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16 COMMENTS Some U.S. cities are learning something this year from Amazon: how to sell themselves.
Many of the 20 cities shortlisted as sites for the retail giant’s second headquarters are using the multimedia presentations they created for Amazon.com Inc.’s application to pitch to other companies.
“We already have seen businesses that have expressed interest in Philadelphia and have told us they were driven specifically by what they saw in our pitch to Amazon,” says Sylvie Gallier Howard, Philadelphia’s first deputy commerce director.
Related
‘Hi, It’s Amazon Calling. Here’s What We Don’t Like in Your City’ Amazon Narrows Choices for HQ2 (Jan. 19) How the Contenders Stack Up (Jan. 18) To Woo Amazon, Cities Tackle Everything From Traffic to Housing (Jan. 17) Newsletter Sign-up Amazon’s request for proposals solicited a host of information, from the size of the city’s tech talent pool to its airport and connections to Seattle. While tailored in part to Amazon’s needs, the proposals highlighted aspects including quality of life, housing availability and cost, transportation options and other qualities that could prove attractive to a range of employers. While most of the proposals were kept private, they ranged in format from glossy books with pictures, charts and maps to presentations with video interviews of local business leaders, entrepreneurs and students.
Last fall, the founder and chief executive at Elm Partners were drafting a headquarters list of their own, as they planned to move the small algorithmic investment firm from London to the U.S. The founder’s children would soon all be in the U.S. with his youngest hoping to attend college in Philadelphia, said Chief Executive James White. Philadelphia was high on their list, but they didn’t know the city well and were considering more familiar terrain in big cities such as New York, Los Angeles and Boston.
Then, a friend sent a link to the video Philadelphia put together as part of its Amazon pitch.
Philadelphia residents list their city’s benefits, including its food scene and good transportation. “The video just resonated with us really well,” Mr. White said. The piece highlighted Philadelphia’s entrepreneurial community and its burgeoning food scene. It helped push the city to the top of their list, and the company began its move to Philadelphia in January.
He had never lived in Philadelphia before, Mr. White said, “but this made us feel OK about taking that risk.”
Toronto Global, the regional organization that coordinated and released the area’s Amazon bid online , has counted more than 15,000 downloads of its bid as of last month. The group refers companies to the online bid, said spokeswoman Julia Sakas. When Toronto Global has reached out to some prospective companies, it has learned firms already have seen the online book and pulled information from it.
The Ontario Investment Office took copies of the proposal to the Mobile World Congress in Barcelona, a mobile industry conference and exhibition. Toronto Global’s team takes data from the book and customizes it for other prospective companies, Ms. Sakas said.
In its Amazon pitch, Toronto showed areas of growth throughout the city. It also noted the city’s diverse population and friendliness to immigrants. There is a risk, of course, that cities and states overspend in offering incentives to woo companies . While companies promise jobs and investments, those don’t always materialize as expected.
Places including Philadelphia, Toronto, Indianapolis and Newark, N.J., have received an uptick of inquiries from companies, some citing the digital brochures created for the Amazon bid, officials in the cities said.
Newark has received attention both for unexpectedly making the shortlist and for its eye-popping $7 billion package of state and city incentives. Almost 50 companies and other groups in Newark volunteered staff and expertise to help with the city’s proposal. Calls from companies looking for commercial space as well as requests for information about real-estate development have increased significantly since Newark made the shortlist in January, city officials said. Invitations for city officials to speak on economic development, business, real estate, tech and urban-planning panels have doubled.
Newark highlighted its development momentum and transportation infrastructure. Inquiries from companies, real-estate developers and industry organizations looking for a conference and trade-show destination also spiked, said Aisha Glover, chief executive officer of Newark Community Economic Development Corporation.
“We’ve had to prove ourselves for quite some time,” Ms. Glover said. “The reason why this is our turning point is because being shortlisted has cosigned the city and everything we have been saying.”
In Philadelphia, city development officials said they are working on a new version of the website that will widen its target from Amazon to a broader array of businesses and organizations—a process they call “deAmazonification.”
—Shibani Mahtani contributed to this article.
Amazon wants to deliver everything you want to your doorstep, anywhere in the world. But the e-commerce giant faces several challenges in its pursuit of a global empire. WSJ's Karan Deep Singh breaks down the basics with the help of an Amazon delivery box. Write to Keiko Morris at [email protected] and Laura Stevens at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/cities-hawk-their-amazon-pitches-to-other-companies-1526290200 |
May 11 (Reuters) - BANVIT BANDIRMA:
* Q1 NET PROFIT AT 10.1 MILLION LIRA VERSUS 32.9 MILLION LIRA YEAR AGO
* Q1 REVENUE AT 595.8 MILLION LIRA VERSUS 570.3 MILLION LIRA YEAR AGO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1SI0OF |
HONG KONG--(BUSINESS WIRE)-- Global law firm Goodwin announced today that Bosco Yiu has joined the firm’s Hong Kong office as partner in the Private Equity practice. Yiu’s appointment deepens Goodwin’s comprehensive transactional capabilities for private equity firms and technology, media and life sciences companies. It follows the recent relocation to Hong Kong of private investment funds partner Greg Barclay, and last year’s arrival of leading private equity lawyers Douglas Freeman and Victor Chen.
Yiu has vast experience representing private equity firms, investment banks and public and private companies in connection with mergers and acquisitions, joint ventures, IPOs on the Hong Kong Stock Exchange and general Hong Kong corporate regulatory and compliance advice. He has particular expertise with Hong Kong takeovers, privatization, private and public mergers and acquisitions, reorganizations and equity capital markets transactions.
“Hong Kong remains a principal hub for private equity investments, transactions, and capital markets activity,” said Yash Rana , Chair of Goodwin’s Hong Kong office. “Bosco brings strong capital markets and transactional experience to further support Goodwin’s diverse client base in Hong Kong and the Asia region. We are delighted to welcome Bosco to the Goodwin partnership.”
Yiu received his LL.B from Osgoode Hall Law School of York University and a Postgraduate Certificate in Law from The University of Hong Kong. He is admitted to practice in Hong Kong, England, Wales and Ontario, Canada. He is fluent in Cantonese, Mandarin and English.
Yiu can be reached at [email protected] and +852.3658.5330.
Goodwin’s Hong Kong Corporate practice is focused on private equity, M&A, venture capital, fund formation, joint ventures and strategic transactions across a broad range of sectors. The firm has received numerous “Deals of the Year” awards from the China Business Law Journal, and is ranked for outstanding corporate/M&A expertise in India and China by Chambers Global.
The firm’s internationally recognized Private Equity practice focuses on buyouts, recapitalizations, growth equity investments, and portfolio company transactions in the United States and internationally with a leading position in the U.S. middle markets and growth equity. With a team of more than 200 lawyers, the practice covers the full life cycle of clients’ investments – from fund formation to exit and everything in between.
About Goodwin
At Goodwin, we use law to achieve unprecedented results for our clients. Our 1,000 plus lawyers across the United States, Europe, and Asia excel at complex transactions, high-stakes litigations and world-class advisory services in the financial, life sciences, private equity, real estate, and technology industries. We partner with our clients to practice law with integrity, ingenuity, agility and ambition. To learn more, visit us at www.goodwinlaw.com and follow us on Twitter at @goodwinlaw and on LinkedIn .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005895/en/
Goodwin
Somna Maraj, 212-459-7212
[email protected]
Source: Goodwin | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-goodwin-broadens-private-equity-bench-in-hong-kong-with-partner-bosco-yiu.html |
May 7 (Reuters) - UNITY Biotechnology Inc:
* UNITY BIOTECHNOLOGY INC ANNOUNCES CLOSING OF INITIAL PUBLIC OFFERING Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-unity-biotechnology-announces-clos/brief-unity-biotechnology-announces-closing-of-ipo-idUSASC0A061 |
SAO PAULO, May 22 (Reuters) - Brazilian trucker association Abcam said on Tuesday that drivers would continue to protest high diesel prices even after the government said it would cut one tax levied on fuel sales at the pump.
The CIDE tax cut does not solve the problem of diesel prices as it only represents a fraction of the taxes levied on fuel, Abcam’s press office said. The association called for the elimination of all fuel taxes, adding that truck drivers would continue to protest on Wednesday. (Reporting by Alberto Alerigi; writing by Ana Manod; editing by Jonathan Oatis)
| ashraq/financial-news-articles | https://www.reuters.com/article/brazil-transport-abcam/brazil-trucker-group-protests-against-diesel-price-to-continue-idUSE6N1PY004 |
ST PETERSBURG, May 25 (Reuters) - Russian Natural Resources Minister Dmitry Kobylkin said on Friday the ministry would continue supporting the Sakhalin-1 offshore project, a joint venture between Rosneft and U.S. major Exxon Mobil Corp.
Kobylkin, who was appointed this month, met with Neil Duffin, President of the ExxonMobil Production Company, on the sidelines of the St Petersburg economic forum, the ministry said in a statement.
In March, Exxon said it would exit some joint ventures with Rosneft due to Western sanctions, but the move did not affect the Sakhalin project off Russia’s eastern coast. (Reporting by Olesya Astakhova; writing by Maria Kiselyova, editing by Gabrielle Tétrault-Farber)
| ashraq/financial-news-articles | https://www.reuters.com/article/exxon-mobil-russia-rosneft/russian-pledges-continued-support-for-rosneft-exxon-venture-idUSL5N1SW0NT |
April 30 (Reuters) - TRABZONSPOR:
* Q3 NET LOSS OF 14.6 MILLION LIRA VERSUS NET LOSS OF 24.4 MILLION MILLION LIRA YEAR AGO
* Q3 REVENUE OF 57.7 MILLION LIRA VERSUS 44.0 MILLION LIRA YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-trabzonspor-q3-net-loss-shrinks-to/brief-trabzonspor-q3-net-loss-shrinks-to-14-6-million-lira-idUSFWN1S71B9 |
What a Comcast challenge to Disney-Fox deal could mean for Mouse House 9 Hours Ago James Stewart, The New York Times, breaks down the implications of a deal and Comcast's bid for Fox. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/what-a-comcast-challenge-to-disney-fox-deal-could-mean-for-mouse-house.html |
Forager teaches urbanites the secrets of sourcing food in the wild Thursday, May 17, 2018 - 01:50
Hayden Stebbins takes students into the woods to teach them the basics of foraging, a trend that is on the rise in urban centers across the United States. Elly Park reports.
Hayden Stebbins takes students into the woods to teach them the basics of foraging, a trend that is on the rise in urban centers across the United States. Elly Park reports. //reut.rs/2IrzheW | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/18/forager-teaches-urbanites-the-secrets-of?videoId=427911408 |
Comcast prepares to top Disney's bid for Fox Wednesday, May 23, 2018 - 01:09
Comcast said it's in advanced stages of preparing a higher, all-cash bid for the entertainment businesses that Twenty-First Century's Fox has agreed to sell to Disney. Fred Katayama reports.
Comcast said it's in advanced stages of preparing a higher, all-cash bid for the entertainment businesses that Twenty-First Century's Fox has agreed to sell to Disney. Fred Katayama reports. //reut.rs/2GI0ggF | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/23/comcast-prepares-to-top-disneys-bid-for?videoId=429638413 |
MANILA (Reuters) - The Philippines expressed “serious concerns” over the presence of China’s strategic bombers in the disputed South China Sea and its foreign ministry has taken “appropriate diplomatic action”, the spokesman of President Rodrigo Duterte said on Monday.
FILE PHOTO: Philippines President Rodrigo Duterte gestures during an armed forces change of command ceremony at Camp Aguinaldo in Quezon City, Metro Manila, Philippines April 18, 2018. REUTERS/Dondi Tawatao/File Photo China’s air force said bombers such as the H-6K had landed and taken off from islands and reefs in the South China Sea as part of training exercises last week, drawing angry reactions from opposition lawmakers in Manila. The United States also sent ships to the disputed areas.
The Philippines could not independently verify the presence of Chinese bombers in the South China Sea, said presidential spokesman Harry Roque.
“But we take note of the reports that appeared and we express our serious concerns anew on its impact to efforts to maintain peace and stability in the region,” Roque told a regular media briefing at the presidential palace.
The Department of Foreign Affairs in the Philippines said it was monitoring developments.
“We are taking the appropriate diplomatic action necessary to protect our claims and will continue to do so in the future,” it said in a statement, but it did not elaborate.
However, the foreign ministry stopped short of condemning China’s action, which Washington said could raise tension and destabilize the region.
In Beijing, a foreign ministry spokesman urged other countries not to over-interpret what he called a routine military patrol.
“We hope that relevant parties do not read too much into this,” Lu Kang told a daily news briefing.
China claims almost the entire South China Sea, a strategic waterway through which about $3 trillion worth of sea-borne goods pass every year. Brunei, Malaysia, the Philippines, Taiwan and Vietnam also have conflicting claims in the area.
China has built seven artificial islands in the Spratlys group in the South China Sea and turned them into military outposts with airfields, radars, and missile defenses.
Beijing says its military facilities in the Spratlys are purely defensive and it can do what it likes on its own territory.
Roque and foreign ministry officials said Manila would raise China’s moves to militarize its manmade islands in the Spratlys during two-way consultations in China set for the second half of the year.
Lawmakers in the Philippines have criticized Duterte for setting aside an arbitration ruling by the Hague the country won in 2016. Former foreign minister Albert del Rosario has urged Duterte to “revisit” the country’s foreign policy.
“We are opposed to war - as we should be. But if threatened by the use of force, we should be ready to inflict, at the very least, a bloody nose on any attacker who is out to harm us,” Del Rosario said in a statement.
Duterte has said he would not risk a confrontation with China and has reiterated his openness to joint exploration and development in waters believed to be rich in oil and natural gas.
Reporting by Manuel Mogato; Ben Blanchard in BEIJING; Clarence Fernandez
| ashraq/financial-news-articles | https://www.reuters.com/article/us-southchinasea-china-philippines/philippines-takes-diplomatic-action-after-china-lands-bombers-in-south-china-sea-idUSKCN1IM041 |
WASHINGTON (Reuters) - President Donald Trump has postponed a decision on imposing steel and aluminum tariffs on Canada, the European Union and Mexico until June 1, and has reached an agreement in principle with Argentina, Australia and Brazil, a source familiar with the decision said on Monday.
FILE PHOTO: Steel Rectangular Tubular Profiles (PTR) are pictured at Kalisch Steel factory in Ciudad Juarez, Mexico March 27, 2018. REUTERS/Jose Luis Gonzalez/File Photo Trump imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminum in March, but granted temporary exemptions to Canada, Mexico, Brazil, the European Union, Australia and Argentina. The temporary exemptions were due to expire at 12:01 a.m. ET (0401 GMT) on Tuesday.
Reporting by David Lawder; Editing by Sandra Maler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-metals-announcement/u-s-postpones-steel-tariff-decision-for-u-s-allies-until-june-1-idUSKBN1I22H2 |
May 3, 2018 / 10:59 AM / Updated 7 minutes ago BRIEF-Consol Energy Reports Q1 Earnings Per Share $2.20 Reuters Staff
May 3 (Reuters) - CONSOL Energy Inc:
* CONSOL ENERGY ANNOUNCES RESULTS FOR THE FIRST QUARTER 2018 * Q1 EARNINGS PER SHARE $2.20
* SEES 2018 CAPITAL EXPENDITURES (INCL. 100% PAMC) OF $125-$145 MILLION
* 2018 CASH SPENDING EXPECTED TO BE REDUCED BY APPROXIMATELY $10.0 MILLION THROUGH LEASE CONVERSIONS
* EXPECT TO INVEST APPROXIMATELY $20.0 MILLION THROUGH 2019 IN EFFICIENCY IMPROVEMENT CAPITAL SPENDING
* SEES 2018 COAL SALES VOLUMES (100% PAMC) OF 26.2 TO 27.2 MILLION TONS Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-consol-energy-reports-q1-earnings/brief-consol-energy-reports-q1-earnings-per-share-2-20-idUSASC09ZFE |
You can do anything you set your mind to, says Melissa Ben-Ishay, founder of mini cupcake company Baked by Melissa, in this week’s Secrets of Wealthy Women podcast with Veronica Dagher. Below, some of the best analysis and insight from WSJ writers and columnists, and occasionally beyond, on investing, the wealth-management business and more. PLANNING WSJ City: Italy's Anti-Establishment Parties Agree Government Program, Trump Offers Lifeline to Sanctioned Chinese Firm ZTE Next OPEC’s Oil Production Crept Up Last Month—Energy Journal | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/14/wsj-wealth-adviser-briefing-cupcakes-slack-rockefeller-art/ |
May 14 (Reuters) - Target Corp:
* TARGET NAMES WILLIAM J. FOUDY, JR. PRESIDENT, TARGET SOURCING SERVICES
* TARGET CORP - WILLIAM FOUDY WILL JOIN TARGET ON JUNE 17 Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-target-names-william-j-foudy-as-jr/brief-target-names-william-j-foudy-as-jr-president-target-sourcing-services-idUSASC0A253 |
TORONTO, May 23, 2018 (GLOBE NEWSWIRE) -- US Cobalt Inc. (TSX-V:USCO) (OTCQB:USCFF) (“US Cobalt”) and First Cobalt Corp. (TSX-V:FCC) (ASX:FCC) (OTCQX:FTSSF) (“First Cobalt”) are pleased to announce that US Cobalt has received a final order from the Supreme Court of British Columbia approving the previously announced acquisition by First Cobalt.
The acquisition of US Cobalt will enhance First Cobalt’s position as a vertically integrated pure-play cobalt company with three significant North American assets: 50 past producing mines in the Canadian Cobalt Camp, the Iron Creek Project in Idaho, USA, and the only permitted cobalt refinery in North America capable of producing battery materials.
The Iron Creek Project has a historic mineral resource estimate (non-compliant with NI 43-101) of 1.3M tons grading 0.59% cobalt. A new resource estimate is anticipated by October 2018.
Subject to obtaining all required regulatory and government approvals, it is anticipated that the Transaction will be completed on or about May 31, 2018.
First Cobalt has also agreed to provide a bridge loan to US Cobalt for up to $5 million to maintain the current drill program at the Iron Creek Project until the close of the Transaction. Subject to regulatory approval, the bridge loan will be a demand promissory note having a term of two years and bearing interest at prime plus 1%. Upon completion of the Transaction, the bridge loan will become intercompany debt and terminated. If the Transaction is terminated, First Cobalt may demand repayment of all accrued interest and the principal amount owing under the bridge loan.
About US Cobalt
US Cobalt is focused on the acquisition and development of high grade battery metal deposits in North America. The Iron Creek Cobalt Project, located in the prolific Idaho Cobalt Belt, is the focus of a 40-hole, 35,000 foot (10,700 metre) drill campaign to confirm a 1.3M ton grading 0.59% cobalt historical estimate (non-compliant with NI 43-101) and a Resource Estimate prepared in accordance with NI 43-101 is expected on the project in 2018.
About First Cobalt
First Cobalt aims to create the largest pure-play cobalt exploration and development company in the world. The Company controls more than 10,000 hectares of prospective land covering over 50 historic mines as well as mineral processing facilities in the Cobalt Camp in Ontario, Canada. The First Cobalt Refinery is the only permitted facility in North America capable of producing cobalt battery materials. First Cobalt seeks to build shareholder value through new discovery, mineral processing and growth opportunities, with a focus on North America.
On behalf of First Cobalt Corp.
Trent Mell
President & Chief Executive Officer
On behalf of US Cobalt Inc.
Wayne Tisdale
President
For more information visit or contact:
Heather Smiles
Investor Relations
[email protected]
+1.416.900.3891
www.firstcobalt.com
Wayne Tisdale
President
[email protected]
+1.604.639.4457
www.uscobaltinc.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “will”, “may”, “could”, “would”, “might”, “occur” or “be achieved”. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. In particular, forward-looking information included in this news release includes, without limitation, statements regarding the completion of the Transaction, including the anticipated results of the Transaction and statements regarding the Bridge Loan. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for each of First Cobalt and US Cobalt, filed on SEDAR at www.sedar.com . Although First Cobalt and US Cobalt believe that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, First Cobalt and US Cobalt disclaim any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Historic Estimates
US Cobalt considers the cobalt and copper tonnage and grade estimates above as historical estimates. The historical estimates do not use categories that conform to current CIM Definition Standards on Mineral Resources and Mineral Reserves as outlined in National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”) and have not been redefined to conform to current CIM Definition Standards. They were prepared in the 1980s prior to the adoption and implementation of NI 43-101. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources and US Cobalt is not treating the historical estimates as current mineral resources. More work, including, but not limited to, drilling, will be required to conform the estimates to current CIM Definition Standards. Investors are cautioned that the historical estimates do not mean or imply that economic deposits exist on the Iron Creek property. US Cobalt has not undertaken any independent investigation of the historical estimates nor has it independently analyzed the results of the previous exploration work in order to verify the accuracy of the information. US Cobalt believes that the historical estimates are relevant to continuing exploration on the Iron Creek property.
Source:US Cobalt Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-us-cobalt-receives-final-order-approving-acquisition-by-first-cobalt.html |
Facelift, foreign drivers for Tokyo taxis ahead of Olympics 10:46am EDT - 01:50
Tokyo's taxi industry is undergoing some radical changes as Japan, already dealing with unprecedented levels of tourism, prepares to host the 2019 Rugby World Cup and the 2020 Olympics. David Pollard reports.
Tokyo's taxi industry is undergoing some radical changes as Japan, already dealing with unprecedented levels of tourism, prepares to host the 2019 Rugby World Cup and the 2020 Olympics. David Pollard reports. //reut.rs/2KQFzS1 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/24/facelift-foreign-drivers-for-tokyo-taxis?videoId=429913498 |
JAKARTA (Reuters) - A series of suicide attacks in the Indonesian city of Surabaya was the “act of cowards”, President Joko Widodo said on Monday, pledging to push through a new anti-terrorism bill to combat networks of Islamist militants in the country.
“This is the act of cowards, indignified and barbaric,” Widodo said on Metro TV, referring to attacks on three churches in the city on Sunday, as well as outside a police office on Monday.
Widodo said he would issue a regulation in lieu of a law next month to force through a new anti-terrorism bill if parliament failed to pass it.
Reporting by Ed Davies; Editing by Clarence Fernandez
| ashraq/financial-news-articles | https://in.reuters.com/article/indonesia-bomb-churches-president/indonesia-president-says-attacks-on-surabaya-act-of-cowards-idINKCN1IF0AZ |
There's nothing to fear in the market, says Canaccord's Tony Dwyer 7 Hours Ago The no fear grade with Canaccord's Tony Dwyer, CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Brian Kelly, Dan Nathan and Guy Adami. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/theres-nothing-to-fear-in-the-market-says-canaccords-tony-dwyer.html |
LOS ANGELES (AP) _ Oaktree Specialty Lending Corp. (OCSL) on Tuesday reported fiscal second-quarter net income of $19.6 million.
On a per-share basis, the Los Angeles-based company said it had profit of 14 cents. Earnings, adjusted for non-recurring gains, came to 11 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share.
The specialty finance company posted revenue of $34.8 million in the period.
The company's shares closed at $4.33. A year ago, they were trading at $4.40.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on OCSL at https://www.zacks.com/ap/OCSL | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-associated-press-oaktree-specialty-lending-fiscal-2q-earnings-snapshot.html |
May 25 (Reuters) - A founder of the hedge fund firm Platinum Partners pleaded guilty on Friday to a criminal conspiracy charge, six months after a mistrial in a corruption case against him and a former New York City labor leader.
FILE PHOTO: Murray Huberfeld, a longtime associate of Platinum Partners, exits the Manhattan District court house in New York, U.S., July 22, 2016. REUTERS/Eduardo Munoz/File Photo Murray Huberfeld, 57, of Lawrence, New York, entered his plea before U.S. District Judge Alvin Hellerstein in Manhattan.
The plea followed jurors’ deadlock last Nov. 16 on fraud and conspiracy charges against Huberfeld and Norman Seabrook, who led the Correction Officers’ Benevolent Association, the largest U.S. municipal jail union, for more than two decades.
Prosecutors accused Seabrook of accepting a $60,000 kickback from Huberfeld in exchange for steering $20 million of union money to invest with Platinum.
They said Huberfeld used a fake invoice to disguise that payment as being for tickets for courtside seats at New York Knicks basketball games.
The payment was made through former real estate developer Jona Rechnitz, who testified for several days against Huberfeld and Seabrook on behalf of the U.S. Attorney’s office in Manhattan, which handles many municipal corruption cases.
Huberfeld faces a possible six- to 12-month prison term at his Sept. 14 sentencing. His plea agreement does not require his cooperation with prosecutors in their case against Seabrook.
“Murray Huberfeld is ready to put this chapter behind him,” and “looks forward to returning to his friends and family who know Murray as a man of high character and most generous heart,” his lawyer Henry Mazurek said in an email.
Seabrook is preparing for his July 30 retrial, his lawyer Paul Shechtman said in a phone interview.
“At the first trial we argued that the $60,000 payment to Mr. Rechnitz was inappropriate, so I’m not surprised by today’s plea,” Shechtman said. “I respect Mr. Huberfeld greatly for admitting what he did, and for not admitting what he didn’t do. Implicit in this plea is that he did not pay a bribe to Norman Seabrook.”
Mazurek and Shechtman had assailed Rechnitz’s credibility at the trial, highlighting his admitted history of dishonest dealings with city officials.
Rechnitz also testified that he had close ties to New York City Mayor Bill de Blasio, for whom he raised money.
The mayor has repeatedly denied that Rechnitz had any corrupt influence, and has not been accused of wrongdoing.
Platinum began closing its funds after Huberfeld’s arrest in June 2016.
Six months later, prosecutors charged another Platinum founder, Mark Nordlicht, and six others in a $1 billion case over two alleged fraud schemes. Nordlicht and the other defendants have pleaded not guilty.
The case is U.S. v. Seabrook et al, U.S. District Court, Southern District of New York, No. 16-cr-00467.
Reporting by Jonathan Stempel in Toronto; Editing by Tom Brown
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-corruption-platinum-partners/platinum-hedge-fund-co-founder-pleads-guilty-in-corruption-case-idUSKCN1IQ2R0 |
May 9, 2018 / 3:27 PM / in 7 minutes Argentina Congress passes capital markets reform - finance ministry Reuters Staff 1 Min Read
BUENOS AIRES, May 9 (Reuters) - The lower house of Argentina’s Congress swiftly passed on Wednesday the government’s capital markets reform bill, the finance ministry said on Twitter.
The bill, which was already passed by the Senate, is considered key for Argentina to join the Morgan Stanley Capital International Emerging Markets Index. Argentina is currently classified a frontier market. (Reporting by Eliana Raszewski; Writing by Caroline Stauffer Editing by Chizu Nomiyama) | ashraq/financial-news-articles | https://www.reuters.com/article/argentina-economy/argentina-congress-passes-capital-markets-reform-finance-ministry-idUSE6N1PV02U |
May 14 (Reuters) -
* TESLA CONSIDERED ADDING EYE TRACKING AND STEERING-WHEEL SENSORS TO AUTOPILOT SYSTEM - WSJ, CITING SOURCES Source : on.wsj.com/2Gevnjt Further company coverage:
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All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-tesla-considered-adding-eye-tracki/brief-tesla-considered-adding-eye-trackingsteering-wheel-sensors-to-autopilot-system-wsj-idUSFWN1SL0XP |
FOSTER CITY, Calif.--(BUSINESS WIRE)-- Guidewire Software, Inc. (NYSE: GWRE), a provider of software products to Property & Casualty insurers, today announced that it will release its third quarter fiscal 2018 results for the period ended April 30, 2018 after market close on Tuesday, June 5, 2018. On that day, management will hold a conference call and webcast at 2:00 p.m. PT (5:00 p.m. ET) to review and discuss the Company’s results for the third quarter. A recorded version of this webcast will be available two hours after the call and accessible at http://ir.guidewire.com .
What: Guidewire Software Third Quarter Fiscal 2018 Financial Results Conference Call When: Tuesday, June 5, 2018 Time: 2:00 p.m. PT (5:00 p.m. ET) Live Call: (800) 239-9838, Domestic (323) 794-2551, International Replay: (844) 512-2921, Passcode 1354910, Domestic (412) 317-6671, Passcode 1354910, International Webcast: http://ir.guidewire.com/ (live and replay)
The webcast will be archived on Guidewire’s website for a period of three months.
About Guidewire Software
Guidewire delivers the software that Property and Casualty (P&C) insurers need to adapt and succeed in a time of rapid industry change. We combine three elements – core operations, data and analytics, and digital engagement – into a technology platform that enhances insurers’ ability to engage and empower their customers and employees. More than 300 P&C insurers around the world have selected Guidewire. For more information, please visit www.guidewire.com . Follow us on twitter: @Guidewire_PandC .
NOTE: For information about Guidewire’s trademarks, visit https://www.guidewire.com/legal-notices .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522005025/en/
ICR, LLC
Investor Relations Contact:
Garo Toomajanian, +1 650-357-5282
[email protected]
or
Media Contact:
Guidewire Software, Inc.
Diana Stott, +1 650-356-4941
[email protected]
Source: Guidewire Software, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-guidewire-software-to-announce-third-quarter-fiscal-2018-financial-results-on-june-5-2018.html |
May 5, 2018 / 10:26 AM / Updated 7 hours ago UPDATE 2-Super Rugby results Reuters Staff 1 Min Read May 5 (OPTA) - results from the Super Rugby matches on Saturday Waratahs (14) 21 Blues (18) 24 Hurricanes (14) 28 Lions (7) 19 Stormers v Bulls (12:05) Ground: DHL Newlands Sharks v Highlanders (14:15) Ground: Kings Park Stadium | ashraq/financial-news-articles | https://uk.reuters.com/article/rugbyunion-super-results/super-rugby-results-idUKMTZXEE5593FFQA |
Newfield Exploration Co:
* Q1 EARNINGS PER SHARE $0.43 * Q1 REVENUE $580 MILLION VERSUS I/B/E/S VIEW $546.7 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.74 — THOMSON REUTERS I/B/E/S
* SEES 2018 TOTAL DOMESTIC PRODUCTION 175 MBOEPD - 185 MBOEPD
* SEES 2018 TOTAL CAPEX $1,300 MILLION * QTRLY ADJUSTED EARNINGS PER SHARE $0.82 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-newfield-exploration-q1-earnings-p/brief-newfield-exploration-q1-earnings-per-share-0-43-idUSASC09YS7 |
(Adds Quote: , market reaction, background)
ANKARA, May 28 (Reuters) - Turkey’s Central Bank said on Monday that it decided to complete the process of simplifying monetary policy and that the one-week repo rate would be the policy rate, at a level equal to the current funding rate, or 16.5 percent.
For years the bank has relied on a complex system of multiple rates, which economists said made monetary policy less predictable. It has been funding through its late liquidity window rate, which it raised by 3 percentage points to 16.5 percent last week to shore up a tumbling lira.
In a statement, the central bank (CBRT) said the new operational framework will take effect on June 1. The overnight borrowing and lending rates will be determined at 150 basis points below and above the one-week repo rate, it added.
“The CBRT has decided to complete the simplification process regarding the operational framework of monetary policy,” the bank said in a statement, adding that technical details would be announced later.
The lira firmed to 4.6070 against the dollar after the announcement from a close of 4.7052 on Friday. It was still 18 percent weaker so far this year.
The currency had gained in early trade after investors cited weekend comments by Central Bank Governor Murat Cetinkaya signalling an imminent move to simplify policy. (Reporting by Nevzat Devranoglu; Writing by Daren Butler; Editing by Ezgi Erkoyun)
| ashraq/financial-news-articles | https://www.reuters.com/article/turkey-cenbank/update-1-turkish-central-bank-says-simplifies-policy-repo-to-be-policy-rate-idUSL5N1SZ1B0 |
May 9 (Reuters) - Tutor Perini Corp:
* Q1 LOSS PER SHARE $0.24 * Q1 REVENUE $1.028 BILLION VERSUS I/B/E/S VIEW $1.06 BILLION
* Q1 EARNINGS PER SHARE VIEW $0.24 — THOMSON REUTERS I/B/E/S
* SEES FY 2018 EARNINGS PER SHARE $1.90 TO $2.30 * AFFIRMING ITS GUIDANCE FOR 2018, WITH DILUTED EARNINGS PER SHARE (EPS) EXPECTED IN RANGE OF $1.90 TO $2.30.
* FY2018 EARNINGS PER SHARE VIEW $2.16 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tutor-perini-reports-q1-loss-per-s/brief-tutor-perini-reports-q1-loss-per-share-of-0-24-idUSASC0A15A |
3% year-over-year growth in recurring revenue
Continued progress on strategic innovation initiatives; collaboration with Acutus Medical Increasing quantity and quality of peer-reviewed clinical validation Strong financial position to reach profitability without the need for additional financings Conference call today at 10:00 a.m. Eastern Time
ST. LOUIS, May 14, 2018 (GLOBE NEWSWIRE) -- Stereotaxis, Inc. (OTCQX:STXS), the global leader in innovative robotic technologies for the treatment of cardiac arrhythmias, today reported financial results for the first quarter ended March 31, 2018.
“We continue to improve our commercial execution, advance our strategic innovation initiatives, add to the robust body of clinical literature supporting our technology, and do all this while being financially disciplined and attentive to shareholder value,” said David Fischel, Chairman and CEO.
“The positive recent trend of recurring revenue growth continued in the first quarter. Our commercial focus remains supporting electrophysiologists build successful robotic ablation practices. We have a well-defined multi-pronged strategy to do so. We are confident that year-over-year growth in recurring revenue will persist in the coming quarters followed by a period where we can reinvigorate system sales.”
