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May 21, 2018 / 4:40 PM / Updated an hour ago Marksman Icardi misses out as Argentina name World Cup squad Reuters Staff 1 Min Read
BUENOS AIRES (Reuters) - Mauro Icardi, the joint top goalscorer in Italy’s Serie A this season, was left out of Argentina’s World Cup squad on Monday as coach Jorge Sampaoli named his 23 players for next month’s tournament in Russia. FILE PHOTO: Soccer Football - Serie A - Torino vs Inter Milan - Stadio Olimpico Grande Torino, Turin, Italy - April 8, 2018 Inter Milan's Mauro Icardi reacts after a missed chance REUTERS/Massimo Pinca
Sampaoli named just four forwards in his squad with Lionel Messi, Paulo Dybala, Sergio Aguero and Gonzalo Higuain all selected.
That meant there was no place for Icardi, who scored 29 league goals for Inter Milan this season.
Although Argentina boast some of world football’s most prolific strikers, they have struggled for goals in competitive matches, scoring just 19 times in the South American group’s 18 qualifying matches. Only Bolivia scored fewer.
Argentina, who lost in the World Cup final four years ago but only qualified for this year’s tournament thanks to a win in their final qualifying match, have been drawn in Group D alongside Iceland, Croatia and Nigeria. Reporting by Ramiro Scandalo. Writing by Andrew Downie; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-arg/marksman-icardi-misses-out-as-argentina-name-world-cup-squad-idUKKCN1IM1VH |
May 2 (Reuters) - Zynga Inc:
* ZYNGA INC - Q1 EARNINGS PER SHARE $0.01; Q1 REVENUE $208.2 MILLION VERSUS $194.3 MILLION
* ZYNGA INC - Q1 AVERAGE MONTHLY ACTIVE USERS 94 MILLION VERSUS 72 MILLION; Q1 AVERAGE DAILY ACTIVE USERS 25 MILLION VERSUS 21 MILLION
* ZYNGA INC - CO’S FOUNDER, MARK PINCUS, HAS CONVERTED ALL OF HIS HIGH VOTING SHARES INTO THE CO’S CLASS A COMMON STOCK
* ZYNGA INC - Q1 BOOKINGS OF $219.5 MILLION, UP 6 PERCENT YEAR-OVER-YEAR
* ZYNGA INC - MARK PINCUS’ DECISION ENABLES CO TO SIMPLIFY STOCK STRUCTURE BY MOVING FROM A MULTI-CLASS TO A SINGLE CLASS STRUCTURE
* ZYNGA-PINCUS’ SHARE CONVERSION REDUCES HIS OVERALL VOTING RIGHTS FROM ABOUT 70 PERCENT TO ABOUT 10 PERCENT, WITH NO CHANGE IN HIS UNDERLYING ECONOMIC INTEREST
* ZYNGA INC - MARK PINCUS WILL SERVE ON ZYNGA’S BOARD OF DIRECTORS AS NON-EXECUTIVE CHAIRMAN, EFFECTIVE IMMEDIATELY
* ZYNGA INC - ANNOUNCES NEW $200 MILLION SHARE REPURCHASE PROGRAM
* ZYNGA INC - SEES Q2 REVENUE $208 MILLION; SEES Q2 BOOKINGS $218 MILLION; SEES Q2 NET INCOME $1 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-zynga-inc-announces-q1-earnings-00/brief-zynga-inc-announces-q1-earnings-0-01-per-share-idUSB8N1GZ00N |
NEW YORK--(BUSINESS WIRE)-- The Law Offices of Vincent Wong notifies investors of an investigation concerning whether Prothena Corporation (“Prothena” or the “Company”) (NASDAQGS: PRTA) violated federal securities laws.
Click here to learn about the case: http://www.wongesq.com/pslra-c/prothena-corporation . There is no cost or obligation to you.
On October 15, 2015, Prothena announced its late-stage Phase 2b “PRONTO” study and expansion of its Phase 1/2 clinical trial for the antibody NEOD001. On April 23, 2018, Prothena announced it was ending development of NEOD001 after its Phase 2b PRONTO trial failed to reach either its primary or secondary endpoints. Following this news, shares of Prothena fell from a close of $36.84 on April 20, 2018, to a close of $11.50 per share on April 23, 2018.
To learn more about the investigation of Prothena contact Vincent Wong, Esq. either via email [email protected] , by telephone at 212.425.1140, or visit http://www.wongesq.com/pslra-c/prothena-corporation .
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522006111/en/
The Law Offices of Vincent Wong
Vincent Wong, Esq., 212-425-1140
Fax: 866-699-3880
[email protected]
Source: The Law Offices of Vincent Wong | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-prta-shareholder-alert-the-law-offices-of-vincent-wong-notifies-investors-of-an-investigation-involving-possible-securities.html |
JUBA (Reuters) - The U.N. mission in South Sudan (UNMISS) is sending 150 peacekeepers to Unity state to protect civilians who are being targeted in clashes between the government and rebel troops, the mission said on Thursday.
Nearly 1.76 million people have been displaced internally since fighting broke out in 2013 between troops loyal to President Salva Kiir and the former vice president he sacked, Riek Machar, the U.N. said. Another 2 million have been displaced in neighboring states.
A series of peace deals signed by the parties at the behest of regional groups like the Inter-Governmental Authority on Development (IGAD) have been violated, with the latest violence taking place in Unity state, which hosts abandoned oil fields.
“What we are witnessing on the ground is the deliberate killing of civilians as well as the sexual violation and abduction of women and children,” David Shearer, the head of the U.N. mission, said in a statement.
“Our fresh deployment will enable peacekeeping troops to patrol deeper to reach remote villages where the worst atrocities are taking place to create a protective presence and deter further fighting.”
Dozens have been killed in the area in recent weeks, UNMISS said.
Speaking at a meeting of senior police officers in Juba on Thursday, Kiir blamed the police force for allowing crime to rise in the capital and other places, and accused police officers of engaging in criminal activity at night.
“Shame on you,” the president said. “You are the custodians of the law, and if you are seen by the civil population ... (to)turn against them, to kill them and rob whatever they have, then other people can decide to run away.”
At least 30 villages in the area had been attacked by the warring parties, Shearer said, adding that thousands of civilians were fleeing to Leer from Koch.
Those who are displaced were seeking refuge near the UN base, with the majority being children, the head of the mission said, demanding that those who are violating laws by attacking civilians should be held to account.
Reporting by Denis Dumo; Writing by Duncan Miriri; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-southsudan-unrest/u-n-deploys-more-peacekeepers-to-south-sudans-unity-state-idUSKCN1II1UQ |
LOS ANGELES (AP) — Daniel Craig is back as Bond, the spy series' producers confirmed, in a Danny Boyle-directed film due for release in 2019.
Bond producers Michael G. Wilson and Barbara Broccoli of EON Productions announced Thursday that production on the 25th official James Bond thriller will begin in December at London's Pinewood Studios.
Craig will reprise his role as 007 and Oscar-winner Boyle ("Trainspotting," ''Slumdog Millionaire") will direct from a screenplay by Boyle's frequent collaborator John Hodge.
Confirmation of Craig's fifth Bond film followed speculation that the 50-year-old actor was about to hand in his license to kill. He said in 2015 that he would rather "slash my wrists" than return to the role — but later backtracked on those remarks, made just after he finished filming his fourth Bond film, "Spectre."
Boyle has directed Craig as Bond once before, in a 007-themed segment for the opening of the 2012 London Olympics.
EON said that after more than a decade at Sony Pictures, Universal Pictures will release the next installment of the superspy franchise internationally. MGM will handle the U.S. release.
Sony's Bond contract expired in 2015 and many of the major studios competed for the chance to distribute the profitable franchise.
As per tradition Bond 25 will open a bit earlier in the U.K., on Oct. 25, 2019, than in the U.S., where it will debut on Nov. 8, 2019. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/the-associated-press-daniel-craig-to-return-as-007-in-2019-danny-boyle-at-helm.html |
Purdue Pharma, the company that planted the seeds of the opioid epidemic through its aggressive marketing of OxyContin, has long claimed it was unaware of the powerful opioid painkiller's growing abuse until years after it went on the market.
But a copy of a confidential Justice Department report shows that federal prosecutors investigating the company found that Purdue Pharma knew about "significant" abuse of OxyContin in the first years after the drug's introduction in 1996 and concealed that information.
Company officials had received reports that the pills were being crushed and snorted; stolen from pharmacies; and that some doctors were being charged with selling prescriptions, according to dozens of previously undisclosed documents that offer a detailed look inside Purdue Pharma. But the drug maker continued "in the face of this knowledge" to market OxyContin as less prone to abuse and addiction than other prescription opioids, prosecutors wrote in 2006.
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Based on their findings after a four-year investigation, the prosecutors recommended that three top Purdue Pharma executives be indicted on felony charges, including conspiracy to defraud the United States, that could have sent the men to prison if convicted.
But top Justice Department officials in the George W. Bush administration did not support the move, said four lawyers who took part in those discussions or were briefed about them. Instead, the government settled the case in 2007.
Prosecutors found that the company's sales representatives used the words "street value," "crush," or "snort" in 117 internal notes recording their visits to doctors or other medical professionals from 1997 through 1999.
The 120-page report also cited emails showing that Purdue Pharma's owners, members of the wealthy Sackler family, were sent reports about abuse of OxyContin and another company opioid, MS Contin.
"We have in fact picked up references to abuse of our opioid products on the internet," Purdue Pharma's general counsel, Howard R. Udell, wrote in early 1999 to another company official. That same year, prosecutors said, company officials learned of a call to a pharmacy describing "OxyContin as the hottest thing on the street — forget Vicodin."
Mr. Udell and other company executives testified in Congress and elsewhere that the drug maker did not learn about OxyContin's growing abuse until early 2000, when the United States attorney in Maine issued an alert. Today, Purdue Pharma, which is based in Stamford, Conn., maintains that position.
The episode remains relevant as lawmakers and regulators struggle to stem a mounting epidemic that involves both prescription opioids and, increasingly, illegal opioid compounds like heroin and counterfeit forms of fentanyl. President Trump has declared the problem a public health emergency.
Over the past two decades, more than 200,000 people have died in the United States from overdoses involving prescription opioids. States and cities continue to file a wave of lawsuits against Purdue Pharma and other opioid manufacturers and distributors.
A spokesman for Purdue Pharma, Robert Josephson, declined to comment on the allegations in the report but said the company was involved in efforts to address opioid abuse.
"Suggesting that activities that last occurred more than 16 years ago are responsible for today's complex and multifaceted opioid crisis is deeply flawed," he said in a statement.
In 2007, Purdue Pharma pleaded guilty to a felony charge of "misbranding" OxyContin while marketing the drug by misrepresenting, among other things, its risk of addiction and potential to be abused. Three executives — the company's chief executive, Michael Friedman; its top medical officer, Dr. Paul D. Goldenheim; and Mr. Udell, who died in 2013 — each pleaded guilty to a misdemeanor "misbranding" charge that solely held them liable as Purdue Pharma's "responsible" executives and did not accuse them of wrongdoing. The company and the executives paid a combined $634.5 million in fines and the men were required to perform community service.
The head of the Justice Department's criminal division at the time, Alice S. Fisher, did not respond to emails seeking comment about the decision not to pursue indictments. That decision followed meetings with a Purdue Pharma defense team whose advisers included Rudolph W. Giuliani , a onetime United States attorney and former New York mayor. Mr. Giuliani, who was then regarded as a potential Republican presidential candidate, is now a legal adviser to Mr. Trump.
The Justice Department hailed the settlement as a victory. But several former government officials said the decision not to bring more serious charges and air the evidence prosecutors had gathered meant that a critical chance to slow the trajectory of the opioid epidemic was lost.
"It would have been a turning point," said Terrance Woodworth, a former Drug Enforcement Administration official who investigated Purdue Pharma in the early 2000s. "It would have sent a message to the entire drug industry."
Prosecutors did not accuse any Sackler family members of wrongdoing. But they wrote that Richard Sackler was told in 1999 while he was president of Purdue Pharma about discussions in internet chat rooms where drug abusers described snorting OxyContin, which contains oxycodone, a powerful narcotic. Other family members, including Raymond and Mortimer Sackler, the drug maker's founders, were sent reports about the abuse of OxyContin's predecessor drug, a long-acting form of morphine sold as MS Contin, the report said.
A spokesman for Sackler family members involved with the company, Linden Zakula, declined to comment. Richard Sackler, who is now a director of Purdue Pharma, also declined to comment.
The three executives, who prosecutors described as reporting directly to the Sacklers, have always asserted they had done nothing wrong and had moved quickly to address the drug's growing abuse after they became aware of it in 2000.
"Everyone was taken by surprise by what happened," Dr. Goldenheim testified in 2001. "We launched OxyContin in 1996, and for the first four years on the market, we did not hear of any particular problem."
A Powerful Marketing Claim When the Food and Drug Administration approved OxyContin in late 1995, the agency permitted Purdue Pharma to make a unique claim for it — that its long-acting formulation was "believed to reduce" its appeal to drug abusers compared with shorter-acting painkillers like Percocet and Vicodin.
The F.D.A. decision was not based on findings from clinical trials, but a theory that drug abusers favored shorter-acting painkillers because the narcotic they contained was released faster and so produced a quicker "hit."
Purdue Pharma viewed the agency's decision as "so valuable" that it could serve as OxyContin's "principal selling tool," an internal 1995 company report shows. The drugmaker admitted in 2007, when confronted with evidence gathered by prosecutors, that it trained sales representative to tell doctors that OxyContin was less addictive and prone to abuse than competing opioids, claims beyond the one approved by the F.D.A.
But even as Purdue Pharma aggressively promoted OxyContin as safer, prosecutors wrote, it soon learned that drug abusers were seeking out OxyContin and its other long-acting opioid, MS Contin. The reason: They had far higher narcotic levels than standard, shorter-acting painkillers, and could be snorted or injected intravenously.
In May 1996, five months after OxyContin's approval, Richard Sackler and Mr. Udell were sent an older medical journal article describing how drug abusers were extracting morphine from MS Contin tablets in order to inject the drug, prosecutors reported. A Purdue Pharma scientist researched the issue and sent his findings to several Sacklers, the government report states.
"I found MS Contin mentioned a couple of times on the internet underground drug culture scene," the researcher wrote in that 1996 email. "Most of it was mentioned in the context of MS Contin as a morphine source."
Image Dr. Paul Goldenheim, Purdue's chief medical officer, testifying before a House Appropriations subcommittee in 2001. Credit C-SPAN
By the following year, prosecutors wrote, Purdue Pharma learned that drug addicts in Australia and New Zealand were abusing MS Contin and Dr. Goldenheim was sent an article from American Family Physician, a publication, about the ease of extracting morphine from MS Contin.
Then in 1998, as OxyContin's marketing campaign was taking off, Purdue Pharma learned of a medical journal study that appeared to undercut its central message — that OxyContin, as a long-acting opioid, had less appeal to drug abusers.
In the study, which was published in The Journal of the Canadian Medical Association, researchers from the University of British Columbia in Vancouver interviewed local drug dealers and abusers to learn what legal drugs sold for on the black market. They found that MS Contin commanded the highest price of any prescription opioid with a 30-milligram tablet that cost $1 at a pharmacy bringing up to $40 on the street.
In an accompanying editorial , a Canadian physician, Dr. Brian Goldman, wrote that the findings turned thinking about the supposed safety of long-acting opioids like OxyContin on its head by showing that drug abusers "coveted" such drugs.
"This should ring alarm bells," Dr. Goldman, who was then a paid speaker for Purdue Pharma, wrote in the editorial.
Purdue Pharma did not send the Canadian study to the F.D.A. or tell its sales representatives about it. Instead, one sales official testified later to a federal grand jury that the company gave him an older survey to show doctors that had concluded that drug abusers were not attracted to time-release opioids.
Mr. Josephson, the Purdue Pharma spokesman, said it was not required to tell the F.D.A. about the Canadian study or editorial. He added that the company did not consider the small study's results significant because it was already known that morphine could be abused.
However, in March 1998, a few months before the study's publication, Mr. Udell, the chief counsel, sent seven members of the Sackler family a memo titled "MS Contin Abuse," described by prosecutors as containing articles from Vancouver-area newspapers about the drug's abuse there and the price MS Contin was bringing on the street.
Two years later, as OxyContin's abuse publicly exploded in early 2000, a Purdue Pharma executive described in an email to Mr. Friedman, the chief executive, how he was reminded of what he had seen earlier managing MS Contin sales in the Midwest.
"I received this kind of news on MS Contin, all the time and from everywhere," the company's vice-president of marketing, Mark Alfonso, wrote in June 2000. "Some pharmacies would not even stock MS Contin for fear they would be robbed. In Wisconsin, Minnesota and Oklahoma, we had physicians indicted for prescribing too much MS Contin."
Mr. Friedman's response, prosecutors reported, was to forward that email to Mr. Udell with a question: "You want all this chat on email?"
'We Have a Credibility Problem' By 1997, Purdue Pharma was also aware that OxyContin was becoming a popular topic online, according to one email cited in the prosecution report previously published in Fortune magazine. As sales of the drug began to boom, prosecutors found, so did the number of reports the company received about abuse, addiction and crimes connected to the drug.
During one brief period in 1999, they reported, company officials learned from articles in small-town newspapers and other sources that a doctor in Pennsylvania had stopped writing prescriptions for OxyContin because patients eager to get more of the drug were getting arrested for altering them; that a Connecticut man had been arrested for trying to illegally purchase OxyContin; that a man in Massachusetts had told the police that he preferred crushing the drug because it worked better "if he sniffs it;" and that a pharmacy in Maryland had been robbed of OxyContin.
"I continue to see OxyContin increase in abuse with our doctor shoppers and sellers," a drug investigator near Cincinnati wrote in a message that was forwarded to Mr. Udell, prosecutors reported.
Image The government's decision not to seek felony indictments against Purdue Pharma was viewed by some as a missed opportunity to stem the opioid epidemic. '"It would have been a turning point," a former D.E.A. official said. "It would have sent a message to the entire drug industry." Credit George Etheredge for The New York Times
Mark Ross, a former company sales representative, testified during a grand jury appearance that after he warned a manager that one doctor's office was filled with drug seekers he was told his job was to sell drugs, not to determine if a "doctor was a drug pusher," according to a summary of his testimony in the report.
A sales representative in Jacksonville, Fla., also questioned the company's claim that OxyContin had less abuse potential after the arrest of a doctor there on charges of illegally prescribing the opioid and other drugs, an email cited by prosecutors shows.
"I feel like we have a credibility problem with our product," the sales representative, Jim Speed, wrote in a 1999 email.
By late 1999, other doctors had been arrested nationwide on similar charges. But when one Purdue Pharma executive, Dr. J. David Haddox, suggested after the arrest in Jacksonville that the company adopt a crisis-response plan, Mr. Friedman responded that he did not think such action was needed, prosecutors wrote.
"I simply do not want us to overreact to this specific story," he wrote, according to prosecutors. "This has not been a repetitive pattern or something new."
Settlement Talks Begin In mid-2006, prosecutors notified Purdue Pharma and the three executives about the charges they planned to seek. Over a two-day meeting in September, a high-profile team of defense lawyers rebutted those allegations and argued that the government's case would collapse when tested in court, according to lawyers present. They also presented evidence which they said proved that the executives were unaware of significant OxyContin abuse before early 2000.
The prosecutors and their boss, the United States attorney for the Western District of Virginia, John L. Brownlee, were not swayed.
Image Howard R. Udell, Purdue's general counsel, left, arriving for a federal court appearance in Abingdon, Va., in 2007. Credit Don Petersen for The New York Times
In late September 2006, the recommendations for indictments were forwarded to Justice Department headquarters in Washington. A few weeks later, defense lawyers representing Purdue Pharma and the executives met with top Justice Department officials to again make their case.
Top officials such as Ms. Fisher, the head of the department's criminal division, soon made it clear that they did not support the indictments, former government lawyers said. Talks to resolve the case through a plea bargain began.
"We made a presentation of evidence and advocacy to DOJ without having seen the prosecution memo," a defense lawyer, Andrew Good, who represented Dr. Goldenheim, said in a statement. "No charge of false testimony or concealment of abuse was brought because none of that happened." Mr. Friedman did not respond to requests seeking comment.
Mr. Brownlee, the United States attorney, later testified that he believed the misdemeanor charges against the executives were "appropriate" given the evidence. But former government officials said he was upset by the department's decision not to support more serious charges.
A former Drug Enforcement Administration official, Joseph Rannazzisi, said Mr. Brownlee told him that the decision had left him with little choice but to settle the case because his small team of prosecutors faced being overwhelmed by Purdue Pharma's unlimited resources.
"He told me he was outgunned," Mr. Rannazzisi said. Mr. Brownlee, who is now in private practice, declined to comment.
At a court hearing held in 2007 to approve the settlement, a prosecutor who had worked on the case, Randy Ramseyer, said the misdemeanor pleas by the three officials would send a message to drug industry executives that they faced being held "to a higher standard."
But drug companies continued to flood areas rife with drug abuse with more opioids. Starting in 2007, the year of the settlement, distributors of prescription drugs sent enough pain pills to West Virginia over a five-year period to supply every man, woman and child there with 433 of them, according to a report in the Charleston Gazette-Mail .
This article contains material adapted from "Pain Killer: An Empire of Deceit and the Origin of America's Opioid Epidemic," by Barry Meier, published May 29 by Random House. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/origins-of-an-epidemic-purdue-pharma-knew-opioids-were-widely-abused.html |
THOOTHUKUDI/MUMBAI India (Reuters) - 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 ten people were killed by police during a mass demonstration against the plant.
People pelt stones during a protest against the construction of a copper smelter by Vedanta Resources from the road, in Thoothukudi, Tamil Nadu, India in this still image from May 22, 2018 video footage. Video taken May 22, 2018. ANI via REUTERS TV As the struggle continued on the streets of the port city of Thoothukudi, located at the tip of the subcontinent in Tamil Nadu state, an Indian court ordered a halt, at least for a few months, to plans to double the size of the plant. The Vedanta Resources-run smelter is already one of the two biggest in the country.
The Madras High Court told authorities to hold a “mandatory” public hearing over Vedanta’s application for environmental clearance and said a decision on environmental approval would be looked into by “appropriate authorities”.
“One person was brought dead today, and up to eight cases of injuries due to gun shot are undergoing treatment,” said a doctor in charge of the casualty ward at Thoothukudi government hospital.
It was not immediately clear if the dead person and the injured were protesters who had been shot by police.
Two policemen were also injured, doctors at the hospital said, adding that all injured were stable.
Related Coverage UK's Vedanta core profit, revenue beat; says working to restart Indian plant There had been instances of sporadic violence earlier on Wednesday, officials said.
“The situation is tense, but under control,” said an official at the Thoothukudi police control room, who did not wish to be named as he was not authorized to speak to the media.
Multiple doctors working in the casualty and accident ward alleged that stones were pelted at the medical team, and a senior doctor was manhandled. They blamed protesters.
Shops and ATM were shut and vehicles stayed off the roads on Wednesday amid patrolling by police vans. Charred vehicles could still be seen on the deserted roads with hundreds of policemen stationed outside the government hospital.
Police try to remove people protesting against the construction of a copper smelter by Vedanta Resources from the road, in Chennai, Tamil Nadu, India in this still image from May 23, 2018 video footage. ANI via REUTERS TV The city’s Eral Bazaar, which is usually bustling with economic activity on a regular day, was almost deserted late evening.
PETITIONED THE COURT The plan by the London-listed firm to double the capacity of the smelter to 800,000 tonnes ignited the demonstrations and prompted activists to petition the court to intervene.
“Vedanta shall cease construction and all other activities on-site proposed Unit-II of the Copper Smelting Plant at Tuticorin (Thoothukudi) with immediate effect,” the order from the Madras high court said.
The plant has already been shut for more than 50 days and will remain closed until at least June 6 because the local pollution regulator has said the facility is not complying with environmental rules.
Residents of the city and activists say emissions from the smelter are polluting the air and the water, affecting the health of residents and pose a risk to fisheries.
Slideshow (4 Images) “Truth and reasoning have prevailed,” said Fatima Babu, who had petitioned the court.
On Tuesday, protesters set vehicles on fire and threw stones at police as they stormed the district government headquarters and an apartment block for Vedanta employees, the police and a company official said.
Police said they opened fire to control the situation.
Vedanta says the protests were based on “false allegations”.
“We are shocked and saddened to hear about the incident and we are working with the relevant authorities to ensure the safety of our employees, facilities and the surrounding community,” said Kuldip Kaura, CEO of Vedanta Resources during a call with reporters.
A Vedanta official said a majority of the employees from the copper smelter have been moved out of Thoothukudi to keep them safe.
Vedanta shares were down 7.3 percent in London trading as of 1300 GMT.
“Copper contributes almost 7-8 percent to the consolidated operating profit and as much as 30 rupees (44 cents) to the share price, therefore it definitely hurts the company’s numbers,” said Goutam Chakraborty, analyst with Emkay Global.
The shutdown of the smelter could lead to higher imports of copper into the country and benefit rival Hindalco Industries Ltd , said securities analysts.
India consumes close to 1.5 million tonnes of copper a year, of which almost 50 percent in imported into the country. Vedanta and Hindalco provide almost all of the rest between them.
Additional reporting by Derek Deepak Francis, Justin George Varghese and Arnab Paul in Bengaluru; Editing by Martin Howell
| ashraq/financial-news-articles | https://www.reuters.com/article/us-vedanta-protests/indias-vedanta-hits-over-10-month-low-as-protests-against-copper-plant-turn-violent-idUSKCN1IO0GC |
The Final Call: XLF 10 Hours Ago 03:26 03:26 | 9:40 AM ET Thu, 24 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/the-final-call-xlf.html |
SAN FRANCISCO (Reuters) - The co-founder of WhatsApp, a messaging service owned by Facebook Inc ( FB.O ) with more than 1 billion daily users, said on Monday he was leaving the company, in a loss of one of the strongest advocates for privacy inside Facebook.
Jan Koum, co-founder and CEO of WhatsApp speaks at the WSJD Live conference in Laguna Beach, California October 25, 2016. REUTERS/Mike Blake/File Photo Jan Koum’s plan to exit comes after clashing with the parent company over WhatApp’s strategy and Facebook’s attempts to use its personal data and weaken its encryption, the Washington Post earlier reported, citing people familiar with the internal discussions.
“It’s been almost a decade since Brian and I started WhatsApp, and it’s been an amazing journey with some of the best people,” Koum, WhatsApp’s chief executive, said in a post on his Facebook page referring to co-founder Brian Acton.
“But it is time for me to move on.” He did not give a date for his departure and could not immediately be reached for comment.
Acton left the messaging service company in September to start a foundation, after spending eight years with WhatsApp.
Facebook Chief Executive Mark Zuckerberg commented on Koum’s post, saying he was grateful for what Koum taught him about encryption “and its ability to take power from centralized systems and put it back in people’s hands. Those values will always be at the heart of WhatsApp.”
Facebook has battled European regulators over a plan to use WhatsApp user data, including phone numbers, to develop products and target ads. The plan is suspended, but WhatsApp said last week it still wanted to move forward eventually.
Stanford alumnus Acton and Ukrainian immigrant Koum co-founded WhatsApp in 2009. Facebook bought WhatsApp in 2014 for $19 billion in cash and stock.
WhatsApp, a pun on the phrase “What’s up?,” grew in popularity in part because its encrypted messages are stored on users’ smartphones and not on company servers, making the service more private.
Concerns about Facebook’s handling of personal information have grown since the social network’s admission in March that the data of millions of users was wrongly harvested by political consultancy Cambridge Analytica. [nL1N1RO0QR]
Facebook has taken steps to generate revenue from WhatsApp, which unlike Facebook does not have advertising.
WhatsApp’s management has fiercely opposed advertising, saying in 2012 that they did not want to be “just another ad clearinghouse” where the engineering team “spends their day tuning data mining.”
Instead, WhatsApp charged a $1 annual subscription. It dropped that in 2016, moving towards a plan to charge businesses for specialised accounts.
Reporting by David Ingram in San Francisco; Additional reporting by Anirban Paul and Munsif Vengattil in Bengaluru; Editing by Arun Koyyur and Cynthia Osterman
| ashraq/financial-news-articles | https://in.reuters.com/article/facebook-whatsapp/whatsapp-co-founder-jan-koum-to-quit-idINKBN1I12A0 |
"Reason for optimism" in N. Korea talks: Mattis 11:39am EDT - 00:41
U.S. Defense Secretary Jim Mattis offered an upbeat assessment of prospects for U.S. negotiations with North Korea on Wednesday, suggesting grounds for optimism after Pyongyang's release of three American detainees. Rough Cut (no reporter narration).
U.S. Defense Secretary Jim Mattis offered an upbeat assessment of prospects for U.S. negotiations with North Korea on Wednesday, suggesting grounds for optimism after Pyongyang's release of three American detainees. Rough Cut (no reporter narration). //reut.rs/2rul3OQ | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/09/reason-for-optimism-in-n-korea-talks-mat?videoId=425290271 |
May 4 (Reuters) - Glenmark Pharmaceuticals Ltd:
* CLARIFIES ON NEWS ITEM ABOUT CO GETTING NOTICE OVER MISCONDUCT IN CLINICAL TRIALS
* GLENMARK PHARMACEUTICALS - AS SOON AS CO BECAME AWARE OF ALLEGED IRREGULARITIES AT MALPANI HOSPITAL, TRIAL WAS SUSPENDED
* SAYS CO GOT SHOW CAUSE NOTICE PERTAINING TO MONITORING OF CLINICAL TRIAL AT MALPANI HOSPITAL
* GLENMARK PHARMACEUTICALS - DEVELOPMENT DOES NOT HAVE MATERIAL IMPACT ON CO Source text - bit.ly/2rkAUzw Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-glenmark-pharma-says-co-suspended/brief-glenmark-pharma-says-co-suspended-trial-conducted-at-malpani-hospital-after-alleged-irregularities-idUSFWN1SB131 |
May 10, 2018 / 12:02 PM / Updated 19 minutes ago Empty chair at Cannes for detained Russian rock biopic director Robin Pomeroy 4 Min Read
CANNES, France (Reuters) - There was an empty chair in Cannes on Thursday for a Russian film director under house arrest back home for a fraud case his producer called “ridiculous”. 71st Cannes Film Festival – News conference for the film "Summer" (Leto) in competition – Cannes, France May 10, 2018. Director of photography Vladislav Opeliants, cast members Roma Zver, Irina Starshenbaum, director Kirill Serebrennikov's empty seat, Teo Yoo, producers Ilya Stewart and Charles-Evrard Tchekhoff. REUTERS/Jean-Paul Pelissier
“Leto” (“Summer”), a biopic about the early days of a Russian rockstar in the Soviet era, is the first of two films in the festival’s main competition to screen without their director.
Kirill Serebrennikov was arrested during the shoot and had to complete editing the film at home, alone, without being able to communicate with his cast and crew.
While the Iranian Jafar Panahi, whose movie “3 Faces” will screen on Saturday, is officially banned from making films or leaving the country, Russian authorities say Serebrennikov’s fraud case has nothing to do with censorship.
“We received an answer from Mr Putin yesterday (to a request to allow Serebrennikov to travel) who told the Cannes Film Festival and the French government that he would have been pleased to help ... but in Russia justice is independent,” said Joel Chapron, who was chairing the news conference for the festival.
“Leto” portrays the rock scene of early 1980s St. Petersburg where musicians have to submit lyrics for official approval and audiences at the city’s one rock venue are policed to ensure they stay seated and do not show too much enthusiasm.
Established frontman Mike takes a younger singer-songwriter, Viktor, under his wing, setting up a love triangle with Mike’s wife Natasha.
Western audiences may be unaware that this is based on a true story and that Viktor Tsoi went on to become one of the most successful and influential rock musicians in Russia before his death in a car crash in 1990, aged 28. “HE SPEAKS ABOUT TODAY”
Tsoi, who had a Soviet-Korean father, is played by Teo Yoo, a South Korean actor who had to learn the script phonetically as he does not speak Russian.
“I knew about Viktor. He is also famous in Korea,” Yoo told the news conference, saying it was scary to play a character familiar to millions of people in the former Soviet Union.
“For them, it’s like me playing Jesus,” he said.
With flashes of animation added unexpectedly by Serebrennikov during post-production, and scenes on a train and tram where members of the public break into song, the film has moments of surrealism and, according to Variety’s Guy Lodge, “avoids the bland structural pitfalls of the musical biopic”.
Not overtly political, the film will get a theatrical release in Russia, but its theme of state censorship and oppression will not go unnoticed as its auteur - who also directs theater and ballet - remains under arrest.
“This was more of a historical film – talking about the context of that time, not stressing any similarities (with the present),” producer Ilya Stewart said.
“Although, in my personal opinion, anything Kirill does in his work, whether it’s ballet, theater or any of his film, it’s about today. He speaks about today.”
“Leto” is one of 21 movies in competition for the Palme d’Or in the festival that runs from May 8 to May 19. Reporting by Robin Pomeroy; Editing by Andrew Heavens | ashraq/financial-news-articles | https://in.reuters.com/article/us-filmfestival-cannes-leto/empty-chair-at-cannes-for-detained-russian-rock-biopic-director-idINKBN1IB1NY |
BRUSSELS (Reuters) - EU ambassadors have backed watered-down proposals to tackle unfair competition from foreign airlines following opposition from some member states to the threat of revoking flying rights across the bloc, six people familiar with the matter said.
FILE PHOTO: European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, March 12, 2018. REUTERS/Yves Herman/File Photo European Union members are considering a legislative proposal that would allow EU governments or airlines to submit complaints to the European Commission about any alleged discriminatory practices they face in non-EU countries or illegal subsidies benefiting non-EU airlines.
