,262 Contributed surplus 30,365 30,156 Accumulated deficit (186,365 ) (180,439 ) Foreign currency translation reserve 83,417 78,786 Total Shareholders’ Equity 225,679 226,765 Total Liabilities and Shareholders’ Equity 262,927 251,573
Xtreme Drilling Corp. Interim Consolidated Statements of Loss For the three months ended March 31, 2018 and 2017 (in thousands of Canadian dollars, except share and per share data) 2018 2017 Revenue 21,321 12,379 Expenses Operating expenses 17,470 9,812 General and administrative expenses 2,383 2,645 Depreciation expense 5,225 9,085 Impairment of assets held for sale 1,423 — Stock-based compensation 209 232 Foreign exchange (gain) loss (170 ) 110 Loss on disposal of equipment — 2,682 Other income (6 ) (22 ) Interest expense 381 — Loss (5,594 ) (12,165 ) Tax expense Current expense 332 3 Total tax expense 332 3 Net loss (5,926 ) (12,168 ) Net loss per common share – basic (0.08 ) (0.14 ) – diluted (0.08 ) (0.14 ) Weighted average number of common shares – basic 74,982,894 85,091,367 – diluted 74,982,894 85,091,367
Xtreme Drilling Corp. Interim Consolidated Statements of Comprehensive Loss For the three months ended March 31, 2018 and 2017
(in thousands of Canadian dollars) 2018 2017 Net loss (5,926 ) (12,168 ) Other comprehensive gain (loss) Items that may be subsequently reclassified to profit or loss: Unrealized gain (loss) on translating financial statements of foreign operations 4,631 (3,349 ) Comprehensive loss (1,295 ) (15,517 )
Xtreme Drilling Corp. Interim Consolidated Statements of Changes in Equity For the three months ended March 31, 2018 and 2017 (in thousands of Canadian dollars) Share capital Contributed
surplus Accumulated
deficit Foreign
currency
translation
reserve Total
Shareholders’
Equity Balance at January 1, 2017 339,448 13,387 (101,670 ) 94,306 345,471 Net loss — — (12,168 ) — (12,168 ) Other comprehensive loss: Currency translation differences — — — (3,349 ) (3,349 ) Total comprehensive loss — — (12,168 ) (3,349 ) (15,517 ) Employee share option scheme: Value of employee services — 232 — — 232 Total transactions with owners — 232 — — 232 Balance at March 31, 2017 339,448 13,619 (113,838 ) 90,957 330,186 Balance at January 1, 2018 298,262 30,156 (180,439 ) 78,786 226,765 Net loss — — (5,926 ) — (5,926 ) Other comprehensive gain: Currency translation differences — — — 4,631 4,631 Total comprehensive loss — — (5,926 ) 4,631 (1,295 ) Employee share option scheme: Value of employee services — 209 — — 209 Total transactions with owners — 209 — — 209 Balance at March 31, 2018 298,262 30,365 (186,365 ) 83,417 225,679
Xtreme Drilling Corp.
Consolidated Statements of Cash Flows (in thousands of Canadian dollars) 2018 2017 Cash flow provided by: Operating activities Net loss (5,926 ) (12,168 ) Items not affecting cash: Depreciation expense 5,225 9,085 Impairment of assets held for sale 1,423 — Stock-based compensation 209 232 Loss on disposal of equipment — 2,682 Provision for doubtful accounts — 199 Interest expense 344 — Interest paid (358 ) — Amortization of debt issuance costs 37 — Unrealized foreign exchange (gain) loss (106 ) 68 Current tax expense 332 3 Taxes paid (346 ) — Operating cash flows from continuing operations 834 101 Operating cash flows from discontinued operations — (446 ) Changes in items of non-cash working capital (1,845 ) (4,922 ) Net cash used in operating activities (1,011 ) (5,267 ) Financing activities Drawdowns of secured borrowings, net 2,053 — Proceeds from long-term debt 3,868 — Repayment of long-term debt (693 ) — Debt issuance cost (103 ) — Payments of financing lease (55 ) — Net cash generated from financing activities 5,070 — Investing activities Proceeds from sale of equipment, net — 12 Capital expenditures (16,075 ) (18,718 ) Changes in items of non-cash working capital related to investing items 4,071 (566 ) Net cash used in investing activities (12,004 ) (19,272 ) Effect of exchange rate changes on cash and cash equivalents 174 (1,151 ) Decrease in cash and cash equivalents (7,771 ) (25,690 ) Cash and cash equivalents - beginning of period 15,450 115,240 Cash and cash equivalents - end of period 7,679 89,550 Adjusted EBITDA from Continuing Operations
Three months ended Mar 31, 2018
Mar 31, 2017
Net loss (5,926 ) (12,168 ) Interest expense 381 — Depreciation 5,225 9,085 Tax expense 332 3 12 (3,080 ) Non-cash items: Impairment of assets held for sale 1,423 — Stock-based compensation 209 232 Foreign exchange (gain) loss (170 ) 110 Loss on disposal of equipment — 2,682 1,462 3,024 Non-recurring items: Other income (6 ) (22 ) Termination revenue — — Other management compensation related to XSR sale — — (6 ) (22 ) Adjusted EBITDA 1,468 (78 ) Reader Advisory
This news release, or documents incorporated herein, contains forward-looking information (“FLI”). FLI is typically contained in statements with words such as “anticipate”, “believe”, “estimate”, “expect”, “plan”, “schedule”, “intend”, “propose” or similar words suggesting future outcomes or an outlook. More particularly, this NEWS RELEASE contains FLI that may relate to contracting, marketing, financing, construction, modifications, deployment, operation, and utilization of drilling rigs in the Company’s current and future fleet. Although Xtreme believes expectations reflected in such FLI are reasonable, readers should not place undue reliance on them because Xtreme can give no assurance they will prove to be correct. There are many factors that could cause FLI not to be correct, including risks and uncertainties inherent in the Company's business.
FLI is based on certain factors and assumptions including, but not limited to:
the assessment of current and projected future drilling and related operations; ongoing and future strategic business alliances, negotiations and opportunities to enter new, extend or complete existing contracts; the availability and cost of financing; currency exchange rates; timing and magnitude of capital expenditures; expenses and other variables affecting rig operation, modification and construction; the ability and commitment of vendors to provide rig equipment, services and supplies, including labor, in a cost-effective and timely manner;
the issuance of applied-for patents; changes in tax structures and rates; and, government regulations.
Although Xtreme considers the assumptions used to prepare this news release reasonable, based on information available to management as of May 4, 2018, ultimately the assumptions may prove to be incorrect.
FLI is also subject to certain factors, including risks and uncertainties, which could management's current expectations. These factors include, but are not limited to:
the cyclical nature of drilling market demand; currency exchange rates; commodity prices; access to credit and to equity markets; the availability and retention of qualified personnel; vendor-provided equipment components and services; and competition for customers.
Management’s assumptions considered the following:
ongoing access to key services, supplies and equipment required to continue operating and maintaining the rigs, including fuel; continued successful performance of drilling and related equipment; expectations regarding gross margin; recruitment and retention of qualified personnel; continuation or extension of existing long-term, multi-well contracts or other contracts; revenue expectations related to shorter-term drilling opportunities; willingness and ability of customers to remit amounts owing to Xtreme in accordance with normal industry practices; and, management of accounts receivable in direct relation to revenue generation.
In preparing this news release, the following risk factors were considered:
fluctuations in crude oil and natural gas prices, as well as supply and demand; fluctuation in currency exchange and interest rates; financial stability of Xtreme’s customers; current and future applications for Xtreme's proprietary technology; related services provided by, and competition from, other drilling contractors; regulatory and economic conditions in regions where Xtreme operates; environmental constraints; changes to government legislation; international trade barriers or restrictions; and, where appropriate, global economic, political and military events, as well as acts of terrorism, riots, strikes, insurrections, revolutions and civil war.
FLI contained in this news release about prospective results of operations, financial position or cash provided by operating activities is based on assumptions about future events, including economic conditions and proposed courses of action, and on management’s assessment of relevant information currently available. Readers are cautioned such financial outlook information contained in this news release is not appropriate for purposes other than for which it is disclosed here. Readers should not place undue importance on FLI and should not rely on this information as of any other date. Except as required pursuant to applicable securities laws, Xtreme disclaims any intention, and assumes no obligation, to update publicly or revise FLI to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such FLI or otherwise.
About Xtreme
Xtreme Drilling Corp. ("XDC" on the Toronto Stock Exchange) designs, builds, and operates a fleet of high specification AC drilling rigs featuring leading-edge proprietary technology. Currently, Xtreme operates one service line - Drilling Services (XDR) under contracts with oil and natural gas exploration and production companies and integrated oilfield service providers in the United States. For more information about the Company, please visit http://www.xtremedrillingcorp.com .
CONTACT INFORMATION
Xtreme Drilling Corp.
Matt Porter
President and Chief Executive Officer
+1 281 994 4600
[email protected]
http://www.xtremedrillingcorp.com
Source:Xtreme Drilling Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-xtreme-drilling-corp-announces-first-quarter-2018-financial-and-operating-results.html |
May 12, 2018 / 11:44 PM / Updated 8 hours ago 'Change is coming', Labour warns governing Conservatives Reuters Staff 3 Min Read
LONDON (Reuters) - “Change is coming,” a leading member of opposition Labour Party will warn the Conservative government on Sunday, vowing to bring the power of a “few thousand super elite” to a “shuddering halt”. A gull flies near a Labour Party flag at the Labour Party conference at Brighton in southern England September 27, 2015. REUTERS/Toby Melville
Jon Trickett, Labour’s cabinet office spokesman, will pledge in a speech at the Institute for Public Policy Research think tank to overturn Britain’s “rigged economy” if his party forces out the Conservatives, who he will say are protecting it.
With no election due until 2022 and the two parties neck-and-neck in the polls, Labour is trying to gain an advantage by focusing on tackling inequality in Britain, promising to raise taxes on the super-rich and nationalising key utilities.
Trickett, who is charged with preparing Labour for government and a senior member of leader Jeremy Corbyn’s team, will again press that message home, saying commentators who describe communities as having been “left behind” are wrong.
“In fact they have been held back. Held back by a deliberately rigged economic and political system which denies too many a voice in their own future,” he will say, according to excerpts of his speech.
“There is a restlessness here. A mounting dissatisfaction.”
Corbyn, a Socialist who was unexpectedly elected leader in 2015, has moved Labour to the left, often clashing with his lawmakers in parliament but gaining thousands of new party members, often among the young.
His team say by concentrating on social and economic issues rather than on Brexit that has divided Britain, they can win over voters who are increasingly disillusioned by politics.
Trickett will appeal directly to those people whose lives have not been improved by globalisation, which he says “has turned our country into a runaway train, moving at breakneck speed to an unknown destination”.
“People have had enough of years of the elite pinching wealth from the pockets of ordinary working people. Labour will overturn the rigged economy that the Tories (Conservatives) are obsessed with protecting,” he will say.
“As Jeremy Corbyn recently remarked: Change is coming.” Reporting by Elizabeth Piper; editing by Stephen Addison | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-politics-labour/change-is-coming-britains-labour-warns-governing-conservatives-idUKKCN1ID0Y7 |
May 1, 2018 / 1:22 PM / Updated 7 minutes ago BRIEF-U.S. Physical Therapy Says Acquired Majority Interest In Provider Of Industrial Injury Prevention Services Reuters Staff
May 1 (Reuters) - U.S. Physical Therapy Inc:
* U.S. PHYSICAL THERAPY MAKES SECOND ACQUISITION IN INDUSTRIAL INJURY PREVENTION SECTOR
* U.S. PHYSICAL THERAPY INC - ACQUIRED MAJORITY INTEREST IN COMPANY WHICH IS LEADING PROVIDER OF INDUSTRIAL INJURY PREVENTION SERVICES
* U.S. PHYSICAL THERAPY INC - ACQUIRED A 65% INTEREST IN COMPANY FOR $9 MILLION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-us-physical-therapy-says-acquired/brief-u-s-physical-therapy-says-acquired-majority-interest-in-provider-of-industrial-injury-prevention-services-idUSASC09YM1 |
May 3 (Reuters) - National Australia Bank on Thursday reported a 16 percent drop in half-year cash profit as it booked a restructuring-linked cost pertaining primarily to workforce reduction costs.
NAB posted cash earnings, that excludes one-offs and non-cash accounting items, of A$2.76 billion ($2.07 billion) for the six months ended March 31, compared with A$3.29 billion last year. That met a forecast of a 16 percent fall to A$2.76 billion, according to six analysts polled by Reuters.
NAB bank maintained its interim dividend at A$0.99 per share. ($1 = 1.3346 Australian dollars) (Reporting by Rushil Dutta in Bengaluru; editing by Stephen Coates and James Dalgleish)
| ashraq/financial-news-articles | https://www.reuters.com/article/nab-results/national-australia-bank-h1-profit-slips-16-pct-hurt-by-restructuring-costs-idUSL3N1S32KI |
CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)-- CVD Equipment Corporation (NASDAQ: CVV ), a leading provider of chemical vapor deposition systems, today announced its first quarter 2018 financial results.
“In the first quarter, we continued to execute on the core segment of our growth strategy by increasing our investment in the development of our new CVD Materials facility,” said Len Rosenbaum, President and Chief Executive Officer. “The new facility will provide a cost-effective infrastructure to utilize the latest technology to produce high quality materials for aerospace, medical and electronic applications. We also further strengthened our senior leadership team and increased our focus on sales to expand and commercialize our exciting new technologies.”
Revenue for the first quarter was $9.2 million, compared to $9.8 million in the prior quarter and $9.7 million from the same period last year. Net income for the first quarter was $0.6 million compared to $1.6 million in the prior quarter and $1.0 million a year ago. The reduction in net income is primarily a result of the ongoing investment in the Materials business, the development of the new facility, and shifting some engineering and production personnel to the planning, outfitting and building of equipment for the new facility. Net earnings per diluted share were $0.09 compared to $0.24 in the fourth quarter of 2017 and $0.16 a year ago. Backlog as of March 31, 2018 was $9.8 million compared to $15.5 million on December 31, 2017.
CVD’s significant investment in the Materials facility will transform the Company over the long term: 1) CVD holds the proprietary knowledge and has the capability to build the production systems required to meet demand; 2) CVD possesses the intimate knowledge necessary to operate the systems in a cost-effective manner, providing a significant operational and financial competitive advantage; and 3) CVD is well capitalized to invest in the overhead and capital expenses required to take the Company to the next level. Execution of this growth strategy should provide an additional, diverse and stable revenue stream that should significantly improve growth and profitability over the long-term.
The Company will hold a conference call to discuss its results today at 4:30 pm (Eastern Time). To participate in the live conference call, please dial toll free (877) 407-0784 or International (201) 689-8560. A telephone for 7 days following the call. To access the replay, dial (844) 512-2921 or (412) 317-6671. The replay passcode is 13679606. A live and archived webcast of the call is also available on the Company’s website at: www.cvdequipment.com/event/first-quarter-2018-earnings-conference-call/ .
About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ: CVV ) designs, develops, and manufactures a broad range of chemical vapor deposition, gas control, and other state-of-the-art equipment and process solutions used to develop and manufacture materials and coatings for research and industrial applications. This equipment is used by its customers to research, design, and manufacture these materials or coatings for aerospace engine components, medical implants, semiconductors, solar cells, smart glass, carbon nanotubes, nanowires, LEDs, MEMS, and other applications. Through its application laboratory, the Company provides process development support and process startup assistance with the focus on enabling tomorrow’s technologies™. It’s wholly owned subsidiary CVD Materials Corporation provides advanced materials and metal surface treatments and coatings to serve demanding applications in the electronic, biomedical, petroleum, pharmaceutical, and many other industrial markets.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by CVD Equipment Corporation) contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as “forward-looking statements, “as such term is defined in Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, conditions, success of CVD Equipment Corporation’s growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and failure to satisfy customer acceptance requirements.
CVD Equipment Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands)
Three Months Ended March 31 2018
2017
Revenue $ 9,154 $ 9,651 Gross profit 3,761 5,480 Operating expenses 2,850
2,454
Operating income 911 1,717 Net income 558 1,708 Diluted earnings per share $ 0.09 $ 0.16 CVD Equipment Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
Assets Current assets: Cash and cash equivalents $ 13,135
$ 14,211
Accounts Receivable, net 8,979 2,059 Contract assets 3,719 8,397 Inventories 2,730 2,966 Other current assets 221 167 Total current assets 28,784 27,800 Property, plant and equipment, net 29,504 28,839 Deferred taxes 1,611 1,690 Other assets 206 68 Intangible assets 536 662 Total assets $ 60,641 $ 58,978 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 1,104 $ 1,175 Accrued expenses and other current liabilities 2,563 2,739 Current portion of long-term debt 651 647 Current portion acquisition related contingent payments 100 100 Contract liabilities 1,515 466 Deferred revenue 533 292 Total current liabilities 6,466
5,419
Long-term acquisition related contingent payments 200 200 Long-term debt, net of current portion 12,540 12,705 Long-term debt 12,740 12,905 Total liabilities 19,206 18,324 Total stockholders' equity 41,435 40,654 Total liabilities and stockholders' equity $ 60,641 $ 58,978 Earnings release should be read in conjunction with Company’s Annual Report on Form 10-K for fiscal year ended December 31, 2017
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006311/en/
For further information about CVD Equipment Corporation:
Gina Franco, 631-981-7081
Fax: 631-981-7095
[email protected]
Source: CVD Equipment Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-cvd-reports-first-quarter-2018-results.html |
SAN JOSE, Calif. (AP) — With a smile that suggested the hard part of an "intense year" may be behind him, Facebook CEO Mark Zuckerberg addressed developers Tuesday and pledged the company will build its way out of its worst-ever privacy debacle.
It was a clear and deliberate turning point for a company that's been hunkered down since mid-March. For first time in several weeks, Zuckerberg went before a public audience and didn't apologize for the Cambridge Analytica scandal, in which a political data-mining firm accessed data from as many as 87 million Facebook accounts for the purpose of influencing elections. Or for a deluge of fake news and Russian election interference.
Instead, Zuckerberg sought to project a "we're all in this together" mood that was markedly different from his demeanor during 10 hours of congressional testimony just a few weeks ago. His presentation also marked a major change for the company, which seems relieved to be largely done with the damage control that has preoccupied it for the past six weeks.
On Tuesday, speaking in San Jose, California, at the F8 gathering of software developers, Zuckerberg said to cheers that the company is re-opening app reviews, the process that gets new and updated apps on its services, which Facebook had shut down in late March as a result of the privacy scandal.
Zuckerberg then vowed to "keep building," and reiterated that Facebook is investing a lot in security and in strengthening its systems so they can't be exploited to meddle with elections, including the U.S. midterms later this year. The company had previously announced almost all of those measures.
"The hardest decision I made wasn't to invest in safety and security," Zuckerberg said. "The hard part was figuring out how to move forward on everything else we need to do too."
He also unveiled a new feature that gives users the ability to clear their browsing history from the platform, much the same way people can do in web browsers. Then Zuckerberg returned to techno-enthusiasm mode.
Facebook executives trotted out fun features, most notably a new dating service aimed at building "meaningful, long-term relationships," in a swipe at sites like Tinder. After Facebook announced its entry into the online dating game, shares of Tinder owner Match Group Inc. plummeted 22 percent.
Poking fun at himself, Zuckerberg unveiled a "Watch Party" feature that gives users the ability to watch video together — such as, he suggested, "your friend testifying before Congress." Up flashed video of Zuckerberg's own turn on Capitol Hill.
"Let's not do that again soon," he said.
Zuckerberg did "remarkably well in a really rough environment," said Ben Parr, co-founder of Octane AI, a startup that helps companies market their wares on Facebook's Messenger app. "I think it helped a lot that he was joking, he was confident and he was comfortable."
Facebook's next actions will speak far louder than anything Zuckerberg during his 35-minute presentation Tuesday, predicted Cubeyou CEO Federico Treu, who is battling Facebook over what he believes was the unjustified suspension of his company app in the wake of the Cambridge Analytica scandal.
"Developers are going to be the type who say, 'You spoke about a lot of things, but we will wait and see,'" Treu said.
Zuckerberg won over the crowd again when he announced that the thousands of people in attendance would get Facebook's latest virtual reality headset — the portable, $199 Oculus Go — for free. "Thank you!" someone yelled to Zuckerberg from the audience.
Zuckerberg also went out of his way to thank Jan Koum, the co-founder and CEO of messaging platform WhatsApp, who announced his departure Tuesday. Facebook paid $19.3 billion for WhatsApp in 2014.
Despite reports that Koum left over concerns about how Facebook handles private data , Zuckerberg described him warmly as "a tireless advocate for privacy and encryption."
Some analysts said Zuckerberg's performance bolsters his chances of navigating the company out of its privacy scandal and overcoming concerns that it can't handle its fake-news and election problems.
By leading off with Facebook's security and privacy responsibilities, then continuing to extend Facebook's ambitions to connect people in new ways, Zuckerberg successfully "walked the tightrope," said Geoff Blaber, vice president of research and market analysis firm CCS Insight.
"F8 felt like the first time Facebook has been on the front foot since the Cambridge Analytica scandal broke," Blaber said.
Emarketer analyst Debra Aho Williamson said it seemed like Facebook was "able to strike the right chord" with developers; she figured some might respond to Zuckerberg with boos and heckles, although none seemed to. She was surprised that the event wasn't more subdued with fewer gee-whiz announcements — and definitely didn't expect a dating service.
Ortutay reported from New York and Nakashima reported from San Francisco. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/the-associated-press-zuckerberg-pledges-to-keep-building-in-no-apology-address.html |
May 18, 2018 / 4:04 PM / Updated an hour ago Premier League's managerial shake-out gathers pace Reuters Staff 3 Min Read
LONDON (Reuters) - Two of the three clubs relegated from the Premier League showed managers the door on Friday but West Bromwich Albion bucked the trend by handing caretaker Darren Moore the job on a permanent basis. Soccer Football - Premier League - Swansea City vs Stoke City - Liberty Stadium, Swansea, Britain - May 13, 2018 Swansea City manager Carlos Carvalhal and Andre Ayew look dejected after the match as they are relegated from the Premier League REUTERS/Rebecca Naden
Swansea City got the ball rolling with the departure of Portuguese Carlos Carvalhal, who had arrived last December on a contract that expired at the end of the campaign with an extension option.
Swansea chairman Huw Jenkins said the South Wales club, who finished third from bottom and will be trading places with promoted local rivals Cardiff City, had decided to “move in a new direction”.