“We are advancing multiple strategic innovation initiatives internally and in collaboration with others. We are very excited by the recently announced collaboration with Acutus Medical and believe our joint efforts will meaningfully advance patient care and the physician experience in electrophysiology, particularly in the wide range of arrhythmias that are difficult to diagnose and treat effectively with traditional technologies. Our recent CE Mark expanded labeling for usage of the Niobe ® magnetic navigation system in the pericardial space represents the first approval for our technology outside of the vascular system and provides electrophysiologists with additional capabilities when treating complex arrhythmias. We are confident in our broader innovation strategy and additional details will be provided as appropriate.”
“The increase in quantity and quality of peer-reviewed clinical literature supporting our technology continues. Eighteen publications have showcased our technology year-to-date, compared to thirty-seven in all of 2017 and twenty-two in 2016. A recent publication by Yuan et al from Lund University in Sweden compared robotic magnetic navigation to manual catheter navigation in 214 atrial fibrillation patients. Patients treated robotically had a 70% lower rate of major adverse events, were exposed to 38% less radiation, and had clinically meaningful and statistically significant increases in efficacy outcomes at all time periods measured post ablation. This included a statistically significant 38% increase in freedom from atrial fibrillation at the end of the follow-up period 3.5 years post ablation. Procedure times were equivalent between both arms.”
“We appreciate the continued support of our shareholders. The additional capital we were able to raise in the first quarter from the non-dilutive early warrant exercise places us in a strong financial position to execute on our initiatives without the need for additional financings.”
First Quarter 2018 Financial Results
Revenue for the first quarter of 2018 totaled $7.0 million, consistent with the prior year first quarter. Recurring revenue was $7.0 million in the first quarter, up 3% from $6.8 million in the prior year quarter. System revenue in the first quarter was $0.02 million, down from $0.2 million in the prior year quarter.
Gross margin in the quarter was $5.7 million, or 82% of revenue, consistent with the first quarter of 2017. Operating expenses in the first quarter were $6.8 million, down from $7.6 million in the prior year quarter. The reduction in operating expenses reflects a significant decrease in general and administrative expense, increased investment in research and development, and stable sales and marketing expense. Operating loss in the first quarter was $(1.1) million, compared to $(1.9) million in the prior year first quarter. Net income for the first quarter was $1.4 million, compared to $1.2 million in the first quarter of 2017. Excluding mark-to-market warrant revaluation, the Company would have reported a net loss of $(1.2) million for the 2018 first quarter compared to a net loss of $(2.0) million for the 2017 first quarter.
Cash burn for the first quarter was $2.0 million, compared to $2.7 million in the year ago first quarter and $0.8 million in the preceding fourth quarter. Cash burn in the first quarter was impacted by the timing of cash collections, as demonstrated by the significant increase in accounts receivable, which is expected to reverse in the second quarter.
Cash Balance and Liquidity
At March 31, 2018, Stereotaxis had cash and cash equivalents of $11.6 million, no debt, and $4.5 million in unused borrowing capacity on its revolving credit facility, for total net liquidity of $16.1 million.
Full Year 2018 Expectations
Consistent with the positive trend experienced in recent quarters, Stereotaxis expects continued year-over-year recurring revenue growth throughout 2018. For the full year 2018, expected recurring revenue of approximately $28 million would represent the highest annual level of recurring revenue the company has achieved in its history.
Stereotaxis expects to generate positive free cash flow in the second quarter of 2018. Operating expenses are expected to moderately increase in 2018 compared to 2017, primarily driven by R&D spending on strategic innovation initiatives. While the benefits of these initiatives are unlikely to impact revenue in 2018, they are expected to meaningfully contribute in 2019 and beyond. Stereotaxis’ balance sheet will allow the Company to deliver on its commercial and innovation initiatives over the coming years and reach profitability without the need for additional financings.
Conference Call and Webcast
Stereotaxis will host a conference call and webcast today, May 14, 2018, at 10:00 a.m. Eastern Time. To access the conference call, dial 800-289-0438 (US and Canada) or 1-323-794-2423 (International) and give the participant pass code 7909480. Participants are asked to call 5-10 minutes prior to the start time. To access the live and replay webcast, please visit the investor relations section of the Stereotaxis website at www.stereotaxis.com .
About Stereotaxis
Stereotaxis is the global leader in innovative robotic technologies designed to enhance the treatment of arrhythmias and perform endovascular procedures. Its mission is the discovery, development and delivery of robotic systems, instruments, and information solutions for the interventional laboratory. These innovations help physicians provide unsurpassed patient care with robotic precision and safety, improved lab efficiency and productivity, and enhanced integration of procedural information. Over 100 issued patents support the Stereotaxis platform. The core components of Stereotaxis’ systems have received regulatory clearance in the United States, European Union, Japan, Canada, China, and elsewhere. For more information, please visit www.stereotaxis.com .
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe”, "estimate”, "project”, "expect" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, the Company's ability to raise additional capital on a timely basis and on terms that are acceptable, its ability to continue to manage expenses and cash burn rate at sustainable levels, its ability to continue to work with lenders to extend, repay or refinance indebtedness, or to obtain additional financing, in either case on acceptable terms, continued acceptance of the Company's products in the marketplace, the effect of global economic conditions on the ability and willingness of customers to purchase its systems and the timing of such purchases, competitive factors, changes resulting from healthcare reform in the United States, including changes in government reimbursement procedures, dependence upon third-party vendors, timing of regulatory approvals, and other risks discussed in the Company's periodic and other filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. There can be no assurance that the Company will recognize revenue related to its purchase orders and other commitments in any particular period or at all because some of these purchase orders and other commitments are subject to contingencies that are outside of the Company's control. In addition, these orders and commitments may be revised, modified, delayed or canceled, either by their express terms, as a result of negotiations, or by overall project changes or delays.
Company Contacts:
David L. Fischel
Chairman and Chief Executive Officer
Martin C. Stammer
Chief Financial Officer
314-678-6100
[email protected]
STEREOTAXIS, INC. STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended
March 31, 2018 2017 Revenue: Systems $ 17,275 $ 218,895 Disposables, service and accessories 6,954,357 6,758,777 Total revenue 6,971,632 6,977,672 Cost of revenue: Systems 203,602 220,443 Disposables, service and accessories 1,061,745 1,036,182 Total cost of revenue 1,265,347 1,256,625 Gross margin 5,706,285 5,721,047 Operating expenses: Research and development 1,962,626 1,600,877 Sales and marketing 3,634,997 3,781,448 General and administrative 1,239,179 2,241,580 Total operating expenses 6,836,802 7,623,905 Operating loss (1,130,517 ) (1,902,858 ) Other income 2,590,361 3,129,308 Interest expense (net) (24,615 ) (49,483 ) Net income $ 1,435,229 $ 1,176,967 Cumulative dividend on convertible preferred stock (353,589 ) (363,188 ) Net income attributable to convertible preferred stock (610,280 ) (509,323 ) Earnings attributable to common stockholders $ 471,360 $ 304,456 Net income per share attributed to common stockholder: Basic $ 0.02 $ 0.01 Diluted $ 0.01 $ 0.01 Weighted average number of common shares and equivalents: Basic 30,957,648 22,318,000 Diluted 33,122,598 22,331,683 Certain prior year amounts have been reclassified to conform to the 2018 presentation.
STEREOTAXIS, INC. BALANCE SHEETS March 31,
2018 December 31,
2017 (Unaudited) Assets Current assets: Cash and cash equivalents $ 11,613,713 $ 3,686,302 Accounts receivable, net of allowance of $303,688 and $361,350 in 2018 and 2017, respectively 6,637,588 4,287,255 Inventories, net 1,446,574 1,146,971 Prepaid expenses and other current assets 742,075 750,085 Total current assets 20,439,950 9,870,613 Property and equipment, net 462,213 592,688 Intangible assets, net 142,973 159,470 Other assets 282,199 44,432 Total assets $ 21,327,335 $ 10,667,203 Liabilities and stockholders' deficit Current liabilities: Accounts payable $ 1,819,423 $ 1,654,101 Accrued liabilities 2,947,677 3,195,247 Deferred revenue 7,136,065 5,702,769 Warrants - 19,574,977 Total current liabilities 11,903,165 30,127,094 Long-term deferred revenue 560,649 611,863 Other liabilities 580,866 535,369 Total liabilities 13,044,680 31,274,326 Convertible preferred stock: Convertible preferred stock, par value $0.001; 10,000,000 shares authorized, 23,900 shares outstanding at 2018 and 2017 5,960,475 5,960,475 Stockholders' deficit: Common stock, par value $0.001; 300,000,000 shares authorized, 58,901,126 and 22,805,731 shares issued at 2018 and 2017, respectively 58,901 22,806 Additional paid-in capital 477,872,296 450,748,403 Treasury stock, 4,015 shares at 2018 and 2017 (205,999 ) (205,999 ) Accumulated deficit (475,403,018 ) (477,132,808 ) Total stockholders' equity (deficit) 2,322,180 (26,567,598 ) Total liabilities and stockholders' equity (deficit) $ 21,327,335 $ 10,667,203
Source:Stereotaxis, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-stereotaxis-reports-2018-first-quarter-financial-results.html |
Bond investors are stampeding back to the U.S. after years of chasing yields elsewhere, attracted by higher interest rates in the world’s largest economy. The shift in sentiment is hitting emerging markets especially hard. Investors yanked more than a net $1 billion from emerging-market bond funds that invest in debt denominated in hard currencies, such WSJ City: HSBC Sees Profit Fall and Launches $2 Billion Buyback, The New Route to Success for US Firms Next WSJ Wealth Adviser Briefing: Gloria Steinem, Crowdfunding, Sweat Pants | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/04/emerging-market-bonds-continue-to-bleed-except-for-china/ |
Put money to work here as Italy is not a major problem, says expert 1 Hour Ago David Sowerby, Ancora Advisers managing director and portfolio manager, and Jason Ware, Albion Financial CIO, discuss the sell-off in markets as fears of contagion from Italy's political turmoil seep in for investors. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/put-money-to-work-here-as-italy-is-not-a-major-problem-says-expert.html |
May 1(Reuters) - Yamaha Corp
* Says it will apply International Financial Reporting Standards (IFRS) as the new accounting method, to replace the current Japan-Generally Accepted Accounting Principles
Source text in Japanese: goo.gl/VTLKff
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-yamaha-announces-application-of-in/brief-yamaha-announces-application-of-international-financial-reporting-standards-idUSL3N1S81HA |
May 6, 2018 / 11:16 AM / Updated 22 minutes ago GrubHub case could be barometer for new rules on independent contractors Daniel Wiessner 4 Min Read
(Reuters) - Food delivery company GrubHub Inc ( GRUB.N ) may be one of the first tech firms to feel the impact of a ruling this week from California’s highest court that makes it easier for workers to prove they are a company’s employees and entitled to costly legal protections.
Late on Friday, lawyers for a former GrubHub delivery worker asked a U.S. appeals court in San Francisco to send his closely watched case against the company back to a judge who had previously dismissed it. In light of the California Supreme Court’s decision, the lawyers said, the judge should reconsider Raef Lawson’s claims that he was an employee entitled to overtime pay and reimbursement for expenses.
Gig economy companies such as GrubHub, Uber Technologies Inc and TaskRabbit Inc rely heavily on the use of independent contractors to contain costs. The California court’s ruling on Monday could push some companies to rein in their use of contractors, according to several employment lawyers.
Companies must pay taxes and contribute to unemployment and workers’ compensation funds on behalf of employees, pay them the minimum wage and overtime, and cover their work-related expenses. Contractors can cost up to 30 percent less, according to several studies.
In February, a judge ruled Lawson was not GrubHub’s employee because the company did not control how he made deliveries. Many gig economy companies have faced similar claims, but the GrubHub case was the first of its kind to go to trial.
GrubHub, which has denied that delivery workers are its employees, did not respond to a request for comment on Friday’s filing.
Before Monday’s high court ruling, workers had to show that companies controlled how they did their jobs, among other factors, to win on claims that they are employees rather than contractors under California law.
Now, the burden is on businesses to prove that workers are not under their direct control, do not perform a core function of their business, and are “engaged in an independently established trade, occupation, or business.”
In Friday’s filing, Lawson’s lawyers said the judge who dismissed the case found delivery drivers were vital to GrubHub’s business. Under the new test, that means Lawson was the company’s employee, they said.
Similar tests have been adopted by courts in several states, including New Jersey, Illinois and Massachusetts. But California is home to many of the largest gig economy companies and its courts are a hub for lawsuits against them.
“A majority of gig companies emerged out of Silicon Valley, and California courts have always been seen as the incubator for how these cases should be decided,” said employment lawyer Richard Meneghello.
Shannon Liss-Riordan, who represents Lawson in the GrubHub case, said Monday’s decision provides stronger legal protections for workers and could stem companies’ increasing reliance on contractors.
The decision could also affect pending cases accusing Uber, home-services provider Handy, and other companies of improperly treating workers as contractors.
However, it is not clear whether courts will agree to apply the new test to older legal claims, such as those in the GrubHub case. Judges could find it unfair to apply the new standard retroactively, said employment lawyer Richard Reibstein.
But moving forward, he said, companies in the gig economy and beyond will need to consider major changes.
“Businesses operating in the state will need to re-evaluate their use of (contractors) and restructure their businesses to comply with this new decision,” Reibstein said.
The case is Lawson v. GrubHub Inc, 9th U.S. Circuit Court of Appeals, No. 18-15386. Reporting by Daniel Wiessner in Albany, New York, and Heather Somerville in San Francisco; editing by Alexia Garamfalvi and Jonathan Oatis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-grubhub-lawsuit/grubhub-case-could-be-barometer-for-new-rules-on-independent-contractors-idUKKBN1I70B2 |
NEW ALBANY, Ohio, May 11, 2018 (GLOBE NEWSWIRE) -- Abercrombie & Fitch Co. (NYSE:ANF) will be holding its quarterly earnings conference call for all interested parties on Friday, June 1, 2018, at 8:30 a.m. ET. A press release detailing the company’s first quarter results is expected to be issued shortly after 7:30 a.m. ET. In addition, a presentation of the first quarter results will be available on the company’s website at approximately 8:00 a.m. ET.
What: Abercrombie & Fitch Co. First Quarter 2018 Earnings Conference Call When: 8:30 a.m. ET, Friday, June 1, 2018 Where: corporate.abercrombie.com How: Log on to the above website, or call: Domestic Dial-In Number: 1-866-548-4713 Domestic Replay Number: 1-888-203-1112, conference ID number 6651030 International Dial-In Number: 1-323-794-2093 International Replay Number: 1-719-457-0820, conference ID number 6651030 The call will be archived and can be accessed by visiting the company’s website at corporate.abercrombie.com .
About Abercrombie & Fitch Co.
Abercrombie & Fitch Co. (NYSE:ANF) is a leading, global specialty retailer of apparel and accessories for Men, Women and Kids through three renowned brands. For over 125 years, the iconic Abercrombie & Fitch brand has outfitted innovators, explorers and entrepreneurs. Today, the brand reflects the updated attitude of the 21 to 24-year old customer, while remaining true to its heritage of creating expertly crafted products with an effortless, American style. The Hollister brand epitomizes the liberating and carefree spirit of the endless California summer for the teen market. abercrombie kids creates smart, playful apparel for children ages 5-14, celebrating the wide-eyed wonder of childhood.
The Company operates over 850 stores under these brands across North America, Europe, Asia and the Middle East, as well as the e-commerce sites www.abercrombie.com and www.hollisterco.com .
For further information, call:
Investor Contact: Media Contact: Brian Logan Ian Bailey Abercrombie & Fitch Abercrombie & Fitch (614) 283-6877 (614) 283-6192 [email protected] [email protected]
Source:Abercrombie & Fitch Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-abercrombie-fitch-co-to-report-first-quarter-2018-results-on-june-1-2018.html |
Billionaire investor Ray Dalio is no stranger to success — he's the founder of the world's largest hedge fund, Bridgewater Associates, which manages roughly $160 billion in assets. As constant technological advances and evolving strategies shape the future of business, Dalio tells CNBC Make It three critical skills he believes everyone will need to get ahead.
1. Open-mindedness
"Whatever success I've had in life has had more to do with my knowing how to deal with my not knowing, rather than what I know," Dalio told CNBC Make It while speaking at the World Economic Forum in Davos, Switzerland, in January.
"If you understand that radical open-mindedness, the ability to take in from others and to then learn is so powerful," he says. "Don't be attached to your opinions."
In fact, Dalio suggests what he calls "stress-testing" your opinions.
"Go to find the smartest people who disagree with you the most to stress test your thinking, to learn," Dalio told CNBC Make It adding: "If they disagree, then the conversation in that disagreement will be enlightening. That's the quickest way to get an education."
2. Tech-friendliness
Dalio touts using technology to build on your own ideas and practices.
It's something he's done at Bridgewater. The company uses computer algorithms based on Dalio's decision-making criteria for investing as well as managing employees.
"The power of being able to take your decision-making rules and make them into algorithms and have the computer make decisions in partnership with you is fantastic," Dalio said.
show chapters Bridgewater changes its tune on markets 4:51 PM ET Mon, 12 Feb 2018 | 04:45 At Bridgewater, for example, the team uses an app called "Dots," via which employees offer constant feedback and rate one another's performances, and another called "Baseball Cards" which summarizes individual employees' strengths and weaknesses based on their Dots feedback.
The apps are able to essentially filter vast amounts of information through the principles with which Dalio runs Bridgewater Associates, namely his philosophy of " radical transparency ." (Dalio went in depth into those very ideas in his recent book, " Principles: Life and Work ".)
"The algorithms were able to process much more information than I was able to see or process individually," Dalio said.
Of course, it should be noted that Dalio's management techniques have been met with their share of criticism , as has the company's use of algorithms .
3. Global thinking
"Be as global as possible," Dalio advised. "Whatever happens in terms of the ebbs and flows, there's all sorts of great things happening in other countries. And to be able to be aware of that, to really not be provincial, I think would be important."
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show chapters Billionaire hedge fund founder Ray Dalio uses 'radical transparency' to deliver feedback—here's how it works 9:12 AM ET Wed, 13 Sept 2017 | 01:18 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/bridgewaters-ray-dalio-gives-advice-on-skills-for-future-success.html |
* SSEC -0.1 pct, CSI300 0.1 pct, HSI -0.3 pct
* HK->Shanghai Connect daily quota used 2.4 pct, Shanghai->HK daily quota used -1.7 pct
* FTSE China A50 +0.3 pct, BNY Mellon ADR China Select Index -0.7 pct
SHANGHAI, May 25 (Reuters) - China and Hong Kong stocks edged lower on Friday, as sentiment soured after called off a planned June meeting with North Korean leader Kim Jong Un.
** The CSI300 index rose 0.1 percent to 3,831.67 points at the end of the morning session, while the Shanghai Composite Index slipped 0.1 percent to 3,152.35 points. ** The Hang Seng index dropped 0.3 percent to 30,681.12 points, while the Hong Kong China Enterprises Index lost 0.5 percent to 12,088.28 points. ** Trump on Thursday called off a historic summit with North Korean leader Kim Jong Un scheduled for next month, citing Pyongyang’s “open hostility”, and warned that the U.S. military was ready in the event of any reckless acts by North Korea. ** North Korea’s vice foreign minister Kim Kye Gwan said on Friday Pyonyang is open to resolving issues with the United States. ** Trump’s threat to impose tariffs on auto imports also fuelled worries about trade war. ** U.S. Commerce Secretary Wilbur Ross will visit China early next month for another round of talks amid ongoing trade frictions between the world’s two largest economies.
** On the mainland, most sectors lost ground, but consumer and healthcare firms gained, as investors sought shelter in the two defensive sectors. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.19 percent, while Japan’s Nikkei index climbed 0.24 percent. ** The yuan was Quote: d at 6.3871 per U.S. dollar, 0.16 percent weaker than the previous close of 6.377. ** The largest percentage gainers in the main Shanghai Composite index were Nanjing Inform Storage Equipment Group Co Ltd up 10.03 percent, followed by Guangdong Champion Asia Electronics Co Ltd gaining 10.01 percent and Suzhou Douson Drilling & Production Equipment Co Ltd up by 10.01 percent. ** The largest percentage losses in the Shanghai index were Datang Telecom Technology Co Ltd down 5.01 percent, followed by Shandong Tyan Home Co Ltd losing 5.01 percent and ENN Ecological Holdings Co Ltd down by 4.8 percent. ** The top gainers among H-shares were CSPC Pharmaceutical Group Ltd up 2.55 percent, followed by ZhongAn Online P & C Insurance Co Ltd gaining 1.78 percent and Anhui Conch Cement Co Ltd up by 1.37 percent. ** The three biggest H-shares percentage decliners were CNOOC Ltd which has fallen 2.79 percent, PetroChina Co Ltd which has lost 2.6 percent and China Vanke Co Ltd down by 1.5 percent. ** About 7.07 billion shares have traded so far on the Shanghai exchange, roughly 50.5 percent of the market’s 30-day moving average of 14.02 billion shares a day. The volume traded was 12.41 billion as of the last full trading day. ** As of 0400 GMT, China’s A-shares were trading at a premium of 20.36 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is below its 50-day moving average and below its 200-day moving average. ** The price-to-earnings ratio of the Shanghai index was 13.55 as of the last full trading day, while the dividend yield was 2.3 percent.
Reporting by Luoyan Liu and John Ruwitch, Editing by Sherry Jacob-Phillips
| ashraq/financial-news-articles | https://www.reuters.com/article/china-stocks-midday/china-hk-stocks-slip-on-nixed-u-s-north-korea-summit-idUSL3N1SW1VJ |
May 8, 2018 / 4:32 PM / Updated 42 minutes ago After Rohingya rape accusations, U.N. warns of imminent births Michelle Nichols 5 Min Read
COX’S BAZAR, Bangladesh (Reuters) - With her 16-day old son lying asleep in her lap, tears streamed down the face of a 20-year-old Rohingya refugee in Bangladesh as she accused Myanmar troops of covering her eyes and mouth and raping her, before making her watch as they killed her husband. Refugees are seen at the Cox's Bazar refugee camp in Bangladesh, near Rakhine state, Myanmar, during a trip by United Nations envoys to the region April 29, 2018. Picture taken on April 29, 2018. REUTERS/Michelle Nichols
“I don’t know if this baby is from my husband or the rape,” said the woman, speaking through a translator, during a visit by United Nations Security Council envoys to camps in Cox’s Bazar in Bangladesh sheltering nearly a million refugees.
Ahead of the council visit to Bangladesh and Myanmar last week, senior U.N. officials warned the envoys about the prospect of a flood of babies being born in the coming weeks and months in the refugee camps that could be the result of rape.
In a joint statement, U.N. envoy for sexual violence in conflict, Pramila Patten, and U.N. assistant secretary-general for human rights Andrew Gilmour wrote “reports suggest Rohingya women and girls were raped on a systematic and possibly massive scale.”
“Many of the women and girls raped in 2017 are due to give birth in the next few weeks, during the monsoon season, and we are concerned that many will not be able to access medical care to give birth safely,” they wrote.
Nearly 700,000 mainly Rohingya Muslims fled to Bangladesh in the past eight months following a Myanmar military crackdown that the United Nations, United States and Britain have denounced as ethnic cleansing. Myanmar denies ethnic cleansing.
In March the United Nations launched an appeal for $951 million to help the Rohingya refugees for the rest of the year, but the world body said at the end of April it was only 9.0 percent funded.
The United Nations and aid groups working in the refugee camps in Cox’s Bazar, Bangladesh, said that it was difficult to know exactly how many women and girls were pregnant. It was even more difficult to know how many of the pregnancies were the result of rape.
“With the help of the U.N. bodies and other international and national (aid groups), we are trying to identify the pregnant women so that they get proper treatment,” said a senior Bangladesh health ministry official, who declined to be named due to sensitivity of the matter.
He said that so far 18,300 pregnant women had been identified and the rough total estimate was around 25,000.
Rohingya insurgent attacks on security posts in Myanmar’s Rakhine state in August sparked a military operation that Myanmar described as a legitimate response. Fleeing refugees have reported killings, rapes and arson on a large scale.
“Based on U.N. reports and testimonies from Rohingya women who told our staff of rape and sexual violence in Myanmar, we do sadly expect the number of babies born as a result of unwarranted pregnancies to increase in the coming months,” said Daphnee Cook, Save the Children’s spokeswoman in Cox’s Bazar. MYANMAR MILITARY BLACKLISTED
U.N. Secretary-General Antonio Guterres recently blacklisted the Myanmar armed forces in his annual report on conflict-related sexual violence. The military must now decide whether to work with Patten on a plan that would lead to their removal from the blacklist.
During a two hour meeting with Security Council envoys in Myanmar’s capital Naypyitaw last week, military chief Min Aung Hlaing vowed “harsh action” over sexual violence. According to the state-run Global New Light of Myanmar newspaper, he said: “Sexual violence (is) considered as despicable acts.”
Last November, Myanmar’s military release a report denying all accusations of rape by security forces.
Melissa How, Médecins Sans Frontieres (MSF) Medical Coordinator in Cox’s Bazar, said the had seen “a number of women and girls” who had become pregnant from sexual violence in Myanmar or Bangladesh.
“Some have miscarried; some have turned to traditional medicine and other methods to end their pregnancies, using unsafe methods. A number of women and girls have chosen to access MSF facilities for medical care, as well as menstrual regulation, in Bangladesh,” she said.
Abortion is illegal in Bangladesh but menstrual regulation to terminate a pregnancy is permissible. How also added that the majority of women in the camps who give birth do so outside health facilities.
Myanmar and Bangladesh agreed in January to complete the voluntary repatriation of the refugees within two years but the deal poses a challenge for women who give birth to children born from cases of rape.
U.N. envoy Patten, who will visit Cox’s Bazar this month, said a complying with a requirement in the deal for women to go the Bangladesh Supreme Court to obtain a document noting that a child had been “born out of unwarranted incidence,” a reference to cases of rape resulting in pregnancy, may be too difficult for poor, illiterate women. Addition reporting by Ruma Paul in DHAKA and Zeba Siddiqui in COX'S BAZAR; editing by Clive McKeef | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-myanmar-rohingya-bangladesh-un/after-rohingya-rape-accusations-u-n-warns-of-imminent-births-idUKKBN1I92C8 |
WASHINGTON, May 8 (Reuters) - The White House plans to convene a meeting on Thursday on the future of artificial intelligence in U.S. industry with major companies including Facebook Inc, Amazon.com Inc, Google parent Alphabet Inc and Oracle Corp as well as senior government officials.
Intel Corp CEO Brian Krzanich and the chief technical officers of Ford Motor Co and Boeing Co are also due to take part in the event, along with executives from Mastercard Inc, Microsoft Corp and Accenture, administration and industry officials said.
The Pentagon and the U.S. departments of agriculture, commerce, energy, health, labor and transportation are due to take part in the daylong meeting that will look at artificial intelligence (AI) innovation and research and development and removing barriers to its application.
AI and machine learning, with their growing capabilities and application, are expected to have far-reaching implications for a range of industries and the U.S. economy, according to experts.
Dean Garfield, president and chief executive of the Information Technology Industry Council, called the event “an important step to building collaboration between government and industry.”
“The tech sector is committed to ensuring that all Americans reap the benefits of this transformative technology, which has the potential to save lives, improve how we harvest food, transform education and more,” Garfield said.
Britain last month announced a 1 billion pound ($1.4 billion) joint investment in the AI industry, while the European Union announced it would boost AI investment by about 70 percent to 1.5 billion euros ($1.8 billion) by 2020.
Gary Shapiro, president and CEO of the Consumer Technology Association, said in a Fox News opinion piece published on Tuesday that as AI accomplishes more complex tasks “it will transform economies, industries and our everyday lives. It will also raise questions about its impact on our economy and jobs.”
Professional services firm PwC forecast last year that aggregate worldwide gross domestic product will be 14 percent higher in 2030 as a result of AI and will impact retail, financial services and healthcare.
Reporting by David Shepardson; Editing by Will Dunham
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-artificialintelligence/white-house-to-hold-artificial-intelligence-meeting-with-companies-idUSL1N1SF11Y |
WARREN, Ohio, May 10, 2018 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the first quarter of 2018.
Net operating revenues in the first quarter of 2018 were $11.5 million compared with $10.7 million in the first quarter of 2017. The Company incurred a net loss attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the first quarter of 2018 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.9 million in the first quarter of 2017. For the first quarter of 2018, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.21 compared with a basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.24 in the first quarter of 2017.
Avalon Holdings Corporation provides waste management services to industrial, commercial, municipal and governmental customers in selected northeastern and midwestern U.S. markets, captive landfill management services and salt water injection well operations. Avalon Holdings Corporation also owns Avalon Resorts and Clubs Inc., which includes the operation of a hotel and its associated amenities, three golf courses and related country clubs and facilities.
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated (Unaudited)
(in thousands, except for per share amounts)
Three Months Ended
March 31,
2018
2017
Net operating revenues:
Waste management services
$ 8,458
$ 7,613
Food, beverage and merchandise sales
1,040
1,106
Other golf and related operations
2,018
1,983
Total golf and related operations
3,058
3,089
Total net operating revenues
11,516
10,702
Costs and expenses:
Waste management services operating costs
6,662
5,894
Cost of food, beverage and merchandise
467
553
Golf and related operations operating costs
2,217
2,406
Depreciation and amortization expense
729
748
Selling, general and administrative expenses
2,225
2,002
Operating loss
(784)
(901)
Other income (expense):
Interest expense
(171)
(175)
Other income, net
60
77
Loss before income taxes
(895)
(999)
Provision for income taxes
19
20
Net loss
(914)
(1,019)
Less net loss attributable to non-controlling interest in subsidiary
(115)
(93)
Net loss attributable to Avalon Holdings Corporation common shareholders
$ (799)
$ (926)
Loss per share attributable to Avalon Holdings Corporation common shareholders:
Basic and diluted net loss per share
$ (0.21)
$ (0.24)
Weighted average shares outstanding - basic and diluted
3,803
3,803
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
March 31,
December 31,
2018
2017
Assets
Current Assets:
Cash and cash equivalents
$ 1,612
$ 1,025
Accounts receivable, net
8,280
9,906
Unbilled membership dues receivable
694
580
Inventories
982
850
Prepaid expenses
506
512
Other current assets
25
34
Total current assets
12,099
12,907
Property and equipment, net
44,161
43,215
Leased property under capital leases, net
6,284
6,360
Restricted cash
1,326
2,826
Noncurrent deferred tax asset
8
8
Other assets, net
62
62
Total assets
$ 63,940
$ 65,378
Liabilities and Equity
Current liabilities:
Current portion of obligations under capital leases
$ 215
$ 212
Current portion of long term debt
554
547
Accounts payable
6,969
7,832
Accrued payroll and other compensation
668
739
Accrued income taxes
13
26
Other accrued taxes
314
372
Deferred membership dues revenue
3,147
2,718
Other liabilities and accrued expenses
845
658
Total current liabilities
12,725
13,104
Long term debt, net of current portion
10,604
10,745
Obligations under capital leases, net of current portion
851
857
Asset retirement obligation
100
100
Equity:
Total Avalon Holdings Corporation Shareholders' Equity
37,649
38,446
Non-controlling interest in subsidiary
2,011
2,126
Total shareholders' equity
39,660
40,572
Total liabilities and equity
$ 63,940
$ 65,378
View original content: http://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-first-quarter-results-300646294.html
SOURCE Avalon Holdings Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-avalon-holdings-corporation-announces-first-quarter-results.html |
LONDON—U.K. Prime Minister Theresa May’s Conservative Party largely held its ground in local elections, suggesting a continuing stalemate between her minority government and an opposition unable to capitalize on its travails.
After a difficult period for a government that is divided over Brexit and recently suffered a high-profile resignation over an immigration scandal, the Conservatives lost control of five councils and gained control of four in elections held in towns and cities across England.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/u-k-s-theresa-may-escapes-broad-losses-in-local-elections-1525418593 |
LONDON, May 8, 2018 /PRNewswire/ --
Random42 is pleased to announce the appointment of Bill Collis as their new Chairman.
(Photo: https://mma.prnewswire.com/media/685681/Random42_Bill_Collis.jpg )
Bill has a scientific background with a PhD in Signal Processing and extensive experience in various leadership roles, both executive and non-executive. He currently acts as both Chairman and Director for various other private equity backed companies. In addition to Random42, he is also Chairman of Disguise and sits on the boards of Cubic Motion and Exocad.
Previously, Bill has served as CEO and President of The Foundry, where he led over a decade of change and innovation, transforming a niche London-based visual effects software company into a global, award-winning tech company. He has vast experience in venture capital and private equity funding, intellectual property licensing, mergers and acquisitions and accessing international markets.
Random42 CEO and Medical Director, Ben Ramsbottom, commented on the appointment: "We are excited to bring Bill onboard, with his extensive knowledge of the animation industry, as well as his own experience building a market leading company that has gone through rapid growth he is the perfect fit to aid us on the next phase of Random42's development."
Bill's leadership skills earned him an Ernst & Young Entrepreneur Of The Year award in 2012 and he is also the proud owner of numerous patents, a major feature movie credit, plus a prestigious Scientific and Technical Award from the Academy of Motion Picture Arts and Sciences for technology contributions to film.
Bill commented: "I'm thrilled to be working with Ben and the rest of the Random42 team. Random42 are the clear market leaders in medical animation, VR and AR for the pharmaceutical industry and I'm looking forward to helping them continue their rapid growth over the coming years."