While some countries, such as France and Germany, and the European Parliament, have pushed for airlines’ flying rights to be revoked if they are found to be causing injury - or even a threat of injury - to European carriers, other member states have staunchly opposed this.
Flying rights are typically granted on a bilateral basis between governments.
Some EU airlines, notably Air France-KLM ( AIRF.PA ) and Lufthansa ( LHAG.DE ), have long complained about what they see as unfair competition from foreign carriers such as those in the Gulf region - Emirates, Etihad and Qatar Airways - which they accuse of receiving illegal state subsidies.
The three airlines strongly deny such claims.
Under the text agreed on Friday and which still needs to be endorsed by ministers in June, the prospect of withdrawing traffic rights is explicitly excluded and the possibility of launching an investigation based on a “threat of injury” to EU carriers has been removed, three of the people said.
The original Commission proposal did not explicitly exclude the suspension of traffic rights as a possible redressive measure, while the European Parliament included that possibility when it voted on its position in March.
Once ministers give their approval, EU member states will be able to start negotiations with the Parliament to find a final compromise on the draft law.
The version backed by EU ambassadors also gives national governments a say in whether to impose operational penalties on a foreign airline, such as suspending some ground-handling services, whereas the Commission will have the sole authority to impose financial sanctions, the people said.
The investigation period was also shortened to 18 months from the proposed two years.
Furthermore, “concerned” countries will be able to ask the Commission to suspend its investigation into a third country or airline for up to 12 months if there are dispute settlement procedures in a bilateral deal between that third country and an EU country that will be exhausted first, one of the people said.
Some countries had feared the original proposals would interfere with their bilateral arrangements and lead third countries to take retaliatory measures against them.
Some also saw it as a protectionist move to shield uncompetitive European carriers, something the Commission denies.
Reporting by Julia Fioretti; Editing by Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eu-aviation/eu-states-back-softer-rules-tackling-unfair-airline-competition-sources-idUSKBN1I525G |
CHICAGO--(BUSINESS WIRE)-- Marshall Gerstein is pleased to announce that partner Pamela L. Cox has been appointed to the Board of Directors for the Licensing Executives Society International.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180531006208/en/
Marshall Gerstein partner Pamela L. Cox has been appointed to the Board of Directors for the Licensing Executives Society International. (Photo: Business Wire)
“We are thrilled with Pam’s election to the LESI Board. She is well-known for her dedication, energy and knowledge of the industry. She will be a great addition to our Board and to LESI’s initiatives,” said LESI President and Chairman of the Board, Francois Painchaud.
Ms. Cox is the chair of Marshall Gerstein’s IP Transactions practice. She is recognized as one of the country’s leading licensing authorities, particularly in the life sciences. Ms. Cox received the LESI President’s Award for Individual Service, recognizing her years of outstanding leadership and service as chair of the LESI Life Sciences Committee. She has held additional leadership roles in LESI and LES USA/Canada, including serving as vice-chair of LESI’s external relations committee; founder of LESI’s Life Science Advisory Board; international delegate for seven years to LES USA-Canada; and chair of the LES USA/Canada Chicago chapter.
Among Ms. Cox’s accolades, she is "Highly Recommended" for licensing and honored as one of "The World’s Leading IP Patent and Technology Licensing Lawyers" by Intellectual Asset Management. Ms. Cox is Chair and President of the Board of Governors for the Certified Licensing Professionals and is an adjunct law professor in the Master of Science in Law program at Northwestern University Law School.
LESI is a professional organization that focuses on approaches to the transfer and licensing of technology or intellectual property rights for 33 societies around the world.
About Marshall, Gerstein & Borun LLP
Marshall, Gerstein & Borun LLP is exclusively focused on intellectual property law. The firm provides sophisticated intellectual property advice and legal services to many of the world’s largest, most innovative businesses and more than 75 non-profit institutions. Chambers & Partners has ranked Marshall, Gerstein as “first-rate for litigation,” and “one of the best biotechnology practices in the entire country.” Corporate Counsel magazine lists the Firm as a “Go-To Law Firm of the Top 500 Companies” for IP and litigation. Marshall Gerstein’s IP Transactions Practice is one of only three such practices to receive top national rankings in Intellectual Asset Management. Learn more at www.marshallip.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180531006208/en/
Marshall, Gerstein & Borun LLP
Kristina Bencak, 312-474-9503
Source: Marshall, Gerstein & Borun LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/business-wire-pamela-l-cox-appointed-to-board-of-licensing-executives-society-international.html |
BANGKOK (Reuters) - Thailand’s King Maha Vajiralongkorn revoked the monastic ranks of seven senior Buddhist monks on Wednesday following police raids last week at temples that put some monks behind bars.
Thailand's King Maha Vajiralongkorn arrives for the annual Royal Ploughing Ceremony in central Bangkok, Thailand May 14, 2018. REUTERS/Athit Perawongmetha/Files Three of the monks who had their monastic titles revoked in an announcement published in the Royal Gazette are from the Sangha Supreme Council, Thailand’s governing body of Buddhist monks.
Thailand’s military government has clamped down on illegal financial dealings by Buddhist temples as part of a campaign to clean up Buddhism’s image tarnished by money and sex scandals involving monks.
Of the seven senior monks whose rank was revoked, four were arrested during police raids at several Buddhist temples last week, in the year’s biggest such operation.
Following their arrests, the four monks and one other senior monk were stripped of their monkhood. The four are now in jail awaiting trial.
A fifth monk, who is also a member of the council, turned himself into police on Wednesday.
“We are investigating. We will take him to jail this afternoon,” Maitri Chimcherd, the commander of the Crime Suppression Division, told Reuters.
Buddhism is followed by more than 90 percent of Thailand’s population of 69 million.
Thailand’s temples, which earn billions of dollars every year from donations, have been embroiled in scandals ranging from murder, sex and drugs to shady financial dealings.
Reporting by Patpicha Tanakasempipat and Panarat Thepgumpanat; Editing by Amy Sawitta Lefevre and Michael Perry
| ashraq/financial-news-articles | https://in.reuters.com/article/thailand-buddhism/thailands-king-revokes-ranks-of-senior-monks-involved-in-alleged-graft-idINKCN1IV0VH |
WASHINGTON (Reuters) - U.S. President Donald Trump on Tuesday floated a plan to fine ZTE Corp ( 000063.SZ ) ( 0763.HK ) and shake up its management as his administration considered rolling back more severe penalties that have crippled the Chinese telecommunications company.
FILE PHOTO - Visitors pass in front of the Chinese telecoms equipment group ZTE Corp booth at the Mobile World Congress in Barcelona, Spain, February 26, 2018. REUTERS/Yves Herman/File Picture Trump’s proposal ran into immediate resistance in Congress, where Republicans and Democrats accused the president of bending to pressure from Beijing to ease up on a company that has admitted to violating sanctions on Iran.
Their reaction could complicate Trump’s efforts to win concessions from China that would narrow a $335 billion annual trade gap.
Speaking at the White House, Trump said U.S. technology companies have been hurt by an April Commerce Department decision that prohibits them from selling components to China’s second-largest telecommunications equipment maker. ZTE shut down most of its production after the ruling was announced.
“They can pay a big price without necessarily damaging all of these American companies,” Trump said.
Trump said ZTE may instead face a fine of up to $1.3 billion, new management and a new board of directors, though it was not clear whether he had the legal authority to impose new financial penalties.
Before Trump spoke, Republicans and Democrats in Congress were already taking action to prevent him from easing pressure on ZTE.
The Senate Banking Committee voted 23-2 to make it harder for the president to modify penalties on Chinese telecommunications firms. Lawmakers said they were examining other ways to prevent him from bending to Chinese demands, perhaps by attaching restrictions to a military bill or other must-pass legislation.
Related Coverage In bipartisan effort, two U.S. lawmakers ask Trump to be tough on ZTE “Unfortunately, every time President Xi flatters our president, he seems to back off a tough deal,” said Senate Democratic leader Chuck Schumer, who accused Trump of jeopardizing national security for what he described as minor trade concessions.
Congress last year passed a law that required the administration to impose new sanctions on Russia, though similar action this year could be more difficult as the November elections draw near.
According to sources familiar with the discussions, a proposed trade deal with China would lift a seven-year ban that prevents U.S. chipmakers and other companies from selling components to ZTE, which makes smartphones and telecommunications networking gear.
In return, China would eliminate tariffs on U.S. agriculture or agree to buy more farm products from the United States.
The U.S. Commerce Department imposed the ban in April after it determined that ZTE had broken an agreement after it pleaded guilty to shipping U.S. goods and technology to Iran.
The ban has threatened the viability of ZTE by cutting off access to companies that supply 25 percent to 30 percent of its components. Suppliers include some of the biggest U.S. tech companies, including Alphabet Inc’s ( GOOGL.O ) Google, which licenses its Android operating system to ZTE, and chipmaker Qualcomm Inc ( QCOM.O ).
Slideshow (3 Images) The U.S. Department of Defense has also stopped selling ZTE’s mobile phones and modems in stores on its military bases, citing potential security risks.
NATIONAL SECURITY U.S. Treasury Secretary Steven Mnuchin told lawmakers that the treatment of ZTE was not “a quid pro quo or anything else” related to trade, and said national security concerns would be taken into consideration.
“I can assure you that whatever changes or decisions that are made in Commerce will deal with the national security issues,” Mnuchin told a U.S. Senate appropriations subcommittee.
Republican Senator Marco Rubio said he thought China had gotten the upper hand in recent negotiations on trade and North Korea denuclearization.
“China knows there are those in the administration that desperately want a deal,” he said.
The Republican-controlled House of Representatives is weighing several possible changes to a defense-policy bill that would also keep up the pressure on ZTE. One proposal would block the sale of ZTE products and those of another Chinese company, Huawei Technologies [HWT.UL], until national security officials certify they are safe.
Another proposal would require the director of national intelligence to consider the security implications of any changes to the ZTE ban, while a third would require reports on quid pro quo offers between the U.S. and Chinese governments over any possible plan.
One sanctions expert questioned whether Trump has the legal authority to impose new fines on ZTE, which agreed last year to pay $1.19 billion, including $890 million in fines and penalties, and an additional penalty of $300 million that could still be imposed.
“It looks like this is going to be a case where they’ll have some minor tweaks and declare a victory and move onto the next case,” said Washington lawyer Douglas Jacobson, who represents ZTE suppliers.
Additional reporting by Karen Freifeld, Amanda Becker, Richard Cowan, Susan Heavey, Doina Chiacu and David Lawder in Washington and Michael Martina in Beijing; Writing by Andy Sullivan; Editing by Chris Sanders, Paul Simao and Lisa Shumaker
Advertise with Us | ashraq/financial-news-articles | https://in.reuters.com/article/us-usa-trade-china/u-s-lawmakers-say-they-will-try-to-block-possible-zte-deal-with-china-idINKCN1IN27O |
MOSCOW (Reuters) - Oil loadings from Russia’s Black Sea port of Novorossiisk have been suspended due to a storm, Russian pipeline monopoly Transneft ( TRNF_p.MM ) said on Tuesday.
It said it expected weather conditions at the port to improve by the end of Wednesday. Other Russian ports are working normally, it added.
Reporting by Vladimir Soldatkin; Writing by Tom Balmforth; Editing by Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-oil-novorossiisk/oil-loadings-from-novorossiisk-port-suspended-due-to-storm-transneft-idUSKCN1IU0MW |
May 1 (Reuters) - Pengrowth Energy Corp:
* PENGROWTH ANNOUNCES FIRST QUARTER 2018 RESULTS, SETTING THE STAGE FOR DOUBLE-DIGIT PRODUCTION GROWTH IN 2018
* Q1 LOSS PER SHARE C$0.05 * 2018 CAPITAL EXPENDITURE BUDGET OF $65 MILLION IS UNCHANGED
* 2018 BUDGET IS EXPECTED TO GENERATE AVERAGE ANNUAL PRODUCTION OF 22,500 TO 23,500 BOE PER DAY
* SEES 2018 EXIT RATE OF APPROXIMATELY 24,000 BOE PER DAY * PENGROWTH ACHIEVED Q1 AVERAGE DAILY PRODUCTION OF 19,541 BOE PER DAY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pengrowth-reports-q1-loss-per-shar/brief-pengrowth-reports-q1-loss-per-share-of-c0-05-idUSASC09YUH |
This is the web version of the WSJ’s daily economic newsletter. You can sign up for daily delivery here. Good morning! Today we look at a rather misshapen Phillips curve, a record number of U.S. job openings, the Trump administration’s decision to leave the Iran nuclear accord, a big mess in Argentina that the Fed (unintentionally) helped Why It's a Good Time to Look for a Job Next How a Supreme Court Decision This Spring Could Cut Union Rolls by 726,000 | ashraq/financial-news-articles | https://blogs.wsj.com/economics/2018/05/09/real-time-economics-any-sign-of-inflation-oil-prices-rise-as-u-s-drops-iran-deal-americans-to-employers-i-quit/ |
The Nasdaq composite rose on Tuesday, led by gains in Apple ahead of the tech giant's quarterly earnings release.
As of 2:48 p.m. ET, the tech-heavy index traded 0.6 percent higher while Apple climbed 1.6 percent.
The S&P 500 also traded just above breakeven, erasing earlier losses, as Apple's gains pushed the technology sector 1 percent higher.
Apple is scheduled to report fiscal second quarter earnings and revenue Tuesday after the close. Apple is the largest publicly traded company in the U.S., with a market cap of nearly $850 billion.
"Tonight's earnings release from [Apple] will likely keep most fundamental investors from making aggressive changes to their risk," said Jeremy Klein, chief market strategist at FBN Securities, in a note to clients. But "even if [Apple CEO] Tim Cook lays an egg tonight, most analysts will assess the Q1 reporting season as an unmitigated success."
Brendan McDermid | Reuters Traders work on the floor of the New York Stock Exchange. Of the S&P 500 companies that have reported thus far, 80 percent have posted better-than-expected earnings, according to Thomson Reuters I/B/E/S. Merck, Pfizer, Aetna, and Archer Daniels Midland all reported stronger-than-forecast results before the bell Tuesday.
Tuesday marked the first trading day of May, which kicks off a historically rough period for the market. The major indexes posted their first monthly gains last month.
Investors also looked to Washington as the Fed began a two-day monetary policy meeting.
Market participants are not expecting any alterations to interest rates. However, investors will be on the lookout for clues about the central bank's views on inflation and the economy.
"The bad news is that inflationary pressures are building. The good news is that Fed officials must be doing a victory dance," said Ed Yardeni, president and chief investment strategist at Yardeni Research, in a note. "That's because they've been trying to boost the inflation rate closer to their 2.0% target ever since they publicly announced it at the start of 2012."
"Now that their mission seems to have been accomplished, Fed officials are likely to stay on their announced course of gradually tightening monetary policy," Yardeni said.
Meanwhile, the Dow Jones industrial average fell 100 points, with Boeing falling 1.3 percent and contributing the most to the losses.
Boeing's losses pushed the aerospace sector lower The iShares U.S. Aerospace & Defense ETF (ITA) dropped 1.8 percent and was on track to post its first six-day losing streak since November 2017.
In economic data news, the ISM manufacturing index hit 57.3 in April. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/us-stock-futures-dow-data-earnings-fed-meeting-and-politics-on-the-agenda.html |
LONDON, SEI (NASDAQ: SEIC) today announced the appointment of Helen Oxley as Solutions Director, strengthening its U.K. Private Banking team and supporting the company's commitment to increasing the depth of its global resources. Oxley will be responsible for the Solutions team, overseeing a number of initiatives that will help lead the development and delivery of services through the SEI Wealth Platform SM . She will report to Proposition Director Kevin Russell.
Oxley, who has more than 20 years of wealth management experience, most recently served as Head of Business Development and Strategy at Winterflood Business Services. She has also held a number of senior roles at companies that include Sanlam U.K. and BNP Paribas.
Kevin Russell, Proposition Director, SEI Wealth Platform, U.K. Private Banking, added:
"Helen has a vast amount of knowledge and experience in the financial services industry and will be a tremendous asset to SEI. Over the years, she has earned a strong reputation for developing and delivering a wide range of significant propositions and initiatives in the wealth management sector, and we look forward to her contributing to the Platform's future success."
Commenting on her appointment, Oxley said:
"I am delighted to join an innovative, technology-led business such as SEI. The financial services industry is in the early stages of an exponential, technological growth curve, so it is an incredibly exciting time to be joining an organization that embraces change. I look forward to being a part of a team that builds integrated, digital solutions, providing a holistic wealth management experience for SEI Wealth Platform clients."
About the SEI Wealth Platform SM
The SEI Wealth Platform (the Platform) is an outsourcing solution for wealth managers encompassing wealth processing services and wealth management programs, combined with business process expertise. With the Platform, SEI provides wealth management organizations with the infrastructure, operations, and administrative support necessary to capitalize on their strategic objectives in a constantly shifting market. The SEI Wealth Platform supports trading and transactions on 158 stock exchanges in 56 countries and 43 currencies, through the use of straight-through processing and a single operating infrastructure environment. For more information, visit: seic.com/wealthplatform .
About SEI
Now in its 50th year of business, SEI (NASDAQ:SEIC) is a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of March 31, 2018, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers $869 billion in hedge, private equity, mutual fund and pooled or separately managed assets, including $335 billion in assets under management and $530 billion in client assets under administration. For more information, visit seic.com .
Notes to Editors
This information is issued by SEI Investments (Europe) Limited, 1st Floor, Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, United Kingdom, which is authorised and regulated by the Financial Conduct Authority. This material is not directed to any persons where (by reason of that person's nationality, residence or otherwise) the publication or availability of this material is prohibited. Persons in respect of whom such prohibitions apply must not rely on this information in any respect whatsoever.
The value of an investment and any income from it can go down as well as up. Investors may get back less than the original amount invested. Past performance is not an indicator of future results.
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View original content: http://www.prnewswire.com/news-releases/sei-adds-new-solutions-director-to-bolster-uk-private-banking-team-300641771.html
SOURCE SEI | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-sei-adds-new-solutions-director-to-bolster-uk-private-banking-team.html |
May 23 (Reuters) - Macy’s Inc:
* PAULA A. PRICE TO JOIN MACY’S, INC. AS CHIEF FINANCIAL OFFICER
* MACY’S INC - PRICE WILL SUCCEED KAREN HOGUET WHO, AS PREVIOUSLY ANNOUNCED, PLANS TO RETIRE AT END OF 2018 FISCAL YEAR
* MACY’S INC - PAULA A. PRICE WILL BE APPOINTED CHIEF FINANCIAL OFFICER, EFFECTIVE JULY 9, 2018
* MACY’S INC - HOGUET WILL REMAIN WITH CO IN ADVISORY ROLE TO SUPPORT CO DURING A TRANSITION PERIOD UNTIL FEBRUARY 2, 2019 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-paula-price-to-join-macys-as-chief/brief-paula-price-to-join-macys-as-chief-financial-officer-idUSASC0A3DP |
May 8, 2018 / 1:10 AM / in 6 hours New York state attorney general resigns after report he abused women Reuters Staff 5 Min Read
(Reuters) - New York state Attorney General Eric Schneiderman resigned on Monday after allegations of physical abuse by four women were reported in an article in the New Yorker magazine.
Governor Andrew Cuomo had called for Schneiderman’s resignation within hours of the article’s publication, and only slightly more than an hour later Schneiderman, a Democrat who was running for re-election, said he was stepping down.
“In the last several hours, serious allegations, which I strongly contest, have been made against me,” Schneiderman said in a statement. “While these allegations are unrelated to my professional conduct or the operations of the office, they will effectively prevent me from leading the office’s work at this critical time. I therefore resign my office, effective at the close of business on May 8, 2018.”
In the article published late on Monday, the New Yorker reported that four women who said they had had romantic relationships or encounters with Schneiderman said they had been subjected to nonconsensual physical violence.
Reuters has not independently confirmed the accusations.
“In the privacy of intimate relationships, I have engaged in role-playing and other consensual sexual activity,” Schneiderman said in a statement issued by Stu Loeser & Co before he announced his resignation. “I have not assaulted anyone. I have never engaged in non-consensual sex, which is a line I would not cross.”
Cuomo, in his statement calling for Schneiderman’s resignation, referred to “the damning pattern of facts and corroboration laid out in the article,” and said he did not believe it was possible for Schneiderman to continue to serve as attorney general.
The New Yorker reported that two of the women who spoke to the magazine “alleged that he repeatedly hit them, often after drinking, frequently in bed and never with their consent.”
The two women who were named in the article both called the abuse by Schneiderman “assault,” the magazine reported. One of the women said Schneiderman slapped her across the face after she rejected his advances and that when she told him she wanted to leave, he said, “A lot of women like it. They don’t always think they like it, but then they do, and they ask for more,” according to the article.
A spokesman for Manhattan District Attorney Cyrus Vance said the office is opening an investigation. FILE PHOTO: New York Attorney General Eric Schneiderman speaks during a news conference to discuss the civil rights lawsuit filed against The Weinstein Companies and Harvey Weinstein in New York, U.S., February 12, 2018. REUTERS/Brendan McDermid
Schneiderman is not the first top-ranking New York politician who was forced to resign following media reports about his personal life.
Eliot Spitzer resigned as New York’s governor in 2008 after a New York Times report revealed that he was caught on a federal wiretap arranging to meet a prostitute in a Washington hotel room.
Spitzer, a Democrat who as the state’s attorney general before becoming governor once broke up prostitution rings, was married at the time. He faced intense pressure to resign and impeachment threats from Republicans.
Schneiderman, a Harvard-educated lawyer, has been New York state’s attorney general since late 2010. He has been a high-profile proponent of the #MeToo movement, which has seen accusations of sexual misconduct leveled against prominent men in politics, media, entertainment and business. They include Hollywood mogul Harvey Weinstein.
In February, Schneiderman sued the Weinstein Company and Weinstein himself, alleging years of sexual harassment and misconduct by the movie producer.
Weinstein has been accused of sexual misconduct by more than 70 women, including rape. He denies having non-consensual sex with anyone.
And in March, Cuomo ordered Schneiderman’s office to review an investigation by Vance, the Manhattan district attorney, of a 2015 sexual assault case involving Harvey Weinstein, a case that Vance had decided not to try and prosecute.
The front page of Schneiderman’s re-election campaign website on Monday night displayed his statement denying the accusations reported by the New Yorker, along with copies of news stories about his fight for abortion rights and a battle with the Trump administration. His statement of resignation was not posted. FILE PHOTO: New York Gov. Andrew Cuomo (D-N.Y.), speaks to guests during the National Action Network (NAN) Dr. Martin Luther King, Jr. Day Public Policy Forum in the Harlem borough of New York City, New York, U.S., January 15, 2018. REUTERS/Eduardo Munoz
New York state’s constitution calls for the legislature to fill a vacancy in the office of the attorney general. But with the office up for election in November, any candidate chosen would serve only for a matter of months.
The primary election is scheduled for September, followed by the November general election. Reporting by Karen Freifeld; Writing by Toni Reinhold; Editing by Leslie Adler | ashraq/financial-news-articles | https://www.reuters.com/article/us-people-schneiderman/new-york-state-attorney-general-denies-report-of-abusing-women-idUSKBN1I9049 |
TOKYO (Reuters) - Bank of Japan Governor Haruhiko Kuroda said on Tuesday the central bank will telegraph to markets how it plans to exit from its ultra-easy policy when prospects for hitting its price goal heighten.
But he said conditions are not rife yet for the BOJ to debate a specific timing for whittling down its massive stimulus programme.
“The BOJ won’t end the ultra-easy policy before inflation reaches 2 percent,” Kuroda told parliament.
Reporting by Leika Kihara
| ashraq/financial-news-articles | https://www.reuters.com/article/us-japan-economy-boj-kuroda/boj-kuroda-will-telegraph-exit-plan-if-prospects-for-hitting-price-goal-heighten-idUSKCN1IN081 |
NEW YORK (AP) — In the time it took to compose a 53-character tweet, Roseanne Barr went from a hero that ABC was banking upon to unemployed.
The network canceled its hit reboot of "Roseanne" Tuesday after Barr's racist tweet that referred to Valerie Jarrett, an adviser to former President Barack Obama, as a cross between the Muslim Brotherhood and the "Planet of the Apes." Her agent dropped her, and other services pulled "Roseanne" reruns.
The swift developments rendered President Donald Trump at least temporarily mum.
Trump, who reveled in the success of "Roseanne" after Barr's character in the show came out as a supporter of his presidency, made no mention of the firing in a campaign-style rally in Tennessee on Tuesday evening.
"We have a lot bigger things going on in the country right now, certainly, that the president is spending his time on," said White House Press Secretary Sarah Huckabee Sanders.
Jarrett, a black woman who said she was "fine" after the slur, urged in an MSNBC special Tuesday about racism that the incident become a teaching moment. She said that Robert Iger, chief executive of ABC parent Walt Disney Co., called to apologize and told her before it became public that the show was being canceled.
"Tone does start at the top, and we like to look up to our president and feel as though he reflects the values of our country," Jarrett said. "But I also think that every individual citizen has a responsibility too, and it's up to all of us to push back. Our government is only going to be as good as we make it be."
Barr showed no signs of abandoning Twitter, engaging in a series of tweets late Tuesday that apologized to those who lost their jobs because of the "Roseanne" cancellation, expressing remorse she was being branded a racist, and also retweeting posts that attacked ABC and a meme that included Jarrett.
The supporters' tweets included posts that criticized ABC, "The View" co-host Joy Behar and ESPN's Keith Olbermann. She later asked supporters not to defend her.
"I did something unforgiveable so do not defend me," Barr wrote. "It was 2 in the morning and I was ambien tweeting-it was memorial day too-i went 2 far & do not want it defended-it was egregious Indefensible. I made a mistake I wish I hadn't but...don't defend it please."
Barr was resoundingly condemned Tuesday, including from many who helped make her show successful.
The executive producer of "Roseanne," which came back this spring after being gone for two decades and instantly became television's second most popular comedy, said he supported ABC's decision.
"Our goal was to promote constructive discussion about the issues that divide us," said Tom Werner. "It represented the work of hundreds of talented people. I hope the good work done is not totally eclipsed by those abhorrent and offensive comments, and that Roseanne seeks the help she so clearly needs."
ABC canceled the show in a one-sentence statement from Channing Dungey, the network's entertainment president, who called it "abhorrent, repugnant and inconsistent with our values."
ABC and Disney had taken notable steps to be more inclusive in its entertainment, and Dungey is the first black to be entertainment president of a major broadcast network. But much of its progress would have been threatened if it looked the other way at Barr's tweet.
She has a history of diving into political conspiracy theories on Twitter, and that's how she ended her Memorial Day weekend. She criticized Democratic financier George Soros and tweeted that Chelsea Clinton was "Chelsea Soros Clinton," implying she was married to a nephew of Soros. Clinton herself corrected Barr online. Donald Trump Jr. retweeted two of Barr's statements about Soros, although not the remark about Jarrett.
Jarrett's name came up in response to Twitter commentary that raised her name in relation to an Obama conspiracy theory. Barr tweeted: "muslim brotherhood & planet of the apes had a baby=vj."
Three weeks earlier, "Roseanne" was the toast of ABC's annual presentation of its programming plans to advertisers. Dungey's boss, network chief Ben Sherwood, even joked then: "If anyone came to play a drinking game based on how many times we mention 'Roseanne,' you're welcome."
"Roseanne" earned an estimated $45 million in advertising revenue for ABC through its nine episodes that started airing in March, according to Kantar Media. The firm estimates that the 13 episodes that had been ordered for next season would have brought in as much as $60 million, with more through repeat episodes.
One of the few network shows about a working-class family, "Roseanne" attracted 25 million viewers to its first show back in March. Many conservative commentators — and the president himself — attributed at least some of that success to the lead character's backing of Trump.
The cancellation has no clear precedent in television history, said David Bianculli, professor at Rowan University in New Jersey. The closest analogy is CBS pulling the plug on the Smothers Brothers variety show due to their anti-war views in the late 1960s and the same network not renewing "Lou Grant" at its peak, which star Ed Asner always contended was due to his outspoken political beliefs.
But "Roseanne" was different, he said.
"It's like taking off 'All in the Family' or 'I Love Lucy' or Andy Griffith at their zenith," he said.
There was also CBS' firing of Charlie Sheen from "Two and a Half Men" during his bizarre spate of behavior. Sheen, for one, saw an opportunity in Tuesday's events.
"Good riddance," he tweeted about the "Roseanne" cancellation. "Hashtag NOT Winning. The runway is now clear for OUR reboot."
AP writers Mark Kennedy, Jocelyn Noveck and Leanne Italie in New York and Andrew Dalton in Los Angeles contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/the-associated-press-barr-blames-ambien-for-tweet-drug-maker-replies.html |
9:59 AM ET Wed, 16 May 2018 | 03:23
Frontier market Vietnam has the right strategy to make it a foreign direct investment hotspot, according to one strategist.
The Vietnamese government has recognized that "instability isn't going to attract foreign direct investors" Andy Ho, chief investment officer at VinaCapital Vietnam Opportunity Fund, told CNBC's "Squawk Box Europe" Wednesday.
"Over the last five to 10 years, they have created a foundation of stability where the FX (foreign exchange), the legal infrastructure, the inflation, the interest rates — all of that is stable," he explained.
Vietnam is among Asia's best performing stock markets, though volatility persists. April 2018 marked both its record high and its worst month in two years. Nonetheless, the Vietnam Index in Ho Chi Minh City has risen 42 percent in the last 12 months.
The International Monetary Fund sees growth for Vietnam at 6.6 percent in 2018, well above the emerging market average of 4.9 percent.
But, emerging markets across the board are threatened by investors drawing their cash back to the U.S. in anticipation of higher yields as interest rates rise.
Vietnam's Communist Party-led government has been in place since the mid-1970s following the country's reunification after its brutal north/south war.
Ho highlighted the presence of technology firms Intel and Samsung in the country as examples of the government realizing that foreign direct investment is creating wealth.
The creation of jobs, crucial given the country's youth population bulge, as well as the growth of urban areas provides an investment opportunity according to Ho. "This is where we invest, because as people move into the city, they're going to want basic goods and services," he added.
Opportunities lie in sectors such as banks, education and pharmaceuticals, he added.
Strong foreign capital inflows — of which direct investment is roughly $20 billion annually — stabilize the currency and enables the management of inflation and interest rates, Maarten-Jan Bakkum, a senior strategist for emerging markets at NN Investment, said in a note on Tuesday.
"The consumption boom that results from this is currently one of the strongest in the entire emerging world," he said. Comparison with China
"Over the last twenty years, Vietnamese exports have grown five times faster than the average growth in the emerging world and twice as fast as the export growth in China, the country known as the export champion," Bakkum explained.
For Ho, the country's promising export potential is boosted by its vast coastline, which pertains to the creation of ports connecting to markets including southern China.
But, the Southeast Asian country does face headwinds. While Vietnam's current labor cost is one third that of China, "the biggest concern over the next five to 10 years is wage inflation," Ho said.
He added that the country was a "diversification play (as) it is volatile, higher risk," but it "delivers higher return." Getty Images Justina Crabtree Digital News Assistant Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/vietnam-communist-government-knows-how-to-attract-investors-strategist-says.html |
EditorsNote: rewords second and third grafs
Bryce Harper homered for the second consecutive night from the leadoff spot, and Matt Adams also went deep as the Washington Nationals defeated the visiting Pittsburgh Pirates 9-3 on Wednesday night.
The Nationals have won the first three games of the four-game series.
Harper finished the night 3-for-5 with three RBIs. He has homered in both games since manager Dave Martinez moved him to the top spot of the order.
Harper now has 10 homers, while Adams hit his sixth. The Nationals finished with 14 hits.
Washington starter Stephen Strasburg (3-3) went seven innings, giving up three runs (two earned) on seven hits and striking out 11 with just one walk.
Pittsburgh starter Ivan Nova (2-2) had allowed a total of one run in his previous two starts, but the Nationals got to him for eight (five earned) on 11 hits in 4 2/3 innings.
The Pirates scored once in the top of the first, but Harper and Adams hit their solo homers in the bottom half. Harper’s was a blast, going into the second deck in right-center for his first career leadoff homer.
Pittsburgh tied it on a single from Corey Dickerson (two RBIs) in the third before Adams put the Nats up 3-2 with an RBI single in bottom half.
Harper made it 4-2 by driving in a run on a force play in the fourth before Washington broke it open with four in the fifth.
Pirates second baseman Max Moroff’s fielding error let in two runs before Wilmer Difo’s forceout made it 7-2. Harper struck again with an RBI single for an 8-2 lead.
Francisco Cervelli got one back for Pittsburgh with his homer in the sixth before Andrew Stevenson answered for Washington with an RBI single in the bottom half.
Washington third baseman Anthony Rendon (bruised left big toe) is going to start a rehab assignment with high Class-A Potomac on Thursday. He has been out since April 13, but he could return in a few days. Meanwhile, second baseman Daniel Murphy (microfracture surgery last fall) likely needs more time as he is having trouble running.
Nationals pitcher Max Scherzer was named National League Pitcher of the Month on Wednesday after going 5-1 with a 1.62 ERA and 57 strikeouts in March/April.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-was-pit-recap/harpers-leadoff-homer-sparks-nats-to-rout-of-pirates-idUSMTZEE534RMQ22 |
CARACAS (Reuters) - Venezuela on Monday said new U.S. sanctions restricting its ability to liquidate state assets and debt in the United States were “illegal measures.”