Whoever takes over at the Liberty Stadium will be the fifth permanent manager in two years.
Paul Lambert, appointed by Stoke City in January on a two-and-a-half-year contract after Mark Hughes was sacked, was also on the move. Soccer Football - Premier League - Swansea City vs Stoke City - Liberty Stadium, Swansea, Britain - May 13, 2018 Stoke City manager Paul Lambert salutes their fans after the match Action Images via Reuters/Peter Cziborra
“The club would like to thank Paul for his work over the past four months and wish him well for the future,” Stoke said in a statement.
“Whilst he was unable to guide us to Premier League safety after being appointed in January, it certainly wasn’t due to a lack of effort, professionalism and dedication on his part.”
The departures came with Arsenal, Everton and West Ham United looking for new managers and more heads likely to roll. Slideshow (2 Images)
Everton sacked former England boss Sam Allardyce on Wednesday, after six months in the job, and on the same day that West Ham dispensed with the service of David Moyes.
Moyes, like Carvalhal, was also brought in on a short term contract to steady the ship and had done what was asked of him in avoiding the drop.
Arsenal have yet to name a replacement for Arsene Wenger, with former Gunners captain Mikel Arteta emerging as a frontrunner.
Bottom side West Brom kept their faith in Moore, however, after their former defender took them on an unbeaten run in April as caretaker after replacing the sacked Alan Pardew.
“He (Moore) embodies the spirit of the club and the spirit of what we are striving to achieve in this new chapter ahead,” West Brom chief executive Mark Jenkins said in a statement.
There were also moves in the Championship, with former England manager Steve McClaren appointed by Queens Park Rangers on a two-year contract.
He replaces Ian Holloway, who was sacked by the West London club after finishing 16th in the second tier last season. Reporting by Alan Baldwin, editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-managers/premier-leagues-managerial-shake-out-gathers-pace-idUKKCN1IJ255 |
Oil prices advanced last week amid concerns that President Donald Trump would withdraw from the 2015 Iran nuclear deal and reimpose sanctions on the country.
Trump, who has referred to the agreement as the "worst deal ever," said in January that the U.S. would not again waive sanctions on Iran unless European countries fixed the agreement's "terrible flaws."
Meanwhile, Iranian President Hassan Rouhani most recently said his country had plans to "resist any decision by Trump" and that the U.S. would be "making a mistake" by withdrawing from the accord.
The agreement, officially called the Joint Comprehensive Plan of Action, has seen international sanctions on Iran lifted in exchange for the country curbing its nuclear program.
Iran is currently the third-largest oil producer in the Organization of the Petroleum Exporting Countries and the fifth-largest globally. The return of sanctions on the country could result in as many as 1 million barrels of Iranian crude supply being wiped out and push oil prices higher.
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— CNBC's Sam Meredith contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/06/iran-nuclear-deal-should-trump-pull-out-of-2015-accord.html |
May 30, 2018 / 12:04 PM / a few seconds ago Wall St. rebounds; worries over Italy ease Reuters Staff 1 Min Read
NEW YORK (Reuters) - U.S. stocks ended higher on Wednesday, with the S&P 500 and Dow registering their biggest daily percentage gains since May 4, as signs emerged of an easing of political turmoil in Italy and a surge in oil prices boosted energy stocks. FILE PHOTO: Traders work at the Citadel Securities post on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 18, 2016. REUTERS/Brendan McDermid/File Photo
Based on the latest available data, The Dow Jones Industrial Average .DJI rose 306.47 points, or 1.26 percent, to 24,667.92, the S&P 500 .SPX gained 34.16 points, or 1.27 percent, to 2,724.02 and the Nasdaq Composite .IXIC added 65.86 points, or 0.89 percent, to 7,462.45. Reporting by Caroline Valetkevitch; Editing by James Dalgleish | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-stocks/stock-futures-steady-after-selloff-due-to-italy-crisis-idUSKCN1IV1HW |
May 3, 2018 / 1:22 PM / in 16 minutes Libya's NOC withholding Total's share of Waha crude as dispute drags on - sources Ahmad Ghaddar , Ron Bousso 3 Min Read
LONDON, May 3 (Reuters) - Libya’s National Oil Corp (NOC) is withholding Total’s share of crude from the Waha concession as a dispute drags on over the French oil major’s purchase of Marathon’s stake in the concession two months ago, Libyan oil and industry sources said.
Total closed a $450 million deal to buy Marathon Oil’s 16.33 percent stake in Waha in March, but the deal drew criticism in Libya and the NOC is currently examining whether to intervene in one way or another.
Total, which has already paid Marathon for the stake, says it informed the Libyan authorities about the deal in advance and they raised no objections at the time.
However, Total CEO Patrick Pouyanne has also said the two sides are still in talks on some fiscal issues surrounding the deal.
According to two Libyan oil sources and an industry source with knowledge of the matter, all speaking on condition of anonymity, Total has so far not received any of its share of crude cargoes from Waha.
Total has also not been compensated for the cargoes, one of the sources said.
Total declined to comment. The NOC was not immediately available for comment.
According to a loading programme for Es Sider, the port used for Waha exports, of the fourteen 600,000 or 1 million barrel cargoes planned for May, NOC has ten of them. ConocoPhillips, which has a 16.33 percent stake in Waha, has two cargoes, and Hess, with an 8.16 percent stake, has another two.
Cargoes for the partners in the concession can vary from month to month, with a special department in the NOC deciding on the matter, one of the Libyan oil sources said.
In January, Marathon was allocated two 600,000 barrel cargoes, worth more than $88 million at current prices.
But from the start of this year, Marathon’s cargoes have been sold on to oil trader Vitol via NOC, the Libyan oil source and trading sources said. Vitol’s deal lasts until at least August, the Libyan source said.
It is not clear whether the change in hands of the Waha concession from Marathon to Total will affect Vitol’s contract.
Vitol declined to comment. (Additional reporting by Aidan Lewis in Tunis and Julia Payne in London; Editing by Mark Potter) | ashraq/financial-news-articles | https://www.reuters.com/article/oil-libya-total/libyas-noc-withholding-totals-share-of-waha-crude-as-dispute-drags-on-sources-idUSL8N1SA605 |
After an extraordinarily smooth ride in 2017, the stock market has shown signs of becoming more volatile in 2018. There's no telling how long it will continue, but some level of volatility is normal.
No market has ever ascended for months in a straight upward line. This is a reality that investors must accept. What concerns investors is the effect on net returns that sustained high volatility might have. Volatility itself doesn't necessarily mean loss of value, but in the event that it does, protection from volatility is afforded by maintaining a diversified portfolio of high-quality investments.
All too often, high volatility prompts investors to sell low. Then, attracted to the numbers posted by stocks that are doing well on volatility's upswing, they often buy high. Of course, this is the opposite of what you want to do. Here is some advice for how you should stay the course during times of volatility.
1. Maintain a long-term focus. Don't get emotional over volatility. Keep a firm hand on the wheel to steer your financial ship through the storm, knowing you constructed it to take the chop. Maintaining a long-term focus requires you to block out the noise of media reports and have the discipline not to check your accounts every day. It will only serve to bother you and make you less likely to stay the course and give your stocks time to rebound. Remember: Volatility goes two ways.
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2. Stay diversified. Stay diversified by asset class to balance out ups and downs among different types of assets, with gains counterbalancing losses. The principle asset classes are stocks, bonds and cash ( money market ). There are numerous others including commodities , real estate and other so-called alternative assets to traditional assets (stocks and bonds).
The benefits of diversification tend to occur in long-term portfolios — in 10- to 15-year periods, according to author and academic Craig Israelsen. Some market periods have been cited as exceptions. But the argument can be made that some of these periods aren't actually that. For example, the period from 2000 to 2010 has acquired the notorious moniker of "the lost decade" but this characterization tends to reflect an over emphasis on U.S. large-cap equities.
From 2000 through 2009, the S&P 500 Index cumulatively dropped 9.1 percent and the Russell 1000 Growth Index declined 33.4 percent. However, Joni Clark, CFA, CFP, points out in an analysis published in Advisor Perspectives in 2010 that various other equity indexes performed quite well during the same period, posting significant cumulative gains. Among these were the Russell 1000 Value Index (up 27.6 percent), the Russell 2000 Index (up 41.2 percent), the Dow Jones U.S. Select REIT Index (up 175.6 percent) and the MSCI Emerging Markets Index (up 154.3 percent).
"Once you look beyond U.S. large-cap equities and the gloom and doom on Wall Street, conditions really weren't too bad for stock investing," Clark concluded in 2010. Investors with equity portfolios that had broad diversification, affording sufficient exposure to these and other indexes that performed well in that decade, would have been able to offset domestic large-cap losses and, depending on their weightings, derive good net returns.
Sign Up for Our Newsletter Your Wealth Weekly advice on managing your money SIGN UP NOW Get this delivered to your inbox, and more info about about our products and service. Privacy Policy . 3. Maintain strategic asset allocation. Use a consistent, strategic asset allocation — a set dollar percentage of different asset classes, "X" percent in stocks, "Y" percent in bonds, etc. — aligned strategically to your goals and risk tolerance . Rebalance your assets periodically to restore your portfolio to your original allocation. When the market is highly volatile, depending on the effects on your portfolio, you may end up rebalancing more often.
Let's say your set asset allocation calls for 70 percent of your portfolio to be in stocks and 30 percent in bonds, and that your stock holdings have appreciated to the point where they now represent 90 percent of your portfolio's dollar value. To rebalance, you'd sell some stock holdings and buy bonds to get back to 70 percent to 30 percent. Maintaining a strategic asset allocation, tailored to your particular needs, helps assure a sound, all-weather portfolio which is good in any market, volatile or smooth.
4. Assure adequate liquidity. If you're relying on your portfolio returns to pay expenses in retirement, or for other reasons, make sure you always have enough cash on hand — preferably in a money market account or another highly liquid , interest bearing (although low) account — to meet your needs. That way, you won't be forced to sell shares when they're down. It's a good idea to set a target for the percentage of your portfolio to maintain in cash and stick to it. The limit will depend on the size of your portfolio and your cash needs.
"To be opportunistic in regard to equity prices, you need to always be ready to pull the trigger and have cash available for this without having to sell shares you really should keep." 5. Pay attention to economy. Be mindful of where the economy stands in the business cycle to manage the equities in your portfolio. Different market sectors tend to do well or poorly at certain stages of the cycle, which runs from recession to growth and back again. As we enter (or preferably, a bit before) an expansion, you want more tech, materials and consumer discretionary — non-essential goods and services that people can better afford because of wage growth.
In a slowdown, you want to be more defensive, which means consumer staples (things people must buy, such as toothpaste). Following these rules doesn't mean you shouldn't take advantage of the opportunities that share price volatility may afford. For example, if there are companies you'd like to own but solid analysis tells you they're too expensive, a sudden dip in the market — as we had in February with an extremely brief 10 percent correction — can mean opportunities to buy those stocks relatively low, depending on how much the general dip depresses their prices.
I keep a list of such stocks after doing various analyses to determine desirability. When the only barrier to purchase is price and that price is suddenly more attractive for stocks that, according to the numbers have higher real value, one can buy them with reasonable assurance that they'll bob back up. To be opportunistic in regard to equity prices, you need to always be ready to pull the trigger and have cash available for this without having to sell shares you really should keep.
By following these rules of the road, you can manage your portfolio to withstand potential negative impacts of volatility and take advantage of opportunities that volatility can afford.
(Editor's Note: This article originally appeared at Investopedia.com .)
— By David Robinson, founder and CEO of RTS Private Wealth Management | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/follow-these-rules-of-the-road-in-a-volatile-market.html |
May 1 (Reuters) - McEwen Mining Inc:
* QTRLY LOSS PER SHARE $0.02 * QTRLY PRODUCTION OF 44,344 GOLD EQUIVALENT OUNCES Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mcewen-mining-reports-qtrly-loss-p/brief-mcewen-mining-reports-qtrly-loss-per-share-of-0-02-idUSASC09YPN |
Cogent Communications Holdings Inc:
* COGENT COMMUNICATIONS REPORTS FIRST QUARTER 2018 RESULTS AND INCREASES REGULAR QUARTERLY DIVIDEND ON COMMON STOCK
* COGENT COMMUNICATIONS HOLDINGS INC - APPROVES A 4.0% INCREASE OF $0.02 PER SHARE TO ITS REGULAR QUARTERLY DIVIDEND TO $0.52
* COGENT COMMUNICATIONS HOLDINGS INC - SERVICE REVENUE INCREASED BY 2.8% FROM Q4 2017 TO Q1 2018 TO $128.7 MILLION
* COGENT COMMUNICATIONS HOLDINGS INC - QTRLY EARNINGS PER SHARE $0.15 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cogent-communications-reports-firs/brief-cogent-communications-reports-first-quarter-2018-results-and-increases-regular-quarterly-dividend-on-common-stock-idUSASC09ZGJ |
0 COMMENTS Photo: zhangyang13576997233/Shutterstock.com
A look at some recent surveys and reports dealing with risk and compliance issues. Send links of surveys and reports to [email protected] .
It Takes a Catastrophe: A survey of 151 IT and operational technology professionals at energy, oil and gas companies by security firm Tripwire Inc. found 70% expressed worry a cyberattack could cause a catastrophic event such as an explosion. Despite that, 56% said it would take a significant attack to compel their organization to invest the appropriate resources in their industrial control systems. Sixty-two percent said they lack resources to meet their security goals.
“It’s concerning that more than half would wait for an attack to happen before investing properly, given what’s at stake with critical infrastructure,” said Tim Erin, vice president of product management and strategy at Tripwire. “The energy industry should invest in establishing more robust cybersecurity strategies, with a proper foundation of critical security controls and layers of defense.”
Protect the Jewels: A survey of 634 IT practitioners by law firm Kilpatrick Townsend and Ponemon Institute found 58% said their boards now require assurances their organization’s most important information assets are properly protected and managed, up from 50% in 2016.
Is That Really You?: A survey of around 800 IT decision-makers and C-suite executives by data security firm Mimecast and research firm Vanson Bourne found 40% said they’ve noticed an uptick in trusted third-party impersonation attacks .
Procurement Risk: A survey of around 2,000 chief procurement officers at more than 300 organizations globally by consulting firm AT Kearney and financial analysis company RapidRatings found 78% said they expect their procurement teams to take a larger role in managing risk in the next two years.
Inconsistent on Consistency: A survey of 124 senior financial executives by advisory firm Duff & Phelps found 29% said regulators have created consistent global standards , though 52% said regulators are improving coordination.
Where Are Your Priorities?: A survey of around 2,300 security professionals by technology advocacy group Isaca found 31% said their board of directors doesn’t place the proper priority on enterprise security.
Traffic Blind Spots: A survey of 2,700 IT managers in 10 countries by security firm Sophos found 45% admitted they couldn’t identify their organization’s network traffic and 52% worry about productivity loss from a lack of network visibility.
Inside Scoop: A survey of around 700 IT and security professionals by threat-management firm ObserveIT and Ponemon Institute found it takes on average more than two months to curb an insider threat , with just 16% contained in 30 days or fewer.
Attacks & AI: A survey of around 4,500 enterprise security professionals in 15 countries by professional services firm Accenture found that while respondents said their organizations are preventing 87% of all focused attacks— up from 70% in 2017—they are suffering on average 30 successful security breaches a year.
And an Accenture survey of around 800 banking executives in 25 countries found 71% indicated the biggest benefit of using artificial intelligence would be in building customer trust.
Muddled Measures: A survey of around 250 senior procurement executives by risk-management software firm Riskmethods Inc. found 49% said they have no structured assessment for measuring supplier impact.
Cyber on My Mind: A survey of risk managers from the Society of Actuaries found 53% ranked cybersecurity as their top risk , followed by terrorism at 39% and technology at 38%.
All for One?: A survey of 450 IT professionals world-wide by Oracle and KPMG found 26% listed a lack of unified policies and disparate infrastructure as a top cybersecurity challenge.
Write to Ben DiPietro at [email protected] , and follow him on Twitter @BenDiPietro1.
Share this: artificial intelligence catastrophic event cyber cybersecurity enterprise security focused attacks industrial control systems infrastructure insider threat knowledge assets network traffic procurement Standards supplier impact Survey Roundup third-party impersonation attacks Previous Corruption Currents: Ukraine Halted Probes Into Manafort as It Sought U.S. Missiles Content from our sponsor Deloitte Risk management, strategy and analysis from Deloitte Boards: Understand the Rules for Ethics and Compliance Oversight Executives, boards of directors, and audit committees have special responsibilities for the oversight and management of their organization’s ethics and compliance programs, as discussed in Deloitte’s 2018 Audit Committee Resource Guide. There are numerous rules set by regulators and others that are critical to understand. Moreover, scrutiny of boards’ oversight of ethics and compliance has increased in recent years, and boards’ oversight responsibilities have been highlighted by several court rulings and the U.S. Federal Sentencing Guidelines for organizations.
Please note: The Wall Street Journal News Department was not involved in the creation of the content above. More from Deloitte → | ashraq/financial-news-articles | https://blogs.wsj.com/riskandcompliance/2018/05/02/survey-roundup-lack-of-investment-exposes-critical-infrastructure/ |
There is 'great opportunity' in uncertainty: CIO 2 Hours Ago Peter Andersen of Andersen Capital Management says risk events like the political tensions in Italy can offer good opportunities to buy the dips for investors focused on economic fundamentals. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/there-is-great-opportunity-in-uncertainty-cio.html |
(Corrects death toll to 298 in lede paragraph)
* Plane shot down in July 2014, killing all 298 aboard
* Russia’s 53rd Anti-Aircraft Brigade named in shooting
* Russia denies involvement
* Prosecutors have narrowed suspect list to “dozens”, seek tips
* Dutch leader cuts short India trip to discuss MH17
By Anthony Deutsch
BUNNIK, Netherlands, May 24 (Reuters) - Dutch prosecutors identified a Russian military unit on Thursday as the source of the missile that shot down Malaysia Airlines Flight 17 over eastern Ukraine in 2014, killing all 298 people on board.
The airliner flying from Amsterdam to Kuala Lumpur was hit by a Russian-made “Buk” anti-aircraft missile on July 17, 2014 over territory held by pro-Russian separatists. There were no survivors. Two thirds of those killed were Dutch.
“The Buk that was used came from the Russian army, the 53rd brigade,” Chief Dutch Prosecutor Fred Westerbeke told Reuters. “We know that was used, but the people in charge of this Buk, we don’t know.”
Investigators appealed to the public to come forward and help identify members of the crew who operated the missile and determine how high up the chain of command the order originated.
“The Russian Federation didn’t help us in providing us the information we brought out into the open today,” Westerbeke said. “They didn’t give us this information, although a Buk from their military forces was used.”
Russia repeated on Thursday that it had nothing to do with the incident.
“Not a single air defence missile launcher of the Russian Armed Forces has ever crossed the Russian-Ukrainian border,” Russia’s TASS news agency Quote: d the Defence Ministry as saying in a statement.
Prosecutors showed photos and videos of a truck convoy carrying the system as it crossed the border from Russia to Ukraine. It crossed back several days later with one missile missing. The vehicles had serial numbers and other markings that were unique to the 53rd brigade, an anti-aircraft unit based in the western Russian city of Kursk, they said.
In the interim update on their investigation, prosecutors said they had trimmed their list of possible suspects from more than a hundred to several dozen.
Westerbeke said investigators were not yet ready to identify individual suspects publicly or to issue indictments, but that when they do he expects cooperation, or a firm international political response.
HOLD RUSSIA ACCOUNTABLE Dutch Prime Minister Mark Rutte cut short a trip to India to return in time for a cabinet meeting on Friday to discuss the latest findings in the inquiry.
The MH17 Disaster Foundation representing families of the victims demanded that the Dutch government take legal action to hold the Russian state accountable.
“It must go beyond legal exploration after this,” board member Piet Ploeg was Quote: d by the NOS broadcaster as saying.
A Joint Investigation Team, drawn from Australia, Belgium, Malaysia, the Netherlands and Ukraine, is gathering evidence for a criminal prosecution in the downing of the plane.
Ukrainian Army General Vasyl Hrytsak, a member of the investigation team, told Reuters the next crucial step would be to pinpoint who issued the orders to move the missile system.
The Dutch Safety Board concluded in an October 2015 report that the Boeing 777 was struck by a Russian-made Buk missile. (Additional reporting by Bart Meijer and Toby Sterling in Amsterdam and Gabrielle Tetrault-Farber in Moscow; Editing by Mark Heinrich and Peter Graff)
| ashraq/financial-news-articles | https://www.reuters.com/article/ukraine-crisis-mh17/update-3-investigators-identify-russian-military-unit-in-downing-of-flight-mh17-idUSL5N1SV32E |
May 18, 2018 / 12:25 PM / a day ago 投行观点：Carrizo Oil & Gas Inc评级从买入下调至持有，目标价从23美元上调至26美元--Jefferies 1 分钟阅读 | ashraq/financial-news-articles | https://cn.reuters.com/article/%E6%8A%95%E8%A1%8C%E8%A7%82%E7%82%B9%EF%BC%9ACarrizo-Oil-Gas-Inc%E8%AF%84%E7%BA%A7%E4%BB%8E%E4%B9%B0%E5%85%A5%E4%B8%8B%E8%B0%83%E8%87%B3%E6%8C%81%E6%9C%89%EF%BC%8C%E7%9B%AE%E6%A0%87%E4%BB%B7%E4%BB%8E2-idCNL3S1SP4AO |
0 COMMENTS | ashraq/financial-news-articles | https://www.wsj.com/articles/pepper-and-salt-1525381668 |
Donte Robinson and Rashon Nelson were arrested after a white store manager called the police on them while they were waiting to meet a friend, accusing them of trespassing because they had not purchased anything. The two men settled with city for just $1 each (along with a promise from local officials to launch a $200,000 entrepreneurship program for high school students).
The incident spurred a company-wide initiative to fight unconscious bias. The training day aims to reaffirm the company’s role as a meeting point in communities, according to the video released by Starbucks . It’s an “opportunity to renew our commitment to the Third Place,” the narrator says of the training day.
But executives, both in the video and in other interviews , acknowledge that this is only a small part of the long and ongoing process to fight bias and prejudice in public spaces.
“May 29 isn’t a solution, it’s a first step. By educating ourselves on understanding bias and how it affects our lives and the lives of the people we encounter and serve, we renew our commitment to making the third place welcoming and safe for everyone,” Starbucks executive vice president of retail, Rossann Williams, wrote in a note to employees Tuesday .