About Random42
Random42 Scientific Communication is a leading scientific communication studio specialising in medical animation and education, scientific virtual reality, interactive and visually engaging solutions for global pharmaceutical and biotechnology companies. In their 26-year history they have produced core digital assets for over 650 product launches to date and won over 150 industry awards.
For further information please contact - Random42 Scientific Communication
A - 51 Great Marlborough Street, London, W1F 7JT
E - [email protected]
T - +44-(0)-20-7734-6001
W - www.random42.com
Social:
www.facebook.com/Random42/
www.twitter.com/random42science
https://www.linkedin.com/company-beta/445757
www.instagram.com/random42scientific/
www.youtube.com/user/Random42Medical
SOURCE Random42 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-bill-collis-joins-random42-as-chairman.html |
NORCROSS, Ga., May 9, 2018 /PRNewswire/ -- APCO Holdings, home of the EasyCare®, GWC Warranty, Covideo® and SAVY® brands, has named David Vickers as the company's new chief financial officer. Vickers brings 35 years of experience in the insurance and automotive industries to the role, having most recently served as executive vice president and CFO of The Warranty Group.
APCO Holdings Chairman Larry Dorfman said the addition of Vickers will help propel an ongoing effort to rapidly grow and diversify the company.
"You can't succeed in business, and you certainly can't expect to grow, without great people. David Vickers knows our industry, believes in our mission, lives our core values and is a perfect fit for our company at this time of rapid opportunity and growth," Dorfman said.
Vickers' career began with a nine-year stint in the insurance division at Ernst & Young. He has served as CFO for both publicly-held as well as private-equity backed organizations. His executive skillset includes strategic planning and analysis, financial reporting, tax planning, new business development, and mergers and acquisitions.
"I couldn't be more excited to be part of this great senior management team. They are quality people and they have fun together," Vickers said. "I am happy to have hit the ground running, and I look forward to helping the company grow while adhering to our core values."
About GWC Warranty
Established in 1995, GWC Warranty is the largest, best-in-class provider of used vehicle service contracts in the automotive industry, having helped bring a "No Worries, Just Drive" experience to more than 8.5 million drivers nationwide as part of APCO Holdings. Named a Motor Trend ® Recommended Best Buy for Independent Dealers and rated A+ by the Better Business Bureau, GWC Warranty is committed to providing its dealer partners with service, products, training and technology to make them more successful. Along with Georgia-based EasyCare, GWC Warranty is part of APCO Holdings, whose majority shareholder is Toronto-based Ontario Teachers' Pension Plan, Canada's largest single-profession pension plan with over $130 billion in net assets. For more information about GWC Warranty, please visit www.GWCwarranty.com .
About APCO Holdings
APCO Holdings, LLC, is a leading marketer and administrator of aftermarket products sold by franchised and independent automotive dealers throughout the United States. Comprised of EasyCare, GWC Warranty and other private label automotive manufacturer brands, APCO has more than 30 years' experience delivering its full suite of driver benefits, innovative dealer services, and industry-leading customer service CRM technology through a nationwide network of franchised and independent automobile dealers. EasyCare and GWC Warranty, both rated A+ by the Better Business Bureau, are the only MOTOR TREND Recommended Best Buy" brands in the automotive aftermarket, having paid nearly $3.5 billion in claims combined. APCO Holdings' majority shareholder is Toronto-based Ontario Teachers' Pension Plan, Canada's largest single-profession pension plan with over $130 billion in net assets. For more information about APCO, visit www.EasyCare.com and www.GWCWarranty.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/apco-names-david-vickers-cfo-300645787.html
SOURCE GWC Warranty | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-apco-names-david-vickers-cfo.html |
May 9 (Reuters) - Proteon Therapeutics Inc:
* PROTEON THERAPEUTICS ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* PROTEON THERAPEUTICS INC - ON TRACK FOR A POTENTIAL BLA FILING IN 2019
* PROTEON THERAPEUTICS INC QTRLY LOSS PER SHARE $0.34 * PROTEON THERAPEUTICS INC - SEES CASH, CASH EQUIVALENTS AND AVAILABLE-FOR-SALE INVESTMENTS AS SUFFICIENT TO FUND OPERATIONS INTO Q4 OF 2019
* PROTEON THERAPEUTICS - EXPECTS ITS CASH, CASH EQUIVALENTS AND AVAILABLE-FOR-SALE INVESTMENTS WILL BE SUFFICIENT TO FUND OPERATIONS INTO Q4 OF 2019 Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-proteon-therapeutics-announces-qtr/brief-proteon-therapeutics-announces-qtrly-loss-per-share-0-34-idUSASC0A0ZA |
May 7(Reuters) - Yoko International Corp
* Says it will use undistributed profit to pay cash dividends of T$0.01 per share to shareholders for 2017
* Says it will use undistributed profit to distribute stock dividend worth T$0.01 for every one share
Source text in Chinese: goo.gl/CL5gzS
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-yoko-international-says-2017-divid/brief-yoko-international-says-2017-dividend-payment-idUSL3N1SE1X0 |
A resurgent dollar is exposing weaknesses in the developing world, pushing investors to unwind long-held bets on emerging-market stocks, bonds and currencies.
Ripples from the dollar’s comeback have spread. Indonesia’s central bank on Thursday raised interest rates for the first time in four years to arrest a drop in its currency; Hong Kong’s monetary authorities last week stepped in to prop up the territory’s weakening dollar. The Turkish lira fell to fresh lows against the U.S. dollar, while Brazil’s real declined to its... | ashraq/financial-news-articles | https://www.wsj.com/articles/rising-dollar-sparks-tumult-in-emerging-markets-1526898426 |
Chinese trophy factory churns out World Cup merch 12:30pm IST - 01:22
Taiwanese-owned Wagon Group is in the process of manufacturing tens of thousands of replica World Cup trophies and official souvenirs in the run up to the Russia 2018 World Cup. ▲ Hide Transcript ▶ View Transcript
Taiwanese-owned Wagon Group is in the process of manufacturing tens of thousands of replica World Cup trophies and official souvenirs in the run up to the Russia 2018 World Cup. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2rktaxE | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/04/chinese-trophy-factory-churns-out-world?videoId=423733953 |
Conditions for a bear market are there: Lee Cooperman 34 Mins Ago 01:11 01:11 | 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/2018/05/22/conditions-for-a-bear-market-are-there-lee-cooperman.html |
* MSCI ex-Japan edges down 0.1 pct, Nikkei falls 0.4 pct
* U.S. 10-year yield rises on strong retail sales
* Dollar at 2018 high on yield advantage
* North Korea cancels South Korea talks, weighing on sentiment
* European shares seen starting flat to slightly higher
By Andrew Galbraith and Tomo Uetake
SHANGHAI/TOKYO, May 16 (Reuters) - Asian stock markets dipped on Wednesday after Pyongyang abruptly called off talks with Seoul, throwing a U.S.-North Korean summit into doubt, while surging bond yields revived worries about faster U.S. interest rate hikes that could curb global demand.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1 percent as Pyongyang’s move appeared to mark a break in months of warming ties between North and South Korea and with Washington.
European shares looked set to open flat to marginally higher on Wednesday and U.S. S&P futures were little changed.
Financial spread-betters expect London’s FTSE to open 3 points higher at 7,725, Frankfurt’s DAX to open 19 points higher at 12,989 and Paris’ CAC to open unchanged at 5,533.
A cancellation of the June 12 summit in Singapore could see tensions on the Korean peninsula flare again as investors worry about China-U.S. trade tensions and the sustainability of global economic growth.
“This will weigh on the Korean reconstruction beneficiaries that have had a strong run on peace and even reunification hopes recently,” JPMorgan analysts wrote in a note.
“The broader risk for the region if talks do break down is that Trump no longer feels the need to keep China on side and could escalate trade tensions again.”
Strong U.S. retail sales and factory data on Tuesday pushed the U.S. 10-year yield through a key level to hit 3.095 percent, its highest since July 2011, raising worries about higher borrowing costs for companies worldwide.
The 10-year yield was last at 3.071 percent.
The rise in yields hurt U.S. share markets on concerns it would undercut stock valuations.
The Dow Jones Industrial Average fell 193.00 points, or 0.78 percent, to 24,706.41, the S&P 500 lost 18.68 points, or 0.68 percent, to 2,711.45 and the Nasdaq Composite dropped 59.69 points, or 0.81 percent, to 7,351.63.
Elsewhere in Asia, Japan’s Nikkei slid 0.4 percent, while South Korea’s KOSPI struggled for traction.
Stocks in China dipped 0.3 percent as traders awaited news from a second round of Sino-U.S. trade talks in Washington this week, with both sides believed to be still far apart. But Australian stocks bucked the trend and advanced 0.2 percent.
CURRENCIES The strong U.S. data underpinned the dollar in currency markets.
The U.S. dollar index, which tracks the greenback against a basket of six major rivals, hit a 2018 high of 93.46 on Tuesday and last stood at 93.22.
The euro fell to as low as $1.1814, its lowest level in five months.
The dollar held firm at 110.24 yen having hit a near four-month high of 110.45 yen on Tuesday.
The yen largely shrugged off data that showed Japan’s economy shrank more than expected in the January-March quarter.
“U.S. retail data assured that the world is still in a synchronised global growth. If U.S. retail had been a disappointment, the market would have taken Japan’s GDP more negatively,” said Tohru Yamamoto, chief fixed income strategist at Daiwa Securities.
High-yielding Asian currencies were particularly vulnerable to higher U.S. yields, which could prompt investors to shift funds out of emerging markets.
The Indonesian rupiah hit a 2-1/2-year low while the Malaysian ringgit hit a four-month low.
The Indian rupee unexpectedly gained 0.5 percent on suspected currency market intervention by the central bank after hitting a 16-month closing low of 68.15 per dollar on Tuesday.
The South Korean won was steadier but the country’s bond yields rose to the highest level since late 2014.
Some market participants think emerging market assets would be better placed than they were in the past, when hints the U.S. Fed would taper its quantitative easing knocked their prices.
“What we see today is a reallocation to the U.S. because of a strong U.S. economy. I don’t expect panic selling in emerging markets for now,” said Daiwa’s Yamamoto.
He also said he does not see the U.S. 10-year yield rising further towards 3.5 percent given the Fed’s estimate of neutral U.S. interest rates is much lower.
San Francisco Federal Reserve President John Williams, who is about to assume a vice chairmanship as head of the New York Fed, said on Tuesday that the neutral rate remained around 2.5 percent.
In commodities markets, gold slightly rebounded after hitting a 4 1/2-month low the previous day on a strong dollar.
It stood at $1,294 per ounce, off Tuesday’s low of $1,289.30.
Crude oil prices remained near recent highs amid concerns U.S. sanctions on Iran may restrict crude exports from a major producer.
U.S. light crude was 0.4 percent lower at $71.06 after reaching $71.92 on Tuesday, its highest level since November 2014.
Brent crude oil traded at $78.21 a barrel, down 0.3 percent. On Tuesday, it reached an intraday peak of $79.47 a barrel, its highest since November 2014. (Reporting by Andrew Galbraith and Tomo Uetake, additional reporting by Swati Pandey in SYDNEY; Editing by Sam Holmes and Kim Coghill)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-asian-shares-edge-down-as-u-s-yields-climb-n-korea-suspends-talks-idUSL3N1SN2RU |
In a major reversal of the country’s prior position, U.S. President Donald Trump pledged to put Chinese telecom equipment giant ZTE “back in business fast” on Twitter Sunday, adding: “too many jobs in China lost.”
It’s a conciliatory move as the U.S. President seeks to negotiate terms with China and avert a trade war.
President Xi of China, and I, are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast. Too many jobs in China lost. Commerce Department has been instructed to get it done!
— Donald J. Trump (@realDonaldTrump) May 13, 2018
But it’s not that ZTE that has something to gain following Trump’s reversal in tone on the U.S. Commerce Department ban. The Commerce Department previously banned U.S. parts makers from selling their goods to ZTE, saying ZTE had broken an earlier agreement on Iranian sanctions.
But it’s not that ZTE that has something to gain following Trump’s reversal in tone on the U.S. Commerce Department ban. The Commerce Department previously banned U.S. parts makers from selling their goods to ZTE, saying ZTE had broken an earlier agreement on Iranian sanctions.
And while the Nasdaq Composite was relatively flat, shares of other fiber optics makers also rose. Shares of Oclaro, which derives about a sixth of its revenue from ZTE, fell about 5%. NeoPhotonics, which also does business with ZTE, saw shares fell 4%.
Such firms may have even more to lose should the Chinese-U.S. trade talks fail to materialize. Fiber optics makers increasingly depended on Chinese firms for business in recent years, as the country embraces tech. NeoPhotonics, for example, says that China accounted for 55% of its revenue in 2017.
“Fiber optics telecommunication growth in China is an important contributor to our success,” NeoPhotonics said in its 2017 annual earnings filing. “We expect a major portion of our revenue to come from China infrastructure spending in wireline and wireless networks.”
Still, even if fiber optics firms do come out of the current ban against selling to ZTE unscathed, larger threats are on the horizon.
Increasingly, China has been trying to wean itself off its dependence on foreign goods. In December, the Chinese Government Ministry of Industry and Information Technology released a five-year plan to build out its own optical chips industry, while reducing its exposure to foreign firms. | ashraq/financial-news-articles | http://fortune.com/2018/05/14/trump-zte-tweet-china-stock-market-why/ |
(Adds strategist quotes and details on activity; updates prices)
* Canadian dollar at C$1.2763, or 78.35 U.S. cents
* Loonie hits strongest since April 20 at C$1.2743
* Bond prices lower across flatter yield curve
TORONTO, May 10 (Reuters) - The Canadian dollar strengthened to a nearly three-week high against its U.S. counterpart on Thursday as oil prices climbed and prospects improved for greater deal making in Canada's energy sector. The price of oil, one of Canada's major exports, was supported by potential disruption to oil flows from major exporter Iran in the face of U.S. sanctions.
U.S. crude oil futures settled 0.3 percent higher at
$71.36 a barrel. They have rallied more than 5 percent from Tuesday's low. "Oil is what's driving the Canadian dollar at the moment," said Adam Button, currency analyst at ForexLive. "Today it is not just higher oil prices but there are indications of deal making in the energy industry."
Enbridge Inc , a major Canadian oil pipeline
company, may sell more assets than expected this year, seeing strong interest from potential buyers after achieving a goal this week for 2018 divestitures. Crude has been trading far removed from levels needed to affect investment in Canada's energy sector. But that could change as oil moves above $70 a barrel.
At 4 p.m. EST (2000 GMT), the Canadian dollar was
trading 0.7 percent higher at C$1.2763 to the greenback, or 78.35 U.S. cents. The currency touched its strongest level since April 20 at C$1.2743. The loonie has rebounded as much as 2 percent since hitting on Tuesday a nearly seven week low at C$1.2998.
The U.S. dollar fell on Thursday against a basket of
major currencies, holding below its 2018 peak, as a smaller-than-expected rise in consumer prices caused traders to pare positions betting that inflation is accelerating, which could push the Federal Reserve to hike interest rates faster.
Canadian new home prices were unchanged in March, as expected, as higher prices in Ottawa were offset by a weaker Toronto market, data from Statistics Canada showed. Canadian government bond prices were lower across a flatter
yield curve, with the two-year down 3.5 Canadian cents to yield 1.977 percent and the 10-year falling
4 Canadian cents to yield 2.398 percent. The 10-year yield touched its highest intraday since May 2014 at 2.411 percent. Canada's jobs report for April is due on Friday.
(Reporting by Fergal Smith; Editing by Bernadette Baum and David Gregorio) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/reuters-america-canada-fx-debt-c-climbs-to-3-week-high-boosted-by-higher-oil-prices.html |
Cognex plunges weak revenue guidance 1 Hour Ago 05:15 05:15 | 38 Mins Ago 01:40 01:40 | 11:30 AM ET Thu, 26 April 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/30/cognex-plunges-weak-revenue-guidance.html |
GENEVA, May 07, 2018 (GLOBE NEWSWIRE) -- Etrion Corporation (“Etrion” or the “Company”) (TSX:ETX) (OMX:ETX), a solar independent power producer, today released its condensed consolidated interim financial statements and related management’s discussion and analysis (“MD&A”) for the three months ended March 31, 2018.
Etrion Corporation delivered strong project-level results in the first quarter of 2018 from its Japanese assets. Higher installed capacity and electricity production, combined with significant reduction in corporate overhead resulted in a significant increase in revenue and consolidated EBITDA compared to the same period in 2017.
Q1-18 HIGHLIGHTS
Strong performance in Japan with production and revenues up by 9% and 12%, respectively, compared to Q1-17. Consolidated EBITDA increased significantly in comparison with Q1-17 driven by performance in Japan and corporate overhead reduction. Construction of the 13.2 megawatt (“MW”) Komatsu solar project in western Japan is 96% complete, on budget, on schedule and expected to be fully operational by the end of the second quarter of 2018. Acquisition of the Greenfield Tk-2 (Niigata) project lands. Growth opportunities in Japan remain positive with nearly 400 MW of projects in different stages of development, including a backlog of 190 MW and nearly 200 MW of early stage pipeline. Sound unrestricted cash position to support the growth of the business.
Management Comments
Marco A. Northland, the Company’s Chief Executive Officer, commented, “Japan continues to deliver very positive results. Cost cutting measures taken in Q4-17 have delivered significant savings in Q1-18 which, combined with a higher installed capacity compared to the same period last year, resulted in consolidated EBITDA improvements. We have also made significant progress on the development of three key projects in the backlog, with an aggregate net capacity of about 100 MW, targeting to commence construction within the next 12-18 months. We continue to have a solid cash position with sufficient liquidity to fund our backlog projects. I am very excited at the prospects over the next 12 months in the Japanese market and look forward to bringing new projects to financial close. On the operational side, our plants are performing well above plan, demonstrating superior design, technology and operations despite facing a first quarter with one of the heaviest snowfalls in nearly 40 years that caused approximately US$0.2 million of lower revenue. We continue to drive costs down and fine tune the business to better support our growth in Japan.”
FINANCIAL SUMMARY
Three months ended
US$ thousands (unless otherwise stated) Q1-18 Q1-17 Electricity production (MWh) 1 8,086 49,922 Japan 8,086 7,446 Chile - 42,476 Financial performance 2 Revenues 2,910 5,198 Japan 2,910 2,597 Chile - 2,601 EBITDA 658 57 Japan 1,730 1,961 Chile - 375 Corporate (1,072) (2,279) Net loss (3,853 ) (7,564 ) Project cash distributions 611 3,342 Cash flow used in operations (2,795 ) (2,821 ) Adjusted operating cash flow 829 278 Financial position Mar 18 Dec 17 Unrestricted cash at parent level 21,398 30,385 Restricted cash at project level 16,661 12,818 Working capital 39,350 43,611 Consolidated net debt on a cash basis 154,808 136,173 Corporate net debt 20,163 10,110 1 MWh-Megawatt-hour
2 2017 financial results include the financial performance of the Chilean subsidiary, PV Salvador SpA until September 30, 2017 when the Group lost control for IFRS purposes. Operations and Finance Update call
A conference call webcast to present the Company’s first quarter 2018 Operations and Finance update will be held on Monday, May 7, 2018, at 10:00 a.m. Eastern Daylight Time (EDT) / 4:00 p.m. Central European Time (CET).
Dial-in details:
North America: +1-647-788-4991 / Toll Free: +1-877-291-4570 / Sweden Toll Free: 02-079-4343
Webcast:
A webcast will be available at https://www.webcaster4.com/Webcast/Page/1297/23918
The Operations and Finance update call presentation and the Company’s condensed consolidated interim financial statements for the three months ended March 31, 2018, as well as the related documents, will be available on the Company’s website ( www.etrion.com )
A replay of the telephone conference will be available until May 28th, 2018.
Replay dial-in details:
North America: +1-416-621-4642 / Toll Free: +1-800-585-8367
Pass code for replay: 3086538
About Etrion
Etrion Corporation is an independent power producer that develops, builds, owns and operates utility-scale solar power generation plants. The Company owns and operates 44 MW of solar capacity and 13 MW solar project under construction, all in Japan. Etrion also has several projects in the backlog and pipeline at different stages of development in Japan. The Company is listed on the Toronto Stock Exchange in Canada and the NASDAQ OMX Stockholm exchange in Sweden under ticker symbol “ETX”. Etrion’s largest shareholder is the Lundin family, which owns approximately 24% of the Company’s shares directly and through various trusts.
For additional information, please visit the Company’s website at www.etrion.com or contact:
Christian Lacueva – Chief Financial Officer
Telephone: +41 (22) 715 20 90
Note: The capacity of power plants in this release is described in approximate megawatts on a direct current (“DC”) basis, also referred to as megawatt-peak (“MWp”).
Etrion discloses the information provided herein pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication in Sweden at 08:05 Central European Time on May 7, 2018.
Non-IFRS Measures:
This press release includes non-IFRS measures not defined under IFRS, specifically EBITDA and Adjusted operating cash flow. Non-IFRS measures have no standardized meaning prescribed under IFRS and therefore such measures may not be comparable with those used by other companies. EBITDA is a useful metric to quantify the Company’s ability to generate cash before extraordinary and non-cash accounting transactions recognized in the financial statements. In addition, EBITDA is useful to analyze and compare profitability between companies and industries because it eliminates the effects of financing and accounting policy decisions. The most comparable IFRS measure to EBITDA is net income (loss). In addition, adjusted operating cash flow is used by investors to compare cash flows from operating activities without the effects of certain volatile items that can positively or negatively affect changes in working capital and are viewed as not directly related to a company’s operating performance. The most comparable IFRS measure to adjusted operating cash flow is cash flow used in operations. Refer to Etrion’s MD&A for the three months ended March 31, 2018, for a reconciliation of EBITDA and adjusted operating cash flow reported during the period.
Forward-Looking Information:
This press release contains certain “forward-looking information”. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the Company’s projects in Japan under construction and in development) constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company as well as certain assumptions including, without limitation, the ability of the Company to execute on its projects in Japan under construction or in development on economic terms and in a timely manner. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to current expectations include, but are not limited to, the risk that the Company may not be able to obtain all applicable permits for the development of projects in Japan and the associated project financing required for the development of such projects on economic terms and the risk of unforeseen delays in the development and construction of its projects under construction or in development. Reference is also made to the risk factors disclosed under the heading “Risk factors” in the Company’s AIF for the year ended December 31, 2017 which has been filed on SEDAR and is available under the Company’s profile at www.sedar.com .
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Source:Etrion Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-etrion-releases-first-quarter-2018-results.html |
Novartis AG Chief Executive Officer Vas Narasimhan said the Swiss drugmaker “made a mistake” in signing up lawyer Michael Cohen to give the company insight on President Donald Trump’s health-care plans.
“Yesterday was not a good day for Novartis,” Narasimhan wrote to employees Thursday in a letter reviewed by Bloomberg News. A day earlier, the drug company said it had paid $1.2 million to a firm led by Cohen , who is at the center of a U.S. law enforcement probe, as well as a civil lawsuit related to payments to an exotic dancer.
“We made a mistake in entering into this engagement and, as a consequence are being criticized by a world that expects more from us,” Narasimhan said in the letter. “What defines us now is how we respond to this difficult situation.”
Novartis hired Cohen’s company in 2017 . The company said it quickly determined that the lawyer’s firm would be unable to provide the services it anticipated and decided not to engage further, but was contractually bound to keep making monthly payments of $100,000.
While Novartis said it got little from Cohen, the arrangement dragged Novartis (nvs) into Special Counsel Robert Mueller’s probe into suspected Russian meddling in the U.S. presidential election. The company said it was contacted by Mueller’s office in November, though now considers its role in that inquiry closed.
The latest developments come just as the company seeks to move beyond a string of legal troubles and its new CEO looks to reshape the company’s culture and reputation. Separately, AT&T (t) paid Cohen up to $600,000 for insights and asked him to look into its proposed $85 billion merger with Time Warner (twx) as it sought government antitrust approval, according to a person familiar with the matter.
Novartis shares fell 0.5% in early trading in Zurich, having dropped 6% this year.
Narasimhan, a 13-year company veteran, took the helm earlier this year, replacing Joe Jimenez. He said in his letter that he went to sleep “frustrated and tired” and woke up “full of determination.”
“I look to you to remain resilient and keep your focus on serving patients,” he said. | ashraq/financial-news-articles | http://fortune.com/2018/05/11/novartis-ceo-michael-cohen-mistake-trump/ |
(Clarifies that inflows have exceeded $120 billion)
CAIRO, May 14 (Reuters) - Egypt’s Central Bank Governor said foreign inflows have exceeded $120 billion since its pound currency was floated in November 2016, state newspaper Al-Ahram Quote: d him as saying on Monday.
Tarek Amer also said Egypt would make a debt payment of $850 million to international oil companies, without specifying when. (editing by John Stonestreet )
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/egypt-economy/corrected-egypts-foreign-inflows-exceeded-120-bln-since-pound-cbank-head-to-paper-idUSL5N1SL1MV |
May 24, 2018 / 5:13 AM / Updated 16 minutes ago METALS-Shanghai copper slips after U.S. casts doubt on trade deal Reuters Staff 4 Min Read (Adds Shanghai closing prices, updates London prices) BEIJING, May 24 (Reuters) - Shanghai copper prices snapped a five-day winning streak to end lower on Thursday, after U.S. President Donald Trump said any trade deal with China would "need a different structure" and Washington launched a probe into auto imports that could lead to new tariffs. Copper had rallied at the start of the week after U.S. Treasury Secretary Steven Mnuchin said the prospect of a U.S.-China trade war, following the imposition of U.S. tariffs on steel and aluminium, was "on hold". Industrial metals are suffering "under the risk-off tone in the markets, following signs that trade negotiations between the United States and China are not progressing as well as initially thought," ANZ wrote in a note. Copper is the "commodity most leveraged to the global economic cycle," it said. FUNDAMENTALS * SHFE COPPER: The most-traded July copper contract on the Shanghai Futures Exchange shed 0.9 percent to close at 51,430 yuan ($8,053.81) a tonne. * LME COPPER: Three-month copper on the London Metal Exchange shrugged off early losses to trade 0.2 percent higher at $6,879.50 a tonne, by 0739 GMT. In the previous session, it shed 1.6 percent. * GRASBERG: Rio Tinto confirmed on Wednesday that it was in discussions to sell its interest in the world's second-largest copper mine to Indonesia's state mining holding company Inalum. * INDIA: One person died and others were wounded by gunfire in southern India on Wednesday in fresh violence related to protesters' demands that a copper smelter be shut on environmental grounds. The day before at least 10 people were killed by police during a mass demonstration against the plant. * RUSAL: Russian aluminium firm Rusal resumed shipments to some customers last week following an extension of the deadline for companies to wind down contracts with the Russian company under U.S. sanctions, sources said. * RUSAL: Rusal, one of the world's biggest aluminium producers, said on Thursday its chief executive and seven board members have quit, and warned it may have problems servicing its debt due to the impact of U.S. sanctions. * ALUMINIUM: Aluminium was up 0.4 percent in London at $2,279 a tonne after Rusal's warnings on its debt troubles. The metal closed up 0.8 percent in Shanghai at 14,745 yuan a tonne. For the top stories in metals and other news, click or MARKETS Asian shares fell on Thursday after the U.S. government launched a national security probe into car imports that could lead to new tariffs, and President Donald Trump's comments suggested setbacks in U.S.-China trade talks. PRICES BASE METALS PRICES 0741 GMT Three month LME copper 6875.5 Most active ShFE copper 51420 Three month LME aluminium 2278 Most active ShFE aluminium 14740 Three month LME zinc 3032 Most active ShFE zinc 23440 Three month LME lead 2500.5 Most active ShFE lead 20445 Three month LME nickel 14670 Most active ShFE nickel 108170 Three month LME tin 20550 Most active ShFE tin 148190 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 264.36 LME/SHFE ALUMINIUM LMESHFALc3 -2194.03 LME/SHFE ZINC LMESHFZNc3 414.53 LME/SHFE LEAD LMESHFPBc3 182.11 LME/SHFE NICKEL LMESHFNIc3 -2919.35 ($1 = 6.3858 Chinese yuan) (Reporting by Tom Daly; Editing by Tom Hogue and Sherry Jacob-Phillips) | ashraq/financial-news-articles | https://www.reuters.com/article/global-metals/metals-copper-falls-for-2nd-day-as-u-s-casts-doubt-on-trade-deal-idUSL3N1SV28R |
May 3 (Reuters) - Interfor Corp:
* Q1 SALES C$527.6 MILLION * Q1 EARNINGS PER SHARE VIEW C$0.56 — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-interfor-reports-q1-eps-c047/brief-interfor-reports-q1-eps-c0-47-idUSASC09ZT4 |
Alta Supply Inc. ("Alta Supply"), a wholly-owned subsidiary of CannaRoyalty, generated revenue of ~US$840,000 in April, 2018 (1) , representing its highest monthly revenue to date. River Distribution ("RVR") generated revenue of ~US$2,000,000 in April, 2018 (2) ; CannaRoyalty announced a merger with RVR on March 27, 2018. (3) Both Alta Supply and RVR contribute to California's economy and job market. Year-to-date to the end of April, 2018, Alta Supply has collected and remitted ~US$530,000 in excise taxes to the state of California; RVR has collected and remitted ~US$1.3 million during the same period. Together, Alta Supply and RVR have 75 employees in California.
OTTAWA, May 4, 2018 /PRNewswire/ - CannaRoyalty Corp. (CSE: CRZ) (OTCQX: CNNRF) ("CannaRoyalty" or the "Company"), a leading North American cannabis products and brands company, announced today that its wholly-owned California-based distribution subsidiary, Alta Supply, generated record monthly revenue of ~US$840,000 in the month of April, 2018.
The number of licensed dispensaries in California decreased from December 2017 to January 2018 as enhanced state-wide regulation was implemented concurrent with the transition to a full recreational adult-use market. As a result, fewer licensed dispensaries exist in the state today than in December 2017. This is a short-term phenomenon as operators work towards compliance. Because of this rapid market reset from December 2017 to January 2018 Alta Supply and RVR experienced a year-over-year decline in revenue at the beginning of 2018 along with their peers. However, as the April revenue figures reported today demonstrate, both companies have steadily and powerfully grown revenue even over a lower dispensary base.
"The California dispensary space is experiencing some short-term growing pains in the transition to a full recreational adult-use framework and we are very proud of the teams at Alta Supply and RVR for generating strong results despite these transitory headwinds," said Marc Lustig, CEO of CannaRoyalty. "We are equally proud of the contribution that Alta Supply and RVR have made and will continue to make to the state of California both through tax revenue and job creation. The financial results announced today prove that these entities occupy enviable positions within the California cannabis ecosystem. We are confident that the organic growth of these two entities along with synergies with our existing brand portfolio will generate significant value for shareholders."
California transitioned to a full recreational adult-use market in January 2018 and retail sales are forecast to grow to US$5.2 billion in 2018. (4) CannaRoyalty identified early-on that distribution would be an increasingly important part of the value chain. In March 2018, the Company announced it had closed the acquisition of Alta Supply and entered into a binding term sheet for the acquisition of 100% of RVR and its affiliates. Together, Alta Supply and RVR collected and remitted US$1.83 million in excise tax to the state of California from January 2018 to April 2018, making them large contributors to the state economy.
As the Company's acquisition of RVR has not yet closed, the Company has relied on RVR as a third party to provide this revenue information.
(1)
In accordance with IFRS (unaudited)
(2)
Per RVR, in accordance with US GAAP (unaudited)
(3)
CannaRoyalty Announces Merger with RVR – a Licensed California Cannabis Operator – to Create Leading Cannabis Distributor in California
(4)
Forbes, November 26, 2017 article California Weed Entrepreneurs Will Make $5.2B in 2018 With Almost No Banks to Put It In
About CannaRoyalty
CannaRoyalty is an active operator and investor in the global cannabis industry, with a strong focus on California, the world's largest cannabis market. Our core mission is to become the leading global consumer product goods company for discerning cannabis consumers. We are currently focused on building a diversified portfolio of manufacturing, distribution, intellectual property, and infrastructure assets to achieve this goal. Our leadership team combines a passion and hands-on understanding of the cannabis industry, with seasoned financial and legal expertise. CannaRoyalty's shares trade on the Canadian Stock Exchange (CSE) under the symbol CRZ and internationally on the OTCQX under the symbol CNNRF.
Forward Looking Statements
Statements in this news release that are are subject to various concerning the specific factors disclosed here and elsewhere in CannaRoyalty's periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward- looking statements.
Forward-looking statements may include, without limitation, statements relating to the timing for the Company's acquisition of RVR, sales forecasts and anticipated growth for the California cannabis market, execution of the Company's strategy, new opportunities, future growth and other statements, and, while the Company's board of directors/audit committee has reviewed the financial information provided in this document, statements relating to financial information for Alta Supply and RVR are for a period which interim financial statements have not yet been prepared by the Company.
