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May 23 (Reuters) - Rada Electronic Industries Ltd:
* RADA ELECTRONIC INDUSTRIES ANNOUNCES Q1 2018 RESULTS: STRONG REVENUE GROWTH OF 29% YEAR-OVER-YEAR
* SEES Q2 REVENUE ABOUT $6.5 MILLION * RADA ELECTRONIC INDUSTRIES - SEES Q2 REVENUES OF ABOUT $6.5 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rada-electronic-industries-reports/brief-rada-electronic-industries-reports-qtrly-earnings-per-share-0-01-idUSASC0A3CE |
May 8 (Reuters) - Terreno Realty Corp:
* TERRENO REALTY CORPORATION ACQUIRES PROPERTY IN NEWARK, NJ FOR $6.3 MILLION AND MAKES SENIOR SECURED LOAN OF $55.0 MILLION
* TERRENO REALTY CORP - THE SENIOR SECURED LOAN HAS TERM OF TWO YEARS, AN INTEREST RATE OF 8.0% Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-terreno-realty-acquires-property-i/brief-terreno-realty-acquires-property-in-newark-nj-for-6-3-mln-idUSASC0A0IL |
BRUSSELS (Reuters) - The European Commission will take France, Germany, Hungary, Italy, Romania and Britain to the EU Court of Justice for failing to respect air quality limits, the EU executive said on Thursday.
FILE PHOTO: An exhaust pipe of a car is pictured on a street in a Berlin, Germany, February 22, 2018. REUTERS/Fabrizio Bensch The move follows a summit in January in which the Commission said it would get tough on member states that were still in breach of targets introduced for 2005 and 2010.
France, Germany and Britain will be taken to court over their failure to respect limits for nitrogen dioxide (NO2), while Hungary, Italy and Romania failed to meet required standards on the level of particulate matter.
European Environment, Maritime Affairs and Fisheries Commissioner Karmenu Vella holds a news conference at the EU Commission headquarters in Brussels, Belgium, May 17, 2018. REUTERS/Francois Lenoir “The Commission had to conclude that, in the case of six member states, the additional measures proposed are not sufficient to comply with air quality standards as soon as possible,” EU Environment Commissioner Karmenu Vella told a news conference.
Spain, Slovakia and the Czech Republic avoided court by promising measures that would allow them to live up to EU air quality rules, Vella added.
Reporting by Robert-Jan Bartunek, editing by Julia Fioretti and Kevin Liffey
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eu-environment-pollution/eu-takes-france-germany-and-others-to-court-over-air-quality-idUSKCN1II1BN |
Trust at stake for tech amid data protection worries, Thales CEO says 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/trust-at-stake-for-tech-amid-data-protection-worries-thales-ceo-says.html |
May 22 (Reuters) - Dick’s Sporting Goods Inc:
* SETS QUARTERLY DIVIDEND OF $0.225PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-dicks-sporting-goods-sets-quarterl/brief-dicks-sporting-goods-sets-quarterly-dividend-of-0-225-per-share-idUSFWN1ST0D4 |
AUSTIN, Texas, Victory Energy Corporation (OTCQB:VYEY) ("Victory" or the “Company”) today announced operating results for the three months ended March 31, 2018.
First Quarter and Recent Highlights
During the three months ended March 31, 2018, the Company received $467,000 in debt financing proceeds from Visionary Private Equity Group I, LP (VPEG). On April 16, 2018, Victory provided a market update relating to the entry into (i) a supplementary agreement with Armacor Victory Ventures ("AVV"), (ii) a settlement and mutual release of the loan agreement with Visionary Private Equity Group I, LP ("VPEG"), and (iii) a new interim debt facility with VPEG intended to help accelerate the Company’s transition into the oilfield energy-tech industry. As part of these transactions, the Company is contemplating a private placement offering of up to $7 million, the net proceeds of which are expected to be utilized for targeted oilfield service company acquisitions, buildout of key infrastructure needs, including expansion of early-stage product manufacturing and distribution, order fulfillment, customer support, key executive team buildout and the launch of a branding effort to expand awareness of Victory's revolutionary amorphous alloy coatings products.
Kenny Hill, Victory’s Chief Executive Officer commented, “Over the past several months we have made important progress in our efforts to become a well-capitalized technology-enabled oilfield services business. As a result, our transition into Victory Oilfield Tech is well underway. Once our expected near-term additional capital raise is complete, we intend to begin to fully leverage our ownership of a worldwide, perpetual, royalty free, fully paid up and exclusive license and rights to all future Liquidmetal® Coatings oil and gas product innovations to create a meaningfully differentiated oilfield services business with little effective competition. The combination of friction reduction, torque reduction, reduced corrosion, wear and better data collection from the deployment of our RFID enclosures only represents our initial product line. We anticipate new innovative products will come to market as we continue to collaborate with drillers to solve their other down-hole needs.”
First Quarter 2018 Financial Review
As a result of the divestiture and transfer of the Company’s 50% ownership in Aurora Energy Partners to Navitus Energy Group, which took place on August 21, 2017, the Company’s financials have been restated retroactively to present the Company’s previous oil and gas operations as discontinued. General and administrative expenses decreased $175,876, or 29%, to $427,387 for the three months ended March 31, 2018 from $603,263 for the three months ended March 31, 2017. The decrease was primarily due to lower stock-based compensation and consulting expense. Depreciation and amortization decreased $1,423, or 88%, to $193 for the three months ended March 31, 2018 from $1,616 for the three months ended March 31, 2017. Substantially driving the decrease was the full depreciation of the majority of the Company’s fixed assets. Interest expense decreased $31,042, or 35%, to $58,316 for the three months ended March 31, 2018 from $89,358 for the three months ended March 31, 2017. Contributing to the decrease was a lower overall carrying value of interest bearing debt. Loss from continuing operations decreased $208,341, or 30%, to $485,896 for the three months ended March 31, 2018 from a loss of $694,237 for the three months ended March 31, 2017. The decrease was primarily due to previously discussed lower general and administrative costs and interest expense. Income from discontinued operations increased $19,026, or 63%, to $49,086 for the three months ended March 31, 2018 from $30,060 for the three months ended March 31, 2017. The income from discontinued operations in both periods was due to the Company’s divestiture of its 50% interest in the Aurora partnership.
Investor and Media Contact:
Al Petrie Advisors
Wes Harris
281-740-1334
[email protected]
Victory Energy Corporation:
Kenneth Hill - Chief Executive Officer
Phone: 512-347-7300
[email protected]
Armacor Victory Ventures Investor and Media Contact:
Rachel Cui
Phone: 281-359-1283
[email protected]
About Victory Energy Corporation
Victory Energy Corporation (OTCQB:VYEY), is a publicly held oilfield energy-tech products company focused on improving well performance and extending the lifespan of the industry’s most sophisticated and expensive equipment. America’s resurgence in oil and gas production is partially driven by new innovative technologies and processes. The Company exclusively license intellectual property related to amorphous metal alloys for use in the global oilfield services industry. Victory’s patented products utilize amorphous coatings designed to cost effectively reduce drill-string torque, friction, wear and corrosion, while not impacting the integrity of the base metal. Current products include solutions for drill-pipe, production tubing, and RFID enclosures, but will be expanded to meet the additional needs of exploration and production customers. Amorphous alloys are mechanically stronger, harder and more corrosion resistant than typical crystalline structure alloys found in the market today. This combination of characteristics creates opportunities for drillers to dramatically improve lateral drilling lengths, well completion time and total well costs.
About Armacor Victory Ventures, LLC
Armacor Victory Ventures, LLC is an affiliate of Liquidmetal Coatings and the grantor of the global exclusive license to Victory Energy for products and services in oilfield services. Liquidmetal Coatings Armacor® branded materials harness a revolutionary material technology based on amorphous metal technology discovered in conjunction with NASA. Considered one of their top discoveries, it has the potential to fundamentally change the paradigm in material science and the industries for which Liquidmetal Coatings makes products. They harness this technology to produce the world’s leading wear and corrosion solutions. The unique amorphous metal technology protects drill pipe, casings, and other critical assets to a degree that competitors have historically proven unable to match. This allows oil and gas producers, drillers and even applicators to maximize their asset management and field efficiencies.
Safe Harbor Statement
This press release contains " " 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. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are . These statements are based on certain assumptions made by the Company based on management's experience, perception of historical trends and technical analyses, current conditions, anticipated future developments and other factors believed to be appropriate and reasonable by management. When used in this press release, the words "will," "potential," "believe," "estimated," "intend," "expect," "may," "should," "anticipate," "could," "plan," "project," or their negatives, other similar expressions or the statements that include those words, are intended to identify , although not all contain such identifying words. Among these are statements regarding our ability to raise additional capital and become a major player in the oilfield services business, as well as our ability to successfully utilize the technology licensed under the License to generate revenues and profits. Such are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ implied or expressed by the , including but not limited to continued operating losses; our ability to continue as a going concern; the competitive nature of our industry; downturns in the oil and gas industry, including the oilfield services business; hazards inherent in the oil and natural gas industry; our ability to realize the anticipated benefits of acquisitions or divestitures; our ability to successfully integrate and manage businesses that we plan to acquire in the future; our ability to grow our oilfield services business; our dependence on key management personnel and technical experts; the impact of severe weather; our compliance with complex laws governing our business; our failure to comply with environmental laws and regulations; the impact of oilfield anti-indemnity provisions enacted by many states; delays in obtaining permits by our future customers or acquisition targets for their operations; our ability to obtain patents, licenses and other intellectual property rights covering our services and products; our ability to develop or acquire new products; our dependence on third parties; and, the results of pending litigation.
Source:Victory Energy Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-victory-energy-announces-first-quarter-2018-financial-results.html |
SEOUL, May 9 (Reuters) - U.S. President Donald Trump said North Korea’s decision to release three American detainees would have a positive effect on the upcoming summit between the United States and North Korea, said a South Korean presidential spokesman on Wednesday.
In a phone call with South Korean President Moon Jae-in, Trump also told Moon that U.S. Secretary of State Mike Pompeo had had very constructive talks with North Korean leader Kim Jong Un, Blue House spokesman Kim Eui-kyeom told reporters via mobile message.
Trump and Moon spoke shortly after Trump announced on Twitter that Pompeo was returning home from Pyongyang with the three men who were freed after the secretary of state met with the North Korean leader. (Reporting by Christine Kim Editing by Peter Graff)
| ashraq/financial-news-articles | https://www.reuters.com/article/northkorea-missiles-usa-southkorea/trump-says-release-of-detainees-by-n-korea-will-be-positive-for-u-s-n-korea-summit-s-korea-idUSL3N1SG5LF |
HONG KONG, May 15, 2018 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported financial results for the 12-month period ended December 31, 2017 ("Fiscal 2017").
The Company's revenues for Fiscal 2017 were approximately $17,350,000, an approximate 22.8% decrease compared to approximately $22,478,000 in the Company's fiscal year ended December 31, 2016 ("Fiscal 2016").
The Company had net profit of approximately US$473,000 in Fiscal 2017, an increase of 105% as compared to approximately US$231,000 in Fiscal 2016, despite the drop in revenues. This was primarily due to decrease in operating loss as a result of increase in gross margin % and decrease in selling and administrative expenses, decrease in income taxes expenses and contributions from affiliates, namely Zhejiang Tianlan Environmental Protection Technology Co. Ltd. ("Blue Sky"), and Zhejiang Jia Huan Electronic Co. Ltd. ("Jia Huan").
The Company is positive about the Ballast Water business as it has recently obtained the Certificate of Utility Model Patent for its handheld ballast water checker in China in addition to the type approval certificate from China's Classification Society for its 200, 300, 500, 750, 1200 and 1250 Cubic Meters per hour Ballast Water Treatment Systems ("BWTS") and Alternate Management Systems ("AMS") acceptance for its full range BWTS. Moreover, the Company has received a PRC government grant of approximately US$425,000 to provide a BWTS for a R&D project for the ballast water treatment at ports.
About Blue Sky
Zhejiang Tianlan Environmental Protection Technology Co. Ltd., ("Blue Sky"), found in 2000, is a fast growing company which provides a comprehensive service for design, general contract, equipment manufacturing, installation, testing and operation management of the treatment of waste gases emitted from various boilers and industrial furnaces of power plants, steel works and chemical plants. It has listed its shares on the New Third Board in the People's Republic of China ("PRC") since November 17, 2015 and suspended trading from August 15, 2017 to February 2, 2018. The New Third Board is a national over-the-counter market in the PRC regulated by China Securities Regulatory Commission, and managed by the National Equities Exchange and Quotations, which serves as a platform for the sale of existing shares or directed share placements for small and medium-sized enterprises. At the first 2018 General Meeting of Blue Sky's shareholders held on January 25, 2018, it was resolved that Blue Sky should sell all of its shareholding in its wholly-owned subsidiary, Zhejiang Tianlan Environmental Engineering Limited ('Blue Sky Engineering') to two of Blue Sky's shareholders, including the major shareholder. After the General Meeting, some shareholders and their representatives (including the Company) expressed opposition to the sale, based upon, among other things, the fact that Blue Sky Engineering holds an Engineering Design Qualification Certificate (Class A) (the "Engineering Certificate") in the PRC, and if disposed, Blue Sky would thereby be rendered unable to conduct any engineering design business. In light of such opposition, management of Blue Sky sought the views of its shareholders, who indicated preference for the termination of the disposal of Blue Sky Engineering. As a result, the secretary of Blue Sky's board of directors has informed the Company that Blue Sky would consult the related professional parties and duly decide and resolve upon this matter in accordance with the law.
About Jia Huan
Zhejiang Jia Huan Electronic Co. Ltd. in Zhejiang, China ("Jia Huan"), an established company, has been in business since 1969. 95% of Jia Huan's business is related to air pollution control and less than 5% is for water and wastewater treatment. Jia Huan designs and manufactures automatic control systems and electric voltage control equipment for electrostatic precipitators which are major air purification equipment for power plants, cement plants and incinerators to remove and collect dust and pollutants from the exhaust stacks. On March 5, 2018, we entered into an Equity Transfer Agreement to sell our 20% equity stake of Jia Huan for a purchase price of RMB31,312,500 to Ms. Jin Lijuan, the wife of the holder of the remaining 80% equity stake of Jia Huan. The completion of the transaction is subject to completion of all closing formalities, including the need to obtain approval and registration with the relevant governmental authorities.
About BWTS
BWTS are an imminent requirement by The International Maritime Organization ("IMO") to prevent the biological unbalance caused by the estimated 12 billion tons of ballast water transported across the seas by ocean-going vessels when their ballast water tanks are emptied or refilled. In 2012, ballast water discharge standard became a law in the US. Any vessel constructed in December 2013 or later will need to comply when entering US waters, and existing vessels will follow shortly after. IMO's Ballast Water Management Convention entered into force for new-built vessels on September 8, 2017 after ratification by 52 States, representing 35.1441% of world merchant shipping tonnage. In July 2017, IMO decided that the phase-in period for ballast water system retrofits will start on 8 September 2019.
About AMS
AMS acceptance by the U.S. Coast Guard is a temporary designation given to BWTS approved by a foreign administration. It enables BWTS to be used on vessels for a period of up to 5 years, while the treatment system undergoes approval testing to U.S. Coast Guard standards.
Forward Looking Statements
Certain statements in this news release regarding the Company's expectations, estimates, present view of circumstances or events, and statements containing words such as estimates, anticipates, intends, or expects, or words of similar import, constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements indicate uncertainty and the Company can give no assurance with regard to actual outcomes. Specific risk factors may include, without limitation, having the Company's offices and operations situated in Hong Kong and mainland China, doing business in mainland China, competing with Chinese manufactured products, competing with the Company's own suppliers, dependence on vendors, and lack of long term written agreements with suppliers and customers, development of new products, entering new markets, possible downturns in business conditions, increased competition, loss of significant customers, availability of qualified personnel, negotiating definitive agreements, new marketing efforts and the timely development of resources. See the "Risk Factor" discussions in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F for its fiscal year ended December 31, 2017.
CONDENSED STATEMENTS OF OPERATIONS
(Dollar amounts in US$ thousands, except share and per share data)
Year Ended December 31,
2017
2016
Revenues
$ 17,350
$ 22,478
Net Profit attributable to the Company
473
231
Net Income Per Share - Basic
0.23
0.11
Weighted Average Number of
Ordinary Shares Outstanding - Basic
2,061,909
2,061,909
SELECTED BALANCE SHEET DATA
As of December 31,
2017
2016
Cash and Cash Equivalents
$ 3,380
$ 3,751
Total Current Assets
9,616
9,587
Total Assets
23,737
23,104
Total Current Liabilities
6,630
6,486
Total Liabilities
6,630
6,486
Total Euro Tech Shareholders' Equity
15,969
15,435
View original content: http://www.prnewswire.com/news-releases/euro-tech-holdings-company-limited-reports-2017-year-end-results-300648361.html
SOURCE Euro Tech Holdings Company Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-euro-tech-holdings-company-limited-reports-2017-year-end-results.html |
* Leading U.S. supermarket to use Ocado's technology
* Will order at least 20 new customer fulfilment centres
* Deal is bigger than all previous Ocado deals combined
* Kroger will take a 5 pct stake in Ocado
* Ocado's shares leap as much as 80 pct to record high (Adds further CFO quotes, reaction, hedge fund exposure)
LONDON, May 17 (Reuters) - Britain's online supermarket Ocado clinched a game-changing deal with Kroger as its exclusive partner in the U.S., securing its entry into the world's biggest market and sending its shares soaring more than 50 percent on Thursday.
The agreement, Kroger's response to the competitive threat posed by Amazon's purchase of Whole Foods, takes Ocado's home-delivery technology into the U.S. for the first time and marks the fourth major deal it has signed with supermarkets around the world in six months.
Ocado's Chief Financial Officer Duncan Tatton-Brown said the new partnership with the world's third largest retailer was "transformational".
"The scale of the proposed transaction, and therefore the quantum of its economics, is wholly different to those we've already signed," he told reporters on Thursday.
Retailers around the world are experimenting with different ways of delivering online grocery orders, seeking to balance speed with cost as e-commerce takes off for food.
Ocado's unique software and hardware automates the processing and packing of online groceries, using hundreds of robots rather than people to pull together orders quickly in fulfilment centres.
The UK firm says its Ocado Smart Platform (OSP) technology is the most advanced in the world while sceptics have criticised its high-tech approach as too costly and complicated.
U.S. players such as Walmart are focusing on cheaper low tech warehouses that are closer to customers.
Ocado's Tatton-Brown said he thought Kroger, which had sales of $122 billion in its last fiscal year, was the best-positioned grocer to succeed in the U.S. and it will end discussions with other U.S.-based retailers.
"The opportunity for a business like Kroger is huge, and I think we have the best potential partner in the U.S.," he said.
"They are ambitious, they are capable and together we hope they can transform their industry."
Shares in Ocado, which listed in 2010, rose more than 80 percent, to a record high of 1,000 pence.
They pared some of the gains to trade up 52 percent at 834 pence at 1249 GMT, valuing the group that delivered its first annual profit in 2014 at 5.5 billion pounds.
Kroger, which already held a 1 percent stake in Ocado, will buy new shares equivalent to 5 percent valued at 183 million pounds ($247.5 million), Ocado said.
"We think this is just about as positive a deal as could have been expected to have been announced by Ocado," analysts at Barclays said.
"The company now has an extremely credible partner in the largest grocery market in the world."
Founded in 2000 by three former Goldman Sach's bankers, Ocado has licensed OSP to grocers operating in markets including ICA in Sweden, Sobeys in Canada and Casino in France.
Co-founder and chief executive Tim Steiner saw the value of his stake in the firm rise more than 100 million pounds on Thursday to about 240 million pounds, according to Thomson Reuters data.
TWENTY SITES
Kroger will identify at least 20 sites to build new, automated warehouse facilities in the United States, Tatton-Brown said, exceeding all of the centres Ocado has built or is planning to build for all its other partnerships.
The two companies are working to identify the first three sites in 2018.
Tatton-Brown said the potential for the partnership goes far beyond the initial 20 centres, with scope for two or three times that number in the future.
Cincinnati, Ohio-based Kroger, which has stores in 34 mainly midwest and southern states, was already expanding its online capability in step with rivals like Walmart.
Kroger said in March it delivered from more than 872 stores, offering 1,091 kerbside pickup locations, and would offer 500 new locations in 2018, as well as expanding a partnership with San Francisco-based Instacart to 45 metropolitan markets.