Starbucks employees, known as “partners” in company parlance, will hear from CEO Kevin Johnson as well as executive chairman Howard Schultz in video messages on May 29. They’ll learn about unconscious bias and how to combat it in a recorded roundtable discussion led by board member Mellody Hobson .
The curriculum also includes handouts designed to encourage employees to share their own experiences on both sides of bias and to reflect on some of the tough decisions they face as stewards of a public gathering place. The video shows several baristas sharing experiences from difficult interactions with local mentally ill homeless populations to discovering people shooting up drugs in the coffee shop’s bathroom.
“Our hope is that these learning sessions and discussions will make a difference within and beyond our stores. After May 29, we will make the curriculum available to the public and share it with the regions as well as our licensed and business partners,” Williams said. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/24/starbucks-diversity-training/ |
May 25, 2018 / 1:04 PM / Updated 18 minutes ago Tesla settles class action lawsuit over 'dangerous' Autopilot system Tina Bellon 3 Min Read
NEW YORK (Reuters) - Tesla on Thursday reached an agreement to settle a class action lawsuit with buyers of its Model S and Model X cars who alleged that the company’s assisted-driving Autopilot system was “essentially unusable and demonstrably dangerous.” FILE PHOTO: A Tesla Model S car is seen in a showroom in Santa Monica, California, U.S., January 4, 2018. REUTERS/Lucy Nicholson
No further details of the agreement, announced in a filing in San Jose federal court late Thursday, were available. The deal still has to be approved by U.S. District Judge Beth Labson Freeman.
Tesla and Steve Berman, a lawyer for the car owners, did not immediately respond to a request for comment.
The case was closely watched in the automotive and legal communities, as it was the only known court challenge Tesla faced with regard to its assisted-driving technology.
The company has come under increased scrutiny over its Autopilot system in recent months after two Tesla drivers died in crashes in which Autopilot was engaged. The most recent crash, in March, is being investigated by safety regulators.
Autopilot, released in 2015, is an enhanced cruise-control system that partially automates steering and braking. Tesla has said the use of Autopilot results in 40 percent fewer crashes, a claim the U.S. National Highway Traffic Safety Administration repeated in a 2017 report on the first fatality, which occurred in May 2016. Earlier this month, however, the agency said regulators had not assessed the effectiveness of the technology.
The 2017 lawsuit in San Jose federal court named six Tesla Model S and Model X owners from Colorado, Florida, New Jersey and California who alleged the company had engaged in fraud by concealment, and had violated various state consumer protection and unfair competition laws.
They sought to represent a nationwide class of consumers.
The Tesla owners said they had paid an extra $5,000 to have their cars equipped with the Autopilot software, which promised to provide additional safety features, but in fact was “completely inoperable,” according to the complaint.
The plaintiffs alleged that features such as automated emergency braking, side collision warnings and auto high beams did not work or were unreliable.
They said the system was unsafe to use as it brakes unexpectedly for no reason and fails to brake when approaching large vehicles, such as trucks and buses.
On Wednesday, two U.S. consumer advocacy groups also urged the Federal Trade Commission to investigate what they called Tesla’s “deceptive and misleading” use of the name Autopilot for its assisted-driving technology. FILE PHOTO: The Tesla Model X car is displayed on media day at the Paris auto show, in Paris, France, September 29, 2016. REUTERS/Benoit Tessier/File Photo Reporting by Tina Bellon; Editing by Bernadette Baum | ashraq/financial-news-articles | https://in.reuters.com/article/us-tesla-autopilot-lawsuit/tesla-settles-class-action-lawsuit-over-dangerous-autopilot-system-idINKCN1IQ1SH |
8 Hours Ago | 03:04
U.S. crude prices sank on Thursday after a brief rally in the previous session, but analysts say the recent slump in oil prices won't last much longer.
In the five sessions through Tuesday, U.S. crude futures fell from more than $72 a barrel to just under $67 a barrel, shedding 7.6 percent. International benchmark Brent crude has tumbled as much as $6 a barrel from its recent 3½-year high of $80.50, but has rebounded to about $78 a barrel.
"I think it's temporary. I think the fundamental picture is still really strong. The market's getting a bit dislocated right now based on a risk-off sentiment," Tamar Essner, director of energy and utilities at Nasdaq Corporate Solutions told CNBC's "Squawk Box" on Thursday.
Essner said the market's aversion to risk has been stoked by concerns about the Trump administration's looming trade wars and questions about the integrity of the European Union, which have caused the U.S. dollar to strengthen . A stronger greenback makes commodities sold in U.S. dollars more expensive to holders of other currencies.
Oil prices were already heading lower on recent reports that OPEC, Russia and several other producer nations could soon begin winding down their 17-month-old deal to cap output. That agreement has drained a global glut of oil and helped balance the market, but it's now under review due to falling Venezuelan output and renewed U.S. sanctions against Iran , OPEC's third-biggest producer. show chapters 11:05 AM ET Tue, 29 May 2018 | 02:59
Venezuela's output has fallen by about 500,000 barrels a day this year and could drop by the same amount by year's end, Essner said. Meanwhile, U.S. drillers would struggle to boost output by more than 1.2 million barrels a day.
"So we need every last barrel of those supplies to take us to where we need to balance the market," Essner said.
Underscoring Essner's point, oil futures reversed some of their losses on Thursday after weekly data showed a big drop in U.S. crude inventories.
American drillers that specialize in freeing crude oil from shale rock formations are facing worker shortages and limited pipeline capacity in western Texas. At the same time, these drillers are focused on returning value to their shareholders, rather than plowing revenue into new production.
"Shale is not Superman," Helima Croft, global head of commodities strategy at RBC Capital Markets, told CNBC earlier in the week.
Shale drillers face yet another hurdle to upping output, according to Essner. Many agreed to deliver oil to customers at prices far below today's levels — a practice known as hedging — and set capital spending plans assuming prices would average about $60 this year. "They're sort of locked in, and when you look at the slope of the futures curve, it's going downward. That makes it harder to hedge production at attractive prices for further-out years," Essner said.
Oil prices are likely to settle around $70 per barrel, said Essner, who believes futures rose to that level largely on supply-and-demand fundamentals. show chapters 11:11 AM ET Wed, 30 May 2018 | 03:27
OPEC would likely intervene if oil prices threatened to drop below the $70 per barrel mark, according to Sadad Al-Husseini, founder and president of Husseini Energy Company, on Wednesday.
"Clearly $80 a barel was way too high and was going much higher, he told CNBC's "Squawk on the Street" on Wednesday. "On the other hand they don't want to lose the floor. Dropping below $70 would be clearly too low, so they're trying to coordinate their strategies ahead of the OPEC meeting on June 22."
Husseini said the physical market — where barrels are bought and sold to satisfy actual demand — are "pretty well balanced." For that reason, there's little urgency for OPEC to change its policy until it assesses how far Venezuelan output will drop and to what degree U.S. sanctions will take Iranian barrels off the market.
"There is spare capacity. OPEC can if necessary add production, and if that gets called for, I'm sure the ministers will do that. They just don't want to get ahead of themselves because right now there isn't an issue," he said.
U.S. production may be about to top out, but the industry should work through the bottlenecks by next year, he said. Canada and Brazil are also set to increase output, he noted. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/oil-prices-wont-keep-falling-because-us-drillers-cant-meet-demand.html |
SHANGHAI (Reuters) - Chinese Vice Premier Liu He, who is leading a trade delegation in Washington, has met U.S. President Donald Trump, state broadcaster China Central Television said on Friday.
A second round of talks between senior Trump administration officials and their Chinese counterparts started at the U.S. Treasury on Thursday morning, focused on cutting China’s U.S. trade surplus and improving intellectual property protections.
White House spokeswoman Sarah Sanders had earlier said Trump would meet Liu later on Thursday.
Trump has threatened to impose tariffs on goods worth up to $150 billion to combat what he says is Beijing’s misappropriation of U.S. technology through joint venture requirements and other policies.
Beijing has threatened equal retaliation, including tariffs on some of its largest U.S. imports, including aircraft, soybeans and autos.
Reporting by Adam Jourdan; Editing by Paul Tait
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china-liu/u-s-president-donald-trump-meets-chinas-liu-he-cctv-idUSKCN1II36A |
In the run-up to a much-anticipated June summit between President Donald Trump and North Korea's Kim Jong Un in Singapore, it became clear the two leaders diverged too much on issues such as denuclearization. | ashraq/financial-news-articles | http://live.wsj.com/video/why-trump-canceled-summit-with-kim/475E8E93-39D2-4AC5-A584-D468678270D7.html |
May 15 (Reuters) - GTX Inc:
* GTX PROVIDES CORPORATE UPDATE AND REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* GTX INC - TOP-LINE RESULTS FROM ASTRID TRIAL EXPECTED EARLY IN Q4 OF 2018
* GTX INC - AS OF MARCH 31, 2018, CASH AND SHORT-TERM INVESTMENTS WERE $32.1 MILLION COMPARED TO $43.9 MILLION AT DECEMBER 31, 2017
* GTX INC - QTRLY LOSS PER SHARE $0.62 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-gtx-inc-qtrly-loss-per-share-062/brief-gtx-inc-qtrly-loss-per-share-0-62-idUSASC0A27N |
Bensley brings over three decades of experience in diverse finance and strategy leadership roles
NEW YORK--(BUSINESS WIRE)-- Blue Apron Holdings, Inc. (NYSE:APRN) today announced the appointment of Tim Bensley as Chief Financial Officer, with an expected start date of May 21. A veteran finance executive, Bensley brings to Blue Apron over 30 years of diverse finance and strategy leadership experience, including deep expertise in the consumer packaged goods and food retail industries. As CFO, he will lead financial operations across the company, reporting directly to Chief Executive Officer Brad Dickerson and serving on the company’s executive leadership team.
Bensley most recently served as CFO of Acosta, Inc., a private-equity backed company with more than 30,000 employees in 100 locations globally that provides multi-channel sales, marketing and business intelligence services to many of the world’s leading food and consumer packaged goods companies.
Prior to joining Acosta, Bensley spent 29 years at PepsiCo, Inc. Starting at the Frito-Lay North America division, he progressed over five years through various roles in supply chain operations. Bensley spent the next 15 years in various finance leadership positions at Frito-Lay North America, heading the FP&A, Supply Chain Finance and Sales Finance organizations before being promoted to CFO of Frito-Lay Canada in 2005. In 2007, he moved to PepsiCo’s headquarters in Purchase, NY to lead the Corporate Strategy Group and was appointed CFO of Pepsi-Cola North America in 2008. In 2010, Bensley was promoted to CFO of PepsiCo Americas Foods, a division of PepsiCo with approximately $23 billion in revenue at such time. He was appointed Senior Vice President of PepsiCo Global Transformation in 2012, a global task force charged with leading and managing organizational change of PepsiCo’s global operating model and core business processes.
“Following a rigorous search for a CFO who can make an immediate impact on our business, I am thrilled to have Tim join our team,” said Brad Dickerson, Blue Apron CEO. “Tim brings over three decades of exceptional leadership experience, including a track record of delivering against a growth agenda with a positive impact on business results, and relevant expertise in the food and consumer packaged goods space. He will play an instrumental role in helping us achieve our strategic goals as we continue on the path of taking transformative actions to drive strong and sustainable growth.”
“I am excited to join the passionate and dynamic team at Blue Apron,” said Bensley. “The company has reached an inspiring inflection point, and as CFO I look forward to contributing to the company’s growth as we build on recent progress in our core business while expanding our powerful brand to new channels and new consumers.”
Bensley received a Bachelor’s degree in Engineering from the United States Military Academy at West Point. Upon graduating, he spent five years as an Officer in the U.S. Army, where he progressed to Captain and served as a Company Commander. He also holds a Master’s degree in Project Management from Boston University.
About Blue Apron
Blue Apron’s mission is to make incredible home cooking accessible to everyone. Launched in 2012, Blue Apron is reimagining the way that food is produced, distributed, and consumed, and as a result, building a better food system that benefits consumers, food producers, and the planet. The Company has developed an integrated ecosystem that enables the Company to work in a direct, coordinated manner with farmers and artisans to deliver high-quality products to customers nationwide at compelling values.
Forward-Looking Statements
This press release includes statements concerning Blue Apron Holdings, Inc. and its future expectations, plans and prospects that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these terms or other similar expressions. Blue Apron has based these forward looking statements largely on its current expectations and projections about future events and trends that it believes may affect its business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions including, without limitation, risks related to its announced management and organizational changes, the continued service and availability of key personnel, its ability to expand its product assortments by offering additional products for additional consumer segments, the Company’s anticipated growth strategies, anticipated trends and challenges in its business, and its expectations regarding, and the stability of, its supply chain, and the risks more fully described in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 5, 2018 and other filings that Blue Apron may make with the SEC in the future. Blue Apron assumes no obligation to update any forward looking statements contained in this press release as a result of new information, future events or otherwise.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517005260/en/
Blue Apron
Louise Ward
[email protected]
Source: Blue Apron Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-blue-apron-appoints-tim-bensley-as-chief-financial-officer.html |
(Reuters) - Dish Network Corp ( DISH.O ) reported first-quarter revenue that fell short of Wall Street estimates on Tuesday as more satellite TV subscribers cancelled their packages and revenue per customer declined as viewers chose cheaper online options.
A Dish Network satellite dish is shown on a residential home in Encinitas, California, U.S., November 8, 2017. REUTERS/Mike Blake Dish’s pay-TV service shed 94,000 subscribers in the quarter, while subscribers for streaming service Sling TV rose by 91,000.
Shares of Dish slumped 9.6 percent to $30.66 in afternoon trading, hitting a 5-1/2-year low.
Dish has been trying to lure young viewers to its $20-per-month Sling TV as it battles cord-cutting in its satellite-TV services, with viewers moving to competitors like Netflix Inc ( NFLX.O ) and Amazon.com Inc’s ( AMZN.O ) Prime Video.
Average revenue per user in Dish’s pay-TV business fell to $84.50 from $86.55.
Craig Moffett, an analyst with MoffettNathanson, said in a research note that Dish’s average revenue per user could experience more pressure in the future, as so-called skinny bundles, including the company’s own Sling TV, cap its ability to raise prices.
Average revenue per Sling TV user was $25 in the first quarter, Moffett estimated, much lower than Dish’s traditional TV customers.
Dish said in an investor call that revenue and margins on Sling TV customers are increasing and it expects the trend to continue.
Dish is also working to build the first phase of an Internet of Things network, which will be the first step to building a nationwide 5G network, Chairman Charlie Ergen said on a conference call.
The company has been acquiring a stockpile of spectrum, or airwaves that carry data.
Every industry will need 5G to power new technologies like artificial intelligence and autonomous cars, and Dish is in a good spot to offer it, Ergen said, though he acknowledged there is investor scepticism towards the company’s efforts to build a network.
Net income attributable to the company fell to $368 million, or 70 cents per share, for the quarter ended March 31, from $376 million, or 76 cents per share, a year earlier, narrowly beating Wall Street expectations.
Analysts had expected net income of 69 cents per share, according to Thomson Reuters I/B/E/S.
Revenue fell to $3.46 billion from $3.68 billion last year.
Analysts on an average were expecting revenue of $3.5 billion, according to Thomson Reuters I/B/E/S.
Reporting by Sonam Rai in Bengaluru and Sheila Dang in New York; editing by David Gregorio and Leslie Adler
| ashraq/financial-news-articles | https://in.reuters.com/article/dish-network-results/dish-network-quarterly-revenue-drops-six-percent-idINKBN1I914K |
May 18 (Reuters) - Flamingo Ai Ltd:
* MASTER SERVICES DEAL SIGNED WITH EXL SERVICE HOLDINGS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-flamingo-ai-announces-master-servi/brief-flamingo-ai-announces-master-services-deal-with-exl-service-holdings-idUSFWN1SO0Z8 |
HANOI (Reuters) - PetroVietnam Oil Corp OIL.HNO is in talks to sell a 44.72 percent stake to strategic investors later this year, after its $184 million initial public offering in January, its parent Vietnam Oil and Gas Group, or PetroVietnam, said on Wednesday.
South Korea’s SK Holdings ( 034730.KS ), Japan’s Idemitsu Kosan ( 5019.T ) and two Vietnamese companies have registered as potential buyers, with demand for the offered shares exceeding supply by nearly three times, PetroVietnam said in a statement.
The two Vietnamese companies are Ho Chi Minh City Development Joint Stock Bank HDB.HM and Sovico Holdings, chaired by Nguyen Thi Phuong Thao, the billionaire founder and chairwoman of Vietjet Aviation VJC.HM. Thao is also the vice chairwoman at HCMC Development Bank.
The stake sale, to be conducted via a share auction, is to take place by end-July. If that date is missed, PetroVietnam Oil is looking to move the sale to November, pending approval from the Prime Minister Nguyen Xuan Phuc, the company, also known as PVOIL, said in a separate statement.
The Vietnamese government raised $184 million through the sale of a 20 percent stake in PVOIL in an initial public offering in January.
PVOIL said the strategic investors will have to hold their stake for at least 10 years.
Idemitsu Kosan already holds a 35.1 percent stake at Nghi Son Refinery and Petrochemical LLC, which owns a 200,000-barrel-per-day refinery in Thanh Hoa province.
PVOIL reported a pretax profit of 238 billion dong ($10.5 million) on total revenue of 16.5 trillion dong in the first four months of this year, PetroVietnam said, without giving comparative figures.
Reporting by Khanh Vu; Editing by Tom Hogue
| ashraq/financial-news-articles | https://www.reuters.com/article/us-pvoil-stake-sales/south-koreas-sk-japans-idemitsu-in-line-to-buy-stake-in-vietnams-pvoil-idUSKCN1IO135 |
LONDON (Reuters) - 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 2010-12.
FILE PHOTO: The signature of the President of the European Central Bank (ECB), Mario Draghi, is seen on the new 50 euro banknote during a presentation by the German Central Bank (Bundesbank) at its headquarters in Frankfurt, Germany, March 16, 2017. REUTERS/Kai Pfaffenbach Short-term Italian bond yields suffered the biggest one-day jump since 1992 IT2YT=RR, while Italian and wider euro zone banking stocks saw their worst day since August 2016 .FTIT8300.
At an auction of six-month debt, the government had to pay investors the highest yield in more than five years.
The moves come after Italy’s president appointed a former International Monetary Fund official as interim prime minister, with the task of planning for snap polls and passing a budget.
Investors believe the election - which sources said could be as early as July 29 - will deliver an even stronger mandate for anti-establishment, eurosceptic politicians, casting doubt on the Italy’s future in the euro zone.
“We are pricing in a total lack of confidence in the outlook for Italian public finances,” said Giuseppe Sersale, fund manager at Anthilia Capital Partners in Milan.
“The 10-year spread itself is not so much a worry as short term yields which have exploded.”
Italy’s central bank chief warned the state was only “a few short steps” from losing investors’ trust.
Ratings agency Moody’s said Italy was likely to face a downgrade if a new government pursued fiscal policies that do not put debt levels on a sustainable downward path.
Tradeweb Markets LLC reported on Tuesday that average trading volume in Italian debt rose more than 60 percent in May compared with both the previous month and a year earlier.
The weekly average daily trading volume on this debt set a new record at 3.9 billion euros two weeks ago and was 3.8 billion euros last week as market volatility increased around political news in Italy, Tradeweb said.
Related Coverage Traders say difficult to get prices on parts of Italy government bond curve UNCERTAINTY PREMIUM While the 5-Star Movement and far-right League have dropped plans to take power, they have switched to campaign mode. 5-Star has called for protests against President Sergio Mattarella’s rejection of the parties’ nominee for economy minister, who has argued for Italy to quit the euro.
So far, the European Central Bank’s bond buying programme has provided a backstop for euro zone government debt, but latest market moves suggest this buffer may have lost its punch.
The Italian-German 10-year bond yield spread, seen by many investors as an indicator of sentiment towards the euro zone, hit its widest since June 2013. IT10YT=RR DE10YT=RR.
The spread rose above 300 basis points, having almost tripled from end-April levels around 115 bps, though it closed below the 300 bps mark. In 2011, at the height of the euro debt crisis, that gap was at 560 bps.
“With such an unclear Italian political situation, investors will continue to demand a significant uncertainty premium,” said Isabelle Vic-Philippe, head of euro government bonds at Amundi, one of Europe’s largest investors.
Italy’s 2-year yield spiked more than 150 basis points at one point to 2.73 percent, while 10-year bond yields jumped 50 basis points to their highest level in over four years at 3.38 percent IT10YT=RR before easing slightly from session highs.
Italian bond yields traded above U.S. Treasury yields US10YT=RR for the first time in almost a year.
The Italian 2-10 year bond yield spread narrowed to 44 bps — its tightest since 2011 — having been at 220 bps a week ago.
SPANISH WORRIES The cost of insuring exposure to Italian risk in the five-year credit default swaps market touched a 4-1/2 year high of 225 basis points, a jump of 49 basis points on the day, data from IHS Markit showed.
“Taking any position in Italian debt, long or short is dangerous right now,” said David Roberts, head of global fixed income, Liontrust Asset Management.
A rush to safety briefly pushed Germany’s 10-year bond yield to 0.19 percent DE10YT=RR, its lowest in more than a year.
The rise in borrowing costs and potential knock-on effects on the euro bloc saw money markets further trim bets that the ECB will raise interest rates in June 2019. They now bet on a 30 percent chance of a 10 bps rate rise that month, half of what was priced last week.
The selloff also engulfed broader European markets, with banks bearing the brunt of equity falls and suffering a rise in their CDS levels as well.
Italian bond yields of above 2.4 percent carry the risk of wider market and economic contagion by hitting the bottom line of banks that hold a sizable chunk of their assets in government debt, Morgan Stanley said last week.
Those fears pushed shares in Italian banks .FTIT8300 4.7 percent lower on the day, with trade in several stocks suspended after excessive losses. It is the worst day for the Italian banks index since August 2016.
An index of Italy's biggest companies .FTMIB closed 2.65 percent lower, its worst fall since the aftermath of Britain's Brexit vote in 2016.
“Italian banks are highly geared to rate movements, and any development affecting market expectations for rising rates could affect future profitability,” Citi strategists told clients.
A broader euro zone bank index .SX7E slumped 4.4 percent, reflecting concerns about the euro’s fate.
The euro fell to a new 6-1/2-month low against the dollar of $1.1510 EUR=EBS , while against the Japanese yen EURJPY=EBS it plunged more than one percent to its lowest since June 2017.
“(The selloff) is linked to worries that the upcoming general election will be a referendum on the euro,” a Milan-based trader said.
There were also worries about Spain, where Prime Minister Mariano Rajoy faces a vote of confidence on Friday, stemming from corruption convictions handed down to people linked to his centre-right People’s Party.