Forward‐looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of CannaRoyalty, its subsidiaries, or its affiliates to be materially different from any future results, performance or achievements expressed or implied by the forward‐looking statements. Although CannaRoyalty has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the there can be other factors and assumptions that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: the monthly revenues for Alta Supply and RVR may not be sustained on a going forward basis and may be subject to adjustment prior to completion of the interim financial statements of the Company for the period ended June 30, 2018, undue delays with respect to the closing of the RVR acquisition, effects of general economic conditions, changing foreign exchange rates and actions by government authorities, uncertainties associated with negotiations and misjudgments in the course of preparing forward-looking information, dependence on obtaining regulatory approvals, investing in target companies or projects that are engaged in activities currently considered illegal under US federal law, changes in laws, limited operating history, reliance on management, requirements for additional financing, competition, hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry, and regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these , the results or events predicted in these may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on . The in this news release are made as of the date of this release. CannaRoyalty disclaims any intention or obligation to update or revise such information, except as required by applicable law, and CannaRoyalty does not assume any liability for disclosure relating to any other company mentioned herein.
View original content: http://www.prnewswire.com/news-releases/cannaroyalty-announces-record-monthly-revenue-for-california-distribution-subsidiary-alta-supply-300642711.html
SOURCE CannaRoyalty Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-cannaroyalty-announces-record-monthly-revenue-for-california-distribution-subsidiary-alta-supply.html |
May 11 (Reuters) - BRF SA:
* BRAZILIAN FOOD PROCESSOR BRF TO KEEP LORIVAL LUZ AS CEO UNTIL CONCLUSION OF CORPORATE REORGANIZATION Further company coverage: (Reporting By Bruno Federowski)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-brazils-brf-to-keep-luz-as-ceo-unt/brief-brazils-brf-to-keep-luz-as-ceo-until-conclusion-of-corporate-reorganization-idUSE6N1QQ04J |
WHO deploys experimental vaccines to fight Ebola outbreak in the Congo 2 Hours Ago CNBC’s Meg Tirrell reports on the outbreak of the Ebola virus in the Democratic Republic of the Congo. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/who-deploys-experimental-vaccines-to-fight-ebola-outbreak-in-the-congo.html |
NEW YORK, May 1, 2018 /PRNewswire/ -- This is my third update regarding NTN Buzztime's (NYSE-Amex: NTN) upcoming 2018 shareholder meeting. Unfortunately, the Board continues to ignore its fiduciary duty to shareholders, even after 10 years of poor financial results, delayed product rollouts, and an 83% decline in its stock price. While I've extended numerous olive branches to help NTN over the years, the company's Board continues to protect the status quo and has ultimately chosen to waste NTN's resources on a proxy fight.
Reviewing last year's shareholder vote, it is clear the market is sending a strong message to the Board as existing members only received roughly 50% support, and that was when they went unchallenged:
NTN - 2017 Results of shareholder votes for BOD members
Name
Votes For
Votes For (%)
Witheld
Broker Non-Votes
Witheld/Non Vote
Jeff Berg
1,013,109
52%
237,084
703,777
48%
Ram Krishnan
1,033,578
53%
216,615
703,777
47%
Steve Mitgang
982,917
50%
267,276
703,777
50%
Paul Yanover
1,035,478
53%
214,715
703,777
47%
Finally, as NTN works to comply with my demand letter, I would like to thank the numerous shareholders and other stakeholders who have reached out to me to discuss their concerns & interests regarding the success of NTN Buzztime.
Sean Gordon as a proposed Board member
a) Brings 20+ years of sales skills & business building
b) Driven by results, not excuses
c) Thinks outside the box & takes calculated risks
d) Passionate & focused on moving quickly
San Diego Tribune article - 4/24/18
http://www.sandiegouniontribune.com/business/technology/sd-fi-ntn-buffalowildwings-20180424-story.html
Follow up Board letter – 3/26/18
https://www.prnewswire.com/news-releases/ntn-buzztime-activist-nyse-amex-ntn-determined-to-bring-about-positive-change-sends-follow-up-letter-to-the-board-of-directors-300619356.html
Initial Board letter – 1/24/18:
https://www.sec.gov/Archives/edgar/data/748592/000147793218000647/ntn_ex991.htm
Sean Gordon
Email: [email protected]
View original content: http://www.prnewswire.com/news-releases/ntn-buzztime-activist-sends-demand-letter-to-the-companys-board-of-directors-to-inspect-ntns-books--records-for-a-list-of-the-companys-shareholders-300640083.html
SOURCE Sean Gordon | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-ntn-buzztime-activist-sends-demand-letter-to-the-companys-board-of-directors-to-inspect-ntns-books-records-for-a-list-of-the.html |
Revenue Grows 16 Percent and EPS Grows 30 Percent to New March Quarter Records
New $100 Billion Share Repurchase Authorization Announced, Dividend Raised by 16 Percent
CUPERTINO, Calif.--(BUSINESS WIRE)-- Apple® today announced financial results for its fiscal 2018 second quarter ended March 31, 2018. The Company posted quarterly revenue of $61.1 billion, an increase of 16 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.73, up 30 percent. International sales accounted for 65 percent of the quarter’s revenue.
“We’re thrilled to report our best March quarter ever, with strong revenue growth in iPhone, Services and Wearables,” said Tim Cook, Apple’s CEO. “Customers chose iPhone X more than any other iPhone each week in the March quarter, just as they did following its launch in the December quarter. We also grew revenue in all of our geographic segments, with over 20% growth in Greater China and Japan.”
“Our business performed extremely well during the March quarter, as we grew earnings per share by 30 percent and generated over $15 billion in operating cash flow,” said Luca Maestri, Apple’s CFO. “With the greater flexibility we now have from access to our global cash, we can more efficiently invest in our US operations and work toward a more optimal capital structure. Given our confidence in Apple’s future, we are very happy to announce that our Board has approved a new $100 billion share repurchase authorization and a 16 percent increase in our quarterly dividend.”
The Company will complete the execution of the previous $210 billion share repurchase authorization during the third fiscal quarter.
Reflecting the approved increase, the Board has declared a cash dividend of $0.73 per share of Apple’s common stock payable on May 17, 2018 to shareholders of record as of the close of business on May 14, 2018.
The Company also expects to continue to net-share-settle vesting restricted stock units.
From the inception of its capital return program in August 2012 through March 2018, Apple has returned $275 billion to shareholders, including $200 billion in share repurchases. The management team and the Board will continue to review each element of the capital return program regularly and plan to provide an update on the program on an annual basis.
Apple is providing the following guidance for its fiscal 2018 third quarter:
• revenue between $51.5 billion and $53.5 billion
• gross margin between 38 percent and 38.5 percent
• operating expenses between $7.7 billion and $7.8 billion
• other income/(expense) of $400 million
• tax rate of approximately 14.5 percent
Apple will provide live streaming of its Q2 2018 financial results conference call beginning at 2:00 p.m. PDT on May 1, 2018 at www.apple.com/investor/earnings-call/ . This webcast will also be available for replay for approximately two weeks thereafter.
This press release contains , within the meaning of the Private 1995. These include without limitation those about the Company’s estimated revenue, gross margin, operating expenses, other income/(expense), tax rate, and plans for return of capital. These statements involve risks and uncertainties, and actual results may differ. Risks and uncertainties include without limitation: the effect of global and regional economic conditions on the Company's business, including effects on purchasing decisions by consumers and businesses; the ability of the Company to compete in markets that are highly competitive and subject to rapid technological change; the ability of the Company to manage frequent product introductions and transitions, including delivering to the marketplace, and stimulating customer demand for, new products, services and technological innovations on a timely basis; the effect that product introductions and transitions, changes in product pricing and product mix, and increases in component and other costs could have on the Company’s gross margin; the dependency of the Company on the performance of distributors of the Company's products, including cellular network carriers and other resellers; the inventory and other asset risks associated with the Company’s need to order, or commit to order, product components in advance of customer orders; the continued availability on acceptable terms, or at all, of certain components, services and new technologies essential to the Company's business, including components and technologies that may only be available from sole or limited sources; the dependency of the Company on manufacturing and logistics services provided by third parties, many of which are located outside of the US and which may affect the quality, quantity or cost of products manufactured or services rendered to the Company; the effect of product and service quality problems on the Company’s financial performance and reputation; the dependency of the Company on third-party intellectual property and digital content, which may not be available to the Company on commercially reasonable terms or at all; the dependency of the Company on support from third-party software developers to develop and maintain software applications and services for the Company’s products; the impact of unfavorable legal proceedings, such as a potential finding that the Company has infringed on the intellectual property rights of others; the impact of changes to laws and regulations that affect the Company’s activities, including the Company’s ability to offer products or services to customers in different regions; the ability of the Company to manage risks associated with its international activities, including complying with laws and regulations affecting the Company’s international operations; the ability of the Company to manage risks associated with the Company’s retail stores; the ability of the Company to manage risks associated with the Company’s investments in new business strategies and acquisitions; the impact on the Company's business and reputation from information technology system failures, network disruptions or losses or unauthorized access to, or release of, confidential information; the ability of the Company to comply with laws and regulations regarding data protection; the continued service and availability of key executives and employees; war, terrorism, public health issues, natural disasters, and other business interruptions that could disrupt supply or delivery of, or demand for, the Company’s products; financial risks, including risks relating to currency fluctuations, credit risks and fluctuations in the market value of the Company’s investment portfolio; and changes in tax rates and exposure to additional tax liabilities. More information on these risks and other potential factors that could affect the Company’s financial results is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any or information, which speak as of their respective dates.
Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch and Apple TV. Apple’s four software platforms — iOS, macOS, watchOS and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.
NOTE TO EDITORS: For additional information visit Apple Newsroom ( www.apple.com/newsroom ), or call Apple’s Media Helpline at (408) 974-2042.
© 2018 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares which are reflected in thousands and per share amounts)
Three Months Ended Six Months Ended March 31,
2018 April 1,
2017 March 31,
2018 April 1,
2017 Net sales $ 61,137 $ 52,896 $ 149,430 $ 131,247 Cost of sales (1) 37,715 32,305 92,096 80,480 Gross margin 23,422 20,591 57,334 50,767 Operating expenses: Research and development (1) 3,378 2,776 6,785 5,647 Selling, general and administrative (1) 4,150 3,718 8,381 7,664 Total operating expenses 7,528 6,494 15,166 13,311 Operating income 15,894 14,097 42,168 37,456 Other income/(expense), net 274 587 1,030 1,408 Income before provision for income taxes 16,168 14,684 43,198 38,864 Provision for income taxes 2,346 3,655 9,311 9,944 Net income $ 13,822 $ 11,029 $ 33,887 $ 28,920 Earnings per share: Basic $ 2.75 $ 2.11 $ 6.69 $ 5.50 Diluted $ 2.73 $ 2.10 $ 6.63 $ 5.46 Shares used in computing earnings per share: Basic 5,024,877 5,225,791 5,068,877 5,262,226 Diluted 5,068,493 5,261,688 5,113,140 5,294,841 Cash dividends declared per share $ 0.63 $ 0.57 $ 1.26 $ 1.14 (1) Includes share-based compensation expense as follows: Cost of sales $ 257 $ 217 $ 509 $ 446 Research and development $ 666 $ 575 $ 1,312 $ 1,164 Selling, general and administrative $ 425 $ 425 $ 823 $ 863 Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
March 31,
2018 September 30,
2017 ASSETS: Current assets: Cash and cash equivalents $ 45,059 $ 20,289 Short-term marketable securities 42,881 53,892 Accounts receivable, less allowances of $60 and $58, respectively 14,324 17,874 Inventories 7,662 4,855 Vendor non-trade receivables 8,084 17,799 Other current assets 12,043 13,936 Total current assets 130,053 128,645 Long-term marketable securities 179,286 194,714 Property, plant and equipment, net 35,077 33,783 Other non-current assets 23,086 18,177 Total assets $ 367,502 $ 375,319 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities: Accounts payable $ 34,311 $ 49,049 Accrued expenses 26,756 25,744 Deferred revenue 7,775 7,548 Commercial paper 11,980 11,977 Current portion of long-term debt 8,498 6,496 Total current liabilities 89,320 100,814 Deferred revenue, non-current 3,087 2,836 Long-term debt 101,362 97,207 Other non-current liabilities 46,855 40,415 Total liabilities 240,624 241,272 Commitments and contingencies Shareholders’ equity: Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,943,282 and 5,126,201 shares issued and outstanding, respectively 38,044 35,867 Retained earnings 91,898 98,330 Accumulated other comprehensive income/(loss) (3,064 ) (150 ) Total shareholders’ equity 126,878 134,047 Total liabilities and shareholders’ equity $ 367,502 $ 375,319 Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Six Months Ended March 31,
2018 April 1,
2017 Cash and cash equivalents, beginning of the period $ 20,289 $ 20,484 Operating activities: Net income 33,887 28,920 to cash generated : 5,484 5,319 Share-based compensation expense 2,644 2,473 Deferred income tax expense/(benefit) (34,235 ) 2,822 Other (151 ) (209 ) Changes in operating assets and liabilities: Accounts receivable, net 3,523 4,183 Inventories (2,807 ) (778 ) Vendor non-trade receivables 9,715 4,512 Other current and non-current assets (1,053 ) (896 ) Accounts payable (13,220 ) (6,862 ) Deferred revenue 478 (221 ) Other current and non-current liabilities 39,158 541 Cash generated 43,423 39,804 Investing activities: Purchases of marketable securities (48,449 ) (99,821 ) Proceeds from maturities of marketable securities 31,884 12,429 Proceeds from sales of marketable securities 38,942 60,454 Payments for acquisition of property, plant and equipment (7,005 ) (6,309 ) Payments made in connection with business acquisitions, net (305 ) (67 ) Other 53 (10 ) Cash generated by/(used in) 15,120 (33,324 ) Financing activities: Proceeds from issuance of common stock 327 273 Payments for taxes related to net share settlement of equity awards (1,190 ) (788 ) Payments for dividends and dividend equivalents (6,529 ) (6,134 ) Repurchases of common stock (32,851 ) (18,012 ) Proceeds from issuance of term debt, net 6,969 10,975 Repayments of term debt (500 ) — Change in commercial paper, net 1 1,879 Cash used in financing activities (33,773 ) (11,807 ) Increase/(Decrease) in cash and cash equivalents 24,770 (5,327 ) Cash and cash equivalents, end of the period $ 45,059 $ 15,157 Supplemental cash flow disclosure: Cash paid for income taxes, net $ 6,340 $ 6,878 Cash paid for interest $ 1,356 $ 1,007 Apple Inc.
Q2 2018 Unaudited Summary Data
(Units in thousands, Revenue in millions)
Q2 2018 Q1 2018 Q2 2017 Sequential Change Year/Year Change Reportable Segments Revenue Revenue Revenue Revenue Revenue Americas $ 24,841 $ 35,193 $ 21,157 - 29 % 17 % Europe 13,846 21,054 12,733 - 34 % 9 % Greater China 13,024 17,956 10,726 - 27 % 21 % Japan 5,468 7,237 4,485 - 24 % 22 % Rest of Asia Pacific 3,958 6,853 3,795 - 42 % 4 % Total Apple $ 61,137 $ 88,293 $ 52,896 - 31 % 16 % Q2 2018 Q1 2018 Q2 2017 Sequential Change Year/Year Change Product Summary Units Revenue Units Revenue Units Revenue Units Revenue Units Revenue iPhone (1) 52,217 $ 38,032 77,316 $ 61,576 50,763 $ 33,249 - 32 % - 38 % 3 % 14 % iPad (1) 9,113 4,113 13,170 5,862 8,922 3,889 - 31 % - 30 % 2 % 6 % Mac (1) 4,078 5,848 5,112 6,895 4,199 5,844 -20 % - 15 % - 3 % 0 % Services (2) 9,190 8,471 7,041 8 % 31 % Other Products (1)(3) 3,954 5,489 2,873 - 28 % 38 % Total Apple $ 61,137 $ 88,293 $ 52,896 - 31 % 16 % (1) Includes deferrals and amortization of related software upgrade rights and non-software services. (2) Includes revenue from Digital Content and Services, AppleCare, Apple Pay, licensing and other services. (3) Includes sales of AirPods, Apple TV, Apple Watch, Beats products, HomePod, iPod touch and other Apple-branded and third-party accessories.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006831/en/
Apple
Press:
Kristin Huguet, 408-974-2414
[email protected]
or
Investor Relations:
Nancy Paxton, 408-974-5420
[email protected]
Matt Blake, 408-974-7406
[email protected]
Source: Apple Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-apple-reports-second-quarter-results.html |
May 15, 2018 / 7:44 AM / Updated 41 minutes ago UPDATE 1-Land Securities NAV dips on refinancing costs, names new chairwoman Reuters Staff 2 Min Read
(Adds outlook, details on retail sector, dividend)
May 15 (Reuters) - Land Securities, Britain’s largest listed property developer, posted a slight fall in full-year adjusted net asset value per share on Tuesday, hurt by the cost of refinancing bonds, and said it named Cressida Hogg as new chairwoman.
Hogg will succeed well-known business personality Dame Alison Carnwath, who will retire on July 12. Hogg will be one of a handful of women at the helm of an FTSE 100 company board.
Land Securities expects investment and leasing volumes in the property market to be more subdued in the near term due to uncertainty ahead of the UK’s exit from the European Union.
The company, which manages the Bluewater shopping centre in southeast England, also said retail market continued to be affected by structural change in shopping habits and has been impacted by weaker consumer confidence.
Land Securities, like others in the industry, has undergone a multi-year overhaul to cut debt by selling non-core projects to strengthen the quality of its balance sheet and is today watched widely for its calls on the state of the market.
The developer reported a 1 percent fall in adjusted diluted net asset value - a measure of a developer’s buildings - to 1,403 pence for the year to March 31.
“The cost of refinancing 1.5 billion pounds ($2.03 billion)of bonds is behind both the loss for the year of 251 million pounds and the slight fall in adjusted diluted net asset value per share to 1,403 pence,” the company said.
Land Securities raised its full-year dividend by 14.7 percent to 44.2 pence per share. ($1 = 0.7383 pounds) (Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Gopakumar Warrier) | ashraq/financial-news-articles | https://www.reuters.com/article/land-secs-group-results/update-1-land-securities-nav-dips-on-refinancing-costs-names-new-chairwoman-idUSL3N1SM3B2 |
AUSTIN, Texas, May 7, 2018 /PRNewswire/ -- Luminex Corporation (Nasdaq:LMNX) today announced financial results for the first quarter of 2018. Financial and operating highlights for the quarter include:
First quarter 2018 consolidated revenue was $82.7 million, an increase of 6% compared to the first quarter 2017. First quarter 2018 GAAP net income was $13.4 million, or $0.30 per diluted share, growth of 45% and 43% respectively, over the prior year quarter. Assay revenue was $45.8 million for the quarter ended March 31, 2018, representing a 23% increase over assay revenue for the first quarter 2017. Total sample-to-answer molecular product revenue for the first quarter of 2018 was $16.5 million, representing growth of 49% compared to $11.1 million in the first quarter of 2017. Placed 60 sample-to-answer molecular systems under contract during the first quarter of 2018, compared to 34 in the first quarter of 2017. Total active sample-to-answer customers are now just under 500. Growth in sample-to-answer utilization per customer to $105,000 and $51,000 for VERIGENE and ARIES ® , respectively, from $90,000 and $33,000 in the prior year quarter. 218 multiplexing analyzers were shipped during the quarter; including a combination of MAGPIX ® systems, LX systems, and FLEXMAP 3D ® systems. This compares to 242 multiplexing analyzers shipped in the prior year quarter.
"We are very pleased with how we have started the year with strong performance in our Molecular Diagnostics Franchise --- and more specifically our sample to answer portfolio, which grew by nearly 50%", said Homi Shamir, President and Chief Executive Officer of Luminex. "We are very excited about our current product pipeline, which we believe will re-position Luminex at the forefront of innovation in our industry . We also believe we are on track to deliver on our commitment of generating a run-rate of $100 million of sample-to-answer revenue in the 4 th quarter of 2019. Our diversified business model is driving meaningful growth and we remain committed to investing wisely in the development of our product pipeline across our entire business."
REVENUE SUMMARY
(in thousands, except percentages)
Three Months Ended
March 31,
Variance
2018
2017
($)
(%)
(unaudited)
System sales
$ 7,931
$ 8,501
$ (570)
-7%
Consumable sales
11,872
15,385
(3,513)
-23%
Royalty revenue
12,239
11,561
678
6%
Assay revenue
45,841
37,407
8,434
23%
Service revenue
2,878
2,905
(27)
-1%
Other revenue
1,901
2,020
(119)
-6%
$ 82,662
$ 77,779
$ 4,883
6%
FINANCIAL OUTLOOK AND GUIDANCE
The Company intends to provide annual revenue guidance, to be updated, as appropriate, at each quarterly reporting period. Luminex anticipates second quarter 2018 revenue to be between $78.5 million and $80 million and reaffirms its full year 2018 revenue guidance of between $310 million and $316 million.
CONFERENCE CALL
Management will host a conference call at 3:30 p.m. CDT / 4:30 p.m. EDT, Monday, May 7, 2018 to discuss the operating highlights and financial results for the first quarter 2018. The conference call will be webcast live and may be accessed at Luminex Corporation's website at http://www.luminexcorp.com . Simply log on to the web at the address above, go to the Company section and access the Investor Relations link. Please go to the website at least 15 minutes prior to the call to register, download and install any necessary audio/video software. If you are unable to participate during the live webcast, the call will be archived for six months on the website using the 'replay' link.
Luminex develops, manufactures and markets proprietary biological testing technologies with applications throughout the life sciences industry. The Company's xMAP ® system is an open-architecture, multi-analyte technology platform that delivers fast, accurate and cost-effective bioassay results to markets as diverse as pharmaceutical drug discovery, clinical diagnostics and biomedical research, including the genomics and proteomics research markets. The Company's xMAP technology is sold worldwide and is in use in leading research laboratories as well as major pharmaceutical, diagnostic and biotechnology companies. Further information on Luminex or xMAP can be obtained on the Internet at http://www.luminexcorp.com .
Statements made in this release that express Luminex's or management's intentions, plans, beliefs, expectations or predictions of future events are forward-looking statements. Forward-looking statements in this release include statements regarding expected revenue and cost savings and projected 2018 performance, including revenue guidance. The words "believe," "expect," "intend," "estimate," "anticipate," "will," "could," "should" and similar expressions are intended to further identify such forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. It is important to note that the Company's actual results or performance could differ materially from those anticipated or projected in such forward-looking statements. Factors that could cause Luminex's actual results or performance to differ materially include risks and uncertainties relating to, among others, concentration of Luminex's revenue in a limited number of direct customers and strategic partners, some of which may be experiencing decreased demand for their products utilizing or incorporating Luminex's technology, budget or finance constraints in the current economic environment, or periodic variability in their purchasing patterns or practices as a result of internal resource planning challenges; market demand and acceptance of Luminex's products and technology, including ARIES ® , MultiCode ® , xMAP ® , VERIGENE ® and NxTAG ® products; Luminex's ability to scale manufacturing operations and manage operating expenses, gross margins and inventory levels; Luminex's ability to obtain and enforce intellectual property protections on Luminex's products and technologies; the impact on Luminex's growth and future results of operations with respect to the loss of the LabCorp women's health business anticipated in June 2018; Luminex's ability to successfully launch new products in a timely manner; dependence on strategic partners for development, commercialization and distribution of products; risks and uncertainties associated with implementing Luminex's acquisition strategy, Luminex's challenge to identify acquisition targets, including Luminex's ability to obtain financing on acceptable terms; Luminex's ability to integrate acquired companies or selected assets into Luminex's consolidated business operations, and the ability to fully realize the benefits of Luminex's acquisitions; the timing of and process for regulatory approvals; competition and competitive technologies utilized by Luminex's competitors; fluctuations in quarterly results due to a lengthy and unpredictable sales cycle; fluctuations in bulk purchases of consumables; fluctuations in product mix, and the seasonal nature of some of Luminex's assay products; Luminex's ability to comply with applicable laws, regulations, policies and procedures; the impact of the ongoing uncertainty in global finance markets and changes in governmental and governmental agency funding, including effects on the capital spending policies of Luminex's partners and end users and their ability to finance purchases of Luminex's products; changes in interpretation, assumptions and expectations regarding the Tax Cuts and Jobs Act, including additional guidance that may be issued by federal and state taxing authorities; changes in principal members of Luminex's management staff; potential shortages, or increases in costs, of components or other disruptions to Luminex's manufacturing operations; Luminex's increasing dependency on information technology to improve the effectiveness of Luminex's operations and to monitor financial accuracy and efficiency; the implementation, including any modification, of Luminex's strategic operating plans; the uncertainty regarding the outcome or expense of any litigation brought against or initiated by Luminex; risks relating to Luminex's foreign operations, including fluctuations in exchange rates, tariffs, customs and other barriers to importing/exporting materials and products in a cost effective and timely manner; difficulties in accounts receivable collections; Luminex's ability to monitor and comply with foreign and international laws and treaties; and Luminex's ability to comply with changes in international taxation policies; budget or finance constraints in the current economic environment, or periodic variability in their purchasing patterns or practices as a result of material resource planning challenges; reliance on third party distributors for distribution of specific Luminex-developed and manufactured assay products, as well as the risks discussed under the heading "Risk Factors" in Luminex's Reports on Forms 10-K and 10-Q, as filed . The forward-looking statements, including the financial guidance and 2018 outlook, contained herein represent the judgment of Luminex as of the date of this press release, and Luminex expressly disclaims any intent, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in Luminex's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
Contacts:
Harriss T. Currie
David Carey
Sr. Vice President, Finance and Chief Financial Officer
Investor Relations, Lazar Partners
512-219-8020
212-867-1768
[email protected]
[email protected]
LUMINEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31,
December 31,
2018
2017
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$ 128,655
$ 127,112
Accounts receivable, net
46,283
40,648
Inventories, net
52,248
49,478
Prepaids and other
7,692
7,403
Total current assets
234,878
224,641
Property and equipment, net
58,589
58,258
Intangible assets, net
73,819
75,985
Deferred income taxes
34,858
37,552
Goodwill
85,481
85,481
Other
12,888
8,599
Total assets
$ 500,513
$ 490,516
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 14,705
$ 14,537
Accrued liabilities
15,188
25,990
Deferred revenue
5,237
4,721
Total current liabilities
35,130
45,248
Deferred revenue
1,410
1,498
Other
6,967
5,863
Total liabilities
43,507
52,609
Stockholders' equity:
Common stock
44
43
Additional paid-in capital
350,810
350,834
Accumulated other comprehensive loss
(233)
(625)
Retained earnings
106,385
87,655
Total stockholders' equity
457,006
437,907
Total liabilities and stockholders' equity
$ 500,513
$ 490,516
LUMINEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended
March 31,
2018
2017
(unaudited)
Revenue
$82,662
$77,779
Cost of revenue
29,074
24,993
Gross profit
53,588
52,786
Operating expenses:
Research and development
10,326
12,420
Selling, general and administrative
25,830
23,998
Amortization of acquired intangible assets
2,166
2,356
Total operating expenses
38,322
38,774
Income from operations
15,266
14,012
Other income, net
449
(6)
Income before income taxes
15,715
14,006
Income tax benefit (expense)
(2,318)
(4,775)
Net income
$13,397
$ 9,231
Net income attributable to common stock holders
Basic
$13,192
$ 9,058
Diluted
$13,192
$ 9,058
Net income per share attributable to common stock holders
Basic
$ 0.30
$ 0.21
Diluted
$ 0.30
$ 0.21
Weighted-average shares used in computing net income per share
Basic
43,462
42,898
Diluted
43,633
42,989
Dividends declared per share
$ 0.06
0.06
LUMINEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended
March 31,
2018
2017
(unaudited)
Cash flows from operating activities:
Net income
$ 13,397
$ 9,231
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
5,893
5,619
Stock-based compensation
1,261
722
Deferred income tax expense
1,453
2,935
Other
31
444
Changes in operating assets and liabilities:
Accounts receivable, net
5,556
(4,669)
Inventories, net
(2,735)
(2,887)
Other assets
(203)
695
Accounts payable
320
(3,706)
Accrued liabilities
(11,439)
(10,072)
Deferred revenue
422
197
Net cash provided by operating activities
13,956
(1,491)
Cash flows from investing activities:
Purchase of property and equipment
(4,068)
(3,433)
Issuance of note receivable
(500)
-
Purchase of cost method investment
-
(500)
Acquired technology rights
(4,000)
-
Net cash used in investing activities
(8,568)
(3,933)
Cash flows from financing activities:
Proceeds from issuance of common stock
1,126
734
Shares surrendered for tax withholding
(2,003)
(2,056)
Dividends
(2,624)
-
Net cash used in financing activities
(3,501)
(1,322)
Effect of foreign currency exchange rate on cash
(344)
(240)
Change in cash and cash equivalents
1,543
(6,986)
Cash and cash equivalents, beginning of period
127,112
93,452
Cash and cash equivalents, end of period
$128,655
$86,466
LUMINEX CORPORATION
NON-GAAP RECONCILIATION
(in thousands)
Three Months Ended
March 31,
2018
2017
(unaudited)
Reported Net Income
$13,397
$9,231
Severance costs
20
99
Income tax effect of above adjusting items
(3)
(34)
Income tax effect from discrete tax items
(2,532)
-
Adjusted Net Income
$10,882
$9,296
Adjusted net income per share, basic
$ 0.25
$ 0.22
Shares used in computing adjusted net income per share, basic
43,462
42,898
Adjusted net income per share, diluted
$ 0.25
$ 0.22
Shares used in computing adjusted net income per share, diluted
43,633
42,989
The Company makes reference in this release to "non-GAAP net income" which excludes costs associated with legal proceedings, acquisition costs, severance costs, and the impact of restructuring costs; some of which are unpredictable and can vary significantly from period to period; and certain other recurring and non-recurring expenses. The Company believes that excluding these items and their related tax effects from its financial results reflects operating results that are more indicative of the Company's ongoing operating performance while improving comparability to prior periods, and, as such may provide investors with an enhanced understanding of the Company's past financial performance and prospects for the future. In addition, the Company's management uses such non-GAAP measures internally to evaluate and assess its core operations and to make ongoing operating decisions. This information is not intended to be considered in isolation or as a substitute for income from operations, net income, net income per share or expense information prepared in accordance with GAAP.
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SOURCE Luminex Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-luminex-corporation-reports-first-quarter-2018-financial-results.html |
May 3 (Reuters) - Softronic AB:
* Q1 REVENUE SEK 187.3 MILLION VERSUS SEK 160.8 MILLION YEAR AGO
* Q1 EBITDA SEK 20.1 MILLION VERSUS SEK 14.4 MILLION YEAR AGO Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-softronic-q1-ebitda-rises-to-sek-2/brief-softronic-q1-ebitda-rises-to-sek-20-1-million-idUSFWN1SA06W |
Palme d'Or winner Kore-eda says he knew film was special 3:59am IST - 00:37
Japanese director Hirokazu Kore-eda, whose film ''Shoplifters'' (''Manbiki Kazoku'') won the Cannes Film Festival's top Palme d'Or prize on Saturday (May 19), said he realised his film had ''something special'' from the moment it was screened. Rough cut (no reporter narration) ▲ Hide Transcript ▶ View Transcript
Japanese director Hirokazu Kore-eda, whose film "Shoplifters" ("Manbiki Kazoku") won the Cannes Film Festival's top Palme d'Or prize on Saturday (May 19), said he realised his film had "something special" from the moment it was screened. Rough cut (no reporter narration) Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2wTfSxS | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/19/palme-dor-winner-kore-eda-says-he-knew-f?videoId=428524124 |
North Korea cancels talks with South Korea 58 Mins Ago CNBC’s Eunice Yoon reports that North Korean state media says the rogue nation may back out of its planned summit with President Donald Trump. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/north-korea-talks.html |
May 4, 2018 / 11:18 AM / Updated 8 hours ago EU considers using algorithms to detect anti-competitive acts Foo Yun Chee 2 Min Read
BRUSSELS (Reuters) - EU regulators may set up their own algorithms to find companies that use software to fix prices with peers or squeeze out their rivals, Europe’s antitrust chief said on Friday. FILE PHOTO: European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission's headquarters in Brussels, Belgium October 4, 2017. REUTERS/Francois Lenoir/File Photo
The comments by European Competition Commissioner Margrethe Vestager underline the unease among policy enforcers about technologically-advanced tools such as computer algorithms that make it easier for companies to collude without any formal agreement or even human interaction.
The European Commission’s inquiry into e-commerce last year, for example, found that two-thirds of retailers use algorithms to track their competitors’ prices.
There is debate whether the creators and users of such algorithms can even be held responsible for such collusion.
Vestager said she had commissioned a study into the issue in order to upgrade her antitrust toolbox.
“It is a hypothesis that not all algorithms will have been to law school. So maybe there is a few out there who may get the idea that they should collude with another algorithm who haven’t been to law school either,” Vestager told a conference organized by the Belgian Competition Authority.
“So of course, we would like to have our own algorithms to be out there, looking into the market, figuring out if there has been collusion taking place,” she said.
In a speech last year, Vestager, who can penalize companies up to 10 percent of their global turnover for breaching EU rules, said she may levy bigger fines against companies that use software to enforce their cartels more strictly. Reporting by Foo Yun Chee; Editing by Mark Potter | ashraq/financial-news-articles | https://www.reuters.com/article/us-eu-antitrust-algorithm/eu-considers-using-algorithms-to-detect-anti-competitive-acts-idUSKBN1I5198 |
ZURICH (Reuters) - Laudamotion, the successor airline to the bankrupt Niki carrier in which Ryanair ( RYA.I ) aims to take a majority stake, dropped six routes from Zurich from its summer schedule after failing to secure enough planes, a spokeswoman said on Sunday.