Bricks-and-mortar retailers in the United States and elsewhere are under intense pressure from online rivals. Fresh food and groceries became a major battle ground when e-commerce giant Amazon bought Whole Foods for $13.7 billion last year.
Tatton-Brown said online grocery shopping in the U.S. was still very low at between 1 and 2 percent of total grocery spending and analysts think it could rise to 20-25 percent over the next decade.
HEDGE FUNDS BURNT
The detailed financial terms have yet to be agreed, but Kroger could bring forward some of its payments under the deal, which would reduce Ocado's need for capital. If the retailer fails to hit volume targets it could also lose exclusivity and will have to pay compensation to Ocado.
Before Thursday's deal, Ocado's stock was trading on a heady multiple of 2,250 times its current earnings. The average multiple for the UK grocery retail sector is 17.
The surprise deal and subsequent jump in the share price caught out many hedge funds betting the next move would be down.
Shorting of the stock, where shares are borrowed and sold in the hope of buying them back later at a cheaper price to make a profit, was at a five-month high prior to the announcement. More than 56 million Ocado shares were out on loan on Tuesday, the most recent data from industry tracker FIS' Astec Analytics showed.
Exposed hedge funds included GMT Capital, Hunt Lane Capital and London-based Marshall Wace.
($1 = 0.7393 pounds) (Additional reporting by Maiya Keidan; editing by Kate Holton and Elaine Hardcastle) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/reuters-america-update-4-ocado-shares-soar-on-major-deal-with-kroger-to-enter-the-u-s.html |
WASHINGTON, May 21 (Reuters) - U.S. Secretary of State Mike Pompeo said on Monday the United States would impose the “strongest sanctions in history” against the Iranian leadership, after Washington pulled out of the 2015 nuclear deal.
Pompeo laid out 12 demands for Iran and said relief from sanctions would only come when Washington had seen tangible shifts in Iran’s policies.
Reporting by Lesley Wroughton Writing by Yara Bayoumy; Editing by Bernadette Baum
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-usa/pompeo-says-u-s-to-impose-tough-sanctions-on-iran-idUSW1N1RW01W |
BENGALURU, May 17 (Reuters) - Gold prices were mostly steady on Thursday after touching their lowest level this year in the previous session, with the U.S. dollar hovering below its 2018-peak. FUNDAMENTALS * Spot gold was nearly unchanged at $1,290.64 per ounce at 0038 GMT, after marking its lowest since Dec. 27 in the previous session at $1,286.20. * U.S. gold futures for June delivery were down 0.1 percent at $1,290.10 per ounce. * The dollar index , which measures the greenback against a basket of six major currencies, eased 0.1 percent to 93.315, after hitting the highest level for the year in the last session. * U.S. President Donald Trump acknowledged on Wednesday it was unclear if his summit with North Korea would go ahead after Pyongyang threatened to pull out of the unprecedented meeting, a move that could deny him a potentially major foreign policy achievement. * The United States and China launch trade talks on Thursday in a bid to avert a damaging tariff war, with the White House's harshest China critic relegated to a supporting role, senior Trump administration officials said on Wednesday. * The United States and Gulf partners imposed additional sanctions on Lebanon's Hezbollah leadership on Wednesday, targeting its top two officials, Sayyed Hassan Nasrallah and Naim Qassem. * European leaders sought unity on Wednesday towards threatened U.S. import tariffs on steel and aluminium, balancing the views of those most fearful of a trade war and those determined not to be bullied into concessions. * Germany's Angela Merkel on Wednesday defended the Iran nuclear deal following its rejection by Washington, arguing the pact is the best way to tackle concerns about Tehran's role in Syria and its ballistic missile programme. * U.S. industrial production increased solidly in April amid an acceleration in manufacturing and mining output, the latest indication that the economy was gathering momentum early in the second quarter. * St. Louis Federal Reserve Bank President James Bullard on Wednesday said he believes the Fed's policy rate is "pretty close" to neutral, and that further rate hikes would act to slow economic growth and push downward on inflation. * There is "a lot of support" among U.S. policymakers to review the central bank's inflation target, even though the process may well lead to little change in the Fed's current approach, Bullard said. (Reporting by Apeksha Nair in Bengaluru Editing by Joseph Radford)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-precious/precious-gold-prices-steady-as-dollar-hovers-below-2018-peak-idUSL3N1SO08Q |
May 7, 2018 / 10:19 PM / Updated 28 minutes ago Exclusive - Comcast prepares all-cash bid to gate-crash Disney-Fox deal: sources Greg Roumeliotis , Liana B. Baker 4 Min Read
(Reuters) - U.S. cable operator Comcast Corp ( CMCSA.O ) is asking investment banks to increase a bridge financing facility by as much as $60 billion so it can make an all-cash offer for the media assets that Twenty-First Century Fox Inc ( FOXA.O ) has agreed to sell to Walt Disney Co ( DIS.N ) for $52 billion, three people familiar with the matter said on Monday.
Comcast Chief Executive Brian Roberts only plans to proceed with the bid if a federal judge allows AT&T Inc’s ( T.N ) planned $85 billion acquisition of Time Warner Inc ( TWX.N ) to proceed, the sources said. The U.S. Department of Justice has opposed the AT&T-Time Warner deal over antitrust concerns, and a decision from U.S. District Court Judge Richard Leon is expected in June.
Disney Chief Executive Bob Iger clinched an all-stock deal with Fox Executive Chairman Rupert Murdoch in December to acquire Fox’s film, television and international businesses, giving the world’s largest entertainment company an arsenal of shows and movies to combat growing digital rivals Netflix Inc ( NFLX.O ) and Amazon.com Inc ( AMZN.O ).
Comcast, owner of NBC and Universal Pictures, has also made a 22 billion pound ($30 billion) offer to acquire the 61 percent stake in European pay-TV group Sky Plc ( SKYB.L ) that Fox does not already own. In doing so, it topped an earlier offer for the entirety of Sky by Fox.
Last November, Comcast offered to acquire most of Fox’s assets in an all-stock deal valued at $34.41 per share, or $64 billion, a regulatory filing showed last month. Like Disney, Comcast sought to buy Fox’s entertainment networks, movie studios, television production and international assets, the filing shows.
Fox ended up announcing an all-stock deal with Disney for $29.54 per share. In the regulatory filing, Disney and Fox cited regulatory hurdles as reasons to reject Comcast’s bid, even though they did not reference it by name.
The exact value of Comcast’s new bid for the Fox assets is not yet clear, although the $60 billion in new financing indicates it is seeking significant firepower to outbid Disney. Comcast already has a $30 billion bridge loan to finance its Sky offer. Slideshow (2 Images)
The sources asked not to be identified because the matter is confidential. Comcast, Fox and Disney declined to comment.
Fox shares rose 5.13 percent to $39.99 on the news in after-hours trading in New York on Monday. Comcast shares were down 1.5 percent to $31.90, while Disney shares were down 0.5 percent to $102.00.
Murdoch, who owns close to a 17 percent stake in Fox and holds about 40 percent of the voting power, prefers to be paid in stock rather than cash for the Fox assets, because this makes the transaction non-taxable for shareholders, sources have said. It is not clear how receptive he would be to an all-cash offer.
Last month’s regulatory filing also showed that Fox viewed Disney’s stock as more valuable than Comcast’s, based on historic prices, and felt that a deal between Disney and Fox would generate greater long-term value. The Roberts family controls Comcast through a dual-class stock structure.
Comcast’s stock has dropped since then, from around $38 to about $32 now, giving the company a market capitalisation of $149 billion.
Disney has committed to share buybacks as a way of returning cash to Fox shareholders. As a result, Comcast sees an opening in being disruptive to the deal by making an all-cash bid, according to the sources.
In its deal with Disney, Fox agreed to separate the Fox Broadcasting network and stations, Fox News Channel, Fox Business Network, its sports channels FS1, FS2 and the Big Ten Network, into a newly listed company that it will spin off to its shareholders. Reporting by Greg Roumeliotis and Liana B. Baker in New York; Additional reporting by Jessica Toonkel in New York; Editing by Tiffany Wu and Lisa Shumaker | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-fox-m-a-comcast-exclusive/exclusive-comcast-prepares-all-cash-bid-to-gate-crash-disney-fox-deal-sources-idUKKBN1I82IB |
May 18, 2018 / 9:51 AM / a few seconds ago Funds look past 3 percent U.S. yield to pump $11.9 billion into stocks: BAML Reuters Staff 3 Min Read
LONDON (Reuters) - Investors pumped $11.9 billion into global equities in the past week and also put money into bank loans, likely viewing the rise in U.S. bond yields as reflecting a robustly growing economy, Bank of America Merrill Lynch said on Friday.
The bank’s data, which tracks fund flows from Wednesday to Wednesday, also showed some relatively small $400 million inflows into emerging stocks which have taken a hit from the U.S. Treasury selloff and the dollar’s rise but tend to benefit from an improving U.S. economy.
“The rise in 10-year U.S. yields from 2 percent to 3 percent over the past 18 months is a “good” rise in yields but if more than 3 percent (is considered) a “bad” rise... this should be revealed in coming weeks by further outflows from financials, emerging markets, credit as well as rising private client cash levels,” BAML told clients in a note.
A “good” yield rise would indicate faith in economic growth while a “bad” rise on the other hand could reflect the view that inflation is gaining the upper hand.
The bank said its private clients’ cash allocations currently stood at 9.8 percent of assets under management, a record low, testifying to their appetite for risk.
Within equities, U.S. funds took in $8.8 billion and Japanese stocks took in a modest $700 million but Europe posted its 10th straight week of losses, losing $800 million.
European shares have suffered as economic data has underwhelmed, indicating a growth slowdown even as U.S. companies have benefited from swinging tax cuts that boosted their bottom line at least in the first quarter.
Another indication of growth optimism was large inflows into pharmaceutical and technology stocks which took in $700 million and $500 million respectively, BAML said, adding “Investors show preference for growth over value”.
The data also showed $900 million inflow into bank loans, which BAML attributed to the fact that markets are now pricing in a roughly 40 percent probability of three more U.S. Federal Reserve rate rises this year, instead of two. Banks tend to benefit as interest rates rise.
Bond funds absorbed $3.4 billion. However, emerging debt recorded its fourth straight week of outflow, shedding $1.3 billion. Junk-rated bonds, also considered vulnerable to higher U.S. borrowing costs, also saw a second week of outflows.
BAML said, however, there were signs the Treasury yield rise could be approaching its end, noting $400 million in redemptions from financials stocks, bring three-week losses to $1.6 billion.
“This is important as the reversal in flows to financials funds preceded the peak in bond yields in both 2013 and 2017,” the bank added.
To view a graphic on Financials flows and bond yields, click: reut.rs/2KwALRF Reporting by Sujata Rao; Editing by Toby Chopra | ashraq/financial-news-articles | https://www.reuters.com/article/us-markets-flows-baml/funds-look-past-3-percent-u-s-yield-to-pump-11-9-billion-into-stocks-baml-idUSKCN1IJ12Q |
– Net Sales of $437.5 Million for the Quarter; Up $8.9 Million From Q1 2017 –
– Gross Profit of $55.3 Million for the Quarter; Up $0.9 Million From Q1 2017 –
– Elimination of Mortgage Debt –
– Completed Acquisition of Cedar Creek Subsequent to Quarter End –
ATLANTA, May 03, 2018 (GLOBE NEWSWIRE) -- BlueLinx Holdings Inc. (NYSE:BXC), a leading distributor of building and industrial products in the United States, today reported financial results for the fiscal first quarter ended March 31, 2018.
“Our first quarter was perhaps the most productive in the history of BlueLinx. We entered into $110 million of sale leaseback transactions that allowed us to deleverage the balance sheet and enter into an agreement to acquire Cedar Creek,” said Mitch Lewis, President and Chief Executive Officer. “We completed our acquisition of Cedar Creek on April 13th, which positions us as one of the largest wholesale distributors in the building products industry. With more than 50,000 branded and private-label SKUs, a broad distribution footprint servicing 40 states, and approximately 700 sales associates calling on customers every day, we are confident that we are well-positioned to continue our growth and drive enhanced value for our shareholders.”
Susan O’Farrell, Senior Vice President and Chief Financial Officer added, “The first quarter of 2018 was an exciting time for BlueLinx. We successfully completed four sale leaseback transactions and eliminated our CMBS mortgage debt of $98 million during the quarter. Our continued focus on deleveraging the business improved our financial performance and significantly reduced our debt during the quarter.”
First Quarter Results Compared to Prior Year Period
BlueLinx generated net sales of $437.5 million for the fiscal first quarter of 2018, up $8.9 million or 2.1% from the prior fiscal year first quarter. The Company recorded gross profit of $55.3 million during the fiscal first quarter, up $0.9 million or 1.6% from the prior fiscal year first quarter, with a gross margin of 12.7%.
The Company recorded a net loss of $13.4 million for the fiscal first quarter of fiscal 2018, compared to net income of $0.6 million in the prior fiscal year first quarter. As a result of the Company’s real estate monetization efforts and announcement of the Cedar Creek acquisition, the market reacted favorably, increasing our stock price during the fiscal first quarter. As a result, the Company incurred charges associated with the compensation expense from Stock Appreciation Rights (SARs) of $8.9 million, which the Company expects to pay out in 2018 and 2019. Additionally, the Company incurred one-time charges during the fiscal first quarter for legal, consulting, and professional fees of $3.6 million related to the Cedar Creek acquisition and interest charges of $2.2 million in debt modification fees under the CMBS mortgage payoff in the first quarter of fiscal 2018.
Adjusted EBITDA, which is a non-GAAP measure, was $8.1 million for the fiscal first quarter, up $0.7 million or 10.2% from this period a year ago.
Working Capital and Liquidity
During the fiscal first quarter of 2018, the Company paid off the remaining mortgage principal balance of approximately $98.0 million. The payment was funded through long-term sale leaseback transactions on four properties owned by the Company, which provided $110.0 million in aggregate gross sale proceeds. With the working capital efficiencies the Company achieved, operating working capital decreased by $2.4 million from the fiscal first quarter 2017.
Subsequent to the fiscal first quarter, BlueLinx used net proceeds from debt issuance under its amended $750 million ABL revolving credit facility (inclusive of a $150 million uncommitted accordion) and a new $180 million term loan to fund the purchase price for the Cedar Creek acquisition, repay debt, and to pay certain related transaction fees and expenses. Excess availability under the amended ABL and cash on hand as of April 13, 2018 was approximately $157 million.
Conference Call
BlueLinx will host a conference call today at 10:00 a.m. Eastern Time, accompanied by a supporting slide presentation. Participants can access the live conference call via telephone at (877) 873-5864, using Conference ID # 5957632 . Investors can also listen to the live audio of the conference call and view the accompanying slide presentation by visiting the BlueLinx website, www.BlueLinxCo.com , and selecting the conference link on the Investor Relations page. After the conference call has concluded, an archived recording will be available on the BlueLinx website.
Use of Non-GAAP Measures and Supplementary Information
BlueLinx reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company also believes that presentation of certain non-GAAP measures may be useful to investors. Any non-GAAP measures used herein are reconciled in the financial tables accompanying this news release. The Company cautions that non-GAAP measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results.
We define Adjusted EBITDA as an amount equal to net income plus interest expense and all interest expense related items, income taxes, depreciation and amortization, and further adjusted to exclude certain non-cash items, and other adjustments to Consolidated Net Income, including compensation expense from SARs, and one-time charges associated with the legal, consulting, and professional fees related to the Cedar Creek acquisition, and interest charges in debt modification fees under the CMBS mortgage payoff in the first quarter of fiscal 2018.
We present Adjusted EBITDA because it is a primary measure used by management to evaluate operating performance and, we believe, helps to enhance investors’ overall understanding of the financial performance and cash flows of our business. However, Adjusted EBITDA is not a presentation made in accordance with GAAP, and is not intended to present a superior measure of the financial condition from those determined under GAAP. Adjusted EBITDA, as used herein, is not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. We believe Adjusted EBITDA is helpful in highlighting operating trends. We also believe that Adjusted EBITDA is frequently used by securities analysts, investors and other interested parties in their evaluation of companies, many of which present an Adjusted EBITDA measure when reporting their results. We compensate for the limitations of using non-GAAP financial measures by using them to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than using GAAP results alone.
Additionally, we believe supplementary GAAP-based information such as operating working capital and debt principal are helpful to investors in explaining the impacts of our operating efficiencies. Operating working capital is defined as current assets less current liabilities plus the current portion of long-term debt. Operating working capital is an important measure we use to determine the efficiencies of our operations and our ability to readily convert assets into cash. Debt principal is defined as the principal amount of debt payable at the stated period-end date and is used by management to monitor our progress in meeting our goals to reduce the debt on our balance sheet.
About BlueLinx Holdings Inc.
BlueLinx (NYSE:BXC) is a leading wholesale distributor of building and industrial products in the United States with over 50,000 branded and private-label SKUs, and a broad distribution footprint servicing 40 states. BlueLinx has a differentiated distribution platform, value-driven business model and extensive cache of products across the building products industry. Headquartered in Atlanta, Georgia, BlueLinx has approximately 2,600 associates and distributes its comprehensive range of structural and specialty products to approximately 15,000 national, regional, and local dealers, as well as specialty distributors, national home centers, industrial, and manufactured housing customers. For more information visit www.BlueLinxCo.com .
Contacts:
Investors:
Susan O’Farrell, SVP, CFO & Treasurer
BlueLinx Holdings Inc.
(770) 953-7000
Natalie Poulos, Investor Relations
BlueLinx Holdings Inc.
(866) 671-5138
[email protected]
Media:
Trevor Gibbons / Amy Feng
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
Forward-looking Statements
This press release includes “ ” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to profitability. All of these are based on estimates and assumptions made by our management that, although believed by BlueLinx to be reasonable, are inherently uncertain. Forward-looking statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental, and technological factors outside of BlueLinx’s control that may cause its business, strategy or actual results to the . These risks and uncertainties may include, among other things: changes in the prices, supply and/or demand for products that it distributes, inventory management and commodities pricing; new housing starts and inventory levels of existing homes for sale; general economic and business conditions in the United States; acceptance by our customers of our privately branded products; financial condition and creditworthiness of our customers; supply from our key vendors; reliability of the technologies we utilize; the activities of competitors; changes in significant operating expenses; fuel costs; risk of losses associated with accidents; exposure to product liability claims; changes in the availability of capital and interest rates; adverse weather patterns or conditions; acts of cyber intrusion; variations in the performance of the financial markets, including the credit markets; and other factors described in the “Risk Factors” section in the Company’s Annual Report on Form 10-K for the year ended December 30, 2017, its Quarterly Reports on Form 10-Q, and in its periodic reports filed with the Securities and Exchange Commission from time to time. Given these risks and uncertainties, you are cautioned not to place undue reliance on . BlueLinx undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, and changes in expectations or otherwise, except as required by law.