Spain’s 10-year bond yields rose to seven-month highs above 1.66 percent and its spread with Germany rose to its widest in over a year ES10YT=RR.
Additional reporting by Helen Reid and Saikat Chaterjee, Sujata Rao in London, and Elvira Pollina, Danilo Masoni and Elisa Anzolin in Milan, and Gertrude Chavez-Dreyfuss in New York; Graphic by Ritvik Carvalho and Dhara Ranasinghe; Editing by Alison Williams and Lisa Shumaker
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-bonds/italian-bonds-suffer-worst-day-in-more-than-25-years-idUSKCN1IU16G |
Dow Jones, a News Corp company News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services Dow Jones | ashraq/financial-news-articles | http://jp.wsj.com/articles/SB11448110591113194574604584210533397852104 |
Apple is being sued for bundling dual-lens cameras in its iPhone 8 Plus and iPhone X .
A company called Corephotonics sued Apple on Monday, alleging that the dual-lens cameras in the iPhone 8 Plus and iPhone X it released last year violate a patent it holds related to a “miniature telephoto lens assembly,” according to Patently Apple, which obtained a copy of the lawsuit. The patent, which was awarded to Corephotonics in January, describes how components inside a telephoto lens come together. The patent is extremely technical and describes air gaps between lens elements.
Corephotonics sued Apple in November for violating four dual-camera patents it holds in its iPhone 7 Plus, the first Apple handset to ship with a dual-lens camera. Although the iPhone 8 Plus was already on store shelves and the iPhone X launched the same month , Corephotonics didn’t include those smartphones in the earlier lawsuit.
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The latest lawsuit against Apple’s iPhone 8 Plus and iPhone X cites those four patents, as well.
In both lawsuits, Corephotonics claims to have attempted to establish a strategic partnership with Apple. But after the companies couldn’t come to an agreement on possible licensing, the lawsuits allege, Apple moved forward without a licensing agreement.
Corephotonics said that it’s owed royalties on the sale of iPhones with dual cameras. The company didn’t say, however, how much it’s seeking in damages.
Apple did not immediately respond to a Fortune request for comment on the lawsuit. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/01/apple-iphone-camera-lawsuit/ |
The owner of Ketel One vodka thinks it has an answer to slumping U.S. sales: less alcohol.
Diageo PLC, the world’s largest liquor maker, said it is launching a botanical version of Ketel One with 30% alcohol by volume. The new drink doesn’t meet the definition of vodka under U.S. and European regulations, which mandate that neutral distilled spirits must be bottled at 40% alcohol by volume and flavored ones at 37.5%. Instead, Diageo will market the new Ketel One as “made with vodka.”
... | ashraq/financial-news-articles | https://www.wsj.com/articles/diet-vodka-ketel-one-concocts-a-less-boozy-version-1525178400 |
Won't see material impact for Facebook or Google with GDPR, analyst says 32 Mins Ago Mark Mahaney, RBC Capital Markets lead internet analyst, discusses the risks for tech stocks from increased regulation in the EU and calls for regulatory oversight of these companies in the U.S. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/wont-see-material-impact-for-facebook-or-google-with-gdpr-analyst-says.html |
LIMA, Peru--(BUSINESS WIRE)-- Alicorp S.A.A. (“Alicorp” or “the Company”) (Lima Stock Exchange: ALICORC1 and ALICORI1), a leading Peruvian CPG and B2B company, announced today that, at the Board of Directors meeting that took place on May 7, 2018, the Board approved the following resolutions with the unanimous consent of its Ad Hoc Committee, comprised of Independent Directors (the Independent Committee). 1/2
The acquisition of 100% of the shares of Industrias del Aceite S.A. and related businesses (together “Fino”), a leading integrated CPG and B2B company. The indirect acquisition of 100% of the shares of ADM-SAO S.A. (“ADM Bolivia”), a leading oilseeds crusher and CPG company. Authorization to Alicorp’s management, acting individually, to negotiate, hold, grant, subscribe, issue and deliver all documents necessary to execute the approved acquisitions.
About Alicorp
Alicorp is a leading CPG and B2B company headquartered in Peru, with operations in Latin American countries, including Argentina, Brazil, Chile, Ecuador, as well as exports to 23 other countries. The Company focuses on three core businesses: (1) Consumer Products (food, personal and home care products), in Peru, Brazil, Argentina, Ecuador, Colombia and other countries, (2) Industrial Food Products (industrial flour, industrial lard, pre-mix and food service products), and (3) Aquaculture (fish and shrimp feeding).
Forward-Looking Statements
Certain statements contained in this news release constitute " " within the meaning of the Private Securities Litigation Reform Act of 1995. These represent Alicorp's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These are subject to risks, uncertainties and other factors, many of which are outside of Alicorp's control that could cause actual results to the results discussed in the .
Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, Alicorp does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time and it is not possible for management to predict all such factors.
1 Created on August 7, 2017
2 Authorized by shareholder approval on February 22, 2018 to evaluate and adopt necessary agreements regarding this transaction
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507006175/en/
Investor Relations:
Alexander Pendavis Heksner
Corporate Finance Director & IRO
T: (511) 315-0800 Ext: 444410
F: (511) 315-0867
[email protected]
Source: Alicorp S.A.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-alicorp-announces-the-approval-by-the-board-of-directors-of-the-potential-acquisition-of-fino-and-adm-sao-in-bolivia.html |
May 17, 2018 / 12:43 PM / Updated an hour ago U.S. aid chief calls on Myanmar to end violence against Rohingya Serajul Quadir 2 Min Read
DHAKA (Reuters) - The U.S. government’s aid chief called on Thursday on Myanmar to end violence against members of the Rohingya Muslim minority and to provide humanitarian workers and media unhindered access to the country.
Mark Green, administrator of the United States Agency for International Development (USAID), visited Rohingya refugee camps on a three-day visit to Bangladesh this week.
The United States would provide $44 million in additional aid to help meet the needs of Rohingya refugees in Bangladesh, he told reports in Dhaka, before traveling on to Myanmar, which is also known as Burma.
“Today, I will fly to Burma and will ask them to end the violence and will also ask them to allow media access,” Green said.
“This humanitarian crisis is a global challenge and our government along with the international community will work together to support Bangladesh,” he said.
According to U.N. officials, nearly 700,000 Rohingya have fled into Bangladesh from Buddhist-majority Myanmar’s Rakhine State to escape a military crackdown since August, launched in response to Rohingya insurgent attacks.
Refugees have told of numerous incidents of murder, rape and arson by Myanmar troops and Buddhist vigilantes, which the United Nations has likened to “ethnic cleansing”.
Myanmar has denied nearly all of the allegations, saying its security forces have been waging a legitimate counter-insurgency operation against Rohingya “terrorists”.
Green, who is due to meet Myanmar government officials in the capital, Naypyitaw, said he would ask for “free and unhindered humanitarian access throughout the country” as well as access for media to travel freely.
U.S. President Donald Trump this month assured Bangladesh of U.S. support in dealing with the Myanmar Rohingya refugee crisis. Reporting By Serajul Quadir; Writing by Euan Rocha | ashraq/financial-news-articles | https://www.reuters.com/article/us-myanmar-rohingya-bangladesh-usa/u-s-aid-chief-calls-on-myanmar-to-end-violence-against-rohingya-idUSKCN1II1RJ |
MANILA/BEIJING (Reuters) - China opens trade in Dalian iron ore futures to foreign investors from Friday, aiming to boost its pricing clout for one of its top imports and hoping traders will take a market notorious for retail speculators more seriously.
FILE PHOTO - Iron ores are unloaded at a port in Lianyungang, Jiangsu Province, China, May 22, 2016. REUTERS/Stringer Iron ore is the second commodity China is opening to outside investors after launching crude oil futures in late March. Unlike crude oil, though, the iron ore contract on the Dalian Commodity Exchange (DCE) - launched in 2013 - has a deep pool of liquidity and major Western traders have already had access through local Chinese entities.
With trading volumes last year that reached 20 times global iron ore trade, and 25 times volumes done in rival contracts on the Singapore Exchange, iron ore futures in China regularly sway benchmark spot pricing. Giving foreign investors direct access can only boost that influence.
“DCE will always be a leading indicator. It has been and will always be (because of) the sheer volume of it,” said Kelly Teoh, an iron ore derivatives broker at Clarkson Asia Pte Ltd.
Global commodity traders including Glencore ( GLEN.L ), Trafigura [TRAFG.UL] and Cargill [CARG.UL] already trade Dalian futures via China-registered units, sources with knowledge of their participation say.
Cargill said it has been trading DCE’s iron ore futures since the contract launch, using it as a price reference to manage its own inventory risk.
“The internationalization of the DCE iron ore contracts will give greater access to the global commodity community to trade in the world’s biggest onshore ferrous market,” Lee Kirk, managing director at Cargill Metals, said in an email.
More global players on the DCE should lead to “more efficient pricing and increased liquidity,” he said.
FILE PHOTO - A bulldozer and a labor work on a pile of iron ore at a steel factory in Tangshan in China's Hebei Province November 3, 2015. Picture taken November 3, 2015. REUTERS/Kim Kyung-Hoon Officials for Trafigura and Glencore declined to comment.
Twenty-one foreign trading agencies have so far registered at the DCE, according to the China Securities Journal, the official publication of China’s top securities regulator, although the DCE has declined to name the agencies.
The move should also boost arbitrage opportunities between Dalian and Singapore, said William Chin, head of commodities at the Singapore Exchange.
It “will make it easier for foreign participants to take advantage of price movements across both exchanges,” he said.
(Graphic: Iron ore traded volumes on Dalian vs Singapore exchanges - reut.rs/2rgTxoT )
MASSIVE VOLUMES Unlike oil, gold and copper, for which prices are set in London and New York, iron ore is one of the few commodities whose global pricing takes its cue from China.
With massive volumes of iron ore futures traded on the Dalian exchange, prices there virtually dictate the path for the physical market. In 2017, Dalian iron ore volumes reached nearly 33 billion tonnes versus global annual trade of about 1.5 billion tonnes.
The huge volumes make the DCE a magnet for speculative retail investors, who have triggered wild price swings and prompted regulators to impose trading curbs over the past two years.
Nev Power, former boss of world No. 4 iron ore miner Fortescue Metals Group ( FMG.AX ), had criticized the speculative trade on Dalian, saying producers and users should be the main participants.
Fortescue’s new CEO, Elizabeth Gaines, who took over in February, said “it remains to be seen what impact (the internationalization) will have on speculative trading and volatility in the market.”
“We ... support pricing mechanisms which accurately reflect supply and demand for iron ore and provide certainty for the industry,” Gaines said in an email.
Miners such as Vale VALE.SA, Rio Tinto ( RIO.AX ) ( RIO.L ), BHP Billiton ( BHP.AX ) ( BLT.L ) and Fortescue typically don’t hedge or fix prices for future sales because that means their earnings can be lower if prices increase.
“We will have to wait and see how this develops as there has been limited use so far by the miners to hedge on SGX,” said Jamie Pearce, head of commodity derivatives at SSY Futures.
But even if miners don’t join the fray, DCE’s internationalization is expected to boost its image as a venue for price discovery, participants say.
“I expect China’s iron ore futures market will be more mature and rational when more foreign investors enter the Chinese market,” said Jacky Wang, chairman of Shanghai LC Assets Management Co Ltd.
Reporting by Manolo Serapio Jr. in MANILA and Muyu Xu in BEIJING; Writing by Manolo Serapio Jr.; Editing by Tom Hogue
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-futures-ironore/china-opens-iron-ore-market-to-the-world-in-pricing-image-push-idUSKBN1I40CK |
GENEVA, May 18 (Reuters) - India and the European Union have given the World Trade Organization lists of the U.S. products that could incur high tariffs in retaliation for U.S. President Donald Trump’s global tariffs on steel and aluminium, WTO filings showed on Friday.
The EU said Trump’s steel tariffs could cost $1.5 billion and aluminium tariffs a further $100 million, and listed rice, cranberries, bourbon, corn, peanut butter, and steel products among the U.S. goods that it might target for retaliation.
India said it was facing additional U.S. tariffs of $31 million on aluminium and $134 million on steel, and listed U.S. exports of soya oil, palmolein and cashew nuts among its potential targets for retaliatory tariffs. (Reporting by Tom Miles Editing by Catherine Evans)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-eu-india/india-and-eu-give-wto-lists-of-us-goods-for-potential-tariff-retaliation-idUSL5N1SP5FZ |
Netflix has 'the best long-term business model' because of its relationship with consumers: Chamath Palihapitiya Berkeley Lovelace Jr. Reblog Netflix has a huge advantage in the original content space due to its strong relationship with consumers, Chamath Palihapitiya says. Subscribers have a relationship with Netflix "where they understand the data that's being collected," Palihapitiya says. Streaming giant Netflix NFLX has a huge advantage in the original content space due to its strong relationship with consumers, tech venture capitalist Chamath Palihapitiya said Wednesday. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/netflix-has-the-best-long-term-business-model-chamath-palihapitiya.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
Daniel Pinto has seen his share of booms and busts.
An Argentinean who spent much of his early career in volatile emerging markets, Pinto, 55, began at J.P. Morgan Chase in 1983 as a currency trader in Buenos Aires. Thanks to his ability to manage risk in a series of roles, Pinto has climbed the ranks. In 2014, he was named head of the firm's corporate and investment bank, the world's biggest by revenue.
In January, he was named co-president of J.P. Morgan. That means he and partner Gordon Smith, who leads the consumer bank, are in line to succeed long-time CEO Jamie Dimon if the need arises within the next few years.
show chapters J.P. Morgan names co-COOs and co-presidents Daniel Pinto, Gordon Smith 5:20 PM ET Mon, 29 Jan 2018 | 03:42 In an exclusive interview at the bank's Park Avenue headquarters and in a follow-up phone conversation, Pinto explains his views on a global economy in the latter stages of expansion, the opportunities he sees and how his bank is preparing for the inevitable downturn.
CNBC: You spend a lot of time flying around the world visiting clients, leaders in industries from tech to energy. What are they telling you about the state of the economy?
Pinto: Pretty much everyone agrees that the economy is in very good shape. Obviously, there are different dynamics in each of the sectors. For example, this week I was in Houston talking with some of the oil companies. They are quite positive about the economy, about oil prices maintaining a range, and they are quite positive about investments going into the sector.
We have all these companies reporting earnings, and overall the results seem fine. The technical aspects of the markets are more balanced than they were late last year, where it was pretty much one view, and that view was that the markets will improve no matter what. So you have a bunch of components, from the technical part, to the economy performing and companies performing, which altogether makes me quite positive on the economy.
CNBC: Where are you seeing opportunities now? You recently applied to Chinese regulators for a majority stake in a joint venture to control a business in a rapidly growing part of the world.
Pinto: The opportunities in China are huge. You have a country that clearly is headed, in a slow way, towards deregulation, allowing foreign companies to have a majority stake in the financial services industry. It's a massive equity market, a massive bond market. The payments space is evolving extremely fast. So the opportunity is great. It will be a big contribution to J.P. Morgan and we will contribute to the Chinese market as the years go by and we keep growing our presence there. In particular, the joint venture will allow us to participate more deeply in the local equity markets, do underwritings, things like that.
CNBC: Will China be your bank's second-biggest national market after the U.S. when it comes to revenue? How long will that take, a decade?
Pinto: Yes. I have no doubt it will be, and it will happen a lot faster than 10 years.
Bitcoin CNBC: Are cryptocurrencies another opportunity for you? Your competitors already help trade bitcoin futures and are preparing to get more involved in trading digital currencies.
Pinto: We are looking into that space. I have no doubt that in one way or another, the technology will play a role. [Regarding bitcoin], you cannot have something where the business proposition is to be anonymous and to be the currency for unknown activities. That will have a very short life, because people will stop believing in it, or the regulators will kill it. I think the concept is valid, you have many central banks looking into. The tokenization of the economy, for me, is real. Cryptocurrencies are real but not in the current form.
If we need to clear futures of bitcoin, can we do it? Yes. Have we done it? No.
CNBC: The current economic expansion is nearing a decade in age, double the average length. When does it end?
Pinto: Obviously, there will be an end to the economic cycle at some point. I don't think it's coming any time soon. If you asked me when I thought the economy is going to slow down, I'd follow [JPMorgan Chief U.S. economist] Mike Feroli. He says that the probability of a recession is extremely low in 2018, it's higher in 2019, but still low. And it probably starts going up in 2020.
CNBC: What would trigger a recession?
Pinto: In the U.S., the risk is inflation. Does the Fed have to raise interest rates a lot faster than what the market is expecting or pricing in? For everything we can see, inflation is going up slightly, but in a very moderate way. That's why I think the probability of that happening this year or next year is relatively low.
But the Fed will continue to hike, and at some point that hike in rates will slow down the U.S. economy. I don't believe that that is a crisis. It's just a correction at the end of the cycle that will trigger the beginning of the next cycle.
Dealing with a bear market CNBC: You've said that within two or three years , the stock market could see a correction of 30 to 40 percent. How are you preparing the firm for this?
Pinto: When you're going towards the end of the cycle, you want to have an extra layer of prudence. [In the investment bank] we're going to start being more careful about the liquidity of the book, about the concentration of illiquid risk, about the correlations, about how the positions will trade through different stress scenarios. You keep modeling the book to something that you hope, when the correction starts happening, you are well positioned to continue to be a player in the market, and you aren't shutting yourself out. The worst-case scenario for any big player is that you end up being massively hammered when the correction happens, and you end up losing money because of your positions.
CNBC: Many Wall Street traders today are relatively young because after the financial crisis, firms sought to cut costs by eliminating more experienced, expensive talent. Is that a concern, for the industry, when conditions turn nasty?
Pinto: All these people, whether they're senior or junior, lived in a bullish environment for the last 10 years. But I haven't, and many of my managers [have more experience], so we are prepared.
CNBC: In the past decade, you've seen the rise of passive investments, the rise of computerized traders like quants, at the same time that regulations have curbed the ability for investment banks to deploy capital in markets. Will that impact the severity of the correction?
Pinto: All these electronic, algorithmic traders, they provide a lot of liquidity in calm markets. So today, you can trade as much as you want every day. When the correction happens, these players tend to fall away, which exacerbates the moves. There's not as much smart capital [from investment banks] to really provide that rational support to market levels.
That's why when the correction happens, or we have some kind of bad news, the market becomes very volatile and trading volumes shrink massively. We know how to prepare for those times, and over these days, we are slightly more conservative than we would've been a couple of years ago. We try to get through the difficult times as intact as possible to continue to provide liquidity to support the clients. That is in the minds of all the risk managers that we have, all my management team.
Amazon as partner and competitor CNBC: Let's look a little further out. What about competition from tech firms like Amazon , which is reportedly looking to make a push into consumer banking by offering a checking account?
Pinto: We work closely with Amazon. If there are things we can do together, we will try them. That doesn't preclude them from trying to be strong in financial services, to be strong in health care, in whatever they want to be, if they are allowed. The worst thing you can do is ignore it. You have to assume in some way or another, they will get involved.
There's only one thing you can do. It's to create services that are as good as possible, and the best client experience, to have a shot. Ultimately, consumers will decide.
WATCH: JPM's Kelly says this is about as good as it gets show chapters This is about as good as it gets: JPM's Kelly 4:57 PM ET Fri, 27 April 2018 | 03:24 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/jp-morgans-daniel-pinto-talks-bitcoin-amazon-big-stock-downturn.html |
When it comes to bitcoin, billionaire investor Warren Buffett wants to make one thing clear: Unlike buying stocks, bonds or real estate, buying bitcoin is not an investment.
That's because it lacks intrinsic value, Buffett says.
"If you buy something like bitcoin or some cryptocurrency, you don't have anything that is producing anything," Buffett says in an interview with Yahoo Finance . "You're just hoping the next guy pays more. And you only feel you'll find the next guy to pay more if he thinks he's going to find someone that's going to pay more.
"You aren't investing when you do that, you're speculating."
Famous for his " buy and hold " investment strategy, the Berkshire Hathaway CEO built his company — and his $82.8 billion net worth — backing companies that have substantive value.
"Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio's market value," Buffett wrote in his 1996 letter to shareholders. "If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes."
To be an investment, what you're buying has to be worth something on its own, Buffett says.
For example, "If you buy something [like] a farm, an apartment house or an interest in a business and look to the asset itself to determine whether you've done something — what the farm produces, what the business earns ... it's a perfectly satisfactory investment," Buffett explains to Yahoo Finance . "You look at the investment itself to deliver the return to you.
"If you ban trading in farms, you could still buy farms, and have a perfectly decent investment," Buffett says.
Bitcoin, however, only increases in value by being bought and sold, he argues. Its value comes from what people are willing to pay.
"[I]f you ban trading in ... bitcoin, which nobody knows exactly what it is, people would say, 'Well why in the world would I buy it?'"
show chapters Buffett: Bitcoin a 'mirage' 10:55 AM ET Fri, 14 March 2014 The Oracle of Omaha has held this opinion since at least 2014, when he told CNBC of cryptocurrencies , "It's a mirage basically."
"The idea that it has some huge intrinsic value is just a joke in my view," Buffett said.
In 2017, bitcoin soared from below $1,000 at the start of the year to over $19,000 in December , catching the attention of everyone from J.P. Morgan Chase CEO Jamie Dimon to NFL players. Tuesday, bitcoin traded near $8,900 according to CoinDesk's price index .
Buffett sees a bleak future for the digital currency.
"In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending ," Buffett told CNBC in January. "When it happens or how or anything else, I don't know."
Of course, Buffett has been wrong about backing new technologies before. He missed opportunities to invest in Google and Amazon, decisions he now calls mistakes .
"I did not think [founder Jeff Bezos] could succeed on the scale he has," Buffett said to shareholders in May 2017.
Crypto-enthusiasts argue that Buffet doesn't understand blockchain-based coins, and he has admitted as much.
Still, many other investing experts like CNBC's Jim Cramer, Kevin O'Leary and Tony Robbins , also call buying cryptocurrencies a gamble. They suggest thinking of it like rolling the dice in Las Vegas.
"As long as you can afford to lose everything you put into it, go with it," O'Leary told CNBC Make It in December, 2017 .
That mindset is alright with Buffett.
"There's nothing wrong with it if you want to gamble [that] somebody else will come along and pay you more money tomorrow," Buffett tells Yahoo Finance. "That's one kind of game. That is not investing."