A Laudamotion Airbus A320 plane is seen at the airport in Vienna, Austria, March 20, 2018. REUTERS/Leonhard Foeger The Austrian carrier’s flights would have connected Zurich’s business capital with holiday destinations including Majorca, Ibiza, and the Canary Islands as well as in Greece, she said from Vienna. “All customers ... will (be) ...informed about the cancellations and refunds,” Laudamotion said in a statement. “We regret the cancellations from Zurich and apologize to our customers for the inconvenience.” The Laudamotion spokeswoman said a third-party leasing company had failed to guarantee the Airbus jets needed to service the routes, as had been previously agreed.
Other Laudamotion departures including from Basel, Switzerland, and from Germany and Austria are not impacted.
In March, as part of its expansion into German-speaking markets, Ryanair agreed to take an 24.9 percent stake in the Austrian carrier, founded by former Formula 1 champion Niki Lauda.
The Irish airline planned to raise that to 75 percent as soon as possible, subject to regulatory approval.
Ryanair declined to comment on Zurich cancellations.
Reporting by John Miller; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ryanair-hldgs-laudamotion/ryanair-target-laudamotion-dumps-zurich-flights-due-to-plane-shortage-idUSKCN1IE0OI |
CAPE TOWN (Reuters) - South African talisman AB de Villiers announced his retirement from all forms of international cricket on Wednesday, saying he was tired and wanted to step out while still at the top.
Cricket - England vs South Africa - Second International T20 - Taunton, Britain - June 23, 2017 South Africa's AB de Villiers in action Action Images via Reuters/Andrew Couldridge/Files “After 114 test matches, 228 one day internationals and 78 T20 internationals it is time for others to take over. I’ve had my turn and to be honest I’m tired,” he said in a video message on Twitter and in a statement.
“This is a tough decision, I have thought long and hard about it and I’d like to retire while still playing decent cricket. After the fantastic (test) series wins against India and Australia, now feels like the right time to step aside.
“It would not be right for me to pick and choose where, when and in what format I play for the Proteas. For me, in the green and gold, it must be everything or nothing,” he added.
The 34-year-old, whose swashbuckling batting style and razor sharp fielding has made him one of the sport’s leading lights, only returned to test cricket in December after a lengthy hiatus where he focused on the limited overs formats of the game.
“It’s not about earning more somewhere else, it’s about running out of gas and feeling that it is the right time to move on,” he said. “Everything comes to an end. To the cricket fans around South Africa and the world, thank you for your kindness and generosity, and today, for your understanding.
“I have no plans to play overseas, in fact, I hope I can continue to be available for the Titans in domestic cricket. I will continue to be the biggest supporter of (captain) Faf du Plessis and the Proteas.”
Britain Cricket - England v South Africa - First One Day International - Headingley - 24/5/17 South Africa's AB de Villiers looks dejected after being caught by England's Liam Plunkett Action Images via Reuters / Jason Cairnduff Livepic/Files CAREER GOALS With a young family, De Villiers has hinted at international retirement in the last few years, but this past season committed to playing for his country in all three formats.
In his 2016 autobiography, he revealed he had two major career goals remaining — to beat Australia in a home test series and win the Cricket World Cup.
He achieved the first of those earlier this year, but said last month he was no longer as determined to complete the second in England next year.
“I’m taking it one game at a time,” De Villiers was Quote: d as saying by the International Cricket Council website.
“My ultimate dream is not to win a World Cup. I’ve changed my mindset. I feel it will be nice to win it, it’ll be a bonus, but if I don’t, it’s not going to define my career.”
De Villiers retires with a test average of 50.66 and as the fourth-highest scorer for South Africa with 8,765 runs. He made 22 test centuries and also took 222 catches and five stumpings, having spent part of his career in the role of wicketkeeper.
Britain Cricket - South Africa Press Conference - The Oval - June 10, 2017 South Africa's AB de Villiers during the press conference Action Images via Reuters / John Sibley Livepic/Files In ODI cricket, he holds the records for the fastest 50 (16 balls), 100 (31 balls) and 150 (64 balls).
“AB is one of the all-time greats of South African cricket who has thrilled spectators around the world with his sheer brilliance, coupled to his ability to innovate and take modern day batting in all three formats but particularly in the white ball ones to new levels,” said Cricket South Africa president Chris Nenzani.
Additional reporting by Nick Said; Editing by Christian Radnedge
| ashraq/financial-news-articles | https://in.reuters.com/article/sports-cricket-safrica/south-africas-a-b-de-villiers-retires-from-international-cricket-idINKCN1IO1KX |
May 14 (Reuters) - Wynn Resorts Ltd:
* WYNN RESORTS ANNOUNCES FURTHER CHANGES TO BOARD OF DIRECTORS
* WYNN RESORTS LTD - ROBERT J. MILLER RESIGNS FROM BOARD
* WYNN RESORTS - JOHN HAGENBUCH HAS DECIDED NOT TO STAND FOR RE-ELECTION TO BOARD OF DIRECTORS AT ANNUAL MEETING OF SHAREHOLDERS ON MAY 16, 2018
* WYNN RESORTS - THE DEPARTURES, PREVIOUS DEPARTURES, UPCOMING DEPARTURE IN 2019, REPRESENT 60% OF BOARD THAT WAS SERVING AT BEGINNING OF YEAR Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-wynn-resorts-says-robert-miller-re/brief-wynn-resorts-says-robert-miller-resigns-from-board-idUSASC0A23V |
Net revenues of $750.4 million, increased 11% compared with the year-ago quarter. Record net revenues and pre-tax operating income in Global Wealth Management. Net income available to common shareholders of $86.4 million, or $1.06 per diluted common share. Non-GAAP net income available to common shareholders of $93.8 million, or $1.15 per diluted common share. Record client assets of $274.7 billion, increased 9% compared with the year-ago quarter and 1% sequentially. Completed the acquisition of Ziegler Wealth Management. Repurchased approximately $2.8 million of the Company’s common stock during the first quarter of 2018. Increase in quarterly dividend by 20% to $0.12 per common share during the first quarter of 2018.
ST. LOUIS, April 30, 2018 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE:SF) today reported net income available to common shareholders of $86.4 million, or $1.06 per diluted common share on net revenues of $750.4 million March 31, 2018, compared with net income available to common shareholders of $63.2 million, or $0.78 per diluted common share, on net revenues of $675.5 million for the first quarter of 2017.
For the three months ended March 31, 2018, the Company reported non-GAAP net income available to common shareholders of $93.8 million, or $1.15 per diluted common share. The Company’s reported GAAP net income March 31, 2018 was primarily impacted by merger-related expenses. Details discussed below and in the “Non-GAAP Financial Matters” section.
Chairman’s Comments
“Our first quarter revenue represented the strongest first quarter performance in Stifel’s history, as net revenue of $750 million increased by 11% from the same quarter a year ago. We continue to benefit from growth in recurring revenues, which represented 41% of total revenue in the first quarter, as bank revenue and asset management & service fee revenue were both quarterly records. We also generated 39% growth in investment banking revenue as our advisory revenue nearly doubled and equity underwriting revenue was up nearly 50% from the first quarter of 2017. As a result of our revenue growth and focus on expense management, our non-GAAP pre-tax margins improved to 17.3% from 14.9% a year ago. We continue to have a positive outlook for our business as economic growth continues to accelerate and the operating environment remains solid despite increased volatility. Given the increased diversity of our business model, we believe Stifel remains well positioned for continued growth,” stated Ronald J. Kruszewski, Chairman & CEO of Stifel.
Financial Highlights (Unaudited) Three Months Ended (in 000s, except per share data) GAAP
3/31/18 GAAP
3/31/17 %
Change GAAP (1)
12/31/17 %
Change Non-
GAAP (2)
3/31/18 Non-
GAAP (2)
3/31/17 %
Change Net revenues $ 750,358 $ 675,531 11.1 $ 804,085 (6.7 ) $ 750,549 $ 677,515 10.8 Net income/(loss) $ 88,761 $ 65,512 35.5 $ (1,988 ) n/m $ 96,147 $ 61,806 55.6 Preferred dividend 2,344 2,344 — 2,344 — 2,344 2,344 — Net income/(loss) available to common shareholders $ 86,417 $ 63,168 36.8 $ (4,332 ) n/m $ 93,803 $ 59,462 57.8 Earnings per diluted common share $ 1.09 $ 0.81 34.6 $ (0.03 ) n/m $ 1.18 $ 0.77 53.2 Earnings per diluted common share available to common shareholders $ 1.06 $ 0.78 35.9 $ (0.06 ) n/m $ 1.15 $ 0.74 55.4 Compensation ratio 61.0 % 64.6 % 77.1 % 60.5 % 62.3 % Non-compensation ratio 23.0 % 23.7 % 23.0 % 22.2 % 22.8 % Pre-tax operating margin (3) 16.0 % 11.7 % (0.1 )% 17.3 % 14.9 % Brokerage Revenues
Brokerage revenues, defined as commissions and principal transactions, were $263.6 million, a 9.8% decrease compared with the first quarter of 2017 and a 0.9% decrease compared with the fourth quarter of 2017.
Three Months Ended (in 000s) 3/31/18 3/31/17 % Change 12/31/17 % Change Global Wealth Management $ 162,734 $ 171,494 (5.1 ) $ 163,421 (0.4 ) Institutional brokerage: Equity capital markets 48,085 53,820 (10.7 ) 49,628 (3.1 ) Fixed income capital markets 52,738 66,817 (21.1 ) 52,961 (0.4 ) Total institutional brokerage 100,823 120,637 (16.4 ) 102,589 (1.7 ) Total brokerage revenues $ 263,557 $ 292,131 (9.8 ) $ 266,010 (0.9 ) Global wealth management brokerage revenues were $162.7 million, a 5.1% decrease compared with the first quarter of 2017 and a 0.4% decrease compared with the fourth quarter of 2017.
Institutional equity brokerage revenues were $48.1 million, a 10.7% decrease compared with the first quarter of 2017 and a 3.1% decrease compared with the fourth quarter of 2017. Institutional fixed income brokerage revenues were $52.7 million, a 21.1% decrease compared with the first quarter of 2017 and a 0.4% decrease compared with the fourth quarter of 2017.
Investment Banking Revenues
Investment banking revenues were $176.4 million, a 39.0% increase compared with the first quarter of 2017 and a 24.2% decrease compared with record investment banking revenues in the fourth quarter of 2017.
Three Months Ended (in 000s) 3/31/18 3/31/17 % Change 12/31/17 % Change Capital raising: Global Wealth Management $ 7,688 $ 11,854 (35.1 ) $ 8,899 (13.6 ) Equity capital markets 52,707 35,981 46.5 57,800 (8.8 ) Fixed income capital markets 18,294 26,081 (29.9 ) 42,820 (57.3 ) Institutional Group 71,001 62,062 14.4 100,620 (29.4 ) Total capital raising (4) 78,689 73,916 6.5 109,519 (28.2 ) Advisory fees (4) 97,673 52,936 84.5 123,227 (20.7 ) Total investment banking $ 176,362 $ 126,852 39.0 $ 232,746 (24.2 ) Global wealth management capital raising revenues were $7.7 million, a 35.1% decrease compared with the first quarter of 2017 and a 13.6% decrease compared with the fourth quarter of 2017. Institutional equity capital raising revenues were $52.7 million, a 46.5% increase compared with the first quarter of 2017 and an 8.8% decrease compared with the fourth quarter of 2017. Institutional fixed income capital raising revenues were $18.3 million, a 29.9% decrease compared with the first quarter of 2017 and a 57.3% decrease compared with the fourth quarter of 2017. Advisory fee revenues were $97.7 million, an 84.5% increase compared with the first quarter of 2017 and a 20.7% decrease compared with record advisory fee revenues in the fourth quarter of 2017.
Effective January 1, 2018, the Company adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, which provides accounting guidance on the recognition of revenues from contracts and requires gross presentation of certain costs that were previously offset against revenue. This change was applied prospectively from January 1, 2018 and there is no impact on our previously presented results. The adoption of the new revenue standard resulted in a reduction of beginning retained earnings of $3.9 million after-tax as a cumulative effect of adoption of an accounting change.
The impact of adoption is primarily related to investment banking revenues that were previously recognized in prior periods, which would have been deferred as of December 31, 2017 under the new revenue standard.
With our adoption of the new revenue recognition standard on January 1, 2018, capital raising and advisory fee revenues are no longer presented net of the related out-of-pocket deal expenses. As a result, capital raising and advisory fee revenues and other operating expenses are higher in the first quarter of 2018 by an identical $8.6 million, with no impact to net income.
Asset Management and Service Fee Revenues
Asset management and service fee revenues were a record $195.8 million, a 20.3% increase compared with the first quarter of 2017 and a 5.0% increase compared with the fourth quarter of 2017. The increase from the comparative period in 2017 is primarily attributable to the growth in the value of fee-based accounts and an increase in interest rates. See asset management and service fee break-down below.
Net Interest Income
Record net interest income of $111.3 million, a 30.8% increase compared with the first quarter of 2017 and a 4.2% increase compared with the fourth quarter of 2017.
Interest income was $137.7 million, a 36.4% increase compared with the first quarter of 2017 and an 8.8% increase compared with the fourth quarter of 2017. Interest expense was $26.5 million, a 66.4% increase compared with the first quarter of 2017 and a 33.2% increase compared with the fourth quarter of 2017.
Compensation and Benefits Expenses
For the quarter ended March 31, 2018, compensation and benefits expenses were $457.9 million, which included $3.7 million of merger-related and severance expenses (non-GAAP adjustments). This compares with $436.4 million in the first quarter of 2017 and $620.3 million in the fourth quarter of 2017. Excluding the non-GAAP adjustments, compensation and benefits as a percentage of net revenues were 60.5% in the first quarter of 2018 (non-GAAP measure).
Three Months
Ended 3/31/18 Three Months
Ended 3/31/17 GAAP compensation and benefits $ 457,893 $ 436,387 As a percentage of net revenues 61.0 % 64.6 % Non-GAAP adjustments: (5) Merger-related (3,453 ) (9,805 ) Severance (286 ) (4,535 ) (3,739 ) (14,340 ) Non-GAAP compensation and benefits $ 454,154 $ 422,047 As a percentage of non-GAAP net revenues 60.5 % 62.3 % Non-Compensation Operating Expenses
For the quarter ended March 31, 2018, non-compensation operating expenses were $172.9 million, which included merger-related expenses (non-GAAP adjustments) of $6.0 million. This compares with $160.1 million in the first quarter of 2017 and $184.6 million in the fourth quarter of 2017. Excluding the non-GAAP adjustments, non-compensation operating expenses as a percentage of net revenues for the quarter ended March 31, 2018 were 22.2% (non-GAAP measure).
Three Months
Ended 3/31/18 Three Months
Ended 3/31/17 GAAP non-compensation expenses $ 172,911 $ 160,125 As a percentage of net revenues 23.0 % 23.7 % Non-GAAP adjustments: (5) Merger-related (6,023 ) (5,325 ) Non-GAAP non-compensation expenses $ 166,888 $ 154,800 As a percentage of non-GAAP net revenues 22.2 % 22.8 % Provision for Income Taxes
The GAAP effective income tax rate for the quarter ended March 31, 2018 was25.8%. This compares with an effective income tax rate of 17.1% for the first quarter of 2017 and (142.4%) for the fourth quarter of 2017. The adjusted non-GAAP effective income tax rate for the quarter ended March 31, 2018 was 25.8%.
The provision for income taxes March 31, 2018 was primarily impacted by the tax reform enacted in the fourth quarter of 2017 that, among other things, lowered the federal corporate income tax rate from 35% to 21% and the adoption of new accounting guidance during 2017 associated with stock-based compensation.
Three Months
Ended 3/31/18 Three Months
Ended 3/31/17 GAAP provision for income taxes $ 30,793 $ 13,507 GAAP effective tax rate 25.8 % 17.1 % Non-GAAP adjustments: (5) Merger-related and severance 2,712 8,412 Other (145 ) — Excess tax benefits from stock-based compensation — 16,943 2,567 25,355 Non-GAAP provision for income taxes $ 33,360 $ 38,862 Non-GAAP effective tax rate 25.8 % 38.6 % Conference Call Information
Stifel Financial Corp. will host its first quarter 2018 financial results conference call on Monday, April 30, 2018, at 5:00 p.m. Eastern time. The conference call may include forward-looking statements.
All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (800) 651-2240 and referencing conference ID #9685027. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company's web site, www.stifel.com . For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.
Company Information
Stifel Financial Corp. (NYSE:SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated; Keefe Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; Century Securities Associates, Inc.; and Eaton Partners LLC, and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank & Trust offers a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s web site at www.stifel.com .
Forward-Looking Statements
This earnings release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies’ operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. Forward-looking statements speak only as to the date they are made. Stifel Financial Corp. disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Summary Results of Operations (Unaudited) Three Months Ended (in 000s, except per share amounts) 3/31/18 3/31/17 % Change 12/31/17 % Change Revenues: Commissions $ 165,775 $ 175,274 (5.4 ) $ 168,754 (1.8 ) Principal transactions 97,782 116,857 (16.3 ) 97,256 0.5 Brokerage Revenues 263,557 292,131 (9.8 ) 266,010 (0.9 ) Capital raising 78,690 73,916 6.5 109,509 (28.1 ) Advisory fees 97,672 52,936 84.5 123,237 (20.7 ) Investment banking 176,362 126,852 39.0 232,746 (24.2 ) Asset management and service fees 195,801 162,739 20.3 186,563 5.0 Other income 3,357 8,752 (61.6 ) 12,016 (72.1 ) Operating Revenue 639,077 590,474 8.2 697,335 (8.4 ) Interest Revenue 137,734 100,953 36.4 126,615 8.8 Total Revenue 776,811 691,427 12.3 823,950 (5.7 ) Interest Expense 26,453 15,896 66.4 19,865 33.2 Net Revenue 750,358 675,531 11.1 804,085 (6.7 ) Non-interest Expenses: Compensation and benefits 457,893 436,387 4.9 620,256 (26.2 ) Occupancy and equipment rental 57,595 52,545 9.6 54,844 5.0 Communication and office supplies 33,499 33,844 (1.0 ) 30,807 8.7 Commissions and floor brokerage 9,365 10,723 (12.7 ) 10,945 (14.5 ) Provision for loan losses 2,043 6,134 (66.7 ) 5,340 (61.7 ) Other operating expenses 70,409 56,879 23.8 82,713 (14.9 ) Total non-interest expenses 630,804 596,512 5.7 804,905 (21.6 ) Income/(loss) before income taxes 119,554 79,019 51.3 (820 ) n/m Provision for income taxes 30,793 13,507 128.0 1,168 n/m Net income/(loss) 88,761 65,512 35.5 (1,988 ) n/m Preferred dividends 2,344 2,344 — 2,344 — Net income/(loss) available to common shareholders $ 86,417 $ 63,168 36.8 $ (4,332 ) n/m Earnings per common share: (1) Basic $ 1.20 $ 0.92 30.4 $ (0.06 ) n/m Diluted $ 1.06 $ 0.78 35.9 $ (0.06 ) n/m Weighted average number of common shares outstanding: Basic 71,999 68,386 5.3 68,782 4.7 Diluted 81,789 80,695 1.4 68,782 18.9 Cash dividends declared per common share $ 0.12 $ — n/m $ 0.10 20.0
Summary Segment Results (Unaudited) Three Months Ended (in 000s) 3/31/18 3/31/17 % Change 12/31/17 % Change Net revenues: Global Wealth Management $ 485,575 $ 442,732 9.7 $ 473,938 2.5 Institutional Group 270,078 237,467 13.7 332,401 (18.7 ) Other (5,295 ) (4,668 ) (13.4 ) (2,254 ) (134.9 ) Total net revenues $ 750,358 $ 675,531 11.1 $ 804,085 (6.7 ) Operating expenses: Global Wealth Management $ 308,804 $ 300,680 2.7 $ 304,077 1.6 Institutional Group 225,508 197,595 14.1 258,901 (12.9 ) Other 96,492 98,237 (1.8 ) 241,927 (60.1 ) Total operating expenses $ 630,804 $ 596,512 5.7 $ 804,905 (21.6 ) Operating contribution: Global Wealth Management $ 176,771 $ 142,052 24.4 $ 169,861 4.1 Institutional Group 44,570 39,872 11.8 73,500 (39.4 ) Other (101,787 ) (102,905 ) (1.1 ) (244,181 ) (58.3 ) Income/(loss) before income taxes $ 119,554 $ 79,019 51.3 $ (820 ) n/m As a percentage of net revenues: Compensation and benefits Global Wealth Management 49.8 51.6 48.9 Institutional Group 59.0 60.5 59.7 Non-comp. operating expenses Global Wealth Management 13.8 16.3 15.3 Institutional Group 24.5 22.7 18.2 Income before income taxes Global Wealth Management 36.4 32.1 35.8 Institutional Group 16.5 16.8 22.1 Consolidated pre-tax margin 16.0 11.7 (0.1 )
Stifel Financial Corp. Financial metrics (unaudited): As of and For the Three Months Ended (in 000s, except percentages and per share amounts) 3/31/18
3/31/17 12/31/17 Total assets $ 21,715,342 $ 19,135,892 $ 21,383,953 Total equity 2,917,540 2,777,903 2,861,576 Book value per common share $ 38.49 $ 38.40 $ 38.26 Return on common equity (6) 13.0 % 10.0 % (0.3 %) Non-GAAP return on common equity (2) (6) 14.0 % 9.5 % 17.9 % Return on tangible common equity (7) 21.5 % 17.2 % (0.5 %) Non-GAAP return on tangible common equity (2) (7) 23.3 % 16.2 % 29.5 % Tier 1 common capital ratio (8) 16.6 % 18.4 % 16.9 % Tier 1 risk based capital ratio (8) 18.7 % 20.8 % 19.0 % Tier 1 leverage capital ratio (8) 9.6 % 10.1 % 9.5 % Pre-tax margin on net revenues 16.0 % 11.7 % (0.1 %) Non-GAAP pre-tax margin on net revenues (2) 17.3 % 14.9 % 20.1 % Effective tax rate 25.8 % 17.1 % (142.4 %) Non-GAAP effective tax rate (2) 25.8 % 38.6 % 23.9 %
Statistical Information (unaudited): As of and For the Three Months Ended (in 000s) 3/31/18 3/31/17 % Change 12/31/17 % Change Financial advisors (9) 2,266 2,299 (1.4 ) 2,244 1.0 Locations 397 399 (0.5 ) 391 1.5 Total client assets $ 274,651,000 $ 252,448,000 8.8 $ 272,591,000 0.8 Fee-based client assets $ 89,031,000 $ 75,414,000 18.1 $ 87,560,000 1.7 Client money market and insured product $ 16,659,000 $ 19,058,000 (12.6 ) $ 17,286,000 (3.6 ) Secured client lending (10) $ 3,119,473 $ 2,962,936 5.3 $ 3,079,737 1.3
Asset Management and Service Fee Break-down Three Months Ended (in 000s) 3/31/18 12/31/17 9/30/17 6/30/17 3/31/17 Private Client Group (11) $ 146,769 $ 137,622 $ 130,351 $ 123,205 $ 116,029 Asset Management 27,104 27,328 26,252 25,677 24,600 Third-party Bank Sweep Program 11,603 11,437 13,355 14,724 12,232 Other (12) 10,325 10,176 9,890 9,308 9,878 Total asset management and service fee revenues $ 195,801 $ 186,563 $ 179,848 $ 172,914 $ 162,739 Three Months Ended (in millions) 3/31/18 12/31/17 9/30/17 6/30/17 3/31/17 Private Client Group (11) $ 66,255 $ 64,613 $ 61,595 $ 58,126 $ 54,406 Asset Management 29,086 29,349 28,787 28,002 27,478 Elimination (13) (6,310 ) (6,402 ) (7,383 ) (6,951 ) (6,470 ) Total fee-based assets $ 89,031 $ 87,560 $ 82,999 $ 79,177 $ 75,414 Individual Program Banks $ 3,676 $ 3,879 $ 4,530 $ 4,530 $ 5,943 ROA (bps) (14) Private Client Group (11) 90.9 89.4 89.7 90.6 94.2 Asset Management 37.3 37.2 36.5 36.7 35.8 Individual Program Banks 121.7 112.4 109.2 99.0 74.6
Stifel Bank & Trust - a component of Global Wealth Management Selected operating data (unaudited): Three Months Ended (in 000s, except percentages) 3/31/18 3/31/17 % Change 12/31/17 % Change Net Interest Income $ 107,627 $ 84,003 28.1 $ 103,985 3.5 Bank loan loss provision 2,043 6,134 (66.7 ) 5,340 (61.7 ) Charge-offs (14 ) — n/m 105 n/m Net Interest Margin 2.89 % 2.66 % 8.6 2.85 % 1.4
Financial Metrics (unaudited): As of (in 000s, except percentages) 3/31/18
3/31/17 12/31/17 Total Assets $ 15,154,798 $ 13,232,940 $ 14,995,795 Total Equity 1,081,041 931,913 1,058,488 Total Loans, net (includes loans held for sale) 7,337,749 6,071,272 7,173,827 Total Deposits 13,329,623 11,700,961 13,411,935 Available-for-sale securities, at fair value 3,705,918 3,371,187 3,766,372 Held-to-maturity securities, at amortized cost 3,842,889 3,185,813 3,694,377 Residential real estate 2,634,069 2,214,356 2,593,576 Commercial and industrial 2,553,671 1,830,865 2,437,938 Securities-based loans 1,809,281 1,728,516 1,819,206 Commercial real estate 101,591 78,522 116,258 Loans held for sale 261,467 206,724 226,068 Common equity tier 1 capital ratio (8) 14.6 % 15.4 % 14.3 % Tier 1 capital ratio (8) 14.6 % 15.4 % 14.3 % Total capital ratio (8) 15.6 % 16.2 % 15.3 % Tier 1 leverage ratio (8) 7.2 % 7.2 % 7.1 % Credit Metrics: Allowance for loan losses $ 69,497 $ 51,298 $ 67,466 Allowance as a percentage of retained loans 0.97 % 0.87 % 0.96 % Net charge-offs as a percentage of average loans 0.00 % 0.00 % 0.00 % Total nonperforming assets $ 21,826 $ 28,036 $ 27,030 Nonperforming assets as % of total assets 0.14 % 0.21 % 0.18 %
Global Wealth Management Summary Results of Operations (Unaudited) Three Months Ended (in 000s) 3/31/18 3/31/17 % Change 12/31/17 % Change Revenues: Commissions $ 119,205 $ 120,577 (1.1 ) $ 118,292 0.8 Principal transactions 43,529 50,917 (14.5 ) 45,129 (3.5 ) Brokerage revenues 162,734 171,494 (5.1 ) 163,421 (0.4 ) Asset management and service fees 195,789 162,664 20.4 186,373 5.1 Net interest 118,455 89,695 32.1 112,190 5.6 Investment banking 7,688 11,854 (35.1 ) 8,899 (13.6 ) Other income 909 7,025 (87.1 ) 3,055 (70.2 ) Net revenues 485,575 442,732 9.7 473,938 2.5 Non-interest expenses: Compensation and benefits 241,760 228,471 5.8 231,736 4.3 Non-compensation operating expenses 67,044 72,209 (7.2 ) 72,341 (7.3 ) Total non-interest expenses 308,804 300,680 2.7 304,077 1.6 Income before income taxes $ 176,771 $ 142,052 24.4 $ 169,861 4.1 As a percentage of net revenues: Compensation and benefits 49.8 51.6 48.9 Non-compensation operating expenses 13.8 16.3 15.3 Income before income taxes 36.4 32.1 35.8
Institutional Group Summary Results of Operations (Unaudited) Three Months Ended (in 000s) 3/31/18 3/31/17 % Change 12/31/17 % Change Revenues: Commissions $ 46,570 $ 54,697 (14.9 ) $ 50,462 (7.7 ) Principal transactions 54,253 65,940 (17.7 ) 52,127 4.1 Brokerage revenues 100,823 120,637 (16.4 ) 102,589 (1.7 ) Capital raising 71,001 62,062 14.4 100,620 (29.4 ) Advisory fees 97,673 52,936 84.5 123,227 (20.7 ) Investment banking 168,674 114,998 46.7 223,847 (24.6 ) Other (15) 581 1,832 (68.4 ) 5,965 (90.3 ) Net revenues 270,078 237,467 13.7 332,401 (18.7 ) Non-interest expenses: Compensation and benefits 159,344 143,640 10.9 198,416 (19.7 ) Non-compensation operating expenses 66,164 53,955 22.6 60,485 9.4 Total non-interest expenses 225,508 197,595 14.1 258,901 (12.9 ) Income before income taxes $ 44,570 $ 39,872 11.8 $ 73,500 (39.4 ) As a percentage of net revenues: Compensation and benefits 59.0 60.5 59.7 Non-compensation operating expenses 24.5 22.7 18.2 Income before income taxes 16.5 16.8 22.1 Non-GAAP Financial Measures
The Company utilized certain non-GAAP calculations as additional measures to aid in understanding and analyzing the Company’s financial results March 31, 2018, March 31, 2017, and December 31, 2017. Specifically, the Company believes that the non-GAAP measures provide useful information by excluding certain items that may not be indicative of the Company’s core operating results and business outlook. The Company believes that these non-GAAP measures will allow for a better evaluation of the operating performance of the business and facilitate a meaningful comparison of the Company’s results in the current period to those in prior and future periods. Reference to these non-GAAP measures should not be considered as a substitute for results that are presented in a manner consistent with GAAP. These non-GAAP measures are provided to enhance investors' overall understanding of the Company’s current financial performance. The non-GAAP financial information should be considered in addition to, not as a substitute for or as being superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP. These non-GAAP measures primarily exclude expenses which management believes are, in some instances, non-recurring and not representative of on-going business.
A limitation of utilizing these non-GAAP measures is that the GAAP accounting effects of these charges do, in fact, reflect the underlying financial results of the Company’s business and these effects should not be ignored in evaluating and analyzing its financial results. Therefore, the Company believes that GAAP measures and the same respective non-GAAP measures of the Company’s financial performance should be considered together.
The following table provides details with respect to reconciling net income and earnings per diluted common share on a GAAP basis March 31, 2018, March 31, 2017, and December 31, 2017 to net income and earnings per diluted common share on a non-GAAP basis for the same period.
Three Months Ended (in 000s) 3/31/18 3/31/17 12/31/17 GAAP net income/(loss) $ 88,761 $ 65,512 $ (1,988 ) Preferred dividend 2,344 2,344 2,344 Net income/(loss) available to common shareholders 86,417 63,168 (4,332 ) Non-GAAP adjustments: Merger-related (16) 9,667 17,114 9,447 Severance 286 4,535 1,432 Tax reform (17) — — 135,525 Litigation-related (18) — — 15,961 Provision for income taxes (19) (2,567 ) (25,355 ) (37,408 ) Total non-GAAP adjustments 7,386 (3,706 ) 124,957 Non-GAAP net income available to common shareholders $ 93,803 $ 59,462 $ 120,625 Weighted average diluted shares outstanding 81,789 80,695 82,267 GAAP earnings per diluted common share (1) $ 1.09 $ 0.81 $ (0.03 ) Non-GAAP adjustments 0.09 (0.04 ) 1.52 Non-GAAP earnings per diluted common share $ 1.18 $ 0.77 $ 1.49 GAAP earnings per diluted common share available to common shareholders (1) $ 1.06 $ 0.78 $ (0.06 ) Non-GAAP adjustments 0.09 (0.04 ) 1.53 Non-GAAP earnings per diluted common share available to common shareholders $ 1.15 $ 0.74 $ 1.47 Footnotes
(1) GAAP earnings per share December 31, 2017 is calculated using the basic weighted average number of common shares outstanding, not fully dilutive shares, as they are anti-dilutive in periods a loss is incurred.
(2) Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures.”
(3) Non-GAAP pre-tax margin March 31, 2018 of 17.3% is calculated by adding merger-related non-GAAP adjustments of $10.0 million to our GAAP income before income taxes of $119.6 million and dividing it by non-GAAP net revenues for the quarter of $750.5 million. Reconciliations of the Company’s GAAP results to certain non-GAAP measures is discussed within and under “Non-GAAP Financial Measures.”
(4) Excludes revenue included in the Other segment.
(5) See further discussion of non-GAAP adjustments under “Non-GAAP Financial Measures.”
(6) Computed by dividing annualized net income by average common shareholders’ equity or, in the case of non-GAAP return on common equity, computed by dividing non-GAAP net income by average common shareholders’ equity.
(7) Computed by dividing annualized net income by average tangible shareholders' equity or, in the case of non-GAAP return on tangible common equity, computed by dividing non-GAAP net income by average tangible shareholders' equity. Tangible common shareholders' equity equals total common shareholders' equity less goodwill and identifiable intangible assets.
(8) Capital ratios are estimates at time of the Company’s earnings release.
(9) Includes 109, 121, and 112 independent contractors at March 31, 2018, March 31, 2017, and December 31, 2017, respectively.
(10) Includes client margin balances held by our broker-dealer subsidiaries and securities-based loans held at Stifel Bank.
(11) Includes Private Client Group and Trust Business.
(12) Includes fund networking fees, retirement fees, transaction/handling fees, and ACAT fees.
(13) Asset management assets included in Private Client Group or Trust accounts.
(14) Return on assets is calculated based on prior period-end balances for Private Client Group, period-end balances for Asset Management, and average quarterly balances for individual Program Banks.
(15) Includes net interest, asset management and service fees, and other income.
(16) Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards and promissory notes issued as retention, professional fees, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.
(17) Primarily related to actions taken by the Company in response to the Tax Legislation that was enacted in the fourth quarter of 2017 to maximize tax savings.