“(The sanctions) are madness, barbaric, and in absolute contradiction to international law,” Foreign Minister Jorge Arreaza said in a short statement at the Miraflores presidential palace.
In response to Venezuelan President Nicolas Maduro’s re-election on Sunday, U.S. President Donald Trump issued an executive order, the latest in a series of sanctions that seeks to choke off financing for the already cash-strapped government.
Reporting by Deisy Buitrago and Andreina Aponte; Editing by Angus Berwick
| ashraq/financial-news-articles | https://www.reuters.com/article/us-venezuela-election-sanctions/venezuela-foreign-minister-says-new-u-s-sanctions-are-illegal-idUSKCN1IM2FZ |
April 30, 2018 / 8:41 PM / Updated 24 minutes ago Insurer Beazley to launch blockchain registry with Bitfury, Lloyd's broker Suzanne Barlyn 3 Min Read
(Reuters) - Insurer Beazley has partnered with three companies to build a blockchain-based registry that will manage insurance for crisis situations such as mass shootings, the companies told Reuters.
The registry will use blockchain to speed a response to mass casualties and their financial aftermath by allowing policyholders and insurers to catalogue coverage and share real-time information about threats and claims through one source, the companies said.
The registry is created with Risk Cooperative, a Washington, D.C.-based speciality insurance broker that develops Lloyd’s of London-backed programs, and Amsterdam-based Bitfury Group, a blockchain technology firm, and it is nearing completion, said Risk Cooperative Chief Executive Officer Dante Disparte in an interview.
A fourth company, Emercoin, is providing blockchain infrastructure for the registry.
Blockchain, a digital ledger of transactions, is the technology underpinning the first digital currency, bitcoin. But it can also be harnessed to track, record and transfer assets across all industries.
The registry is an early example of using blockchain for insurance. Many insurance industry leaders envision “smart” policies of all types will be stored in blockchain and automatically track premiums, pay claims and keep records.
Many companies still manually record on spreadsheets their annual policies and coverage limits, a practice that can heighten the risk of human error.
Violent events that spur mass casualties, such as an Oct. 1 mass shooting in Las Vegas that killed 58 people at a country music festival and injured hundreds more, can involve numerous insurance policy holders and thousands of claims.
Policy exclusions or having too little coverage can leave communities and victims unable to cover expenses, but those gaps are easier to spot through a permanent blockchain ledger, Disparte said.
The partner companies are next planning to develop so-called “smart” policies for violent acts, to be permanently stored in the registry. They will be programmed to automatically kick in when a mass casualty occurs, eliminating claims paperwork for policyholders and trimming months from the settlement process, they said.
Service providers, such as security experts and counselors, would be automatically be dispatched when an event is under way.
The companies plan to store other types of existing policies for customers who buy mass casualty coverage, Disparte said. The registry will also eliminate time-consuming audits by underwriters because transactions will be recorded in one place. Reporting by Suzanne Barlyn; Editing by Cynthia Osterman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-insurance-blockchain/insurer-beazley-to-launch-blockchain-registry-with-bitfury-lloyds-broker-idUKKBN1I127J |
SAN FRANCISCO (AP) _ Invuity Inc. (IVTY) on Thursday reported a loss of $11.2 million in its first quarter.
On a per-share basis, the San Francisco-based company said it had a loss of 62 cents.
The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 51 cents per share.
The medical technology company posted revenue of $9.5 million in the period, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $9.6 million.
Invuity expects full-year revenue of $46 million.
The company's shares closed at $3. A year ago, they were trading at $9.20.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on IVTY at https://www.zacks.com/ap/IVTY | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/the-associated-press-invuity-1q-earnings-snapshot.html |
May 11 (Reuters) - Immersion Corp:
* IMMERSION CORP SAYS VIEX & AFFILIATES AGREED TO WITHDRAW ITS NOMINEES FOR ELECTION AS DIRECTORS AT 2018 ANNUAL MEETING - SEC FLING Source text: [ bit.ly/2KUQYBh ] Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-immersion-corp-says-viex-affiliate/brief-immersion-corp-says-viex-affiliates-agreed-to-withdraw-nominees-for-election-as-directors-idUSFWN1SI192 |
May 9, 2018 / 1:12 PM / Updated 11 minutes ago Boskalis sees lower profits due to tough market conditions Stratos Karakasidis 1 Min Read
May 9 (Reuters) - Dutch marine and engineering firm Boskalis said it expects its net profit for this year to be lower than 2017, as it continues to face lower volumes of work in the oil and gas-related industries.
Shares in the company fell 3 percent after it said on Wednesday that “it is not expected that the 2017 net result will be matched.” In March, the company had said it would be “a challenge” to match.
The company, which has been hard-hit by a downturn in offshore energy projects, said that its overall offshore order book was slightly lower than at the end of 2017.
However, it said offshore oil activities in the Middle East were showing tentative signs of recovery.
The company said its first-quarter revenue was “virtually unchanged” compared to the previous year. Reporting by Stratos Karakasidis and Alan Charlish, editing by Louise Heavens | ashraq/financial-news-articles | https://www.reuters.com/article/boskalis-sees-lower-profits-due-to-tough/boskalis-sees-lower-profits-due-to-tough-market-conditions-idUSL8N1SG5UX |
LONDON (Reuters) - Oil prices extended losses on Monday as Saudi Arabia and Russia said they may increase supplies while U.S. production gains showed no sign of slowing.
FILE PHOTO: A general view of the Centenario deep-water oil platform in the Gulf of Mexico off the coast of Veracruz, Mexico January 17, 2014. REUTERS/Henry Romero/File Photo Brent crude futures stood at $75.32 a barrel at 1805 GMT, down $1.12 from the previous close. The contract touched a three-week low of $74.49 earlier in the session.
U.S. crude futures were at $66.47, down $1.41, after hitting a six-week low of $65.80.
The spread between the two contracts reached $9.38 a barrel, its widest since March 2015.
Trading was light due to public holidays in the United States and United Kingdom.
The Organization of the Petroleum Exporting Countries (OPEC) and other producers led by Russia began withholding 1.8 million barrels per day (bpd) of supplies in 2017 to tighten the market and prop up prices that in 2016 fell to their lowest in more than a decade at less than $30 a barrel.
Prices have soared since the start of the cuts last year, with Brent breaking through $80 this month, triggering concerns that high prices could crimp economic growth and stoke inflation.
“The pace of the recent rise in oil prices has sparked a debate among investors on whether this poses downside risks to global growth,” Chetan Ahya, chief economist at U.S. bank Morgan Stanley, wrote in a weekend note.
To address potential supply shortfalls Saudi Arabia, the de facto leader of OPEC, and top producer Russia have been in talks about easing the cuts and raising oil production by 1 million bpd, sources said last week.
Russian Energy Minister Alexander Novak said on Saturday that a return to October 2016 production levels, the baseline for the current supply pact, was one option for easing curbs.
“Given that our crude balance is short some 825,000 bpd over (the second half of the year), a gradual increase of about 1 million bpd would probably limit stock draws to quite some extent,” Vienna-based consultancy JBC Energy said.
Meanwhile, surging U.S. crude production showed no sign of abating as drillers continued to expand their search for new oilfields to exploit.
U.S. energy companies added 15 rigs looking for new oil in the week ending May 25, bringing the rig count to 859, its highest since 2015, in a strong indication that American crude production will continue to rise.
U.S. crude output has already surged by more than 27 percent in the past two years, to 10.73 million bpd, ever closer to Russia’s 11 million bpd.
Reporting by Rod Nickel in Winnipeg, Manitoba and Ahmad Ghaddar in London; Additional reporting by Henning Gloystein in Singapore; Editing by Tom Brown and Rosalba O'Brien
| ashraq/financial-news-articles | https://in.reuters.com/article/global-oil/oil-sinks-further-as-opec-and-russia-look-to-raise-output-idINKCN1IT0RJ |
May 4, 2018 / 12:13 PM / Updated 2 minutes ago Madagascar opposition calls for government to resign after court ruling Lovasoa Rabary 2 Min Read
ANTANANARIVO (Reuters) - Madagascar’s opposition called on Friday for the government to resign, a day after the High Court ruled election laws as unconstitutional.
Supporters of opposition politician Marc Ravalomanana, who served as president from 2002 until he was toppled in a 2009 coup, say the new laws were intended to stop him from running in an election due later this year on a date yet to be announced.
In a decision published on its website on Thursday night, the High Court said the laws “must be extinguished for non-compliance with the constitutional principle of equality between candidates in the various elections”.
“The decision of the High Constitutional Court is a first victory,” Hanitra Razafimanantsoa, Vice-President of the National Assembly and a member of Ravalomanana’s party, told reporters in the capital Antananarivo.
“The logical consequence of this decision is the resignation of the government,” he added.
The dispute over the election laws has spurred violent protests.
At an opposition march last month against the laws, police fired teargas at demonstrators and two people later died from their injuries.
The opposition says the laws could be used to block Ravalomanana from standing due to criminal convictions arising from trials that took place while he was in exile after the coup. It is also challenging provisions on campaign financing and access to media.
Ravalomanana has teamed up with the man who succeeded him, Andy Rajoelina, to oppose the laws, which have been backed by President Hery Rajaonarimampianina. Reporting by Lovasoa Rabary; Writing by Omar Mohammed; Editing by Maggie Fick and Gareth Jones | ashraq/financial-news-articles | https://www.reuters.com/article/us-madagascar-protests/madagascar-opposition-calls-for-government-to-resign-after-court-ruling-idUSKBN1I51E9 |
NEW YORK, May 7, 2018 /PRNewswire/ -- Weight Watchers International, Inc. (NYSE: WTW) (the "Company") announced today that Artal Luxembourg S.A. (the "Selling Shareholder") intends to offer for sale in an underwritten secondary offering 6,500,000 shares of common stock of the Company pursuant to the Company's shelf registration statement filed with the Securities and Exchange Commission (the "Commission"). The Selling Shareholder also expects to grant the underwriters an option to purchase up to an additional 975,000 shares of the common stock of the Company held by the Selling Shareholder. The Selling Shareholder will receive all of the proceeds from the offering. The Company is not offering any shares of common stock in the offering and will not receive any proceeds from the sale of shares in the offering. In addition, none of the Company's officers or directors are selling any shares of common stock beneficially owned by them in the offering.
Goldman Sachs & Co. LLC, Morgan Stanley and UBS Investment Bank are acting as joint bookrunning managers for the offering, and BofA Merrill Lynch and J.P. Morgan are also acting as bookrunners for the offering. Citigroup, KeyBanc Capital Markets and SunTrust Robinson Humphrey are acting as co-managers for the offering.
The offering will be made only by means of a prospectus supplement and accompanying prospectus. Copies of the preliminary prospectus supplement and accompanying prospectus related to the offering may be obtained from Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282 (Attention: Prospectus Department) or by telephone at 1 (866) 471-2526, Morgan Stanley & Co. LLC, 180 Varick Street, 2 nd Floor, New York, New York 10014 (Attention: Prospectus Department) and UBS Securities LLC, 1285 Avenue of the Americas, New York, New York 10019 (Attention: Prospectus Department) or by telephone at (888) 827-7275.
The registration statement relating to these securities has been filed with the Commission and has become effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Weight Watchers International, Inc.
Weight Watchers is a global wellness company and the world's leading commercial weight management program. We inspire millions of people to adopt healthy habits for real life. Through our engaging digital experience and face-to-face group meetings, members follow our livable and sustainable program that encompasses healthy eating, physical activity and positive mindset. With more than five decades of experience in building communities and our deep expertise in behavioral science, we aim to deliver wellness for all.
Forward -Looking Statements
This press release includes " ," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company generally uses the words "may," "will," "could," "expect," "anticipate," "believe," "estimate," "plan," "intend," "aim," "target" and similar expressions in this press release to identify . The Company bases these on its current views with respect to future events and financial performance. Actual results could projected in the . These are subject to risks, uncertainties and assumptions, including, among other things: competition from other weight management and wellness industry participants or the development of more effective or more favorably perceived weight management methods; the Company's ability to continue to develop new, innovative services and products and enhance its existing services and products or the failure of its services, products or brands to continue to appeal to the market, or the Company's ability to successfully expand into new channels of distribution or respond to consumer trends; the ability to successfully implement new strategic initiatives; the effectiveness of the Company's advertising and marketing programs, including the strength of its social media presence; the impact on the Company's reputation of actions taken by its franchisees, licensees, suppliers and other partners; the impact of the Company's substantial amount of debt and its debt service obligations and debt covenants; the inability to generate sufficient cash to service the Company's debt and satisfy its other liquidity requirements; uncertainties regarding the satisfactory operation of the Company's technology or systems; the impact of security breaches or privacy concerns; the recognition of asset impairment charges; the loss of key personnel, strategic partners or consultants or failure to effectively manage and motivate the Company's workforce; the inability to renew certain of the Company's licenses, or the inability to do so on terms that are favorable to the Company; the expiration or early termination by the Company of leases; risks and uncertainties associated with the Company's international operations, including regulatory, economic, political and social risks and foreign currency risks; uncertainties related to a downturn in general economic conditions or consumer confidence; the Company's ability to successfully make acquisitions or enter into joint ventures, including its ability to successfully integrate, operate or realize the anticipated benefits of such businesses; the seasonal nature of the Company's business; the impact of events that discourage or impede people from gathering with others or accessing resources; the Company's ability to enforce its intellectual property rights both domestically and internationally, as well as the impact of its involvement in any claims related to intellectual property rights; the outcomes of litigation or regulatory actions; the impact of existing and future laws and regulations; the Company's failure to maintain effective internal control over financial reporting; the possibility that the interests of the Selling Shareholder, who effectively controls the Company, will conflict with other holders of the Company's common stock; and other risks and uncertainties, including those detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. You should not put undue reliance on any . You should understand that many important factors, including those discussed herein, could cause the Company's results to expressed or suggested in any forward-looking statement. Except as required by law, the Company does not undertake any obligation to update or revise these to reflect new information or events or circumstances that occur after the date of this press release or to reflect the occurrence of unanticipated events or otherwise.
Contact Information:
Investors:
Corey Kinger
212-601-7569
[email protected]
View original content: http://www.prnewswire.com/news-releases/weight-watchers-announces-secondary-offering-of-6-500-000-shares-of-common-stock-by-artal-luxembourg-sa-300643914.html
SOURCE Weight Watchers International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-weight-watchers-announces-secondary-offering-of-6500000-shares-of-common-stock-by-artal-luxembourg-s-a.html |
ISTANBUL, May 29 (Reuters) - The Turkish lira gained 0.3 percent against the dollar on Tuesday, a day after the central bank said it would return to using the one-week repo rate as its benchmark and as Deputy Prime Minister Mehmet Simsek met investors in London.
Simsek and Turkish Central Bank Governor Murat Cetinkaya will seek to reassure investors about the direction of policy after the lira tumbled 20 percent this year on concerns about President Tayyip Erdogan’s influence on monetary policy.
At 0610 GMT, the lira was at 4.5650 to the dollar, firming from a close of 4.58. Last week it hit a record low of 4.9290, prompting an emergency central bank hike in its highest rate by 3 percentage points to 16.5 percent.
The lira is currently down some 17 percent against the dollar this year.
On Monday, the bank said the repo rate would be set at 16.5 percent and would once again be regarded as the main rate under a new framework taking effect on June 1.
The bank has for years used multiple rates to set borrowing costs, creating a complex system that economists say has made policy less predictable. Adding to their concerns, Erdogan, a self-described “enemy of interest rates” has repeatedly called for lower borrowing costs to boost credit and construction.
Simsek said overnight that he and Cetinkaya would meet 90 portfolio managers, bank executives and analysts in groups between 7 am (0600 GMT) and 10 pm in London.
“We are making intensive efforts for Turkey’s positive decoupling with our decisive police steps, good communication and our strong long-term story,” Simsek wrote on Twitter. (Reporting by Daren Butler; Editing by David Dolan)
| ashraq/financial-news-articles | https://www.reuters.com/article/turkey-currency/turkish-lira-firms-against-dollar-as-simsek-meets-investors-idUSL5N1T00TT |
(Reuters) - The New York Stock Exchange has appointed Chief Operating Officer Stacey Cunningham as its first female president, an NYSE spokeswoman told Reuters on Monday.
The facade New York Stock Exchange (NYSE) is seen in New York City's financial district, in New York, U.S., May 21, 2018. REUTERS/Brendan McDermid Cunningham, who will start her new role on Friday, will replace Thomas Farley as head of NYSE, which is owned by Intercontinental Exchange Inc ( ICE.N ), the Wall Street Journal reported on.wsj.com/2rXrHgW earlier on Monday.
Cunningham became NYSE’s chief operating officer in June 2015 and managed the company’s cash equities markets, relationship management, product management, and NYSE governance services.
Farley will take up a new role as the head of Far Point, a new special-purpose acquisition company, or SPAC, backed by Daniel Loeb’s hedge-fund firm Third Point LLC, WSJ reported.
Reuters reported earlier this month that Third Point was in talks with investment banks about launching a “blank check” company that would raise money in an initial public offering to pursue an acquisition.
The new investment vehicle would be the first of its kind to be raised by an activist hedge fund such as Third Point.
Reporting by Ishita Chigilli Palli and Rishika Chatterjee in Bengaluru; Editing by Amrutha Gayathri
| ashraq/financial-news-articles | https://www.reuters.com/article/us-interconti-exc-management-nyse/nyse-appoints-stacey-cunningham-as-first-female-president-idUSKCN1IN0BT |
TORONTO, May 28, 2018 (GLOBE NEWSWIRE) -- Biome Grow (“Biome”) announced today that it has acquired approximately 20 acres of land in Nova Scotia to expand its Highland Grow (“Highland”) cannabis production facilities that are licensed under the Access to Cannabis for Medical Purposes Regulations (Canada) (the “ACMPR”). Highland is a wholly-owned subsidiary of Biome’s.
“This acquisition is a key step in allowing Highland to start work on a dramatically larger, purpose-built production facility to supply a broad spectrum of innovative cannabis products to Nova Scotians,” said Frank MacMaster, President of Highland. “Biome also has the option to secure a considerably larger parcel of land in Nova Scotia should changes to growing methodologies currently being considered by regulators be enacted in the future.”
The expanded Highland facility will include extensive research and development facilities that will also be used by Biome’s external partnerships, including its multi-disciplinary collaboration with St. Francis Xavier University. This feature of the facility is a core component of a cannabis centre of excellence that Highland is planning to establish in Nova Scotia to create a broader cannabis ecosystem in its local community.
Moreover, through this facility, Highland is looking to introduce a new way to grow pharmaceutical grade cannabis on an industrial scale. This approach is designed to address many of the scale-up challenges that have plagued most licensed producers in Canada since the inception of the MMPR program (precursor to the ACMPR). In addition to allowing a production facility to achieve full production capacity sooner with a consistent and predictable level of quality, it will greatly reduce operating cost profiles while being fully compliant with the restrictions placed on producers under the ACMPR.
Highland looks forward to sharing additional details on its new production platform in the coming months.
About Biome Grow
Biome Grow ( whose corporate legal entity name is Cultivator Catalyst Corp .) wholly owns Highland Grow, an Authorized Licensed Producer in Nova Scotia under the ACMPR, P-209 Inc., a company incorporated under the laws of the Province of Ontario and in the late stages of applying for a license under the ACMPR and The Back Home Medical Cannabis Corporation, a company incorporated under the laws of the Province of Newfoundland and Labrador and in the late stages of applying for a license under the ACMPR. Biome Grow plans on operating a diversified mix of low cost licensed cannabis production facilities across Canada and other jurisdictions in the coming years. Additional growth will be achieved through a mixture of acquisitions and organic growth. Moreover, Biome Grow will integrate a complimentary platform of technologies and services targeted at both the Canadian and international cannabis markets.
Forward-looking statements
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. More particularly and without limitation, this news release contains forward‐looking statements and information concerning changes to growing methodologies being considered by regulators that may influence future decisions of Biome; Biome’s intention that its wholly-owned subsidiary Highland Grow, will build a larger, purpose-built production facility in Nova Scotia and a cannabis centre of excellence and the timing and costs associated therewith; that Highland Grow will supply a broad spectrum of innovative cannabis products to Nova Scotians and its timing in connection therewith; expectations that Biome will acquire additional land in Nova Scotia; Biome’s expectations that Highland Grow will receive a sales license from Health Canada and the timing associated therewith and any restrictions that may be placed thereon; Biome’s plans to operate a diversified mix of low cost licensed cannabis production facilities across Canada and other international jurisdictions; and Biome’s expectations to introduce a new way to grow pharmaceutical grade cannabis on an industrial scale. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Biome, including the assumptions that Highland Grow will be able to obtain a cultivation license from Health Canada on a timely and cost efficient basis; assumptions and expectations with respect to changing legislation and the timing associated with such changes; the ability to obtain all necessary regulatory licenses, permits and approvals on a timely and cost efficient basis to produce and sell cannabis and generally operate its business in both Canada and internationally; assumptions concerning labour, construction, and other costs and expectations that such costs will remain low for its licensed cannabis production facilities; its ability to generate sufficient cash flow to meet its working capital requirements and that sufficient financial resources will be available; and the ability of Biome to successfully market its products and services.
These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, among other things, a failure to obtain or delays in obtaining the required regulatory licenses, permits, or approvals, changes to legislation, changes in cannabis research or the general public’s perception of cannabis, competition in the medical cannabis market, crop failure, labour disputes, increases in labour and/or construction costs, rising energy costs, an inability to access financing as needed, and a general economic downturn. These forward-looking statements speak only as of the date on which they are made, and Biome, or any of its subsidiaries undertakes no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Media Contact
Colleen Ryan
647-232-6867
[email protected]
Source: Biome Grow | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/28/globe-newswire-biome-announces-acquisition-of-land-in-nova-scotia-to-dramatically-increase-the-production-footprint-of-its-acmpr-licensed.html |
May 5, 2018 / 5:35 AM / in 2 hours Surfing - New surf era as world's best compete on artificial waves Jane Ross 2 Min Read
LEMOORE, California (Reuters) - Surfing rides into a new era this weekend as the world’s best compete on artificial waves in the World Surf League (WSL) Founders’ Cup team event. A wave-creating hydrofoil is seen behind a surfer riding an artificial wave at a practice session at World Surf League Surf Ranch in Lemoore, California, ahead of Founders' Cup May 4, 2018. REUTERS/Jane Ross
Kelly Slater, the American 11-times world champion who owned the Surf Ranch in this agricultural community before selling it to the WSL in 2016, says the wave-making technology creates an even playing field.
“Everyone has, really, the same wave, the same canvas to paint on, if you will, and perform on,” he told Reuters on Friday.
“So it comes down to who utilizes their different skills and their different techniques in a better way.”
Five, five-person teams — the United States, Australia, Brazil, Europe and the World — will compete on Saturday and Sunday in what the WSL bills as its first team event. Surfer Kelly Slater at World Surf League Surf Ranch in Lemoore, California on May 4, 2018. REUTERS/Jane Ross
Slater will captain the American team, while 2014 world champion Gabriel Medina will spearhead the Brazil team.
Each team will comprise three men and two women.
“Surfing has always been such an individual sport, but we’ve always had such a country camaraderie between everybody and to come and do a teams event is really cool,” Australian captain Stephanie Gilmore said.
Organisers say a wave will be created every four minutes, for an average ride of about 45 or 50 seconds.
Portions of the event will be televised live on network television in the United States, where surfing rarely if ever reaches a mass audience. Writing by Andrew Both in Cary, North Carolina; Editing by Peter Rutherford | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-surfing-founderscup/surfing-new-surf-era-as-worlds-best-compete-on-artificial-waves-idUKKBN1I603M |
Homeless moms enjoy a Mother's Day meal on Skid Row 01:22
Homeless and struggling mothers enjoy a Mother's Day meal on Skid Row, a Los Angeles downtown area with one of the highest concentrations of homeless people in the United States. Jane Ross reports.
Homeless and struggling mothers enjoy a Mother's Day meal on Skid Row, a Los Angeles downtown area with one of the highest concentrations of homeless people in the United States. Jane Ross reports. //reut.rs/2KVwSXz | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/13/homeless-moms-enjoy-a-mothers-day-meal-o?videoId=426411382 |
Group revenue increased by 2.4% to US$2,130.1 million Profit attributable to shareholders of the Company increased by 15.3% to US$206.3 million Final dividend of US63.0 cents per ordinary share, resulting in a full-year dividend of US80.0 cents per ordinary share, an increase of 14.3% year-on-year Gross margin declined from 33.2% to 33.0% Well-positioned for further growth
HONG KONG, May 17, 2018 /PRNewswire/ -- VTech Holdings Limited (HKSE: 303) today announced its results for the year ended 31 March 2018, reporting record revenue and higher profit.
"The financial year 2018 saw revenue at VTech reach another record high, mainly driven by strong growth in the Asia Pacific region. Profit was also higher, owing to increased revenue and the absence of one-off costs associated with the integration of LeapFrog. The Group remains well-positioned for further growth," said Mr Allan Wong, Chairman and Group CEO of VTech Holdings Limited.
Results and Dividend
Group revenue for the year ended 31 March 2018 increased by 2.4% to US$2,130.1 million, driven by higher sales in North America and Asia Pacific. Growth of electronic learning products (ELPs) was negatively impacted by Toys"R"Us, as it filed for bankruptcy protection in the US and Canada in September 2017, followed by the liquidation of its US and UK businesses in early 2018.
Profit attributable to shareholders of the Company increased by 15.3% to US$206.3 million. The rise in profit was mainly due to higher revenue, as well as the absence of the one-off costs associated with the integration of LeapFrog Enterprises, Inc. (LeapFrog) that were taken in the previous financial year.
Basic earnings per share rose by 15.1% to US82.1 cents, compared to US71.3 cents in the previous financial year.
The Board of Directors has proposed a final dividend of US63.0 cents per ordinary share, providing a full-year dividend of US80.0 cents per ordinary share, an increase from the US70.0 cents declared in the previous financial year. This represents a reduction in the dividend payout ratio from 98.2% to 97.5%.
Costs
The gross profit margin of the Group fell from 33.2% in the financial year 2017 to 33.0% in the financial year 2018. This was mainly due to higher cost of materials, which offset a positive currency impact and productivity gains. In the financial year 2018, the Group successfully brought most of the products of LeapFrog and Snom Technology GmbH (Snom) in-house for manufacture.
VTech Business
The financial year 2018 was challenging for the Group's ELPs business. Toys"R"Us, the major toy retailer and one of the Group's top five customers, filed for bankruptcy protection in the US and Canada in September 2017, followed by the liquidation of its US and UK businesses in early 2018. These developments resulted in a significant reduction of sales to the retailer, affecting growth primarily in North America and Europe. VTech's sales up to the date of the bankruptcy protection filing were covered by credit insurance. Since then, VTech's management has exercised prudence and discipline in securing payment for goods supplied to Toys"R"Us. Consequently, no material bad debt was incurred as a result of the liquidation. Despite this challenge, VTech was able to grow its ELPs revenue overall, buoyed by a strong performance in Asia Pacific.
Standalone and platform products both achieved sales increases in the financial year 2018. In standalone products, further progress was made in growing LeapFrog's standalone products business, as more new standalone toys were launched under the brand. Sales of VTech standalone products also rose, supported by higher sales of infant and preschool products, as well as Kidizoom ® Camera. This offset the sales decline of the Go! Go! Smart/Toot-Toot family of products. Growth in platform products was primarily driven by VTech platform products, with the Kidizoom Smartwatch range, KidiBuzz ™ /KidiCom ™ MAX and Touch and Learn Activity Desk Deluxe ™ all recording sales increases. LeapFrog reading systems, including LeapStart ® /MagiBook ™[1] and LeapReader ™ , also registered sales increases. The percentage shares from standalone and platform products within total ELPs revenue remained unchanged during the financial year 2018, at 77% and 23% respectively.
Sales of telecommunication (TEL) products in the financial year 2018 were lower than expected. This was mainly due to a higher-than-expected decline in sales of residential phones in the second half, which offset the growth in commercial phones and other telecommunication products.
Sales of residential phones were down by 16.8% year-on-year. This was mainly attributable to the weaker-than-expected fixed-line telephone market, compounded by the tight global supply of materials in the second half. Sales of commercial phones and other telecommunication products continued to trend higher, however, rising by 15.0% year-on-year. VoIP (Voice over Internet Protocol) phones performed particularly well, benefitting from the full-year sales contribution of Snom and increased sales of VTech branded VoIP phones. VTech baby monitors also maintained their momentum. According to The NPD Group, Inc. (NPD), VTech was the number one baby monitor brand by dollar sales in the US during the financial year 2018 [2] . Cordless headsets, integrated access devices (IADs), CAT-iq (Cordless Advanced Technology – internet and quality) handsets, hotel phones and conference phones all posted sales increases. The continued growth of commercial phones and other telecommunication products saw their share of total TEL products revenue rise from 34% in the previous financial year to 42% in the financial year 2018.
VTech's contract manufacturing services (CMS) achieved their sixteenth consecutive year of growth in the financial year 2018. Professional audio equipment, industrial products, medical and health products and solid-state lighting recorded sales increases. This offset a decline in switching mode power supplies following the change of ownership of a customer, which saw production taken back in-house. The full-year sales contribution of the high precision metal parts business added to growth. Sales of hearables and communication products held steady, while home appliances saw a slight decline in sales. During the financial year, good progress was made on migrating the business towards "Industry 4.0", in which machines are augmented with web connectivity and connected to a system that can visualise the entire production chain and make autonomous decisions.
The continued outperformance of CMS testifies to its strong reputation, deep manufacturing know-how, stable management and excellent services. It also demonstrates the success of the business strategies of customer focus and commitment to utilising state-of-the-art manufacturing technology.
Segment Results
North America
Group revenue in North America increased by 2.4% to US$1,041.0 million in the financial year 2018, as higher sales of ELPs and CMS offset lower sales of TEL products. North America was VTech's largest market, accounting for 48.9% of Group revenue.
ELPs revenue in North America rose by 0.7% to US$458.2 million. Growth was negatively impacted by the reduction of shipments to Toys"R"Us following its filing for bankruptcy protection in September 2017. In the calendar year 2017, VTech maintained its position as the number one manufacturer of electronic learning toys from infancy through toddler and preschool in the US [3] .
Standalone products posted flat sales. Sales of LeapFrog standalone products grew, as the Group launched more new products under the brand. This strategy saw success in the financial year 2018, with both infant and preschool products recording higher sales. Sales of VTech standalone products decreased, mainly owing to the weaker performance of the Go! Go! Smart family of products.
Sales of platform products were higher, driven by increased sales of VTech platform products including the Kidizoom Smartwatch range, KidiBuzz and Touch and Learn Activity Desk Deluxe. Sales of LeapFrog platform products declined, owing to a decrease in sales of children's educational tablets. Sales of LeapFrog reading systems, including LeapStart and LeapReader, remained flat. In August 2017, LeapFrog Academy ™ was launched in the major English-speaking countries and subscriptions have been growing steadily.
The Group's ELPs were included in major holiday toy lists during the financial year 2018. Pop-a-Balls ™ Drop & Pop Ball Pit ™ was named to Walmart's "Chosen by Kids" Top Toys List. Scoop & Learn Ice Cream Cart ™ was featured in The Toy Insider's "Hot 20" list, alongside Go! Go! Smart Wheels ® Race & Play Adventure Park ™ . Four VTech and LeapFrog ELPs were included in the "Top 100 Holiday Toys" list at Amazon.com . Four VTech products were also finalists in the 2018 Toy of the Year (TOTY) awards from The Toy Association, Inc. GearZooz ™ Roll & Roar Animal Train ™ and Pop-a-Balls Push & Pop Bulldozer ™ were finalists in the infant/toddler category. Storytime Rhymes Sheep ™ was a finalist in the plush category and Go! Go! Smart Wheels Race & Play Adventure Park was a finalist in the playset category.
TEL products revenue in North America decreased by 10.6% to US$327.0 million. Although sales of commercial phones and other telecommunication products continued to grow, this was insufficient to offset a further decline in sales of residential phones.
Rising sales of commercial phones and other telecommunication products were driven mainly by higher sales of headsets and VoIP phones. In headsets, the Bluetooth models specially designed for the professional trucker market maintained strong sales momentum. New VTech branded VoIP phones based on the Snom technology platform helped drive the sales increase. Although sales of baby monitors declined due to customer order delay, the VTech branded range continued to gain market share. According to NPD, VTech is the number one baby monitor brand by dollar sales in the US [4] . Both hotel phones and VTech's line of conference phones, ErisStation ® , saw steady growth.
In contrast, the drop in sales of residential phones reflected a higher-than-expected decline in the fixed-line telephone market. Nonetheless, VTech maintains its leadership position in the US residential phones market [5] .
CMS revenue in North America rose by 30.8% to US$255.8 million, with growth across the board. Professional audio equipment recorded a significant sales increase, driven by strong demand for the new active speakers launched by an existing customer, as well as more orders from another customer which had worked through excess inventory. The transfer of production to VTech by an existing customer boosted sales of solid-state lighting. Industrial products benefitted from new orders for printed circuit board assembly for industrial printers, electronic locks and note counting devices. Sales of home appliances rose as a customer expanded its market share in the US. Sales of communication products declined, however, as the customer's product line reached the end of its life cycle.
Europe
Group revenue in Europe fell by 2.2% to US$849.1 million in the financial year 2018, as higher sales of ELPs and TEL products were unable to offset lower sales of CMS. Europe remained VTech's second largest market, accounting for 39.9% of Group revenue.