BLUELINX HOLDINGS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Quarter Ended March 31,
2018 April 1,
2017 (unaudited) Net sales $ 437,487 $ 428,608 Cost of sales 382,162 374,174 Gross profit 55,325 54,434 Operating expenses (income): Selling, general, and administrative 59,240 53,051 Gains from sales of property — (6,700 ) Depreciation and amortization 2,665 2,363 Total operating expenses 61,905 48,714 Operating (loss) income (6,580 ) 5,720 Non-operating expenses (income): Interest expense 8,480 5,242 Other income, net (94 ) (139 ) (Loss) income before (benefit from) provision for income taxes (14,966 ) 617 (Benefit from) provision for income taxes (1,539 ) 33 Net (loss) income $ (13,427 ) $ 584 Basic (loss) earnings per share $ (1.47 ) $ 0.07 Diluted (loss) earnings per share $ (1.47 ) $ 0.06
BLUELINX HOLDINGS INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
March 31,
2018 December 30,
2017 ASSETS Current assets: Cash $ 7,069 $ 4,696 Receivables, less allowances of $3,140 and $2,761, respectively 162,904 134,072 Inventories, net 228,849 187,512 Other current assets 18,911 17,124 Total current assets 417,733 343,404 Property and equipment: Land and land improvements 22,252 30,802 Buildings 153,225 84,781 Machinery and equipment 70,787 70,596 Construction in progress 569 570 Property and equipment, at cost 246,833 186,749 Accumulated depreciation (93,559 ) (102,977 ) Property and equipment, net 153,274 83,772 Deferred tax asset 58,692 53,853 Other non-current assets 14,796 13,066 Total assets $ 644,495 $ 494,095 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 107,097 $ 70,623 Bank overdrafts 21,322 21,593 Accrued compensation 4,815 9,229 Current liabilities - capital leases and real estate deferred gain 7,478 5,388 Other current liabilities 18,102 10,772 Total current liabilities 158,814 117,605 Non-current liabilities: Long-term debt, net of discount of $2,952 and $3,792, respectively 220,384 276,677 Non-current liabilities - capital leases and real estate deferred gain 200,007 24,492 Pension benefit obligation 29,100 30,360 Other non-current liabilities 14,094 9,959 Total liabilities 622,399 459,093 Commitments and Contingencies STOCKHOLDERS’ EQUITY Common Stock, $0.01 par value, Authorized - 20,000,000 shares, Issued and Outstanding -
9,209,913 and 9,100,923, respectively 92 91 Additional paid-in capital 259,906 259,588 Accumulated other comprehensive loss (36,298 ) (36,507 ) Accumulated stockholders’ deficit (201,604 ) (188,170 ) Total stockholders’ equity 22,096 35,002 Total liabilities and stockholders’ equity $ 644,495 $ 494,095
BLUELINX HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended March 31,
2018 April 1,
2017 Net cash used in operating activities (45,003 ) (39,860 ) Property and equipment investments (332 ) (160 ) Proceeds from sale of assets 107,879 27,427 Net cash provided by investing activities 107,547 27,267 Cash flows from financing activities: Repurchase of shares to satisfy employee tax withholdings (1,759 ) (147 ) Repayments on revolving credit facilities (78,789 ) (70,938 ) Borrowings from revolving credit facilities 119,441 115,553 Principal payments on mortgage (97,847 ) (27,388 ) Decrease in bank overdrafts (271 ) (3,342 ) Cash released from escrow related to the mortgage — (1,090 ) Other, net (946 ) (410 ) Net cash used in financing activities (60,171 ) 12,238 Increase (decrease) in cash 2,373 (355 ) Cash, beginning of period 4,696 5,540 Cash, end of period $ 7,069 $ 5,185
BLUELINX HOLDINGS INC.
RECONCILIATION OF NON-GAAP MEASUREMENTS
(In thousands)
(Unaudited)
The following schedule reconciles net income to Adjusted EBITDA:
Quarter Ended March 31,
2018 April 1,
2017 Net income $ (13,427 ) $ 584 Adjustments: Depreciation and amortization 2,665 2,363 Interest expense 8,480 5,242 (Benefit from) provision for income taxes (1,539 ) 33 Gain from sales of property — (6,700 ) Amortization of deferred gain (1,171 ) — Share-based compensation expense 9,200 765 Multi-employer pension withdrawal — 4,500 Merger and acquisition costs (1) 3,592 — Restructuring, severance, and legal 272 536 Adjusted EBITDA $ 8,072 $ 7,323 (1) Reflects primarily legal, consulting, and professional fees related to the Cedar Creek acquisition
BLUELINX HOLDINGS INC.
SUPPLEMENTARY INFORMATION
(In thousands)
(Unaudited)
Debt Principal
The following schedule presents revolving credit facility and mortgage principal for the first quarters of fiscal 2018 and 2017, respectively:
March 31,
2018 April 1, 2017 YOY Change Revolving credit facility - principal $ 223,336 $ 221,228 $ 2,108 Mortgage - principal — 99,435 (99,435 ) Total $ 223,336 $ 320,663 $ (97,327 ) Operating Working Capital
Operating working capital is defined as current assets less current liabilities plus the current portion of long-term debt. The following schedule displays the selected balance sheet components of our operating working capital calculation:
March 31,
2018 April 1, 2017 YOY Change Current assets: Cash $ 7,069 $ 5,185 $ 1,884 Receivables, less allowance for doubtful accounts 162,904 160,068 2,836 Inventories, net 228,849 214,658 14,191 Other current assets 18,911 18,271 640 Total current assets $ 417,733 $ 398,182 $ 19,551 Current liabilities: Accounts payable $ 107,097 $ 100,189 $ 6,908 Bank overdrafts 21,322 18,354 2,968 Accrued compensation 4,815 5,071 (256 ) Current maturities of long-term debt, net of discount — 2,246 (2,246 ) Current liabilities - capital leases and real estate deferred gain 7,478 5,093 2,385 Other current liabilities 18,102 8,180 9,922 Total current liabilities $ 158,814 $ 139,133 $ 19,681 Operating working capital $ 258,919 $ 261,295 $ (2,376 )
Source:BlueLinx Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-bluelinx-announces-first-quarter-2018-results.html |
By David Meyer 7:03 AM EDT
The stock prices of Amgen (amgn) and Novartis (nvs) have popped after the pharmaceutical companies won U.S. approval for a new shot that treats migraines .
Aimovig is a monthly shot that’s the first in a new class of anti-migraine treatments, coming at a cost of $6,900 per year without insurance. The companies announced Thursday that the U.S. Food and Drug Administration (FDA) had given it the all-clear.
The new treatment, which can be administered with an autoinjector, should now be available within a week. The companies say Aimovig significantly reduces monthly migraine days.
Amgen’s stock rose 1.2% on the news, while Switzerland’s Novartis was up 0.3% at the time of writing. However, Amgen’s stock had fallen by 2.1% earlier this week, after Eli Lilly (lly) reported good results in tests of an Amgen-competing headache drug and Pfizer (pfe) won approval for its version of Amgen’s Epogen/Procrit, a treatment for anemia.
“Migraine is a serious and misunderstood disease with significant gaps in the way it is both perceived and treated,” said Novartis president Fabrice Chouraqui in an announcement about the FDA’s approval of Aimovig.
Around 10 million Americans are thought to suffer frequent migraines, which can cause everything from severe headaches to nausea and light and sound sensitivity. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/18/amgen-novartis-aimovig-migraines-fda/ |
SPRINGDALE, Ark. and CUMMING, Ga., May 15, 2018 (GLOBE NEWSWIRE) -- Subsidiaries of Tyson Foods, Inc. (NYSE:TSN) have agreed to buy the poultry rendering and blending assets of American Proteins, Inc. and AMPRO Products, Inc., the companies announced today. The acquisition is expected to enable Tyson Foods to recycle more animal products for feed, pet food and aquaculture, among other things, and expand its presence in the growing animal feed ingredient business. The agreement is subject to customary closing conditions, including regulatory approval.
“Rendering plays a key role in growing our business and helping us deliver on our sustainability goals,” said Tom Hayes, president and CEO. “Through this important business, no part of the animal goes to waste, and we can recycle valuable ingredients into feed for pets and aquaculture.”
Rendering is an environmentally friendlier way to keep animal products out of landfills and potentially reduce greenhouse gas emissions. According to the National Renderers Association , rendering’s contribution to carbon emission reduction in the U.S. and Canada is equivalent to removing more than 12 million cars from the road annually.
“This acquisition is a great complement to our existing business, gives us the ability to render raw materials in a region we don’t currently serve, and better positions us to meet the competitive, fast-growing national and global demand for animal protein,” said Doug Ramsey, group president of poultry for Tyson Foods.
The acquisition includes four rendering plants located in Georgia and Alabama and 13 blending facilities located throughout Southeastern and Midwestern states. The facilities are expected to provide additional capacity to Tyson’s current animal byproducts business. Approximately 700 people work for American Proteins and most are expected to become Tyson Foods team members.
Mark Ham, president and CEO of American Proteins said, “We value and appreciate our 700 plus employees as well as the relationships we have with our suppliers and customers, and are confident that after the transaction closes the Tyson team will offer them the same commitment to service and quality as provided by American Proteins.”
The purchase price is approximately $850 million. Over the next 12 months, the business is expected to generate adjusted net sales of more than $550 million. Tyson expects to realize synergies over time driven by manufacturing efficiencies, mix optimization and distribution network consolidation.
“American Proteins’ management team has built a great business and the production teams have done a wonderful job making animal feed ingredients for years. We admire the company and believe this will be a good cultural fit,” Ramsey said. “Investing in this part of our business is an investment in the future sustainability of our company.”
Tyson Foods recently announced its goal of reducing greenhouse gas emissions 30 percent by 2030, including a commitment to support improved environmental practices on two million acres of corn by the end of 2020 — the largest-ever land stewardship commitment by a U.S. protein company. More information about Tyson Foods’ commitment to sustainably feed the world with safe, high-quality and nutritious food products is available in its 2017 Sustainability Report .
About Tyson Foods
Tyson Foods Inc. (NYSE:TSN) is one of the world’s largest food companies and a recognized leader in protein. Founded in 1935 by John W. Tyson and grown under three generations of family leadership, the company has a broad portfolio of products and brands like Tyson ® , Jimmy Dean ® , Hillshire Farm ® , Ball Park ® , Wright ® , Aidells ® , ibp ® and State Fair ® . Tyson Foods innovates continually to make protein more sustainable, tailor food for everywhere it’s available and raise the world’s expectations for how much good food can do. Headquartered in Springdale, Arkansas, the company has 122,000 team members. Through its Core Values, Tyson Foods strives to operate with integrity, create value for its shareholders, customers, communities and team members and serve as a steward of the animals, land and environment entrusted to it. Visit www.tysonfoods.com .
About American Proteins
American Proteins was founded by Leland Bagwell in 1949 who subsequently turned over the management of the company to his son Tommy Bagwell in 1972. For sixty-nine years the Bagwell family, through American Proteins and it’s 700 plus dedicated employees, has serviced the poultry industry from its plants in Georgia and Alabama and supplies feed ingredients for pets and farm animals throughout the world through its subsidiary AMPRO Products providing custom blended protein feed products meeting national and international demand for consistent quality ingredients. Visit www.americanproteins.com for more about American Proteins.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This communication contains forward-looking statements, including statements regarding the expected consummation of the acquisition, which involve a number of risks and uncertainties, including the satisfaction of closing conditions for the acquisition, such as regulatory approval for the transaction; the possibility that the transaction will not be completed; the impact of general economic, industry, market or political conditions; risks related to the ultimate outcome and results of integrating the assets and business operations of American Proteins, Inc. and AMPRO Products, Inc.; the ultimate outcome of our strategy applied to this transaction and the ultimate ability to realize synergies; the effects of the business combination, including our future financial condition, operating results, strategy and estimates; and other risks and uncertainties, including those identified in our Annual Report on Form 10-K for the year ended September 30, 2017, and any subsequent quarterly reports on Form 10-Q. The words “will,” “anticipate,” “expect,” and other similar expressions (or the negative of such terms) are intended to identify forward-looking statements. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results and the timing of events may differ materially from the results and/or timing discussed in the forward-looking statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date of this communication, and we do not undertake any obligation to update any forward-looking statement except as required by law.
Media Contact: Worth Sparkman, 479-290-6358, [email protected]
Investor Contact: Jon Kathol, 479-290-4235, [email protected]
Source:Tyson Foods, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-tyson-foods-builds-on-its-commitment-to-sustainability-through-acquisition-of-american-proteins-and-ampro-products-assets.html |
I have two phones right now. They’re both glassy rectangles with large screens marred only by a big honkin’ notch at the top. They have a few small differences—only one has a headphone jack, only one is waterproof—but they both last all day with high performance.
One costs twice as much as the other. What gives?
The more expensive of my two... | ashraq/financial-news-articles | https://www.wsj.com/articles/this-530-phone-stands-up-to-the-1-000-competition-1527611704 |
(Reuters) - Bill Cosby’s wife of more than 50 years jumped to his defense on Thursday, blaming his sexual-assault conviction last week on a corrupt prosecutor, a pliant press and a lying accuser that she said led to a false verdict and stirred a lynch mob against him.
FILE PHOTO: Actor and comedian Bill Cosby arrives with his wife Camille for his sexual assault trial at the Montgomery County Courthouse in Norristown, Pennsylvania, U.S., June 12, 2017. REUTERS/Brendan McDermid/File Photo Camille Cosby said her husband, once a beloved actor and comedian known as America’s Dad for his role in a popular 1980s TV show, was railroaded by a self-serving system that she said demanded a criminal investigation of his prosecutors.
“This is mob justice, not real justice,” she said in a statement issued by her publicist. “This tragedy must be undone not just for Bill Cosby, but for the country.”
A jury of seven men and five women convicted Cosby, 80, on April 26 of drugging and sexually assaulting Andrea Constand, 45, in 2004. He faces up to 10 years in prison for each of three counts of aggravated indecent assault.
Cosby’s lawyers said they would appeal the verdict. He remains free on $1 million bail.
Camille Cosby, 74, who attended her husband’s three-week trial in Norristown, Pennsylvania only during closing arguments, claimed that Constand had concocted the sexual assault claim in the hope of winning a civil judgment against the actor.
“I firmly believe her recent testimony during trial was perjured; as was shown at trial, it was unsupported by any evidence and riddled with innumerable, dishonest contradictions,” she said, echoing an argument that defense lawyers had made during the trial.
Constand was one of more than 50 women who have accused Cosby of sexually assaulting them. The rest of them had passed the legal time limit for prosecution when they stepped forward with their claims.
Unlike Cosby’s first trial last June in which jurors were unable to reach a verdict, the judge at the second trial allowed the testimonies of five of the other accusers, who said Cosby had assaulted them in a similar way to how Constand said he had assaulted her.
Without mentioning him by name, Camille Cosby accused Montgomery County, Pennsylvania District Attorney Kevin Steele “and his cohorts” of advancing themselves professionally and economically at her husband’s expense.
The press, she claimed, had demonized her husband and unquestioningly accepted his accusers’ allegations “without any attendant proof.”
She invoked the names of two other African American men — Emmett Till and Darryl Hunt — who were famously falsely accused of sexually assaulting white women.
Reporting by Peter Szekely in New York; Editing by Daniel Wallis and Bernadette Baum
| ashraq/financial-news-articles | https://in.reuters.com/article/people-cosby-wife/bill-cosbys-wife-slams-prosecutor-accusers-for-husbands-guilty-verdict-idINKBN1I41VF |
May 8 (Reuters) - Sparton Corp:
* ULTRA ELECTRONICS USSI AND SPARTON CORPORATION JOINT VENTURE (ERAPSCO) AWARDED $70.3M FOR U.S. NAVY SONOBUOY CONTRACTS
* SPARTON - ERAPSCO TO PROVIDE PRODUCTION SUBCONTRACTS OF $32.0 MILLION AND $38.3 MILLION TO ULTRA ELECTRONICS USSI, SPARTON DE LEON SPRINGS, LLC RESPECTIVELY Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ultra-electronics-and-sparton-corp/brief-ultra-electronics-and-sparton-corp-jv-gets-70-3m-for-u-s-navy-sonobuoy-contracts-idUSFWN1SF0Y6 |
May 8 (Reuters) - Liberty Property Trust:
* LIBERTY PROPERTY TRUST ANNOUNCES SALE OF FIVE CRESCENT DRIVE AT THE PHILADELPHIA NAVY YARD
* LIBERTY PROPERTY TRUST - DEAL FOR $130.5 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-liberty-property-trust-announces-s/brief-liberty-property-trust-announces-sale-of-five-crescent-drive-at-philadelphia-navy-yard-idUSFWN1SF10R |
May 24 (Reuters) - Home Meal Replacement SA:
* SAID ON WEDNESDAY DECIDED NOT TO CONTINUE WITH “MEAL TOKEN” INITIAL COIN OFFERING OPERATION UNDER SUPERVISION OF SWISS REGULATOR
* LOOKING AT OTHER COUNTRIES THAT COULD GIVE LEGAL SUPPORT TO THE OPERATION
* INTENDS TO PARTICIPATE IN “CRYPTO-FRANCHISE” PLATFORM TO BE DEVELOPED BY A THIRD PARTY WITH FUNDS RAISED FROM INITIAL COIN OFFERING
Source text: bit.ly/2kj2ZUL
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SV0UJ |
For parents, mornings can be a particularly chaotic and stressful part of the day, but Twitter co-founder Biz Stone has developed a morning routine that works for him and his family. That's according to Benjamin Spall, author of " My Morning Routine: How Successful People Start Every Day Inspired ."
Stone's example shows that it is possible for working parents to develop a consistent and healthy morning routine that helps both parents and kids start the day off right, says Spall. "It's not as easy for parents as it is for non-parents — that would just be false — but it is possible," Spall tells CNBC Make It . "You can still have a morning routine as a parent of young kids."
In his book, Stone tells Spall in detail about his morning routine and that playing with his son is the most important part of his day. "I've been playing with my son upon waking up since he was born," says Stone. "My routine has changed very little since he came along."
These days, Stone's five-year-old son Jake wakes him up between 6:30 and 7 AM. "I don't use an alarm because my son is an alarm," he says. Together, the two then do something creative, which helps them both mentally prepare for their days.
"Our go-to for a couple of years has been Legos," he says. "However, he recently discovered Minecraft for iPad. We can play that together over our local area network, so it's just me and him in the game."
After at least an hour of playing, Stone gets dressed and helps his son as well. In order to make this process more efficient, he uses a practice popular among industry leaders like Mark Zuckerberg and Steve Jobs — he wears the same thing every day. His "uniform" of jeans, a black T-shirt and blue Converse helps Stone save time that he can instead spend with his family.
Once they're both dressed, he and his son sit down for a meal as a family. "My wife often makes us a simple, light breakfast — sometimes oatmeal, fruit or toast with avocado," says Stone. Then he drops Jake off at school on his way to work.
This routine, explains Stone, is the highlight of his day. "If I don't get a chance to play with my son in the morning, I feel like I missed something that I'll never get back," he says. "It's such a joy to wake up and be in the mindset of a five-year-old before transitioning into the role of 'executive.'"
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May 1, 2018 / 6:10 PM / Updated 27 minutes ago IPL Scoreboard Reuters Staff 3 Min Read May 1 (OPTA) - Scoreboard at close of play on the first day of match 31 between Royal Challengers Bangalore and Mumbai Indians on Tuesday at Bangalore, India Royal Challengers Bangalore win by 14 runs Royal Challengers Bangalore 1st innings Manan Vohra lbw Mayank Markande 45 Quinton de Kock c Rohit Sharma b Mitchell McClenaghan 7 Brendon McCullum Run Out Hardik Pandya 37 Virat Kohli c Kieron Pollard b Hardik Pandya 32 Mandeep Singh c Suryakumar Yadav b Hardik Pandya 14 Colin de Grandhomme Not Out 23 Washington Sundar c Rohit Sharma b Hardik Pandya 1 Tim Southee c Ben Cutting b Jasprit Bumrah 1 Umesh Yadav Not Out 1 Extras 1b 2lb 2nb 0pen 1w 6 Total (20.0 overs) 167-7 Fall of Wickets : 1-38 de Kock, 2-61 Vohra, 3-121 McCullum, 4-139 Singh, 5-139 Kohli, 6-141 Sundar, 7-143 Southee Did Not Bat : Siraj, Chahal Bowling Ov Md Rn Wk Econ Ex JP Duminy 2 0 28 0 14.00 Mitchell McClenaghan 4 0 34 1 8.50 1w 1nb Jasprit Bumrah 4 0 22 1 5.50 Krunal Pandya 4 0 24 0 6.00 Mayank Markande 3 0 28 1 9.33 Hardik Pandya 3 0 28 3 9.33 1nb Mumbai Indians 1st innings Suryakumar Yadav lbw Umesh Yadav 9 Ishan Kishan b Tim Southee 0 JP Duminy Run Out Umesh Yadav 23 Rohit Sharma c Quinton de Kock b Umesh Yadav 0 Kieron Pollard c Quinton de Kock b Mohammed Siraj 13 Hardik Pandya c Virat Kohli b Tim Southee 50 Krunal Pandya c Mandeep Singh b Mohammed Siraj 23 Ben Cutting Not Out 12 Extras 1b 4lb 0nb 0pen 18w 23 Total (20.0 overs) 153-7 Fall of Wickets : 1-5 Kishan, 2-21 Yadav, 3-21 Sharma, 4-47 Pollard, 5-84 Duminy, 6-140 Pandya, 7-143 Pandya Did Not Bat : McClenaghan, Markande, Bumrah Bowling Ov Md Rn Wk Econ Ex Tim Southee 4 0 25 2 6.25 1w Umesh Yadav 4 0 29 2 7.25 2w Mohammed Siraj 4 0 28 2 7.00 3w Yuzvendra Chahal 4 0 23 0 5.75 3w Washington Sundar 1 0 15 0 15.00 Colin de Grandhomme 3 0 28 0 9.33 1w Umpire Nitin Menon Umpire Marais Erasmus Video Yeshwant Barde Match Referee Javagal Srinath | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-india-scoreboard/ipl-scoreboard-idINMTZXEE512AGZ90 |
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May 3, 2018 / 12:58 PM / Updated 7 hours ago EU food safety body tells states to keep eye out for insecticide after scare Reuters Staff 2 Min Read
BRUSSELS (Reuters) - The European Union’s food safety watchdog urged member states on Thursday to monitor poultry products for the insecticide fipronil following the withdrawal of millions of chicken eggs from supermarket shelves last year. An employee of an organic supermarket poses for the photographer with an egg from an organic farm in Berlin, Germany, February 25, 2013. REUTERS/Fabrizio Bensch/Files
The Parma-based EFSA tested some 5,500 samples of eggs and chicken meat between Sept. 1 and Nov. 30 of last year and found that about one in seven contained levels of fipronil exceeding the legal limit.