(18) Primarily related to costs associated with the Company’s previously disclosed legal matters.
(19) Primarily related to 1) actions taken by the Company in response to the Tax Legislation that was enacted in the fourth quarter of 2017 to maximize tax savings; 2) the favorable impact of the adoption of new accounting guidance during 2017 associated with stock-based compensation; and 3) the revaluation of the Company’s deferred tax assets as a result of the enacted Tax Legislation.
Media Contact: Neil Shapiro (212) 271-3447
Investor Contact: Joel Jeffrey (212) 271-3610
www.stifel.com/investor-relations
Source:Stifel Financial Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/globe-newswire-stifel-reports-first-quarter-2018-financial-results.html |
May 12, 2018 / 6:21 PM / Updated 43 minutes ago Motor racing - Don't keep us in dark on rule changes, say Hamilton Alan Baldwin 3 Min Read
BARCELONA (Reuters) - Formula One title rivals Lewis Hamilton and Sebastian Vettel found common ground on Saturday in agreeing that drivers should have a say in rule changes. Formula One F1 - Spanish Grand Prix - Circuit de Barcelona-Catalunya, Barcelona, Spain - May 12, 2018 Mercedes' Lewis Hamilton celebrates pole position with Ferrari's Sebastian Vettel in third position after qualifying REUTERS/Albert Gea
The two quadruple world champions told reporters at the Spanish Grand Prix that those behind the wheel were often the last to know what was being planned by the technical people.
The sport’s governing body last week announced changes to the cars’ front and rear wings and front brake ducts for the 2019 season.
The modifications, to make it easier for drivers to follow and overtake, are expected to make cars a second and a half slower per lap.
“Is that a fact?,” asked Ferrari’s Vettel when being asked about the changes at a post-qualifying news conference.
“That’s what they said, yeah, something like that,” said Hamilton, sitting alongside after securing pole position for Mercedes.
“Really?” replied the German, indicating it was news to him.
Hamilton, who leads the championship by four points over Vettel, felt slowing down the cars would not make racing any better and said drivers just wanted to go faster and push the limits.
“It’s incredible the technology we have and what we’re doing with it. We should be at least as fast as we are this year but just making racing better. In my personal opinion,” he said.
Vettel said drivers could offer useful insights.
“I mean, we are drivers, not to say that we know everything — we don’t know anything about engineering the car — but we know how the cars feel, how to drive the cars and their limitations to overtake,” added the German. “But we’re not really asked.”
Hamilton agreed. “We should make the decisions,” he said. NO IDEA
Australian Daniel Ricciardo, who has a reputation as one of Formula One’s most exciting overtakers, agreed drivers should be consulted.
“I have no idea what they’ve changed,” said the Red Bull driver. “I actually heard something maybe yesterday that they’ve already agreed on some aerodynamic rules.
“I’m not trying to be funny but I genuinely have no idea what they’re doing or what they’ve changed or what they’ve decided.
“I think regardless, we shouldn’t have to ask, ‘Oh, can you involve us’. We should be involved because we’re the ones driving. We’re not engineers but at the end of the day we’re the ones that know what’s going on in a racing situation.” Reporting by Alan Baldwin, editing by Neville Dalton | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-spain-changes/motor-racing-dont-keep-us-in-dark-on-rule-changes-say-hamilton-idUKKCN1ID0RY |
THE WOODLANDS, Texas, May 15, 2018 /PRNewswire/ -- Layne Christensen Company, (NASDAQ: LAYN) ("Layne" or the "Company"), a leading global water management, infrastructure services and drilling company, today announced that it has filed definitive proxy materials with the U.S. Securities and Exchange Commission ("SEC") and has commenced the mailing of these proxy materials to Layne stockholders in connection with the Special Meeting of Stockholders (the "Special Meeting") to be held to approve the previously announced merger transaction with Granite Construction Incorporated ("Granite").
The Special Meeting is scheduled to be held on June 13, 2018 at 9:00 a.m. Central Daylight Time, at 1800 Hughes Landing Boulevard, Ste. 700, The Woodlands, TX 77380. All stockholders of record of Layne's common stock as of the close of business on May 11, 2018 are entitled to vote their shares at the Special Meeting either in person or by proxy.
Michael J. Caliel, President and Chief Executive Officer of Layne, said, "We look forward to our Special Meeting on June 13, 2018 to approve the previously announced merger transaction with Granite. Our Board of Directors firmly believes that a combination with Granite is in the best interests of Layne's stockholders."
As previously announced, in February 2018 Layne entered into an agreement with Granite, whereby Granite will acquire all of the outstanding shares of Layne in an all-stock transaction, with Layne stockholders receiving 0.27 shares of Granite stock for each share of Layne. Layne's Board of Directors unanimously recommends that stockholders vote " FOR " the adoption of the merger agreement and each of the related proposals noted in the proxy statement.
The Chairman of Layne's Board has prepared the following letter to stockholders:
Dear Layne Stockholders,
On behalf of Layne's Board of Directors, I am pleased to present our proposed merger with Granite Construction for your approval. We firmly believe that a combination with Granite is in the best interests of Layne's stockholders. The Board unanimously recommends that you vote FOR the proposed merger.
The merger of Layne and Granite delivers significant value for Layne's stockholders in the form of a more than 20% premium over our unaffected share price of $12.62 on February 13, 2018 (the last trading day prior to announcement of the merger), as well as a nearly 15% premium over our three-year-high share price. 1 The offer price also represents a 12.2x multiple of enterprise value to our fiscal year 2019 estimated EBITDA 2 and an offer price of more than 5.0x our January 31, 2018 year-end book value.
Additionally, the merger presents a compelling opportunity to meaningfully share in the upside potential of a combined entity that will be well-positioned as a national leader across both the transportation and water infrastructure markets, with greater access to lower cost capital. Simply put, Granite's determination of value is superior to the standalone value of Layne.
About Granite and the Benefits of the Proposed Merger
Granite is one of the nation's largest infrastructure contractors and construction materials producers, with annual revenues approaching $3 billion and a market capitalization greater than $2.3 billion. Granite has publicly expressed its strong desire to expand its presence in the water infrastructure market given its attractive dynamics and strategic fit with Granite's current end markets. In 2012, Granite acquired Kenny Construction, gaining a strong regional base in the Cured-In-Place Pipe market. Further, in 2018, Granite expanded its water services platform by acquiring LiquiForce, a privately owned company serving public and private sector water and wastewater customers in both Canada and the United States. Now, by joining with Layne, the combined entity will become an even stronger operator in the water infrastructure and pipe rehabilitation market, with the scale and resources to become a leader in this market.
As described in the proxy statement Layne filed with the SEC, Granite developed a deep familiarity with each of our businesses through an extended period of due diligence, starting with its initial approach in late 2016 and leading up to the transaction announcement in February 2018.
By partnering with Granite, Layne stockholders will benefit by becoming part of a stronger company with:
Enhanced scale – $600 million of water-related revenues, nearly 7,000 employees, and a diversified and growing customer base – better positioned to capitalize on attractive macro dynamics in the water industry; Wider geographic reach across U.S. markets – particularly in the West and Midwest; A broader portfolio of offerings that meet the needs of public and private sector customers across the full lifecycle; Greater access to capital (at a lower cost) and operational resources to invest across all of our business lines and in a shorter time frame; and A better capitalized balance sheet that will, in our view, fuel growth at a rate superior to Layne's prospects on a standalone basis.
Since early 2015, Layne's management team has made significant progress in repositioning the company. However, there are market, execution and capital availability risks associated with our standalone plan. In order to deliver on the strategic plan and financial projections, Layne would need to access substantial capital at a reasonable cost to fund growth, particularly in our Water Midstream business and other distinct operating segments. 3
The Process Prior to Announcing the Transaction
The Board did not enter lightly into the agreement with Granite. As detailed in Layne's proxy statement, the Board, in consultation with its independent financial and legal advisors, conducted an extensive review of Layne's business and explored a variety of strategic alternatives dating back to early 2016, prior to unanimously recommending the proposed merger with Granite. As part of its evaluation, Layne, directly or through its advisors: 4
Analyzed the company's prospects on a standalone basis; 5 Evaluated potential strategic transactions, which included raising growth capital from new and existing sources of capital, as well as prospective acquisition, sale and expansion opportunities relating to one or more divisions of Layne's business; Communicated with ten potential strategic and financial counterparties deemed the most likely interested parties – including multinational infrastructure, water services and oilfield services companies, as well as financial sponsors – to determine their interest in exploring a strategic transaction with Layne; and Explored several refinancing options that would address the upcoming maturities of Layne's convertible notes due in 2018 and 2019, including the receipt of indicative refinancing proposals from multiple financing sources prior to signing the merger agreement with Granite. However, given the cyclical nature of Layne's business, our recent financial performance and high leverage ratios, our analysis determined that refinancing alternatives were expensive, in some cases very dilutive to stockholders, and not in the best interest of stockholders as compared to the merger with Granite. 6
Following the completion of this thorough review process, the Board unanimously determined that the proposed merger was in the best interests of Layne and its stockholders.
The Merger Agreement and the Board's Underlying Process
It is important to note that a deal with Granite was reached more than a year after the parties first discussed a potential transaction. Granite initially submitted an offer of $11.75 per share. The final offer secured for Layne stockholders was materially higher and represented a significant premium to our unaffected share price. The merger agreement was executed at a time of increased day-to-day market volatility, which the Board took into account as it negotiated key terms.
In addition to the share price premium, over the course of the negotiations, Layne's Board was able to negotiate:
a 0.27 per share exchange ratio which, when applied to Granite's volume weighted average price ("VWAP") for the 10-day and the 90-day period prior to the announcement of the merger, equated to a price of $17.00 per Layne share, representing a 31% and 33% premium to the 10-day and 90-day VWAP of Layne's shares, and a 35% premium to the price of Layne immediately prior to the announcement of the merger; a fixed exchange ratio, enabling Layne's stockholders to immediately benefit from any upside in Granite's trading price from announcement until close; 7 Granite Board representation for one of Layne's current non-executive directors to ensure continuity and familiarity with Layne's business post-merger; and provisions allowing the Layne Board to change its recommendation in the case of certain intervening events or upon receipt of a superior proposal. Since announcing the merger with Granite, Layne has not received any expressions of interest from any other party.
Additionally, the Board, working closely with its compensation committee and external advisors, ensured that management's compensation was benchmarked and evaluated against company peers – before approving it. Management compensation was also approved on an advisory basis by Layne stockholders in "say on pay" votes in both June 2016 and June 2017.
As detailed above, the Board conducted a thorough process aimed at maximizing value for our stockholders. As Board members, we take our fiduciary duties and governance responsibilities very seriously.
Our loyalty is to you, the stockholders of Layne, and everything we do is with the best interest of the company in mind. Notwithstanding the daily fluctuations in share prices, the Board continues to believe in the strong financial and strategic merits of the proposed merger. As such, we unanimously approved the proposed merger with Granite and recommend that you vote " FOR " each of the related proposals noted in the proxy statement, which you can access at the SEC's website ( www.sec.gov ) or through Layne's Investor Relations website ( investor.laynechristensen.com ) -- a copy is also being mailed to you. Note that one of Layne's largest stockholders, Wynnefield Capital, has already agreed to vote its shares (which represent approximately 9% of the company's outstanding common stock) in favor the merger with Granite.
I look forward to welcoming you to the Special Meeting that will take place on June 13, 2018 in The Woodlands, Texas.
Sincerely,
David A.B. Brown
Chairman of the Board of Directors
Layne Christensen Company
Forward-Looking Statements
Certain statements in this communication may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements relate to a variety of matters, including but not limited to: the consummation of the proposed merger; the expected benefits of the integration of the two companies; and other statements that are not historical fact. These statements are made on the basis of the current beliefs, expectations and assumptions of the management of Layne and Granite regarding future events and are subject to significant risks and uncertainty. Statements regarding our expected performance in the future are forward-looking statements.
It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of operations and financial condition of the combined company or the price of Layne's or Granite's common stock prior to the proposed merger, or Granite's common stock following the proposed merger. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements, including but not limited to: failure to obtain stockholder approvals in a timely manner or otherwise; failure to satisfy other closing conditions to the proposed merger; risks that Layne will not be integrated successfully or that Granite will not realize estimated cost savings, synergies and growth or that such benefits may take longer to realize than expected; failure to realize anticipated benefits from Layne's operations; risks relating to unanticipated costs of integration; reductions in customer spending, or a slowdown in customer payments; unanticipated changes relating to competitive factors in the industry in which Layne and Granite participate; ability to hire and retain key personnel; ability to successfully integrate Layne's businesses; the potential impact of announcement or consummation of the proposed merger on relationships with third parties, including customers, employees and competitors; ability to attract new customers and retain existing customers in the manner anticipated; reliance on and integration of information technology systems; changes in legislation or governmental regulations affecting the companies; international, national or local economic, social or political conditions that could adversely affect the companies or their customers; conditions in the credit markets; risks associated with assumptions the parties make in connection with the parties' critical accounting estimates and legal proceedings; the continuing recovery in the mining industry; prevailing prices for various commodities; the timing and extent of future oil and gas drilling and production in the Delaware Basin; longer term weather patterns; the availability of credit; the availability of equity or debt capital needed for the business and foreign currency fluctuations that may affect Layne's and Granite's results of operations. Additional factors that may cause results to differ materially from those described in the forward-looking statements are set forth in the reports filed with the SEC and in each company's other filings made with the SEC available at the SEC's website at www.sec.gov .
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially and adversely from those anticipated, estimated or projected. These forward-looking statements are made as of the date of this filing. Neither Layne nor Granite undertakes any obligation to update any such forward-looking statements to reflect any new information, subsequent events or circumstances, or otherwise, except as may be required by law.
Additional Information and Where to Find It
Granite has filed with the SEC a Registration Statement on Form S-4, which includes a prospectus with respect to Granite's shares of common stock to be issued in the proposed merger and a proxy statement of Layne in connection with the proposed merger between Granite and Layne (the "Proxy Statement/Prospectus"). The Proxy Statement/Prospectus has been sent or given to the stockholders of Layne and contains important information about the proposed merger and related matters. LAYNE'S SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT/PROSPECTUS CAREFULLY BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. The Proxy Statement/Prospectus and other relevant materials and any other documents filed by the Company or Layne with the SEC may be obtained free of charge at the SEC's website at www.sec.gov . In addition, security holders are able to obtain copies of the Proxy Statement/Prospectus free of charge from Layne or Granite by contacting either (1) Investor Relations by mail at Layne Christensen Company, 1800 Hughes Landing Boulevard, Ste 800, The Woodlands, Texas 77380, Attn: Investor Relations Department, by telephone at 281-475-2600, or by going to Layne's Investor Relations page on its corporate website at www.layne.com or (2) Investor Relations by mail at Granite Construction Incorporated, 585 West Beach Street, Watsonville, California 95076, Attn: Investor Relations Department, by telephone at 831-724-1011, or by going to the Company's Investors page on its corporate website at www.graniteconstruction.com .
No Offer or Solicitation
The information in this document is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed merger or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Participants in the Solicitation
Layne and Granite and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Layne's stockholders in connection with the proposed merger and may have direct or indirect interests in the proposed merger. Information about Layne's directors and executive officers is set forth in its Annual Report on Form 10-K for the fiscal year ended January 31, 2018, which was filed with the SEC on April 10, 2018 and amended on April 20, 2018. These documents are available free of charge at the SEC's website at www.sec.gov , and from Layne by contacting Investor Relations by mail at Layne Christensen Company, 1800 Hughes Landing Boulevard, Ste 800, The Woodlands, Texas 77380, Attn: Investor Relations Department, by telephone at 281-475-2600, or by going to Layne's Investor Relations page on its corporate website at www.laynechristensen.com . Information about Granite's directors and executive officers is set forth in Granite's Proxy Statement on Schedule 14A for its 2018 Annual Meeting of Stockholders, which was filed with the SEC on April 13, 2018, and its Annual Report on Form 10-K for the fiscal year ended December 31, 2017, which was filed with the SEC on February 16, 2018. These documents are available free of charge at the SEC's website at www.sec.gov , and from Granite by contacting Investor Relations by mail at Granite Construction Incorporated, 585 West Beach Street, Watsonville, California 95076, Attn: Investor Relations Department, by telephone at 831-724-1011, or by going to Granite's Investors page on its corporate website at www.graniteconstruction.com . Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed merger included in the Proxy Statement/Prospectus that Granite has filed with the SEC.
Contacts:
J. Michael Anderson
Chief Financial Officer
281-475-2694
[email protected]
Dennard Lascar Investor Relations
Jack Lascar
713-529-6600
[email protected]
[LAYN-F]
1 Based on 0.27x Granite's closing share price of $58.01 on May 15, 2018.
2 FY 2019 EBITDA based on equity research consensus estimates of $42.3mm as of 5/15/18, per FactSet.
3 Layne operates three distinct businesses with limited operating synergies.
4 In connection with the strategic evaluation process, Layne's Board formally retained Greentech in June 2017. Greentech is a leading financial advisory firm with particular expertise in the infrastructure space. Greentech's engagement agreement provides for an advisory fee in line with prevailing market rates for similar U.S. public company target transactions.
5 For further information, please see the valuation analysis provided in Layne's proxy statement, as prepared by the Company's independent financial advisors. This analysis, along with other noted considerations, formed the basis on which the Board made its recommendation to approve the merger with Granite. The potential sum-of-the-parts valuation appearing in several of Layne's prior investor presentations provided valuation ranges for our respective business segments utilizing Adjusted EBITDA, average Adjusted EBITDA and historical Adjusted EBITDA at various points in time and did not reflect all aspects of valuation necessary to calculate per-share values, including factors such as corporate overhead and present value estimates of net operating loss tax benefits.
6 Convertible note holders may have different interests and incentives from common stockholders.
7 During the course of its advisory work in late 2017, Greentech provided Layne's Board with a review of precedent transactions since 2015, including the observation that collars are uncommon in all-stock transactions outside of the financial services sector. Greentech also noted that all-stock transactions with no collar were the market norm in the vast majority of U.S. stock-for-stock transactions and ultimately recognized that the protection provided by the collar would be at the expense of price agreed to be paid by Granite.
View original content: http://www.prnewswire.com/news-releases/layne-christensen-announces-date-of-special-meeting-for-stockholders-to-approve-merger-with-granite-construction-300649118.html
SOURCE Layne Christensen Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-layne-christensen-announces-date-of-special-meeting-for-stockholders-to-approve-merger-with-granite-construction.html |
0 COMMENTS Some ship operators are still looking for ways to skirt an international ban on the release of oily waste into ocean waters, in some cases using a tool known as a “magic pipe” to bypass cleaning devices, despite a crackdown on the practice.
The U.S. Justice Department on Thursday said Japanese cargo-vessel company Nitta Kisen Kaisha Ltd. will pay a $1 million fine after admitting its engineers poured pollutants into waters off North Carolina and tried to cover up the operation with false paperwork. Prosecutors said the ship carrying industrial materials to the state discharged the oily waste through hidden hoses that the U.S. Coast Guard discovered during an inspection in May 2017.
Nitta and its chief engineer were placed on probation, and the firm was ordered along with the fine to implement a compliance plan that will be monitored for three years.
The conviction was the latest by federal authorities to bring criminal charges against shipping companies that violate the U.S. Act to Prevent Pollution from Ships, the domestic law enforcing International Maritime Organization conventions on ship pollution.
Read More in Logistics
U.S. Fines Cargo Ship Operator $1 Million for Polluting Waters May 11, 2018 Japan Catches Up With Shipping Consolidation May 11, 2018 UPS and Teamsters Discuss Two-Tier Wages, Sunday Deliveries May 9, 2018 Truckers, Railroads Slashed Payrolls in April May 4, 2018 Last year, the U.S. fined Princess Cruise Lines Ltd. $40 million for using devices on five of its cruise ships to avoid time-consuming cleaning of oily waste and bilge water and then concealing the activity through falsified logs. It was the largest verdict of its kind against a ship operator, but that doesn’t appear to have deterred other companies from looking for ways to get around the restrictions.
Since the late 1990s, when the Justice Department first started prosecuting vessel owners for pollution crimes, 140 firms have been convicted and fined a total if about $472 million in criminal penalties. Joe Poux, a deputy chief in the department’s Environment and Natural Resources Division, said his office consistently prosecutes 10 to 15 cases a year. But the Coast Guard inspects only 5% to 10% of ships, Mr. Poux said, so many operators take their chances.
Violations are committed by every kind of ship, from fishing boats to the newest giant container vessels. “We’ve seen brand new ships, straight from the shipyards in China, doing this on their way over here,” Mr. Poux said. “There’s been no kind of ship we haven’t seen doing this.”
‘ We’ve seen brand new ships, straight from the shipyards in China, doing this on their way over here. ’
—Joe Poux of the U.S. Justice Department. The oily discharge is a byproduct of engine and other onboard operations, and it gathers in the bottom, or bilge, of a ship along with water from condensation and other sources. Ship engineers are supposed to filter the oil from the water by passing the waste liquid through a separator, but the process takes time and requires constant monitoring by a crew member.
“There’s a natural inclination on the part of a shipping company to want to reduce cost and time as much as possible, and sometimes that does involve pumping stuff overboard that they shouldn’t,” said David Pettit, a senior attorney with the Natural Resources Defense Council. “The Coast Guard can’t be everywhere at once and their jurisdiction doesn’t extend to the middle of the ocean, so it’s a tough one to police.”
Steve Roberts, a claims director for ship insurer London Club, said in an email, “Prevention of pollution of the environment is something most shipowners take very seriously in my experience but it can prove challenging to follow the commitment of their crew to follow their procedures.”
Write to Erica E. Phillips at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-fines-cargo-ship-operator-1-million-for-polluting-waters-1526056342 |
May 3, 2018 / 11:04 AM / Updated 2 minutes ago RPT-FEATURE-Gangs behind, detention ahead: migrants face predicament at U.S. border Reuters Staff
(Repeats without change)
By Delphine Schrank
TIJUANA, Mexico, May 3 (Reuters) - After Willians Bonilla fled threats from a street gang in Honduras two years ago to seek asylum in the United States, he spent seven months in detention only to be deported back to his native land in Central America to face his attackers anew.
So Bonilla, a 26-year-old car painter, promptly headed back to the U.S. border, now with his wife and 2-year-old son. They crossed Guatemala to southern Mexico and then, in a ragtag caravan relentlessly criticized by U.S. President Donald Trump, trekked 2,000 miles north to Tijuana.
Mostly from Honduras, El Salvador and Guatemala, caravan migrants like Bonilla face a predicament. Escaping gang violence, political turmoil and economic dysfunction, they seek a refuge in the United States, but with little certainty of a welcome, especially in the age of Trump.
Chances of being granted asylum are slim. Many could face long detentions and separation from families while awaiting court hearings that could end with deportation orders.
Bonilla had no desire now to fight for asylum, unwilling to again endure the hardships of U.S. detention and the tortuous wait for a trial before an immigration judge, only to be rejected and flown back to the lethal quagmire he had fled twice.
Instead, the family decided that his wife and child would apply for asylum, figuring they stood a better chance because of their vulnerability and the fact they have relatives already in the United States. Sharp and witty, with a dream of studying art that turned into a career of custom-painting cars, Bonilla said he struggled with his decision.
“She knows hardship,” said Bonilla, almost proudly, of his wife, who had lived in a restive part of Honduras, but even that might not blunt the shock when his family arrived in America. “They have no idea what they’re in for.”
Bonilla’s gaze darkened as recalled incarceration first in a Texas government-run facility, which he remembered as “okay,” and then in the private Stewart Detention Center in Lumpkin, Georgia, which he called “a cesspool.”
HARD-LINE STANCE
Trump has made his hard-line stance on immigration an integral part of his presidency and has advocated a wall along the U.S.-Mexican border to stem the flow of migrants.
Nevertheless, about 5,000 Hondurans, Guatemalans and Salvadorans were given interviews each month in 2017, the first step in claiming asylum, according to the most recent U.S. data.
At least 140 migrants of the caravan plan to apply for asylum. U.S. authorities have allowed in a few at a time since Monday, mostly women and children, through the San Ysidro port of entry into California, with much of the group camped near the crossing still waiting for entry.
When Bonilla made his 2016 asylum attempt, American border officials asked him if he was frightened to return home, a mandatory question for undocumented arrivals at U.S. ports of entry during the first few days of detention. He answered “yes.”
That “yes” triggered the asylum process, which entails an interview to assess an applicant’s “credible fear” and a court date for a ruling on asylum or deportation weeks, months or even years later.
Bonilla was transferred to Immigration and Customs Enforcement (ICE) custody, first in Texas and then in the Georgia detention center owned by CoreCivic Inc.
“Ay! Ay!” he said, as he recalled the Georgia facility. He called the food barely edible. The guards, he said, were racist and tore up letters that detainees wrote, including one he had hoped to send to a state official regarding his case.
Responding to complaints at the facility, the Department of Homeland Security issued a report last year that backed up Bonilla’s account. It detailed questionable use of solitary confinement, delayed healthcare, broken and dirty bathrooms and moldy food.
“The issues identified by the December report were quickly and effectively remedied,” said CoreCivic spokesman Steve Owen said, adding that much of the facility’s leadership team eats the same meals as the detainees and that he was unaware of complaints of racism or instances of staff not delivering mail.
“U.S. Immigration and Customs Enforcement is committed to ensuring that those in our custody reside in safe, secure and humane environments and under appropriate conditions of confinement,” ICE spokeswoman Jennifer Elzea said.
In the end, a judge rejected Bonilla’s asylum claim and he was sent home, where he said the gang closed in again, this time attacking his wife.
Carrying photos to document the beatings she sustained, Bonilla’s wife and child may spend less time in custody thanks to rules limiting the duration that women and children can be held as well as a shortage of beds in detention centers. CRISTOBAL’S JOURNEY
Another member of the caravan, Bonilla’s fellow Honduran Jose Cristobal said he also chose to remain in Mexico while common law partner Yolanda Hieron Meras and his 15-year-old son seek asylum.
Cristobal, a 48-year-old welder, said the family left home under the cover of darkness shortly after his son received two death threats from a gang, one in person, the second handwritten.
“They don’t give you more than two chances,” Cristobal said.
He pinched his nose hard to hold back the tears as he watched his partner and son disappear through the San Ysidro gate on Tuesday to make an asylum claim. Cristobal said he would try to join them sometime later in the United States legally but acknowledged the chances were low.
The journey from Honduras had been arduous. The family were robbed within minutes of arriving in Mexico through Guatemala, he said, losing their only valuable possessions: two telephones and all their cash.
Unwilling to seek police help for fear of deportation, Cristobal found work as a handyman until he struck his thumb with a hammer and the injury became infected.
The family stumbled upon the caravan in the southern Mexican city of Tapachula, Cristobal said. From there, on March 25, it began its month-long odyssey northward. They saw it as a way to reach the U.S. border safely, with sporadic offerings of transportation, food and shelter.
The caravan, which peaked at nearly 1,500 people in early April, had dwindled to a few hundred by the time it reached Tijuna, a vast logistical feat that had meant relying on loaned buses and walking for hours.
For one long leg of the journey Cristobal’s family had to leap aboard a freight train, dubbed “El Tren de La Muerte”, the train of death, because of the injuries suffered as migrants race to catch it, climb to the roof, and grip on for dear life as it rolls and pitches.
Making it to Tijuana seemed to them a near-miracle. NUMEROUS REASONS
Dozens of caravan members described to Reuters fleeing appalling conditions that included sexual violence, political persecution, dysfunctional economies, and lethal threats to themselves or family members in neighborhoods with some of the world’s highest murder rates.
Migrants who fled the brutal Barrio 18 or MS-13 Mara gangs after refusing to join them or pay protection money said they continued to receive threats in Mexico. At least two said they had received messages that family members back home would be killed if they failed to send payment.
But once they reach the United States, they must run the gauntlet of an immigration system caught between assisting or criminalizing hundreds of thousands of Central Americans who have entered the United States in the past decade.
Asylum seekers must demonstrate fear of persecution because of their race, religion, nationality or membership in a particular social group. Criminal threats or violence alone are generally not considered sufficient reason for asylum.
The Trump administration has cited a more-than-tenfold rise in asylum claims compared to 2011, including growing numbers of families and children and a shift to more Central Americans as signs that people are fraudulently taking advantage of the system. Trump aims to change U.S. law to make it harder to claim asylum.
Some immigration lawyers said the unrelenting criminal violence in Central America should prompt the United States to reassess the asylum system.
“In a lot of ways, those countries look like war zones,” said Bree Bernwanger, an asylum attorney who works on Central American cases.
Jenna Gilbert, a lawyer at the Human Rights First advocacy group, said enduring the asylum process would be hard on anyone.
“It’s a different name, but let’s have no qualms about what it is,” Gilbert said. “It is jail.” Reporting by Delphine Schrank; Additional reporting by Frank Jack Daniel in Mexico City; Editing by Daniel Flynn and Will Dunham | ashraq/financial-news-articles | https://www.reuters.com/article/usa-immigration-caravan-asylum/rpt-feature-gangs-behind-detention-ahead-migrants-face-predicament-at-u-s-border-idUSL1N1SA007 |
Martin Sorrell, the former chief executive of advertising giant WPP PLC, has agreed to take the helm at Derriston Capital, a listed shell company he plans to use to acquire marketing and advertising businesses, according to people familiar with the matter.
Mr. Sorrell will invest £40 million of his own money in the new venture, while a bevy of institutional and other investors have agreed to commit an initial £11 million to become shareholders in Derriston, these people said. Mr. Sorrell has secured nonbinding letters of... | ashraq/financial-news-articles | https://www.wsj.com/articles/martin-sorrell-hopes-to-repeat-old-successes-with-new-venture-1527627298 |
(Reuters) - General Electric Co ( GE.N ) is working with investment bankers to find ways to shed its insurance business, which has caused it to book hefty charges while sparking shareholder lawsuits and an investigation by U.S. regulators, people familiar with the matter said on Tuesday.
FILE PHOTO: The logo of General Electric is seen at its plant in Baden, Switzerland November 15, 2017. REUTERS/Arnd Wiegmann The move comes after GE announced in January it would take a $6.2 billion after-tax charge and set aside a further $15 billion in reserves to help cover liabilities in insurance operations held by its GE Capital unit, mainly concerning long-term care (LTC) policies.
Many providers of LTC insurance, including GE, underestimated the cost of servicing policies, meaning premiums have been unable to cover the spiraling costs of healthcare and longer life expectancy.
While GE’s insurance operations have stopped generating new business, existing contracts managed to maturity in a process known as run-off have become a major financial burden for the U.S industrial conglomerate.
GE is hoping investment firms which specialize in acquiring run-off insurance businesses could buy some of the assets, the sources said. While GE is focused on shedding its troubled LTC business, it is open to divesting other insurance assets, including structured settlements and other life and disability products, the sources added.
The sources, who asked not to be identified because the matter is confidential, cautioned that no deal is certain given the liabilities that GE faces in its insurance business. A GE spokeswoman declined to comment.
GE spun out much of its insurance business in 2004 into Genworth Financial ( GNW.N ), itself currently attempting a sale to China Oceanwide Holdings Group Co for $2.7 billion. That deal has been held up by the Committee on Foreign Investment in the United States, a U.S. national security panel.
GE said in January a review of its remaining insurance portfolio showed 300,000 policies needed $15 billion more in reserves to cover potential payouts, or about $50,000 per policy, on top of the charge it took as part of its fourth-quarter earnings. It subsequently disclosed the U.S. Securities and Exchange Commission (SEC) had begun probing how it handled its insurance obligations.
Insurance liabilities stood at $38 billion at the end of 2017, according to GE’s annual report.
GE has also been sued by shareholders accusing it of concealing mounting insurance liabilities and the SEC probe, arguing this cost investors tens of billions of dollars.
Struggling to maintain profitability and facing calls to be broken up, GE has proposed major cost-cutting and selling or spinning off parts of its business including power, aviation and healthcare as a way to bolster its value.
As part of its drive to shed assets, GE announced an $11.1 billion deal on Monday to merge its transportation business with U.S. rail equipment manufacturer Wabtec Corp ( WAB.N ), with GE and its shareholders owning just over half of the combined business.
(This version of the story fixes syntax in paragraph 4)
Reporting by David French in New York; Editing by Tom Brown
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ge-insurance-exclusive/exclusive-ge-seeking-to-shed-troubled-insurance-business-sources-idUSKCN1IN2NA |
CALGARY, Alberta, May 09, 2018 (GLOBE NEWSWIRE) -- Bonterra Energy Corp. ( www.bonterraenergy.com ) (TSX:BNE) (“Bonterra” or the “Company”) is pleased to announce its operating and financial results as at and for the three months ended March 31, 2018. The related unaudited condensed financial statements and notes, as well as management’s discussion and analysis (“MD&A”), are available on SEDAR at www.sedar.com and on Bonterra’s website at www.bonterraenergy.com .