Don't miss: Here's how much grad school cost when Warren Buffett graduated in 1951, compared to today
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show chapters Bill Gates follows this part of Warren Buffett’s investing philosophy 12:43 PM ET Tue, 13 Dec 2016 | 00:56 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/warren-buffett-bitcoin-isnt-an-investment.html |
May 8, 2018 / 1:21 AM / Updated 14 hours ago ATP World Tour Masters 1000 / WTA Premier, Madrid Masters Men's Doubles Seeds Progress Reuters Staff 2 Min Read May 8 (OPTA) - Seeds Progress from the ATP World Tour Masters 1000 / WTA Premier, Madrid Masters Men's Doubles matches on Monday .. Seeds .. Seed Round Rslt Opponent Score 1 Lukasz Kubot (POL) and Marcelo Melo (BRA) 2nd to play Pablo Cuevas (URU) and (start 08:00) Marcel Granollers (ESP) 1st won (Bye) 2 Bob Bryan (USA) and Mike Bryan (USA) 2nd to play (start 08:00) 1st won (Bye) 3 Henri Kontinen (FIN) and John Peers (AUS) 2nd to play (start 08:00) 1st won (Bye) 4 Pierre-Hugues Herbert (FRA) and Nicolas Mahut (FRA) 2nd to play (start 08:00) 1st won (Bye) 5 Jamie Murray (GBR) and Bruno Soares (BRA) 2nd to play Robin Haase (NED) and (start 08:00) Jean-Julien Rojer (AHO) 1st won (Bye) 6 Juan Sebastian Cabal (COL) and Robert Farah (COL) 2nd to play (start 08:00) 1st won (Bye) 7 Ivan Dodig (CRO) and Rajeev Ram (USA) 2nd to play (start 08:00) 1st won (Bye) 8 Rohan Bopanna (IND) and Edouard Roger-Vasselin (FRA) 2nd to play (start 08:00) 1st won (Bye) (Note : all times are GMT) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-seeds-mens-doubles/atp-world-tour-masters-1000-wta-premier-madrid-masters-mens-doubles-seeds-progress-idUKMTZXEE58DYDHVJ |
May 8, 2018 / 9:05 AM / Updated 10 minutes ago Siemens makes deal with German unions on job cuts Reuters Staff 2 Min Read
ZURICH (Reuters) - Siemens ( SIEGn.DE ) said it had agreed in principle with trade unions about its plans to cut jobs and restructure its struggling Power and Gas (PG) and Process Industries and Drives businesses in Germany. FILE PHOTO: People pass Siemens flags ahead of the company's annual shareholders meeting in Munich, Germany, January 31, 2018. REUTERS/Michael Dalder/File Photo
The German industrial company is targeting savings of several hundred million euros in the programme, which follows plummeting demand and a switch to renewable energy.
In November, Siemens said it would cut 6,900 jobs worldwide, mainly at the PG division, which once thrived on supplying turbines for electricity generation. Around 3,400 of the jobs will go in Germany.
Concrete details of the deal will now be negotiated in the coming months in Germany, Siemens said. Although the company was seeking voluntary job cuts, compulsory redundancies could not be ruled out, it said.
Excluding its services business, the PG division has around 30,000 employees worldwide, of which 12,000 are based in Germany.
The cuts are separate to the temporary shutdown at PG sites around the world reported by Reuters on Monday.
Around 30,000 workers globally will be affected by the week-long shutdown, which will take place in either May and June. Reporting by John Revill; Editing by Michael Shields | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-siemens-restructuring/siemens-makes-deal-with-german-unions-on-job-cuts-idUKKBN1I90W6 |
SEOUL (Reuters) - Many South Koreans were fuming on Friday after U.S. President Donald Trump cancelled a historic summit with North Korea’s Kim Jong Un, feeling they had been cheated of a chance of a lifetime to live in peace.
Women attend a protest against U.S. President Donald Trump near U.S. embassy in Seoul, South Korea, May 25, 2018. REUTERS/Kim Hong-Ji Trump called off the unprecedented meeting, scheduled for June 12 in Singapore, after months of diplomatic progress had silenced bellicose rhetoric from the two sides and eased fears of a return to war.
“North Korea was in the process of doing everything that had been demanded of it. They even detonated their nuclear test site,” said Eugene Lim, a 29-year-old office worker in Seoul.
“Trump has no interest in peace in our country. Why can’t he just let us, the two Koreas, live in peace?”
North Korea on Thursday “completely dismantled” its Punggye-ri nuclear test ground to “ensure the transparency of discontinuance of nuclear tests”, after blowing up tunnels at the site, it said.
The detonation, which took place in the presence of dozens of international journalists but no independent experts, came after Kim Jong Un pledged to cease all nuclear and long-range missile tests last month. Kim also released three American prisoners as a gesture of goodwill.
Dozens of university students and women’s rights activists protested in different rallies in Seoul on Friday to denounce Trump, with some punching his face printed on a picket sign and tearing his photograph apart.
Kim Dong-ho, a 38-year-old employee at a blockchain company, said it wasn’t right to isolate North Korea again when it was making efforts to join the international community.
“After all, those of us living on the Korean peninsula suffer the consequences of your action, you Yankee!,” Kim said.
SOUTH KOREA’S MOON “PERPLEXED” Trump also warned North Korea the U.S. military was ready in the event of any reckless acts, and when asked if the summit cancellation increased the risk of war, he replied: “We’ll see what happens.”
Women attend a protest against U.S. President Donald Trump near U.S. embassy in Seoul, South Korea, May 25, 2018. REUTERS/Kim Hong-Ji South Korean President Moon Jae-in, who worked hard to help set up the summit and urged Trump at a White House meeting on Tuesday not to let a rare opportunity slip away, said he was “perplexed” by the cancellation.
North Korea said it remained open to resolving issues with the United States, “regardless of ways, at any time”.
South Koreans’ perception of North Korea, especially those in their 20s and 30s, has visibly softened after Kim Jong Un and Moon pledged no more war in their inter-Korean summit in April, according to several polls.
A Gallup Korea survey in early May suggested 88 percent of South Koreans thought that the inter-Korean summit held was a success, while only five percent said it was a failure. The remainder declined to comment.
A survey of 106 university students at Kookmin University in Seoul showed 57.3 percent had a positive image of Kim Jong Un after the summit, compared to 19.8 percent beforehand.
North and South Korea are technically still at war because their 1950-53 conflict ended in a truce, not a peace treaty. The United States stations 28,500 troops in the South, a legacy of the war.
“It feels like Trump just knocked down all the efforts the two Koreas have put forward for the U.S.-North Korea summit. For me, it feels like North Korea is more of a normal country, saying it would give the U.S. time and wait,” said Yun Hae-ri, a 25-year-old office worker.
“I don’t think Trump is doing the right thing if he wants to win the Nobel Peace Prize.”
Other South Koreans had concerns closer to home.
Women attend a protest against U.S. President Donald Trump near U.S. embassy in Seoul, South Korea, May 25, 2018. REUTERS/Kim Hong-Ji “What I’m most worried about are my stock holdings,” said Chon Jin-young, a 25-year-old Seoul office worker. “I hope they’re not hammered too much.”
Reporting by Joori Roh, Haejin Choi, Jane Chung and Dahee Kim; Additional reporting by Jeongmin Kim; Writing by Christine Kim,; Editing by Soyoung Kim and Nick Macfie
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://in.reuters.com/article/northkorea-missiles-southkorea/no-nobel-peace-prize-for-trump-south-koreans-slam-cancellation-of-summit-idINKCN1IQ0KZ |
Travelers can expect crowded skies and roads this Memorial Day weekend 1 Hour Ago Travelers should expect a busy holiday weekend no matter the mode of transportation, reports CNBC's Phil LeBeau. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/travelers-can-expect-crowded-skies-and-roads-this-memorial-day-weekend.html |
NEW YORK, May 22, 2018 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against ADT Inc. ("ADT" or the "Company") (NYSE: ADT) and certain of its officers, on behalf of shareholders who purchased ADT common stock pursuant or traceable to the registration statement and prospectus (collectively, the "Registration Statement") issued in connection with ADT's January 2018 initial public offering (the "Offering" or "IPO"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/adt .
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) ADT's Registration Statement made material misrepresentations and omissions by failing to disclose historical metrics integral to appraising ADT "key value drivers."; (2) ADT's discussions of risk factors did not mention, or adequately describe the risk posed by, the then already occurring 75% increase in year-over-year losses, nor the other complete yet undisclosed materially negative 4Q and FY 2017 results and trends, nor ADT's dependence on the Trump tax cut to meet even the extreme low end of its 2017 estimate ranges, nor the omission of historically critical metrics, nor the likely and consequent materially adverse effects on the Company's future results, share price, and prospects; (3) Defendants' failure to disclose the then complete materially negative 4Q and FY 2017 results and trends, and ADT's dependence on the Trump tax cut to meet even the extreme low end of its 2017 estimate ranges, much less the likely material effects they would have on ADT's share price, rendered false and misleading the Registration Statement's many references to known risks that "if" occurring "might" or "could" affect the Company; and (4) as a result, ADT's public statements were materially false and misleading at all relevant times.
On March 15, 2018, ADT announced its disappointing fourth-quarter and full-year 2017 earnings and other financial results, stating, in relevant part: "[T]he Company reported net income of $638 million, up from negative $85 million last year, and diluted earnings per share of $0.99 versus $(0.13) in the prior year. Excluding special items, diluted earnings per share were $(0.06) versus $(0.07) in the same period last year. The net income results include a $690 million tax benefit due to the 2017 Tax Reform." Following this news, the price for ADT shares declined nearly 20%, from a high of $10.72 per share on March 15, 2017, to a low of $8.63 per share on March 16, 2017. As of the time of the filing of this action, ADT shares continue to trade below $9 per share, a decline of over 35% from the $14 per share offering price.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/adt or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in ADT you have until July 20, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
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212-697-6484 | [email protected]
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SOURCE Bronstein, Gewirtz & Grossman, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-shareholder-alert-bronstein-gewirtz-grossman-llc-notifies-investors-of-class-action-against-adt-inc-adt-lead-plaintiff.html |
2 COMMENTS Industrial space in New Jersey is so hot that lease deals are drying up.
Across the state, which has become a major logistics hub for online retailers and other industrial tenants, 5.3 million square feet of leases were signed in the first quarter, about 27% less than the average from 2015 to 2017, according to a new report from real estate services firm JLL.
The main culprit: a lack of space.
That is reflected in asking rents, which jumped 11.7% from the same quarter a year earlier to $7.14 a square foot.
“There is an extraordinary under supply of quality space, and when you have an undersupply, you have a reduction in leasing activity,” said Robert Kossar, head of the Northeast industrial region for JLL. He added, “There has been no downturn of demand at all, and if anything, there has been an uptick.”
Available space in New Jersey is constrained across the board, but is even more acute for tenants on the hunt for big-box lease deals of 500,000 square feet or more, Mr. Kossar said. In the last two quarters of 2017, big-box leasing accounted for more than 30% of the total amount of space leased. But in the first three months of the year, no leases larger than 500,000 square feet were signed.
Of the four buildings existing or under construction that had over 500,000 square feet available at the end of the first quarter, only one was in the state’s primary corridor along the New Jersey Turnpike, said Iggy Armenia, JLL vice president of research and analytics.
At the same time, demand has been increasing. The state’s market has about 15 million square feet of space that can accommodate tenants requiring blocks of space larger than 100,000 square feet. But there is about 35 million square feet now sought by tenants, Mr. Armenia noted.
Almost 11 million square feet of warehouse space was under construction in the first quarter, compared with 9.2 million square feet of space in the pipeline in the first quarter of 2017. Nine speculative projects of 3.5 million square feet expected to break ground in the second quarter.
But despite increased construction, few land sites exist for development, and the space under construction is often leased before the building is completed, Mr. Kossar said. So expect asking rents for this new space to be at “high-water mark levels,” the report said.
Write to Keiko Morris at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/new-jersey-landlords-cant-keep-up-with-demand-for-industrial-space-1525216024 |
SAN ANTONIO, Venezuela (Reuters) - Crouched on a sidewalk near Venezuela’s border with Colombia, construction worker Deiver Guarate said Sunday’s presidential election has already been decided in favor of President Nicolas Maduro, and he did not plan to stay around to hear the results.
People cross the Colombian-Venezuelan border over the Simon Bolivar international bridge in San Antonio del Tachira, Venezuela May 16, 2018. Picture taken May 16, 2018. REUTERS/Carlos Eduardo Ramirez Unable to cover even the most basic of expenses amid hyperinflation, Guarate was emigrating to Colombia and had to spend the night on the street as he waited for overwhelmed Venezuelan migration authorities to stamp his passport.
“People aren’t voting anymore because they know that it’s rigged. If we had any hope that this would change, we wouldn’t be migrating,” said Guarate, 35, huddled beside suitcases on a street were several hundred people have been sleeping this week.
“The situation in Venezuela is critical,” said Guarate, whose grandmother died last year of kidney problems because the family was unable to obtain medicine due to drug shortages.
Venezuela’s opposition has called on supporters to sit out Sunday’s vote due to concerns of fraud but tens of thousand of migrants are so skeptical of the election that they prefer to leave.
They are flocking to border towns like San Antonio, where they anxiously push through streets crowded with informal vendors under sweltering sun to escape a country where a monthly minimum wage can at best buy a few pounds of rice.
Maduro challenger Henri Falcon, who is breaking the boycott to face his rival, insists that a massive turnout by discontented Venezuelans would bring about change.
Many among the opposition, however, believe Falcon is legitimizing a rigged process, which governments around the world including the United States and Latin American neighbors have condemned.
Maduro, who insists the election is free and fair, has warned migrants they would face difficult circumstances abroad and recently said some are now “cleaning toilets.”
He has said that Venezuela’s situation has been caused by an “economic war” led by U.S.-backed adversaries.
The Information Ministry did not respond to a request for comment.
‘WE KNOW WHAT’S COMING’ In April, Maduro launched a program called “Return to the Fatherland” meant to raise money for Venezuelans who sold their possessions to emigrate, then wanted to return.
In San Antonio, migrants carrying tatty bags with their belongings did not believe the government would help them or that the vote represented an opportunity for change.
People carry their luggage as they walk outside the customs building in San Antonio del Tachira, Venezuela May 16, 2018. Picture taken May 16, 2018. REUTERS/Carlos Eduardo Ramirez “The situation is just too difficult. Money doesn’t buy anything,” said Alejandro Lugo, 25, a bodyguard who planned to settle in Colombian capital Bogota.
“On Sunday there are elections. We all know what’s coming. They know the results already,” Lugo said.
The border is closed over the weekend as a security measure during the election, so migrants would have to wait until Monday to cross or cut through dozens of illegal paths.
The United Nations has estimated that 1 million Venezuelans left the country between 2015 and 2017.
Some 13,000 per day leave in search of a new life from the Venezuelan state of Tachira, the most heavily trafficked border crossing state, according to Venezuelan military sources working in the area who asked not to be identified.
Another 50,000 leave and return the same day or shortly after, the sources said.
Emigrees who carry on get their passports stamped, then walk across the Simon Bolivar bridge with suitcases and backpacks to reach Colombia or continue on by bus toward Ecuador or Peru.
The exodus of the last year has put a strain on neighboring Latin American countries, where Venezuelans are routinely seen sleeping on the streets.
Maduro halted vehicle traffic over the bridge three years ago. Sweaty pedestrians now line up in the heat to get through Colombia’s border check point.
Some cross to buy goods that have run short in Venezuela such as diapers or flour, while others smuggle goods to the Colombian border city of Cucuta, one of the few remaining ways to consistently make a living.
“Here your money won’t buy anything, no matter how much you make,” said Wilma Morales, 50, a lawyer, waiting to cross the border on her way to Peru. “For me there are no elections. I’m not going to be legitimizing a dictatorship.”
Graphic on upcoming elections in Latin America here
Slideshow (4 Images) Graphic on election in Venezuela here
Reporting by Brian Ellsworth and Anggy Polanco; Editing by Leon Wietfeld, Alexandra Ulmer, Toni Reinhold
| ashraq/financial-news-articles | https://in.reuters.com/article/venezuela-election-migration/unconvinced-by-election-venezuela-emigrees-stream-across-border-idINKCN1IK0MJ |
May 22, 2018 / 3:09 PM / in an hour Ex-Valeant, Philidor executives found guilty of kickback scheme Reuters Staff 1 Min Read
NEW YORK, May 22 (Reuters) - A former Valeant Pharmaceuticals International Inc executive and the former head of mail order pharmacy Philidor Rx Services were found guilty on Tuesday of defrauding Valeant through a multimillion-dollar kickback scheme.
The verdict, handed down by a jury in Manhattan federal court, comes on the heels of Valeant’s announcement that it would change its name to Bausch Health Companies Inc as it seeks to distance itself from a series of scandals under its previous management. Gary Tanner, a former senior director at Valeant, and Andrew Davenport, the former head of the now-defunct Philidor, were convicted of fraud and conspiracy charges. (Reporting By Brendan Pierson in New York) | ashraq/financial-news-articles | https://www.reuters.com/article/valeant-pharm-in-court/ex-valeant-philidor-executives-found-guilty-of-kickback-scheme-idUSL2N1ST0XR |
May 16, 2018 / 7:46 PM / Updated 20 minutes ago FBI chief says agency 'deeply concerned' about any company like China's ZTE Reuters Staff 1 Min Read
WASHINGTON (Reuters) - FBI Director Christopher Wray told a Senate panel on Wednesday that the law enforcement agency is “deeply concerned” about any company like China’s ZTE gaining positions of power in the U.S. telecommunications market. Director of the Federal Bureau of Investigation Christopher Wray testifies to a Senate Appropriations Commerce, Justice, Science, and Related Agencies Subcommittee hearing on the proposed budget estimates and justification for FY2019 for the Federal Bureau of Investigation on Capitol Hill in Washington, U.S., May 16, 2018. REUTERS/Joshua Roberts
Wray also said he was not aware if President Donald Trump made any attempt to consult with the FBI for its views before he recently sent a note on Twitter promising to help ZTE restore jobs after U.S. sanctions prompted it to suspend its main business operations.
“We the FBI remain deeply concerned that any company beholden to foreign governments that don’t share our values are not companies that we want to be gaining positions of power inside our telecommunications network,” Wray told the panel. “That gives them the capacity to maliciously modify or steal information, that gives them the capacity to conduct undetected espionage.” Reporting by Mark Hosenball; writing by David Alexander; editing by Tim Ahmann | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-china-zte-fbi/fbi-chief-says-agency-deeply-concerned-about-any-company-like-chinas-zte-idUSKCN1IH2T0 |
May 9, 2018 / 6:51 AM / Updated 15 minutes ago UPDATE 1-Provident Financial says recovery plan on track Reuters Staff 2 Min Read
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May 9 (Reuters) - British sub-prime lender Provident Financial said on Wednesday its recovery plans would deliver 2018 results in line with internal plans while its Vanquis bank unit reported profits ahead of earlier forecasts.
Shares in the company, which have fallen more than 70 percent in the aftermath of a pair of profit warnings last year, were projected to rise as much as 5 percent after opening.
Provident, which has been dealing with regulatory investigations into elements of its business, swung into the red last year, prompting the departure of CEO Peter Crook and the suspension of its dividend.
Vanquis’ new customer bookings fell 28.7 percent to 87,000, but were in line with management plans, the company said, but customer numbers rose 7.8 percent to 1.7 million at the end of the first quarter.
New business volumes at Moneybarn, Provident’s car and van financing arm, also grew 10 percent, with customer numbers rising 24 percent to 53,000.
Provident said Moneybarn was continuing to work with the Britain’s Financial Conduct Authority watchdog on its investigation into how the unit assesses whether customers can afford loans and how it deals with defaulters.
The company raised 331 million pounds in a share sale earlier this year, upping its capital by more than a third to meet the costs of resolving a probe by the FCA into Vanquis. (Reporting by Arathy S Nair in Bengaluru; editing by Patrick Graham) | ashraq/financial-news-articles | https://www.reuters.com/article/provident-fin-outlook/update-1-provident-financial-says-recovery-plan-on-track-idUSL3N1SG2S6 |
When Meg Conrad shops for baby products for her 3-month-old daughter, Elin, she always checks the label.
"I try to avoid products that have sulfates, parabens, phthalates and artificial fragrances," the 30-year-old Conrad said. "Everything you put on your skin gets absorbed into your bloodstream, so I want to protect my daughter from any harmful chemicals and toxins that could potentially be in products."
What won't you find in Conrad's bathroom? Johnson's Baby products. The 124-year-old iconic brand has contributed to a sales decline of 20 percent since 2011 in Johnson & Johnson's Baby Care unit, which includes Aveeno and other lines, to $1.9 billion last year. Sales in the first quarter of 2018 declined 14 percent in the U.S.
J&J says it's still the global leader in the category, but acknowledges it needs to make a change. So the company has redesigned the line to appeal more to moms like Conrad, with a plan to introduce it to stores in August.
"Perhaps because of our success, we became a bit complacent and did not want to mess with success, for lack of a better expression," Jorge Mesquita, worldwide chairman and executive vice president for J&J's $13 billion global consumer unit, said in an interview with CNBC. "Frankly, we failed to see evolving needs from millennial consumers, millennial moms, and we failed to evolve our model."
Conrad said she and other new parents care a lot about what's in their baby products.
"All of my friends who are having children are very focused on this, so I've actually gotten a lot of ideas from what my friends have used on their children and what's working for them," Conrad said.
Her brand of choice is Erbaviva, an organic line reportedly used by the Kardashians . Brands like Jessica Alba's Honest Co. are also gaining steam, according to market research provider Euromonitor International, with pledges that they're free from ingredients like phthalates and parabens.
J&J removed parabens, which are used as preservatives, from its baby line in 2015, and phthalates, often used to control a product's structure, in 2009, said Trisha Bonner, associate director of research & development at J&J Consumer.
But when J&J started the research for the line relaunch three years ago, it talked with thousands of moms, and discovered the brand needed to go further, she said.
Jodi Gralnick | CNBC Johnson & Johnson launches new line of baby products. "What we learned is that they were looking for fewer, simpler ingredients, more naturally derived ingredients in their products," Bonner said from J&J's labs in Skillman, New Jersey. "From that, we knew that we had to completely make a change to our brand."
So J&J is cutting the number of ingredients in the new Johnson's Baby line by half, eliminating dyes and sulfates and replacing ingredients like mineral oil with coconut oil, she said. J&J also changed the packaging to add pumps to many of its products to make them easier to use while holding a baby.
Baby wash products are also designed to leave less residue.
"Our newborn line is less slippery," Bonner said, "because babies are slippery, right?"