“It is recommended that fipronil and other acaricides be included in the future monitoring activities of the member states,” EFSA said in a report.
Eight countries had submitted samples with elevated fipronil concentrations, including Italy, Germany and France, EFSA said.
Fipronil is commonly used to treat pets for fleas and ticks but is banned from use in the food chain because it may cause organ damage in humans if large quantities are ingested.
After a fipronil scandal broke last summer, Dutch authorities identified the source as a small supplier of cleaning products that had sold them to unwitting producers as a more efficient way to fend off red mites in poultry stables. Reporting by Robert-Jan Bartunek; Editing by Mark Heinrich | ashraq/financial-news-articles | https://in.reuters.com/article/europe-eggs/eu-food-safety-body-tells-states-to-keep-eye-out-for-insecticide-after-scare-idINKBN1I41HT |
WASHINGTON (Reuters) - U.S. President Donald Trump views North Korean leader Kim Jong Un’s release of three Americans detained in North Korea as a “positive gesture of goodwill” ahead of a planned summit between the two leaders, the White House said on Wednesday.
The White House said the health of the three Americans appears to be in good condition and all were able to walk without assistance on to the plane on their way back to the United States.
Reporting by Tim Ahmann; Writing by Makini Brice; Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-usa-prisoners-whitehouse/trump-sees-american-prisoners-release-as-positive-gesture-white-house-idUSKBN1IA26P |
DUBAI, May 24 (Reuters) - Net foreign assets at Bahrain’s central bank rebounded last month after dropping to a seven-month low in March, central bank data showed on Thursday.
The assets, which give an indication of Bahrain’s ability to defend its currency against any market pressure, climbed to 779.4 million dinars ($2.07 billion) in April from 533.2 million dinars in March.
The central bank did not give a reason for the rise. (Reporting by Andrew Torchia Editing by Gareth Jones)
| ashraq/financial-news-articles | https://www.reuters.com/article/bahrain-reserves/bahrain-central-banks-foreign-assets-rebound-in-april-idUSL5N1SV2SJ |
LONDON/ZURICH (Reuters) - Swiss-based food giant Nestle will pay Starbucks $7.15 billion in cash for the rights to sell the U.S. coffee chain’s products around the world, tying a premium brand to Nestle’s global distribution muscle.
The deal on Monday for a business with $2 billion in sales reinforces Nestle’s position as the world’s biggest coffee company tries to fortify its place atop a fast-changing market.
It is a bold stroke by new Nestle Chief Executive Mark Schneider, who has made coffee a strategic priority as he tries to convince uneasy shareholders, including activist Third Point, that he can boost the sprawling group’s performance.
Bernstein analyst Andrew Wood said that Nestle’s third-biggest acquisition would allow the Swiss company to expand the brand through its global distribution network.
Nestle shares rose 1.4 percent by mid-session, having fallen by more than 8 percent so far this year. Starbucks stock was indicated 2.8 percent higher.(Nestle and Starbucks shares: reut.rs/2If7WvF )
Seattle-based Starbucks, the world’s biggest coffee chain, said it will use proceeds to speed share buybacks and the deal would add to earnings per share (EPS) by 2021 at the latest.
Nestle said it expects the deal to sell Starbucks bagged coffee and drinks adding to earnings by 2019. It will not involve any of Starbucks’ cafes or ready-to-drink products.
But it does let Nestle sell Starbucks coffee in individual pods — as it does now with Nespresso and Nescafe — and expand sales of Starbucks soluble coffee, a key market in Asia. Starbucks now sells single-serve coffee in Kuerig K-cup pods.
The Nestle name will not appear on Starbucks products. “We do not want the consumer to perceive that Starbucks is now part of a bigger family,” a Nestle source said.
Starbucks, strong mostly in the United States, will have the final say on expanding its product range.
“This global coffee alliance will bring the Starbucks experience to the homes of millions more around the world through the reach and reputation of Nestle,” said Starbucks Chief Executive Kevin Johnson.
Nestle and Starbucks are joining forces in a highly fragmented consumer drinks category that has seen a string of deals lately.
JAB Holdings, the private investment firm of Europe’s billionaire Reimann family, has fueled the consolidation wave with a series of deals including Douwe Egberts, Peet’s Coffee & Tea and Keurig Green Mountain, narrowing the gap with Nestle.
RICHER BREW Coffee is popular with younger customers who have grown up with Starbucks. A willingness to pay up for exotic beans and specialty drinks means companies can brew up richer profit margins than in mainstream packaged food.
Starbucks said it now expects to return approximately $20 billion in cash to shareholders in share buybacks and dividends through fiscal year 2020.
Packages of Starbucks coffee for sale are seen displayed at a Starbucks coffee shop in New York City, New York, U.S., May 4, 2018. REUTERS/Mike Segar It said the transaction was expected to add to earnings per share by the end of fiscal year 2021 or sooner, with no change to the company’s currently stated long-term financial targets.
Nestle said it expected the business to contribute positively to earnings per share and organic growth targets from 2019.
The company source said it would also pay market-linked royalties to Starbucks. It will not buy any industrial assets as part of the deal, but could step in to produce in markets where Starbucks is not present.
Nestle, which will take on about 500 Starbucks employees, said its ongoing share buyback program remained unchanged.
The agreement will strengthen Nestle’s position in the United States, where it is the No. 5 player with less than 5 percent of the market. Market leader Starbucks has a 14 percent share, according to Euromonitor International.
“In the U.S., Nescafe is seen as a downscale brand for older people, and the Nespresso system as a niche product. Starbucks is the quality, mass-market leader,” said Erik Gordon at the Univesity of Michigan’s Ross School of Business.
“Nestle is far and away the largest hot drinks company globally, with more in sales than the next five largest hot drinks companies combined,” Matthew Barry, an analyst at Euromonitor, said when the tie-up was first mooted on Friday.
“However, Nestle’s leadership position is less secure than it once was.”
COFFEE IN FOCUS Other big players are growing as well, including Italy’s Lavazza, which is now the world’s No. 3.
Nestle CEO Schneider last year identified coffee as an area of investment.
It bought Texas-based Chameleon Cold-Brew in November and took a majority stake in Blue Bottle Coffee, a small upscale cafe chain, in September.
Starbucks, which in April reported a global drop in quarterly traffic to its established cafes, has been revamping its business amid competition in its key home market. It sold its Tazo tea brand to Unilever for $384 million and closed underperforming Teavana retail stores.
Starbucks is rapidly expanding in China, which it expects to one day be its largest market. It also plans to open 1,000 upscale Starbucks Reserve stores and a handful of Roastery coffee emporiums to take on high-end coffee rivals such as Intelligentsia Coffee & Tea and Blue Bottle.
Starbucks has long farmed out the retail distribution of its packaged products to a company more specialized in that process, but the partnerships have not always been smooth.
FILE PHOTO: The Nestle logo is seen during the opening of the 151st Annual General Meeting of Nestle in Lausanne, Switzerland April 12, 2018. REUTERS/Pierre Albouy/File Photo Nestle, the world’s largest packaged food company, is also not shy when it comes to partnering with rivals through licensing deals or joint ventures, having reached arrangements with General Mills’ and Hershey, among others.
Additional reporting by John Miller; Editing by Louise Heavens
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-startucks-m-a-nestle/nestle-to-pay-7-15-billion-to-starbucks-in-coffee-tie-up-idUSKBN1I80CG |
Ford is expanding a safety recall for its Ford Transit vans. The recall now includes nearly 100,000 of the cargo vans, which are often used to transport up to 15 people at a time.
Potentially affected vehicles are equipped with a trailer-tow module, which is vulnerable to seeping water that can corrode the module's wiring. This may result in a number of problems: The vehicle's turn signals begin rapidly flashing; the instrument cluster display may stop working and heating and air conditioning and infotainment systems may malfunction.
If the leak persists, it could cause the ground wire to short, which could tighten the seat belts unnecessarily or increase the risk of fire.
Ford said it is aware of two fires related to the issue but no accidents or injuries.
The company said Wednesday it is adding 26,000 more vehicles to the recall across the United States in Canada, bringing the total number of vehicles affected in North America to 99,893. Ford began this recall in October 2017.
The vehicles affected are 2015-17 Ford Transit vehicles built at Ford's Kansas City Assembly Plant, from Feb. 3, 2014, to Aug. 2, 2017.
The company also recalled 400,000 Transit vans from the same plant earlier in 2017 for a different issue.
Parts are available, and dealers will fix the issue for free, Ford said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/ford-expands-safety-recall-to-nearly-100000-transit-vans-in-north-america.html |
May 1, 2018 / 1:23 AM / Updated 10 hours ago WTA International, Prague (Women) Women's Singles Results Reuters Staff 1 Min Read May 1 (OPTA) - Results from the WTA International, Prague (Women) Women's Singles matches on Monday .. 1st Round .. Qiang Wang (CHN) beat Viktoria Kuzmova (SVK) 7-6(4) 6-1 Samantha Stosur (AUS) beat 4-Daria Gavrilova (AUS) 6-3 4-6 (Retired) Tamara Korpatsch (GER) beat Oceane Dodin (FRA) 6-2 7-5 Anna Schmiedlova (SVK) beat Heather Watson (GBR) 6-1 6-3 8-Katerina Siniakova (CZE) beat Andrea Petkovic (GER) 6-2 7-6(4) Ekaterina Alexandrova beat Richel Hogenkamp (NED) 7-6(5) 6-1 (RUS) Natalia Vikhlyantseva beat Carina Witthoeft (GER) 6-4 6-4 (RUS) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-wta-results-womens-singles/wta-international-prague-womens-singles-results-idUKMTZXEE510ZPK7X |
President Trump last week laid out a plan to reduce the cost of prescription drugs, and the press sniped that he sold out to the pharmaceutical industry. So irony alert: One of the Administration’s first actions is to call out drug companies that appear to be trying to evade competition.
On Thursday Food and Drug Administration Commissioner Scott Gottlieb announced that the agency would publish a list of companies that have “potentially” tried to forestall competition from generic alternatives. More competition from generics... | ashraq/financial-news-articles | https://www.wsj.com/articles/more-competition-for-pharma-1526683494 |
May 10 (Reuters) -
* VOLVO CARS SAID TO PICK GOLDMAN, CITI, MORGAN STANLEY FOR IPO - BLOOMBERG, CITING SOURCES
* CHINA'S ZHEJIANG GEELY AND VOLVO HAVE DISCUSSED VALUING VOLVO IN A RANGE OF $16 BILLION TO $30 BILLION IN A STOCK SALE - BLOOMBERG Source : bloom.bg/2jO2stC Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-volvo-cars-said-to-pick-goldman-ci/brief-volvo-cars-said-to-pick-goldman-citi-morgan-stanley-for-ipo-bloomberg-idUSFWN1SH1MF |
Company Highlights:
GAAP net income of $0.42 per diluted common share; AFFO of $0.25, or $0.28 per diluted common share excluding a one-time, non-cash expense from the early repayment of debt 1
Declares a cash dividend on common stock of $0.25 per share, 19% higher than last quarter and our sixth increase in the past eight quarters
Agency Business
Segment income of $31.2 million
Loan originations of $1.05 billion
Servicing portfolio of $16.69 billion, up 3% from 4Q17
Structured Business
Segment income of $4.3 million
Portfolio growth of 5% on $314.2 million of loan originations
Issued $100.0 million of 5.625% senior notes due in 2023, a 175 basis point rate reduction from our 7.375% senior notes redeemed in April 2018
UNIONDALE, N.Y., May 04, 2018 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. (NYSE:ABR) today announced financial results for the first quarter ended March 31, 2018. Arbor reported net income for the quarter of $26.2 million, or $0.42 per diluted common share, compared to $15.6 million, or $0.30 per diluted common share for the quarter ended March 31, 2017. Adjusted funds from operations (“AFFO”) for the quarter was $21.4 million, or $0.25 per diluted common share, compared to $24.7 million, or $0.33 per diluted common share for the quarter ended March 31, 2017. 1
Agency Business
Loan Origination Platform
Agency Loan Volume (in thousands) Quarter Ended March 31,
2018 December 31,
2017 Fannie Mae $ 662,921 $ 712,661 Freddie Mac 308,151 441,901 FHA 60,738 - CMBS/Conduit 16,233 - Total Originations $ 1,048,043 $ 1,154,562 Total Loan Sales $ 1,062,437 $ 1,193,629 Total Loan Commitments $ 1,043,715 $ 1,162,961 For the quarter ended March 31, 2018, the Agency Business generated revenues of $54.4 million, compared to $53.7 million for the fourth quarter of 2017. Gain on sales, including fee-based services, net was $18.2 million for the quarter, reflecting a margin of 1.71% on loan sales, compared to $17.7 million and 1.48% for the fourth quarter of 2017. Income from mortgage servicing rights was $19.6 million for the quarter, reflecting a rate of 1.88% as a percentage of loan commitments, compared to $20.6 million and 1.77% for the fourth quarter of 2017.
At March 31, 2018, loans held-for-sale was $286.3 million which was primarily comprised of unpaid principal balances totaling $281.8 million, with financing associated with these loans totaling $281.3 million.
Fee-Based Servicing Portfolio
Our fee-based servicing portfolio totaled $16.69 billion at March 31, 2018, an increase of 3% from December 31, 2017, primarily a result of $1.05 billion of new loan originations, net of $548.1 million in portfolio runoff during the quarter. Servicing revenue, net was $9.5 million for the quarter and consists of servicing revenue of $21.4 million, net of amortization of mortgage servicing rights totaling $11.9 million.
Fee-Based Servicing Portfolio ($ in thousands) As of March 31, 2018 As of December 31, 2017 UPB Wtd. Avg. Fee Wtd. Avg. Life (in years) UPB Wtd. Avg. Fee Wtd. Avg. Life (in years) Fannie Mae $ 12,700,635 0.535% 7.2 $ 12,502,699 0.536% 6.9 Freddie Mac 3,397,535 0.304% 10.7 3,166,134 0.295% 10.5 FHA 591,836 0.162% 20.0 537,482 0.165% 19.6 Total $ 16,690,006 0.475% 8.4 $ 16,206,315 0.477% 8.1
Loans sold under the Fannie Mae program contain an obligation to partially guarantee the performance of the loan (“loss-sharing obligations”). At March 31, 2018, the Company’s allowance for loss-sharing obligations was $31.1 million which consists of general loss sharing guaranty obligations of $30.3 million, representing 0.24% of the Fannie Mae servicing portfolio, and $0.8 million of loss-sharing obligations on specifically identified loans with losses determined to be probable and estimable.
Structured Business
Portfolio and Investment Activity
First quarter of 2018:
19 new loan originations totaling $314.2 million, of which 18 were bridge loans for $271.7 million Payoffs and pay downs on 20 loans totaling $190.6 million Portfolio growth of 5% from 4Q17
At March 31, 2018, the loan and investment portfolio’s unpaid principal balance, excluding loan loss reserves, was $2.78 billion, with a weighted average current interest pay rate of 6.57%, compared to $2.66 billion and 6.28% at December 31, 2017. Including certain fees earned and costs associated with the loan and investment portfolio, the weighted average current interest pay rate was 7.28% at March 31, 2018, compared to 6.99% at December 31, 2017. The increase in the average current interest pay rate was primarily due to an increase in LIBOR.
The average balance of the Company’s loan and investment portfolio during the first quarter of 2018, excluding loan loss reserves, was $2.68 billion with a weighted average yield on these assets of 7.08%, compared to $2.31 billion and 6.94% for the fourth quarter of 2017.
At March 31, 2018, the Company’s total loan loss reserves were $63.1 million on five loans with an aggregate carrying value before loan loss reserves of $163.9 million. The Company also had two non-performing loans with a carrying value of $29.1 million, net of related loan loss reserves of $7.4 million.
Financing Activity
The balance of debt that finances the Company’s loan and investment portfolio at March 31, 2018 was $2.45 billion with a weighted average interest rate including fees of 5.09% as compared to $2.24 billion and a rate of 4.83% at December 31, 2017. The average balance of debt that finances the Company’s loan and investment portfolio for the first quarter of 2018 was $2.30 billion, as compared to $1.90 billion for the fourth quarter of 2017. The average cost of borrowings for the first quarter was 5.33%, compared to 4.66% for the fourth quarter of 2017. The increase in average costs was primarily due to an increase in LIBOR as well as the acceleration of fees related to the early repayment of debt.
The Company is subject to various financial covenants and restrictions under the terms of its collateralized securitization vehicles and financing facilities. The Company believes it was in compliance with all financial covenants and restrictions as of March 31, 2018 and as of the most recent collateralized securitization vehicle determination dates in April 2018.
The Company paid $50.0 million in full satisfaction of the seller financing related to the acquisition of the Agency Business.
Capital Markets
The Company issued $100.0 million aggregate principal amount of 5.625% senior unsecured notes in a private placement, generating net proceeds of $97.8 million after deducting the underwriting discount and other offering expenses. The notes are due in May 2023 and can be redeemed by the Company at any time prior to April 1, 2023. The proceeds were used to fund the redemption in April 2018 of $97.9 million aggregate principal amount of the Company’s 7.375% senior notes due in 2021.
Dividends
The Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.25 per share of common stock for the quarter ended March 31, 2018, representing an increase of 19% over the prior quarter dividend of $0.21 per share. The dividend is payable on May 31, 2018 to common stockholders of record on May 15, 2018. The ex-dividend date is May 14, 2018.
The Company also announced today that its Board of Directors has declared cash dividends on the Company's Series A, Series B and Series C cumulative redeemable preferred stock reflecting accrued dividends from March 1, 2018 through May 31, 2018. The dividends are payable on May 31, 2018 to preferred stockholders of record on May 15, 2018. The Company will pay total dividends of $0.515625, $0.484375 and $0.53125 per share on the Series A, Series B and Series C preferred stock, respectively.
Earnings Conference Call
The Company will host a conference call today at 10:00 a.m. Eastern Time. A live webcast of the conference call will be available at www.arbor.com in the investor relations area of the website. Those without web access should access the call telephonically at least ten minutes prior to the conference call. The dial-in numbers are (866) 516-5034 for domestic callers and (678) 509-7613 for international callers. Please use participant passcode 6184718.
After the live webcast, the call will remain available on the Company's website through May 31, 2018. In addition, a telephonic replay of the call will be available until May 11, 2018. The replay dial-in numbers are (855) 859-2056 for domestic callers and (404) 537-3406 for international callers. Please use passcode 6184718.
About Arbor Realty Trust, Inc.
Arbor Realty Trust, Inc. (NYSE:ABR) is a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets. Arbor is a Top 10 Fannie Mae DUS ® Multifamily Lender by volume and a Top Fannie Mae Small Loan lender, a Freddie Mac Program Plus ® Seller/Servicer and a Top Freddie Mac Small Balance Loan Lender, a Fannie Mae and Freddie Mac Seniors Housing Lender, an FHA Multifamily Accelerated Processing (MAP)/LEAN Lender, a HUD-approved LIHTC Lender as well as a CMBS , bridge , mezzanine and preferred equity lender, consistently building on its reputation for service, quality and flexibility. With a fee-based servicing portfolio of over $16 billion, Arbor is a primary commercial loan servicer and special servicer rated by Standard & Poor’s with an Above Average rating. Arbor is also on the Standard & Poor’s Select Servicer List and is a primary commercial loan servicer and loan level special servicer rated by Fitch Ratings.