HIGHLIGHTS
As at and for the three months ended March 31,
2018 December 31,
2017 March 31,
2017 ($000s except $ per share) FINANCIAL Revenue - realized oil and gas sales 57,124 54,192 49,330 Funds flow (1) 27,959 26,948 25,243 Per share - basic and diluted 0.84 0.81 0.76 Dividend payout ratio 36 % 37 % 40 % Cash flow from operations 29,877 26,472 24,540 Per share - basic 0.90 0.79 0.74 Per share - diluted 0.90 0.79 0.73 Dividend Payout ratio 33 % 38 % 41 % Cash dividends per share 0.30 0.30 0.30 Net earnings 3,395 2,096 475 Per share - basic and diluted 0.10 0.06 0.01 Capital expenditures, net of disposition 36,168 18,775 (2) 30,129 Disposition - 56,752 (2) - Total assets 1,142,670 1,125,551 1,156,398 Working capital deficiency 46,630 27,790 39,483 Long-term debt 291,994 292,212 330,118 Shareholders' equity 504,240 510,260 535,742 OPERATIONS Oil -bbl per day 8,034 7,766 7,533 -average price ($ per bbl) 67.78 65.16 60.63 NGLs -bbl per day 900 963 813 -average price ($ per bbl) 38.70 39.12 31.00 Natural gas -MCF per day 24,701 24,466 22,243 -average price ($ per MCF) 2.24 1.90 2.97 Total barrels of oil equivalent per day (BOE) 13,051 12,807 12,053
( 1) Funds flow is not a recognized measure under IFRS. For these purposes, the Company defines funds flow as funds provided by operations including proceeds from sale of investments and investment income received excluding the effects of changes in non-cash working capital items and decommissioning expenditures settled.
(2) For 2017, includes the Disposition of a two percent overriding royalty interest on the total production from the Company’s Pembina Cardium pool that closed December 20, 2017 and is effective January 1, 2018. Consideration consisted of $52 million of cash and incremental Cardium assets valued at $4.7 million which is included in capital expenditures (refer to Note 5 of the December 31, 2017 audited annual financial statements).
( 3) BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 MCF: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
During the first quarter of 2018, Bonterra continued to focus on the development of its high quality, light oil weighted assets within the Pembina Cardium area in Alberta. During the quarter the Company benefitted from a strong commodity price environment which led to one of Bonterra’s most operationally active quarters in over four years. The Company drilled 15 gross (14.9 net) Cardium wells and invested approximately $36 million or almost 50 percent of its annual capital budget in the first quarter. Production averaged 13,051 BOE per day due to 14 wells that were brought on production in the quarter: two gross (2.0 net) in January, 12 gross (11.9 net) in March and the final well in April, 2018. Due to this timing, the full impact of the first quarter drilling program will be realized in the second quarter; as production volumes for the month of April averaged approximately 14,600 BOE per day, representing an increase of 11 percent over Q1.
Q1 2018 Highlights
Generated funds flow of $28.0 million, or $0.84 per share, compared to $25.2 million in Q1 2017, or $0.76 per share;
Paid out $0.30 per share in cash dividends to shareholders in the first quarter, resulting in a payout ratio of 36 percent of funds flow;
Quarterly production averaged 13,051 BOE per day, eight percent higher than Q1 2017 volumes of 12,053 BOE per day, with production for the month of April 2018 averaging approximately 14,600 BOE per day;
Generated a cash netback in Q1 2018 of $23.81 per BOE compared to $22.98 per BOE in Q4 2017;
Realized an average crude oil price of $67.78 per barrel and realized an average overall price of $48.63 per BOE in Q1 2018;
Invested approximately $36.2 million in capital in the first quarter allocated to the drilling of 15 gross (14.9 net) operated horizontal wells and the completion and tie-in of 14 gross (13.9 net) wells, of which 12 gross (11.9 net) were placed on production in March 2018;
Production costs increased to $14.49 per BOE in the first quarter, compared to $13.48 per BOE in Q1 2017 and decreased from $14.79 per BOE in Q4 2017, with higher costs in Q1 related to additional resources expended on the optimization of existing production to limit down time in the second quarter associated with spring breakup and lease inaccessibility; and
Completed Bonterra’s annual borrowing base review in April 2018, which resulted in the renewal of its credit facilities at $380 million with no change in terms or conditions, other than a positive pricing reduction in the interest rate grid.
The Company invested heavily in capital through the first quarter and into April to ensure production volumes would continue to increase from Q1 to Q2. Additionally, in the first three months of 2018 the Company doubled the traditional two service rigs to four and enhanced its well maintenance program to take advantage of a positive and strengthening crude oil price environment.
Typically, the first quarter of the year is the most capital intensive and a period in which the Company outspends cash flow, while the second quarter is historically the least capital intensive. As a result, during the second quarter Bonterra has been able to generate cash flow that significantly exceeds capital spending, thereby allowing the Company to continue reducing net debt. It is anticipated that Q2 2018 will present a similar opportunity.
Q2 and 2018 Outlook
Bonterra’s drilling and completions spending in the first quarter positioned the Company to maintain its current production levels through 2018 supported by highly economic, low-risk drilling locations. The Company will continue to pursue a sustainable growth strategy focused on operational efficiencies, while exercising financial discipline to reduce debt, manage its dividend and deliver optimal returns for shareholders across a variety of commodity price levels.
Bonterra is a low-cost producer featuring a low production decline rate, significant exposure to the massive Pembina Cardium pool, and a large inventory of low-risk, highly economic undrilled locations. With approximately 91 percent of 2018 revenue expected to be weighted towards higher value crude oil and natural gas liquids (“NGLs”) Bonterra has significant torque to the upside in a rising commodity price environment. The Company’s sustainable growth plus dividend model continues to contribute to stable production and predictable funds flow.
Bonterra remains on target to meet annual production guidance of 13,200 to 13,400 BOE per day and a net debt to cash flow target range between 2.1 to 2.5 times at year end 2018. The future for Bonterra is increasingly positive and the Company will continue to manage the business conservatively for the benefit of all shareholders.
Bonterra Energy Corp. is a conventional oil and gas corporation with operations in Alberta, Saskatchewan and British Columbia. The shares are listed on The Toronto Stock Exchange under the symbol "BNE".
For further information please contact:
George F. Fink, Chairman and CEO
Robb D. Thompson, CFO
Adrian Neumann, COO
Telephone: (403) 262-5307
Fax: (403) 265-7488
Email: [email protected]
Cautionary Statements
This summarized news release should not be considered a suitable source of information for readers who are unfamiliar with Bonterra Energy Corp. and should not be considered in any way as a substitute for reading the full report. For the full report, please go to www.bonterraenergy.com
Use of Non-IFRS Financial Measures
Throughout this release the Company uses the terms "payout ratio" and "cash netback" to analyze operating performance, which are not standardized measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures are commonly utilized in the oil and gas industry and are considered informative by management, shareholders and analysts. These measures may differ from those made by other companies and accordingly may not be comparable to such measures as reported by other companies.
The Company calculates payout ratio by dividing cash dividends paid to shareholders by cash flow from operating activities, both of which are measures prescribed by IFRS which appear on our statements of cash flows. We calculate cash netback by dividing various financial statement items as determined by IFRS by total production for the period on a barrel of oil equivalent basis.
Forward Looking Information
Certain statements contained in this release include statements which contain words such as "anticipate", "could", "should", "expect", "seek", "may", "intend", "likely", "will", "believe" and similar expressions, relating to matters that are not historical facts, and such statements of our beliefs, intentions and expectations about development, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and are based on certain assumptions and analysis made by us derived from our experience and perceptions. Forward-looking information in this release includes, but is not limited to: expected cash provided by continuing operations; cash dividends; future capital expenditures, including the amount and nature thereof; oil and natural gas prices and demand; expansion and other development trends of the oil and gas industry; business strategy and outlook; expansion and growth of our business and operations; and maintenance of existing customer, supplier and partner relationships; supply channels; accounting policies; credit risks; and other such matters.
All such forward-looking information is based on certain assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. The risks, uncertainties, and assumptions are difficult to predict and may affect operations, and may include, without limitation: foreign exchange fluctuations; equipment and labour shortages and inflationary costs; general economic conditions; industry conditions; changes in applicable environmental, taxation and other laws and regulations as well as how such laws and regulations are interpreted and enforced; the ability of oil and natural gas companies to raise capital; the effect of weather conditions on operations and facilities; the existence of operating risks; volatility of oil and natural gas prices; oil and gas product supply and demand; risks inherent in the ability to generate sufficient cash flow from operations to meet current and future obligations; increased competition; stock market volatility; opportunities available to or pursued by us; and other factors, many of which are beyond our control.
Actual results, performance or achievements could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do, what benefits will be derived there from. Except as required by law, Bonterra disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
The forward-looking information contained herein is expressly qualified by this cautionary statement.
Frequently recurring terms
Bonterra uses the following frequently recurring terms in this press release: “WTI” refers to West Texas Intermediate, a grade of light sweet crude oil used as benchmark pricing in the United States; “MSW Stream Index” or “Edmonton Par” refers to the mixed sweet blend that is the benchmark price for conventionally produced light sweet crude oil in Western Canada; “AECO” refers to Alberta Energy Company, a grade or heating content of natural gas used as benchmark pricing in Alberta, Canada; “bbl” refers to barrel; “NGL” refers to Natural gas liquids; “MCF” refers to thousand cubic feet; “MMBTU” refers to million British Thermal Units; “GJ” refers to gigajoule; and “BOE” refers to barrels of oil equivalent. Disclosure provided herein in respect of a BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 MCF: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Numerical Amounts
The reporting and the functional currency of the Company is the Canadian dollar.
The TSX does not accept responsibility for the accuracy of this release.
Source: Bonterra Energy Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-bonterra-energy-corp-announces-first-quarter-2018-financial-and-operational-results.html |
SpaceTime Insight's advanced IoT and machine learning-powered analytics technologies to accelerate the development of Nokia's IoT offerings Deal expands reach of Nokia's high-value IoT applications into key vertical markets, including energy, logistics, transportation and utilities
7 May 2018
Espoo, Finland - Nokia has acquired SpaceTime Insight to expand its Internet of Things (IoT) portfolio and IoT analytics capabilities, and accelerate the development of new IoT applications for key vertical markets.
Based in San Mateo, California, with offices in the U.S., Canada, U.K., India and Japan, SpaceTime Insight provides machine learning-powered analytics and IoT applications for some of the world's largest transportation, energy and utilities organizations, including Entergy, FedEx, NextEra Energy, Singapore Power and Union Pacific Railroad. Its machine learning models and other advanced analytics, designed specifically for asset-intensive industries, predict asset health with a high degree of accuracy and optimize related operations. As a result, SpaceTime Insight's applications help customers reduce cost and risk, increase operational efficiencies, reduce service outages and more.
The acquisition supports Nokia's software strategy by bringing SpaceTime Insight's sales expertise and proven track record in IoT application development, machine learning and data science to the Nokia Software IoT product unit. It will strengthen Nokia's IoT software portfolio and IoT analytics capabilities, and accelerate the development of Nokia's IoT offerings to deliver high-value IoT applications and services to new and existing customers.
The addition of SpaceTime Insight will also broaden the company's ability to deliver new, advanced applications for key vertical markets, including energy, logistics, transportation and utilities.
Paul Lau, Chief Grid Strategy and Operations Officer at Sacramento Municipal Utility District, said: "We've partnered with SpaceTime to help us be more responsive, more efficient and ultimately able to deliver more value to our customers. Combining their innovative solutions with Nokia's world-class portfolio will provide customers with powerful new tools to better manage assets, maximize efficiencies and deliver new capabilities."
Bhaskar Gorti, president of Nokia Software, said: "Adding SpaceTime to Nokia Software is a strong step forward in our strategy, and will help us deliver a new class of intelligent solutions to meet the demands of an increasingly interconnected world. Together, we can empower customers to realize the full value of their people, processes and assets, and enable them to deliver rich, world-class digital experiences."
SpaceTime Insight and its CEO Rob Schilling will join the IoT product unit within the Nokia Software business group.
Rob Schilling, CEO of SpaceTime Insight, said: "Today marks a transformational moment for SpaceTime, and I'm delighted to join forces with one of the world's top organizations-a global brand that is reshaping the future of networking and intelligent software. I am excited for this incredible opportunity to help accelerate and scale Nokia's IoT business and provide a new class of next-generation IoT solutions customers cannot find anywhere else."
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About SpaceTime Insight
SpaceTime helps asset-intensive organizations generate more value from their people, processes, and assets. Our machine learning analytics and IIoT applications optimize operations in motion, in context and in real time. Some of the largest organizations in the world in transportation, energy and utilities use SpaceTime Insight software. Founded in 2008, SpaceTime insight is based in San Mateo, California.
About Nokia
We create the technology to connect the world. Powered by the research and innovation of Nokia Bell Labs, we serve communications service providers, governments, large enterprises and consumers with the industry's most complete, end-to-end portfolio of products, services and licensing.
We adhere to the highest ethical business standards as we create technology with social purpose, quality and integrity. Nokia is enabling the infrastructure for 5G and the Internet of Things to transform the human experience. www.nokia.com
Media Inquiries
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Nokia Software Communications
+1 925-683-5471
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Source:Nokia Oyj | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-nokia-acquires-spacetime-insight-to-expand-its-iot-software-portfolio-and-accelerate-vertical-application-development.html |
21st Century Fox EPS misses 2 Hours Ago 01:37 01:37 | 11:37 AM ET Tue, 8 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/21st-century-fox-eps-misses.html |
Reporter asks Nigerian president about "shithole" comment Monday, April 30, 2018 - 01:04
A reporter asks Nigerian President Muhammadu Buhari on Monday if he had addressed the allegations that President Trump used vulgar language to describe African nations during his meeting with Trump. Rough Cut (no reporter narration).
A reporter asks Nigerian President Muhammadu Buhari on Monday if he had addressed the allegations that President Trump used vulgar language to describe African nations during his meeting with Trump. Rough Cut (no reporter narration). //reut.rs/2Ks9ZdY | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/04/30/reporter-asks-nigerian-president-about-s?videoId=422760997 |
WILMINGTON, Ohio--(BUSINESS WIRE)-- Stockholders of Air Transport Services Group, Inc. (NASDAQ:ATSG) meeting here today re-elected six directors, ratified the appointment of the Company’s outside auditors, and approved several other agenda items.
Directors of the Company reelected to one-year terms on the Board were Richard M. Baudouin, Joseph C. Hete, Raymond E. Johns, Jr., Randy D. Rademacher, J. Christopher Teets, and Jeffrey J. Vorholt.
At the meeting, stockholders also:
• Ratified the selection of Deloitte & Touche LLP as the independent registered public accounting firm of the Company for fiscal year 2018; and approved, on an advisory basis, the compensation of the Company’s named executive officers for 2017;
• Voted to amend the Certificate of Incorporation to increase the number of authorized shares of the Company’s common stock, remove all stockholder supermajority vote requirements and increase the maximum number of directors that may serve on the board.
A complete report of the results of the meeting will be filed in a Form 8-K with the Securities and Exchange Commission.
About Air Transport Services Group, Inc. (ATSG)
ATSG is a leading provider of aircraft leasing and air cargo transportation and related services to domestic and foreign air carriers and other companies that outsource their air cargo lift requirements. Through its principal subsidiaries, including two airlines with separate and distinct U.S. FAA Part 121 Air Carrier certificates, ATSG provides aircraft leasing, air cargo lift, aircraft maintenance services and airport ground services. ATSG's subsidiaries include ABX Air, Inc.; Airborne Global Solutions, Inc.; Air Transport International, Inc.; Cargo Aircraft Management, Inc.; and Airborne Maintenance and Engineering Services, Inc., including its subsidiary, Pemco World Air Services, Inc.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005968/en/
Air Transport Services Group, Inc.
Quint O. Turner, 937-366-2303
Chief Financial Officer
Source: Air Transport Services Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-atsg-holds-annual-meeting-of-stockholders.html |
Boston
Jayson Tatum is unlike any of the other precocious 20-year-olds near Boston in almost every way. He already has a job. And he’s phenomenally good at it. He’s the leading scorer on a Celtics team only two wins away from the NBA Finals, and to watch him these days is to wonder how Tatum is this good this young.
But one of the reasons... | ashraq/financial-news-articles | https://www.wsj.com/articles/jayson-tatum-nba-youtube-generation-1526483183 |
Apple shares soar as investors look past iPhones 01:33
The world's most valuable public company sold over 52 million iPhones in its March quarter, just below Wall Street targets, but managed to book a revenue of over $61 billion dollars beating expectations.
The world's most valuable public company sold over 52 million iPhones in its March quarter, just below Wall Street targets, but managed to book a revenue of over $61 billion dollars beating expectations. //reut.rs/2Fzvtlh | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/01/apple-shares-soar-as-investors-look-past?videoId=423039440 |
NEW YORK (Reuters) - A former server at Le Bernardin ended her lawsuit accusing the famed New York City seafood restaurant of ignoring sexual harassment complaints or shaming people from coming forward.
Kristin Avery, a server from September 2012 to July 2015, agreed to drop her lawsuit, though “there has been no settlement or waiver” of any claims, her lawyer, Maimon Kirschenbaum, said in a letter filed in the federal court in Manhattan.
U.S. District Judge Richard Sullivan dismissed the case on Thursday night without prejudice, meaning Avery could bring it again. Kirschenbaum did not immediately respond to requests for comment. A lawyer for Le Bernardin declined to comment.
Avery accused Le Bernardin’s general manager of ignoring several complaints by her about harassment by male employees, including when captains allegedly touched her bottom. She also said co-owner Maguy Le Coze shamed her for her pregnancy-related weight gain.
Le Coze and chef Eric Ripert, who is also a co-owner, were also defendants in the lawsuit filed Jan. 24, which sought class-action status.
Ripert, who was not accused of harassment, in an interview at the time called Avery’s allegations “completely false.” [nL2N1PJ2IF] Le Coze denied the body shaming allegation.
Le Bernardin has three Michelin stars and four stars from the New York Times.
The lawsuit was filed six weeks after another prominent chef, Mario Batali, stepped away from his businesses after being accused of sexual misconduct.
Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-new-york-le-bernardin/former-le-bernardin-server-ends-lawsuit-against-new-york-restaurant-idUSKCN1IJ1X5 |
May 2, 2018 / 9:00 AM / Updated 9 hours ago Sri Lanka's China-backed Port City sees up to $4 billion investment interest Shihar Aneez 3 Min Read
COLOMBO (Reuters) - A Chinese-backed real estate project near Sri Lanka’s main port is in discussion with investors for up to $4 billion in investments in its first phase, the developer said on Wednesday. A general view of Colombo Port City construction site in Colombo, Sri Lanka May 2, 2018. Picture taken through a glass window. REUTERS/Dinuka Liyanawatte
Work on the $1.4 billion Port City project by China Communication Construction Company (CCCC) ( 601800.SS ) started in 2016 as part of Beijing’s ambitious plans to create a modern-day “Silk Road” linking Asia to the Middle East and Europe.
The project is expected to attract $13 billion in investment over next 20 years.
Liang Thow Ming, chief sales and marketing officer of CHEC Port City Colombo (Pvt) Ltd, the local company that handles the project for CCCC, said 80 percent of the 269-hectare (665-acre) site had been reclaimed from the sea. Slideshow (2 Images)
“We are on schedule to complete the reclamation and marine works by the second half of next year,” he told Reuters in an interview, adding that roads, parks, and other infrastructure will be completed by 2020.
“There is a healthy level of interest. We are talking about for hospitality, commercial offices, retail space, and residential. We have seen investors from Southeast Asia, India, the Middle East, China and Japan.”
He declined to identify specific investors, but said the Port City would see $3-4 billion investment “if everything comes true”.
“We are looking for partners with international image on the project. There is a healthy demand at the moment.”
The Sri Lankan government has said a consortium led by state-run China Harbour Engineering Company Ltd will invest $1 billion to build three, 60-storey office towers on reclaimed land at Port City, while CCCC is expected to invest $800 million to build an underground road network.,
Sri Lanka has been preparing legislation with tax incentives to lure investment to the Port City, which includes housing, marinas, health facilities and schools.
CHEC Port City Colombo (Pvt) Ltd aims to deliver the first site for construction by the end of 2018. Reporting by Shihar Aneez; Editing by Kim Coghill | ashraq/financial-news-articles | https://www.reuters.com/article/us-sri-lanka-china-portcity/sri-lankas-china-backed-port-city-sees-up-to-4-billion-investment-interest-idUSKBN1I30ZO |
May 18 (Reuters) - Diary of U.S. (.SPX) corporate earnings for the week ahead. ** Please Note - All times given are in U.S. EST unless otherwise stated ** U.S. EARNINGS Start Date Start Time RIC Company Event Name 22-May-2018 BMO AZO.N Autozone Inc Q3 2018 Autozone Inc Earnings Release 22-May-2018 BMO KSS.N Kohls Corp Q1 2018 Kohls Corp Earnings Release 22-May-2018 BMO TJX.N TJX Companies Inc Q1 2019 TJX Companies Inc Earnings Release 22-May-2018 BMO AAP.N Advance Auto Parts Inc Q1 2018 Advance Auto Parts Inc Earnings Release 22-May-2018 AMC INTU.O Intuit Inc Q3 2018 Intuit Inc Earnings Release 22-May-2018 AMC HPE.N Hewlett Packard Enterprise Co Q2 2018 Hewlett Packard Enterprise Co Earnings Release 23-May-2018 BMO TIF.N Tiffany & Co Q1 2018 Tiffany & Co Earnings Release 23-May-2018 BMO RL.N Ralph Lauren Corp Q4 2018 Ralph Lauren Corp Earnings Release 23-May-2018 BMO LOW.N Lowe's Companies Inc Q1 2018 Lowe's Companies Inc Earnings Release 23-May-2018 BMO TGT.N Target Corp Q1 2018 Target Corp Earnings Release 23-May-2018 AMC LB.N L Brands Inc Q1 2018 L Brands Inc Earnings Release 23-May-2018 AMC NTAP.O NetApp Inc Q4 2018 NetApp Inc Earnings Release 23-May-2018 AMC SNPS.O Synopsys Inc Q2 2018 Synopsys Inc Earnings Release 24-May-2018 BMO HRL.N Hormel Foods Corp Q2 2018 Hormel Foods Corp Earnings Release 24-May-2018 BMO MDT.N Medtronic PLC Q4 2018 Medtronic PLC Earnings Release 24-May-2018 BMO MCK.N McKesson Corp Q4 2018 McKesson Corp Earnings Release 24-May-2018 BMO BBY.N Best Buy Co Inc Q1 2019 Best Buy Co Inc Earnings Release 24-May-2018 AMC ADSK.O Autodesk Inc Q1 2019 Autodesk Inc Earnings Release 24-May-2018 AMC ROST.O Ross Stores Inc Q1 2018 Ross Stores Inc Earnings Release 24-May-2018 AMC DXC.N DXC Technology Co Q4 2018 DXC Technology Co Earnings Release 24-May-2018 16:15 GPS.N Gap Inc Q1 2018 Gap Inc Earnings Release 25-May-2018 BMO FL.N Foot Locker Inc Q1 2018 Foot Locker Inc Earnings Release ** All times are listed in U.S. EST, or AMC - 'After U.S. Market Close', or BMO - 'Before U.S. Market Opens', or DBH - 'During U.S. business hours', or blank if not known. ** This Diary does not provide the EPS estimate figures. EPS figures can be retrieved from Eikon. Steps in Eikon to retrieve the EPS estimate:- Eikon Indicator-> Equities Guide-> Top Indices-> S&P 500-> Events-> Select Event types-> Select the company-> Estimates (Compiled by Bengaluru Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/us-results/diary-u-s-earnings-week-ahead-idUSL3N1SP4OT |
OTTAWA (Reuters) - Ontario, Canada’s most populous province, will hold an election on June 7, with the center-right Progressive Conservative Party headed by Doug Ford leading in opinion polls.
While Ford has yet to reveal his entire platform, the following are some of the promises from the campaign trail so far:
TAXES Ford said last month he would cut Ontario’s corporate tax rate to 10.5 percent from 11.5 percent to boost job growth and the economy.
Ford said he would introduce an income tax credit so that low-income workers would not pay income tax. He plans to scrap the current provincial Liberal government’s planned minimum wage increase that would bring wages up to C$15 ($11.57) an hour from C$14 next year.
The Conservatives also plan to introduce a new childcare rebate for parents with children under the age of 15 that will cover expenses of up to C$6,750 per child a year, with the benefit weighted toward low-income families.
CARBON PLANS Ford plans to eliminate the province’s current carbon cap-and-trade system that puts limits on how much pollution companies can emit and allows them to trade credits in auctions.
Ford has also vowed to fight the federal government’s planned nationwide tax on carbon emissions, expected to take effect next year for provinces that do not already have acceptable regimes in place.
DEFICITS Ford has promised to cut spending by at least C$6 billion a year by finding efficiencies, but said he would not be able to balance Ontario’s budget in his first year in power. He has also said he would launch an independent inquiry into the Liberal government’s books.
The Liberal government said in its March budget it will return to deficit in the current fiscal year before getting back to balance in 2024-25.
MARIJUANA Ford has suggested he is open to privatization when it comes to the sale of recreational marijuana, though he later appeared to back away from that, saying the province has to be careful in regulating the market.
Canada is on track to legalize marijuana later this year and Ontario currently plans to sell the drug through government-run stores and online.
PUBLIC TRANSIT During the provincial party leaders debate earlier this week, Ford pledged C$5 billion in new money to go toward subways and other regional transportation systems.
Reporting by Leah Schnurr; editing by Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-canada-election-ontario-platform-fact/factbox-conservative-platform-in-ontario-provincial-election-idUSKBN1IA2RK |
May 25, 2018 / 12:53 AM / Updated 11 hours ago Ivanka Trump takes shot at WTA over Serena's non-seeding Reuters Staff 2 Min Read
(Reuters) - United States first daughter Ivanka Trump waded into the debate over Serena Williams’s lack of a seeding at the French Open, tweeting that the women’s tour needed to change its rules for players that take maternity leave. FILE PHOTO - Advisor to the President Ivanka Trump reacts after the Prison Reform Summit at the White House in Washington, U.S., May 18, 2018. REUTERS/Jonathan Ernst
Williams was world number one before leaving the tour last year to have a baby but the 23-times grand slam champion enters Roland Garros ranked 453rd.
The three-times French Open champion was not granted a seed by tournament organisers, triggering criticism from women’s groups and tennis pundits.
“This is ridiculous. @SerenaWilliams is a formidable athlete (best ever!) and loving new mother,” Trump, daughter of U.S. President Donald Trump, wrote on Twitter. FILE PHOTO - Tennis - French Open Women's Singles Final match - Roland Garros - Serena Williams of the U.S. vs Garbine Muguruza of Spain- Paris, France - 04/06/16 Williams reutrns the ball. REUTERS/Gonzalo Fuentes
“No person should ever be penalized professionally for having a child! The #WTA should change this rule immediately. #FrenchOpen.”
Williams returned to the professional Women’s Tennis Association (WTA) tour in March at Indian Wells in Southern California.
She won her first two matches before losing to sister Venus Williams. Two weeks later, she fell to Japan’s Naomi Osaka in the opening round of the Miami Open. Reporting by Steve Keating in Indianapolis. Editing by Ian Ransom | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-ivanka-serena/ivanka-trump-takes-shot-at-wta-over-serenas-non-seeding-idUKKCN1IQ03G |
NORTH CANTON, Ohio, May 2, 2018 /PRNewswire/ -- Diebold Nixdorf (NYSE: DBD), today reported its 2018 first quarter financial results. A complete press release, along with other earnings release documents, are accessible by visiting the Investor Relations section of Diebold Nixdorf's website, located at the following link: http://www.dieboldnixdorf.com/earnings .
As previously announced, Gerrard Schmid, president and chief executive officer, and Christopher Chapman, senior vice president and chief financial officer, will discuss the company's financial performance during a conference call today at 8:30 a.m. (ET). Both the presentation and access to the call are available at http://www.dieboldnixdorf.com/earnings . A replay of the call will also be made available on the Investor Relations section of Diebold Nixdorf's website for three months following the call.
(Note: If clicking on the above links does not open up a new web page, you may need to cut and paste the above URL into your browser's address bar.)
About Diebold Nixdorf
Diebold Nixdorf (NYSE: DBD) is a world leader in enabling connected commerce for millions of consumers each day across the financial and retail industries. Its software-defined solutions bridge the physical and digital worlds of cash and consumer transactions conveniently, securely and efficiently. As an innovation partner for nearly all of the world's top 100 financial institutions and a majority of the top 25 global retailers, Diebold Nixdorf delivers unparalleled services and technology that are essential to evolve in an 'always on' and changing consumer landscape.
Diebold Nixdorf has a presence in more than 130 countries with approximately 23,000 employees worldwide. The organization is headquartered in North Canton, Ohio, USA. Visit www.DieboldNixdorf.com for more information.
View original content with multimedia: http://www.prnewswire.com/news-releases/diebold-nixdorf-reports-2018-first-quarter-financial-results-300640665.html
SOURCE Diebold Nixdorf | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-diebold-nixdorf-reports-2018-first-quarter-financial-results.html |
BELOIT, Wis., May 29, 2018 /PRNewswire/ -- PlayMonster LLC has announced from the London International Toy Show for Distributors, DisToy, that the Company has acquired privately held, UK-based toy company, Interplay UK Ltd .
The companies have enjoyed a successful, strong partnership since 2016, when PlayMonster acquired a North American license for Interplay's top-selling My Fairy Garden brand, which has enjoyed success in over 10 countries to date. Now PlayMonster, based in Wisconsin, has acquired Interplay's operations and full brand portfolio. This opportunity builds on the natural fit between the two companies and creates real synergy through complementary brands and scale of resources. Both have been among the fastest growing companies in their respective territories over recent years, this new relationship will mean increased growth potential for both PlayMonster and Interplay in existing markets through new and incremental product categories. With the combined depth and breadth of resources from the two companies, the new business is expected to become a stronger performer in the worldwide marketplace.
Bob Wann, Chief PlayMonster of PlayMonster LLC and Chairman of the US Toy Association, said, "This is PlayMonster's first international acquisition and its largest acquisition to-date. This important step will strengthen the excellent team we have, as well as expedite the growth of PlayMonster and Interplay brands around the world. With Interplay becoming the first subsidiary, with an office and employees who will continue the business as usual from their headquarters in Marlow, it gives both companies and outstanding opportunity to grow their business globally."
Ross Ainsworth, Founder at Interplay said, "Our team at Interplay shares with PlayMonster a common philosophy of the importance of play, as well as a passion for creating high-quality, enduring products at affordable prices. We have incredible respect for what the PlayMonster team has been building, and we are looking forward to expanding our brands into North America and beyond."
Bob Wann attributes the success of Interplay to its founder, Ross Ainsworth, who has nurtured the company since its conception. "Ross's passion, creative excellence and team of employees are what got Interplay to where it is today, and it will be an honor to take his vision the next level," said Wann.
About PlayMonster LLC
Beloit, WI-based PlayMonster is a toy and game company that believes in the power of play to make a positive difference in people's lives. Delivering great play value by designing, manufacturing and marketing innovative, fun and quality products, such as "TOTY Game of the Year" Yeti in My Spaghetti® and "TOTY Doll of the Year" Wonder Crew®, along with other award-winning toys and games like The Game of THINGS…®, 5 Second Rule®, Relative Insanity™, Farkle, Super Spinner®, Mirari®, Kid O®, OK to Wake!®, My Fairy Garden®, Marbleocity® and Automoblox® is how PlayMonster helps keep play alive for all ages.
About Interplay UK Ltd.
Interplay has been established for 20 years in the UK and is a multi-award-winning company positioned at the quality end of the toy market, specializing in developing and marketing innovative toys and gifts. A product-lead company with a passion for creating high-quality kits at affordable prices and striving for nothing less than the best for customers, Interplay designs popular in-house brands such as My Fairy Garden®, FabLab®, Fuzzikins Craft®, My Mermaid Lagoon®, CraftBox® My Living World® and myStyle®.
View original content with multimedia: http://www.prnewswire.com/news-releases/playmonster-accelerates-international-expansion-with-acquisition-of-interplay-300655699.html
SOURCE PlayMonster LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-playmonster-accelerates-international-expansion-with-acquisition-of-interplay.html |
9:31 AM EDT SECURITY TOKENS
One of the major topics of discussion in cryptocurrency at the moment is around the emergence of security tokens. Security tokens are backed by real assets such as equity, LP shares, or commodities. They are also subject to federal security regulations.
Blockchain Capital conducted one of the first security token offerings last year when it raised capital for its third fund. A new NYC-based venture capital platform announced a tokenized venture fund this week. J.P. Morgan’s co-president Daniel Pinto said , “The tokenization of the economy, for me, is real. Cryptocurrencies are real but not in the current form.”
So what is a security token? How is it different from a utility token? Term Sheet sat down with Josh Stein, the CEO of tokenized securities startup Harbor to discuss. The company recently raised $28 million in funding from investors including Founders Fund, Andreessen Horowitz, Pantera Capital, Craft Ventures, and Signia Venture Partners.
David Sacks, a PayPal co-founder, Yammer CEO, and Zenefits COO, came up with the idea for a security token startup and eventually recruited three former Zenefits executives to run the company. What I found peculiar is that Stein was the former general counsel and chief compliance officer at Zenefits, the company that got into hot water for inadequate compliance procedures . “We didn’t have a chief compliance officer until after everything happened,” Stein said. “That was the problem — the company hadn’t prioritized it.”
Harbor’s co-founders are not only prioritizing compliance, but it’s the foundation of the software. What follows is a Q&A about the nature of security tokens & their role in the regulatory ecosystem.
TERM SHEET: What is a security token?
STEIN: A security token represents traditional, private security interest. It could represent a share in a company, an LP interest in a fund or a trust, a member share in an LLC. Essentially, you’re taking something that today you have on paper and you’re putting an electronic wrapper around it.
The best analogy is the transition from email to snail mail. You can type out a written communication, print it out, put it in an envelope, address it, send it, and wait two to three days. Or you could hit send on an email. The content is the same, but by putting an electronic wrapper around it, you can send it faster, cheaper, and easier.