ELPs revenue in Europe showed a 1.6% increase to US$363.2 million in the financial year 2018, despite the negative impact from Toys"R"Us. Geographically, Germany, Spain and the Netherlands recorded growth while France and the UK maintained stable sales. In the calendar year 2017, VTech strengthened its position as the number one infant and toddler toy manufacturer in France, the UK, Germany and Spain [6] .
Standalone products achieved slightly higher sales, with LeapFrog standalone products posting growth. This was driven by new product launches, with both the infant and preschool categories seeing increases. Sales of VTech standalone products were stable. Sales of infant and preschool products, Kidizoom cameras and the Kidi line were higher, compensating for lower sales of the Toot-Toot family of products and Kidizoom Action Cam. Sales of the Little Love ® line were steady.
Platform product sales in Europe increased during the financial year 2018. Sales of VTech platform products were higher. The second generation Kidizoom Smartwatch DX continued to perform well and sales momentum was augmented by new Star Wars themed Kidizoom Smartwatches. KidiCom MAX, the new version of DigiGo ® that was launched in October 2017, also delivered a good performance. Sales of LeapFrog platform products posted growth, as an updated version of LeapStart/MagiBook [7] was introduced in most of the major European countries, offsetting a decline in children's educational tablets.
The Group's ELPs garnered many leading industry awards in the UK and continental Europe. LeapStart and Chase Me Casey were chosen as "Dream Toys 2017 – Toys for Christmas 2017 (Category of Top of the Tots)" by the UK Toy Retailers Association. In France, VTech won four "2017 Grand Prix du Jouet" awards from La Revue du Jouet magazine, the highest number granted to any manufacturer, with Little Love Puppy Pal gaining the top "Toy of the Year 2017" award. Little Love Puppy Pal and Kidizoom Flix ® were both named "Toy of the Year 2017" by the Belgian Federation of Toys. Kidizoom Flix also gained the "Toy of the Year 2017" award from the Dutch Toy Association.
Revenue from TEL products in Europe increased by 2.9% to US$132.7 million, as higher sales of commercial phones and other telecommunication products offset lower sales of residential phones. Growth in commercial phones and other telecommunication products was driven by a full-year sales contribution from Snom, which recorded strong growth in its existing product lines. A new, high-end VolP phone from Snom began shipping to Europe in January 2018, featuring a high-resolution colour display, 24 programmable keys, a USB port and Bluetooth integration. This has been very well-received by the market and added incrementally to sales growth. IADs achieved good growth as the Group added new customers, while sales of CAT-iq handsets also rose as the Group increased promotions with its telecom operator customers. Baby monitors and hotel phones maintained stable sales. Residential phones saw a sales decline as the fixed-line telephone market continued to contract.
CMS revenue in Europe fell by 7.4% to US$353.2 million, mainly due to the decline in sales of switching mode power supplies. Hearables, home appliances and medical and health products all experienced sales decreases, offsetting growth in professional audio equipment, industrial and communication products. Switching mode power supplies were affected by a change in ownership, which led a customer to move production back in-house. Sales of hearables fell as customers faced keen competition in the headset market. Home appliances sales declined as a customer reduced orders. In medical and health products, growth in hearing aids was offset by declines in hair removal products. Professional audio equipment grew as orders from two major customers increased, while industrial products continued to benefit from rising sales of smart meters for the UK market. Communication products also saw strong growth, driven by increased orders for VoIP phones and the addition of a new customer for Wi-Fi routers.
Asia Pacific
Group revenue in Asia Pacific increased by 32.6% to US$197.1 million in the financial year 2018, with higher sales in all three product lines. Asia Pacific represented 9.2% of Group revenue.
Revenue from ELPs in Asia Pacific rose by 36.4% to US$71.9 million, with growth led by Australia and mainland China. In Australia, increased marketing efforts and broader listings contributed to higher sales of both VTech and LeapFrog branded products. The VTech branded First Steps ™ Baby Walker was named "Infant/Preschool Toy of the Year 2018" by the Australian Toy Association. Mainland China grew as the Group continued to expand sales channels, step up marketing efforts and roll out new products. Tapping into the opportunity created by the relaxation of the country's one-child policy, more infant products were launched, which generated significantly higher sales of this category. The fifth generation of Switch & Go Dinos ™ , which has been specifically designed for the Chinese market, was launched and sales were strong. Increased sales of LeapFrog branded products in other Asia Pacific markets also contributed to overall growth.
TEL products revenue in Asia Pacific increased by 16.0% to US$44.2 million. Japan, Hong Kong and Korea led the growth. In Japan, VTech increased sales of cordless phones to existing customers, while in Hong Kong, the Group supplied telecommunication devices to a leading local broadband service provider, driving sales of IADs and CAT-iq handsets. During the financial year 2018, the Group began shipping cordless phones and VoIP phones to a new customer in South Korea, driving a sales increase in the country. Sales in Australia saw a decline despite increased sales of baby monitors, which were insufficient to offset lower sales of residential phones.
CMS revenue in Asia Pacific grew by 40.1% to US$81.0 million. This was attributable to a full-year sales contribution from the high precision metal parts business and higher sales in most product categories. VTech's technical know-how in miniaturisation has established it in the field of hearables and orders of this product category rose strongly. Marine radios benefitted from more orders for a new digital version, supporting higher sales of communication products. Medical and health products were boosted by further growth in orders for diagnostic ultrasound systems from a Japanese customer. Sales of solid-state lighting and home appliances, however, recorded declines as customers faced keen competition.
Other Regions
Group revenue in Other Regions, namely Latin America, the Middle East and Africa, fell by 8.1% to US$42.9 million in the financial year 2018. Lower sales of TEL products offset higher sales of ELPs and CMS. Other Regions accounted for 2.0% of Group revenue.
ELPs revenue in Other Regions increased by 5.3% to US$14.0 million, as higher sales in the Middle East and Latin America compensated for lower sales in Africa.
TEL products revenue in Other Regions declined by 14.7% to US$27.8 million. The decline was attributable to lower sales in Latin America and Middle East, offsetting a small growth in Africa.
CMS revenue in Other Regions was US$1.1 million in the financial year 2018, as compared to US$0.8 million in the previous financial year.
Outlook
Group revenue is expected to rise in the financial year 2019. TEL products are anticipated to return to growth, while CMS sales are forecast to increase. ELPs revenue is more difficult to gauge, as in the short run sales in North America and Europe will be negatively impacted by the liquidation of Toys"R"Us.
The uncertainty of ELPs sales as well as foreign exchange movements makes the trend in gross margin difficult to predict. Raw material and direct labour costs will be higher, while the global supply of materials will continue to be tight in the financial year 2019.
Furthermore, there is an ongoing trade conflict between the US and mainland China. Thus far, the target list of announced products potentially subject to punitive tariffs does not include VTech product categories. However, further deterioration of the trade relationship may affect the Group's results.
ELPs revenue in the financial year 2019 will be affected by the Toys"R"Us liquidation, although management believes the bulk of the sales lost will eventually be taken up by existing customers. The longer term prospects for the Group's ELPs remain positive, however. In North America and Europe, the Group plans to strengthen its market position by launching new products. Standalone products will see the expansion of the VTech baby, infant and preschool lines, as well as LeapFrog branded learning toys. In platform products, during the financial year Kidizoom Smartwatch DX2 will be rolled out to most European markets, while the new LeapStart 3D will be launched in the US and UK, featuring an interactive 3D-like holographic display and touch-and-talk games. The LeapStart library will also expand with new titles. In Asia Pacific, growth is expected to remain robust.
TEL products revenue is forecast to return to growth, as the sales increase of commercial phones and other telecommunication products is expected to more than compensate for the decline in residential phones. Commercial phones and headsets will lead the way, driven by new product launches, increased sales channels and geographic expansion. The latest VTech and Snom VoIP phones have been extremely well-received. The good momentum in headsets will continue, supported by new product launches and geographic expansion to Europe and Australia. VTech will continue to drive innovation in its successful line of baby monitors by introducing relevant new features. Sales of CAT-iq handsets will also increase, as the Group launches new products in Germany in June and begins supplying the products to a UK telecom operator in the third quarter of the financial year. In contrast to the growth in commercial phones and other telecommunication products, sales of residential phones will decline further, as the fixed-line telephone market continues to contract.
CMS is also poised for further growth. Sales will increase across the board, driven by the business expansion of existing customers and VTech's ability to gain additional business by offering customers more design support.
In April 2018, VTech signed an agreement with Pioneer Corporation under which VTech will acquire a manufacturing facility in Malaysia owned by Pioneer Technology (Malaysia) Sdn Bhd, a subsidiary of the Japanese company. The acquisition includes its fixed assets and business in manufacturing high performance audio equipment tailored for DJs, producers and artists. This will strengthen CMS' leading position as a manufacturer of professional audio equipment and expand VTech's global footprint, enhancing CMS' ability to meet customers' needs in the years ahead. This acquisition, plus the opening of a new factory building in the current manufacturing facilities in Dongguan, mainland China, will add almost 50% to the production capacity of CMS.
"VTech's product innovation and operational excellence have given it market-leading positions in a number of areas. It continues to gain market share and expand geographically, while maintaining a strong financial position. Alongside its commitment to sustainability, VTech will continue to explore every avenue of growth, generating higher returns for shareholders," said Mr Wong.
[1] LeapStart is sold in the UK under the LeapFrog brand but in the rest of Europe is sold under the VTech brand as MagiBook
[2] Source: The NPD Group Inc., US Retail Tracking Service, Security & Monitoring, Camera Technology: Baby Monitor, Based on Dollar Sales, April 2017 -- March 2018
[3] Source: NPD Group, Retail Tracking Service. Ranking based on total retail sales of VTech and LeapFrog products in the combined toy categories of early electronic learning, toddler figure and playset, walker, electronic entertainment (excluding tablet) and preschool electronic learning for the 12 months ending December 2017
[4] Source: The NPD Group Inc., US Retail Tracking Service, Security & Monitoring, Camera Technology: Baby Monitor, Based on Dollar Sales, April 2017 -- March 2018
[5] Source: MarketWise Consumer Insights, LLC
[6] Source: NPD Group, Retail Tracking Service
[7] LeapStart is sold in the UK under the LeapFrog brand but in the rest of Europe is sold under the VTech brand as MagiBook
About VTech
VTech is the global leader in electronic learning products from infancy through toddler and preschool and the world's largest manufacturer of cordless phones. It also provides highly sought-after contract manufacturing services. Since its establishment in 1976, VTech has been a pioneer in the electronic learning toy category. With advanced educational expertise and cutting-edge innovation, VTech products provide fun and learning to children around the world. Leveraging decades of success in cordless telephony, VTech's diverse collection of telecommunication products elevates both home and business users' experience through the latest in technology and design. As one of the world's leading electronic manufacturing service providers, VTech offers world-class, full turnkey services to customers in a number of product categories. The Group's mission is to design, manufacture and supply innovative and high quality products in a manner that minimises any impact on the environment, while creating sustainable value for its stakeholders and the community.
Note: Starting from 22:30, 17 May 2018 (HKT), the video archive of the FY2018 annual results announcement can be accessed through VTech website via this link https://www.vtech.com/en/investors/financial-briefings/ .
For further information, please contact:
Grace Pang
VTech representative in Hong Kong
VTech Holdings Limited
Gary Lai, Golin
(852) 2680-1000 (office)
(852) 2501-7905 (office)
[email protected] (email)
[email protected] (email)
View original content with multimedia: http://www.prnewswire.com/news-releases/vtech-announces-fy2018-annual-results-300650187.html
SOURCE VTech | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-vtech-announces-fy2018-annual-results.html |
The stock market is likely to struggle between now and the Nov. 6 midterm elections.
And it isn’t because stocks favor one party or the other.
It’s because investors hate uncertainty, and these elections create a healthy dose of just that. If anything, this year’s election season appears to be creating an above-average amount of uncertainty,... | ashraq/financial-news-articles | https://www.wsj.com/articles/why-stocks-cant-wait-for-the-midterms-to-be-over-1525659540 |
Australian court convicts archbishop for concealing child sex abuse 01:11
An Australian archbishop was found guilty on Tuesday of concealing child sex abuse by a priest, which Australian media said made him the most senior Catholic in the world to be convicted on such a charge. Sarah Charlton reports.
An Australian archbishop was found guilty on Tuesday of concealing child sex abuse by a priest, which Australian media said made him the most senior Catholic in the world to be convicted on such a charge. Sarah Charlton reports. //reut.rs/2KKIDiw | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/22/australian-court-convicts-archbishop-for?videoId=429290915 |
WESTON, FL, May 14, 2018 /PRNewswire/ - Apotex Corp . is voluntarily recalling 36 lots of Piperacillin and Tazobactam for Injection, USP 3.375 gram/vial and 4.5 gram/vial strengths, to the consumer/user level. The Piperacillin and Tazobactam for Injection have been found to contain elevated levels of impurities that may result in decreased potency. The affected product is manufactured by Hospira Inc., a Pfizer Company and distributed in the US market by Apotex Corp.
Risk Statement: The decreased potency of Piperacillin and Tazobactam could result in worsening of the infection under treatment and under extreme circumstances lead to serious morbidities depending upon the severity of the illness. Elevated levels of impurities may result in various toxicities, such as liver, renal, and hematological toxicities. There have not been any reports of adverse events related to this recall to date.
Piperacillin and tazobactam for injection is a combination penicillin-class antibacterial and β-lactamase inhibitor, which can be used in adults and children 2 months and older and indicated for treatment of: Intra-abdominal infections, Skin and skin structure infections, Female pelvic infections, Community-acquired pneumonia and Hospital Acquired pneumonia. The Piperacillin and Tazobactam for Injection, USP vials are packaged in a Carton containing 10 single use vials. The affected Piperacillin and Tazobactam for Injection, USP 3.375 gram/vial and 4.5 gram/vial lots include the following and can be identified by NDC numbers stated on the Carton and on the single use vial:
Vial NDC
Carton NDC
Lot
Number
Expiration
Date
Strength
Configuration/Count
60505-0687-1
60505-0687-4
501G014
05 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501G015
09 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501G016
10 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501G017
10 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501G018
10 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501G019
10 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501G020
10 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501G021
10 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501G022
10 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501G023
10 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501G024
11 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501G025
11 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501G026
11 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501G027
11 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501G028
11 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501G029
11 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501G030
11 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501H001
12 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501H002
12 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501H003
12 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501H004
12 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501H005
12 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501H006
12 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501H007
12 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501H008
12 2018
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501H009
04 2019
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501H012
06 2019
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501H013
06 2019
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501H018
09 2019
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0687-1
60505-0687-4
501H019
09 2019
3.375 gram/vial
Carton containing 10 Single Use Vials
60505-0688-1
60505-0688-4
502H001
01 2019
4.5 gram/vial
Carton containing 10 Single Use Vials
60505-0688-1
60505-0688-4
502H003
04 2019
4.5 gram/vial
Carton containing 10 Single Use Vials
60505-0688-1
60505-0688-4
502H004
04 2019
4.5 gram/vial
Carton containing 10 Single Use Vials
60505-0688-1
60505-0688-4
502H005
04 2019
4.5 gram/vial
Carton containing 10 Single Use Vials
60505-0688-1
60505-0688-4
502H009
05 2019
4.5 gram/vial
Carton containing 10 Single Use Vials
60505-0688-1
60505-0688-4
502H012
05 2019
4.5 gram/vial
Carton containing 10 Single Use Vials
The affected Piperacillin and Tazobactam for Injection, USP 3.375 gram/vial and 4.5 gram/vial strengths were distributed Nationwide to wholesalers and one distributor.
Apotex Corp. has notified wholesalers/distributor by recall letter to arrange for return of any recalled product.
Wholesalers/retailers/hospitals/institutions with an existing inventory of the lots subject to this recall should stop use and distribution of the remaining units and quarantine immediately. Healthcare Professionals in your organization should be informed of this recall. If you have further distributed the recalled product, to the wholesale or retail level, please notify any accounts or additional locations which may have received the recalled product from you. For additional assistance, call GENCO Pharmaceutical Services, a subsidiary of FedEx Supply Chain (GENCO) at 1- 877-319-8966 (7:00am – 5:00pm, CST Monday thru Friday), to arrange for their return.
Customers with questions regarding this recall can contact Apotex Corp. by phone-number 1-800-706-5575 (8:30am – 5:00pm, EDT Monday thru Friday) or email address [email protected] . Customers should contact their physician or healthcare provider if they have experienced any problems that may be related to taking or using this drug product.
Adverse reactions or quality problems experienced with the use of this product may be reported to the FDA's MedWatch Adverse Event Reporting program either online, by regular mail or by fax.
Complete and submit the report Online : www.fda.gov/medwatch/report.htm Regular Mail or Fax : Download form www.fda.gov/MedWatch/getforms.htm or call 1-800-332-1088 to request a reporting form, then complete and return to the address on the pre-addressed form, or submit by fax to 1-800-FDA-0178
This recall is being conducted with the knowledge of the U.S. Food and Drug Administration.
View original content: http://www.prnewswire.com/news-releases/apotex-corp-issues-voluntary-nationwide-recall-of-piperacillin-and-tazobactam-for-injection-usp-3-375-gramvial-and-4-5-gramvial-strengths-due-to-elevated-levels-of-impurities-that-may-result-in-decreased-potency-300647964.html
SOURCE Apotex Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-apotex-corp-issues-voluntary-nationwide-recall-of-piperacillin-and-tazobactam-for-injection-usp-3-point-375-gramvial-and-4.html |
May 14 (Reuters) - BillerudKorsnas AB (publ):
* BILLERUDKORSNÄS INITIATES NEGOTIATIONS ON NEW ORGANISATION
* BILLERUDKORSNAS AB (PUBL) SAYS ANNOUNCES THAT NEGOTIATIONS WITH LABOUR UNIONS OVER A PROPOSAL FOR NEW ORGANISATION WILL BE INITIATED WITHIN SHORT 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-billerudkorsns-initiates-negotiati/brief-billerudkorsns-initiates-negotiations-on-new-organisation-idUSASO0004R1 |
Sectors Spiking AutoZone shares roll completely over and tank on cost concerns raised on earnings call During the call, CEO William Rhodes said he expects selling, general and administrative expenses to rise between 6.5 and 7.5 percent for fiscal year 2019 as the company raises wages. Those comments "would seem to be concerns about labor inflation and possible peak margin," says Jefferies analyst Bret Jordan. Before the call, AutoZone's stock popped as much as 6.8 percent on the back of stronger-than-expected earnings. Sergio Flores | Bloomberg | Getty Images A man walks outside an AutoZone store in Albuquerque, New Mexico.
AutoZone shares dropped more than 7 percent on Tuesday, erasing a sharp gain from earlier in the day, after worries of rising costs for the company were raised during its quarterly earnings call.
During the call, CEO William Rhodes said he expects selling, general and administrative expenses to rise between 6.5 and 7.5 percent for fiscal year 2019 as the company raises wages.
Those comments "would seem to [indicate] concerns about labor inflation and possible peak margin," Jefferies analyst Bret Jordan told CNBC in an email. Andrew Harrer | Bloomberg | Getty Images William Rhodes III, chief executive officer of AutoZone Inc., waits to begin a listening session with U.S. President Donald Trump, not pictured, Retail Industry Leaders Association, and member company chief executive officers in the Roosevelt Room of the White House in Washington, D.C.
AutoZone's Rhodes noted the changes to the company's wages were designed to "attract and retain terrific knowledgeable AutoZoners and to make sure our wages are competitive."
Before the call, AutoZone's stock popped as much as 6.8 percent on the back of stronger-than-expected earnings. The company's profit for fiscal third quarter totaled $13.42 per share, well above a Reuters forecast of $12.94.
But by 12:41 p.m. ET, it was on track to post its biggest one-day fall since Feb. 27, when it dropped more than 11 percent. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/spiking-autozone-shares-roll-completely-over-and-tank-on-cost-concerns-raised-on-earnings-call.html |
NEW YORK (AP) — "I don't even call it a bed. I kind of think of it as your grandmother."
So declares Dr. Harvey Karp, a Los Angeles pediatrician whose smart-tech baby sleeper, the Snoo, is a game-changer for some sleep-deprived parents.
The Snoo has earned rave reviews from baby gear experts and parents alike, including Ashton Kutcher and Mila Kunis. Last year, the consumer products show CES bestowed its coveted baby safety award on the invention.
The Snoo is all about swaddling. Just don't call it a bed.
In a video on his website, Papa Karp says the Snoo provides a service "more than being a thing." It gently rocks and jiggles babies from birth to 6 months old, a period he calls the "fourth trimester," when — he believes — simulating the womb environment is key to calming babies.
Babies are zipped into a mesh sleep sack after a broad cotton swaddle tightly pins the infant's arms to the side from shoulder to wrist. The sack is then secured to the Snoo's frame before the rocking and a white-noise lullaby commence.
Karp, who's also written a book, "The Happiest Baby on the Block," says infants should be soothed in 40 to 60 seconds. The Snoo increases its motion and noise based on persistent sound from the baby, until it reaches its fourth and final level. If that doesn't work, it turns off. Parents can adjust settings manually or with an app. The Snoo also comes with an organic cotton sheet and sleep sacks in three sizes.
But at $1,160, the Snoo more expensive than many rocking devices — though designer baby beds can run higher.
New York mom Kathleen Udo heard about the Snoo and "thought, 'Wow, that sounds great, sign me up,' until I looked at the price. I was, like, 'Get out of town.'"
Then her son Jack, now 3 months old, was born. Parental fatigue set in and she found a mommy friend with a Snoo to lend.
"My little terrorist over here wouldn't sleep. Even with the Snoo, we've only gotten to about four hours at a stretch at night," said Udo, who is an attorney. "I'm going back to work in mid-June and I need to be back on my A-game. The Snoo was a desperation move."
Karp says babies who aren't put in the Snoo from birth have a learning curve, and that was the case with Jack. But, says Udo, "It definitely calms him. I don't rock him anymore."
Jamee Zalewski of Denver tried the Snoo with her second child Ruby. "The mental break was really important for me," she said. "I was able to take it because I knew the Snoo's soothing would shut off if Ruby needed me. I could watch it on my phone and get an alert."
Her husband Paul, who blogs about baby gear at Fathercraft.com , said they sometimes wondered, "'Are we letting a robot do our job?' There were these moments when we would walk away after Ruby fell asleep and we'd be like, 'We should be doing something.'"
While the Zalewskis did become Snoo fans, they opted to return the device before the 30-day trial period was up. The reason: Ruby was colicky and congested and needed to sleep on an incline. The company has since added leg lifts so it can be adjusted.
Karp worked on the Snoo with engineers from the MIT Media Lab and designer Yves Behar. He says the Snoo also promotes safety, by keeping babies in the supine position recommended for sleep by the American Academy of Pediatrics, and by making it unnecessary for sleep-deprived parents to bring babies into their own beds. About 3,500 infants in the United States die suddenly and unexpectedly each year, according to the U.S. Centers for Disease and Control, and the causes include accidental suffocation in a parent's bed.
Getting babies to sleep soundly can also reduce postpartum depression and marital stress. "The No. 1 stress that new parents talk about is exhaustion," Karp said.
Karp's team works with companies offering rented Snoos to parents returning to work, foster parents and doctors treating babies born to drug-addicted mothers. He is also working on a plan to offer Snoos for rent at reasonable cost.
At the University of Kentucky Children's Hospital in Lexington, 10 Snoos are available for babies with the addiction and withdrawal condition called neonatal abstinence syndrome, in a state where 15 of every 1,000 babies is born dependent on opioids. Such babies routinely experience disrupted sleep, said Dr. Lori A. Shook, a neonatologist there. Before she stumbled on the Snoo at a pediatrics conference, she'd notice the babies in the eight-bed unit fussing terribly in their bassinets.
The Snoos are used in addition to aromatherapy and massage for calming, in a unit that focuses on families caring for their babies.
"Now on rounds I see every baby asleep in their Snoo bed," Shook said. "At first I think the nurses were leery because of the motion, but now we realize it also allows families to sleep better, and hopefully get the babies out of the hospital sooner and with less medication." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-associated-press-swaddle-rock-whoosh-putting-babies-to-sleep-in-the-snoo.html |
Tesla 'has to grow up,' says analyst 8:19 PM ET Wed, 2 May 2018 Elon Musk still has "a lot of stuff he needs to get right" at Tesla before exploring other opportunities, says Rebecca Lindland of Kelley Blue Book. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/02/tesla-has-to-grow-up-says-analyst.html |
(Repeats May 4 story. No change to text. The opinions expressed here are those of the author, a columnist for Reuters.)
By Jamie McGeever
LONDON, May 4 (Reuters) - U.S. corporate profit growth is outpacing European profit growth at the fastest pace on record, but the anomaly is unlikely to last.
The drivers of that divergence, such as the U.S. tax cuts, a weak dollar, and disparity between share buybacks on either side of the Atlantic are fading, and some could even reverse in the second half of the year.
Certainly, the earnings gap now is remarkable. Based on comparative 12-month forward earnings per share, it’s never been wider.
“We’ve never seen such a big gap. U.S. and European earnings have always correlated, so this is a huge anomaly,” said Martin Skanberg, a European equity portfolio manager at Schroders.
“The gap will close.”
Skanberg estimates that U.S. earnings per share are around 60-70 percent above the earnings peak in 2007, while European earnings are some 30 percent below the peak in 2007.
Just under half the companies in the MSCI EMU (European) index have reported first-quarter (Q1) results so far, and profits are up just 0.2 percent on the same period last year.
Around 80 percent of the firms listed on the U.S. S&P 500 have reported Q1 results, and earnings growth is running at 26 percent.
Charlie Bilello at Pensions Partners reckons U.S. earnings are growing even faster, at a 30 percent rate. That’s the fastest pace of year on year growth in more than seven years.
Yet Q1 this year will be the peak for U.S. earnings growth.
The rise in U.S. Treasury yields to multi-year highs is altering the so-called equity risk premium, essentially the extra yield investors are paid to buy relatively risky equities over safer fixed income.
With 10-year U.S. Treasury yields on the rise and now offering investors a pretty juicy 3 percent, the U.S. equity risk premium is under pressure.
It’s a different story in the euro zone - bond yields are considerably lower, meaning equities offer a far more attractive return. Assuming ‘ceteris paribus’, equity risk premia suggest European stocks are more appealing than U.S. equities.
Of course, everything else never does remain the same, and one of the most important variables for international money managers is the euro/dollar exchange rate.
Last year, the dollar fell 12 percent against the euro, its worst year since 2003. This boosted the dollar value of U.S. profits accrued overseas, and at the same time had the opposite impact on European firms’ profitability.
The dollar now appears to be in the early stages of a reversal, rebounding 4 percent in the last three weeks to its highest since January. Wall Street is feeling the pinch, slipping nearly 4 percent over the last three weeks.
If the dollar continues to drift higher and the euro lower, the impact on relative profitability should continue to favour Europe over Wall Street.
Another area where the European market could be poised to follow the U.S. lead is share buybacks. Since 2010, S&P 500 companies have spent nearly $4 trillion on share buybacks, according to S&P Dow Jones Indices.
This has had a massive impact on Wall Street. And with Apple leading the way with its $23.5 billion buyback in Q1 and targeting up to $100 billion in future repurchases, 2018 is on track to be another record year.
But Europe could finally be about to play catch up.
Skanberg at Schroders estimates European firms are sitting on some 900 billion euros of cash, or over $1 trillion. Much of that is in negative-yielding, short-term debt that could be used for investing, M&A, or share buybacks, he argues.
Reporting by Jamie McGeever; Graphics by Helen Reid and Jamie McGeever; Editing by Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets-stocks/rpt-column-widest-ever-u-s-european-earnings-gap-set-to-narrow-mcgeever-idUSL8N1SB5DK |
SAO PAULO, May 28 (Reuters) - Brazilian sugar mills and sugarcane suppliers in São Paulo state are expected to halt production due to protests by truckers against high fuel prices that have blocked major highways across the country.
Sugarcane industry group UNICA predicted on Monday that all mills in the key sugar production state of São Paulo would grind to a halt in 24 hours because the effects of the truckers’ protest were continuing, even though a truckers’ association said that it had told drivers to return to work.
The government agreed on Sunday to cut taxes and offer subsidies to reduce diesel prices at the pump.
The situation will affect São Paulo’s 150 mills and 14,000 sugarcane suppliers, UNICA said. About 60 percent of Brazil’s ethanol and sugar is produced in the state.
“The scenario is worrying,” UNICA said in a statement, noting that mills will face a rise in costs as a result of the stoppage. It estimates the stalled businesses will lose a total 180 million reais ($48 million) in sales per day.
Overall, Brazil’s center-south, the world’s largest sugarcane belt, will reduce crushing by 25 percent, or 10.9 million tonnes, in the second half of May, consultancy INTL FCStone said on Monday, because of the effects of the truckers’ protests.
The number of mills halted in Brazil’s center-south, which includes São Paulo, could rise from 220 on Monday to 340 by Thursday if the protests continue, said trade group Fórum Nacional Sucroenergético.
The situation adds to the woes of domestic biofuel and sugar companies that in recent years have grappled with high debt, highly-regulated fuel markets and lower prices.
The truck protest caused gas stations and airports to run out of fuel, while supermarket shelves went bare and hospitals said they were running out of supplies. Companies and farmers in Brazil, a major exporter of staple commodities like sugar, soy and meat, were also unable to deliver goods to ports for export due to the road blocks.
UNICA also said some mills had their sugarcane fields set on fire during the protests. The mills were targeted after trying to deliver ethanol to guarantee minimum supplies to the population, UNICA said.
“The fires will mean an additional loss of revenue,” UNICA said. ($1 = 3.7319 reais) (Reporting by José Roberto Gomes Writing by Ana Mano, Editing by Rosalba O’Brien)
| ashraq/financial-news-articles | https://www.reuters.com/article/brazil-transport-sugar/brazil-sugar-farmers-cane-crushers-to-halt-work-due-to-trucker-strike-idUSL2N1SZ0YX |
NEW DELHI (Reuters) - A prominent leader of India’s opposition Congress party, Shashi Tharoor, on Monday rejected police charges against him for abetment in the suicide of his wife in a case that has led to political mudslinging.
Tharoor’s wife, Sunanda Pushkar, was found dead in a Delhi hotel in January 2014, prompting an investigation by city police. Her death came days after she was involved in a row with a Pakistani woman journalist over Twitter.
On Monday, Delhi police said Pushkar’s death was a case of suicide and brought charges against her husband for abetment and cruelty, a police officer said. The officer declined to be identified in line with service rules.
Tharoor, who also served at the United Nations, dismissed the charges and said he would fight them.
“I have taken note of the filing of this preposterous charge sheet and intend to contest it vigorously. No one who knew Sunanda believes she would ever have committed suicide, let alone abetment on my part,” Tharoor on Twitter.
“If this is the conclusion arrived at after more than four years of investigation, it does not speak well of the methods or motivations of the Delhi Police.”
He did not respond to a Reuters message seeking comment.
Tharoor, a former foreign and human resource development minister in the previous Congress party-led government, married Pushkar in late 2010, the third marriage for both of them.
Under Indian law, a magisterial inquiry is automatic if a woman dies within seven years of marriage. Subramaniam Swamy, a leader of the ruling Bharatiya Janata Party, went to court demanding a special investigation into Pushkar’s death.
The Congress party said on Monday it stood by Tharoor and accused its rivals of playing politics.
Reporting by Suchitra Mohanty and Mayank Bhardwaj; Editing by Sanjeev Miglani, Robert Birsel
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May 25, 2018 / 10:09 PM / Updated 13 hours ago Rugby - Moyano hat-trick spurs Jaguares to sixth successive win Reuters Staff 2 Min Read
BUENOS AIRES (Reuters) - Jaguares wing Ramiro Moyano scored a hat-trick as they beat the Sharks 29-13 for a sixth consecutive win on Friday that keeps them firmly in second place in the South African conference.
The Argentine side’s eight wins in 13 matches so far is their best performance in three seasons in Super Rugby with another three games still to play after the June international break in which most of their players will represent the Pumas.
The Sharks, who had beaten the Jaguares in their four previous meetings, had captain Ruan Botha sent off six minutes from the end for a dangerous charge on centre Matias Orlando with Moyano’s third try soon after clinching the bonus point.
Flyhalf Nicolas Sanchez put the Jaguares 3-0 up in a tight opening half hour which included two penalty misses by the Sharks before the home side’s backs began to pierce the defence.
Fullback Emiliano Boffelli found the gap and sparked a passing move involving several players before Marcos Kremer passed the ball over the defence to Moyano, who touched down under the posts.
Less than three minutes later, Moyano scored again after the Jaguares took a tap penalty close to the Sharks’ line and Sanchez’s conversion had the Argentine side 17-0 ahead.
The Sharks managed to narrow the deficit to 17-7 after a strong spell of play delivered a try by lock Botha from a lineout on the halftime hooter, with flyhalf Robert du Preez converting.
The South African side had the better of the opening 15 minutes of the second half with two Du Preez penalties reducing the arrears to four points.
But the Jaguares, having had a try by lock Guido Petti disallowed for double movement, hit back with a breakaway try set up by Moyano and scored by wing Bautista Delguy with 10 minutes remaining. Reporting by Rex Gowar; Editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-super-jaguares/rugby-moyano-hat-trick-spurs-jaguares-to-sixth-successive-win-idUKKCN1IQ34Z |
May 14, 2018 / 6:08 PM / Updated an hour ago Sturgeon quips about Donald Trump's penchant for Irn Bru Reuters Staff 1 Min Read
LONDON (Reuters) - Scotland’s leader on Monday weighed into row over the banning of Irn Bru, Scotland’s most popular soft drink, in Donald Trump’s luxury golf resort, quipping that she was sure the U.S. president liked the luminous orange drink. A bottle of Irn Bru is seen in a man's back pocket in Perthshire, Scotland, Britain May 10, 2018. REUTERS/Russell Cheyne
“I’m pretty sure Donald Trump is a lover of Irn Bru,” Scottish First Minister Nicola Sturgeon said at an event at Thomson Reuters in London.