Safe Harbor Statement
Certain items in this press release may constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Arbor can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Arbor’s expectations include, but are not limited to, continued ability to source new investments, changes in interest rates and/or credit spreads, changes in the real estate markets, and other risks detailed in Arbor’s Annual Report on Form 10-K for the year ended December 31, 2017 and its other reports filed with the SEC. Such forward-looking statements speak only as of the date of this press release. Arbor expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Arbor’s expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.
1. Non-GAAP Financial Measures
During the quarterly earnings conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A supplemental schedule of non-GAAP financial measures and the comparable GAAP financial measure can be found on page 11 of this release.
Contacts:
Arbor Realty Trust, Inc.
Paul Elenio, Chief Financial Officer
516-506-4422
[email protected]
Media:
Bonnie Habyan, EVP of Marketing
516-506-4615
[email protected] Investors:
The Ruth Group
Lee Roth
646-536-7012
[email protected]
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - (UNAUDITED)
($ in thousands—except share and per share data)
Quarter Ended
March 31,
2018 2017 Interest income $ 51,612 $ 33,525 Interest expense 33,387 19,437 Net interest income 18,225 14,088 Other revenue: Gain on sales, including fee-based services, net 18,193 19,171 Mortgage servicing rights 19,634 20,030 Servicing revenue, net 9,547 4,794 Property operating income 2,910 3,223 Other income, net 2,878 (886 ) Total other revenue 53,162 46,332 Other expenses: Employee compensation and benefits 29,494 19,841 Selling and administrative 8,915 7,695 Property operating expenses 2,796 2,638 Depreciation and amortization 1,846 1,897 Impairment loss on real estate owned - 1,200 Provision for loss sharing (net of recoveries) 473 1,679 Provision for loan losses (net of recoveries) 325 (696 ) Management fee - related party - 4,000 Total other expenses 43,849 38,254 Income before gain on extinguishment of debt, income from equity affiliates and income taxes 27,538 22,166 Gain on extinguishment of debt - 7,116 Income from equity affiliates 746 763 Benefit from (provision for) income taxes 8,784 (6,101 ) Net income 37,068 23,944 Preferred stock dividends 1,888 1,888 Net income attributable to noncontrolling interest 8,991 6,442 Net income attributable to common stockholders $ 26,189 $ 15,614 Basic earnings per common share $ 0.42 $ 0.30 Diluted earnings per common share $ 0.42 $ 0.30 Weighted average shares outstanding: Basic 61,842,336 51,461,156 Diluted 84,699,735 73,730,068 Dividends declared per common share $ 0.21 $ 0.17
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
($ in thousands—except share and per share data)
March 31, December 31, 2018 2017 (Unaudited) Assets: Cash and cash equivalents $ 102,548 $ 104,374 Restricted cash 131,659 139,398 Loans and investments, net 2,702,097 2,579,127 Loans held-for-sale, net 286,325 297,443 Capitalized mortgage servicing rights, net 255,732 252,608 Securities held to maturity, net 36,764 27,837 Investments in equity affiliates 23,625 23,653 Real estate owned, net 16,675 16,787 Due from related party 3,719 688 Goodwill and other intangible assets 120,366 121,766 Other assets 69,258 62,264 Total assets $ 3,748,768 $ 3,625,945 Liabilities and Equity: Credit facilities and repurchase agreements 626,063 528,573 Collateralized loan obligations 1,419,838 1,418,422 Debt fund 68,176 68,084 Senior unsecured notes 196,090 95,280 Convertible senior unsecured notes, net 232,577 231,287 Junior subordinated notes to subsidiary trust issuing preferred securities 139,760 139,590 Related party financing - 50,000 Due to related party 1,558 - Due to borrowers 67,858 99,829 Allowance for loss-sharing obligations 31,097 30,511 Other liabilities 77,881 99,813 Total liabilities 2,860,898 2,761,389 Equity: Arbor Realty Trust, Inc. stockholders' equity: Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized; special voting preferred shares; 21,230,769 shares issued and outstanding; 8.25% Series A, $38,787,500 aggregate liquidation preference; 1,551,500 shares issued and outstanding; 7.75% Series B, $31,500,000 aggregate liquidation preference; 1,260,000 shares issued and outstanding; 8.50% Series C, $22,500,000 aggregate liquidation preference; 900,000 shares issued and outstanding 89,508 89,508 Common stock, $0.01 par value: 500,000,000 shares authorized; 62,469,535 and 61,723,387 shares issued and outstanding, respectively 625 617 Additional paid-in capital 713,001 707,450 Accumulated deficit (88,528 ) (101,926 ) Accumulated other comprehensive income - 176 Total Arbor Realty Trust, Inc. stockholders’ equity 714,606 695,825 Noncontrolling interest 173,264 168,731 Total equity 887,870 864,556 Total liabilities and equity $ 3,748,768 $ 3,625,945
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
STATEMENT OF INCOME SEGMENT INFORMATION - (Unaudited)
(in thousands)
Quarter Ended March 31, 2018 Structured Business Agency Business Other / Eliminations (1) Consolidated Interest income $ 47,236 $ 4,376 $ - $ 51,612 Interest expense 30,205 2,853 329 33,387 Net interest income 17,031 1,523 (329 ) 18,225 Other revenue: Gain on sales, including fee-based services, net - 18,193 - 18,193 Mortgage servicing rights - 19,634 - 19,634 Servicing revenue - 21,412 - 21,412 Amortization of MSRs - (11,865 ) - (11,865 ) Property operating income 2,910 - - 2,910 Other income, net 233 2,645 - 2,878 Total other revenue 3,143 50,019 - 53,162 Other expenses: Employee compensation and benefits 7,586 21,908 - 29,494 Selling and administrative 3,538 5,377 - 8,915 Property operating expenses 2,796 - - 2,796 Depreciation and amortization 446 1,400 - 1,846 Provision for loss sharing (net of recoveries) - 473 - 473 Provision for loan losses (net of recoveries) 325 - - 325 Total other expenses 14,691 29,158 - 43,849 Income before income from equity affiliates and income taxes 5,483 22,384 (329 ) 27,538 Income from equity affiliates 746 - - 746 Benefit from income taxes - 8,784 - 8,784 Net income $ 6,229 $ 31,168 $ (329 ) $ 37,068 Preferred stock dividends 1,888 - - 1,888 Net income attributable to noncontrolling interest - - 8,991 8,991 Net income attributable to common stockholders $ 4,341 $ 31,168 $ (9,320 ) $ 26,189
(1) Includes certain corporate expenses not allocated to the two reportable segments. Amounts reflect debt costs associated with the acquisition of the Agency Business as well as income allocated to the noncontrolling interest holders.
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
BALANCE SHEET SEGMENT INFORMATION - (Unaudited)
(in thousands)
March 31, 2018 Structured Business Agency Business Consolidated Assets: Cash and cash equivalents $ 82,051 $ 20,497 $ 102,548 Restricted cash 131,264 395 131,659 Loans and investments, net 2,702,097 - 2,702,097 Loans held-for-sale, net - 286,325 286,325 Capitalized mortgage servicing rights, net - 255,732 255,732 Securities held to maturity, net - 36,764 36,764 Investments in equity affiliates 23,625 - 23,625 Goodwill and other intangible assets 12,500 107,866 120,366 Other assets 72,593 17,059 89,652 Total assets $ 3,024,130 $ 724,638 $ 3,748,768 Liabilities: Debt obligations 2,401,166 281,338 2,682,504 Allowance for loss-sharing obligations - 31,097 31,097 Other liabilities 120,095 27,202 147,297 Total liabilities $ 2,521,261 $ 339,637 $ 2,860,898
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
Supplemental Schedule of Non-GAAP Financial Measures - (Unaudited)
Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO")
($ in thousands—except share and per share data)
Quarter Ended March 31, 2018 2017 Net income attributable to common stockholders $ 26,189 $ 15,614 Adjustments: Net income attributable to noncontrolling interest 8,991 6,442 Impairment loss on real estate owned - 1,200 Depreciation - real estate owned 178 250 Depreciation - investments in equity affiliates 125 101 Funds from operations (1) $ 35,483 $ 23,607 Adjustments: Income from mortgage servicing rights (19,634 ) (20,030 ) Impairment loss on real estate owned - (1,200 ) Deferred tax (benefit) provision (13,320 ) 1,827 Amortization and write-offs of MSRs 16,676 15,281 Depreciation and amortization 2,255 1,867 Net (gain) loss on changes in fair value of derivatives (2,645 ) 997 Stock-based compensation 2,545 2,305 Adjusted funds from operations (1) (2) $ 21,360 $ 24,654 Diluted FFO per share (1) $ 0.42 $ 0.32 Diluted AFFO per share (1) (2) $ 0.25 $ 0.33 Diluted weighted average shares outstanding (1) 84,699,735 73,730,068 (1) Amounts are attributable to common stockholders and OP Unit holders. The OP Units are redeemable for cash, or at the Company's option for shares of the Company's common stock on a one-for-one basis.
(2) Excluding the impact of $2.4 million of one-time, non-cash accelerated costs related to the repayment of our 7.375% senior notes due in 2021, AFFO for the first quarter of 2018 was $23.7 million, or $0.28 per diluted common share.
The Company is presenting FFO and AFFO because management believes they are important supplemental measures of the Company’s operating performance in that they are frequently used by analysts, investors and other parties in the evaluation of REITs. The National Association of Real Estate Investment Trusts, or NAREIT, defines FFO as net income (loss) attributable to common stockholders (computed in accordance with GAAP), excluding gains (losses) from sales of depreciated real properties, plus impairments of depreciated real properties and real estate related depreciation and amortization, and after adjustments for unconsolidated ventures.
The Company defines AFFO as funds from operations adjusted for accounting items such as non-cash stock-based compensation expense, income from mortgage servicing rights ("MSRs"), changes in fair value of certain derivatives that temporarily flow through earnings, amortization and write-offs of MSRs, deferred tax (benefit) provision and the amortization of the convertible senior notes conversion option. The Company also adds back one-time charges such as acquisition costs and impairment losses on real estate and gains (losses) on sales of real estate. The Company is generally not in the business of operating real estate property and has obtained real estate by foreclosure or through partial or full settlement of mortgage debt related to the Company's loans to maximize the value of the collateral and minimize the Company's exposure. Therefore, the Company deems such impairment and gains (losses) on real estate as an extension of the asset management of its loans, thus a recovery of principal or additional loss on the Company's initial investment.
FFO and AFFO are not intended to be an indication of the Company's cash flow from operating activities (determined in accordance with GAAP) or a measure of its liquidity, nor is it entirely indicative of funding the Company's cash needs, including its ability to make cash distributions. The Company’s calculation of FFO and AFFO may be different from the calculations used by other companies and, therefore, comparability may be limited.
Source:Arbor Realty Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-arbor-realty-trust-reports-first-quarter-results-and-increases-quarterly-dividend-19-percent-to-0-point-25-per-share.html |
A small New York software developer did not violate federal labor law when it fired an engineer who complained about being classified as an independent contractor rather than an employee, the National Labor Relations Board’s general counsel has found.
In an advice memo released on Tuesday, Associate General Counsel Jayme Sophir said the engineer had not engaged in protected activity by raising concerns with executives at Libra Services Inc because the worker was not advocating on behalf of colleagues.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2KzHJVY
| ashraq/financial-news-articles | https://www.reuters.com/article/labor-contractors/contractors-classification-complaint-not-protected-nlrb-gc-idUSL2N1SO2AL |
May 4, 2018 / 7:09 PM / Updated 19 hours ago Exclusive: World's biggest gold ETF launching new low-fee fund - source Peter Hobson 3 Min Read
LONDON (Reuters) - The World Gold Council, owner of the world’s largest gold-backed exchange traded fund (ETF), is launching a new fund with a cut-price management fee to fend off rivals with lower charges, a source familiar with the matter told Reuters. Gold bars are stored on a table at a plant of gold refiner and bar manufacturer Argor-Heraeus SA in the southern Swiss town of Mendrisio November 13, 2008. REUTERS/Arnd Wiegmann
The move is a sign that cost competition among gold ETFs is heating up after a price war in the much larger equities ETF sector slashed management fees. Gold ETFs allow buyers to invest in physical gold without having to buy and store the metal.
The council’s SPDR Gold Trust ( GLD.P ), which launched in 2004 and trades using the ticker GLD, dominates the industry but its share of total bullion held by gold-backed funds has slipped below 50 percent from 75 percent at the start of the decade, Reuters data show. <0#ETFHLD=XAU> HLDTOTALL=XAU
GLD’s gold holdings have risen 5 percent since the start of last year while rival iShares Gold Trust ( IAU.P ), which is run by investment manager BlackRock ( BLK.N ) with a lower management fee, has grown 47 percent, by far the fastest growth among the five biggest gold ETFs tracked by Reuters.
Other low-fee funds such as Deutsche Asset Management’s Xtrackers Physical Gold ETC ( XGLD.L ) are growing rapidly and others such as GraniteShares ( BAR ), launched last year, are popping up.
GLD charges a fee of 40 basis points, or 0.4 percent, of the value of an investment, around the higher end of the market, while iShares Gold and Xtrackers take 25 basis points and GraniteShares 20 basis points, near the bottom.
(Graphic: iShares rises - reut.rs/2rjqukm )
The council’s new fund will charge a fee of around 25 basis points, said the source, describing it as a “countermove” by the council to rivals’ gains.
The source said the council’s two funds were designed to appeal to different audiences, with the new product targeted at investors looking to buy and hold gold who want a low management fee, and GLD aimed at financial investors who use its scale and liquidity to trade in and out of positions cheaply.
“The idea is that the new product grows without damaging the existing product,” the source said.
The World Gold Council declined to comment.
To keep the offerings separate, shares in the new fund will represent a smaller allocation of gold than shares in GLD. This smaller share size will make it more expensive to move in and out of positions, encouraging financial investors to stick with SPDR, the source said.
The World Gold Council filed for the new ETF in November last year with the U.S. Securities and Exchange Commission, but did not reveal its management fee or share size. It is expected to launch the fund in the second quarter. Reporting by Peter Hobson; Editing by Alexander Smith and Veronica Brown | ashraq/financial-news-articles | https://www.reuters.com/article/us-gold-etf-wgc-exclusive/exclusive-worlds-biggest-gold-etf-launching-new-low-fee-fund-source-idUSKBN1I52DU |
May 4 (Reuters) - S&P
* S&P SAYS GOVERNMENT OF GEORGIA ‘BB-/B’ RATINGS AFFIRMED; OUTLOOK STABLE
* S&P SAYS AFFIRMED ‘BB-/B’ LONG- AND SHORT-TERM FOREIGN AND LOCAL CURRENCY SOVEREIGN CREDIT RATINGS ON THE GOVERNMENT OF GEORGIA
* S&P SAYS EXPECT GEORGIA’S GROWTH WILL REMAIN STRONG & ITS IMF PROGRAM SHOULD MITIGATE BALANCE-OF-PAYMENTS RISKS AND ACT AS A FISCAL POLICY ANCHOR Further company coverage: [S&P]
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sp-says-government-of-georgia-bb-b/brief-sp-says-government-of-georgia-bb-b-ratings-affirmed-idUSFWN1SB19Z |
Apple is the perfect 'Warren Buffett' stock, expert says 22 Hours Ago Scott Rothbort of Lake View Asset Management and author Robert Miles, who has written about Warren Buffett, discuss Warren Buffett's decision to invest in Apple. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/apple-is-the-perfect-warren-buffett-stock-expert-says.html |
U.S. to impose tariffs on EU steel, aluminium - sources Thursday, May 31, 2018 - 01:40
Washington will announce plans to impose tariffs on EU steel and aluminum imports as early as Thursday, two sources said, while a magazine reported President Donald Trump was now focused on pushing German cars from the country. Laura Frykberg reports.
Washington will announce plans to impose tariffs on EU steel and aluminum imports as early as Thursday, two sources said, while a magazine reported President Donald Trump was now focused on pushing German cars from the country. Laura Frykberg reports. //reut.rs/2J2YpsR | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/31/us-to-impose-tariffs-on-eu-steel-alumini?videoId=431914545 |
TEQUILA, Mexico (Reuters) - A growing thirst for tequila from New York to Tokyo has made the sale of the drink into a multibillion-dollar industry, but its production remains rooted in centuries-old methods of farming using hand tools and packs of mules.
Farmers, also known as jimadores, load blue agave hearts onto a truck after a harvest on a plantation in Tequila, Jalisco, Mexico, April 13, 2018. REUTERS/Carlos Jasso/Files Mexico’s western state of Jalisco is the heartland of the tequila industry, where ‘jimadores,’ the farmers of the agave cactus from which the spirit is distilled, have worked the fields for generations.
“I am so proud to be a jimador, we are the first in the chain of the tequila industry, without us there is no tequila,” said Mario Perez, a 39-year-old jimador.
But the popularity of tequila has driven a worsening shortage of the agave, while some of the younger generation shun what was once a highly respected job.
“In the old days to be a jimador was a respected job, now you are a simple worker,” said Perez. “But it is a work of great tradition.”
Jimadores use a tool called a coa to cut the spiky leaves off the plant, leaving a heart that looks like a giant pineapple.
“We have to cut it in a certain way so that it is perfect for cooking. It’s not an easy job, you can cut your legs,” Perez said.
In the past the agave hearts were cooked below ground, the way mezcal is still produced in other regions of Mexico. But much of the export tequila is now made in industrial distilleries run by Britain’s Diageo, Bacardi and Mexico’s Jose Cuervo.
Most of the agave harvest is collected by workers using mules in the rocky terrain. Jose Luis Flores, 41, inherited a team of seven mules when his father died late last year.
“I helped my dad for 20 years and I love it,” Flores said. “No one can replace us, not even a machine. My mules can get past any cliff or difficult path.”
A farmer, also known as a jimador, carries a blue agave heart during a harvest in Tequila, Jalisco, Mexico, April 13, 2018. REUTERS/Carlos Jasso/Files He hopes to pass down his trade to his four children. “I think I’m going to buy more mules. This is a family business now,” he said.
Each spiky-leaved plant requires seven to eight years to mature, but demand is pushing producers to use younger plants.
Nearly 18 million blue agaves were planted in 2011 in Mexico for harvest this year, well below an estimated demand for 42 million to supply 140 registered companies.
Shortages are likely through 2021 until improved planting strategies bear fruit.
“Tequila is a good business but there is so much demand for it. I hope the agave lasts for a long time,” said J. Cruz Reinoso, the owner of the Don Blanco distillery, a family business he has been building up for 30 years.
Jimadores worry machines could eventually replace them but harvesting agave by machine would be complex, since it is difficult to predict the size of the heart from the size of the plant.
“This is my life and I am very proud of it. I know how to do it well. I hope technology does not replace us, it will be devastating,” said Francisco Quiroz, a 57-year-old jimador.
Click on reut.rs/2I4rLFL to see a related photo essay
Slideshow (12 Images) Photography and reporting by Carlos Jasso, Writing by Michael O'Boyle, Editing by Rosalba O'Brien
| ashraq/financial-news-articles | https://in.reuters.com/article/mexico-tequila/wider-image-tequila-boom-rooted-in-traditional-farming-techniques-idINKBN1I326B |
May 14 (Reuters) - DAVIDsTEA Inc:
* DAVIDSTEA SAYS ON MAY 10, EMILIA DI RADDO, A MEMBER OF CO’S BOARD, SENT A LETTER OF RESIGNATION TO CO’S BOARD - SEC FILING
* DAVIDSTEA SAYS DI RADDO EXPRESSED DISAGREEMENT WITH CERTAIN STATEMENTS MADE IN COMPANY'S PROXY CIRCULAR FILED ON MAY 10, 2018 Source bit.ly/2ILt1Oe Further company coverage:
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SAN JUAN, Puerto Rico--(BUSINESS WIRE)-- Popular, Inc. (NASDAQ: BPOP) announced today that it has declared the following monthly cash dividends on its outstanding shares of Non-cumulative Monthly Income Preferred Stock:
a monthly cash dividend of $0.132813 per share of 6.375% Non-cumulative Monthly Income Preferred Stock, 2003 Series A, payable on May 31, 2018, to holders of record as of May 15, 2018; and a monthly cash dividend of $0.171875 per share of 8.250% Non-cumulative Monthly Income Preferred Stock, Series B, payable on May 31, 2018, to holders of record as of May 15, 2018.