The packaging will be changed to make it easier to recycle, and contain instructions for how to do so, Bonner said. J&J will also share information online about the ingredients in fragrances. It will still use both synthetic and natural fragrances.
J&J said it's making the changes, not because of safety issues, but because that's what customers wanted, Bonner said.
The Food and Drug Administration says it doesn't have information showing that parabens in cosmetics have an effect on human health , but that it's continuing to review studies on their safety. On phthalates , the agency says the effect, if any, on human health isn't clear, but that an expert panel convened between 1998 and 2000 by the National Toxicology Program "concluded that reproductive risk from exposure to phthalates were minimal to negligible in most cases."
"We feel we have a responsibility to remove these ingredients even though they're safe," Bonner said.
The line relaunch comes after J&J has been hit with a slew of lawsuits claiming its talc baby powder products cause cancer. As part of the reboot, the company is introducing new baby powder products, containing cotton, in addition to continuing to sell its products that contain talc and cornstarch. Mesquita disputed the claims in the lawsuits.
"We are absolutely certain that science shows that our talcum product is safe, and we will defend our brand and defend our product," Mesquita said. "But we're always innovating, we're always trying to evolve and upgrade, so we're looking at a new version of baby powder that has got a combination of cotton and powder, which consumers are very excited about, and that will be added to our lineup."
Mesquita said he expects the reboot to improve profit margins because of a simplification of its supply chain. He declined to provide specific estimates.
"We're very convinced that this restage will get Johnson's Baby back to growth," he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/jj-to-relaunch-baby-care-line-after-its-20-percent-sales-decline.html |
DUBAI/SYDNEY (Reuters) - Six institutional investors from the United States and Europe are in talks with Kuwait’s Noor Financial Investment ( NOOR.KW ) to buy a combined 9.59 percent stake in Pakistan’s top Islamic lender Meezan Bank ( AMZN.KA ) from the Gulf company, sources familiar with the matter said.
The investors include New York-based Ruane, Cunniff & Goldfarb, London-based RWC Partners and Swedish asset manager Tundra Fonder, they said. Tundra Fonder has a Pakistan-themed fund which already holds some shares in Meezan.
Noor Financial owns 49.1 percent of Meezan Bank, according to the bank’s last annual report. Its total stake is valued at about $330 million based on Meezan’s market capitalization.
None of the six investors would buy more than 5 percent of the lender, to facilitate a quick approval from the banking regulator, one of the sources said.
Last week Noor said it is in preliminary non-binding discussions with foreign institutional investors to sell part of its stake in the Pakistani lender.
Noor declined to comment on the names of the bidders. The potential bidders either declined to comment or were not available to comment.
Meezan said in a statement to the Karachi bourse last week that Noor had requested Meezan approach Pakistan’s central bank to allow the share sale to proceed. It did not name the investors.
Last year Noor said it was continuously looking for strategic alternatives for its investment in Meezan.
The other major shareholders in Meezan are Islamic Development Bank and Pakistan Kuwait Investment Co.
Meezan is Pakistan’s biggest Islamic bank with a retail banking network of more than 600 branches in more than 150 cities in the country.
Noor Financial Investment Co, established in Kuwait in 1996, is engaged in investment activities and financial services primarily in Kuwait, the Middle East, Asia and other emerging markets, according to its website.
Additional reporting by Ahmed Hagagy in Kuwait; Editing by Ghaida Ghantous/Keith Weir
| ashraq/financial-news-articles | https://www.reuters.com/article/us-noor-meezan-bank-m-a/ruanne-cunniff-goldfarb-rwc-in-talks-to-buy-meezan-banks-stake-sources-idUSKCN1IM0QY |
STOCKHOLM (Reuters) - Central banking is becoming increasingly complex and difficult to understand, supporting the case for new ways to communicate, European Central Bank board member Benoit Coeure said on Friday.
FILE PHOTO: Benoit Coeure, board member of the European Central Bank (ECB), is photographed during an interview with Reuters journalists at the ECB headquarters in Frankfurt, Germany, May 17, 2017. Picture taken May 17, 2017. REUTERS/Kai Pfaffenbach “Based on common measures of text readability, the introductory statement delivered at our last ECB press conference was only accessible to university graduates, who constitute only around a third of the euro area population,” Coeure told a conference. “That cannot be good news.”
Speaking at conference to mark the Swedish central bank’s 350th birthday, Coeure said that in the post-crisis world of unconventional policy, inflation may react more slowly to central bank policy, creating a disconnect between policy action and its outcome.
“Output legitimacy may be more difficult to assert if inflation is proving to be less reactive to central bank actions in the short term,” he added.
To overcome this challenge, Coeure called on banks to improve transparency, embrace Twitter and layer their communication to target different segments of society.
But he added that central banks had their limits given the complexity of their jobs and the “worryingly low level” of financial literacy among adults in the developed world.
Reporting by Balazs Koranyi; Editing by Hugh Lawson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ecb-policy-coeure/complexity-of-central-banking-challenges-its-legitimacy-coeure-idUSKCN1IQ1ZN |
MADRID (Reuters) - Claycourt king Rafael Nadal has played down the significance of his quarter-final defeat by Austrian Dominic Thiem at the Madrid Open — a loss that ended a year-long winning streak on clay and cost him the world number one ranking.
Tennis - ATP 1000 - Madrid Open - Madrid, Spain - May 11, 2018 Spain's Rafael Nadal looks dejected after losing his quarter final match against Austria's Dominic Thiem REUTERS/Sergio Perez The 31-year-old Spaniard looked unstoppable going into his Friday clash with fifth seed Thiem, having won 50 consecutive sets on the red dirt, but he was well beaten 7-5 6-3.
Coincidentally, it was Thiem who last beat Nadal on clay, at last year’s Rome Masters, shortly before the Spaniard rampaged to a 10th French Open title without dropping a set.
However, Nadal quickly slapped down any notion that world number seven Thiem knows the secret of beating the greatest ever exponent of claycourt tennis.
“Well, three weeks ago I beat him 6-0 6-3. I don’t know if that’s a tough player or not. I don’t think it’s that way,” Nadal, who also beat Thiem en route to the Roland Garros title last year, told reporters.
“I think it has just been a match where he was better than me, same as a few weeks ago I was better than him.
“If he beats me three times in a row, maybe we can say he reads my game and can beat me.”
Nadal will now focus on next week’s tournament in Rome where, should he win the title, he could reclaim the number one ranking from great rival Roger Federer who has opted to sit out the claycourt season in preparation for Wimbledon and beyond.
Not that the Mallorcan will lose any sleep over it.
GOOD POSITION “You cannot be number one when you’ve been not playing for five months,” he said. “I think from Shanghai (last year) till Monte-Carlo, I hadn’t finished a single tournament. We’re talking about a lot of months that I gave up.
“This year till now I had only one or two tournaments that I had played. This is the reality of this year.
“I’m not going to keep the number one today. At the end of the year we will see what happens.
“I think I placed myself in a good position. I am three in the (ATP Race), which is the most important thing. I still have two good weeks on clay, and then I’ll keep on moving forward.”
Nadal ended 2017, in which he took his grand slam tally to 16 by winning the French and U.S. Open titles, with a knee injury and then had a hip problem at this year’s Australian Open that forced him to quit against Marin Cilic in the last eight.
He returned to Tour action only in April, winning the Monte Carlo title for an 11th time before rolling through the draw in Barcelona for his 11th triumph there.
Despite being off-key against Thiem, he said he was now fully fit as Paris looms.
“What makes me happy is I feel fit, can compete with possibilities every single week. This is my final goal: to be happy. That’s what I’m working on,” he said.
Reporting by Martyn Herman in London, Editing by Ken Ferris
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-madrid-men-nadal/nadal-eager-to-play-down-thiem-hiccup-idUSKCN1ID0FO |
(Adds link to related Factbox)
May 31 (Reuters) - Japan's SoftBank Group Corp will invest $2.25 billion in General Motors Co's autonomous vehicle unit Cruise, the companies said on Thursday, a deal that validates the venerable Detroit automaker's leadership in self-driving cars and sent GM shares up more than 10 percent.
The move by SoftBank's $100-billion Vision Fund is one of the largest investments to date in self-driving technology by one of the highest-profile global technology investors.
It gives GM funds for wide-scale deployment of self-driving cars, which GM aims to roll out next year. The partnership values Cruise at $11.5 billion, a triumph for GM, which was criticized for overpaying an estimated $1 billion for the startup two years ago.
The GM share jump on Thursday was the stock's largest one-day gain since the company re-listed after its 2009 bankruptcy.
Self-driving cars are expected to revolutionize the way people use vehicles and fundamentally change the business model of building and selling them. GM and Alphabet Inc's Waymo are often cited as the two top contenders. Alphabet, which plans to launch a robo taxi service later this year, underscored its own ambitions on Thursday, announcing a deal to buy up to 62,000 minivans from Fiat Chrysler Automobiles for its self-driving fleet.
GM Chief Executive Officer Mary Barra said the company is still "on track" to begin deploying its Cruise AVs in commercial ride-sharing fleets in 2019. Barra said GM plans to launch its own ride and delivery services business, but said it might also explore "other opportunities" with some of the companies that SoftBank has funded, including Uber, Didi, Ola and Grab.
Shares of GM rose 10.3 percent to $41.72 in early afternoon trade.
GM's initial purchase of Cruise ignited a deal frenzy in Silicon Valley, which may accelerate after the SoftBank partnership.
Cruise operated with an unusual amount of autonomy after the purchase by GM, although Cruise CEO Kyle Vogt last year told a Fortune event that it was "not smooth sailing" at first. It took us probably six months to a year to really figure out how to work well together and to achieve what we have now, which is mutual respect," he said last July.
SoftBank also has invested billions of dollars in "dozens" of transportation-related startups, including many involved in some aspect of self-driving technology.
RBC Capital Markets analyst Joseph Spak said the deal affirmed that GM was one of the top contenders to deploy self-driving ride hailing. GM has a meaningful seat at the table," he said.
GM will also invest $1.1 billion in the unit after the deal closes, the company said.
SoftBank Vision Fund will own a 19.6-percent stake in GM Cruise once the transaction is completed, and will hold one of six seats on the company's board. Its investment will be held in a preferred security that can be converted to GM common stock after seven years.
SoftBank will initially invest $900 million and a further $1.35 billion when Cruise vehicles are ready for commercial deployment, subject to regulatory approval.
GM said it would break out reporting on GM Cruise financials as a standalone segment, starting in the second quarter. The automaker said it expects to spend about a billion dollars this year and next on self-driving vehicle development and commercialization.
Many self-driving car contenders expect ride hailing services will be the main users of the technology. Tesla Inc has talked about creating a network of self-driving cars, Alphabet's Waymo is rolling out its plan, and Uber Technologies Inc sees self-driving technology as key to its future. New Chief Executive Dara Khosrowshahi on Wednesday also said he was in talks to use Waymo technology on the Uber network.
SoftBank will take a stake in a newly-created unit, GM Cruise Holdings, whose assets include Cruise Automation, the self-driving vehicle unit based in San Francisco, and Strobe, a small self-driving sensor developer that Cruise acquired last year.
GM President Dan Ammann said GM Cruise also would oversee monetization of data generated by the company's self-driving vehicles, which he has said could provide greater margins than GM's traditional business of buying and selling cars.
(Reporting by Sanjana Shivdas in Bengaluru and Paul Lienert in Detroit; Editing by Sriraj Kalluvila, Peter Henderson and Nick Zieminski) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/reuters-america-update-5-softbank-joins-gm-in-self-driving-car-push-gm-shares-soar.html |
Court rules that a notification for Extraordinary General Meeting must be issued this week
The Extraordinary General Meeting to be scheduled between June 18 and June 24, 2018
Court ruling also establishes an agenda for the June meeting that is substantially identical to the agenda Mr. Payne previously called for
Change in Arcturus board restores competency and provides new path to significant growth
SAN DIEGO, Calif., May 14, 2018 (GLOBE NEWSWIRE) -- Joseph Payne, Founder and largest shareholder of Arcturus Therapeutics Ltd. (NASDAQ:ARCT) (“Arcturus” or the “Company”), owning approximately 13.7% of the issued and outstanding shares, yesterday welcomed the Israeli Court’s (the “Court”) decision to uphold shareholders’ rights by sanctioning an Extraordinary General Meeting (“EGM”) of shareholders for this June.
“We are very pleased that the Court has put an end to the Company’s multiple attempts to prevent shareholders from exercising their fundamental right to vote their shares,” said Mr. Payne. “The current Board of Directors’ ongoing entrenchment tactics and never-ending, frivolous litigation has been costly and wasteful. Shareholders look forward to finally replacing this self-motivated, wasteful Board and bringing positive change to Arcturus.”
Mr. Payne requisitioned an EGM in February for the purpose of revitalizing the Company with a new Board of highly qualified independent and experienced nominees — Peter Farrell, Andrew Sassine, James Barlow and Magda Marquet. However, after originally scheduling the EGM for May 7, 2018, Arcturus’ current Board of Directors (the “Board”) ignored its fiduciary duty and legal obligation to hold the EGM and instead announced it would postpone the shareholder vote indefinitely.
The Court ruled:
The summons for the EGM is to be sent out by the Company before May 20, 2018 The EGM is to be scheduled within 35 days of the summons being sent out
“With the Court sanctioning this meeting, we are now just weeks away from putting an end to the value destruction that shareholders have experienced and look forward with renewed commitment to an exciting R&D pipeline supported by a talented new board with the requisite experience, track record, and desire to propel Arcturus into a multibillion dollar company,” added Mr. Payne.
In the meantime, Mr. Payne calls upon the current Board to act in accordance with their fiduciary duties and manage the affairs of the company in good faith until the EGM is held. Mr. Payne further urges the Board to refrain from further expenditures and last ditch reckless actions, such as the several that they have attempted to take over the last few months, solely for the purpose of entrenching themselves against the wishes and best interests of the shareholders.
Mr. Payne noted, “Despite attempts of the Board to the contrary, the future is now clear to shareholders — change is on the way and a better performing Arcturus is just around the corner.”
Mr. Payne will be providing shareholders with proxy materials in due course. Shareholders are urged not to vote any proxy until they have received and reviewed materials from Mr. Payne.
ADVISORS
Kingsdale Advisors is acting as strategic shareholder and communications advisor to Mr. Payne.
For further information:
Ian Robertson
Executive Vice President
Communication Strategy
Kingsdale Advisors
Direct: 646-651-1640
Cell: 647-621-2646
Email: [email protected]
Source: Concerned Shareholder ofArcturus Therapeutics,Joseph Payne | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-arcturus-therapeutics-founder-joseph-payne-welcomes-court-decision-to-set-date-and-agenda-of-extraordinary-general-meeting.html |
* Sibanye confident Lonmin will meet targets by H2
* Strong rand delays debt reduction to end of 2-4 yr target
By Zandi Shabalala
LONDON, May 18 (Reuters) - Sibanye-Stillwater is confident its planned purchase of Lonmin will go ahead, but the struggling platinum producer must slow its cash burn, the South African firm’s chief executive said.
Sibanye’s 285 million pound ($386 million) all-share bid to create the world’s second largest platinum miner faces hurdles including Lonmin’s weak cash position, competition authority approval and the effects of a stronger rand.
Before December’s offer Lonmin, the world’s third largest platinum miner, had been in crisis following a series of labour strikes, subdued platinum prices and years of high costs.
Key to closing the deal is Lonmin maintaining its net cash position and achieving certain production targets, Neal Froneman told Reuters during Platinum Week in London.
“I remain confident that this transaction will close and it will close in the form that we originally and always expected. “
On Monday, Lonmin said its net cash had slipped to $17 million from $63 million at the end of December. But it said it intends to recover $47 million, which is to cover a smelter outage, in the second half of the year.
“What we are saying to the Lonmin management is please don’t let the wheels come off, maintain your net cash position as your model shows,” Froneman said.
“There is a duty on Lonmin management to deliver...I’m not panicking. I’m very confident in their ability to meet their targets,” he added.
JOB CUTS INEVITABLE Should the deal fail to close, Froneman said, job cuts at Lonmin could be in higher than initially projected.
“Those 12,600 jobs (cuts) are inevitable, I can’t stop them. They are going to go whether we do this merger or not,” he said.
There are 890 merger-related layoffs that will face scrutiny from South Africa’s Competition Commission, which could impose tough conditions and make the deal unattractive to Sibanye’s shareholders.
“We are asking the Competition Commission to approve the merger-related job losses to save the rest of the jobs.”
Sibanye, which bought Aquarius Platinum, Anglo American Platinum’s Rustenburg assets and U.S.-based Stillwater over the last few years, is not seeking any further assets in the short term, Froneman said.
The company is hobbled by its net debt which ballooned to 23 billion rand ($1.8 billion) at the end of December from 6.3 billion rand a year earlier. This puts debt at 2.6 times underlying earnings.
South African miners pay their costs in rand and receive revenue in dollars and the stronger rand will delay Sibanye’s efforts to deleverage but will still be within the targeted range of two to four years, Froneman said.
Sibanye is considering pipeline financing, streaming agreements and forward sales to reduce its debt, Froneman said, but ruled out raising equity. ($1 = 12.5856 rand) (Reporting by Zandi Shabalala; Editing by Veronica Brown and Alexander Smith)
| ashraq/financial-news-articles | https://www.reuters.com/article/platinum-week-sibanye-gold/platinum-week-sibanye-ceo-confident-of-lonmin-takeover-despite-cash-burn-idUSL5N1SO6K0 |
May 27, 2018 / 4:49 PM / Updated 22 minutes ago England suffer heavy loss to inspired Barbarians Reuters Staff 2 Min Read
LONDON (Reuters) - England’s preparations for their tour of South Africa suffered a setback as they lost 63-45 to the Barbarians in a non-cap match at Twickenham on Sunday, their fourth defeat in a row. Rugby Union - England v Barbarians, Twickenham Stadium, London, Britain - May 27, 2018 England's Elliot Daly in action with Barbarians' Victor Vito Action Images via Reuters/Tony O'Brien
The hosts fielded a mixture of regular internationals and young players, but the inexperienced lineup was no match for the power of the Barbarians who ran in nine tries in an entertaining game full of running rugby.
Winger Chris Ashton, who has 39 caps for England, grabbed a hat-trick of tries for the Barbarians inside 25 minutes as they crossed the line five times in the first half. Rugby Union - England v Barbarians, Twickenham Stadium, London, Britain - May 27, 2018 Barbarians' Victor Vito in action with England's Eliott Stooke Action Images via Reuters/Tony O'Brien
Danny Cipriani made his return to the England side for the first time since 2015 when coming on as a 29th-minute substitute, but he could not inspire an England fightback, leaving coach Eddie Jones with much to ponder ahead of the first test in South Africa on June 9. Slideshow (2 Images)
“We weren’t good enough by a long way,” England flyhalf George Ford said after the match. “We’ll have to have a look at it because we can’t be performing like that.”
England were beaten 9-6 on the try count despite fielding seven regular starters, all of whom were involved in the Six Nations.
One of those regulars, Ford, actually denied Ashton a hat-trick inside ten minutes after catching his former team mate, but England still suffered early on.
The Baa-Baas scored three unanswered tries inside 12 minutes, with additional conversations from Scotland’s Finn Russell, before Elliot Daly and Piers Francis scored quick-fire tries for England.
Francis scored another before the break, as did Bath youngster Zach Mercer, but the Barbarians stayed well on top.
England slowed the Barbarians’ scoring down in the second half, but scored just two more tries through Ben Launchbury and Jonny May, both converted by Ford, as they slumped to another defeat. Reporting by Peter Hall, editing by Ed Osmond and Neil Robinson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-eng-bar/england-suffer-heavy-loss-to-inspired-barbarians-idUKKCN1IS0LE |
CEDAR KNOLLS, N.J., May 3, 2018 /PRNewswire/ -- MYOS RENS Technology Inc. ("MYOS" or "the Company") (NASDAQ: MYOS ), a bionutrition company and owner of Fortetropin ® , the natural food product that helps build lean muscle in conjunction with resistance training, announced today that it will host a conference call on Thursday, May 10, 2018 at 11:00 am ET, at which time MYOS Chief Executive Officer, Joseph Mannello, will provide highlights and commentary on earnings results and clinical studies' developments for the first quarter ended March 31, 2018.
The Company will announce earnings results for the first quarter ended March 31, 2018, prior to the conference call.
Conference Call Details:
Call Date/Time:
Wednesday, May 10, 2018 at 11:00 am ET
Call Title:
MYOS RENS Technology First Quarter 2018 Financial Results Conference Call
Dial In:
Inside U.S.: 877-407-4019
International: 201-689-8337
Please dial into the conference a few minutes before the call starts.
A digital replay will be available by telephone approximately two hours after the completion of the call until July 31, 2018 and may be accessed by dialing 877-660-6853 from the U.S. or 201-612-7415 for international callers, using the Conference ID# 13679724.
The webcast will be available on the MYOS website, https://ir.myosrens.com/ , in the "Investor Relations" section. The webcast will be archived and available at the same web address for two weeks following the call.
About MYOS RENS Technology Inc.
MYOS RENS Technology Inc. (MYOS), "The Muscle Company™", is a Cedar Knolls, NJ-based bionutrition company that develops and markets products that improve muscle health and performance. MYOS is the owner of Fortetropin ® , the world's first clinically-demonstrated myostatin reducer. Myostatin is a natural regulatory protein, which inhibits muscle growth. Fortetropin ® is a fertilized egg yolk based product manufactured via a proprietary process to retain and optimize its biological activity. Fortetropin ® has been clinically shown to increase muscle size and lean body mass in conjunction with resistance training. MYOS believes Fortetropin ® has the potential to redefine existing standards of physical health and wellness. For more information, please visit www.MYOSRENS.com .
Forward-Looking Statements
Any statements in this release that are not historical facts are forward-looking statements. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements involve risks and uncertainties, including but not limited to those relating to product and customer demand, market acceptance of our products, the ability to create new products through research and development, the successful results of strategic initiatives, the successful launch of our products, including Qurr ® products, the success of our research and development, including the clinical studies described above, the results of the clinical evaluation of Fortetropin ® and its effects, the ability to enter into new partnership opportunities and the success of our existing partnerships, the ability to generate the forecasted revenue stream and cash flow from sales of our products, the ability to continue increasing our revenue and gross profit margins, the ability to achieve a sustainable, profitable business, the effect of economic conditions, the ability to protect our intellectual property rights, competition from other providers and products, the continued listing of our securities on the Nasdaq Stock Market, risks in product development, our ability to raise capital to fund continuing operations, and other factors discussed from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made except as required by law.