“He is very keen to proclaim his Scottish connections, his mother was born on the Scottish islands, so I’m sure he likes Irn Bru,” Sturgeon said with a smile.
The reported ban on Irn Bru ban at Trump Turnberry, a sprawling estate on the west coast of Scotland with dramatic sea views, caused a furore in Scotland. Reporting by Guy Faulconbridge; editing by Alistair Smout | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-scotland/scotlands-leader-quips-about-donald-trumps-penchant-for-irn-bru-idUKKCN1IF2KL |
This article first appeared in Data Sheet, Fortune’s daily newsletter on the top tech news. To get it delivered daily to your in-box, sign up here .
Alan Murray here, filling in for Adam Lashinsky, who in turn is subbing for me at CEO Daily . Don’t ask us why. Just take a deep breath, and know it will all be over in five days.
My friend Michael Boskin has posted a smart piece on Project Syndicate, listing the five reasons why big tech companies—which enjoyed stunning earnings and surging stock prices last week—are going to remain at the center of Washington policy discussions in the coming decade. It’s worth a read if you want to understand why Mark Zuckerberg’s congressional testimony is the first, not the last, you’ll be seeing of tech titans on Capitol Hill—and why Jeff Bezos may put his second headquarters nearby.
The five:
1. Privacy. Europe has taken the lead on this one, with its far-reaching General Data Protection Regulation (GDPR), but the U.S. eventually will follow, perhaps adopting an affirmative “opt-in” from users before collecting their data, Boskin says.
2. Market power. The four largest U.S. firms by market capitalization are now all tech firms: Apple (aapl) , Alphabet (googl) , Microsoft (msft) , and Amazon (amzn) . (For the moment, Berkshire Hathaway has edged out Facebook (fb) for fifth place.) An anti-trust regime that finds problems with the AT&T-Time Warner merger, as the government now does, can’t ignore the dominance those four have in the economy.
3. Control of information. Current controversies over “fake news,” Russian interference in the election, and bias in online news all underscore the fact that Google and Facebook have replaced traditional media in providing many people the information they need to be effective citizens. That role has always been accompanied by public obligations.
4. Concentration of wealth. The success of the tech giants has not only made their owners among the world’s wealthiest, but also benefitted their employees disproportionately as well, in stark contrast to decades of slow wage growth for the median worker. While policies to address distributional concerns “should not suppress entrepreneurship or discourage work, saving, or investment,” says Boskin, they will be hard to avoid.
5. National security. The increasing sophistication of cyber warfare, as well as China’s “alleged theft of intellectual property and forced technology transfers,” are another reason tech firms will increasingly find themselves in policy makers sights—as demonstrated by recent U.S. action against China’s ZTE and China’s blocking of Qualcomm’s acquisition of NXP.
Boskin, an advisor in George H.W. Bush’s administration, is certainly no regulatory zealot, so Silicon Valley should take heed of his prediction.
By the way, Boskin didn’t write his piece in list form; I did that. If you, like me and Marc Andreessen, among others, are a believer in the power of lists, you should definitely read the Journal’s delightful “ahed” on the topic published Saturday. | ashraq/financial-news-articles | http://fortune.com/2018/04/30/big-tech-company-politics/ |
NEW YORK, May 15, 2018 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Ormat Technologies, Inc. ("Ormat" or the "Company") (NYSE: ORA). Such investors are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/ora .
The investigation concerns whether Ormat and certain of its officers and/or directors have violated federal securities laws.
On May 11, 2018, Ormat disclosed that the Company would delay the filing of its Quarterly Report for the period ended March 31, 2018, stating that "management has identified an error in the Company's financial statement presentation of deferred income tax assets and deferred income tax liabilities that affects the Company's balance sheets in previous reporting periods." Ormat further disclosed that "the Company is evaluating the impact of this error on its consolidated financial statements and the extent to which the Company's annual and quarterly consolidated financial statements filed in previous periods require revision or amendment." On this news, Ormat's share price fell $3.42, or 6.09%, to close at $52.77 on May 14, 2018.
If you are aware of any facts relating to this investigation, or purchased Ormat shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/ora . You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/shareholder-alert-bronstein-gewirtz--grossman-llc-announces-investigation-of-ormat-technologies-inc-ora-300648770.html
SOURCE Bronstein, Gewirtz & Grossman, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-shareholder-alert-bronstein-gewirtz-grossman-llc-announces-investigation-of-ormat-technologies-inc-ora.html |
LONDON (Thomson Reuters Foundation) - Britain must invest more in local organisations delivering public services to heal a divided, post-Brexit society, the culture minister said on Wednesday, outlining plans to boost government spending on businesses with a social mission.
FILE PHOTO: Britain's Secretary of State for Digital, Culture, Media and Sport Matt Hancock leaves 10 Downing Street with a new refillable coffee cup in London, January 16, 2018. REUTERS/Hannah McKay The government wants to increase small and ethical businesses’ share of some 45 billion pounds ($61 billion) it spends each year on goods and services, currently dominated by a handful of large firms.
“We know the vote to leave the EU was itself the outcome of a divided society,” Matt Hancock said at a briefing, referring to the 2016 decision to leave the European Union.
“Deliberate action is required to help people take back control, not just of our national borders or our global trade, but of their own communities.”
Hancock’s Department for Digital, Culture, Media and Sport is preparing to launch a strategy to support charities and other civil society groups, which have been hit by cuts to public services aimed at reducing Britain’s budget deficit.
Britain is seen as a global leader in the innovative social enterprise sector, with about 70,000 ethical businesses employing nearly 1 million people, according to Social Enterprise UK, which represents the growing sector.
The government has backed social enterprises, for example with a 2012 law that encourages government procurement officers to consider the social and environmental impact of contracts they award rather than just going with the lowest bid.
The law led Sunderland Council in northern England to sign a contract with Station Taxis, which supports drivers that it works with to take maths and English courses, a government review found.
It also helped another social enterprise, London Early Years Foundation Nursery, win a contract to provide childcare for parliamentarians’ children, using its profits to offer almost half of its nursery places for free.
Hancock said his department is exploring how to ensure the law delivers on “its revolutionary promise” which has not yet been met.
Only 11 percent of local authorities consulted mentioned the law in their procurement strategy, the 2015 review said.
“I believe strongly in business as a force for good,” Hancock said. “We need business to adapt to a new, more empowered, more values-driven age.”
The government will also invest more in social impact bonds, also known as pay-for-performance contracts, which funnel private capital into social projects usually funded by governments and charities, Hancock said.
($1 = 0.7410 pounds)
Reporting by Lee Mannion @leemannion, Editing Katy Migiro. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-services-politics/britain-to-invest-in-ethical-local-businesses-to-heal-brexit-wounds-idUSKCN1IH2M8 |
Third Quarter Revenue Increased 12.3% Year over Year
Raises Midpoint of 2018 Guidance Range for Adjusted Earnings Per Share
2018 Initiatives Driving Sequential Revenue Growth
SALT LAKE CITY, May 09, 2018 (GLOBE NEWSWIRE) -- LifeVantage Corporation (Nasdaq:LFVN) today reported financial results for its third quarter ended March 31, 2018.
Third Quarter Fiscal 2018 Summary:
Revenue increased 12.3% to $50.6 million year over year and 2.2% sequentially; Revenue in the Americas increased 10.6% and revenue in Asia/Pacific & Europe increased 18.0% including a 10.1% increase in Japan, both on a year over year basis. On a sequential basis, all geographical regions generated growth, with the exception of Japan, which followed its typical seasonal pattern from the second to third quarter; Active independent distributors stayed consistent and active preferred customers decreased 0.9% year over year and increased on a sequential basis 1.6% and 1.9%, respectively; Adjusted EBITDA increased 109.8% year over year to $3.4 million; Earnings per diluted share were $0.12, up from $0.00 in the prior year period; and Adjusted earnings per diluted share were $0.12, up from $0.03 in the prior year period.
”We are pleased to report stronger third quarter sales growth on both a sequential and year over year basis,” stated LifeVantage President and Chief Executive Officer Darren Jensen. “We are beginning to see the benefits of our 2018 key initiatives, which are driving sales growth and improvements in our key metrics. March was the highest recruitment month in three years and retention of both distributors and preferred customers increased during the third quarter. Our Stacks product strategy is performing ahead of plan and drove a 23% increase in average order size during the third quarter. Our sales growth is delivering improved earnings and we are increasing the midpoint of our adjusted earnings per share guidance as a result. We look forward to continuing to build upon the recent success by driving each of our initiatives focused on geographical expansion, distributor and customer acquisition and increasing average order size.”
Third Quarter Fiscal 2018 Results
For the third fiscal quarter ended March 31, 2018, the Company reported revenue of $50.6 million, an increase of 12.3% as compared to $45.0 million in the third quarter of fiscal 2017. Revenue in the Americas for the third quarter increased 10.6% compared to the third quarter of fiscal 2017 and revenue in the Asia/Pacific & Europe region increased 18.0% compared to the third quarter of fiscal 2017. Revenue in Japan increased 10.1% compared to the third quarter of fiscal 2017. Revenue for the third quarter of fiscal 2018 was positively impacted $0.8 million, or 1.8%, by foreign currency fluctuations associated with revenue generated in several international markets when compared to the third quarter of fiscal 2017.
Gross profit for the third quarter of fiscal 2018 was $41.6 million, or 82.4% of revenue, compared to $36.8 million, or 81.7% of revenue, for the same period in fiscal 2017. Commissions and incentives expense for the third quarter of fiscal 2018 was $24.3 million, or 48.1% of revenue, compared to $22.8 million, or 50.8% of revenue, for the same period in fiscal 2017. Selling, general and administrative expense (SG&A) for the third quarter of fiscal 2018 was $15.0 million, or 29.7% of revenue, compared to $13.7 million, or 30.5% of revenue, for the same period in fiscal 2017.
Operating income for the third quarter of fiscal 2018 was $2.3 million, compared to $0.2 million for the third quarter of fiscal 2017. Operating income during the third quarter of fiscal 2018 included approximately $0.1 million for expenses associated with executive severance, recruiting and transition and approximately $0.1 million for expenses associated with class-action lawsuits. Adjusted EBITDA was $3.4 million for the third quarter of fiscal 2018, compared to $1.6 million for the comparable period in fiscal 2017.
Net income for the third quarter of fiscal 2018 was $1.6 million, or $0.12 per diluted share. This compares to net income for the third quarter of fiscal 2017 of $0.1 million, or $0.00 per diluted share. Adjusted for class-action lawsuit expense of $0.1 million and executive severance, recruiting and transition expenses of $0.1 million, net of $0.1 million of tax impacts of these adjustments, adjusted Non-GAAP net income was $1.8 million for the third quarter of fiscal 2018, or $0.12 per diluted share, compared to $0.4 million, or $0.03 per diluted share for the comparable period of fiscal 2017. Non-GAAP adjustments to net income during the third quarter of fiscal 2017 included executive severance, recruiting and transition expenses of $0.4 million and class-action lawsuit expense of $0.1 million, net of $0.2 million of tax impacts for these adjustments.
Fiscal 2018 First Nine Months Results
For the first nine months of fiscal 2018, the Company reported net revenue of $149.2 million, an increase of 0.2% compared to $148.8 million for the first nine months of fiscal 2017. In the first nine months of fiscal 2018, revenue in the Americas decreased 0.9%, while revenue in Asia/Pacific & Europe increased 3.7%. Revenue for the first nine months of fiscal 2018 was negatively impacted $0.1 million, or 0.1%, by foreign currency fluctuations associated with revenue generated in several international markets.
Gross profit for the first nine months of fiscal 2018 was $122.4 million, or 82.0% of revenue, compared to $124.3 million, or 83.5% of revenue, for the first nine months of fiscal 2017. Commissions and incentives expense for the first nine months of fiscal 2018 was $71.1 million, or 47.7% of revenue, compared to $72.7 million, or 48.8% of revenue, for the first nine months of fiscal 2017. SG&A for the first nine months of fiscal 2018 was $45.2 million, or 30.3% of revenue, compared to $48.7 million, or 32.7% of revenue, for the first nine months of fiscal 2017.
Operating income for the first nine months of fiscal 2018 was $6.0 million, compared to $2.9 million for the first nine months of fiscal 2017. Operating income for the first nine months of fiscal 2018 includes approximately $0.3 million for expenses associated with class-action lawsuits, approximately $0.3 million associated with executive severance, recruiting and transition expenses and approximately $0.1 million associated with non-recurring legal and accounting expenses. Operating income in the first nine months of fiscal 2017 included approximately $2.7 million for expenses associated with the audit committee review, approximately $0.6 million associated with executive severance, recruiting and transition expenses and $0.1 million associated with class-action lawsuits. Adjusted EBITDA was $9.7 million for the first nine months of fiscal 2018, compared to $9.8 million for the same period in fiscal 2017.
Net income for the first nine months of fiscal 2018 was $2.8 million, or $0.20 per diluted share, compared to $1.5 million, or $0.11 per diluted share for the first nine months of fiscal 2017. Adjusted for class-action lawsuit expenses of $0.3 million, severance, recruiting and transition expenses of $0.3 million, and non-recurring legal and accounting expenses of $0.1 million, net of $0.2 million of tax impacts of these adjustments, and $1.2 million of one-time, non-cash tax expense associated with the re-valuation of deferred tax assets to the new federal corporate tax rate, adjusted Non-GAAP net income for the first nine months of fiscal 2018 was $4.4 million, or $0.31 per diluted share. Adjusted for expenses associated with the audit committee review of $2.7 million, $0.6 million of costs for executive severance, recruiting and transition expenses and class-action lawsuit expenses of $0.1 million, net of $1.0 million of tax impacts of these adjustments, adjusted Non-GAAP net income for the first nine months of fiscal year 2017 was $3.9 million, or $0.28 per diluted share.
Balance Sheet & Liquidity
The Company generated $7.8 million of cash from operations during the first nine months of fiscal 2018 compared to $4.6 million in fiscal 2017. The year-over-year increase in cash provided by operations during fiscal 2018 primarily relates to increases in net income and favorable changes in net working capital. The Company's cash and cash equivalents at March 31, 2018 were $14.0 million, an increase of $2.5 million when compared to $11.5 million at June 30, 2017. Total debt at March 31, 2018 was $6.0 million compared to $7.4 million at June 30, 2017.
Fiscal Year 2018 Guidance
The Company is narrowing its non-GAAP adjusted earnings per diluted share guidance to a range of $0.45 to $0.50 from $0.40 to $0.50 previously disclosed. For the fourth quarter, the Company anticipates non-GAAP adjusted earnings per diluted share of $0.14 to $0.19 and anticipates that fourth quarter revenue will increase both on a sequential and year over year basis. The Company's adjusted non-GAAP earnings per diluted share guidance excludes any non-operating or non-recurring expenses that may materialize during fiscal 2018. The Company is not providing GAAP earnings per diluted share guidance for fiscal 2018 due to the potential occurrence of one or more non-operating, one-time expenses, which the Company does not believe it can reliably predict.
Conference Call Information
The Company will hold an investor conference call today at 2:30 p.m. MST (4:30 p.m. EST). Investors interested in participating in the live call can dial (800) 239-9838 from the U.S. International callers can dial (323) 794-2551. A telephone replay will be available approximately two hours after the call concludes and will be available through Wednesday, May 16, 2018, by dialing (844) 512-2921 from the U.S. and entering confirmation code 1443602, or (412) 317-6671 from international locations, and entering confirmation code 1443602.
There will also be a simultaneous, live webcast available on the Investor Relations section of the Company's web site at http://investor.lifevantage.com/events-and-presentations . The webcast will be archived for approximately 30 days.
About LifeVantage Corporation
LifeVantage Corporation is a science-based health, wellness and anti-aging company dedicated to helping people transform themselves internally and externally at a cellular level. Its scientifically-validated product lines include Protandim® Nrf2 and NRF1 Synergizers, TrueScience® Anti-Aging Skin Care Regimen, Petandim® for Dogs, AXIO® Smart Energy and the PhysIQ™ Smart Weight Management System. LifeVantage was founded in 2003 and is headquartered in Salt Lake City, Utah. For more information, visit www.lifevantage.com
Forward Looking Statements
This document contains made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words and expressions reflecting optimism, satisfaction or disappointment with current prospects, as well as words such as "believe", "hopes", "intends", "estimates", "expects", "projects", "plans", "anticipates", "look forward to", "goal", “may be”, and variations thereof, identify , but their absence does not mean that a statement is not forward-looking. Examples of include, but are not limited to, statements we make regarding the benefits of our key initiatives, future growth and expected financial performance. Such are not guarantees of performance and the Company's actual results could those contained in such statements. These are based on the Company's current expectations and beliefs concerning future events affecting the Company and involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. These risks and uncertainties include, among others, those discussed in greater detail in the Company's Annual Report on Form 10-K and the Company's Quarterly Report on Form 10-Q under the caption "Risk Factors," and in other documents filed by the Company from time to time Commission. The Company cautions investors not to place undue reliance on the contained in this document. All are based on information currently available to the Company on the date hereof, and the Company undertakes no obligation to revise or update these to reflect events or circumstances after the date of this document, except as required by law.
About Non-GAAP Financial Measures
We define Non-GAAP EBITDA as earnings before interest expense, income taxes, depreciation and amortization and Non-GAAP Adjusted EBITDA as earnings before interest expense, income taxes, depreciation and amortization, stock compensation expense, other income, net, and certain other adjustments. Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. We define Non-GAAP Net Income as GAAP net income less certain tax adjusted non-recurring one-time expenses incurred during the period and Non-GAAP Earnings per Share as Non-GAAP Net Income divided by weighted-average shares outstanding.
We are presenting Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings Per Share because management believes that they provide additional ways to view our operations when considered with both our GAAP results and the reconciliation to net income, which we believe provides a more complete understanding of our business than could be obtained absent this disclosure. Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings Per Share are presented solely as supplemental disclosure because: (i) we believe these measures are a useful tool for investors to assess the operating performance of the business without the effect of these items; (ii) we believe that investors will find this data useful in assessing shareholder value; and (iii) we use Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings Per Share internally as benchmarks to evaluate our operating performance or compare our performance to that of our competitors. The use of Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings per Share has limitations and you should not consider these measures in isolation from or as an alternative to the relevant GAAP measure of net income prepared in accordance with GAAP, or as a measure of profitability or liquidity.
The tables set forth below present Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings per Share which are non-GAAP financial measures to Net Income and Earnings per Share, our most directly comparable financial measures presented in accordance with GAAP.
Investor Relations Contacts:
Scott Van Winkle
Managing Director, ICR
(617) 956-6736
[email protected]
LIFEVANTAGE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (unaudited) (In thousands, except per share data) March 31, 2018 June 30, 2017 ASSETS Current assets 13,952 $ 11,458 Accounts receivable 1,329 1,334 Income tax receivable 280 913 Inventory, net 15,816 16,575 Prepaid expenses and deposits 7,852 5,266 39,229 35,546 Property and equipment, net 5,660 3,127 Intangible assets, net 1,148 1,247 Long-term deferred income tax asset 3,593 4,087 Other long-term assets 1,299 1,242 TOTAL ASSETS $ 50,929 $ 45,249 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 4,629 $ 4,850 Commissions payable 7,372 6,837 Income tax payable 72 215 Other accrued expenses 11,617 9,453 Current portion of long-term debt 2,000 2,000 Total current liabilities 25,690 23,355 Long-term debt Principal amount 4,000 5,500 Less: unamortized discount and deferred offering costs (35 ) (60 ) Long-term debt, net of unamortized discount and deferred offering costs 3,965 5,440 Other long-term liabilities 1,972 1,927 Total liabilities 31,627 30,722 Commitments and contingencies Stockholders' equity Preferred stock — par value $0.0001 and $0.001 per share, 5,000 and 50,000 shares authorized, no shares issued or outstanding — — Common stock — par value $0.0001 and $0.001 per share, 40,000 and 250,000 shares authorized and 14,307 and 14,232 issued and outstanding as of March 31, 2018 and June 30, 2017, respectively 1 14 Additional paid-in capital 123,955 121,599 Accumulated deficit (104,723 ) (106,992 ) Accumulated other comprehensive income (loss) 69 (94 ) Total stockholders’ equity 19,302 14,527 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 50,929 $ 45,249
LIFEVANTAGE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Nine Months Ended March 31, 2018 2017 2018 2017 (In thousands, except per share data) Revenue, net $ 50,562 $ 45,007 $ 149,171 $ 148,848 Cost of sales 8,921 8,233 26,778 24,565 Gross profit 41,641 36,774 122,393 124,283 Operating expenses: Commissions and incentives 24,320 22,843 71,124 72,679 Selling, general and administrative 15,023 13,708 45,246 48,695 Total operating expenses 39,343 36,551 116,370 121,374 Operating income 2,298 223 6,023 2,909 Other expense: Interest expense (92 ) (131 ) (357 ) (406 ) Other income (expense), net 27 (32 ) (120 ) (353 ) Total other expense (65 ) (163 ) (477 ) (759 ) Income before income taxes 2,233 60 5,546 2,150 Income tax (expense) benefit (598 ) 1 (2,777 ) (626 ) Net income $ 1,635 $ 61 $ 2,769 $ 1,524 Net income per share: Basic $ 0.12 $ — $ 0.20 $ 0.11 Diluted $ 0.12 $ — $ 0.20 $ 0.11 Weighted-average shares outstanding: Basic 14,006 13,915 13,975 13,858 Diluted 14,178 14,105 14,136 14,122
LIFEVANTAGE CORPORATION AND SUBSIDIARIES Revenue by Region (unaudited) Nine Months Ended March 31, 2018 2017 2018 2017 (In thousands) Americas $ 38,026 75 % $ 34,379 76 % $ 111,092 74 % $ 112,127 75 % Asia/Pacific & Europe 12,536 25 % 10,628 24 % 38,079 26 % 36,721 25 % Total $ 50,562 100 % $ 45,007 100 % $ 149,171 100 % $ 148,848 100 % Active Independent Distributors (1) (unaudited) As of March 31, 2018 2017 Americas 45,000 71 % 46,000 73 % Asia/Pacific & Europe 18,000 29 % 17,000 27 % Total 63,000 100 % 63,000 100 % Active Preferred Customers (2) (unaudited) As of March 31, 2018 2017 Americas 89,000 81 % 89,000 80 % Asia/Pacific & Europe 21,000 19 % 22,000 20 % Total 110,000 100 % 111,000 100 % (1) Active Independent Distributors have purchased product in the prior three months for retail or personal consumption. (2) Active Preferred Customers have purchased product in the prior three months for personal consumption only.
LIFEVANTAGE CORPORATION AND SUBSIDIARIES Reconciliation of GAAP Net Income to Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA (Unaudited) Nine Months Ended March 31, 2018 2017 2018 2017 (In thousands) GAAP Net income $ 1,635 $ 61 $ 2,769 $ 1,524 Interest Expense 92 131 357 406 Provision for income taxes 598 (1 ) 2,777 626 Depreciation and amortization 270 399 942 1,224 Non-GAAP EBITDA: 2,595 590 6,845 3,780 Adjustments: Stock compensation expense 657 277 2,110 1,792 Other (income) expense, net (27 ) 32 120 353 Other adjustments (1) 185 726 659 3,902 Total adjustments 815 1,035 2,889 6,047 Non-GAAP Adjusted EBITDA $ 3,410 $ 1,625 $ 9,734 $ 9,827 (1) Other adjustments for the three months ended March 31, 2018 include approximately $0.1 million for expenses associated with executive severance, recruiting and transition and $0.1 million for expenses associated with class-action lawsuits. Other adjustments for the three months ended March 31, 2017 include approximately $0.6 million for expenses associated with executive severance, recruiting and transition and search firm expenses and $0.1 million for expenses associated with class-action lawsuits. Other adjustments for the nine months ended March 31, 2018 include approximately $0.3 million for expenses associated with class-action lawsuits, $0.3 million for expenses associated with executive severance, recruiting and transition and $0.1 million for expenses associated with non-recurring legal and accounting. Other adjustments for the nine months ended March 31, 2017 include approximately $2.7 million for costs associated with the audit committee review, $1.1 million for executive transition and search firm expenses and $0.1 million associated with class-action lawsuits.
LIFEVANTAGE CORPORATION AND SUBSIDIARIES Reconciliation of GAAP Net Income to Non-GAAP Net Income and Non-GAAP Adjusted EPS (Unaudited) Nine Months Ended March 31, 2018 2017 2018 2017 (In thousands) GAAP Net income $ 1,635 $ 61 $ 2,769 $ 1,524 Adjustments: Executive team severance expenses, net 60 (40 ) 60 39 Executive team recruiting and transition expenses — 477 207 542 Audit committee independent review expenses — — — 2,742 Class-action lawsuit expenses 125 86 342 86 Other nonrecurring legal and accounting expenses — — 51 — Tax impact of adjustments (1) (50 ) (152 ) (207 ) (993 ) Tax expense impact of revaluation of deferred tax assets (2) — — 1,166 — Total adjustments, net of tax 135 371 1,619 2,416 Non-GAAP Net Income: $ 1,770 $ 432 $ 4,388 $ 3,940 Nine Months Ended March 31, 2018 2017 2018 2017 Diluted earnings per share, as reported $ 0.12 $ — $ 0.20 $ 0.11 Total adjustments, net of tax 0.01 0.03 0.11 0.17 Diluted earnings per share, as adjusted (3) $ 0.12 $ 0.03 $ 0.31 $ 0.28 (1) Tax impact of adjustments excludes the effect of the one-time deferred tax asset adjustment. (2) Tax impact of the remeasurement of our deferred tax assets, pursuant to the 2017 tax reform legislation. Deferred tax assets were reduced as the reversal of the underlying transactions will be deductible at the lower corporate tax rates included in the 2017 legislation. (3) May not add due to rounding.
Source:LifeVantage Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-lifevantage-announces-financial-results-for-the-third-quarter-of-fiscal-2018.html |
May 2 (Reuters) - Wireless carrier Sprint Corp, which is merging with bigger rival T- Mobile US Inc, reported a profit in the fourth quarter, compared to a year-ago loss, as it added more postpaid subscribers.
Sprint said Michel Combes will take over as Chief Executive Officer on May 31.
The company posted a profit of $69 million, or 2 cents per share, in the quarter ended March 31, compared to a loss of $283 million, or 7 cents per share, a year earlier.
Net operating revenue fell to $8.09 billion from $8.54 billion, a year earlier.
Reporting by Vibhuti Sharma in Bengaluru; Editing by Arun Koyyur
| ashraq/financial-news-articles | https://www.reuters.com/article/sprint-corp-results/sprint-reports-quarterly-profit-vs-year-ago-loss-idUSL3N1S958U |
May 18 (Reuters) - CHERRYPICK GAMES SA:
* SAID ON THURSDAY ITS PROJECT WAS CHOSEN FOR FUNDING BY THE NATIONAL CENTRE FOR RESEARCH AND DEVELOPMENT (NCBR)
* THE TOTAL COST OF THE PROJECT HAS BEEN SET AT 3.6 MILLION ZLOTYS AND THE RECOMMENDED AMOUNT OF FUNDING IS EQUAL TO THE AMOUNT REQUESTED OF 2.6 MILLION ZLOTYS
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SP14R |
Trump: Japan and S. Korea ready to pay for any military action 1 Hour Ago CNBC's Eamon Javers reports President Trump says he has spoken to South Korean and Japan and they are ready and willing to shoulder much of the cost associated by the United States if military operations become necessary against North Korea. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/trump-japan-and-s-korea-ready-to-pay-for-any-military-action.html |
May 29, 2018 / 12:46 PM / Updated 29 minutes ago Friends of the Earth says to sue Shell over climate change Reuters Staff 2 Min Read
LONDON (Reuters) - Friends of the Earth plans to file a lawsuit against Royal Dutch Shell ( RDSa.L ), accusing the oil company of failing to act on climate change, the environmental activist group said on Tuesday. A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. REUTERS/Marcos Brindicci
Shell has set out “ambitions” to halve carbon emissions by 2050 and expand in renewables, but the Anglo-Dutch company has come under pressure from investors and activists to reduce its carbon footprint and comply with the 2015 international Paris climate agreement.
Friends of the Earth informed the oil and gas company last month it planned to take legal action if Shell did not reduce investment in fossil fuels and cut greenhouse gas emissions to zero by 2050.
In response, Shell Company Secretary Linda Szymanski said in a letter, dated May 28, seen by Reuters, that the company did not believe that these claims had merit. “Nor do we consider that the courts provide the right forum to advance the global energy transition.”
A Shell spokeswoman confirmed the letter had been sent and its content.
Sam Cossar-Gilbert of Friends of the Earth International said in a statement: “Yesterday Shell rejected our demands, so now we will take them to court, formal summons will be issued shortly.”
The lawsuit will be filed in the Netherlands. Reporting by Ron Bousso. Editing by Jane Merriman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-shell-climatechange/friends-of-the-earth-says-to-sue-shell-over-climate-change-idUKKCN1IU1IH |
DURHAM, N.C., May 10, 2018 /PRNewswire/ -- MGT Capital Investments, Inc . (OTCQB: MGTI) announced the filing of its quarterly report on Form 10-Q for the period ended March 31, 2018 with the Securities and Exchange Commission yesterday. The entire document can be viewed at the Company's website or at www.sec.gov .
MGT reported revenues from bitcoin mining of $1.0 million for the first quarter of 2018 versus $312,000 in the same quarter of 2017 and compared to $1.8 million for the fourth quarter of 2017. As previously disclosed, the Company transitioned the vast majority of its mining operations to Sweden from Washington state beginning in late December 2017 and as a result had lower Bitcoin production. In addition, the sharp decline in the price of Bitcoin compounded the sequential decline in our revenue.
Net loss was $4.5 million for the first quarter of 2018 compared to $5.9 million for the first quarter of 2017. Balance sheet metrics included cash of $461,000 as of March 31, 2018 with zero debt. In this year's period, the Company invested approximately $8.0 million for additional Bitcoin miners and prepayments of electricity and hosting. On March 31, 2018, stockholders' equity stood at $9.9 million.
Robert Lowrey, Chief Financial Officer of MGT will host an investor update call on Thursday May 17, 2018 at 4:30 pm EDT. Details can be found on MGT's investor relations page of its corporate website.
About MGT Capital Investments, Inc.
Operating in facilities in northern Sweden and Washington State, MGT Capital Investments, Inc. (OTCQB: MGTI) ranks as one of the largest U.S. based Bitcoin miners. When fully deployed, MGT will own and operate approximately 7,000 Bitmain S9 miners, and 50 GPU-based Ethereum mining rigs. Further, the Company continues to execute on an expansion model to secure low cost power and grow its crypto assets materially.
For more information on the Company, please visit: http://mgtci.com
Forward–looking Statements
This press release contains forward–looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward–looking statements." All information set forth in this news release, except historical and factual information, represents forward–looking statements. This includes all statements about the Company's plans, beliefs, estimates and expectations. These statements are based on current estimates and projections, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include issues related to: rapidly changing technology and evolving standards in the industries in which the Company and its subsidiaries operate; the ability to obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new business, license and sign new agreements; the unpredictable nature of consumer preferences; and other factors set forth in the Company's most recently filed annual report and registration statement. Readers are cautioned not to place undue reliance on these forward–looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risks and uncertainties described in other documents that the Company files from time to time with the U.S. Securities and Exchange Commission.
Investor and Media Contact
Grace Livingston
[email protected]
919.973.0954
View original content with multimedia: http://www.prnewswire.com/news-releases/mgt-capital-announces-first-quarter-2018-financial-results-300646338.html
SOURCE MGT Capital Investments, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-mgt-capital-announces-first-quarter-2018-financial-results.html |
MOSCOW (Reuters) - Russia’s standards agency said on Tuesday it had been informed about the voluntary recall of 11,003 Audi ( NSUG.DE ) cars sold since last year.
FILE PHOTO: An Audi logo is pictured during the Volkswagen Group's annual general meeting in Berlin, Germany, May 3, 2018. REUTERS/Axel Schmidt The watchdog said the reason for the recall by parent Volkswagen ( VOWG_p.DE ) was a possible problem with the emergency call system.
Reporting by Vladimir Soldatkin; Writing by Tom Balmforth; Editing by Louise Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-volkswagen-recall/vw-recalls-11000-audi-cars-in-russia-watchdog-idUSKCN1IN113 |
Palestinians protest the opening of U.S. embassy in Jerusalem, Trump pledges to help China’s ZTE ‘get back into business’ and Facebook suspends 200 apps through data misuse investigation.
A Palestinian demonstrator shouts during a protest against U.S. embassy move to Jerusalem and ahead of the 70th anniversary of Nakba, at the Israel-Gaza border in the southern Gaza Strip May 14, 2018. REUTERS/Ibraheem Abu Mustafa Jerusalem
Israeli troops killed at least 28 Palestinians along the Gaza border, health officials said, as demonstrators streamed to the frontier on the day the United States prepared to open its embassy in Jerusalem.
The United States opens its embassy in Jerusalem, a move that has delighted Israel and infuriated Palestinians. The new embassy is located in a compound that cuts across the 1949 Armistice Line that separated West Jerusalem from No Man’s Land, which Israel captured in the 1967 Six Day War and has held under occupation ever since.
Israel launched celebrations on Sunday for the U.S. Embassy’s relocation to Jerusalem, a move whose break with world consensus was underscored by the absence of most envoys to the country from a reception hosted by Prime Minister Benjamin Netanyahu.