The Corporation also announced the following monthly distributions on its outstanding Trust Preferred Securities:
a monthly distribution of $0.139583 per security of 6.700% Cumulative Monthly Income Trust Preferred Securities issued by Popular Capital Trust I, payable on June 1, 2018 to holders of record as of May 15, 2018; and a monthly distribution of $0.127604 per security of 6.125% Cumulative Monthly Income Trust Preferred Securities issued by Popular Capital Trust II, payable on June 1, 2018 to holders of record as of May 15, 2018.
About Popular, Inc.
Founded in 1893, Popular, Inc. is the leading banking institution by both assets and deposits in Puerto Rico and ranks among the top 50 U.S. banks by assets. In Puerto Rico and the U.S. Virgin Islands, Popular provides retail, mortgage and commercial banking services through its principal banking subsidiary, Banco Popular de Puerto Rico, as well as auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries. In the mainland United States, Popular provides retail, mortgage and commercial banking services through its New York-chartered banking subsidiary, Popular Bank, which has branches located in New York, New Jersey and Florida.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005972/en/
Popular, Inc.
Investor Relations:
Investor Relations:
Brett Scheiner, 212-417-6721
Investor Relations Officer
or
Media Relations:
Teruca Rullán, 787-281-5170 or 917-679-3596 (mobile)
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Source: Popular, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-popular-inc-declares-dividends-on-preferred-stock-announces-distribution-on-trust-preferred-securities.html |
May 10, 2018 / 12:23 PM / Updated 10 minutes ago BRIEF-Odyssey Marine Exploration Q1 Loss Per Share $0.21 Reuters Staff
May 10 (Reuters) - Odyssey Marine Exploration Inc:
* ODYSSEY MARINE EXPLORATION REPORTS FIRST QUARTER 2018 RESULTS * Q1 REVENUE $500,000
* ODYSSEY MARINE - “OFFSHORE OPERATIONS ARE CURRENTLY UNDERWAY ON A CONTRACTED PROJECT THAT IS EXPECTED TO BEGIN GENERATING CASH IN 2018” Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-odyssey-marine-exploration-q1-loss/brief-odyssey-marine-exploration-q1-loss-per-share-0-21-idUSASC0A1FD |
PARIS (Reuters) - France’s main far left party, the hardline CGT trade union and some 80 other organisations on Saturday led several thousand people in street protests across the country against President Emmanuel Macron’s reforms of the public sector.
Protesters shout slogans during a demonstration by French unions and the France Insoumise" (France Unbowed) political party to protest against government reforms, in Paris, France, May 26, 2018. REUTERS/Gonzalo Fuentes Organisers hoped that the protests would grow further into a groundswell of opposition to Macron’s reform of France’s public service and some state enterprises such as the heavily indebted national railway company SNCF.
Union officials and the police gave widely different figures for the turnout. CGT said 80,000 people participated in the protest in Paris, and 250,000 came out nationwide. The police, however, said the protest drew 21,000 in Paris.
The turnout was lower than the 320,000 during a previous nationwide protest in March.
“We are going to carry a message (and) this message must be heard by the strong-headed Emmanuel Macron,” Jean-Luc Melenchon, leader of the far left France Unbowed party, told a cheering crowd in the southern port city of Marseille.
Melenchon listed a number of grievances including staff shortages at hospitals, limited admissions at universities, and lack of police in tough neighbourhoods, because the government says it does not have the means to fund them.
“We do not believe you because you are lying,” Melenchon said, adding that Macron’s government had given a 4.5 billion euros ($5.25 billion) tax break to the rich which could have been invested in hospitals.
“The country is rich. The country must share,” Melenchon said.
Protesters are expected to hold rallies in at least 160 places across France, CGT Secretary General Philippe Martinez said, adding that Macron should listen to the growing anger.
French Interior Minister Gerard Collomb said that police intervened in Paris after a group of hooded protesters tried to destroy a bank.
Seven police officials were injured during the intervention, Collomb told France BFM TV. The police said 35 demonstrators were detained for various offences.
Unions have staged several nationwide strikes since the start of the year, while SNCF rail workers have been carrying out rolling strikes on two of every five days of the week since April over plans to reform the company and open it to competition.
Macron, 40, who came to power a year-ago promising to push through tough reforms, has shown no sign of surrender so far.
$1 = 0.8584 euros)
GRAPHIC: here
Reporting by Bate Felix, Caroline Pailliez and Emmanuel Jarry; Editing by Stephen Powell
| ashraq/financial-news-articles | https://in.reuters.com/article/france-reform-protests/frances-far-left-leads-protests-against-macron-reforms-idINKCN1IR0G9 |
NEW YORK (Reuters Breakingviews) - Ever since 1633 when Galileo was found guilty of heresy for arguing the earth rotates around the sun, the Catholic Church has gotten a bad rap over its approach to science. So it’s somewhat surprising to see a group of nuns and church officials leading a campaign to harness technology and science to help resolve America’s tragically exceptional level of gun violence.
Rifles are seen at the Sturm, Ruger & Co., Inc. gun factory in Newport, New Hampshire January 6, 2012. REUTERS/Eric Thayer Taking on the U.S. firearms lobby may not be quite as big a lift as proving our planet is the center of the universe. But in the highly partisan soup of American politics, it’s no small endeavor. And it comes to a head on Wednesday in the Arizona desert, where the sisters will exhort the shareholders of gunsmith Sturm, Ruger to embrace innovations in safety as a path to sustainable profitability. Their prayers deserve to be answered, and not just for moral reasons.
Sturm’s annual meeting is taking place in Prescott, Arizona, a city of 39,000 situated two hours from Phoenix – and 2,500 miles from Sturm’s headquarters in tony Southport, Connecticut. The Sisters of the Holy Names of Jesus and Mary of Marylhurst, Oregon are asking stockholders to vote on a proposal requiring Sturm to issue a report on its “activities related to gun safety measures and the mitigation of harm associated with gun products.”
Sturm’s account of its business, to be produced at reasonable expense, should cover three main issues, according to its proposers. They want a rundown of how the $1 billion Sturm monitors violent events associated with its products; an assessment of the corporate reputational and financial risks related to gun violence; and lastly, but perhaps most critically from a capitalist perspective, more information on its efforts to research and produce safer guns and gun products.
“Since 1987 Sturm, Ruger products have been used in seven mass shootings, responsible for killing 60 people and wounding 70 more,” the sisters argue in their plea to stockholders. “Evidence shows that the American public, in ever greater numbers, is demanding safer guns and responsible firearm manufacturers. We urge shareholders to vote for this proposal.”
Colleen Scanlon, the chief advocacy officer for Catholic Health Initiatives, which operates hospitals and care sites in 18 states, will be in Prescott to put forward the motion. She’s not bringing a bodyguard, she says, “but maybe a little of the Holy Trinity.” Anyway, she scoffs at the idea that she should be perceived as anything but an engaged shareholder. “We really want to work with what we see as our companies.”
She won’t be alone in that broad endeavor. By dint of its inclusion in various stock market indexes, Sturm’s largest shareholder is BlackRock with a 16 percent holding, according to Eikon. The giant asset manager is also the top investor in American Outdoor Brands, the parent of Smith & Wesson, with a 10.5 percent stake. A similar motion filed by the sisters will be put to a vote at that company’s annual meeting in the autumn.
Even getting such proposals onto the agenda again at next year’s annual meetings – which requires the backing of 3 percent of shareholders this time – is a win, Scanlon argues, because it means investors must keep thinking about the issues. Over time, that “can influence corporate behavior,” in the same way that shareholders eventually compelled Exxon Mobil to disclose the impact on its business of compliance with global climate-change guidelines.
Scanlon could find BlackRock in her corner, though the fund giant hasn’t said how it will vote. Chief Executive Larry Fink argued earlier this year that “companies, both public and private, serve a social purpose.” Since BlackRock manages $6 trillion, making it the largest fund manager in the world, Fink’s demand that firms not only deliver financial performance but show how they make a positive contribution to the communities in which they operate was a shot heard round the corporate universe.
Even if only one big fund manager votes its holdings in favor of the proposal – aside from BlackRock, Vanguard has 9.5 percent of Sturm and State Street 2.5 percent – the sisters could probably get their proposal considered again next year.
But 3 percent is a low bar. All shareholders have reasons to favor the sisters’ plan on investment grounds, even if they don’t want to associate themselves with the ethical or moral questions it raises. The reputational risk is a valid concern, for one thing. That’s partly why proxy advisers Institutional Shareholder Services and Glass Lewis are backing the proposal.
And for another, shareholders should want to know how Sturm and American Outdoor Brands are approaching the adoption of new technology in their products, especially as it relates to safety. Biometrics and facial recognition are becoming common on iPhones, but the gun makers’ response to the idea of adopting such things for their products has, thus far, been downright luddite.
Sturm, which opposes the nuns’ resolution, said: “Despite assertions to the contrary, effective ‘smart gun’ technology does not exist; those devices advanced thus far have proven unreliable, easily defeated, or both.” The company added: “Fundamentally, the advocated purpose of so-called ‘smart guns’ is to prevent unauthorized access to firearms.”
Well, yes, that’s the point, says Sister Judy Byron, an Adrian Dominican congregant leading Seattle’s Northwest Coalition for Responsible Investment, which filed the American Outdoor Brands proposal. She’s not a gun expert, but she’s right in saying that Sturm and Smith & Wesson are skilled at creating appetite for their products. For now, they primarily use fear of random acts of violence and the prospect of new firearms regulations to gin up sales – with assistance from the National Rifle Association, which just hired as its new president Oliver North, a central figure in the 1980s Iran-Contra affair in which the U.S. government secretly helped sell arms illegally to Iran.
While Sturm and its peers may not be satisfied with the state of current smart-gun technology, to dismiss it out of hand hardly sounds like the sort of long-term thinking that shareholders, such as BlackRock, would desire. Gunsmiths might be able to charge a premium for innovative features at a moment when gun sales are flagging (background checks fell 20 percent in April from March, according to the FBI). To ignore the possibility suggests a lack of vision.
After all, when an iPhone is lost, it’s easy to find. It comes installed with a chip that enables location targeting, as well as software encryption that makes it difficult, even impossible, for someone other than its rightful owner to use it. The maker of an AR-15 assault-style rifle with a 30-round magazine capable of killing dozens of people in minutes, should be intrigued by technology that ensures it can be tracked if it goes missing and that only its rightful, background-checked owner can use it. Surely Sturm, Ruger and the rest would embrace that kind of safety feature – wouldn’t they?
Breakingviews Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
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29.2 million US viewers tuned in for the royal wedding 23 Hours Ago The "Closing Bell" crew discuss the royal wedding over the weekend in Windsor between Prince Harry and Meghan Markle. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/29-point-2-million-us-viewers-tuned-in-for-the-royal-wedding.html |
EMERGING MARKETS-Brazil currency boosted by rate view, Latam FX gains Published 5:37 PM ET Tue, 22 May 2018 Reuters
(Updates prices) SAO PAULO, May 22 (Reuters) - Brazil's real jumped more than 1 percent on Tuesday after central bank minutes reinforced investors' beliefs that the country's deepest monetary easing cycle in a decade was over, while other Latin American currencies also gained. Brazil's central bank unexpectedly kept the benchmark Selic rate at 6.50 percent last week, defying market expectations of a 25-basis-point cut. In minutes of that meeting released early Tuesday, the bank indicated that the recent strength of the U.S. dollar had reduced the likelihood of Brazilian inflation remaining below the official target for the foreseeable future. The body also indicated it would likely keep the rate steady in the near future. "In the central bank's argument, they say that inflation expectations have become unanchored toward the upside, which is to say that it's no longer necessary to cut the Selic rate," said Jose Francisco Gonçalves, head economist at Banco Fator in Sao Paulo. The real bid 1.2 percent stronger, following gains on Monday after the central bank almost quadrupled the value of its currency swap program. The real had previously weathered a rough streak, hitting its lowest level in two years on Friday.
Elsewhere in Latin America, Chile's peso outdid the real to rise more than 2 percent, following global copper prices that jumped more than 1 percent as fears of a U.S.-China trade war appeared to fade. Mexico's peso rebounded slightly on Tuesday, benefiting from the weak greenback, a day after blowing past the 20 per dollar mark to a more than one-year low. Equities markets were relatively flat across the region with the exception of Brazil's benchmark Bovespa index, which rose 1.31 percent. Gainers included electricity utility Cia Energetica de Minas Gerais SA, whose shares rose 5 percent after the nation's electricity regulator approved a power tariff hike. Mexico's benchmark IPC index gained 0.65 percent, rebounding from a nearly 1-1/2-year low on a wave of opportunistic buying after weeks of gradual weakening.
Key Latin American stock indexes and currencies at 2024 GMT:
Stock indexes Latest Daily YTD pct pct change
change
MSCI Emerging Markets 1,142.05 0.49 -1.42 MSCI LatAm 2,743.35 2.02 -3 Brazil Bovespa 82,738.88 1.13 8.29 Mexico IPC 45,600.87 0.65 -7.61 Chile IPSA 5,651.10 -0.3 1.55 Chile IGPA 28,540.84 -0.48 2.00 Argentina MerVal 30,973.72 -2.08 3.02 Colombia IGBC 12,130.18 0.38 6.68 Venezuela IBC 22,988.86 0.85 1719.98 Currencies Latest Daily YTD pct pct change
change
Brazil real 3.6440 1.2 -9.98 Mexico peso 19.7500 0.33 -0.26 Chile peso 623.95 2.01 -1.49 Colombia peso 2,853.05 0.77 4.52 Peru sol 3.271 0.37 -1.04 Argentina peso (interbank) 24.2750 0.47 -23.38 Argentina peso (parallel) 25.35 0.20 -24.14
(Reporting by Gram Slattery, Claudia Violante and Daina Beth Solomon; Editing by Cynthia Osterman) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/reuters-america-emerging-markets-brazil-currency-boosted-by-rate-view-latam-fx-gains.html |
May 9, 2018 / 4:12 PM / Updated 10 minutes ago U.S. judge blocks DEA from suspending drug distributor over opioid sales Nate Raymond 3 Min Read
(Reuters) - A federal judge blocked the U.S. Drug Enforcement Administration from suspending a Louisiana drug distributor from selling controlled substances over allegations it failed to identify suspicious orders of opioids that were diverted for illicit uses.
U.S. District Judge Elizabeth Foote in Shreveport, Louisiana, on Tuesday entered a temporary restraining order blocking the DEA from enforcing an order issued last week that immediately suspended Morris & Dickson Co’s registration.
The DEA’s order marked the first time during President Donald Trump’s administration that it had moved to immediately block narcotic sales by a distributor as the agency attempts to combat a national opioid abuse epidemic.
A DEA probe focusing on purchases of the highly addictive painkillers oxycodone and hydrocodone showed that, in some cases, pharmacies were allowed to buy as much as six times the quantity of narcotics they would normally order, the agency said.
The DEA on Friday announced it was suspending the registration of privately-held Morris & Dickson, saying the distributer failed to properly identify large, suspicious orders of drugs sold to independent pharmacies.
However in a brief order, Foote wrote that the drug wholesale distributor had demonstrated a substantial likelihood that it would be able to prove the agency’s action was “arbitrary and capricious.”
The judge scheduled a May 22 hearing to determine whether she should issue a preliminary injunction that would further block the DEA’s action.
The U.S. government is trying to crack down on opioid abuse through a number of measures, including a proposal last month to tighten rules governing the amount of prescription opioid painkillers that drugmakers can manufacture in a given year.
Paul Dickson, Morris & Dickson’s president, in a statement said the ruling “means that tens of thousands of patients, many of whom are critical care, are able to get their desperately-needed medications.”
The DEA did not respond to a request for comment on Wednesday.
Family-owned Morris & Dickson was founded in 1841 and is the largest independently owned and privately held drug wholesale distributor in the United States, according to its court filing.
According to the U.S. Centers for Disease Control and Prevention, 42,000 people died nationwide from opioid overdoses in 2016, the last year with publicly available data. Reporting by Nate Raymond in Boston; Editing by Bill Berkrot | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-justice-opioids/u-s-judge-blocks-dea-from-suspending-drug-distributor-over-opioid-sales-idUSKBN1IA2OB |
RALEIGH, N.C., May 3, 2018 /PRNewswire/ -- FMI Capital Advisors Inc., a subsidiary of FMI Corporation, is pleased to announce the merger of IEA Services LLC ("IEA") with M III Acquisition Corp. ("MIII"), following the receipt of stockholder approval at its special meeting of stockholders held on March 21, 2018, in New York City.
In connection with the consummation of the merger, the combined company changed its name to "Infrastructure and Energy Alternatives, Inc." (the "Company") and anticipates that the Company's shares of common stock and warrants will continue trading on the NASDAQ Capital Market, under the new ticker symbols "IEA" and "IEAWW," respectively, on or shortly after March 27, 2018.
Based in Indianapolis, Indiana, IEA specializes in the design and construction of critical energy infrastructure with a focus on renewable energy projects. As previously disclosed, IEA generated revenue, net income and Adjusted EBITDA for the year ended December 31, 2017, of $454.9 million, $16.5 million and $52.5 million, respectively. IEA's current total backlog of contracted and awarded wind projects is $1.1 billion, including more than $643.0 million for 2018.
Mohsin Y. Meghji, chairman of the Company, commented, "We are very pleased to have consummated this transaction and appreciate the support of MIII's stockholders. IEA is a leading developer of 21st century energy infrastructure that is well-positioned to capitalize on increasing wind and solar engineering and construction opportunities, as well as a broad range of projects in the heavy civil infrastructure space. We are excited about IEA's growth prospects and look forward to building a strong public company, which will create long-term value for its stockholders."
JP Roehm, CEO, president and a director of the Company, stated, "Our team is enthusiastic about this important milestone in IEA's development. We plan to use the elevated profile we expect from our NASDAQ listing and public currency to further expand our industry presence and seek to build long-term value for our shareholders. We believe IEA has the No. 1 U.S. market share among EPCs for wind, and we are confident in our ability to continue to grow our wind energy business and leverage our expertise and relationships to deliver infrastructure solutions in other areas, including solar, traditional power generation and civil infrastructure."
MIII was advised on the transaction by Stifel, Nicolaus & Company, Incorporated as M&A advisor and Cantor Fitzgerald & Co. and Jefferies LLC as equity capital markets advisors. Kirkland & Ellis LLP and Ellenoff Grossman & Schole LLP served as legal counsel to MIII. IEA was advised by FMI Capital Advisors Inc. as financial advisor, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel.
About FMI Corporation:
For over 65 years, FMI has been the leading management consulting and investment banking firm dedicated exclusively to engineering and construction, infrastructure and the built environment.
FMI serves all sectors of the industry as a trusted advisor. More than six decades of context, connections and insights lead to transformational outcomes for clients and the industry.
FMI helps you build your foundation for tomorrow and optimize your business for today. Industry Focus. Powerful Results.
FMI Media Contact:
Lexi Strom
[email protected]
919.785.9258
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SOURCE FMI Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-fmi-corporation-advises-iea-services-llc-in-merger-with-m-iii-acquisition-corp.html |
(Reuters) - For half a decade, New Jersey tried in vain to convince U.S. courts to let it legalize sports betting, dreaming of the billions of dollars it might generate for a struggling state and its cash-strapped casino hub Atlantic City.
On Monday, that long bet finally paid off. The U.S. Supreme Court sided with New Jersey, striking down a 1992 federal law banning most sports wagering.
The ruling opened the door for other states to also consider authorizing sports wagers.
Within hours of the high court’s decision, New Jersey lawmakers said they had introduced measures to begin building the framework for regulating legal sports betting. Some legislators seemed downright giddy.
“I’m absolutely thrilled,” said state Assembly Deputy Speaker John Burzichelli, who has long pushed for the measures. “This is nothing but good news for New Jersey.”
New Jersey first tried to legalize sports betting in 2012 during then Governor Chris Christie’s first term.
Bills introduced on Monday by Democrats in the state Senate would allow casinos, racetracks and some former racetracks to conduct wagering on both professional and collegiate sporting events.
However, betting on college games taking place in New Jersey, and on competitions anywhere involving a New Jersey college, would be prohibited.
The law would charge an 8 percent gross revenue tax on in-person wagering and a 12.5 percent levy on online sports bets. Host cities and counties would get another 1.25 percent tax on the gaming revenue received by racetracks.