These statements have not been evaluated by the Food and Drug Administration. Our products are not intended to diagnose, treat, cure or prevent any disease.
Investor Relations :
Porter LeVay & Rose
Michael Porter, President
Phone: 212-564-4700
Email: [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/myos-rens-technology-announces-the-date-for-the-release-of-first-quarter-2018-results-conference-call-and-webcast-300642429.html
SOURCE MYOS RENS Technology Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-myos-rens-technology-announces-the-date-for-the-release-of-first-quarter-2018-results-conference-call-and-webcast.html |
BERLIN (Reuters) - Germany’s Schwarz Gruppe, the owner of discount retailers Lidl and Kaufland, is aiming to reach over 100 billion euros ($119.6 billion) in sales this year and plans to keep on investing.
FILE PHOTO: A company logo is pictured outside a Lidl supermarket in Vienna, Austria, May 7, 2016. REUTERS/Leonhard Foeger/File Photo Lidl and rival discount supermarket chain Aldi have been ploughing ahead with investment in other countries, especially in Britain, where they have been taking market share from the traditional players there.
Schwarz Gruppe said in a brief statement on Thursday that last year sales rose 7.4 percent to 96.9 billion euros, of which 74.6 billion came from Lidl, which has 10,460 stores in Europe and the United States.
The group invested 7 billion euros last year and said it was aiming for a similar amount this year.
Lidl plans to add about 300 or 350 new stores this year and increase its product range to 2,500 products from 1,800 currently, Schwarz Gruppe CEO Klaus Gehrig told German Frankfurter Allgemeine Zeitung.
“The pressure to change is greater than ever,” he was Quote: d as saying, adding that Aldi had shown the way when it came to increasing the product range.
($1 = 0.8363 euros)
Reporting by Victoria Bryan; Editing by Alexandra Hudson
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-schwarz-gruppe-results-lidl/lidl-owner-targets-over-100-billion-euros-in-sales-in-2018-idUSKBN1I42AQ |
KUALA LUMPUR (Reuters) - Malaysian Prime Minister Mahathir Mohamad said on Friday the country’s monarch had indicated he was willing to grant a full pardon to jailed politician Anwar Ibrahim.
Malaysian political leader Anwar Ibrahim watches a live broadcast of the swearing in ceremony of newly-elected Malaysian Prime Minister Mahathir Mohamad, in Kuala Lumpur, in this still image taken from video, May 10, 2018, obtained from social media. Dr Ariff Bahardin/via REUTERS Speaking at a news conference, Mahathir also said he would announce a 10-member cabinet on Saturday, including ministers for finance, defense and home affairs.
Anwar and Mahathir, former allies and then implacable foes, joined hands to contest this week’s election and oust the administration of Najib Razak. Anwar is in custody on charges of sodomy and corruption and cannot take any office until he is pardoned and released.
Mahathir has said he will step aside and hand over the prime minister’s post to Anwar once he is pardoned.
Reporting by Praveen Menon; Editing by Raju Gopalakrishnan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-election-conference/malaysias-mahathir-says-king-willing-to-grant-full-pardon-for-anwar-idUSKBN1IC0AP |
Significant investment planned to drive long-term growth
NEW YORK, May 2, 2018 /PRNewswire/ -- The shareholders of OANDA Global Corporation (OANDA) have announced that they have accepted an offer from a wholly-owned subsidiary of CVC Capital Partners (CVC) Asia Fund IV to acquire all of the outstanding equity of OANDA. The transaction is subject to customary regulatory approvals.
Founded in 1995, OANDA® is a global online retail trading platform, currency data and analytics company. OANDA's award-winning technology and institutional-grade execution across a wide range of asset classes, enables clients to trade currencies, equity indices, commodities, treasuries and precious metals.
Under the new ownership of CVC Asia Fund IV, OANDA will continue to be led by Chief Executive Officer, Vatsa Narasimha, who was pivotal in the investment from CVC Asia Fund IV and instrumental in growing the business at a CAGR of over 25% since 2015.
Siddharth Patel, Senior Managing Director at CVC, said: "This is an exciting opportunity to invest in a leading global player with a consistent track record of growth and a highly cash-generative business, in a sector known well to CVC. We look forward to working closely with Vatsa and his team as we help support OANDA, especially in Asia, in making strategic acquisitions and in investing to further broaden its product set."
Mr. Narasimha commented: "I am excited by the change in ownership and the next phase of OANDA's development. OANDA is a consumer-focused business and the management team has an ambitious strategic and product plan to drive value over the next five years, focusing on both organic and inorganic growth. This strategy is wholly supported by our new owners."
Kittu Kolluri, Chairman of OANDA, also commented on the transaction: "Over the years, OANDA has built an exceptional platform with proven scalability to meet all the demands of the company's growing global client base. Under Vatsa's leadership there has been a significant change in strategic focus and a number of operational improvements that have delivered strong results laying the foundations for further growth. OANDA is well positioned for its next step forward and will continue to transform the business of foreign exchange and beyond."
Moelis & Company UK LLP acted as the financial adviser to OANDA and Pillsbury Winthrop Shaw Pittman LLP acted as legal advisers. FT Partners acted as exclusive financial adviser to CVC and White & Case LLP and McCarthy Tetrault LLP acted as legal advisers.
About OANDA
OANDA was founded in 1995 by Dr. Michael Stumm, a professor of Computer Engineering at the University of Toronto, and Dr. Richard Olsen. The first product introduced in 1996 featured a website providing free currency conversion tools and historical currency data to the public. Since then the company has grown to be the definitive source of FX rates trusted by leading global corporations such as Google, Samsung and Tesla as well as audit firms, tax authorities and industry associations such as IATA. Additionally, the business has significantly increased its presence in the lucrative analytics segment with a range of products that will enable companies to plan and manage their currency exposure.
In 2001 the company launched its online foreign exchange trading platform, 'fx trade', enabling both professional and retail clients to trade FX. Pioneering cutting edge technology and new products has been pivotal to growing the trading business where clients can trade from a broad range of asset classes including currencies, commodities, indices, metals and treasuries.
OANDA has grown globally with established operations in London, New Delhi, New York, Tokyo, Toronto, San Francisco, Singapore and Sydney.
About CVC Capital Partners
CVC Capital Partners ("CVC") is a leading private equity and investment advisory firm. Founded in 1981, CVC today has a network of 23 offices and approximately 450 employees throughout Asia, Europe and the U.S. To date, CVC has secured commitments of over $110 billion from some of the world's leading institutional investors across its private equity and credit strategies. In total, CVC currently manages c.$70 billion of assets. Today, funds managed or advised by CVC are invested in 61 companies worldwide, employing c.270,000 people in numerous countries. Together, these companies have combined annual sales of over $60 billion. For further information about CVC please visit: www.cvc.com
View original content: http://www.prnewswire.com/news-releases/cvc-capital-partners-asia-fund-iv-agrees-to-acquire-leading-global-platform-oanda-300641055.html
SOURCE OANDA | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-cvc-capital-partners-asia-fund-iv-agrees-to-acquire-leading-global-platform-oanda.html |
BoE to wait out soft data as eyes next rate rise 5:02pm BST - 01:48
The Bank of England held interest rates steady on Thursday and said weak growth during a snowy start to 2018 was likely to be temporary, but it wanted to be sure the economy was picking up in coming months before raising borrowing costs. David Pollard reports.
The Bank of England held interest rates steady on Thursday and said weak growth during a snowy start to 2018 was likely to be temporary, but it wanted to be sure the economy was picking up in coming months before raising borrowing costs. David Pollard reports. //reut.rs/2KSzEwv | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/10/boe-to-wait-out-soft-data-as-eyes-next-r?videoId=425615390 |
FIVE YEARS ago, Ryan Willms shunned tie-dye clothing, lest he give the impression he had gotten lost on his way to a Phish concert. Today, though, you can spot the 33-year-old creative director tooling around Los Angeles in a multicolored, swirl-pattern sweatshirt from Japanese label Needles. “Whenever I wear that hoodie, people of all sorts are like, ‘I love your hoodie,’ and that is a positive feeling,’’ said Mr. Willms. Until the vibrant sweatshirt won him over, his wardrobe had mostly consisted of cautious neutrals. In a sometimes-too-serious world, he added, tie-dye evokes “something relaxed and chill.”
This... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/over-gingham-shirts-this-summer-try-tie-dye-seriously-1526404218 |
JOHANNESBURG, May 3 (Reuters) - South African power utility Eskom, which is struggling from a financial crisis, said on Thursday that it would not resort to controlled power blackouts this year despite previous reports that it was facing coal shortages.
“There will not be load-shedding this year,” said Eskom’s acting Chief Executive Phakamani Hadebe, referring to forced interruptions to power supply. (Reporting by Alex Winning Editing by James Macharia)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/safrica-eskom/south-africas-eskom-acting-ceo-says-no-power-cuts-this-year-idUSJ8N1RH01K |
May 3, 2018 / 4:51 AM / Updated 11 minutes ago Ceva Logistics prices IPO at 27.50 Swiss francs per share Reuters Staff 1 Min Read
ZURICH, May 3 (Reuters) - Transport firm Ceva Logistics priced its initial public offering at 27.50 Swiss francs per share, the low end of its indicated range, raising 1.2 billion Swiss francs ($1.20 billion) in an all-primary offering to repay debt, it said on Thursday.
CMA CGM Group is spending 379 million francs via a private placement to get a roughly 25 percent stake in Ceva Logistics, which is owned by private equity firm Apollo.
Trading on the SIX Swiss Exchange starts on Friday. $1 = 0.9968 Swiss francs Reporting by Michael Shields, editing by John Revill | ashraq/financial-news-articles | https://www.reuters.com/article/ceva-logistics-ipo/ceva-logistics-prices-ipo-at-27-50-swiss-francs-per-share-idUSZ8N1LE01D |
Bezos was a straight-A high school student and the class valedictorian, and he got accepted via early admission to Princeton, according to Brad Stone's biography "The Everything Store: Jeff Bezos and the Age of Amazon ." He majored in computer science and electrical engineering, and then went on to work various finance and tech jobs after college.
It was while serving as a vice president at the hedge fund D. E. Shaw in the 1990s that Bezos came up with the idea to sell books over the Internet. Doing so, though, would mean taking a significant risk and perhaps sacrificing his stable job. show chapters 5:17 PM ET Tue, 21 Nov 2017 | 02:44
"I came across the fact that Web usage was growing at 2,300 percent per year," Bezos said in a 2010 address at his alma mater . "I'd never seen or heard of anything that grew that fast, and the idea of building an online bookstore with millions of titles — something that simply couldn't exist in the physical world — was very exciting to me."
At the 2017 Summit LA conference , Bezos recalled that, when he told his boss about his Internet bookstore idea, his boss said, "I think this is a good idea, but I think this would be an even better idea for somebody that didn't already have a good job."
That's when Bezos considered what his 80-year-old self would say if he did or didn't seize this opportunity.
"In most cases, our biggest regrets turn out to be acts of omission. It's paths not taken and they haunt us. We wonder what would have happened," Bezos said at Summit LA. "I knew that when I'm 80, I would never regret trying this thing that I was super excited about and it failing. If it failed, fine. I would be very proud of the fact when I'm 80 that I tried. I also knew that it would always haunt me if I didn't try."
After "a lot of soul-searching," Bezos quit his job to start his dream company. The decision paid off.
Here are the other top 10 most powerful CEOs of 2018, according to Forbes. 10. Ma 'Pony' Huateng Tencent Inc. CEO Pony Ma Huateng arrives at the Great Hall of the People to attend the opening ceremony of the Fifth Session of the 12th National People's Congress (NPC) on March 5, 2017 in Beijing, China. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/forbes-amazon-exec-jeff-bezos-is-the-worlds-most-powerful-ceo.html |
May 19, 2018 / 11:02 PM / Updated 14 hours ago Golf - Wise shares lead with Leishman at Byron Nelson Reuters Staff 2 Min Read
May 19 (Reuters) - Young American Aaron Wise chased down Australian Marc Leishman on Saturday to grab the co-lead at the AT&T Byron Nelson and set up a two-man showdown heading into the final round. May 19, 2018; Dallas, TX, USA; Marc Leishman chips onto the 18th green during the third round of the AT&T Byron Nelson golf tournament at Trinity Forest Golf Club. Mandatory Credit: Ray Carlin-USA TODAY Sports
The 21-year-old Wise, who was a shot behind the leader entering the third round, shot a three-under-par 68 to tie Leishman at 17 under.
Wise is hunting his first PGA Tour win after tying for second in the Wells Fargo Championship two weeks ago.
He birdied the 16th and 17th holes in Dallas to briefly take solo control before making a bogey on the par-four 18th to drop back. Slideshow (2 Images)
Australian Matt Jones and American Kevin Na were four shots back at 13 under with Jimmy Walker and Brian Gay on 12 under.
Leishman grabbed control of the tournament in the opening round with a 10-under-par 61 and has been steady since, making just two bogeys over his last two rounds at the links-style Trinity Forest, the tournament’s new home.
Leishman, 34, won twice on the PGA Tour a year ago and will be looking for his first triumph of this season.
Hometown favourite and three-times major champion Jordan Spieth failed to push his way into contention, settling for a level-par 71 that left him well back at seven under. Reporting by Jahmal Corner in Los Angeles, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-golf-byronnelson/golf-wise-shares-lead-with-leishman-at-byron-nelson-idUKKCN1IK0VX |
Oil prices pared losses on Tuesday after President Donald Trump announced that the United States will withdraw from the 2015 Iran nuclear deal.
U.S. West Texas Intermediate crude oil settled down $1.67 a barrel, or 2.4 percent at $69.06, well off a 4.38 percent decline earlier in the day. The settlement was delayed by nearly an hour due to extremely high trading volume. The contract rose as high as $70.84 on Monday and ended the session above $70 a barrel for the first time since November 2014.
International benchmark Brent crude fell 47 cents , or 0.6 percent, to $75.71, also paring back an earlier decline of 4 percent. Brent touched $76.34 on Monday, its best level since Nov. 27, 2014.
In President Trump's announcement Tuesday, he said the U.S. will withdraw from the Iran nuclear deal forged under the Obama administration and restore sanctions on Tehran suspended under the 2015 accord.
"We will be instituting the highest level of economic sanction," Trump said. "Any nation that helps Iran in its quest for nuclear weapons could also be strongly sanctioned by the United States."
Iran is OPEC's third-largest oil producer and currently exports about 2.5 million barrels a day. Renewed sanctions could crimp those shipments at a time when global oil supply and demand have essentially balanced out. That increases the risk that the market could swing into undersupply and send oil prices higher.
In a statement immediately following the president's annoucement, Treasury Secretary Steven Mnuchin said in a prepared statement that "Sanctions will be reimposed subject to certain 90 day and 180 day wind-down periods. At the conclusion of the wind-down periods, the applicable sanctions will come back into full effect."
However, prices backed off Monday's highs after Trump tweeted that he would announce his decision four days before a deadline spelled out in the nuclear deal.
The tweet convinced some investors that the worst of the market's fears — that Trump will move quickly to impose sever sanctions — won't be realized, according to John Kilduff, founding partner at energy hedge fund Again Capital. Instead, some traders are now anticipating a "Trumpian half measure," he said.
"I don't think he'll go much further than that," Kilduff said. "We're pulling out of the deal, but he's going to hold off on reimposing sanctions until he can have an opportunity to work out some other sort of arrangements with Iran and the allies themselves."
A CNN report on Tuesday appeared to at least in part confirm that expectation. Sources told the network it could take months for the sanctions to take effect as the administration develops guidelines for companies and banks.
Congressional sources told CNBC the administration plans to wind down various aspects of the deal over 90- or 180-day periods.
show chapters Oil prices will slide even if Trump only delays Iran decision: expert 13 Hours Ago | 03:15 Trump warned earlier this year that he would pull out of the nuclear accord unless he could reach a deal with Britain, France and Germany to toughen the terms of the agreement. That deal has not emerged.
The impact of renewed sanctions on oil flows will depend in part on how Washington chooses to implement them .
However, analysts say that lack of international support for renewed U.S. sanctions means the measures will likely only remove 300,000-500,000 barrels a day of Iranian crude from the market. That compares with 1 million-1.5 million barrels a day under President Barack Obama .
The oil market is vulnerable to a sell-off because investors have taken out a record number of long positions in crude futures in recent months. Investors could unwind these long positions, or bets that oil prices will keep rising, if Trump's announcement on Tuesday eases geopolitical concerns.
"A de-escalation of the geopolitical tension is likely to trigger an outflow from investors, reducing significantly whatever risk premium is embedded in prompt prices, given that investors are holding near-record net long positions," Edward Morse, global head of commodities research at Citi said in a recent research note.
The continued deterioration of Venezuela's economy, underpinned by a drop in its lifeblood crude production, has helped to underpin crude prices.
WATCH: Oil soars to $70/barrel show chapters Oil prices soar to $70 a barrel 1:57 PM ET Mon, 7 May 2018 | 04:10 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/oil-prices-fall-as-the-market-awaits-trumps-iran-nuclear-deal-decision.html |
Limbo Lingers for the European Union: Crises from Greece to Brexit have left crucial questions for the EU unaddressed over the past decade. One that can be ducked no longer, Simon Nixon writes, is a new long-term budget, and it won’t be easy. BOE Positive on European Firms Plot Strategy Ahead of Trump Iran Decision | ashraq/financial-news-articles | http://blogs.wsj.com/moneybeat/2018/05/10/a-question-for-the-eu-that-can-no-longer-be-ducked/ |
VANCOUVER, British Columbia, May 31, 2018 (GLOBE NEWSWIRE) -- GAR Limited. d/b/a/ Netcoins (“ NETC ” or the " Company ") (CSE:NETC) is pleased to announce that its has completed and filed interim financial statements for the quarter ended March 31, 2018, reporting $5.315 million in gross revenue compared to $236,651 in the same period of prior year. The interim financial statements are available on SEDAR ( www.sedar.com ) under the profile of GAR Limited.
From a modest start of approximately $33,000 in total sales transactions in January 2017, Netcoins grew steadily throughout 2017 before going public on the Canadian Securities Exchange in March 2018.
“Our Q1 results from 2018 continue to prove our revenue-based growth model, as we move forward on our mission to bring cryptocurrency to the masses,” said Netcoins CEO, Mark Binns. “We continue to add strength in our retail and OTC business models, while developing our technology base to capture even more opportunities going forward.”
About the Company
The Company is in the business of developing software to better facilitate the purchase and sale of bitcoin for end-users. Netcoins enables the sale of bitcoin through its software at retail outlets, through individual agents and directly to clients purchasing and selling in large quantities.
ON BEHALF OF THE BOARD OF DIRECTORS
“Mark Binns”
Mark Binns
CEO and Director
For Investor Relations Inquiries please contact Skanderbeg Capital Advisors at 604 687 7130 or email [email protected]
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding “Forward-Looking” Information
This information release contains certain forward-looking information. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company's current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Source:Netcoins Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/globe-newswire-netcoins-reports-5-point-3-million-in-revenue-for-q1-2018-growth-of-2246-percent-year-over-year.html |
An attorney for Michael Cohen , President Donald Trump 's personal lawyer, on Wednesday accused porn star Stormy Daniels ' attorney of an "intentional, malicious and prejudicial" release of Cohen's bank records.
Cohen's lawyer, Stephen Ryan, accused the porn star's representative, Michael Avenatti, of staging a "drive-by shooting of my client's rights" by releasing the information.
Avenatti responded to Cohen, saying he and his client "did not do anything improper relating to the release of any information concerning Mr. Cohen."
show chapters The Trump-Russia ties hiding in plain sight 1:33 PM ET Thu, 24 May 2018 | 07:56 The comments were made in Avenatti's presence in Manhattan federal court, as part of a case currently sorting out which materials seized from Cohen in FBI raids last month are protected by attorney-client privilege .
The judge in that case, Kimba Wood, adjourned the Wednesday hearing after setting a June 15 deadline for Cohen's team of lawyers to complete their review of the seized materials. If the lawyers miss that deadline, Wood said a separate group of government lawyers, known as a "taint team," will take over to review the remainder.
Lawyers for Cohen said that about 3.7 million files in total needed to be evaluated for privilege status, and that they had thus far reviewed about 1.3 million of them.
Avenatti, a California-based lawyer, is attempting to represent Daniels in the New York case involving Cohen. Lawyers for Cohen have argued that Wood should not permit Avenatti to intervene in this instance. Ryan, in opposing Avenatti's request for admission, noted the lawyer has made 170 media appearances in recent months.
Cohen appeared in court Wednesday, though he said nothing during the proceeding aside from inaudible whispers to his lawyers.
Earlier in May, Avenatti published a report alleging payments made to Cohen's company, Essential Consultants, from large corporations including telecommunications giant AT&T and drug company Novartis , among others. Those companies both said in subsequent statements that they paid Cohen's company.
Lawyers for Cohen had questioned in a previous court filing how Avenatti could have obtained the information , which appeared to be drawn from bank records known as "suspicious activity reports."
"Mr. Avenatti has published some information that appears to be from Mr. Cohen's actual bank records, and Mr. Cohen has no reason to believe that Mr. Avenatti is in lawful possession of these records," the filing said.
Ryan, in court on Wednesday, called Avenatti's conduct reckless, intentional and malicious.
"I've never seen an attorney conduct himself the way Mr. Avenatti conducted himself," Ryan said. "What Mr. Avenatti did in releasing those records was entirely improper," he added.
Avenatti alleges audio recordings leaked In an earlier tweet on Wednesday, Avenatti suggested that Cohen is leaking "illegally recorded conversations" related to Daniels.
Avenatti tweet
At the U.S. district courthouse on Wednesday, Avenatti said he was contacted recently by a reporter with a recording he believes was made by Cohen.
"From what I understood there were audio recordings" between Cohen and Daniels' former lawyer, Keith Davidson, "regarding attorney-client privilege," Avenatti said.
Davidson was Daniels' attorney at the time she received $130,000 from Cohen through Essential Consultants as part of a nondisclosure deal barring her from discussing an alleged affair with Trump from years earlier.
After the payment, which was made a few weeks before the 2016 election, Trump reimbursed Cohen in 2017, according to his financial disclosure form . Daniels, whose real name is Stephanie Clifford, is now suing Trump and Cohen to void the hush deal.
Ryan did not deny that such audio tapes existed, but appeared to cast doubt on Avenatti's accusation that a tape had been leaked.
"If we had released the audiotape to a reporter, it would have been the biggest story," Ryan said.
After the hearing, Avenatti said outside the courthouse that Ryan "admitted that there are audio recordings that Michael Cohen was taking," and that they not only exist but "are under lock and key."