United States
President Donald Trump pledged to help ZTE Corp "get back into business, fast" after a U.S. ban crippled the Chinese technology company, offering a job-saving concession to Beijing ahead of high-stakes trade talks this week . Trump’s unexpected announcement was a stunning reversal, given Washington’s tough stance on Chinese trade practices that have put the world’s two largest economies on course for a possible trade war.
Trump administration demands in NAFTA trade negotiations meant to push auto jobs back to the United States may not be enough to spark a shift in where automakers build cars and trucks.
Commentary : Ironically, Donald Trump’s diplomatic progress in North Korea may have played a major role in his decision to withdraw from the Iran nuclear agreement, writes Maysam Behravesh . "It seems clear that, from Trump’s perspective, the Iran deal and the diplomatic advances with North Korea are closely related – and that his policy of maximum pressure is paying off."
World
Director General of MI5 Andrew Parker looks on, as he delivers a speech in central London, on the security threat facing Britain October 17, 2017. REUTERS/Stefan Rousseau Britain and the European Union must retain close security ties after Brexit to foil Islamic State militant attacks and counter Russia’s “pernicious” attempts to subvert Western democracies , the head of Britain’s domestic spy agency said.
Democratic Republic of Congo reported 39 suspected, probable or confirmed cases of Ebola between April 4 and May 13, including 19 deaths , the World Health Organization said on Monday.
A family of Islamist militants in Indonesia carried an eight-year-old into a suicide bomb attack against police in Surabaya , a day after another militant family killed 13 people in suicide attacks on three churches in the same city.
Business
Facebook has so far suspended around 200 apps in the first stage of its review into apps that had access to large quantities of user data , in a response to a scandal around political consultancy Cambridge Analytica.
U.S. oil major ConocoPhillips is preparing to sell its North Sea fields as the company focuses on shale operations in its home market, industry and banking sources said.
HSBC Holdings said it has performed the world’s first trade finance transaction using a single blockchain platform , in a push to boost efficiency in the multi-trillion-dollar funding of international trade.
Xerox has scrapped a planned $6.1 billion deal with Fujifilm in a settlement with activist investors Carl Icahn and Darwin Deason that also hands control of the U.S. photocopier giant to new management.
Reuters TV
Moqtada al-Sadr, a powerful Shi’ite cleric who has led uprisings against the U.S., is winning Iraq’s election, the electoral commission said.
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(Adds details about proxy battle, comment from Cation, background; updates share price)
By John Tilak
TORONTO, May 2 (Reuters) - Canadian energy producer Crescent Point Energy Corp is poised to win support for its director nominees based on a preliminary counting of votes, shrugging off opposition from activist investor Cation Capital, sources familiar with the matter told Reuters on Wednesday.
Final results are expected to be announced on or before Friday, when the company is holding its annual general meeting of shareholders.
The proxy fight for Crescent Point is the biggest in the Canadian energy sector in at least about four years. The outcome is being closely watched by energy investors, nursing losses after an historic slide in oil prices beginning in 2014 weighed on energy stocks.
Calgary, Alberta-based Crescent Point, whose stock has underperformed the broader market in recent years, is under pressure from Cation Capital to change its board.
With ISS supporting some of the activist’s nominees and Glass Lewis supporting the company’s choices, investors expect a close vote. The deadline for voting was 10 a.m. MDT (1600 GMT) on Wednesday.
A Crescent Point spokeswoman, Andree Morier, said the company has not received the final results but is pleased with the shareholder support for its refreshed board.
Cation Capital spokesperson Dan Gagnier said “there was a large amount of share movement leading up to the deadline. The vote is too close to call and any representation otherwise is false.”
Alberta-based Cation Capital is an investment firm founded by Sandy Edmonstone, a former deputy head of global oil and gas at Macquarie Capital.
Activism in the Canadian oil and gas sector started to pick up just before the oil price slide began. A number of activist investors were burnt by the sector downturn and have been reluctant to venture back in an environment of increasing volatility.
However, with crude oil prices rebounding in recent months, activists are taking another look at the space.
Cation, which owns a 0.3 percent stake in Crescent Point, began its public push for change at the company last month.
ISS in April recommended that shareholders vote for Cation board candidates Dallas Howe and Herbert Pinder.
Crescent Point shares were up 0.6 percent at C$11.25 in late-afternoon trading on Wednesday, while the Canadian benchmark share index was up 0.1 percent.
Shares of Crescent Point have lost 64 percent of their value in the last three years. (Reporting by John Tilak; editing by Denny Thomas, Matthew Lewis and G Crosse)
| ashraq/financial-news-articles | https://www.reuters.com/article/crescent-point-directors/update-1-canadas-crescent-point-set-to-win-support-for-director-nominees-sources-idUSL1N1S916R |
* Ford, GM rise after China cuts car import tariffs
* Banks gain on hopes of post-crisis bill being passed
* Kohl’s falls on slower-growth warning, drags retailers
* Toll Brothers disappointing results hit homebuilders
* Dow down 0.12 pct, S&P up 0.13 pct, Nasdaq up 0.07 pct (Changes comment, adds details, updates prices)
By Medha Singh
May 22 (Reuters) - U.S. stocks edged higher on Tuesday, led by financial and energy stocks, as the United States and China made progress on ironing out their trade differences and reach an agreement.
Washington neared a deal to lift its ban on U.S. firms supplying Chinese telecoms gear maker ZTE Corp, sources said on Tuesday, while Beijing said it will steeply cut import tariffs for automobiles and car parts.
That pushed up shares of Ford, General Motors and Fiat Chrysler between 0.6 percent and 1.3 percent, but the broader industrial sector dipped 0.4 percent, a day after posting its best one-day percent gain in nearly two months as the China-U.S. trade spat was put “on hold”.
The consumer discretionary index fell 0.2 percent on disappointing quarterly reports from retailer Kohl’s and homebuilder Toll Brothers.
“I don’t think today there is any news that’s particularly concerning other than disappointing guidance from Kohl’s and disappointing results from Toll Brothers,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.
“I don’t think it’s anything other than some profit taking.”
At 11:53 a.m. EDT the Dow Jones Industrial Average was down 30.45 points, or 0.12 percent, at 24,982.84, the S&P 500 was up 3.56 points, or 0.13 percent, at 2,736.57 and the Nasdaq Composite was up 4.93 points, or 0.07 percent, at 7,398.96.
Eight of the 11 major indexes were trading higher. The financials sector gained 0.9 percent on hopes that a bill aimed at easing rules, put in place after the financial crisis, could be passed into law as soon as this week, helping banks.
The energy sector advanced 0.6 percent as oil prices rose on supply concerns.
Among stocks, Micron jumped 6.7 percent after the compay announced a $10 billion share buyback program.
Steel stocks gained, led by a 3.5 percent jump in AK Steel and U.S. Steel, after the United States said it would impose steep import duties on steel products that originated in China but were shipped from Vietnam to evade anti-dumping and anti-subsidy orders.
Kohl’s tumbled 6.9 percent, weighing on other retailers, after warning of slower growth in the second half of the year. Macy’s fell 3.8 percent.
Toll Brothers sank 7.5 percent after posting disappointing quarterly profit and margins, while its comments on costs hit other homebuilders. The PHLX housing index fell 1 percent.
Advancing issues outnumbered decliners by a 1.52-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 1.27-to-1 ratio on the Nasdaq.
The S&P index recorded 29 new 52-week highs and no new lows, while the Nasdaq recorded 131 new highs and 26 new lows. (Reporting by Medha Singh in Bengaluru; Editing by Sriraj Kalluvila)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-wall-st-edges-higher-as-u-s-china-trade-talks-progress-idUSL3N1ST4KR |
May 8 (Reuters) - Antofagasta said on Tuesday it had uncovered and cleared a blockage in its Los Pelambres pipeline, which moves copper concentrates from Chile’s Coquimbo region to ports, with some knock on effects for sales and production.
The company said it expected production, measured as the quantity filtered at the port, to be impacted by about 10,000 tonnes of copper due to the blockage and sales to be impacted by some 15,000 tonnes in the six months ending June 30.
It said its full-year guidance for production remained unchanged at 705,000 tonnes to 740,000 tonnes. (Reporting by Arathy S Nair in Bengaluru; editing by Patrick Graham)
| ashraq/financial-news-articles | https://www.reuters.com/article/antofagasta-operations-los-pelrambes/antofagasta-suspends-operations-of-los-pelambres-pipeline-after-blockage-idUSL3N1SF2RT |
May 11, 2018 / 7:01 AM / Updated 38 minutes ago Chinese censorship of Eurovision prompts LGBT community outcry Christian Shepherd 3 Min Read
BEIJING (Reuters) - A Chinese broadcaster’s censorship of gay-themed content during this week’s Eurovision Song Contest has fueled an outcry among the country’s LGBT community and prompted the European Broadcasting Union to halt its relationship with the channel. FILE PHOTO: Ireland's Ryan O'Shaughnessy performs "Together" next to two male dancers during the Semi-Final 1 for Eurovision Song Contest 2018 at the Altice Arena hall in Lisbon, Portugal, May 8, 2018. REUTERS/Pedro Nunes/File Photo
Mango TV, a state broadcaster run by central China’s Hunan province that is widely viewed online, pixelated rainbow flags and cut a Tuesday performance by Irish singer Ryan O’Shaughnessy that included two male dancers portraying a gay relationship.
The broadcaster blacked-out two performances, which Chinese state tabloid the Global Times said contained tattoos and “LGBT elements”.
Many of China’s lesbian, gay, bisexual and transgender advocacy groups expressed dismay over censorship by the channel, which is known to be relatively progressive.
“Absurd! Mango TV pixelated rainbow flags,” read a headline from the Global Gay News account on China’s Twitter-like Weibo.
“Isn’t this a bit much?! Nearly twenty years ago Hunan TV first had a gay interview show... How are they now going in reverse?”, China Rainbow Media Awards, which works with Chinese media to improve LGBT coverage, said on Weibo.
The European Broadcasting Union said in an online statement this week it had terminated its relationship with Mango TV for this year’s contest.
“This is not in line with the EBU’s values of universality and inclusivity and our proud tradition of celebrating diversity through music,” the statement said.
It was not clear whether Mango TV’s censorship of the content was made independently or at the behest of regulators.
Neither Mango TV nor China’s TV and radio regulator responded to requests for comment.
The incident comes after Sina Weibo last month reversed a ban on some LGBT content in the wake of a widespread outcry online that included calls to dump Sina shares.
The company said at the time that it had been working to clean-up the internet of content banned in government censorship directives.
Under Chinese President Xi Jiping, China has ramped up controls on content in both traditional and online media, beefed up censorship regulators and increasingly holds internet giants accountable if they fail to police content strictly.
Homosexuality is not illegal in China, but activists say that conservative attitudes in some parts of society have prompted occasional government clampdowns.
Award-winning gay romance “Call Me By Your Name” was dropped from a Chinese film festival in March. Reporting by Christian Shepherd; Editing by Tony Munroe and Edwina Gibbs | ashraq/financial-news-articles | https://uk.reuters.com/article/us-china-lgbt-censorship/chinese-censorship-of-eurovision-prompts-lgbt-community-outcry-idUKKBN1IC0KB |
14 COMMENTS Malaysians go to the polls on Wednesday, and in a normal democracy the ruling coalition of Prime Minister Najib Razak would lose in a rout amid scandals and widespread defections. But the latest polling suggests the opposition in this important Southeast Asian nation will again win the popular vote but fall short of a parliamentary majority.
This would be a repeat of the 2013 election, after which Mr. Najib carried on as Prime Minister and the leader of the ruling United Malays National Organization, or UMNO. The result would show how much Mr. Najib and his party have corrupted Malaysia’s democracy with gerrymandered districts , control of the media , and race-based demagoguery .
In 2015 this newspaper broke the news that nearly $700 million from the state-owned investment fund 1MDB transited through Mr. Najib’s personal bank accounts. He said the money was a legal political donation from a Saudi royal and that most of it was returned. Malaysia’s Attorney General cleared him of wrongdoing, and no charges have been brought in Malaysia.
That didn’t stop six nations from investigating the laundering of $4.5 billion allegedly embezzled from 1MDB. The U.S. Department of Justice filed civil lawsuits to freeze more than $1.6 billion of assets, much of which was held by the friends and family of “Malaysian Official No. 1.” U.S. officials have told the Journal that Official No. 1 refers to Mr. Najib.
Initially the 1MDB case did not shake support for Mr. Najib and UMNO among rural Malays, who hold the balance of power in elections. Government control over the media meant most Malaysians were unaware of the details and heard only Mr. Najib’s denials.
But the scandal divided the UMNO elite, with several high-ranking officials leaving the party, including former Finance Minister Tun Daim Zainuddin. Former Prime Minister Mahathir Mohamad even joined the opposition coalition as its leader and has spread word of the missing money to the grassroots. He has also helped ethnic Malays overcome their mistrust of the opposition that includes ethnic Chinese.
Malaysia’s government clearly needs a housecleaning, and a growing share of its citizens agree. Mr. Najib took office as a modernizer and reformer in 2009, promising to abolish repressive colonial-era laws as well as racial preferences that benefit ethnic Malays. But amid the scandals he has fallen back on the old UMNO model of political patronage and harassment of critics in media and politics. The main opposition leader, Anwar Ibrahim, was jailed on trumped-up sodomy charges.
Mr. Najib has also been adept at manipulating American Presidents. Barack Obama indulged him in a round of golf in Hawaii in 2014 that became a useful photo-op in Kuala Lumpur. President Trump also got played when he invited Mr. Najib to the White House last year and praised him despite the “Malaysian Official No. 1” reference in the Justice lawsuit.
None of this helps American interests. If Mr. Najib wins again, he is likely to crack down further on civil liberties and continue his trend of appeasing China’s expansion in the South China Sea. Mr. Trump shouldn’t let himself be played for a fool again. | ashraq/financial-news-articles | https://www.wsj.com/articles/mr-najib-and-mr-trump-1525732011 |
May 10 (Reuters) - Novelion Therapeutics Inc:
* NOVELION THERAPEUTICS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 REVENUE $27.5 MILLION VERSUS $30 MILLION * QUARTERLY NET LOSS PER SHARE $1.76 Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-novelion-therapeutics-reports-quar/brief-novelion-therapeutics-reports-quarterly-net-loss-per-share-of-1-76-idUSASC0A1G7 |
CURITIBA, Brazil, May 16, 2018 /PRNewswire/ -- Companhia Paranaense de Energia - Copel (NYSE: ELPVY, ELP / Latibex: XCOP / B3: CPLE3, CPLE5, CPLE6), a company that generates, transmits, distributes and sells power, announces its results for the third quarter of 2017.
COPEL reported an EBITDA of R$767.8 million in 1Q18, a 23.7% increase as compared to R$1,006.1 million verified in 1Q17. This result was mainly impacted by to (i) the reduction of 32.6% in use of main distribution and transmission grid revenue, mainly due to the recognition of the adjustment of the definitive report of the Existing System Basic Network (RBSE) assets in 2017 of R$183.0 million, and (ii) the provision of R$91.2 million for compensation of 585 employees who joined the Encouraged Retirement Program - PDI (against R$7.2 million in 1Q17).
Copel's adjusted EBITDA in 1Q18 was of R$863.1 million, a 0.3% higher when compared to the adjusted EBITDA in 1Q17 (R$860.3 million) and reflects the lower energy allocation in 1Q18, due to Copel GeT's energy allocation strategy
The complete release is available at the Company's website: www.copel.com/ir
Conference Call: May 17, 2018 – THURSDAY
English:
09:00 a.m. – New York Time
Dial in number:
+1 516 300-1066
Access Code:
Copel
(Simultaneous translation into English)
Live webcast at www.copel.com/ir
View original content: http://www.prnewswire.com/news-releases/copel-records-ebitda-of-r767-8-million-in-the-first-quarter-300649284.html
SOURCE Copel - Companhia Paranaense de Energia | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-copel-records-ebitda-of-r767-point-8-million-in-the-first-quarter.html |
Palestinians clash with Israeli soldiers at the Gaza-Israel border 12:30pm EDT - 00:58
Palestinians clashed with Israeli soldiers on the last Friday (May 11) of a six-week protest at the Gaza-Israel border. Rough cut (no reporter narration).
Palestinians clashed with Israeli soldiers on the last Friday (May 11) of a six-week protest at the Gaza-Israel border. Rough cut (no reporter narration). //reut.rs/2KUbzpb | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/11/palestinians-clash-with-israeli-soldiers?videoId=425943632 |
May 9, 2018 / 2:33 PM / Updated 30 minutes ago Ocado courts global food retailers with robot army James Davey 6 Min Read
ANDOVER, England (Reuters) - As 600 robots swarm on a grid overhead, the technology boss of British online supermarket pioneer Ocado explains why its new high-tech plant has caught the attention of the world’s retail bosses who are racing to crack internet food shopping.
Supermarkets around the world are struggling to develop a sustainable system that delivers food to customers. In the last six months three of the biggest have turned to Ocado, set up by three former Goldman Sachs bankers 18 years ago.
The deals followed the development of Ocado’s 240,000 square foot distribution center in Andover, southern England, that pulls together an average order of 50 items in a matter of minutes as opposed to the several hours taken by its older centers.
Ocado says Andover, powered by its own software and hardware, is the most advanced system for online grocery on the planet. While boosting its own profitability, it also functions as a shop window to potential customers and the three deals have helped send its share price up by 117 percent in a year.
“We are talking to people across literally every continent apart from Antarctica,” said Paul Clarke, Ocado’s chief technology officer.
Last week’s 7.3 billion pounds ($9.9 billion) agreed bid by Sainsbury’s to buy Walmart’s Asda was in part a response to the growth of online retail, particularly the relentless march of Amazon.
Retailers around the world are experimenting with different ways of picking online grocery orders, seeking to balance speed with cost as ecommerce takes off for food.
Ocado’s recent partnerships have been lapped up by those investors who view it as central to the development of grocery shopping. Skeptics see only a costly and complicated venture that will never make sustained profits.
That risk is baked into the share price — Ocado trades on a ratio to current earnings of 2,258 compared with 17 for Britain’s biggest retailer Tesco. ROOKS ON A CHESSBOARD
U.S. players such as Walmart are focusing on cheaper low tech warehouses as they can afford more of them, closer to customers, rather than the high tech sheds favored by Ocado and Chinese players.
Dutch supermarket group Ahold, for example, has developed a low-cost center that has a picking rate of 135 items per hour, according to brokerage Bernstein - far slower than Ocado but without the high capital investments in technology.
Ocado has struck deals for its Ocado Smart Platform (OSP) with France’s Casino, Canada’s Sobeys and Sweden’s ICA Group so they can develop their own e-commerce operations.
Ocado will build warehouse facilities and provide all the end-to-end software - effectively offering a one-stop shop for the partners’ online grocery operations.
At the heart of the system will be replicas of the robots that can be found hidden away in Andover, racing around a grid.
The plant is Ocado’s third automated warehouse, or customer fulfillment center (CFC). Where the first two required humans to load thousands of crates traveling on miles of conveyor belts, Andover has 600 robots whizzing around at four meters a second. It will have 1,100 when at full capacity. A robotic arm undergoes trials at the Ocado CFC (Customer Fulfilment Centre) in Andover, Britain May 1, 2018. REUTERS/Peter Nicholls
The robots run on two huge extruded steel and aluminum grids - one for chilled products and another for ambient goods.
“The robots are like rooks on a chessboard,” Clarke said, adding that they are given instructions about 10 times a second and collaborate as a swarm.
Under every chess square is a stack of up to 21 containers holding groceries. Together the stacks make up the body, or “hive”, of the grid.
The robots stop on a square, lower a grabber and pick up a container. They bring the container up into a cavity in their body, then move to drop it off at another stack on a nearby square or move it to the periphery of the grid, where humans fulfill the orders by packing the goods into bags. Containers then shoot them back into the hive for despatch to customers.
Andover, where 300 people work inside the warehouse, is also proving attractive due to its size.
While it will eventually have an annual capacity of about 350 million pounds and some 65,000 orders per week, that’s still about one third of Ocado’s older site in central England.
The smaller size is appealing to those retail bosses operating in more nascent online markets, and Ocado will use the same technology but on a bigger scale at its next plant in Britain, where 42 percent of shoppers go online for at least some of their groceries, according to industry group IGD. STARTING SMALL
“We needed a solution that could scale,” said Clarke. “(Partners) may need to start small in a territory where online grocery is not as evolved,” he said.
“So rather than building a huge facility all in one go, you might want to build it more incrementally and scale-up capacity and capital investment over time.”
Ocado’s own capital expenditure has been rising – 210 million pounds is forecast for 2018, up from 160 million pounds in 2017.
Ocado’s shares have had a rollercoaster ride since listing at 180 pence in 2010. They were trading at 564 pence on Tuesday, valuing the business at 3.7 billion pounds.
Bernstein analyst Bruno Monteyne says the valuation implies 15 platform deals and 17 software deals.
For now, the company itself is confident of further success. Slideshow (19 Images)
“It took time for us to sign the first few but now we have a lot of work in progress, there’s a lot of companies that we’re talking to,” Clarke said. “We expect to sign multiple deals in the medium term.” Additional reporting by Emma Thomasson in Berlin; Editing by Kate Holton/Keith Weir | ashraq/financial-news-articles | https://in.reuters.com/article/us-ocado-technology/ocado-courts-global-food-retailers-with-robot-army-idINKBN1IA2BJ |
New state-of-the-art FusionVu application leverages 70-micron real-time resolution of the ExactVu™ micro-ultrasound system for targeted prostate biopsies
TORONTO, May 3, 2018 /PRNewswire/ - Exact Imaging ( www.exactimaging.com ), the world's leader in high resolution micro-ultrasound systems enabling real-time imaging and biopsy guidance for the prostate, announced it has received FDA 510(k) Clearance for its FusionVu™ application on the ExactVu micro-ultrasound system. FusionVu allows urologists to perform either cognitive fusion via Cognitive Assist™ or micro-ultrasound/MR fusion on the ExactVu high-resolution platform. With either approach, FusionVu enables the fastest, simplest real-time targeting of prostate biopsies - - and provides the highest real-time resolution for guidance for those prostate biopsies.
"Our goal is to provide urologists with the best information in real time so that they can visualize suspicious regions and optimally target their prostate biopsies. We are excited to have received FDA 510(k) clearance, as well as our CE mark approval for our FusionVu application," said Randy AuCoin, Exact Imaging's President and CEO. "Our growing global customer base will now have an even more comprehensive suite of applications by which to leverage the 70-micron resolution of the ExactVu platform to visualize the prostate, differentiate suspicious tissue and to guide targeted prostate biopsies in the fastest, simplest and most cost-effective manner."
The ExactVu high resolution micro-ultrasound system and the FusionVu application including Cognitive Assist are being demonstrated live from May 18 – 21, 2018 at the Exact Imaging Booth #5258 at the 2018 AUA (American Urological Association) Annual Meeting in San Francisco, CA.
FusionVu™ recently received CE marking enabling sales of the micro-ultrasound/MRI fusion application in Europe.
About Exact Imaging:
Exact Imaging ( www.exactimaging.com ) is the world's leader in high-resolution micro-ultrasound systems enabling real-time imaging and guided biopsies in the urological market for prostate cancer. Exact Imaging's ExactVu™ micro-ultrasound platform operates at 29 MHz and enables a whole new level of resolution with the benefits of ease of use, affordability, and being an extension of the current urological workflow. Using the Exact Imaging platform, urologists are able to visualize areas of interest in the prostate and specifically target biopsies at those areas. For the minority of cases where MRI might assist (i.e., prior negative biopsies), FusionVu™ is the micro-US/MRI fusion application operating on the ExactVu micro-ultrasound platform enabling cognitive (using Cognitive Assist™) and MRI fusion guided by real-time micro-ultrasound resolution. The ExactVu micro-ultrasound system has received regulatory approval in the European Union (CE Mark), the United States (FDA 510(k)) and Canada (Health Canada medical device license).
View original content: http://www.prnewswire.com/news-releases/exact-imaging-receives-fda-510k-clearance-for-adding-the-fusionvu-application-to-the-exactvu-micro-ultrasound-platform-300641552.html
SOURCE Exact Imaging | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-exact-imaging-receives-fda-510k-clearance-for-adding-the-fusionvu-application-to-the-exactvua-micro-ultrasound-platform.html |
May 7 (Reuters) - Tiptree Inc:
* Q1 EARNINGS PER SHARE $0.87 * QUARTER-END BOOK VALUE PER SHARE, AS EXCHANGED, OF $10.59, UP 4.3% COMPARED TO $10.15 AS OF MARCH 31, 2017 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-tiptree-q1-earnings-per-share-087/brief-tiptree-q1-earnings-per-share-0-87-idUSASC0A08S |
SEOUL (Reuters) - North Korea’s state-run news agency said Russian Foreign Minister Sergei Lavrov arrived in the North on Thursday at the invitation of North Korean Foreign Minister Ri Yong Ho.
FILE PHOTO: Russian Foreign Minister Sergei Lavrov speaks to the media following a meeting of President Vladimir Putin with German Chancellor Angela Merkel in the Black Sea resort of Sochi, Russia May 18, 2018. REUTERS/Sergei Karpukhin/File Photo The report did not elaborate on what Lavrov would be doing during his visit in North Korea.
Reporting by Haejin Choi; Editing by Paul Tait
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-russia/kcna-says-russian-foreign-minister-has-arrived-in-north-korea-idUSKCN1IW0B0 |
May 14, 2018 / 11:04 AM / Updated 8 hours ago WHO calls for trans fats to be eliminated within five years Reuters Staff 2 Min Read
GENEVA (Reuters) - The world could eliminate industrially-produced trans fats by 2023, the World Health Organization said on Monday, unveiling a plan that it said would prevent 500,000 deaths per year from cardiovascular disease. Director-General of the World Health Organization (WHO) Tedros Adhanom Ghebreyesus attends a news conference at their headquarters in Geneva, Switzerland, May 14, 2018. REUTERS/Denis Balibouse
Trans fats are popular with manufacturers of fried, baked and snack foods because they have a long shelf life, but they are bad for consumers, increasing heart disease risk by 21 percent and deaths by 28 percent, a WHO statement said.
“Why should our children have such an unsafe ingredient in their foods?,” WHO director general Tedros Adhanom Ghebreyesus said in the statement.
Implementing the WHO’s strategy for replacing trans fats, including promoting healthier alternatives and legislating against the harmful ingredients, would remove them from the food chain and score a major victory against heart disease, he said. Slideshow (3 Images)
Several rich countries have already virtually eliminated trans fats by putting limits on the amounts allowed in packaged foods. Some have banned partially hydrogenated oils, the main source of industrially-produced trans fats, the WHO said.
“Trans-fat is an unnecessary toxic chemical that kills, and there’s no reason people around the world should continue to be exposed,” said Tom Frieden, a former head of the U.S. Centers for Disease Control who now leads the Resolve health initiative.
Earlier this month WHO issued its first draft recommendations on trans fats since 2002, saying adults and children should consume a maximum of one percent of their daily calories in the form of trans fats. Reporting by Tom Miles; Editing by Catherine Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-health-fats/who-calls-for-trans-fats-to-be-eliminated-within-five-years-idUKKCN1IF1B4 |
May 7 (Reuters) - Shui On Land Ltd:
* APRIL CONTRACTED PROPERTY SALES AMOUNTED TO RMB416 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-shui-on-land-april-contracted-prop/brief-shui-on-land-april-contracted-property-sales-rmb416-mln-idUSFWN1SE0BD |
Now that WhatsApp founder Jan Koum has left Facebook , it's likely that the service will use more ads, according to Barclays analysts.
"We've been told by many of our checks over the last few years that 'once Jan leaves, that's when the ads show up,'" Barclays analysts said in a note on Tuesday,
WhatsApp was bought by Facebook for $19 billion in 2014, making it Facebook's largest acquisition . According to Barclays, there has been tension between the two teams about how to monetize the messaging app. Analysts predict that Koum's departure means that Facebook may take this opportunity to monetize WhatsApp more aggressively, which could include an influx of ads.
While the future of WhatsApp's business model is still unclear, Barclays points out that the app's high number of daily active users and strong engagement could increase Facebook's overall impression growth significantly.
Koum left Facebook on Monday, and the company confirmed he was not standing for re-election to the board on Tuesday. He gave no reason for his departure, but the Washington Post reported he was "worn down by the differences in approach" around a variety of issues, including ad-based revenue and data targeting.
show chapters Facebook's WhatsApp is so huge in India that one app reached 9 million users without spending a dime 7:43 PM ET Wed, 28 June 2017 | 00:46 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/jan-koum-leaving-facebook-means-ads-probably-coming-to-whatsapp.html |
MADRID (Reuters) - Members of Spanish left-wing party Podemos, born from anti-austerity protests during the financial crisis, will submit its leadership to a confidence vote after the party leader bought a house for over 600,000 euros ($705,000) near Madrid.
Podemos (We can) party members Pablo Iglesias and Irene Montero attend a press conference regarding the purchase of a house for over 600,000 euros (525,336 pounds) in Madrid, Spain, May 19, 2018. REUTERS/Stringer Critics have denounced party head Pablo Iglesias and his partner, Podemos’ spokeswoman Irene Montero, as hypocrites, saying they were betraying their leftwing principles. The couple, defending the purchase, said the home was for their own use and was not a speculative move into real estate.
Podemos, which took around a fifth of the vote in 2016’s two elections, has become one of Spain’s four main political parties, matching and sometimes overtaking the traditional left-wing party, the Socialists (PSOE), according to polls.
Podemos (We can) party members Pablo Iglesias and Irene Montero attend a press conference regarding the purchase of a house for over 600,000 euros (525,336 pounds) in Madrid, Spain, May 19, 2018. REUTERS/Stringer The couple, who are expecting twins, last week confirmed a report on OKDiario website that they had bought the house with a swimming pool and visitor’s house in the town of Galapagar, 40 km (25 miles) from Madrid.
Slideshow (3 Images) The couple had taken out a 540,000-euro, 30-year mortgage to buy the house, Iglesias said in a post on Facebook.
“We know that many Spanish families can not support a mortgage like that, even with two salaries, and that’s why we think it is so important for everyone to have decent salaries,” he said.
Iglesias critisied Spain’s then-Economy Minister Luis de Guindos for buying an apartment in Madrid for the same amount in 2012 at the height of the economic crisis sparked by a burst housing bubble that sent prices falling an average of around 40 percent.
The youth wing of far right Vox party hung a sign on the house reading “Refugees and Squatters Welcome” on Sunday, mocking the party’s stance on immigration and housing.
At a news conference announcing plans for a confidence vote late on Saturday, Iglesias and Montero said that the attacks were part of an attempt to destabilize the party.
The party’s base can vote on the couple’s future at the head of the party from May 22 to May 27, the party said in a tweet on Monday.
Editing by Sonya Dowsett and Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-spain-politics-podemos/leader-of-spains-podemos-to-face-party-vote-on-600000-euro-house-purchase-idUSKCN1IM12Z |
Performance Driven by Strength in OEM and International Businesses
Highlights:
First Quarter 2018 revenue of $69.9 million First quarter EBITDA of $2.7 million and Adjusted EBITDA of $7.8 million Completed acquisition of Zyga Technology, a leading spine-focused medical device company
ALACHUA, Fla.--(BUSINESS WIRE)-- RTI Surgical, Inc. (Nasdaq:RTIX), a global surgical implant company, reported operating results for the first quarter of 2018.
“2018 is off to a positive start with the acquisition of Zyga at the very beginning of the year and a solid financial performance this quarter,” said Camille Farhat, chief executive officer. “The continued strength of our OEM and International franchises demonstrates the importance of our overall portfolio toward the achievement of our long-term strategic goals. With our senior team in place for the first full quarter, our strategic transformation is accelerating and we continue to deliver on our commitments.”
Farhat added, “Thanks to the hard work of numerous people across the Company, we successfully completed the acquisition of Zyga Technology and are well ahead of plan on the integration. The Zyga team hit the ground running, are a strong cultural fit with RTI and have maintained their focus and positive procedural momentum. In addition to differentiated product technology supported by strong clinical evidence, we gained a tremendous team with many individuals taking broader leadership roles at RTI.”
First Quarter 2018
RTI’s worldwide revenues for the first quarter of 2018 were $69.9 million, comparable with the prior year first quarter. First quarter revenues were driven by growth in the OEM and International lines of business, which were partially offset by declines in Sports and Spine and a $3.2 million reduction from the sale of substantially all the assets of the cardiothoracic closure business completed in August 2017. Gross profit for the first quarter of 2018 was $33.7 million, or 48.2% of revenues, compared to $35.8 million, or 51.2% of revenues, in the first quarter of 2017. Gross profit for the first quarter of 2018 was impacted by an inventory charge of $1.0 million from the write-off of inventory related to our international restructuring and $0.2 million due to the purchase accounting step-up of Zyga inventory.
During the first quarter of 2018, RTI incurred non-recurring pre-tax charges to support the ongoing strategic transformation of the business. The company incurred $0.9 million in severance and restructuring charges primarily in support of initiatives to reduce the complexity of its international organizational structure; $0.1 million related to asset impairment and abandonments of certain long-term assets as part of efforts to reduce complexity and improve operational excellence; and $0.8 million in expenses related to the January 2018 acquisition of Zyga Technology to support the acceleration of growth. During the first quarter of 2017, the company incurred $4.4 million of non-recurring pre-tax charges.