Atlantic City Mayor Frank Gilliam said on Monday that sports betting could generate “millions in revenue” for the city and diversify its gaming market.
“The economic impact is vast and unlimited,” said Daniel Wallach, a Florida sports and gambling attorney who has closely followed the case.
Additional visitors to casinos and other ancillary revenues will boost the impact beyond just revenues generated for the state and city, he said.
Atlantic City fell into fiscal crisis when several casinos closed after the city lost its monopoly on East Coast gambling and other states began to lure New Jersey’s players.
After years of state oversight, tight budgets and chaotic politics, the city has begun to recover financially.
Reporting by Hilary Russ in New York; Editing by Lisa Shumaker
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01:40 01:40 | 11:30 AM ET Thu, 26 April 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/apple-beats-the-street.html |
(Reuters) - The Malaysia-based Islamic Financial Services Board (IFSB) said on Wednesday it will develop a technical note on financial inclusion, aiming to widen the reach of sharia-compliant banking to low-income consumers.
The technical note from the IFSB, one of the main standard-setting bodies for Islamic finance, will cover regulatory issues including Islamic microfinance, financial technology and integration of social finance.
The guidelines will be funded by a grant from the Saudi-based Islamic Development Bank [ISDBA.UL] to be implemented over the next three years, the IFSB said during its annual conference being held in Kuwait.
After years of fast growth, Islamic finance is under pressure to build stronger credentials on social responsibility by catering to farmers, small traders and poor households.
Guidance from the IFSB could help address financial inclusion in majority-Muslim countries where less wealthy people have stayed out of the formal banking system.
Tens of millions of people in the Muslim world lack bank accounts because of poverty, poor education and a lack of infrastructure, but religious reasons are also an important element.
Prior research from the International Monetary Fund has shown that religious concerns play a role in keeping people out of the financial system in countries such as Afghanistan, Iraq and Tunisia.
Reporting by Bernardo Vizcaino; Editing by Amrutha Gayathri
| ashraq/financial-news-articles | https://www.reuters.com/article/us-islamic-fiannce-ifsb/islamic-finance-body-ifsb-to-develop-financial-inclusion-guidance-idUSKBN1I30MT |
HOUSTON, May 1, 2018 /PRNewswire/ -- Western Gas Partners, LP (NYSE: WES) ("WES" or the "Partnership") and Western Gas Equity Partners, LP (NYSE: WGP) ("WGP") today announced first-quarter 2018 financial and operating results.
WESTERN GAS PARTNERS, LP
Net income (loss) available to limited partners for the first quarter of 2018 totaled $65.9 million, or $0.38 per common unit (diluted), with first-quarter 2018 Adjusted EBITDA (1) of $272.1 million and first-quarter 2018 Distributable cash flow (1) of $231.4 million.
WES previously declared a quarterly distribution of $0.935 per unit for the first quarter of 2018. This distribution represented a 2% increase over the prior quarter's distribution and a 7% increase over the first-quarter 2017 distribution. The first-quarter 2018 Coverage ratio (1) of 1.05 times was based on the quarterly distribution of $0.935 per unit.
"Our first quarter results highlight the sustained growth in the DJ and Delaware Basins," said Chief Executive Officer, Benjamin Fink. "We and Anadarko continue to execute the largest midstream capital program in our history, and I am pleased to report that the program remains on schedule. We continue to anticipate a significant acceleration of Delaware Basin volumes during the second half of this year."
The Partnership also announced that it has secured the right to participate in two long haul crude pipelines from the Permian Basin: a 20% interest in Enterprise's Midland-to-Sealy pipeline and up to a 15% interest in Plains' Cactus II pipeline from West Texas to Corpus Christi.
(1) Please see the tables at the end of this release for a reconciliation of GAAP to non-GAAP measures and calculation of the Coverage ratio.
"These projects are outstanding business opportunities given our outlook for Permian Basin oil production relative to takeaway capacity," said Mr. Fink. "We are updating our 2018 outlook for capital expenditures, including equity investments, to a range of $1.35 billion to $1.45 billion to reflect our expected participation in these projects. Furthermore, we expect to fund our capital program without accessing the equity capital markets while maintaining investment grade credit metrics."
Total throughput attributable to WES for natural gas assets for the first quarter of 2018 averaged 3.6 Bcf/d, which was 5% above the prior quarter and 8% below the first quarter of 2017. Total throughput for crude oil, NGL and produced water assets for the first quarter of 2018 averaged 258 MBbls/d, which was 8% above the prior quarter and 53% above the first quarter of 2017, primarily due to throughput from the DBM water systems, which commenced operation during the second quarter of 2017.
Capital expenditures attributable to WES, including equity investments but excluding acquisitions, totaled $298.2 million on a cash basis and $323.4 million on an accrual basis during the first quarter of 2018, with maintenance capital expenditures on a cash basis of $16.4 million.
WESTERN GAS EQUITY PARTNERS, LP
WGP indirectly owns the entire general partner interest in WES, 100% of the incentive distribution rights in WES and 50,132,046 WES common units. Net income (loss) available to limited partners for 2018 totaled $101.0 million, or $0.46 per common unit (diluted).
WGP previously declared a quarterly distribution of $0.56875 per unit for the first quarter of 2018. This distribution represented a 4% increase over the prior quarter's distribution and a 16% increase over the first-quarter 2017 distribution. WGP received distributions from WES of $125.3 million attributable to the first quarter of 2018 and will pay $124.5 million in distributions for the same period.
CONFERENCE CALL TOMORROW AT 11 A.M. CDT
WES and WGP will host a joint conference call on Wednesday, May 2, 2018, at 11:00 a.m. Central Daylight Time (12:00 p.m. Eastern Daylight Time) to discuss first-quarter 2018 results. Individuals who would like to participate should dial 877-883-0383 (Domestic) or 412-902-6506 (International) approximately 15 minutes before the scheduled conference call time, and enter participant access code 8107313. To access the live audio webcast of the conference call, please visit the investor relations section of the Partnership's website at www.westerngas.com . A replay of the conference call will also be available on the website for two weeks following the call.
Western Gas Partners, LP ("WES") is a growth-oriented Delaware master limited partnership formed by Anadarko Petroleum Corporation to acquire, own, develop and operate midstream assets. With midstream assets located in the Rocky Mountains, North-central Pennsylvania, Texas and New Mexico, WES is engaged in the business of gathering, compressing, treating, processing and transporting natural gas; gathering, stabilizing and transporting condensate, natural gas liquids and crude oil; and gathering and disposing of produced water for Anadarko, as well as for third-party producers and customers. In addition, in its capacity as a processor of natural gas, WES also buys and sells natural gas, NGLs and condensate on behalf of itself and as agent for its producer customers under certain of its contracts.
Western Gas Equity Partners, LP ("WGP") is a Delaware master limited partnership formed by Anadarko Petroleum Corporation to own the following types of interests in WES: (i) the general partner interest and all of the incentive distribution rights in WES, both owned through WGP's 100% ownership of WES's general partner, and (ii) a significant limited partner interest in WES.
For more information about Western Gas Partners, LP and Western Gas Equity Partners, LP, please visit www.westerngas.com .
This news release contains . WES and WGP's management believes that their expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to the projections, anticipated results or other expectations expressed in this news release. These factors include the ability to meet financial guidance or distribution growth expectations; the ability to safely and efficiently operate WES's assets; the supply of, demand for, and price of oil, natural gas, NGLs and related products or services; the ability to meet projected in-service dates for capital growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the "Risk Factors" sections of WES's and WGP's most recent Forms 10-K and Forms 10-Q filed with the Securities and Exchange Commission and in their other public filings and press releases. Western Gas Partners, LP and Western Gas Equity Partners, LP undertake no obligation to publicly update or revise any .
WESTERN GAS CONTACT
Jonathon E. VandenBrand
Director, Investor Relations
[email protected]
832.636.6000
Western Gas Partners, LP Reconciliation of GAAP to Non-GAAP Measures
Below are reconciliations of (i) net income (loss) attributable to Western Gas Partners, LP (GAAP) to WES's Distributable cash flow (non-GAAP), (ii) net income (loss) attributable to Western Gas Partners, LP (GAAP) and net cash provided by operating activities (GAAP) to Adjusted EBITDA attributable to Western Gas Partners, LP ("Adjusted EBITDA") (non-GAAP), and (iii) operating income (loss) (GAAP) to Adjusted gross margin attributable to Western Gas Partners, LP ("Adjusted gross margin") (non-GAAP), as required under Regulation G of the Securities Exchange Act of 1934. Management believes that WES's Distributable cash flow, Adjusted EBITDA, Adjusted gross margin, and Coverage ratio are widely accepted financial indicators of WES's financial performance compared to other publicly traded partnerships and are useful in assessing its ability to incur and service debt, fund capital expenditures and make distributions. Distributable cash flow, Adjusted EBITDA, Adjusted gross margin and Coverage ratio, as defined by WES, may not be comparable to similarly titled measures used by other companies. Therefore, WES's Distributable cash flow, Adjusted EBITDA, Adjusted gross margin and Coverage ratio should be considered in conjunction with net income (loss) attributable to Western Gas Partners, LP and other applicable performance measures, such as operating income (loss) or cash flows from operating activities.
Western Gas Partners, LP Reconciliation of GAAP to Non-GAAP Measures, continued
Distributable Cash Flow
WES defines Distributable cash flow as Adjusted EBITDA, plus interest income and the net settlement amounts from the sale and/or purchase of natural gas, condensate and NGLs under WES's commodity price swap agreements to the extent such amounts are not recognized as Adjusted EBITDA, less Service revenues – fee based recognized in Adjusted EBITDA (less than) in excess of customer billings, net cash paid (or to be paid) for interest expense (including amortization of deferred debt issuance costs originally paid in cash, offset by non-cash capitalized interest), maintenance capital expenditures, Series A Preferred unit distributions and income taxes.
Three Months Ended
March 31,
thousands except Coverage ratio
2018
2017
Reconciliation of Net income (loss) attributable to Western Gas Partners, LP to Distributable cash flow and calculation of the Coverage ratio
Net income (loss) attributable to Western Gas Partners, LP
$
149,363
$
101,889
Add:
Distributions from equity investments
28,954
22,567
Non-cash equity-based compensation expense
2,152
1,246
Non-cash settled interest expense, net (1)
—
71
Income tax (benefit) expense
1,502
3,552
Depreciation and amortization (2)
76,116
69,049
Impairments
148
164,742
Above-market component of swap agreements with Anadarko
14,282
12,297
Other expense (2)
143
45
Less:
Recognized Service revenues – fee based (less than) in excess of customer billings
(494)
—
Gain (loss) on divestiture and other, net
116
119,487
Equity income, net – affiliates
20,424
19,461
Cash paid for maintenance capital expenditures (2)
16,434
11,122
Capitalized interest
4,054
816
Cash paid for (reimbursement of) income taxes
(87)
189
Series A Preferred unit distributions
—
7,453
Other income (2)
777
427
Distributable cash flow
$
231,436
$
216,503
Distributions declared (3)
Limited partners – common units
$
142,683
General partner
78,450
Total
$
221,133
Coverage ratio
1.05
x
(1)
Includes amounts related to the Deferred purchase price obligation - Anadarko.
(2)
Includes WES's 75% share of depreciation and amortization; other expense; cash paid for maintenance capital expenditures; and other income attributable to Chipeta.
(3)
Reflects cash distributions of $0.935 per unit declared for the three months ended March 31, 2018.
Western Gas Partners, LP Reconciliation of GAAP to Non-GAAP Measures, continued
Adjusted EBITDA Attributable to Western Gas Partners, LP
WES defines Adjusted EBITDA as net income (loss) attributable to Western Gas Partners, LP, plus distributions from equity investments, non-cash equity-based compensation expense, interest expense, income tax expense, depreciation and amortization, impairments, and other expense (including lower of cost or market inventory adjustments recorded in cost of product), less gain (loss) on divestiture and other, net, income from equity investments, interest income, income tax benefit, and other income.
Three Months Ended
March 31,
thousands
2018
2017
Reconciliation of Net income (loss) attributable to Western Gas Partners, LP to Adjusted EBITDA attributable to Western Gas Partners, LP
Net income (loss) attributable to Western Gas Partners, LP
$
149,363
$
101,889
Add:
Distributions from equity investments
28,954
22,567
Non-cash equity-based compensation expense
2,152
1,246
Interest expense
39,283
35,504
Income tax expense
1,502
3,552
Depreciation and amortization (1)
76,116
69,049
Impairments
148
164,742
Other expense (1)
143
45
Less:
Gain (loss) on divestiture and other, net
116
119,487
Equity income, net – affiliates
20,424
19,461
Interest income – affiliates
4,225
4,225
Other income (1)
777
427
Adjusted EBITDA attributable to Western Gas Partners, LP
$
272,119
$
254,994
Reconciliation of Net cash provided by operating activities to Adjusted EBITDA attributable to Western Gas Partners, LP
Net cash provided by operating activities
$
241,596
$
192,616
Interest (income) expense, net
35,058
31,279
Uncontributed cash-based compensation awards
589
37
Accretion and amortization of long-term obligations, net
(1,378)
(1,101)
Current income tax (benefit) expense
171
424
Other (income) expense, net
(782)
(430)
Distributions from equity investments in excess of cumulative earnings – affiliates
8,013
3,453
Changes in assets and liabilities:
Accounts receivable, net
28,648
1,513
Accounts and imbalance payables and accrued liabilities, net
(27,075)
29,940
Other items, net
(9,015)
15
Adjusted EBITDA attributable to noncontrolling interest
(3,706)
(2,752)
Adjusted EBITDA attributable to Western Gas Partners, LP
$
272,119
$
254,994
Cash flow information of Western Gas Partners, LP
Net cash provided by operating activities
$
241,596
$
192,616
Net cash used in investing activities
(294,168)
(252,434)
Net cash provided by (used in) financing activities
495,184
(175,797)
(1)
Includes WES's 75% share of depreciation and amortization; other expense; and other income attributable to Chipeta.
Western Gas Partners, LP Reconciliation of GAAP to Non-GAAP Measures, continued
Adjusted Gross Margin Attributable to Western Gas Partners, LP
WES defines Adjusted gross margin as total revenues and other (less reimbursements for electricity-related expenses recorded as revenue), less cost of product, plus distributions from equity investments, and excluding the noncontrolling interest owner's proportionate share of revenue and cost of product.
Three Months Ended
March 31,
thousands
2018
2017
Reconciliation of Operating income (loss) to Adjusted gross margin attributable to Western Gas Partners, LP
Operating income (loss)
$
188,126
$
138,392
Add:
Distributions from equity investments
28,954
22,567
Operation and maintenance
88,279
73,760
General and administrative
14,132
12,659
Property and other taxes
12,382
12,294
Depreciation and amortization
76,842
69,702
Impairments
148
164,742
Less:
Gain (loss) on divestiture and other, net
116
119,487
Proceeds from business interruption insurance claims
—
5,767
Equity income, net – affiliates
20,424
19,461
Reimbursed electricity-related charges recorded as revenues
15,453
13,969
Adjusted gross margin attributable to noncontrolling interest
4,324
3,876
Adjusted gross margin attributable to Western Gas Partners, LP
$
368,546
$
331,556
Adjusted gross margin attributable to Western Gas Partners, LP for natural gas assets
$
325,872
$
301,505
Adjusted gross margin for crude oil, NGL and produced water assets
42,674
30,051
Western Gas Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
thousands except per-unit amounts
2018
2017
Revenues and other
Service revenues – fee based
$
338,419
$
307,814
Service revenues – product based
22,593
—
Product sales
75,937
206,525
Other
219
1,854
Total revenues and other
437,168
516,193
Equity income, net – affiliates
20,424
19,461
Operating expenses
Cost of product
77,799
189,359
Operation and maintenance
88,279
73,760
General and administrative
14,132
12,659
Property and other taxes
12,382
12,294
Depreciation and amortization
76,842
69,702
Impairments
148
164,742
Total operating expenses
269,582
522,516
Gain (loss) on divestiture and other, net
116
119,487
Proceeds from business interruption insurance claims
—
5,767
Operating income (loss)
188,126
138,392
Interest income – affiliates
4,225
4,225
Interest expense
(39,283)
(35,504)
Other income (expense), net
782
430
Income (loss) before income taxes
153,850
107,543
Income tax (benefit) expense
1,502
3,552
Net income (loss)
152,348
103,991
Net income attributable to noncontrolling interest
2,985
2,102
Net income (loss) attributable to Western Gas Partners, LP
$
149,363
$
101,889
Limited partners' interest in net income (loss):
Net income (loss) attributable to Western Gas Partners, LP
$
149,363
$
101,889
Series A Preferred units interest in net (income) loss
—
(28,174)
General partner interest in net (income) loss
(83,439)
(68,162)
Common and Class C limited partners' interest in net income (loss)
$
65,924
$
5,553
Net income (loss) per common unit – basic and diluted
$
0.38
$
0.01
Weighted-average common units outstanding – basic and diluted
152,602
134,448
Western Gas Partners, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
thousands except number of units
March 31,
2018
December 31,
2017
Current assets
$
733,247
$
254,062
Note receivable – Anadarko
260,000
260,000
Net property, plant and equipment
6,063,547
5,730,891
Other assets
1,756,528
1,769,397
Total assets
$
8,813,322
$
8,014,350
Current liabilities
$
477,697
$
424,333
Long-term debt
4,176,346
3,464,712
Asset retirement obligations
147,082
143,394
Other liabilities
137,349
10,900
Total liabilities
$
4,938,474
$
4,043,339
Equity and partners' capital
Common units (152,602,105 units issued and outstanding at March 31, 2018, and December 31, 2017)
2,842,612
2,950,010
Class C units (13,505,277 and 13,243,883 units issued and outstanding at March 31, 2018, and December 31, 2017, respectively)
784,105
780,040
General partner units (2,583,068 units issued and outstanding at March 31, 2018, and December 31, 2017)
185,812
179,232
Noncontrolling interest
62,319
61,729
Total liabilities, equity and partners' capital
$
8,813,322
$
8,014,350
Western Gas Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
March 31,
thousands
2018
2017
Cash flows from operating activities
Net income (loss)
$
152,348
$
103,991
Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities:
Depreciation and amortization
76,842
69,702
Impairments
148
164,742
(Gain) loss on divestiture and other, net
(116)
(119,487)
Change in other items, net
12,374
(26,332)
Net cash provided by operating activities
$
241,596
$
192,616
Cash flows from investing activities
Capital expenditures
$
(302,297)
$
(125,944)
Contributions in aid of construction costs from affiliates
—
1,310
Acquisitions from third parties
—
(155,287)
Distributions from equity investments in excess of cumulative earnings – affiliates
8,013
3,453
Proceeds from the sale of assets to third parties
116
34
Proceeds from property insurance claims
—
24,000
Net cash used in investing activities
$
(294,168)
$
(252,434)
Cash flows from financing activities
Borrowings, net of debt issuance costs
$
1,337,525
$
(11)
Repayments of debt
(630,000)
—
Increase (decrease) in outstanding checks
(6,684)
1,024
Proceeds from the issuance of common units, net of offering expenses
—
(158)
Distributions to unitholders
(216,586)
(185,565)
Distributions to noncontrolling interest owner
(3,353)
(3,370)
Net contributions from (distributions to) Anadarko
—
(14)
Above-market component of swap agreements with Anadarko
14,282
12,297
Net cash provided by (used in) financing activities
$
495,184
$
(175,797)
Net increase (decrease) in cash and cash equivalents
$
442,612
$
(235,615)
Cash and cash equivalents at beginning of period
78,814
357,925
Cash and cash equivalents at end of period
$
521,426
$
122,310
Western Gas Partners, LP
OPERATING STATISTICS
(Unaudited)
Three Months Ended
March 31,
2018
2017
Throughput for natural gas assets (MMcf/d)
Gathering, treating and transportation
816
1,443
Processing
2,755
2,442
Equity investment (1)
152
162
Total throughput for natural gas assets
3,723
4,047
Throughput attributable to noncontrolling interest for natural gas assets
96
109
Total throughput attributable to Western Gas Partners, LP for natural gas assets
3,627
3,938
Throughput for crude oil, NGL and produced water assets (MBbls/d)
Gathering, treating, transportation and disposal
124
44
Equity investment (2)
134
125
Total throughput for crude oil, NGL and produced water assets
258
169
Adjusted gross margin per Mcf attributable to Western Gas Partners, LP for natural gas assets (3)
$
1.00
$
0.85
Adjusted gross margin per Bbl for crude oil, NGL and produced water assets (4)
1.84
1.98
(1)
Represents WES's 14.81% share of average Fort Union throughput and 22% share of average Rendezvous throughput.