Avenatti called on Cohen and his attorneys to release the alleged recordings to Congress and the public. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/michael-cohens-lawyers-accuse-michael-avenatti-of-leaking-bank-docs.html |
BOGOTA (Thomson Reuters Foundation) - A landslide at Colombia’s biggest dam that forced the evacuation of about 26,000 people highlights the risks to communities who have lived the area for generations, according to campaigners who have protested for years over the massive project.
The $4 billion Ituango hydroelectric dam in northwestern Colombia has been dogged by protests since construction started in 2010 but was due to start generating power this year as part of a global push into clean renewable energy projects.
But campaigners fear the Ituango dam will wreak havoc on the environment and destroy fishing and farming communities and they have been campaigning to stop the dam’s construction.
However Empresas Publicas de Medellin (EPM), the public utility company that owns the dam with the government’s local development agency IDEA, says the project will not harm the environment and will create jobs and needed infrastructure.
The long-running battle resurfaced this month when people living along the river had to leave their homes for makeshift shelters after rain triggered a landslide that blocked a tunnel used to divert water from the river downstream from the project.
As the rains continued, EPM said it was working to plan for a “worst-case scenario” of the dam breaking under pressure.
“We are working jointly with all institutions on the worst-case scenario, which is the breaking of the dam, which would provoke a huge flood in down-river municipalities,” said Jorge Londono De La Cuesta, head of EPM.
EPM has blamed recent landslides on “unpredictable geological conditions”, but environmentalists said they have become more frequent since construction work started, blaming the felling of trees to clear space, and fear more landslides.
“Lately, the river has been full of trunks and trees, and the organic plant material and sediment blocked the tunnel,” said Isabel Zuleta, spokeswoman for Rios Vivos, a local group that has campaigned against the dam.
“Today’s emergency isn’t a surprise for us,” she told the Thomson Reuters Foundation.
THREATS AND VIOLENCE Authorities said they are still investigating the cause of the latest crisis, which has exposed the bitter divisions over a project that was aiming to start operating in December and provide about 17 percent of Colombia’s electricity by 2021.
EPM, owned by the Medellin city government, was this month put on a negative rating watch by Fitch due to likely delays in the project and concerns over possible cost overruns.
Activists have voiced concerns about the environmental impact the dam could have on the surrounding area for years.
Zuleta said she has received death threats over her work and this month two Rios Vivos activists were gunned down and killed although it remains unclear who is responsible.
“There’s no doubt the threats and killings are related to their opposition to the dam,” said human rights lawyer Luis Carlos Montenegro from the Jose Alvear Restrepo Lawyers Collective.
EPM declined to comment on the violence and what is being done to protect activists but has highlighted the project is expected to create 6,000 direct and 24,000 indirect jobs and has led to new drainage systems, health clinics, roads and schools.
“This plan has as its principles respect for people, their roots, their ancestry, their traditions and a responsibility to protect natural resources,” EPM said in written comments.
The office of Colombia’s attorney general said last week it was investigating “possible environmental damage” in the area as well as the way contracts for the work had been awarded.
Up to 800 families have been evicted from their homes to make way for the dam since 2010, according to Rios Vivos and the U.S.-based Center for International Environmental Law (CIEL).
The company declined to comment on the evictions.
Carla Garcia, a program director at CIEL, which supports Rios Vivos, said the dam’s reservoir would flood 11,120 acres, threatening the livelihoods of many of the 180,000 people who depend on the river for fishing, artisanal mining, and farming.
The Inter-American Development Bank (IDB), which is putting up finance for the project, said EPM was compensating families directly impacted by the dam, although it did not give figures.
Montenegro said some families had got some compensation.
“But this doesn’t account for the loss of their culture, the loss of the river and their way of living,” he said.
Reporting by Anastasia Moloney @anastasiabogota, Editing by Claire Cozens. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-colombia-dam-landrights/landslide-renews-protests-by-communities-at-colombias-biggest-dam-idUSKCN1IP33X |
VANCOUVER, British Columbia, May 02, 2018 (GLOBE NEWSWIRE) -- MGX Minerals Inc. (“MGX” or the “Company”) (CSE:XMG) (OTCQB:MGXMF) (FSE:1MG) is pleased to announce acquisition of an additional 3,455 acres of oil and gas leases as a result of successful bidding at a recent State of Utah School and Institutional Trust Land Administration (SITLA) auction. The leases are located contiguous to the Company’s unitized 80,380-acre Blueberry Unit (“Blueberry Unit”) and show similar subsurface geological formations and structures favorable for accumulations of oil and gas as well as lithium brine-bearing formations. The newly acquired leases are located within the proposed 3D seismic geophysical survey area, which is scheduled to commence in August. The survey will include approximately 9,000 data points.
The Blueberry Unit (oil, gas and lithium) and Lisbon Valley Claims (lithium) now consists of approximately 115,000 acres of oil and gas leases and 118,000 acres of largely overlying and contiguous mineral claims. Brine content within the Lisbon Valley oilfield have been historically reported as high as 730 ppm lithium (Superior Oil 88-21P).
The Project is being simultaneously explored for oil, gas, lithium and other brine minerals to determine locations for deployment of the Company’s lithium and mineral extraction technology. In total MGX controls over two million acres of mineral leases and permits overlying brine-bearing formations throughout North America.
Blueberry Unit
MGX is currently earning a 75% working interest in the Project, with the remaining interest primarily controlled by the Paradox Partner. The Paradox Partner has been engaged by MGX as subcontracted operator of the Project. The Project is host to National Instrument (N.I) 51-101 estimated prospective resources (the “Estimate”) consisting of leasehold and royalty interests in San Juan County, Utah and Miguel County, Colorado. The estimate was prepared by the Ryder Scott Company, L.P. (“Ryder Scott”), an independent qualified reserves evaluator within the meaning of N.I. 51-101 - Standards of Disclosure for Oil and Gas Activities (“NI 51-101”), with an effective date of June 30, 2017. The Estimate was prepared in accordance with N.I. 51-101 and the Canadian Oil and Gas Evaluation.
Estimated Gross Volumes Unrisked Prospective (Recoverable) Hydrocarbon Resources Leasehold Interest in San Juan County, Utah and San Miguel County, Colorado of MGX MINERALS INC. As of June 30,2017 Formation ULTIMATE RECOVERY OIL – MMBO ULTIMATE RECOVERY GAS – BCF COC* LOW BEST HIGH LOW BEST HIGH Paradox Clastics CB2 41.799 59.498 85.324 33.441 47.602 68.266 0.075 CB3 41.915 60.641 85.833 33.536 48.517 68.671 0.075 CB4 12.766 18.745 26.692 10.213 14.781 21.355 0.075 CB5 33.185 48.065 68.841 26.548 38.453 55.074 0.075 CB6 6.603 9.607 13.874 5.283 7.686 11.100 0.045 CB7 1.892 2.735 3.948 1.514 2.188 3.158 0.032 CB8 19.108 27.525 39.079 15.287 22.022 31.264 0.068 CB9 11.452 16.671 23.711 9.162 13.337 18.970 0.068 CB10 14.565 21.169 30.088 11.652 16.936 24.073 0.068 CB11 2.021 2.929 4.244 1.617 2.344 3.396 0.032 CB12 9.352 13.609 19.525 7.482 10.887 15.620 0.045 CB13 9.333 13.158 19.297 7.468 10.815 15.438 0.045 CB14 3.195 4.621 6.634 2.556 3.697 5.308 0.045 CB15 6.455 9.432 13.633 5.164 7.546 10.908 0.045 CB16 2.752 3.987 5.768 2.202 3.190 4.615 0.045 CB17 3.770 5.390 7.835 3.016 4.313 6.269 0.040 CB18 4.673 6.728 9.572 3.739 5.383 7.658 0.045 CB19 16.690 24.226 34.542 13.358 19.381 27.636 0.068 CB20 2.931 4.253 6.118 2.435 3.402 4.895 0.040 CB21
(Cane Creek) 35.336 51.338 73.971 28.272 41.073 59.177 0.097 CB22 5.635 8.261 11.957 4.508 6.609 9.566 0.045 Leadville 1.000 2.100 4.000 153.000 231.700 341.600 0.066 *COC – Chance of Commerciality = Chance of Discovery * Chance of Development
Lisbon Valley and Paradox Basin Geology
The Project is proximate to Lisbon Valley oilfield which has approximately 140 wells. According to production statistics, as reported by the Utah Department of Natural Resources, Oil, Gas and Mining Division, cumulative lifetime production within the Lisbon Valley oilfield has totaled 51.4 million barrels of oil as of June 2017 (“Oil Production by Field, Utah Department of Natural Resources, Division of Oil, Gas and Mining”; June 2017; Click Here ). The Paradox Basin has been noted by the USGS as having one of the largest undeveloped oil and gas fields in the United States (“Assessment of Oil and Gas Resources in the Paradox Basin Province…”; USGS; 2011; Click Here ).
About MGX Minerals
MGX Minerals is a diversified Canadian resource company with interests in advanced material and energy assets throughout North America. Learn more at www.mgxminerals.com .
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com .
Contact Information Jared Lazerson President and CEO Telephone: 1.604.681.7735 Web: www.mgxminerals.com
Source:MGX Minerals Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-mgx-minerals-expands-utah-petrolithium-project-acquires-additional-oil-and-gas-leases-at-paradox-basin.html |
May 20, 2018 / 4:22 AM / Updated an hour ago Twenty years on, victims of 1998 Indonesia violence still seek justice Jessica Damiana 4 Min Read
JAKARTA (Reuters) - For the past decade, Indonesian housewife Maria Sanu has joined a small group of protesters at a silent weekly vigil outside the presidential palace in Jakarta, seeking justice for her son who died during the political turmoil of 1998. Graves of victims who died during the political turmoil of 1998 are seen covered in flowers during a 20th anniversary commemoration at Pondok Ranggon mass grave in Jakarta, Indonesia, May 13, 2018. REUTERS/Willy Kurniawan
Around 1,200 people were killed in the capital, mostly trapped in burning buildings, as mobs rampaged through the streets and attacked shops at the height of the Asian financial crisis in May 1998.
The riots preceded the resignation on May 21 of late strongman president Suharto, who had ruled the world’s fourth-most populous country with an iron fist for 32 years.
Sanu’s 16-year-old son Stevanus is believed to have perished when a Jakarta mall was set ablaze, though his remains have never been identified.
“He had been playing football in a mosque nearby. I went there, but it was deserted. His friend told me he had gone to Yogya Plaza Mall,” said Sanu, 70, referring to the mall where several hundred people are believed to have been burnt alive.
“I feel empty and something is missing. I want his unnatural death resolved,” said Sanu. Mothers who lost children during the political turmoil of 1998 take part in a weekly "Kamisan" silent protest against violations of human rights outside presidential palace in Jakarta, Indonesia, May 17, 2018. Picture taken May 17, 2018. REUTERS/Willy Kurniawan
Students leading the protests were also targeted, with some shot or kidnapped. Many of the victims were from the Chinese community, a minority in the world’s biggest Muslim-majority country and sometimes resented for their perceived wealth.
But even with the ushering in of democracy, Sanu said she and some other riot victims had not received compensation or enough support.
An independent fact finding team set up to investigate the riots found that 85 mostly ethnic Chinese women were sexually assaulted, but authorities dropped the inquiry, citing a lack of evidence.
Indonesia’s National Commission on Human Rights (Komnas HAM) says submitted human rights complaints have often been returned because they were incomplete. Slideshow (5 Images)
“Our human rights abuse report files have been returned by the Attorney General’s Office more than five times,” said Beka Ulung Hapsara of Komnas HAM.
Jaleswari Pramodhawardani, an official at the presidential chief of staff’s office, said post-1998 governments had sought to help victims but sometimes it was ad hoc, so the current government was trying to integrate responses from agencies.
She said some compensation had been paid, while the government was working with Komnas HAM to resolve past rights abuses. SEEKING JUSTICE
The silent “Kamisan” (Thursday) gatherings started in 2007 and were partly inspired by the Mothers of the Plaza de Mayo, a group of woman demanding justice over the disappearance of their children during Argentina’s military dictatorship.
Kamisan members wear black shirts and hold up black umbrellas in what they say symbolises persistence.
Retired civil servant Maria Catarina Sumarsih feels President Joko Widodo, who is expected to seek re-election next year, has failed to make progress.
“During his presidential campaign, he committed to erase impunity and resolve human rights violation cases,” said Sumarsih, whose son was shot dead in late 1998 while helping another student who had been wounded during clashes with security forces. Writing by Ed Davies; Editing by Kim Coghill | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-indonesia-riots-anniversary/twenty-years-on-victims-of-1998-indonesia-violence-still-seek-justice-idUKKCN1IL04A |
FRANKFURT/BERLIN, May 30 (Reuters) - The following are some of the factors that may move German stocks on Wednesday:
ITALY CRISIS Italy’s central bank warned the nation was only “a few short steps” from losing investors’ confidence, as markets suffered their biggest selloff in years on fears that repeat elections would become a proxy vote on euro membership.
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.
ALLIANZ Allianz has bought an 8 percent stake in African Reinsurance Corp, known as Africa Re, for $81 million, Niran Peiris who is responsible for Africa at the German insurer told Handelsblatt.
BAYER, BASF The drugs and pesticides group won U.S. approval for its planned takeover of Monsanto after agreeing to sell about $9 billion in assets, clearing a major hurdle for the $62.5 billion deal.
Separately, the European Commission approved BASF as a suitable buyer of the businesses Bayer will divest to win regulatory approval for the Monsanto deal.
DAIMLER Estonia’s Taxify is set to step up its fight against global rival Uber across Europe and Africa after raising $175 million in funding from a group led by German automaker Daimler.
DEUTSCHE BANK Deutsche Bank views Russia as a priority, has completed a transformation of its operation there, and does not plan to cut its workforce there materially, the bank’s Russia head told Reuters in an interview.
DEUTSCHE BOERSE Investor Day due.
INNOGY Britain’s competition regulator set out more detail about what it intends to examine in its investigation of the tie-up between the retail power units of energy companies SSE SSE.L and Innogy’s Npower.
GRAMMER The auto supplier signed a business combination agreement with suitor Ningbo Jifeng Auto Parts late on Tuesday. The deal comes at a time when Chinese takeovers face increased scrutiny from German and European authorities eager to protect domestic know-how.
ISRA VISION Q2 results due.
IPO Mutares set the offer price for the initial public offering of a stake in commercial vehicles supplier STS Group at 24 euros per share, below its initial price range of 26-32 euros. STS will received 24 million euros in gross proceeds from a total placement volume of 55 million euros.
ANNUAL GENERAL MEETINGS STROEER - 1.30 eur/shr dividend proposed
NEMETSCHEK - 0.75 eur/shr dividend proposed
SOFTWARE AG - 0.65 eur/shr dividend proposed
ADLER REAL ESTATE - no dividend proposed
WACKER NEUSON - 0.60 eur/shr dividend proposed
EX-DIVIDEND
FRAPORT - 1.50 eur/shr dividend
OVERSEAS STOCK MARKETS Dow Jones -1.6 pct, S&P 500 -1.2 pct, Nasdaq -0.5 pct at close.
Nikkei -1.5 pct, Shanghai stocks -1.7 pct.
Time: 5.00 GMT.
GERMAN ECONOMIC DATA German April import prices due at 0600 GMT. Seen +0.7 pct m/m, +0.8 pct y/y.
German April retail sales also due at 0600 GMT. Seen +0.6 pct m/m, +1.2 pct y/y.
German jobless figures due at 0800 GMT. Seen -10,000, unemployment rate unchanged at 5.3 pct.
German May inflation figures due at 1200 GMT. CPI seen +0.3 pct m/m, +2.0 pct y/y. HICP seen +0.3 pct m/m, +1.8 pct y/y.
DIARIES REUTERS TOP NEWS (Reporting by Ludwig Burger and Caroline Copley)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/germany-stocks-factors/german-stocks-factors-to-watch-on-may-30-idUSL5N1SZ2Q2 |
NEW YORK, May 15, 2018 /PRNewswire/ -- MSA Security ("MSA"), a global high consequence threat protection firm, today announced that former Chief Executive Officer, Michael O'Neil, has been named Chairman and Glen Kucera, formerly President, will assume the role of Chief Executive Officer.
"This announcement reflects the strong growth and expansion of MSA Security over the past decade and the promising future we envision," said Michael O'Neil, Chairman of MSA Security. "Glen has the experience and leadership skills to continue improving our operations, field force, technologies, and client service at world class levels. I am eager to take on the role of Chairman to provide strategic oversight and counsel to help MSA grow and expand faster. As the threats our clients face continue to evolve and change, we will work tirelessly to protect them. I will be helping MSA continue providing the best threat protection available."
"I am honored to take on the CEO role at MSA and will continue to collaborate with Michael to take advantage of market opportunities and provide the highest level of high consequence threat protection. I will work closely with our clients to improve our top-tier, tailored security solutions and will continue to move the company forward," said Glen Kucera, Chief Executive Officer of MSA Security. "MSA has a bright future ahead and we value our continued client relationships that have afforded us great success."
Mr. O'Neil has served as MSA's CEO since 2009. He is a 22-year veteran of the New York City Police Department and served as the founding Commanding Officer of its Counterterrorism Division.
Mr. Kucera, has been President of MSA since 2017. Previously, he served as President, CEO, and Chairman of the Board of Directors of Paramount Building Solutions. Prior to Paramount Building Solutions, Mr. Kucera was CEO at Saso, and President and CEO of Wagner International's Global Contractor Division.
About MSA Security
Founded in 1987, MSA Security is a global security firm with more than 30 years of experience protecting enterprise-level facilities from high consequence threats. MSA is headquartered in New York City and has over 1,000 employees—including over 500 explosive detection canine teams—operating in 42 states and 30 countries. The firm offers a range of customizable solutions, including explosive detection, protective services, intelligence, investigations and consulting. For more information, visit msasecurity.net .
View original content with multimedia: http://www.prnewswire.com/news-releases/msa-security-names-michael-oneil-chairman-and-appoints-glen-kucera-ceo-300648190.html
SOURCE MSA Security | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-msa-security-names-michael-oneil-chairman-and-appoints-glen-kucera-ceo.html |
May 25, 2018 / 11:43 AM / Updated an hour ago EU may not enforce its rules on Italy, but financial markets will Jan Strupczewski 5 Min Read
BRUSSELS (Reuters) - EU officials will probably not do much to enforce their borrowing rules on Italy’s new government, but they are hoping they won’t have to because financial markets will do the job for them. FILE PHOTO: European Union flags flutter outside the European Central Bank (ECB) headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach/File Photo
A new government is expected to take office in Italy next week, a coalition of the anti-establishment 5-Star Movement and far-right League, who have jointly promised a bonanza of tax cuts and spending increases that would burst through the EU’s limits on borrowing by member states.
Slovak Finance Minister Peter Kazimir on Thursday called the policy mix a “suicide mission”. Markets have already responded: yields of the benchmark 10-year Italian bonds have jumped 0.7 percentage point since the start of May to 14-month highs above 2.46 percent.
Morgan Stanley warned this week that sustained yields that high could spark contagion by hitting the profits of banks which hold a big chunk of their assets in government debt. Shares in Italian banks hit 11-month lows on Friday, having fallen almost 14 percent so far this month. Economists say that is only a taste of what could come: the rise in rates would be much steeper if markets believed that Italy was actually prepared to go through with the plans.
“If they do what said they want to do, the reaction of the market will be much more than what we have seen so far,” said Francesco Papadia, a senior fellow at the respected Brussels-based Bruegel think-tank.
The spread of the Italian benchmark paper over comparable German bonds hit 200 basis points this week, still a far cry from the 550 basis points spread at the peak of the sovereign debt crisis in 2012.
“So far (the market reaction) has been clear, but not extreme. Maybe the market still has a hope they won’t do at least the most extreme version of what they said they would do,” Papadia said.
Italy’s increased spending against EU rules “would likely be met by aggressive Italy underperformance versus other markets”, investment bank J.P. Morgan said in a note for investors. EU UNLIKELY TO INTERVENE
As an EU member, Italy is obliged seek a balanced budget in structural terms and have debt below 60 percent of gross domestic product. Instead, its structural deficit has been rising since 2015 and its debt has been close to 132 percent of GDP since 2014. But most Brussels-watchers do not expect Europe to take political action to enforce its rules.
The European Commission, the guardian of EU laws, has the task of disciplining profligate governments through what is called an excessive deficit procedure that could end in fines.
But it has repeatedly declared that punishment is not the way to deal with budget rule-breaking, and showed leniency to repeat budget offenders like France, Portugal and Spain. Related Coverage Explainer: Rome alone? Five key questions for the euro
The Commission is also held back by concern that enforcement action would only strengthen eurosceptic sentiment in Italy, the euro zone’s third biggest economy, where many people are already ambivalent about the euro currency.
“In the end, crazy countries are always disciplined by markets. Rules can be broken. But you cannot replace market funding with wishful thinking,” one senior euro zone policy-maker said, expressing a widely-shared view. MARKET PRESSURE WOULD HURT VOTERS QUICKLY
League leader Matteo Salvini brushed off market pressure.
“The more they insult us, the more they threaten us, the more they blackmail us, the more desire I have to embark on this challenge,” he said.
But analysts point out that only 36 percent of Italy’s massive 2.4 trillion euro debt is held by foreigners, meaning a fall in asset prices would hit Italians hard.
The rest is held domestically by banks, funds, investment vehicles and individuals, who now benefit from demand created by a European Central Bank bond-buying program.
The ECB scheme is likely to wind down this year and rate hikes are expected in mid 2019. Faced with profligate policies that undermine Italy’s ability to repay debt, foreign investors are likely to sell Italian paper. As yields rise, Italian voters would quickly see the value of their assets shrink.
“In Italy, quite a percentage of bonds is held by families directly. So when people see the statements from their banks on the value of their financial wealth, their savings, they would see the consequences,” Papadia said.
Another factor likely to limit the Italian government’s fiscal plans is the threat of a credit rating downgrade. Italy is now just two notches above junk with a BB from Standard & Poor’s and Fitch, and Baa2 from Moody’s. Fitch has already said the plans outlined in the coalition agreement would add risk to Italy’s fiscal position.
If Italian debt were to fall below investment grade, its banks would find it much more difficult and costly to get daily liquidity from the ECB — a constraint that could have serious consequences for the whole sector and the country. Reporting by Jan Strupczewski; Editing by Peter Graff | ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-markets-rules-analysis/eu-may-not-enforce-its-rules-on-italy-but-financial-markets-will-idUSKCN1IQ1IJ |
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