To put it in context, you could have the same investor agreement or certificate on paper. It’s the same thing, but now it has an electronic wrapper, so now I can issue it and trade orders of magnitude faster, cheaper and easier.
So what role does Harbor play in this process?
STEIN: There’s a little bit of programming in that token, but it calls to Harbor every time that token goes to trade. Harbor is this trade-compliance gatekeeper, and we check if the trade is compliant. We check who the buyer and seller are, what the trade is, and where it occurs. If those are compliant, the trade happens and no one even knows Harbor was involved.
If any of those are not compliant, the trade gets stopped. So it might say, “This buyer is not approved. They haven’t been vetted for “Know Your Customer” (KYC) and “Anti-Money Laundering” (AML).” It might say, “This trade doesn’t conform to the cap table requirements.” In those instances of non-compliant trading, the programming will automatically kick in and not allow the trade to occur. You’re not unwinding trades — they just never happen.
How is a security token different than a utility token?
STEIN: These protocol tokens, utility tokens or ICOs refer to tokens that power a decentralized software. For example, if you’re using decentralized file source — think something like DropBox but done in a decentralized fashion — you’d have a storage coin that would power this system & it would be a payment mechanism for the system. Think of it almost like a pre-paid software license. But the key here is that it’s not a security interest. You do not own anything in the company and there is no real world asset that backs it.
How does your service comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements?
STEIN: We hook into the rest of the blockchain ecosystem, so these tokens can trade on any properly licensed exchange. They can interact with qualified custodians. We control all the compliance-related tokens in the Harbor ecosystem.
The compliance is centralized at Harbor, and that’s a little different than some of the other companies doing this. Some folks are a complete walled garden — they have to issue the tokens, they only trade on their exchange, and you can’t use other players. Other folks are completely decentralized where you find all the players, like law firms and KYC/AML vetters, on the blockchain and somehow deal with people you don’t know and trust. What we do is we centralize the compliance and decentralize everything else.
Theoretically, what assets could be tokenized?
STEIN: Real estate is one. Another is fine art. We’ve talked to a few high-end art dealers with their own inventory and access to institutional inventory. What if you tokenized the work by Monet? Not many people can stroke a check for $20 million. But if you owned a fraction of a Monet, lots of people would like to stroke a check for $200,000. What if you tokenize a bunch of works by Monet and then you create a fund that owns 10% of each tokenized work? Now, I own a Monet fund or a Monet ETF.
With the tokenization technology, you could create leveraged longs and leveraged shorts. You can go long French impressionists and short modern art. You can do the same with real estate — I tear off a 10% strip of all my Class A in Midtown and create a midtown fund. Class A in Upper East Side, Downtown, Brooklyn, Jersey. I can go long Manhattan, I can go short Brooklyn.
Yes, there will be some gambling going on, but what’s interesting is that if I’m a property developer and I just put a huge amount of capital into Manhattan, I could effectively hedge my position very cheaply and efficiently.
How would a venture capital firm tokenize their fund?
STEIN: Today, there are three reasons why there is illiquidity in traditional private securities: The buyer & seller can’t find each other, you have to re-paper the transaction, and you have to enforce compliance. The result is there’s always very tight transfer restrictions. In other words, transfer is prohibited and you have to go to the GP in a fund, the manager in a REIT, and you have to ask them for permission. They then have to go find someone on the other side of the trade. It takes weeks or months to do it, it takes a lot of hassle and elbow grease, it costs $10,000 to $20,000 to paper the transaction, and you take a big hit on the valuation.
The liquidity benefits investors and hence it benefits people raising capital. On the highest level, we’re attempting to take the liquidity of public markets and bring it to private securities.
Why should people in VC or PE care about this?
STEIN: It’s a good way for them to invest in things that are more liquid. Some crypto-focused VC funds and hedge funds are already tokenizing [ TS Note: Firms who have tokenized their funds include Blockchain Capital and Spice VC ]. As LPs get used to the liquidity, they’re going to start to demand it.
If you’re a traditional VC fund or hedge fund, and you have no problem getting capital, you shouldn’t tokenize today. You should keep your eye on it in case you may need to down the road. If you want to tap into a new investor base that’s worldwide, and if you want to get lower cost of capital, it’s something to consider.
What are the risks and disadvantages associated with security tokens?
STEIN: The risks are not security risks. We have the ability to freeze trading on behalf of the issuers. Let’s say you want to move back to paper — we’d freeze trading and re-issue paper. Your hassle is some reputation exposure, some administrative expense, and some dashed investor expectation as to liquidity, but none of those are catastrophic. This is not like cryptocurrencies such as Bitcoin or Ether where if you lose control of them, you have lost that asset.
This is a real world asset that only has a cryptographic representation. The asset is still there. You still have a real-world cap table.
And of course, at the end of the day, the investment’s got to be good. If you take a bad investment and you tokenize it, you have a highly liquid bad investment. So we’re being very cautious with our clients in the first year or two. We want to deal with investments that will be successful with reputable owners of capital and who are doing things the right way.
What’s an example of a good investment that you’re looking to tokenize right now?
STEIN: We’ve talked to multiple property owners primarily in the hospitality and office spaces. Think marquis, classic commercial real estate in major metropolitan areas. Some of them are looking to raise hundreds of millions of dollars, and we’re talking to them about starting off smaller — about $50 to $100 million.
So you haven’t tokenized anything yet?
STEIN: We’ll conduct our first issuance this summer.
What is the current regulatory environment as it relates to security tokens?
STEIN: There’s a misconception that there’s a regulatory problem or that somehow the regulations need to change. They don’t. You need to comply with rules around the world. If the compliance doesn’t work, nothing else can happen.
We have talked with a number of regulators in the U.S. and around the world. No one has given us negative feedback and no one has blessed off on it, but our fundamental opinion is that we’re complying with the rules.
How big of a business could this be?
STEIN: Very large. Private commercial real estate in the U.S. is $17 trillion. That’s just one asset class in the U.S. Advertisement | ashraq/financial-news-articles | http://fortune.com/2018/05/18/term-sheet-friday-may-18/ |
MOSCOW (Reuters) - Russia’s top steelmaker NLMK may be forced to close its U.S. division due to the impact on its business of tariffs introduced by the United States in March.
NLMK has applied for an exemption from the tariffs, which the United States maintains are based on national security concerns, and expects a decision on the matter in June.
In a letter to the U.S. Department of Commerce dated March 23, 2018, NLMK USA’s Chief Executive Robert Miller said that the United States does not produce enough steel slabs for NLMK’s U.S. division to be able to source them domestically.
“Without an exclusion for semi-finished steel slabs, the tariffs will have the perverse effect of killing U.S. steelmaking jobs and potentially putting our company out of business,” Miller said.
“NLMK USA has made numerous attempts to secure slabs domestically, with little success. Between 2016-2017, NLMK Pennsylvania was only able to secure 2 percent of total receipts domestically and was forced to import the remaining amount,” Miller said.
U.S. tariffs threaten over 9,000 jobs at NLMK USA’s Pennsylvania and Indiana mills, Miller wrote, as well as the more than 2,000 jobs a new NLMK marine terminal for the transportation of steel is expected to create.
“NLMK plans to nearly double its current investments ($800 million) with another $664 million between now and 2022. Tariffs on slabs put these investments on hold pending the outcome of the exclusion process,” Miller said.
Revenues of NLMK’s U.S. division, at $1.67 billion in 2017, represented 16.5 percent of the company’s total revenue worldwide that year.
Trump imposed tariffs of 25 percent on steel and 10 percent on aluminum in a move mainly aimed at curbing imports from China.
He has since temporarily excluded Canada, the European Union and Mexico from the duties until June 1, and has negotiated permanent exemptions for Argentina, Australia and Brazil.
Russia, which has not received an exemption, has filed a request to join China in its official disputing of the tariffs at the World Trade Organization.
Additional reporting by Anastasia Lyrchikova; Writing by Polina Ivanova; Editing by Susan Fenton
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-nlmk-tariffs/russias-nlmk-says-could-close-u-s-business-due-to-tariffs-idUSKBN1I527M |
× × A floating Pacific island is in the works with its own government, cryptocurrency and 300 houses 12:22 PM ET Fri, 18 May 2018 The pilot program is in partnership with the government of French Polynesia. It will see 300 homes built on an island that runs under its own governance, using a cryptocurrency called Varyon. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/floating-pacific-island-will-have-its-own-government-cryptocurrency.html |
BEIRUT (Reuters) - Iran’s Supreme Leader called U.S. President Donald Trump’s comments on withdrawing from the 2015 nuclear agreement “silly and superficial”, said he did not trust the European countries that were sticking with the agreement, and cast doubt on the future of the deal.
Iran's Supreme Leader Ayatollah Ali Khamenei delivers a speech during a ceremony marking the death anniversary of the founder of the Islamic Republic Ayatollah Ruhollah Khomeini, in Tehran, Iran, June 4, 2017. TIMA via REUTERS The comments came on Ayatollah Ali Khamenei’s official website on Wednesday, where Khamenei reiterated his distaste for the agreement.
“I said many times from the first day: don’t trust America,” Khamenei said. And he added, “I don’t trust these three countries,” Britain, France and Germany.
All three are parties to the agreement and were trying after Trump’s withdrawal to salvage the deal. But Khamenei sounded dubious about their efforts.
“If you can’t get a definite guarantee, then the nuclear deal can not be continued,” he said.
Khamenei heaped scorn on Trump, saying “You heard last night that the president of America made some silly and superficial comments.
“He had maybe more than 10 lies in his comments. He threatened the regime and the people, saying I’ll do this and that. Mr. Trump, I tell you on behalf of the Iranian people: You’ve made a mistake.
“This man will turn to dust and his body will become food for snakes and ants,” he added. “And the Islamic Republic will still be standing.”
Khamenei, the highest authority in Iran, reluctantly gave his backing for the Iran nuclear deal and has publicly criticized the U.S. multiple times for not following through on its promises under the agreement.
Raising the issue of Iran’s nuclear programme was an excuse to curb the Islamic Republic’s regional influence and missile programme, Khamenei said. Accepting negotiations on its missiles and regional influence would mean Iran had to make endless concessions, he said.
“We accepted the nuclear deal, but the enmity against the Islamic Republic did not end,” Khamenei said.
Iran needs to preserve its nuclear programme because the country will need 20,000 megawatts of electricity in the next few years, he said.
Reporting By Babak Dehghanpisheh, editing by Larry King
| ashraq/financial-news-articles | https://in.reuters.com/article/iran-nuclear-supreme-leader/trump-speech-silly-and-superficial-irans-supreme-leader-says-idINKBN1IA14Z |
WASHINGTON (Reuters) - U.S. President Donald Trump on Friday escalated his attacks on the Justice Department, suggesting that the FBI may have planted or recruited an informant in his 2016 presidential campaign.
U.S. President Donald Trump gestures as he delivers remarks during the Prison Reform Summit at the White House in Washington, U.S., May 18, 2018. REUTERS/Kevin Lamarque Trump stopped short of accusing the FBI of spying on his campaign, instead citing unnamed reports that at least one FBI representative was “implanted” for political purposes into his campaign.
“If true - all time biggest political scandal!” Trump said in a tweet.
Former New York mayor Rudolph Giuliani, now one of Trump’s attorneys, almost immediately undercut Trump’s speculation about an informant, telling CNN: “I don’t know for sure, nor does the president, if there really was one.”
“For a long time we’ve been told there was some kind of infiltration,” Giuliani said. “At one time, the president thought it was a wiretap.”
Neither Trump nor Giuliani provided any evidence of government infiltration into Trump’s presidential campaign.
With Special Counsel Robert Mueller investigating possible collusion between Trump’s election campaign team and Russia, Trump and some of his allies have alleged that elements inside the Justice Department are seeking to undermine his administration.
Trump has denied any collusion with Russia and repeatedly called Mueller’s investigation a “witch hunt.” Russia has denied meddling in the U.S. presidential election.
Glenn Simpson, who heads a consulting firm in Washington and hired former British spy Christopher Steele to investigate Trump’s dealings with Russia prior to the campaign, testified last August to the Senate Judiciary Committee that some of what he collected was “human source intelligence.”
Simpson, however, did not tell the committee anything that could substantiate suggestions that U.S. authorities might have inserted an informant into the Trump campaign.
The FBI declined to comment on Friday.
CNN reported that U.S. officials said “the confidential intelligence source was not planted inside the campaign to provide information to investigators.”
Nevertheless, some Republicans are demanding classified documents related to the alleged informant. The Justice Department has refused to provide them.
FBI Director Christopher Wray, a Trump appointee, on Wednesday cited the need to protect people who cooperate with law enforcement or intelligence officials.Trump’s allies also charge that Mueller has exceeded the bounds of his authority by investigating the financial dealings of former Trump campaign manager Paul Manafort.
Mueller so far remains undeterred by attempts to discredit the investigation or distract attention from it, according to one source familiar with the probe.
His office has negotiated a plea agreement with Manafort’s former son-in-law Jeffrey Yohai that requires him to cooperate with other probes, Reuters reported on Thursday.
Reporting by Sarah Lynch and John Walcott; Editing by Bill Berkrot
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-russia/trump-suggests-fbi-may-have-infiltrated-his-campaign-idUSKCN1IJ2I7 |
BOSTON, May 02, 2018 (GLOBE NEWSWIRE) -- THL Credit, Inc. (NASDAQ:TCRD) (“THL Credit” or the “Company”), a direct lender to lower middle market companies, today announced financial results for its first fiscal quarter ended March 31, 2018. Additionally, THL Credit announced that its Board of Directors has declared a second fiscal quarter 2018 dividend of $0.27 per share payable on June 29, 2018, to stockholders of record as of June 15, 2018.
“We are focused on our stated strategy to invest in first lien loans of sponsor-backed companies and increase diversity across the portfolio, to monetize non-income producing equity securities, and to grow the Logan joint venture,” said Chris Flynn, CEO of THL Credit. “We have continued to support our dividend over the course of this on-going transition and benefit from the strong support of our Advisor.”
Highlights
($ in millions, except per share amounts) Portfolio results As of March 31 ,
2018 Total assets $624.4 Investment portfolio, at fair value $599.9 Net assets $341.1 Net asset value per share $10.44 Weighted average yield on investments 11.0% Quarter ended
March 31, 2018 Quarter ended
March 31, 2017
Portfolio activity Total portfolio investments made, at par $11.8 $39.3 Total portfolio investments made, at cost $11.8 $38.7 Number of new portfolio investments - Number of portfolio investments at end of period 45 47 Operating results Total investment income $16.7 $19.8 Net investment income $8.8 $9.7 Net increase in net assets from operations $6.3 $5.3 Net investment income per share $0.27 $0.29 Dividends declared per share $0.27 $0.27 Portfolio and Investment Activity
In the first quarter, THL Credit closed on $11.8 million in follow-on, delayed draw and revolver investments.
Notable investments for the first quarter included:
$6.4 million equity contribution to THL Credit Logan JV, LLC (“Logan JV”); and $3.6 million DIP delayed draw term loan in Charming Charlie, LLC.
Notable realizations for the quarter included:
Repayment of a first lien senior secured term loan and revolver in Togetherwork Holdings, LLC, which resulted in proceeds of $5.7 million, including a prepayment premium of $0.1 million; and Sale of a first lien senior secured term loan, subordinated term loan, preferred equity and common equity in Aerogroup International, Inc.; with proceeds received of $2.5 million and $8.0 million recorded as an escrow receivable.
These transactions, coupled with changes in net unrealized depreciation on the portfolio during the quarter, bring the total fair value of THL Credit’s investment portfolio to $599.9 million across 45 portfolio investments at the end of the first quarter. As of March 31, 2018, THL Credit’s investment portfolio at fair value was allocated 65 percent in first lien senior secured debt, which includes unitranche investments, 12 percent in the Logan JV, 6 percent in second lien debt, 3 percent in subordinated debt, 3 percent in other income-producing securities and 11 percent in equity securities and warrants. The weighted average yield on investments made in 2018 was 11.3 percent. As of March 31, 2018, the weighted average yield of the debt and income-producing securities, including the Logan JV and reflecting the impact of investments on non-accrual, in the investment portfolio at their current cost basis was 11.0 percent. As of March 31, 2018, THL Credit had loans on non-accrual status with an aggregate amortized cost of $41.4 million and fair value of $5.7 million, or 6.7 percent and 1.0 percent of the portfolio’s amortized cost and fair value, respectively. As of March 31, 2018, 93 percent of its debt investments bore interest based on floating rates, which may be subject to interest rate floors, such as London Interbank offer rate, or LIBOR, or Canadian Dollar offer rate, or CDOR, and 7 percent of its debt investments bore interest at fixed rates.
This compares to the portfolio as of Dec. 31, 2017, which had a fair value of $608.7 million across 47 portfolio investments allocated 67 percent in first lien senior secured debt, which includes unitranche investments, 11 percent in the Logan JV, 5 percent in second lien debt, 3 percent in subordinated debt, 2 percent in other income-producing securities and 12 percent in equity securities and warrants. The weighted average yield of the debt and other income-producing securities in the investment portfolio, including the Logan JV, at their cost basis was 10.7 percent. As of Dec. 31, 2017, THL Credit had loans on non-accrual status with an aggregate amortized cost of $56.3 million and fair value of $21.0 million, or 8.8 percent and 3.4 percent of the portfolio’s amortized cost and fair value, respectively. As of Dec. 31, 2017, 93 percent of its debt investments bore interest based on floating rates, which may be subject to interest rate floors, such as LIBOR, and 7 percent of its debt investments bore interest at fixed rates.
Results of Operations
Investment income
Total investment income for the three months ended March 31, 2018 and 2017 was $16.7 million and $19.8 million, respectively, and consisted of $12.6 million and $14.5 million of interest income on debt securities (which included PIK interest of $0.2 million and $0.8 million and prepayment premiums of $0.1 million and $0.1 million, respectively), $2.6 million and $3.1 million of dividend income, $1.0 million and $1.3 million of interest income on other income-producing securities, and $0.5 million and $0.9 million of other income, including fees from THL Credit’s managed vehicles, respectively.
The decrease in investment income compared to the prior period was primarily due to a contraction in the overall investment portfolio since March 31, 2017, which led to lower interest income, and lower dividend income from certain equity investments.
Expenses
Expenses for the three months ended March 31, 2018 and 2017 were $7.9 million and $10.1 million, respectively. For the three months ended March 31, 2018 and 2017, base management fees were $2.3 million and $2.6 million, incentive fees were $0.0 million and $1.3 million, administrator and other expenses were $1.6 million and $1.7 million and fees and expenses related to THL Credit’s borrowings were $3.9 million and $4.3 million, respectively. In addition, for the three months ended March 31, 2018 and 2017, THL Credit recorded an income tax provision related to its consolidated blocker corporations, excise and other taxes of $0.1 million and $0.2 million, respectively.
The decrease in operating expenses was due to lower incentive fees as a result of portfolio performance, lower borrowing expenses due to a decrease in average borrowings outstanding and lower base management fees as a result of portfolio contraction.
Net investment income
Net investment income totaled $8.8 million and $9.7 million for the three months ended March 31, 2018 and 2017, or $0.27 and $0.29 per share based upon 32,673,590 and 32,925,369 weighted average common shares outstanding, respectively.
Net investment income was lower due to a decrease in interest income from debt and income-producing securities as a result of contraction of the overall investment portfolio.
Net realized gains and losses on investments, net of income tax provision
For the three months ended March 31, 2018, THL Credit recognized a net realized loss on portfolio investments of $13.1 million, primarily related to a realized loss from the exit of its investments in Aerogroup International Inc. and losses from the initial restructuring of its Charming Charlie LLC investment as part of bankruptcy proceedings. These losses were offset by a reversal of prior period unrealized depreciation totaling $10.6 million. For the three months ended March 31, 2017, THL Credit recognized a realized loss of $1.5 million on the sale of its two remaining CLO investments in Flagship VII, Ltd. and Flagship VIII, Ltd., which was offset by a reversal of prior period unrealized depreciation totaling the same amount. THL Credit also recognized a $0.6 million gain from an investment in Gryphon Partners 3.5, L.P.
Net change in unrealized appreciation (depreciation) on investments
For the three months ended March 31, 2018 and 2017, THL Credit’s investment portfolio had a net change in unrealized appreciation (depreciation) of $10.0 million and ($3.7) million, respectively.
The net change in unrealized appreciation on investments was driven primarily by the reversal of prior period net unrealized depreciation related to certain restructured and exited investments and the financial performance of certain portfolio companies.
Benefit for taxes on unrealized gain on investments
For the three months ended March 31, 2018 and 2017, THL Credit recognized an income tax (provision) benefit for taxes on unrealized gains of ($0.0)million and $0.2 million related to consolidated subsidiaries, respectively.
The change in provision for tax on unrealized gains on investments relates primarily to changes to the unrealized appreciation (depreciation) of the investments held in these taxable consolidated subsidiaries, other temporary differences and change in prior year estimates received from certain portfolio companies.
Change in net assets resulting from operations
Change in net assets resulting from operations totaled $6.3 million and $5.3 million, or $0.19 and $0.16 per share based upon 32,673,590 and 32,925,369 weighted average common shares outstanding, for the three months ended March 31, 2018 and 2017, respectively.
The increase in net assets resulting from operations for the respective periods is due primarily to net realized and unrealized gains and losses in the portfolio.
FINANCIAL CONDITION, INCLUDING LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 2018, THL Credit had cash of $3.3 million. THL Credit’s liquidity and capital resources are derived from its credit facility, equity and debt raises and cash flows from operations, including investment sales and repayments, and income earned. THL Credit’s primary use of funds includes making investments in portfolio companies, payment of dividends to stockholders and funding operating expenses. THL Credit used, and expects to continue to use, these capital resources, together with proceeds from the turnover within the portfolio and from future public and private offerings of securities to finance its investment objectives.
As of March 31, 2018, THL Credit had $278.8 million in outstanding borrowings, which was comprised of $168.8 million outstanding on the revolving credit facility and $110.0 million of notes payable outstanding. As of March 31, 2018, borrowings outstanding had a weighted average interest rate of 5.29 percent. For the three months ended March 31, 2018, THL Credit borrowed $13.5 million and repaid $11.4 million under the revolving credit facility.
For the three months ended March 31, 2018, THL Credit operating activities provided cash of $6.4 million primarily in connection with the purchase and sales of investments. Its financing activities provided $2.1 million of net borrowings on its credit facility and used $8.8 million for distributions to stockholders.
For the three months ended March 31, 2017, THL Credit’s operating activities used cash of $19.8 million primarily from the purchase of investments, its financing activities provided $24.9 million in net borrowings on its credit facility and used $8.9 million for distributions to stockholders.
STOCK REPURCHASE PROGRAM
THL Credit has provided its stockholders with notice of its ability to repurchase shares of its common stock in accordance with 1940 Act requirements. On March 7, 2017, THL Credit’s Board of Directors authorized a $20.0 million stock repurchase program, which was extended on March 2, 2018. Unless extended by THL Credit’s Board of Directors, the stock repurchase program will expire on March 2, 2019. The timing and amount of any stock repurchases will depend on the terms and conditions of the repurchase program and no assurances can be given that any particular amount will be purchased. THL Credit will immediately retire all such shares of common stock that it purchases.
For the three months ended March 31, 2018 and 2017, there were no stock repurchases.
RECENT DEVELOPMENTS
From April 1, 2018 through May 2, 2018, THL Credit made follow-on investments of $8.5 million at a combined weighted average yield based upon cost at the time of the investment of 7.7%.
On April 24, 2018, Charming Charlie LLC emerged from Chapter 11 bankruptcy proceedings whereby THL Credit converted its DIP facilities, Pre-petition Term Loan and DIP Roll-up Term Loan into two new exit first lien term loans and a non-controlling common equity interest (THL Credit and other funds managed by the Advisor collectively have a controlling equity interest in Charming Charlie, LLC). On the same date, THL Credit funded $0.9 million of the remaining unfunded commitments under its DIP facilities and used an additional $2.2 million to purchase another lender’s existing DIP revolving credit facility, all of which converted to the exit first lien term loans. As a result of these transactions, THL Credit’s debt investment in Charming Charlie LLC is comprised of $24.6 million in the exit first lien term loans. In addition, THL Credit provided $8.9 million of commitments under a vendor financing facility.
On May 1, 2018, THL Credit received proceeds of $26.6 million from the repayment of its subordinated debt and realization of its preferred equity interest in A10 Capital, LLC, which included prepayment premiums of $0.3 million.
On May 1, 2018, THL Credit’s board of directors declared a dividend of $0.27 per share payable on June 29, 2018 to stockholders of record at the close of business on June 15, 2018.
OTHER INFORMATION
On March 14, 2018, THL Credit’s external investment advisor, THL Credit Advisors, LLC, or the Advisor, informed the Company that it had adopted a stock trading plan in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, to purchase up to $10.0 million of the Company’s common stock.
Our Advisor has informed us that, from March 14, 2018 to May 1, 2018, the Advisor had purchased 0.6 million shares at an average purchase price of approximately $7.88 per share, inclusive of commissions. The total dollar amount of shares purchased during this period was $4.9 million.
CONFERENCE CALL
THL Credit will host a conference call to discuss these results and its business outlook on May 3, 2018, at 10:30 a.m. Eastern Time.
For those wishing to participate by telephone, please dial (877) 375-9141 (domestic) or (253) 237-1151 (international). Use passcode 3996808. The Company will also broadcast the conference call live via the Investor Relations section of its website at www.THLCreditBDC.com . Starting approximately two hours after the conclusion of the call, a replay will be available through May 10, 2018, by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) and entering passcode 3996808. The replay will also be available on the THL Credit’s website.
AVAILABLE INFORMATION
THL Credit’s filings with the Securities and Exchange Commission, press releases, earnings releases, investor presentation and other financial information are available on its website at www.THLCreditBDC.com .
THL CREDIT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except per share data ) March 31, 2018 December 31, 2017 Assets: Investments at fair value: Non-controlled, non-affiliated investments (cost of $458,539 and $484,816,
respectively) $ 433,995 $ 449,951 Controlled investments (cost of $163,016 and $155,547, respectively) 165,885 158,736 Non-controlled, affiliated investments (cost of $4 and $4, respectively) 4 4 Cash 3,250 3,617 Escrow receivable 8,042 - Interest, dividends, and fees receivable 6,573 7,835 Deferred financing costs 2,746 2,890 Deferred tax assets 2,120 2,661 Prepaid expenses and other assets 1,397 1,583 Due from affiliate 346 407 Total assets $ 624,358 $ 627,684 Liabilities: Loans payable ($168,757 and $167,317 face amounts, respectively, reported net of
deferred financing costs of $0 and $0, respectively) $ 168,757 $ 167,317 Notes payable ($110,000 and $110,000 face amounts, respectively, reported net of
deferred financing costs of $2,820 and $2,985, respectively) 107,179 107,015 Accrued expenses and other payables 1,379 2,829 Base management fees payable 2,319 2,556 Deferred tax liability 1,809 2,336 Accrued incentive fees 972 972 Accrued interest and fees 364 551 Other deferred liabilities 31 79 Total liabilities 282,810 283,655 Net Assets: Common stock, par value $.001 per share, 100,000 common shares authorized, 32,674
and 32,674 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 33 33 Paid-in capital in excess of par 434,095 434,197 Net unrealized depreciation on investments, net of provision for taxes of $1,809
and $1,511, respectively (23,782 ) (34,660 ) Net unrealized depreciation on interest rate derivative - - Accumulated net realized losses (80,355 ) (67,393 ) Accumulated undistributed net investment income 11,101 11,150 Total net assets attributable to THL Credit, Inc. 341,092 343,327 Net assets attributable to non-controlling interest 456 702 Total net assets $ 341,548 $ 344,029 Total liabilities and net assets $ 624,358 $ 627,684 Net asset value per share attributable to THL Credit, Inc. $ 10.44 $ 10.51
THL CREDIT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data) For the three months ended
March 31, 2018 2017 Investment Income: From non-controlled, non-affiliated investments: Interest income $ 12,206 $ 13,932 Other income 119 466 From non-controlled, affiliated investments: Other income 255 255 From controlled investments: Interest income 1,404 1,879 Dividend income 2,613 3,131 Other income 91 141 Total investment income 16,688 19,804 Expenses: Interest and fees on borrowings 3,566 3,872 Base management fees 2,319 2,555 Incentive fees — 1,314 Administrator expenses 591 827 Other general and administrative expenses 422 506 Amortization of deferred financing costs 308 400 Professional fees 337 275 Directors' fees 194 181 Total expenses 7,737 9,930 Income tax provision, excise and other taxes 124 188 Net investment income 8,827 9,686 Realized Gain (Loss) and Change in Unrealized Appreciation on Investments: Net realized (loss) gain on investments: Non-controlled, non-affiliated investments (13,212 ) (865 ) Controlled investments 96 — Foreign currency transactions (1 ) (74 ) Net realized loss on investments (13,117 ) (939 ) Net change in unrealized (depreciation) appreciation on investments: Non-controlled, non-affiliated investments 10,571 (3,307 ) Controlled investments (321 ) (477 ) Translation of assets and liabilities in foreign currencies 660 74 Net change in unrealized appreciation (depreciation) on investments 10,910 (3,710 ) Net change in unrealized (depreciation) appreciation attributable to non-controlling interests (247 ) 60 Net realized and unrealized loss from investments (2,454 ) (4,589 ) (Provision) benefit for taxes on unrealized gain on investments (32 ) 153 (Provision) benefit for taxes on realized and unrealized gain on investments (32 ) 153 Interest rate derivative periodic interest payments, net — (33 ) Net change in unrealized appreciation on interest rate derivative — 36 Net (decrease) increase in net assets resulting from operations $ 6,341 $ 5,253 Net investment income per common share: Basic and diluted $ 0.27 $ 0.29 Net increase in net assets resulting from operations per common share: Basic and diluted $ 0.19 $ 0.16 Dividends declared and paid $ 0.27 $ 0.27 Weighted average shares of common stock outstanding: Basic and diluted 32,674 32,925
About THL Credit, Inc.
THL Credit, Inc. (NASDAQ:TCRD) is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company’s investment objective is to generate both current income and capital appreciation, primarily through directly originated first lien secured loans, including unitranche investments. In certain instances, the Company also makes second lien, subordinated, or mezzanine debt investments, which may include an associated equity component such as warrants, preferred stock or other similar securities and direct equity co-investments. The Company targets investments primarily in lower middle market companies with annual EBITDA generally between $5 million and $25 million that require capital for growth and acquisitions. The Company is headquartered in Boston, with additional origination teams in Chicago, Dallas, Los Angeles and New York. The Company’s investment activities are managed by THL Credit Advisors LLC, an investment adviser registered under the Investment Advisers Act of 1940. For more information, please visit www.THLCreditBDC.com .
Forward-Looking Statements
Statements made in this press release may constitute forward-looking statements. Such statements reflect various assumptions by the Company concerning anticipated results and are not guarantees of future performance. The accuracy of such statements involves known and unknown risks, uncertainties and other factors that, in some ways, are beyond management’s control, including the factors described from time to time in filings by the Company with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statements made herein. All forward-looking statements speak only as of the date of this press release.
Investor Contact:
THL Credit, Inc.
Lauren Vieira
617-790-6070
Media Contact:
Stanton Public Relations and Marketing, LLC
Doug Allen
646-502-3530
[email protected]
Source: THL Credit, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-thl-credit-reports-first-quarter-2018-financial-results-and-declares-a-dividend-of-0-point-27-per-share.html |
May 1 (Reuters) - Adverum Biotechnologies Inc:
* ADVERUM BIOTECHNOLOGIES ANNOUNCES LONG-TERM PRECLINICAL EFFICACY DATA ON ADVM-022 GENE THERAPY IN WET AMD
* ADVERUM BIOTECHNOLOGIES - 13-MONTH DATA SHOW EFFICACY, DURABILITY OF PROTEIN EXPRESSION FOLLOWING A SINGLE INTRAVITREAL ADMINISTRATION OF ADVM-022
* ADVERUM BIOTECHNOLOGIES INC - ADVM-022 WAS WELL TOLERATED, WITH NO SERIOUS ADVERSE EVENTS IN STUDY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-adverum-biotechnologies-announces/brief-adverum-biotechnologies-announces-long-term-preclinical-efficacy-data-on-advm-022-gene-therapy-in-wet-amd-idUSFWN1S809D |
Dow snaps 8-day winning streak Tuesday, May 15, 2018 - 01:12
Wall Street fell on Tuesday after bond yields rose and investors fretted about looming trade talks between the U.S. and China. Fred Katayama reports.
Wall Street fell on Tuesday after bond yields rose and investors fretted about looming trade talks between the U.S. and China. Fred Katayama reports. //reut.rs/2L21Yg0 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/15/dow-snaps-8-day-winning-streak?videoId=427219896 |
France: May Day tests Macron's reform mettle 5:23pm BST - 01:49
Tens of thousands of people are attending a May Day march in Paris against a backdrop of industrial action and discontent stretching from students to the national SNCF railway company. As David Pollard reports, the anger over reforms is becoming a big problem for French President Emmanuel Macron.
Tens of thousands of people are attending a May Day march in Paris against a backdrop of industrial action and discontent stretching from students to the national SNCF railway company. As David Pollard reports, the anger over reforms is becoming a big problem for French President Emmanuel Macron. //reut.rs/2Kv8g7M | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/01/france-may-day-tests-macrons-reform-mett?videoId=422973461 |
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