Net loss applicable to common shares was $1.9 million, or $0.03 per fully diluted common share in the first quarter of 2018, compared to a net loss applicable to common shares of $2.8 million, or $0.05 per fully diluted common share in the first quarter of 2017. As outlined in the reconciliation tables that follow, excluding the impact of the various non-recurring charges, adjusted net income applicable to common shares was $0.5 million, or $0.01 per fully diluted common share in the first quarter of 2018.
Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), for the first quarter of 2018 was $7.8 million, or 11% of revenues compared with $6.5 million, or 9% of revenues for the first quarter of 2017. The increase in Adjusted EBITDA is primarily driven by the reduction in operating expenses associated with efforts to reduce complexity and increase operational excellence implemented during 2017.
Fiscal 2018 Outlook
Based on our recent financial results and current business outlook, the Company is reiterating financial guidance for 2018, originally issued on January 5, 2018:
The Company expects full year revenues in the range of $280 million and $290 million. The Company expects full year Adjusted EBITDA to be in the range of $32 million to $38 million.
Farhat explained, “As we continue to reduce the complexity of our operations, we remain committed to evaluating our portfolio and exploring partnership opportunities with organizations that are well positioned to be better stewards of selected assets. Our efforts to drive operational excellence focus on implementing lean manufacturing across facilities, as we continue to strengthen the organization and invest in the company. With our senior team in place and now operating efficiently, I am shifting more of my energy towards accelerating growth, by starting to rebuild the R&D pipeline and actively seeking attractive M&A opportunities at logical valuations.”
The Company noted the following assumptions are included in its guidance:
Relatively stable market conditions and regulatory environment; Positive revenue contribution from the acquisition of Zyga Technology – announced January 4, 2018; Ongoing positive impact of efforts to reduce complexity and implement operational excellence; and Continued marketing of map3® cellular allogeneic bone graft and minimal negative revenue impact related to recent FDA warning letter.
Conference Call
RTI will host a conference call and audio webcast at 9:00 a.m. ET today. The conference call can be accessed by dialing (877) 383-7419 (U.S.) or (760) 666-3754 (International). The webcast can be accessed through the investor section of RTI’s website at www.rtix.com . A replay of the conference call will be available on RTI’s website for one month following the call.
About RTI Surgical, Inc.
RTI Surgical is a leading global surgical implant company providing surgeons with safe biologic, metal and synthetic implants. Committed to delivering a higher standard, RTI’s implants are used in sports medicine, general surgery, spine, orthopedic and trauma procedures and are distributed in nearly 50 countries. RTI has four manufacturing facilities throughout the U.S. and Europe. RTI is accredited in the U.S. by the American Association of Tissue Banks and is a member of AdvaMed. For more information, please visit www.rtix.com .
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations, estimates and projections about our industry, our management's beliefs and certain assumptions made by our management. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, except for historical information, any statements made in this communication about anticipated financial results, growth rates, new product introductions, future operational improvements and results or regulatory actions or approvals or changes to agreements with distributors also are forward-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties, including the risks described in public filings with the U.S. Securities and Exchange Commission (SEC). Our actual results may differ materially from the anticipated results reflected in these forward-looking statements. Copies of the company's SEC filings may be obtained by contacting the company or the SEC or by visiting RTI's website at www.rtix.com or the SEC's website at www.sec.gov .
RTI SURGICAL, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited, in thousands, except share and per share data) Three months ended March 31, 2018 2017 Revenues $ 69,890 $ 69,939 Costs of processing and distribution 36,208 34,160 Gross profit 33,682 35,779 Expenses: Marketing, general and administrative 28,389 29,671 Research and development 3,421 3,688 Severance and restructuring costs 884 4,403 Asset impairment and abandonments 129 - Acquisition and integration expenses 800 - Total operating expenses 33,623 37,762 Operating income (loss) 59 (1,983 ) Total other expense - net (775 ) (799 ) Loss before income tax (provision) benefit (716 ) (2,782 ) Income tax (provision) benefit (249 ) 910 Net loss (965 ) (1,872 ) Convertible preferred dividend (966 ) (910 ) Net loss applicable to common shares $ (1,931 ) $ (2,782 ) Net loss per common share - basic $ (0.03 ) $ (0.05 ) Net loss per common share - diluted $ (0.03 ) $ (0.05 ) Weighted average shares outstanding - basic 63,150,009 58,495,796 Weighted average shares outstanding - diluted 63,150,009 58,495,796 RTI SURGICAL, INC. AND SUBSIDIARIES Reconciliation of Net Loss Applicable to Commons Shares to Adjusted EBITDA (Unaudited, in thousands) Three Months Ended March 31, 2018 2017 Net loss applicable to common shares $ (1,931) $ (2,782) Interest expense, net 824 819 Provision (benefit) for income taxes 249 (910) Depreciation 2,623 2,672 Amortization of intangible assets 961 896 EBITDA 2,726 695 Reconciling items impacting EBITDA Preferred dividend 966 910 Non-cash stock based compensation 1,280 834 Foreign exchange gain (49) (20) Other reconciling items * Inventory obsolescence charge 1,023 - Inventory purchase price adjustment 206 - Severance and restructuring costs 884 4,070 Acquisition and integration expenses 800 - Adjusted EBITDA $ 7,836 $ 6,489 Adjusted EBITDA as a percent of revenues 11% 9% * See explanations in Use of Non-GAAP Financial Measures section later in this release. RTI SURGICAL, INC. AND SUBSIDIARIES Reconciliation of Net Loss Applicable to Common Shares and Net Loss Per Diluted Share to Adjusted Net Income Applicable to Common Shares and Adjusted Net Income Per Diluted Share (Unaudited, in thousands except per share data) Three Months Ended March 31, 2018 March 31, 2017 Net Net (Loss) Income Amount (Loss) Income Amount Applicable to Per Diluted Applicable to Per Diluted Common Shares Share Common Shares Share As reported $ (1,931) $ (0.03) $ (2,782) $ (0.05) Severance and restructuring costs 884 0.01 4,403 0.07 Inventory purchase price adjustment 206 0.00 - - Inventory obsolescence charge 1,023 0.02 - - Acquisition and integration expenses 800 0.01 - - Tax effect on adjustments (493) (0.01) (1,482) (0.03) Adjusted * $ 489 $ 0.01 $ 139 $ 0.00 * See explanations in Use of Non-GAAP Financial Measures section later in this release. Amount Per Diluted Share may not foot due to rounding. Use of Non-GAAP Financial Measures
To supplement the Company’s unaudited condensed consolidated financial statements presented on a GAAP basis, the Company discloses certain non-GAAP financial measures that exclude certain amounts, including EBITDA, Adjusted EBITDA, Adjusted Net Income Applicable to Common Shares and Adjusted Net Income per Common Share - Diluted. The calculation of the tax effect on the adjustments between GAAP net loss applicable to common shares and non-GAAP net income applicable to common shares is based upon our estimated annual GAAP tax rate, adjusted to account for items excluded from GAAP net loss applicable to common shares in calculating Adjusted Net Income Applicable to Common Shares-Diluted. A reconciliation of the non-GAAP financial measures to the corresponding GAAP measures is included in the tables listed above.
The following is an explanation of the adjustments that management excluded as part of adjusted measures for the three-month periods ended March 31, 2018 and 2017 as well as the reason for excluding the individual items:
Severance and restructuring costs – This adjustment represents costs relating to the reduction of our organizational structure. Management removes the amount of these costs from our operating results to supplement a comparison to our past operating performance.
Acquisition and integration expenses – This adjustment represents charges relating to acquisition and integration expenses due to the purchase of Zyga. Management removes the amount of these costs from our operating results to supplement a comparison to our past operating performance.
Inventory purchase price adjustment – This adjustment represents the purchase price effects of acquired Zyga inventory that was sold during the three months ended March 31, 2018. Management removes the amount of these costs from our operating results to supplement a comparison to our past operating performance.
Inventory obsolescence charge – This adjustment represents charges relating to inventory obsolescence due to the rationalization of our international distribution infrastructure. Management removes the amount of these costs from our operating results to supplement a comparison to our past operating performance.
Material Limitations Associated with the Use of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net Income Applicable to Common Shares and Adjusted Net Income per Common Share - Diluted should not be considered in isolation, or as a replacement for GAAP measures.
Usefulness of Non-GAAP Financial Measures to Investors
The Company believes that presenting EBITDA, Adjusted EBITDA, Adjusted Net Income Applicable to Common Shares and Adjusted Net Income per Common Share - Diluted in addition to the related GAAP measures provide investors greater transparency to the information used by management in its financial decision-making. The Company further believes that providing this information better enables the Company’s investors to understand the Company’s overall core performance and to evaluate the methodology used by management to assess and measure such performance.
RTI SURGICAL, INC. AND SUBSIDIARIES Condensed Consolidated Revenues (Unaudited, in thousands) For the Three Months Ended March 31, 2018 2017 Revenues: (In thousands) Spine $ 19,263 $ 20,338 Sports 13,435 14,676 OEM 30,120 25,142 International 7,072 6,632 Cardiothoracic - 3,151 Total revenues $ 69,890 $ 69,939 RTI SURGICAL, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited, in thousands) March 31, December 31, 2018 2017 Assets Cash $ 13,812 $ 22,381 Accounts receivable - net 41,594 35,081 Inventories - net 106,694 111,927 Prepaid and other assets 16,192 16,285 Total current assets 178,292 185,674 Property, plant and equipment - net 79,150 79,564 Goodwill 65,254 46,242 Other assets - net 37,898 34,426 Total assets $ 360,594 $ 345,906 Liabilities and Stockholders' Equity Accounts payable $ 14,740 $ 18,252 Accrued expenses and other current liabilities 27,834 30,478 Current portion of long-term obligations 4,268 4,268 Total current liabilities 46,842 52,998 Deferred revenue 4,448 3,741 Long-term liabilities 62,140 43,507 Total liabilities 113,430 100,246 Preferred stock 64,935 63,923 Stockholders' equity: Common stock and additional paid-in capital 425,324 425,132 Accumulated other comprehensive loss (5,936 ) (6,329 ) Accumulated deficit (237,159 ) (237,066 ) Total stockholders' equity 182,229 181,737 Total liabilities and stockholders' equity $ 360,594 $ 345,906 RTI SURGICAL, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited, in thousands) Three Months Ended March 31, 2018 2017 Cash flows from operating activities: Net loss $ (965 ) $ (1,872 ) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Depreciation and amortization expense 3,584 3,568 Stock-based compensation 1,280 834 Amortization of deferred revenue (1,217 ) (1,274 ) Other items to reconcile to net cash (used in) provided by operating activities (4,131 ) 8,321 Net cash (used in) provided by operating activities (1,449 ) 9,577 Cash flows from investing activities: Purchases of property, plant and equipment (2,118 ) (3,283 ) Patent and acquired intangible asset costs (330 ) (319 ) Acquisition of Zyga Technology (21,000 ) - Net cash used in investing activities (23,448 ) (3,602 ) Cash flows from financing activities: Proceeds from long-term obligations 20,000 2,000 Payments on long-term obligations (5,125 ) (4,250 ) Other financing activities 1,394 (34 ) Net cash provided by (used in) financing activities 16,269 (2,284 ) Effect of exchange rate changes on cash and cash equivalents 59 58 Net (decrease) increase in cash and cash equivalents (8,569 ) 3,749 Cash and cash equivalents, beginning of period 22,381 13,849 Cash and cash equivalents, end of period $ 13,812 $ 17,598
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005165/en/
RTI Surgical, Inc.
Media Contact:
Molly Poarch
+1 224-287-2661
[email protected]
or
Investor Contact:
Nathan Elwell
+1 847-530-0249
[email protected]
Source: RTI Surgical, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-rti-surgical-announces-first-quarter-2018-results.html |
The U.S. is producing more oil than ever, but when it comes to pulling the strings of the market, Saudi Arabia is still king.
Oil is flowing from shale fields at a record pace, propelling U.S. output to roughly double in a decade. That remarkable growth had led some observers to pronounce the U.S. the new swing producer in the market—a mantle long held by Saudi Arabia.
Yet... | ashraq/financial-news-articles | https://www.wsj.com/articles/shale-surges-but-oil-market-power-swings-back-to-saudis-1527505201 |
Amazon may have catapulted Jeff Bezos to a $131 billion net worth and made him the richest person alive. But in a recent forum on leadership , the billionaire says that the most important work he's doing now is actually with Blue Origin, his space company.
"You don't choose your passions, your passions choose you," he says of his commitment to space exploration. "All of us are gifted with certain passions, and the people who are lucky are the ones who get to follow those things."
In fact, he says, identifying your passion is central to the career advice he gives his interns, young employees, and four children: "You can have a job, or you can have a career, or you can have a calling," he says. "And if you can somehow figure out how to have a calling, you have hit the jackpot, cause that's the big deal."
According to the billionaire, most people never realize their true calling. In fact, many are lucky to have a career, while most just end up with a job.
Bezos explains that for him, space travel has always been his calling. As a 5-year-old child he was interested in rockets, space travel and propulsion and says that through the years he has spent a "tremendous" amount of time thinking about space.
He notes that while many people want to establish a civilization elsewhere in the solar system as a backup for when the Earth is destroyed, he finds that argument to be "incredibly unmotivating."
"We have now sent robotic probes to every planet," says Bezos. "Believe me, this is the best one."
The billionaire's reasoning is that civilization will eventually need unlimited resources, like energy, to support the rapidly growing human race. "The solar system could easily support a trillion humans," he says. "If you had a trillion humans, then you'd have a thousand Mozarts and a thousand Einsteins."
Bezos adds that this would be an "incredible" civilization for future generations to live in, and this vision is one that he wants to be part of. "It's not like I really have a choice to follow this passion," says the billionaire. "It has captured me."
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Don't miss: Amazon CEO Jeff Bezos: Focusing on the present is no way to run a business
show chapters Jeff Bezos describes the critical business skill he learned from ranch life 5:17 PM ET Tue, 21 Nov 2017 | 02:44 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/jeff-bezos-gives-this-career-advice-to-young-employees.html |
AMD and Nvidia shares will rise as the two chip companies benefit from promising secular growth technology trends, according to a Wall Street firm.
Cowen initiated coverage on AMD shares with an outperform rating, predicting market share gains for the company's server chips.
"While AMD server sales have taken several quarters to materially ramp, we anticipate an inflection during 2H18 when OEM sales should complement cloud growth," analyst Matthew Ramsay said in a note to clients Thursday. "We remain confident the impressive roster of cloud and OEM engagements including Dell, HP, Lenovo, Baidu, Microsoft Azure, Tencent, JD.com, Cray, and others will yield strong growth."
show chapters AMD issues stronger-than-expected Q2 revenue guidance 7:23 PM ET Wed, 25 April 2018 | 00:27 Ramsay started his price target from AMD shares at $18, representing 40 percent upside to Thursday's close.
He also initiated coverage for Nvidia shares with an outperform rating, saying the chipmaker will dominate the autonomous driving and artificial intelligence markets.
"While datacenter and gaming/crypto understandably garner the majority of investor focus, we believe NVIDIA's auto computing business is on the cusp on significant high-margin growth," Ramsay said in the note. "In our view, no silicon company has the breadth of solutions and partnerships that NVIDIA has accumulated for end-to-end autonomous driving solutions. … We view NVIDIA as the premier AI-driven growth story in semis and possibly the tech industry."
The analyst gave a price target of $325 for Nvidia shares, representing 31 percent upside to Thursday's close.
Shares of AMD are up 2.7 percent in early trading Friday after the report, while Nvidia's stock is up 1.4 percent.
— CNBC's Michael Bloom contributed to this story.
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/amd-nvidia-shares-to-soar-on-autonomous-driving-cloud-chips-cowen.html |
ROCHESTER, N.Y., May 08, 2018 (GLOBE NEWSWIRE) -- Broadstone Net Lease, Inc. (“BNL,” ”we,” or ”us”), a privately offered real estate investment trust (“REIT”) managed by Broadstone Real Estate, LLC (“Broadstone”), today filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 (the “Q1 2018 10-Q”), which is available free of charge on the public website of the Securities and Exchange Commission (“SEC”) and on our website at http://investors.bnl.broadstone.com .
“ Broadstone Net Lease experienced exceptional performance during the first quarter of 2018, driven by the strong and accretive acquisition volume experienced throughout 2017, and exceptional portfolio performance via high occupancy levels, continued strong rent collections, and best-in-class annual rent escalations, combined with prudent capital and balance sheet management,” said Chris Czarnecki, BNL’s Chief Executive Officer. “As a result of implementing a monthly cap on new equity raises last November, we have been able to more closely match fund new acquisitions and move BNL’s leverage profile towards a consistent and optimal level while maintaining the discipline and conservatism that is key to our status as an investment grade borrower in the REIT space. “ Czarnecki continued, “ During the quarter the REIT made two acquisitions, further diversifying the portfolio and strengthening the quality of our underlying tenant base. We are excited about the depth of our acquisition pipeline and anticipate continued growth in the REIT’s holdings during the coming quarters. We also continued to dispose of non-core assets to realize gains for investors and improve the overall quality of the portfolio .”
OPERATING HIGHLIGHTS
During the three months ended March 31, 2018, we:
Increased revenues to $55.6 million, representing growth of 31.8% compared to the three months ended March 31, 2017. Generated earnings per diluted share (on a GAAP basis, as defined below), including amounts attributable to noncontrolling interests, of $0.92. Generated funds from operations (“FFO”) and adjusted funds from operations (“AFFO”), both of which are non-GAAP financial measures, of $1.68 and $1.46 per diluted share, respectively. Subsequent to quarter end, the Independent Directors Committee of our Board of Directors approved increasing the Determined Share Value (“DSV”) to $83.00 per share, from $81.00 per share, which will remain in effect through July 31, 2018. Closed two real estate acquisitions totaling $100.5 million, excluding capitalized acquisition expenses, adding 27 new properties at a weighted average initial cash capitalization rate of 6.4%. The properties acquired had a weighted average remaining lease term of 17.6 years at the time of acquisition with weighted average annual rent increases of 1.9%. Disposed of five properties for $15.7 million, at a gain of $3.3 million above carrying value. These properties represented approximately 0.6% of our December 31, 2017 portfolio value. Received $57.0 million in subscription proceeds from new and existing stockholders. As of the end of the quarter there were 2,741 common stockholders and 52 holders of noncontrolling membership units in Broadstone Net Lease, LLC (the “Operating Company”). Collected more than 99% of rents due and maintained a 100% leased portfolio.
FFO and AFFO are performance measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We present these non-GAAP measures as we believe certain investors and other users of our financial information use them as part of their evaluation of our historical operating performance. Please see our discussion below under the heading “Reconciliation of Non-GAAP Measures,” which includes a discussion of the definition, purpose, and use of these non-GAAP measures as well as a reconciliation of each to the most comparable GAAP measure, and “Notice Regarding Non-GAAP Financial Measures.”
FINANCIAL RESULTS
For the three months ended March 31, (in thousands, except per share data) 2018 2017 Revenues $ 55,589 $ 42,185 Net income, including non-controlling interests $ 18,995 $ 13,747 Net earnings per diluted share $ 0.92 $ 0.81 FFO $ 34,858 $ 27,537 FFO per diluted share $ 1.68 $ 1.62 AFFO $ 30,271 $ 24,082 AFFO per diluted share $ 1.46 $ 1.42 Diluted Weighted Average Shares Outstanding 20,719 17,009 Revenues
Revenues increased by $13.4 million, or 31.8%, to $55.6 million for the three months ended March 31, 2018, compared to $42.2 million for the three months ended March 31, 2017. The increase in revenues period-over-period is primarily attributable to the growth in our real estate portfolio in 2017. We acquired $683.6 million in real estate, excluding acquisition costs, throughout 2017, mainly during the second half of the year. The acquired properties will contribute annual straight-line rent income of $56.1 million, or $14.0 million per quarter. During the three months ended March 31, 2018, we closed two real estate acquisitions and acquired $100.5 million in real estate, excluding capitalized acquisition costs, comprised of 27 new properties which we expect to provide further growth compared to 2017 over the remainder of 2018.
Net Income
Net income increased by $5.2 million, or 38.2%, to $19.0 million for the three months ended March 31, 2018, compared to approximately $13.8 million for the three months ended March 31, 2017. Net earnings per diluted share increased $0.11 during the same period, to $0.92 per share. The increase is mainly attributable to growth in our portfolio, combined with an increase in gains on the sale of real estate. During the three months ended March 31, 2018, we disposed of five properties and recorded a gain on sale of $3.3 million over carrying value. This compares to a gain of $0.8 million recorded in the three months ended March 31, 2017, associated with the sale of one property. Partially offsetting these factors was increased interest expense, which reflected an increase in outstanding borrowings on our unsecured credit facilities in 2018 as compared to the prior year.
The increase in net income in the earnings per share computation was partially offset by a 3.7 million increase in the diluted weighted average number of shares of our common stock outstanding as compared to 2017, reflecting ongoing equity raises. We use proceeds from the sale of stock to partially fund acquisitions of real estate, which contributed to the increased revenues discussed above.
FFO
FFO increased $7.3 million, or 26.6%, to $34.9 million for the three months ended March 31, 2018, compared to $27.5 million for the three months ended March 31, 2017. FFO per diluted share increased by $0.06 during the same period, to $1.68 per share. Consistent with the growth in net income, the increase in FFO is primarily driven by growth in our real estate investment portfolio. FFO growth was also ahead of net income growth due to higher real property depreciation and amortization, which are added back to net income in calculating FFO. These factors were partially offset by increased gains on the sale of real estate in the three months ended March 31, 2018, which are deducted from net income in calculating FFO.
AFFO
AFFO increased $6.2 million, or 25.7%, to $30.3 million for the three months ended March 31, 2018, compared to $24.1 million for the three months ended March 31, 2017. AFFO per diluted share increased $0.04 during the same period, to $1.46 per diluted share. As compared to net income and FFO, the year-over-year growth in AFFO was impacted by a $1.1 million increase in the deduction for straight-line rent adjustments, which reflects the growth in our real estate investment portfolio.
REAL ESTATE PORTFOLIO UPDATE
As of March 31, 2018, we owned a diversified portfolio of 550 individual net leased commercial properties located in 40 states comprising approximately 16.3 million rentable square feet of operational space. As of March 31, 2018, our properties were 100% leased to 137 different commercial tenants, with no single tenant accounting for more than 4% of our annual rental stream. Our properties include those used for retail, industrial, healthcare, office, and other purposes.
During the three months ended March 31, 2018, we acquired 27 properties via two transactions for $100.5 million, excluding capitalized acquisition expenses, at a weighted average initial cash capitalization rate of 6.4%. The properties acquired had a weighted average lease term of 17.6 years at the time of acquisition and weighted average annual rent increases of 1.9%.
We also disposed of five properties during the three months ended March 31, 2018 for a gain of $3.3 million over carrying value. Our management team plans to continue to be strategic in its disposition activities. Such activities can improve the overall quality of our portfolio and capture value for stockholders, as some assets are sold for premiums. To the extent possible, we will deploy proceeds from the sale of real estate in order to make accretive investments, preferably on a tax-deferred basis pursuant to 1031 exchanges.
Based on current market conditions, anticipated equity and debt capital raises (including an anticipated debt private placement in the second quarter of 2018), and available capacity under our credit facilities, we continue to target a similar volume of acquisitions in 2018 as in 2017.
CAPITALIZATION/BALANCE SHEET UPDATE
During the three months ended March 31, 2018, we raised $57.0 million in offering proceeds from our ongoing private offering of common stock, of which approximately $45.0 million was received in cash and $12.0 million was raised via our Distribution Reinvestment Plan (“DRIP”). Approximately 46% of our investors participate in the DRIP, calculated based on the number of shares of our common stock and membership units in the Operating Company outstanding.
In addition to continued equity raises, we increased the outstanding borrowings on our revolver from $273.0 million at December 31, 2017, to $317.0 million at March 31, 2018. The proceeds were used to partially fund our portfolio acquisitions during the three months ended March 31, 2018. At quarter end, our total outstanding borrowings, gross of deferred debt issuance costs, totaled $1.2 billion, providing a leverage ratio of approximately 41.7% of the approximate market value of our assets. On April 27, 2018, Moody’s Investor Services reaffirmed our investment grade credit rating of Baa3.
To balance the timing of equity capital inflows and deployment of those funds in the form of real estate investments, as well as to bring our leverage ratio closer to the higher end of our targeted leverage range while remaining well within our investment grade profile, we have implemented a cap and queue program for new and additional subscriptions at our monthly equity closings. The monthly cap only applies to new or additional investments, and not to investments made pursuant to our DRIP or equity capital received in connection with UPREIT transactions. For the months of February 2018, March 2018, and April 2018, new and additional investments were limited to $15.0 million per month. This cap will remain in place for the months of May 2018, June 2018, and July 2018. Going forward, the use and amount of the cap will be adjusted as we deem appropriate based upon a number of factors, including, among others, targeted leverage, capital deployment, our acquisition pipeline, and market conditions.
DETERMINED SHARE VALUE (“DSV”)
At its May 8, 2018, meeting, the Independent Directors Committee of our Board of Directors (the “IDC”) voted to increase the DSV to $83 per share for the period from May 1, 2018, through July 31, 2018. At $83 per share, the implied capitalization rate for our portfolio is 6.76%. The DSV is established in good faith by the IDC based on the net asset value (“NAV”) of our portfolio, input from management and third-party consultants, and such other factors as the IDC may determine. Additional information regarding our valuation policy and procedures, and the determination of the DSV by the IDC, is available in our 2017 Form 10-K filed with the SEC on March 15, 2018.
DISTRIBUTIONS
At its May 8, 2018, meeting, our Board of Directors declared monthly distributions of $0.43 per share of our common stock and unit of membership interest in the Operating Company to be paid by us to our stockholders and members of the Operating Company (other than us) of record as follows:
Dividend Per Share/Unit Record Date Payment Date (on or before) $0.43 May 30, 2018 June 15, 2018 $0.43 June 28, 2018 July 13, 2018 $0.43 July 30, 2018 August 15, 2018 Investors may purchase additional shares of our common stock via cash investment (and the completion of a supplemental subscription agreement), or by electing to reinvest their distributions through the DRIP. The purchase price for shares of our common stock acquired through the DRIP will be 98% of the DSV.
CONFERENCE CALL INFORMATION
In conjunction with the release of our operating results, we will host a conference call on Thursday, May 10, 2018, at 12:00 p.m. EDT to discuss the results.
To access the live webcast, please visit: https://services.choruscall.com/links/bnl180510.html .
To view a replay of the call, please visit: http://investors.bnl.broadstone.com through May 24, 2018.
INVESTOR PRESENTATION
Our current investor presentation and supplemental materials for our first quarter 2018 financial and operating results are available at http://investors.bnl.broadstone.com . This site also offers the capability to sign up for automated email alerts when BNL issues public filings of any kind.
About Broadstone Net Lease, Inc.
BNL invests in freestanding, single-tenant, net leased commercial properties located throughout the United States, primarily via sale and leaseback, lease assumption, and UPREIT transactions. UPREIT transactions (where “UPREIT” means “umbrella partnership real estate investment trust”) provide a tax deferred exit strategy for owners of real estate who might otherwise recognize a significant taxable gain in a cash sale of a highly appreciated property with a low tax cost basis. With a diversified portfolio of 550 retail, healthcare, industrial, office and other properties in 40 states as of March 31, 2018, the REIT targets individual or portfolio acquisitions within the $5 million to $300 million range.
There are currently more than 2,700 shareholders in BNL, which is externally managed by Broadstone Real Estate, LLC. BNL remains open for new investment by accredited investors on a monthly basis, with a minimum direct investment of $500,000. Shares are offered directly by BNL via private placement. For additional information about BNL, please visit its corporate website at http://investors.bnl.broadstone.com .
Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," “should,” "expect," "intend," "anticipate," "estimate," “would be,“ "believe," "continue," or other similar words. Forward-looking statements involve known and unknown risks, which may cause our actual future results to differ materially from expected results, including risks related to general economic conditions, local real estate conditions, tenant financial health, property acquisitions and the timing of these acquisitions, and the availability of capital to finance planned growth, among others, as described in our filings with the Securities and Exchange Commission. Consequently, forward-looking statements should be regarded solely as reflections of our current operating plans and estimates as of the dates indicated. Actual operating results may differ materially from what is expressed or forecast in this press release. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.
Notice Regarding Non-GAAP Financial Measures
In addition to our reported results and net earnings per diluted share, which are financial measures presented in accordance with GAAP, this press release and the referenced investor presentation and supplemental financial and operating materials contain and may refer to certain non-GAAP financial measures, including Funds from Operations, or FFO, and Adjusted Funds from Operations, or AFFO. We believe the use of FFO and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure, and should be considered in addition to, and not in lieu of, GAAP financial measures. A reconciliation of FFO and AFFO to the most directly comparable GAAP financial measure and statements of why management believes these measures are useful to investors are included below and in the investor presentation materials that are referenced above.
Broadstone Net Lease, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except per share amounts)
March 31,
2018 December 31,
2017 Assets Accounted for using the operating method, net of accumulated depreciation $ 2,251,938 $ 2,186,141 Accounted for using the direct financing method 41,610 41,617 Investment in rental property, net 2,293,548 2,227,758 Cash and cash equivalents 13,499 9,355 Restricted cash 11,251 744 Accrued rental income 56,465 52,018 Tenant and other receivables, net 421 897 Tenant and capital reserves 992 943 Prepaid expenses and other assets 855 267 Notes receivable 6,527 6,527 Investment in related party 10,000 10,000 Interest rate swap, assets 24,040 11,008 Intangible lease assets, net 247,249 242,659 Debt issuance costs – unsecured revolver, net 2,835 3,026 Leasing fees, net 13,987 13,554 Total assets $ 2,681,669 $ 2,578,756 Liabilities and equity Unsecured revolver $ 317,000 $ 273,000 Mortgages and notes payable, net 67,097 67,832 Unsecured term notes, net 837,159 836,912 Interest rate swap, liabilities 1,096 5,020 Accounts payable and other liabilities 22,197 20,345 Due to related parties 2,271 722 Tenant improvement allowances 4,292 5,669 Accrued interest payable 4,642 3,311 Intangible lease liabilities, net 80,235 81,744 Total liabilities 1,335,989 1,294,555 Equity Broadstone Net Lease, Inc. stockholders' equity: Preferred stock, $0.001 par value; 20,000 shares authorized, no shares issued or outstanding — — Common stock, $0.001 par value; 80,000 shares authorized, 19,572 and 18,909 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 20 19 Additional paid-in capital 1,355,268 1,301,979 Subscriptions receivable (144 ) (15 ) Cumulative distributions in excess of retained earnings (127,183 ) (120,280 ) Accumulated other comprehensive income 20,807 5,122 Total Broadstone Net Lease, Inc. stockholders’ equity 1,248,768 1,186,825 Non-controlling interests 96,912 97,376 Total equity 1,345,680 1,284,201 Total liabilities and equity $ 2,681,669 $ 2,578,756 Broadstone Net Lease, Inc. and Subsidiaries
Condensed Consolidated Statements of Income and Comprehensive Income
(Unaudited)
(in thousands, except per share amounts)
For the three months ended
March 31, 2018 2017 Revenues Rental income from operating leases $ 51,832 $ 39,401 Earned income from direct financing leases 966 1,133 Operating expenses reimbursed from tenants 2,749 1,617 Other income from real estate transactions 42 34 Total revenues 55,589 42,185 Operating expenses Depreciation and amortization 19,202 14,593 Asset management fees 4,143 3,193 Property management fees 1,517 1,168 Property and operating expense 2,619 1,577 General and administrative 1,330 963 State and franchise tax 243 50 Total operating expenses 29,054 21,544 Operating income 26,535 20,641 Other income (expenses) Preferred distribution income 188 181 Interest income 110 112 Interest expense (11,177 ) (7,942 ) Cost of debt extinguishment — (48 ) Gain on sale of real estate 3,339 803 Net income 18,995 13,747 Net income attributable to non-controlling interests (1,422 ) (1,153 ) Net income attributable to Broadstone Net Lease, Inc. $ 17,573 $ 12,594 Weighted average number of common shares outstanding Basic 19,167 15,582 Diluted 20,719 17,009 Net Earnings per common share Basic and diluted $ 0.92 $ 0.81 Comprehensive income Net income $ 18,995 $ 13,747 Other comprehensive income Change in fair value of interest rate swaps 16,955 2,560 Comprehensive income 35,950 16,307 Comprehensive income attributable to non-controlling interests (2,692 ) (1,368 ) Comprehensive income attributable to Broadstone Net Lease, Inc. $ 33,258 $ 14,939 Reconciliation of Non-GAAP Measures
The following is a reconciliation of net income to FFO and AFFO for the three months ended March 31, 2018 and 2017. Also presented is the weighted average number of shares of our common stock and noncontrolling membership units in the Operating Company used for the basic and diluted computation per share:
For the three months ended (in thousands, except per share data) March 31, 2018 2017 Net income $ 18,995 $ 13,747 Real property depreciation and amortization 19,202 14,593 Gain on sale of real estate (3,339 ) (803 ) FFO $ 34,858 $ 27,537 Capital improvements / reserves (49 ) (48 ) Straight line rent adjustment (5,141 ) (4,038 ) Cost of debt extinguishment — 48 Amortization of debt issuance costs 461 424 Amortization of net mortgage premiums (36 ) (41 ) Amortization of lease intangibles 178 200 AFFO $ 30,271 $ 24,082 Diluted WASO (1) 20,719 17,009 Net earnings per share, basic and diluted $ 0.92 $ 0.81 FFO per diluted share 1.68 1.62 AFFO per diluted share $ 1.46 $ 1.42
(1) Diluted weighted average number of shares of our common stock and membership units in the Operating Company outstanding (“WASO”), computed in accordance with GAAP. Our reported results and net earnings per dilutive share are presented in accordance with GAAP. We also disclose Funds from Operations, or FFO, and Adjusted Funds from Operations, or AFFO, each of which are non-GAAP measures. We believe the use of FFO and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.
We compute FFO in accordance with the standards established by the 2002 White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains (losses) from sales of depreciated real estate assets, depreciation and amortization expense from real estate assets, and impairment charges related to previously depreciated real estate assets. To derive AFFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to certain non-cash revenues and expenses, including straight-line rents, cost of debt extinguishments, amortization of debt issuance costs, amortization of net mortgage premiums, amortization of lease intangibles, (gain) loss on interest rate swaps and other non-cash interest expense, extraordinary items and other specified non-cash items. We believe that such items are not a result of normal operations and thus we believe excluding such items assists management and investors in distinguishing whether changes in our operations are due to growth or decline of operations at our properties or from other factors.
Our leases include rents that increase over the term of the lease to compensate us for anticipated increases in market rentals over time. Our leases do not include significant front-loading or back-loading of payments or significant rent-free periods. Therefore, we find it useful to evaluate rent on a contractual basis as it allows for comparison of existing rental rates to market rental rates. Additionally, we exclude the amortization of lease intangibles. We exclude these costs from AFFO because they are upfront expenses that are recognized in conjunction with an acquisition, and therefore, are not indicative of ongoing operational results of the portfolio. We also exclude costs or gains recorded on the extinguishment of debt, non-cash interest expense and gains, and the amortization of debt issuance costs and net mortgage premiums as they are not indicative of ongoing operational results of the portfolio. We use AFFO as a measure of our performance when we formulate corporate goals.
FFO is used by management, investors, and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers, primarily because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is a useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by non-cash revenues or expenses. FFO and AFFO may not be comparable to similarly titled measures employed by other REITs, and comparisons of our FFO and AFFO with the same or similar measures disclosed by other REITs may not be meaningful.
Neither the SEC, nor any other regulatory body has passed judgment on the acceptability of the adjustments that we use to calculate FFO and AFFO. In the future, the SEC, or another regulatory body may decide to standardize the allowable adjustments across the REIT industry and in response to such standardization we may have to adjust our calculation and characterization of FFO and AFFO accordingly.
Investor Relations Contact:
Christopher J. Brodhead
Senior Vice President, Investor Relations
[email protected]
585.287.6499
Source:Broadstone Real Estate | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-broadstone-net-lease-inc-reports-2018-first-quarter-operating-results.html |
Prosecutors investigating the downing of Malaysia Airlines Flight 17 over eastern Ukraine in 2014 said on Thursday they had identified the missile used to shoot down the plane as coming from a Russian military unit.
The airliner was hit by a Russian-made missile on July 17, 2014, with 298 people on board, two-thirds of them Dutch, over territory held by pro-Russian separatists. All aboard died.
Wilbert Paulissen, head of the crime squad of the Netherlands' national police, said the missile had been fired from a carrier belonging to Russia's 53rd Anti-Aircraft Brigade.
"All the vehicles in a convoy carrying the missile were part of the Russian armed forces," he told a televised news conference.
Russia has denied involvement in the incident. There was no immediate comment from Moscow on the investigative development.
In an interim update on their investigation, prosecutors said they had trimmed their list of possible suspects from more than a hundred to several dozen.
"We have a lot of proof and a lot of evidence, but we are not finished," said chief prosecutor Fred Westerbeke. "There is still a lot of work to do."
He said investigators were not yet ready to identify individual suspects publicly or to issue indictments. The question of whether members of the 53rd Brigade were actively involved in the downing of the plane remains under investigation, he said.
show chapters MH17: One year on 7:41 AM ET Fri, 17 July 2015 | 01:18 Westerbeke called on witnesses, including members of the public, to help identify members of the crew that was operating the missile system. He also asked for tip-offs in determining what their orders were and in identifying the officials in charge of the brigade.
A Joint Investigation Team, drawn from Australia, Belgium, Malaysia, the Netherlands and Ukraine, is gathering evidence for a criminal prosecution in the downing of the plane.
The Dutch Safety Board concluded in an October 2015 report that the Boeing 777 was struck by a Russian-made Buk missile.
Dutch prosecutors said in September 2016 that 100 "persons of interest" had been identified in the investigation, while Australian and Malaysian officials had initially expressed hope that suspects' names would be made public in 2017.
Eventual suspects are likely to be tried in absentia in the Netherlands after Russia used its veto to block a U.N. Security Council resolution seeking to create an international tribunal to oversee criminal complaints stemming from the incident. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/investigators-identify-russian-military-unit-in-downing-of-mh17.html |
OSLO, May 4 (Reuters) - Norwegian seasonally adjusted housing prices rose by 0.9 percent in April from March, a real estate industry association said in a monthly report on Friday.
On a year-on-year basis prices fell by 1.0 percent in April, Real Estate Norway said.
Prices have recently shown signs of recovery from a correction driven by tighter mortgage regulations, lower population growth and a boom in construction that resulted in a fall from a peak hit in March 2017.
Unadjusted prices rose by 1.8 percent in April from March. The housing data was compiled by Real Estate Norway, FINN and Eiendomsverdi. (Reporting by Camilla Knudsen, editing by Terje Solsvik)
| ashraq/financial-news-articles | https://www.reuters.com/article/norway-housing/norways-housing-prices-rose-0-9-pct-s-a-in-april-idUSO9N1R302L |
RYE, N.Y.--(BUSINESS WIRE)-- The Board of Trustees of The Gabelli Go Anywhere Trust (NYSE American: GGO) (the “Fund”) declared a $0.20 per share cash distribution payable on June 22, 2018 to common shareholders of record on June 15, 2018.
The Fund’s distribution policy is to pay a quarterly distribution of an amount to be determined by the Board of Trustees. If necessary, the Fund will pay an adjusting distribution in December which includes any additional income and net realized capital gains in excess of the quarterly distributions for that year to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies.
Each quarter, the Board of Trustees will review the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The Fund’s distribution policy is subject to modification by the Board of Trustees at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.
All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject up to the maximum federal income tax rate, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates, or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their "net investment income", which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.
If the Fund does not generate sufficient earnings (dividends and interest income and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.
Long-term capital gains, qualified dividend income, ordinary income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, each of the distributions paid to common shareholders in 2018 would include 46% from net capital gains and 54% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website ( www.gabelli.com ). The final determination of the sources of all distributions in 2018 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2018 distributions in early 2019 via Form 1099-DIV.
Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. More information regarding the Fund’s distribution policy and other information about the Fund is available by calling 800-GABELLI (800-422-3554) or visiting www.gabelli.com .
The Gabelli Go Anywhere Trust is a non-diversified, closed-end management investment company whose primary investment objective is total return, consisting of capital appreciation and current income. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL).
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517005854/en/
The Gabelli Go Anywhere Trust
David Schachter
Laurissa Martire
(914) 921-5070
Source: The Gabelli Go Anywhere Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-gabelli-go-anywhere-trust-declares-second-quarter-distribution-of-0-point-20-per-share.html |
ST. PAUL, Minn.--(BUSINESS WIRE)-- Twin Cities PBS (TPT) announced today that Jim Pagliarini has decided to retire as the organization’s president and CEO.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180511005078/en/
Twin Cities PBS (TPT) Leader Jim Pagliarini To Step Down After 21 Years (Photo: Twin Cities PBS)
Pagliarini was recruited to his position at TPT 21 years ago. He moved to the Twin Cities from Reno, NV, where he founded the PBS station and became one of public broadcasting’s youngest station leaders at the age of 29. During his 15 years as president of the Reno station, he also served on the national board of PBS. After coming to Minnesota, he continued to be an active leader and change agent at the national level, including taking a half-time leave of absence in 2006 to lead strategic planning for all the public television stations across the country.
Under Pagliarini’s leadership, TPT has distinguished itself by both excelling in serving its local community and having a strong presence on the national public media stage. Today, it is considered an innovative leader in extending public media onto new digital platforms. It is consistently among the most viewed PBS stations in America; produces major primetime and children’s series for the PBS system; serves its local community through arts, culture, public affairs, and history programs; and is the preferred media partner to hundreds of Minnesota non-profit organizations who co-produce content with TPT each year.
Milestones under Pagliarini’s leadership include The Minnesota Channel, which launched in 2003 and has become the nationwide model for public broadcasting community partnerships. Next Avenue, which launched in 2012, was Twin Cities PBS’ first major foray into programming beyond traditional television. Next Avenue’s digital platform now attracts more than a million adults over 50. A new platform, Rewire, aims to do the same with young adults who are navigating their first big decisions as they venture out on their own. In 2015, Twin Cities PBS’ renovated St. Paul headquarters opened its doors wide to the broader Twin Cities community. More than 45,000 people have visited since.
“TPT has the best executive team in its history, a talented and committed staff, and is solid financially,” Pagliarini said. “The time is right for us to find a new leader who can build on that strong foundation.”
A search for Pagliarini’s successor will begin immediately, according to Sally Mullen, TPT’s board chair. Pagliarini will remain in his role until a new leader is named, likely before the end of October. “We are grateful that Jim also will be available to support a smooth transition, and to assist in the launch of our upcoming endowment campaign to assure that TPT is strong and vibrant into the future,” she said.
Twin Cities PBS : The mission of Twin Cities PBS (TPT) is to “enrich lives and strengthen our community through the power of media.” For more information about TPT, visit www.tpt.org or follow on Facebook and Twitter .
Twin Cities PBS (TPT) Under Jim Pagliarini
Jim Pagliarini joined Twin Cities PBS (TPT) in September 1997 as its president and CEO. His interest in television began while at Princeton, where he studied biology as well as the power and influence that television had on children. His research on Sesame Street and Mr. Rogers led him to complete a master’s degree in education at Temple University. In 1976, he became assistant to the general manager of the PBS station in San Jose, Calif. He moved to Reno, Nev., in 1980, where at age 29 he became president of that city’s public television station.
Milestones under Pagliarini’s leadership of TPT are many. Among them:
TPT delivered balanced budgets and increased assets that were invested in new programs and services. Re-election to the national PBS board, as well as leading a strategic planning project for all public television stations in 2006. A decision to become the state’s media partner for non-profits to help them use the power of media to service their mission and purpose. One major outcome of this decision was the launch of The Minnesota Channel in 2003 which is dedicated to the cause, and has become the nationwide model for public broadcasting community partnerships. Next Avenue, which launched in 2012, answered a need to help people over 50 address the issues and opportunities of aging. Rather than television-centric programming, Next Avenue’s centerpiece is a website that reaches more than a million people every month. TPT’s second national digital service, Rewire, launched in 2016. It serves the life-stage needs of young adults in their mid-20s through late-30s, and reaches 65,000 users each month.
A $40 million campaign, the most ambitious in TPT’s history, was completed in 2015. The funds allowed for investments in new digital work and for a major investment to renovate TPT’s headquarters in St. Paul’s Lowertown neighborhood. The renovation was part of Twin Cities PBS’ commitment to engaging the community. More than 45,000 people have taken advantage of screenings, workshops, musical concerts, children’s events and other gatherings since.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180511005078/en/
For Twin Cities PBS
Media Contact:
Tracy Carlson, 612-455-1717 (o) /612-232-6578 (m)
[email protected]
Source: Twin Cities PBS | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/business-wire-twin-cities-pbs-tpt-leader-jim-pagliarini-to-step-down-after-21-years.html |
May 30, 2018 / 12:54 PM / Updated 5 hours ago Gloucester add to Springboks colony with two more signings Reuters Staff 1 Min Read
(Reuters) - The size of the South African colony at English club Gloucester has increased with Wednesday’s acquisition of Springbok forwards Ruan Dreyer and Franco Mostert for the new season.
The pair move from the Lions, who were runners-up in Super Rugby last year under Johan Ackermann who took over at Gloucester before the start of last season.
Ackermann already has his son Ruan with him at Gloucester, who were runners-up in this month’s Challenge Cup final, and signed Springbok flank Jaco Kriel last month.
They also signed lock Gerbrandt Grobler from Munster.
Dreyer, 27, has won four caps for his country at prop, while the 27-year-old lock Mostert has 18 caps for the Boks and is in their squad for the three tests against England in June. Reporting by Mark Gleeson in Johannesurg, editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-gloucester/gloucester-add-to-springboks-colony-with-two-more-signings-idUKKCN1IV1M7 |
May 8, 2018 / 8:26 AM / Updated 32 minutes ago Rugby-Brumbies would welcome Reds exile Cooper, says Powell Reuters Staff 3 Min Read
MELBOURNE, May 8 (Reuters) - Quade Cooper remains a highly paid exile at the Queensland Reds but ACT Brumbies scrumhalf Joe Powell says the former Australia flyhalf would be warmly welcomed in Canberra.
Cooper has been frozen out at the Reds since former All Blacks enforcer Brad Thorn took over as coach in the off-season and the 30-year-old has been plying his trade in the wilds of Brisbane club rugby.
“He’s a guy with a lot of experience and he would teach the younger guys a lot of things,” three-cap Wallaby Powell told local media on Tuesday.
“We’d be happy to have him if he was to come.”
Cooper, who has won 70 tests, remains contracted for Queensland until 2019 and has already rebuffed approaches from the Brumbies and Melbourne Rebels, the Australian newspaper reported on Tuesday.
“If we could get him down to Canberra — I’m not sure he would like the weather too much — but it would be good to see him playing at a higher level again,” Powell added.
If Thorn was hoping Cooper might get fed up playing in front of tiny crowds for Brisbane’s Souths club and put his hand up for a transfer, he might have to think again.
Cooper showed on social media that he was digging his heels in, posting a video of his highlights during a Souths game.
“Work hard for what you want,” he said on Twitter on Monday. “Even when it appears there is no way, there is ALWAYS a way .. persist and be patient.. grateful to be representing @SouthsRugby on this journey back to the Reds & Wallabies.. I will not give up.”
New Zealand-born Cooper played his last test off the bench against Italy in Brisbane last June.
Behind incumbent Bernard Foley, Wallabies coach Michael Cheika has few specialist flyhalves to choose from in Super Rugby and none with Cooper’s international experience.
However Cheika, who is preparing to name a squad for the three-match series against Ireland in June, may elect to have regular inside centre Kurtley Beale back up at flyhalf, while Reece Hodge also played at 10 in last year’s test against Japan. Reporting by Ian Ransom; Editing by Peter Rutherford | ashraq/financial-news-articles | https://uk.reuters.com/article/rugby-union-super-cooper/rugby-brumbies-would-welcome-reds-exile-cooper-says-powell-idUKL3N1SF3ES |
If you need to see a doctor, you'd better plan ahead.
A 2017 survey found 24 days was the average wait time in 15 of the largest cities to schedule a physician appointment.The long waits are a result of a growing shortage of primary care physicians, along with an aging population requiring more health care.
But you can jump that line — if you're willing to go online for your medical visit. Major health care players like, UnitedHealth , Aetna and Kaiser Permanente, are increasingly using virtual care or telehealth for primary care appointments and follow-ups.
Another option is "virtual visit" via a smartphone app.
Among startups offering on-demand health care is 98point6, a Seattle-based app that connects you with a doctor through text messaging.
"We've attempted to solve the primary care crisis. By 2020, there will be a 20K physician shortage. That will rise to 30,000 by 2025," 98point6 CEO and co-founder Robbie Cape told CNBC's "On the Money" in a recent interview.
Cape explained that when you jump into their service, which costs $20 the first year for unlimited visits, patients immediately enter into conversation with artificial intelligence (AI).
"We actually have board-certified physicians that are behind all of the artificial intelligence that we're doing. We're using artificial intelligence not to replace the doctors, but to actually augment the doctors," Cape said.
In non-emergency situations, a "virtual visit" with a physician using text and video on a smartphone, tablet or computer can be faster and cheaper than an in-person doctor's appointment.
The average primary care visit costs $160 , while the cost of a virtual visit is between $50 and $75. However, 98point6 offers unlimited virtual visits for the first year for $20 , with the second year fee checking in at $120.
Something for 'everyone'
A recent Accenture poll found that 70 percent of consumers say they're interested in virtual healthcare. So far, however, only 20 percent have tried it.
So who does 98point6 consider as its target patient? "Absolutely everyone," Cape responded, when asked by CNBC.
"If you have health care, this is still a more economical way for you to see primary care because the cost for the first year is $20 which is as much as your co-pay, if you have insurance," Cape said. "For people who don't have any insurance, this is a phenomenal option and then for the people on HAS (Health Savings Accounts) who are on a high deductible plan, this is also great."
The platform launched on May 1 st and is now available to patients in 11 states. California, Connecticut, Florida, Maryland, Michigan, New York, Ohio, Oregon, Pennsylvania and Washington and New Jersey.
Currently all of 98point6's doctors are based in the Seattle headquarters, but he said each physician is licensed to practice medicine in all 11 states where they currently operate.
While he expects to be available in all 50 states by the end of the year, he said the company can be profitable now.
"We are capable of making money even at the rates we're charging today, because of how efficient we can make doctors with the AI," Cape said. "Our board-certified physicians can see large number of patients with all the assistance we give them with technology."
On the Money airs on CNBC Saturday at 5:30 am ET, or check listings for air times in local markets. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/12/telehealth-could-replace-doctor-visits-in-major-cities.html |
May 18 (Reuters) - PennyMac Financial Services Inc:
* PENNYMAC FINANCIAL SERVICES - ON MAY 14, CO THROUGH UNIT ENTERED AMENDMENT TO AMENDED & RESTATED MASTER REPURCHASE AGREEMENT, DATED MARCH 3, 2017
* PENNYMAC FINANCIAL SERVICES SAYS UNDER AMENDMENT TERMS COMMITTED AMOUNT RAISED TO $350 MILLION & UNCOMMITTED AMOUNT DECREASED TO $350 MILLION - SEC FILING Source bit.ly/2KAnDuG Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pennymac-financial-services-throug/brief-pennymac-financial-services-through-unit-entered-amendment-to-master-repurchase-agreement-idUSFWN1SP0YM |
Concord, NH., May 21, 2018 (GLOBE NEWSWIRE) -- hopTo Inc. (OTCQB: HPTO), developer and provider of application publishing and mobile productivity software today announced its financial results for the three month period ended March 31, 2018.
First Quarter 2018 Financial Update:
● Net Revenue of $822 thousand ● Net Loss of $(44) thousand ● Basic and diluted loss per share of $(0.00) First Quarter 2018 Operational Summary and Business Update
“During the first quarter of 2018 our GO-Global business has continued to generate positive cash flow and remains the cornerstone of hopTo’s ongoing business. We are proceeding with some key investments into the product and our marketing efforts for 2018 consistent with our resources and in response to market feedback and identified opportunities. We are working on a major new release which we expect to launch in the second quarter,” stated J.L. Casabonne, Interim President and CEO and CFO of hopTo Inc.
“A key change in our financial reporting during in 2018 is our adoption of the new accounting standard, ASC 606, Revenue From Contracts With Customers which will have the effect of reducing some of our license revenue on a go-forward basis due to the fact that previously deferred license revenue will not be recognized in the future. This change is explained in detail in our Form 10-Q for the period ended March 31, 2018 which was filed with the SEC today. This change will only affect a portion of our license revenue and has no impact on cash flow which is derived from our GO-Global orders.”
“Also effective today May 21, 2018, consistent with our prior disclosure in our Annual Report on Form 10-K for the 2017 fiscal year, we have completed a definitive agreement with affected shareholders to settle potential liquidated damages resulting from the delays in filing registration statements for shares of our common stock and shares of our common stock underlying warrants for certain private placements that we closed in 2013 and 2015. The settlement is on the same terms previously disclosed in our prior SEC filings. ”
First Quarter 2018 Results of Operations
Total revenue for the first quarter 2018 of $822 thousand represents a decrease of 16.3% from $983 thousand for the same period in the prior year. This revenue is entirely from the Company’s Go-Global products and services. The primary reason for the lower revenue was due to our adoption of ASC 606. Under the prior revenue recognition standard, revenue in the first quarter of 2018 would have been $96 thousand higher than currently reported for the period.
Total operating expense for the first quarter of 2018 was $835 thousand, a reduction of $281 thousand or 25.2% from the same period in 2017.
hopTo reported a net loss for the quarter ended March 31, 2018 of $(44) thousand, or $(0.00) per basic and diluted share, compared to $(154) thousand or $(0.02) per basic and diluted share for the same period in 2017.
As of March 31, 2018 the Company had cash of $1.16 million and accounts receivable of $236 thousand.
Investor Communications
As part of our continued expense management, hopTo Inc. will not be hosting an investor conference call to discuss its first quarter financial results.
As we have done since our Q3 2016 results, in lieu of a conference call, we invite shareholders to submit questions via email to the following email address: [email protected]
We will accumulate questions until the end of the day on Wednesday, May 24, 2018. We will review the questions and we will use our best efforts to provide written answers to those questions that we believe we can answer, subject to normal confidentiality policies, via a Form 8-K that we intend to file with the SEC on or before May 31, 2018. We will also post the answers at investors.hopto.com .
About hopTo:
Founded in its current form in 2012, hopTo Inc. is a developer of application publishing software and a mobile productivity workspace platform. The company is based in Concord, NH.
For more information on hopTo, please visit: www.hopTo.com .
FORWARD LOOKING STATEMENTS
This press release contains forward looking statements. These statements include statements regarding future growth and the expected impact of our products on the marketplace. These statements are based on management's current expectations and are subject to a number of uncertainties and risks significantly from those described in the forward looking statements. Factors that may cause such a difference include the following: the success of our new products depends on a number of factors including market and customer acceptance; our ability to manage the risks associated with new product introduction and developing and marketing new versions of the product; and other factors, including those set forth under Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2017 and in other documents we have filed with the SEC.
Investors / Media:
J.L. Casabonne
[email protected]
408-688-2674 ext. 5025
Condensed Consolidated Balance Sheets
March 31, December 31, 2018 2017 (Unaudited) (Audited) Assets Cash $ 1,159,000 $ 1,015,400 Accounts receivable, net 236,000 426,800 Prepaid expenses 135,200 112,900 Total current assets 1,530,200 1,555,100 Property and equipment, net 21,100 30,800 Other assets 17,800 17,800 Total assets $ 1,569,100 $ 1,603,700 Liabilities and stockholders’ deficit Accounts payable and accrued expenses $ 720,900 $ 635,100 Deferred rent 57,100 74,100 Deposit liability 93,500 93,500 Deferred revenue 1,231,200 1,845,100 Other current liabilities 855,100 855,100 Total current liabilities 2,957,800 3,502,900 Deferred revenue 571,900 1,409,700 Stockholders’ deficit (1,960,600 ) (3,308,900 ) Total liabilities and stockholders’ deficit $ 1,569,100 $ 1,603,700 Condensed Consolidated Statements of Operations
Three Months Ended March 31, 2018 2017 (Unaudited) (Unaudited) Net revenue $ 822,300 $ 982,500 Costs of revenue 28,800 18,800 Gross profit 793,500 963,700 Operating expenses Selling and marketing 101,600 89,900 General and administrative 305,200 641,100 Research and development 428,500 385,000 Total operating expenses 835,300 1,116,000 Loss from operations (41,800 ) (152,300 ) Change in fair value of warrants liability - - Other income (expense), net (800 ) (500 ) Loss before provision for income tax (42,600 ) (152,800 ) Provision for income tax 1,000 900 Net loss (43,600 ) (153,700 ) Basic and diluted loss per share $ (0.00 ) $ (0.02 ) Average weighted common shares outstanding - basic and diluted 9,804,400 9,804,400
Source: hopTo Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-hopto-inc-announces-first-quarter-2018-financial-results.html |
(Recasts throughout)
By Ana Mano
SAO PAULO, May 11 (Reuters) - Rising grain prices and trade bans in key markets have stymied management efforts to put BRF SA in the black, Chief Executive Officer Lorival Nogueira Luz said on Friday, as the food company failed to turn a profit for the second quarter in a row.
BRF shares fell 2.2 percent to 23.49 reais in midday trading after results missed analyst consensus on Thursday. Managers said animal feed prices rose further in the second quarter, boosting production costs for the world’s largest chicken exporter.
“Since the third quarter of last year, the price of feed rose about 20 percent,” Luz told analysts and investors in a conference call to discuss results, referring to corn and soymeal. “This should continue to impact our production costs in the second quarter,” he said .
BRF also faces trade bans in Russia and Europe on Brazilian meat products, which prompted the firm to send workers on paid leave at five plants. More measures to tailor capacity to demand could be announced, Luz said.
“We are monitoring the European situation closely and may need to adapt to new market conditions,” he said.
Europe imposed the ban citing deficiencies in Brazil’s health inspection services in the wake of a food safety investigation that accused the company and government inspectors of colluding to evade health and quality checks.
BRF said it lost 114 million reais ($32 million) last quarter, missing a consensus estimate for net income of 14.99 million reais.
BRF also missed a forecast for earnings before interest, tax, depreciation and amortization, a gauge of operating profit, which came in at 783 million reais, some 7 percent below expectations.
“We expect challenging results going forward,” said Credit Suisse analysts led by Victor Saragiotto in a note to clients, pointing out issues including expensive grains, the European ban and depressed food prices in Brazil. More working capital requirements due to higher inventory levels of finished products could also weigh on the company, a situation exacerbated by the temporary closure of certain plants.
It was unclear whether BRF will be able to redirect any excess production capacity resulting from the bans to alternative markets, at similar prices.
This already proved difficult in the first quarter, when it increased volumes in Brazil by 9.6 percent, driven mainly by sales of fresh chicken, which tend to have lower margins and prices than processed foods. (Reporting by Ana Mano Editing by Chizu Nomiyama; Editing by David Gregorio)
| ashraq/financial-news-articles | https://www.reuters.com/article/brf-outlook/update-1-brazils-brf-results-hit-by-feed-costs-trade-bans-shares-drop-idUSL1N1SI0W4 |
New U.S. sanctions on Venezuela’s oil production are expected to further crimp the country’s output and reduce global supply even more than sanctions on Iran—a development that could provide another boost to rising crude prices.
Oil prices in the U.S. have risen more than 19% this year to $72.13 a barrel, driven in large part by OPEC cutbacks and supply disruptions. These forces, along with rising global demand for oil, have combined to shrink what had been a supply glut that dragged down U.S. prices below $30 a barrel in... | ashraq/financial-news-articles | https://www.wsj.com/articles/why-venezuela-sanctions-are-even-more-bullish-for-oil-than-iran-sanctions-1527021557 |
May 14 (Reuters) - Roadrunner Transportation Systems Inc :
* ROADRUNNER TRANSPORTATION SYSTEMS INC FILES FOR NON-TIMELY 10-Q - SEC FILING
* ROADRUNNER TRANSPORTATION SYSTEMS INC SAYS EXPECTS TO FILE THE Q1 2018 FORM 10-Q AS SOON AS POSSIBLE AFTER IT FILES THE 2017 FORM 10-K Source bit.ly/2jY8oRc Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-roadrunner-transportation-systems/brief-roadrunner-transportation-systems-inc-files-for-non-timely-10-q-idUSFWN1SL15C |
Tech Guide Foxconn unit seeks to raise $4.3 billion in China's biggest IPO since 2015 With 10 percent of its enlarged capital offered in the initial public offering (IPO), Shenzhen-based FII would have a valuation of about $43 billion at listing. The listing is widely seen as a step for Terry Gou's Foxconn, a major Apple supplier formally known as Hon Hai Precision Industry, to wean itself off heavy reliance on manufacturing smartphones for the California-based iPhone maker and to diversify into new areas. Foxconn has signaled previously that FII will launch projects in areas including smart manufacturing, industrial internet, cloud computing, and fifth-generation wireless technologies. Published 1 Hour Ago AFP | Getty Images Foxconn
Foxconn Industrial Internet, a subsidiary of the world's largest contract manufacturer Foxconn, announced plans to raise up to 27.1 billion yuan ($4.26 billion) in what will be mainland China's biggest IPO in almost three years.
The Foxconn unit, which is known as FII and makes electronic devices, cloud service equipment and industrial robots, is offering up to 1.97 billion shares at 13.77 yuan per share in Shanghai, according to a statement it filed to the stock exchange late on Tuesday.
With 10 percent of its enlarged capital offered in the initial public offering (IPO), Shenzhen-based FII would have a valuation of about $43 billion at listing. Bookbuilding for the IPO is on May 24.
The listing is widely seen as a step for Terry Gou's Foxconn, a major Apple supplier formally known as Hon Hai Precision Industry, to wean itself off heavy reliance on manufacturing smartphones for the California-based iPhone maker and to diversify into new areas.
Foxconn has signaled previously that FII will launch projects in areas including smart manufacturing, industrial internet, cloud computing, and fifth-generation wireless technologies.
The IPO is also a reflection of Beijing's seriousness in luring tech giants onto mainland exchanges.
At about $43 billion, the unit's valuation would not be far behind parent company Foxconn's market capitalization of about $49 billion.
The IPO's pricing represents 17 times FII's historical earnings, well below the valuation cap of 23 times favored by Chinese regulators.
FII plans to sell 30 percent of its public share offering to a group of strategic investors in a rare move for mainland deals.
The strategic investors are not being called cornerstones - investors who accept a lock-up period in return for large allocation, which is a practice common in other Asian markets such as Hong Kong to bolster demand for large deals.
However, the group will function as such, with its investments tied up for between one and three years. In an additional unusual move, 70 percent of institutional investors' allocated shares will also be locked up for 12 months.
FII's IPO ranks as the fourth largest in the mainland over the past 10 years, outpaced only by China State Construction Engineering, which raised $7.3 billion in 2009; China Railway Construction, which sold shares worth $5.7 billion in 2008; and Guotai Junan Securities, which raised $4.8 billion in 2015.
Clients of FII include companies such as Amazon , Apple, Cisco , Dell, Huawei and Lenovo. Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/foxconn-unit-fii-seeks-to-raise-4-point-3-billion-in-chinese-ipo.html |
NEW YORK, May 14, 2018 /PRNewswire/ -- Medical Offices of Manhattan (MOM) and Manhattan Cardiology, top integrated medical practices with primary care physicians and cardiologists, are proud to announce the acquisition of Yaffe Ruden & Associates, LLP. This merger will add to the exceptional expertise currently available at MOM and Manhattan Cardiology, while maintaining the core traditions established at Yaffe Ruden located on 201 E 65 th St. New York, NY. Medical Offices of Manhattan/Manhattan Cardiology currently has a location at 211 E 51 st St, New York, NY.
These practices complement each other through their traditional, integrative and hi-tech medical approaches. Through this acquisition, MOM/Manhattan Cardiology have expanded their practice areas into gastroenterology and digestive disease, and the merger adds additional providers in the fields of internal medicine to its roster.
"We are proud to welcome them to our family of physicians," said Dr. Robert Segal, Founder of Medical Offices of Manhattan, Manhattan Cardiology and Co-founder of LabFinder.com . "Helping to provide more patients with greater access to outstanding practitioners like Yaffe Ruden is what we are all about – access, convenience and ultimately, saving money and saving lives."
"We are excited to partner with Medical offices of Manhattan and Manhattan Cardiology as our combined areas of expertise enable us to provide personalized high-quality care in a very timely and cost-effective manner," said Bruce Yaffe MD of Yaffe Ruden Medical Associates. "Our missions are consistent, and this will enable Yaffe Ruden to remain a trusted name for many years to come in a difficult medical environment."
About Medical Offices of Manhattan
At Medical Offices of Manhattan, the most innovative methods and the latest technology are utilized to ensure patients make the right decisions and receive the best care. Medical Offices of Manhattan's mission is simple: to provide invaluable diagnostic and treatment recommendations. The mantra is just as simple: early detection is paramount to prevention. To provide this world-class model, Medical Offices of Manhattan have the most medically qualified doctors, supported by passionate nurses, physicians' assistants, and staff to deliver the all-around care. https://www.medicalofficesofmanhattan.com/ .
About Manhattan Cardiology
Manhattan Cardiology is the premier facility for cardiac testing and preventive treatment in New York. We practice under a guiding principle that early detection is the best form of prevention. Our founder, Dr. Robert Segal, FACC, RPVI, is one of the best heart doctors in NYC, and has been recognized by his peers as one of the leading cardiologists in the country. Dr. Segal has received the Patient's Choice Award and has been listed on Top Ten Doctors and Castle Connolly Top Doctors. Manhattan Cardiology is an accredited testing facility with in-house state-of-the-art equipment. https://manhattancardiology.com/ .
About Yaffe Ruden Medical Associates
Yaffe Ruden & Associates is a primary care medical group in Manhattan, New York in practice for over 30 years using traditional, integrative and hi-tech medical approaches in a personalized, managed care setting. We try to be very cost sensitive. In our office it's "you and us versus the medical issue." https://yafferuden.com/
View original content with multimedia: http://www.prnewswire.com/news-releases/medical-offices-of-manhattan-mommanhattan-cardiology-announce-acquisition-of-yaffe-ruden--associates-llp-300647261.html
SOURCE Medical Offices of Manhattan (MOM) | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-medical-offices-of-manhattan-mommanhattan-cardiology-announce-acquisition-of-yaffe-ruden-associates-llp.html |
NEW YORK—A top U.S. derivatives regulator urged his counterparts at the Securities and Exchange Commission to quickly reach a decision about the status of ether, the world’s second-most-valuable cryptocurrency after bitcoin.
Commissioner Brian Quintenz of the Commodity Futures Trading Commission, which is holding talks on the issue with the SEC, said the agency should quickly provide clarity about whether it plans to label ether as a security—a move that could create uncertainty in cryptocurrency markets.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/cftc-official-urges-sec-to-clarify-ethers-status-1526328264 |
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