(2)
Represents WES's 10% share of average White Cliffs throughput, WES's 25% share of average Mont Belvieu JV throughput, WES's 20% share of average TEG and TEP throughput, and WES's 33.33% share of average FRP throughput.
(3)
Average for period. Calculated as Adjusted gross margin attributable to Western Gas Partners, LP for natural gas assets (total revenues and other for natural gas assets less reimbursements for electricity-related expenses recorded as revenue), less cost of product for natural gas assets, plus distributions from WES's equity investments in Fort Union and Rendezvous, and excluding the noncontrolling interest owner's proportionate share of revenue and cost of product), divided by total throughput (MMcf/d) attributable to Western Gas Partners, LP for natural gas assets.
(4)
Average for period. Calculated as Adjusted gross margin for crude oil, NGL and produced water assets (total revenues and other for crude oil, NGL and produced water assets less reimbursements for electricity-related expenses recorded as revenue), less cost of product for crude oil, NGL and produced water assets, and plus distributions from WES's equity investments in White Cliffs, the Mont Belvieu JV, TEG, TEP and FRP), divided by total throughput (MBbls/d) for crude oil, NGL and produced water assets.
Western Gas Equity Partners, LP
CALCULATION OF CASH AVAILABLE FOR DISTRIBUTION
(Unaudited)
thousands except per-unit amount and Coverage ratio
Three Months Ended
March 31, 2018
Distributions declared by Western Gas Partners, LP:
General partner interest
$
3,681
Incentive distribution rights
74,770
Common units held by WGP
46,873
Less:
Public company general and administrative expense
832
Interest expense
1,063
Cash available for distribution
$
123,429
Declared distribution per common unit
$
0.56875
Distributions declared by Western Gas Equity Partners, LP
$
124,518
Coverage ratio
0.99 x
Western Gas Equity Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
thousands except per-unit amounts
2018
2017
Revenues and other
Service revenues – fee based
$
338,419
$
307,814
Service revenues – product based
22,593
—
Product sales
75,937
206,525
Other
219
1,854
Total revenues and other
437,168
516,193
Equity income, net – affiliates
20,424
19,461
Operating expenses
Cost of product
77,799
189,359
Operation and maintenance
88,279
73,760
General and administrative
14,964
13,476
Property and other taxes
12,382
12,294
Depreciation and amortization
76,842
69,702
Impairments
148
164,742
Total operating expenses
270,414
523,333
Gain (loss) on divestiture and other, net
116
119,487
Proceeds from business interruption insurance claims
—
5,767
Operating income (loss)
187,294
137,575
Interest income – affiliates
4,225
4,225
Interest expense
(40,346)
(36,033)
Other income (expense), net
817
446
Income (loss) before income taxes
151,990
106,213
Income tax (benefit) expense
1,502
3,552
Net income (loss)
150,488
102,661
Net income (loss) attributable to noncontrolling interests
49,483
26,721
Net income (loss) attributable to Western Gas Equity Partners, LP
$
101,005
$
75,940
Net income (loss) per common unit – basic and diluted
$
0.46
$
0.35
Weighted-average common units outstanding – basic and diluted
218,933
218,929
Western Gas Equity Partners, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
thousands except number of units
March 31,
2018
December 31,
2017
Current assets
$
735,818
$
255,210
Note receivable – Anadarko
260,000
260,000
Net property, plant and equipment
6,063,547
5,730,891
Other assets
1,756,528
1,770,210
Total assets
$
8,815,893
$
8,016,311
Current liabilities
$
506,021
$
424,426
Long-term debt
4,176,346
3,492,712
Asset retirement obligations
147,082
143,394
Other liabilities
137,349
10,900
Total liabilities
$
4,966,798
$
4,071,432
Equity and partners' capital
Common units (218,933,141 units issued and outstanding at March 31, 2018, and December 31, 2017)
$
1,041,066
$
1,061,125
Noncontrolling interests
2,808,029
2,883,754
Total liabilities, equity and partners' capital
$
8,815,893
$
8,016,311
Western Gas Equity Partners, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
March 31,
thousands
2018
2017
Cash flows from operating activities
Net income (loss)
$
150,488
$
102,661
Adjustments to reconcile net income (loss) to net cash provided by operating activities and changes in assets and liabilities:
Depreciation and amortization
76,842
69,702
Impairments
148
164,742
(Gain) loss on divestiture and other, net
(116)
(119,487)
Change in other items, net
13,554
(25,945)
Net cash provided by operating activities
$
240,916
$
191,673
Cash flows from investing activities
Capital expenditures
$
(302,297)
$
(125,944)
Contributions in aid of construction costs from affiliates
—
1,310
Acquisitions from third parties
—
(155,287)
Distributions from equity investments in excess of cumulative earnings – affiliates
8,013
3,453
Proceeds from the sale of assets to third parties
116
34
Proceeds from property insurance claims
—
24,000
Net cash used in investing activities
$
(294,168)
$
(252,434)
Cash flows from financing activities
Borrowings, net of debt issuance costs
$
1,337,517
$
(11)
Repayments of debt
(630,000)
—
Increase (decrease) in outstanding checks
(6,684)
1,024
Proceeds from the issuance of WES common units, net of offering expenses
—
(158)
Distributions to WGP unitholders
(120,140)
(101,254)
Distributions to Chipeta noncontrolling interest owner
(3,353)
(3,370)
Distributions to noncontrolling interest owners of WES
(94,272)
(84,172)
Net contributions from (distributions to) Anadarko
—
(14)
Above-market component of swap agreements with Anadarko
14,282
12,297
Net cash provided by (used in) financing activities
$
497,350
$
(175,658)
Net increase (decrease) in cash and cash equivalents
$
444,098
$
(236,419)
Cash and cash equivalents at beginning of period
79,588
359,072
Cash and cash equivalents at end of period
$
523,686
$
122,653
View original content with multimedia: http://www.prnewswire.com/news-releases/western-gas-announces-first-quarter-2018-results-300640431.html
SOURCE Western Gas Partners, LP; Western Gas Equity Partners, LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-western-gas-announces-first-quarter-2018-results.html |
Michael A. Taylor hit a walk-off double with one out in the bottom of the ninth inning that gave the Washington Nationals a 2-1 victory over the San Diego Padres on Tuesday night at Nationals Park.
The Nationals banged out four homers in a 10-2 victory over the Padres in the series opener on Monday night, but Washington couldn’t find nearly as much offense in this game.
But the Nationals got just enough for the win in the ninth inning. Rookie Juan Soto started the inning with a walk against Mark Strahm (0-2).
Soto moved to second when Wilmer Difo grounded to third baseman Cory Spangenberg, who momentarily dropped the ball, which forced him to throw to first for the out.
Taylor followed by capping an eight-pitch at-bat with a double off the wall in center that easily scored Soto from second.
Sean Doolittle (2-2) earned the victory after pitching the ninth, striking out the side.
Washington starter Jeremy Hellickson took a perfect game into the seventh inning versus the Padres on May 8 in San Diego. This time, he allowed one run on five hits in 5 1/3 innings but came away with a no-decision.
He left in the sixth inning with what looked like a blister problem on his throwing hand.
Eric Lauer of San Diego turned in one of his best starts this season. Lauer allowed one run on six hits and struck out seven in six innings, but like Hellickson, the left-hander ended up with a no-decision.
San Diego took the lead in the fourth on Franchy Cordero’s leadoff homer against Hellickson.
The Nationals tied the game when Bryce Harper homered to center off Lauer in the fifth — the second straight game in which the right fielder has hit a home run.
The Padres almost took the lead in the sixth when Franmil Reyes singled with Jose Pirela on second. Pirela was originally ruled safe at home, just beating the throw from the center fielder Taylor, but Washington challenged the tag play, and the call was reversed.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-was-sd-recap/taylors-walk-off-hit-leads-nats-past-padres-idUSMTZEE5N5TBLAU |
A Queens financial adviser was indicted on accusations he defrauded his elderly clients out of millions by investing their money in his risky hedge fund without their knowledge, the New York attorney general’s office said Wednesday.
A 99-count indictment charges Dean Mustaphalli, 47 years old, with securities fraud, grand larceny, forgery and other crimes. From 2012 through March 2017, he solicited more than $12 million from clients and lost more than $11 million, according to the attorney general’s office.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/new-york-investor-indicted-on-fraud-charges-1527711381 |
Brown retains role of chairman of the board
DEERFIELD BEACH, Fla.--(BUSINESS WIRE)-- Colin Brown has announced Brent Burns as the next chief executive officer of JM Family Enterprises , effective July 1, 2018. At that time, Burns will be responsible for all company operations. Brown will continue his position as chairman of the board, focusing on providing guidance and counsel to Burns, much the same way company founder Jim Moran did when he named Brown CEO in 2003.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180430006357/en/
Brent Burns has been named as the next chief executive officer of $15.1 billion automotive giant JM Family Enterprises. (Photo: Business Wire)
“Brent has a deep respect and admiration for JM Family,” Brown said. “He works tirelessly toward the success of our company and advocates for the well-being of our associates. We are in the strongest financial position in our 50 years, having just completed our fifth consecutive year of record performance and profitability. Without a doubt, I am abundantly confident in the direction JM Family is headed.”
Burns was promoted to chief operating officer in 2014 and became president last year. Prior to his current role, Burns was JM Family’s chief financial officer for six years and president of its subsidiary World Omni Financial Corp. for seven. Burns has worked alongside Brown since he joined the organization in 2000. Burns played a key role in helping the company persevere through a challenging economic crisis and has supported the company’s core business units -- Southeast Toyota Distributors, JM&A Group, and Southeast Toyota Finance -- in achieving the most profitable years in JM Family’s history.
“It has been my honor to work with Colin for nearly two decades, and I am humbled by the opportunity to lead JM Family and our associates into our next 50 years,” Burns said. “I am completely committed to our culture and I know that our dedicated associates will continue to be the cornerstone of our success.”
Brown joined JM Family in 1992 as vice president and general counsel. He was appointed chief operating officer in 1997 and president three years later. Brown was named CEO in January 2003, becoming the first non-Moran family member to hold the titles of first president and then CEO. In 2017, Brown was appointed chairman of the board while retaining the title of CEO.
Under Brown’s leadership, the company’s sales, financial performance and associate-centric culture continued to thrive after the loss of automotive legend and founder Jim Moran in 2007. Throughout Brown’s tenure as CEO, JM Family successfully navigated the U.S. economic downturn in 2008 with its severe impact on car sales, overcame the Toyota recall controversy and is fully prepared to adapt to a rapidly changing automotive environment. Recently, the organization celebrated best-ever first quarter results across all of its business units.
This succession coincides with the 50 th Anniversary of JM Family, the $15.1 billion diversified automotive company with more than 4,200 associates across North America that regularly ranks as one of the largest private companies in the U.S. and has been named on FORTUNE Magazine’s “Best Companies to Work For” 20 years in a row.
“Now is the perfect time for Brent to transition into this role, continuing the celebration in the second half of this year while guiding us into the future,” said Brown. “My greatest privilege has been working alongside so many wonderful associates throughout my 26 years at JM Family. As we move forward, I am so proud to be part of our great family, and I am equally proud to have the opportunity to serve as the company’s chairman.”
About JM Family Enterprises, Inc.
JM Family Enterprises, Inc. , founded by Jim Moran in 1968, is marking its milestone anniversary during 2018 with a 50 Years of Family celebration. Over the course of its 50-year history, JM Family has grown from 11 associates into a $15.1 billion diversified automotive corporation with more than 4,200 associates and is currently ranked No. 20 on Forbes’ list of America’s Largest Private Companies. It is also ranked No. 55 by FORTUNE® as one of the 100 Best Companies to Work For®, its 20 th consecutive year on the list.
Its primary subsidiaries include: Southeast Toyota Distributors , the world’s largest independent distributor of Toyota vehicles; JM&A Group , one of the leading independent providers of finance and insurance (F&I) products in the automotive industry; World Omni Financial Corp ., a diversified financial services company with subsidiaries Southeast Toyota Finance and DataScan ; and JM Lexus . Headquartered in Deerfield Beach, Fla., JM Family has major U.S. operations in Jacksonville and Margate, Fla.; Commerce and Alpharetta, Ga.; Mobile, Ala.; and St. Louis, Mo. Interact with JM Family at Facebook.com/JMFamilyEnterprises.
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View source version on businesswire.com : https://www.businesswire.com/news/home/20180430006357/en/
JM Family Enterprises, Inc.
Christie Caliendo, 954-363-6285
Source: JM Family Enterprises, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/business-wire-colin-brown-names-brent-burns-ceo-of-jm-family-enterprises-inc.html |
The once-hot financials sector has taken a turn for the worse this year, but one technician says the charts are pointing to a turnaround.
"If you look at weakness since January, it's all occurred above the sector's rising 200-day moving average," Ari Wald, head of technical analysis at Oppenheimer, told CNBC's " Trading Nation " on Tuesday. "So, we're still making the case that this is a pullback in an ongoing uptrend and that the uptrend should ultimately continue higher."
The XLF financial select sector ETF has largely held above its 200-day moving average since mid-2016, only briefly dipping below that trend line in September of last year, early April and early May. The ETF closed below that trend line late last week, but quickly rebounded to trade 1.6 percent higher.
"The key level on the downside here is $26.60," Wald said. "These were the lows that had been put in place over the last month. We think a double bottom is forming here. Now the SPDR still has to get through $28.35 resistance."
The XLF has not closed below $26.60 since late November. However, it has not broken above its resistance level on an intraday basis since March 22.
"Again, given the rising trend, we think that's the trade," said Wald. "We think you get the breakout to the upside."
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The financial sector saw a massive run-up following President Donald Trump 's election in November 2016, said Stacey Gilbert , market strategist at Susquehanna.
"This was the fan favorite once Trump won the election. You assumed that there'd be great deregulation, you assumed the yield curve was going to be steepening, you thought the economy was going to be growing, there'd be a ton of loan growth, all very positives for financials and financials responded," said Gilbert. "They've outperformed the S&P by more than 10 percent."
Since the 2016 presidential election, the XLF has soared more than 35 percent and hit its highest levels since 2007 earlier this year. Over that same period, the S&P 500 increased 25 percent.
"Interestingly, on the ETF side of financials, you've seen AUM in U.S. financials sector-specific ETFs ... grow by 50 percent to have about $63 billion of assets under management at this point," said Gilbert. "This was definitely a much-loved sector."
While the XLF has hit a rough patch over the past several months, Gilbert sees signs it could soon become a sector favorite once more.
"We continue to see bullish sentiment in the options, in the individual stocks," said Gilbert. "Investors are taking this as an opportunity to position for further upside so reading the tea leaves through the options market, they do agree with the charts here that we are probably going to see more upside."
The financials sector was the second-best performer in the S&P 500 on Wednesday and in the week to date. It remains 0.5 percent lower for the year compared with a slight rise by the S&P 500.
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/this-chart-shows-financial-stocks-are-prime-for-a-breakout.html |
May 16, 2018 / 3:31 AM / in 3 hours Japan's GDP ends best growth run in decades as spending, trade fade Stanley White , Leika Kihara 5 Min Read
TOKYO (Reuters) - Japan’s economy contracted more than expected at the start of this year, suggesting growth has peaked after the best run of expansion in decades, unwelcome news for a government struggling to get traction for its reflationary policies.
The world’s third largest economy shrank by 0.6 percent on an annualized basis, a much more severe contraction than the median estimate for an annualized 0.2 percent decline.
The contraction, which was driven by declines in investment and consumption and weaker export growth, comes as Japan Inc frets over the possible effects of U.S. President Donald Trump’s protectionist policies on exports.
It also highlights the central bank’s vulnerability to an economic or financial shock after five years of heavy monetary stimulus has left it with little ammunition to defend growth.
Economy Minister Toshimitsu Motegi said there was no change to the government’s view that the economy was recovering moderately, predicting a resumption in growth to be driven mainly by private consumption and capital expenditure.
“But we need to be mindful of the impact of overseas economic uncertainty and market volatility,” he added.
External demand - or exports minus imports - added just 0.1 percentage point to first-quarter GDP as imports slowed more than exports.
However, a breakdown of the data shows export growth is losing momentum, expanding just 0.6 percent in the first quarter after growth of 2.2 percent October-December last year.
Slower export growth reflected a decline in shipments of mobile phone parts and factory equipment in the quarter, a government official said.
This is a concern for Japanese manufacturers because many of these machines and electronic components are sent to China, where they are used to produce goods for export, but this trade is at risk if the Trump administration’s threatened tariffs on Chinese exports go ahead.
“Globally, IT-related items have been in an adjustment phase, which weighed down Japan’s exports and factory output,” said Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities.
Economists say Japan’s first-quarter contraction is temporary, but the rebound will not be nearly as strong as previous quarters. Women sit in front of a Chanel store in Tokyo, Japan May 16, 2018. REUTERS/Issei Kato
“The economy is not headed for a recession,” said Hiroshi Miyazaki, senior economist at Mitsubishi UFJ Morgan Stanley Securities. “However, it is clear that in the long term the pace of growth is slowing.”
Wednesday’s data marked the end to eight straight quarters of economic expansion, which was the longest stretch of growth since a 12-quarter run between April-June 1986 and January-March 1989.
Fourth quarter growth was revised to an annualized 0.6 percent, down from the 1.6 percent estimated earlier.
Capital expenditure fell 0.1 percent, down for the first time in six quarters, suggesting corporate investment is not as strong as many economists had expected. The median estimate was for a 0.4 percent increase.
The capital spending figures may presage data due on Thursday that is forecast to show core machinery orders, a leading indicator of capital expenditure, fell in March for the first time in three months.
Consumer spending fell marginally, registering a decline of less than one percentage point in the first quarter. The median estimate was for consumer spending to remain unchanged.
“The economy is unlikely to continue to contract further. The global economy is performing well and the yen is trading beyond 110 yen against the dollar, so once exports start to grow again, the economy will return to a moderate growth path,” said
Maruyama of SMBC Nikko Securities.
The first-quarter contraction could make Japanese politicians more reluctant to implement a hike in sales tax to 10 percent from the current 8 percent scheduled for next year.
A sales tax hike to 5 percent from 3 percent in 2014 caused a large fall in consumer spending and tipped the economy into recession. Slideshow (7 Images)
“The revised GDP data 2017 showed the economy had already started to slow down from the beginning of last year. And the economic contraction for January-March may support some ruling officials’ call for a delay in a planned sales tax hike,” said Kyohei Morita, chief economist at Credit Agricole Securities. Reporting by Stanley White and Leika Kihara; Editing by Eric Meijer | ashraq/financial-news-articles | https://www.reuters.com/article/us-japan-economy-gdp/japans-economy-shrinks-in-first-quarter-ends-2-year-run-of-growth-idUSKCN1IH09Z |
May 28, 2018 / 11:46 AM / Updated an hour ago U.S. and China clash over 'technology transfer' at WTO Tom Miles 4 Min Read
GENEVA (Reuters) - Chinese and U.S. envoys sparred at the World Trade Organization on Monday over U.S. President Donald Trump’s claims that China steals American ideas, the subject of two lawsuits and a White House plan to slap huge punitive tariffs on Chinese goods. FILE PHOTO: U.S. President Donald Trump and China's President Xi Jinping shake hands after making joint statements at the Great Hall of the People in Beijing, China, November 9, 2017. REUTERS/Damir Sagolj/File Photo
U.S. Ambassador Dennis Shea said “forced technology transfer” was often an unwritten rule for companies trying to access China’s burgeoning marketplace, especially if they were partnering with a state-owned or state-directed Chinese firm.
China’s licensing and administrative rules forced foreign firms to share technology if they wanted to do business, while government officials could exploit vague investment rules to impose technology transfer requirements, he said.
“This is not the rule of law. In fact, it is China’s laws themselves that enable this coercion,” Shea told the WTO’s dispute settlement body, according to a copy of his remarks provided to Reuters.
“Fundamentally, China has made the decision to engage in a systematic, state-directed, and non-market pursuit of other (WTO) members’ cutting-edge technology in service of China’s industrial policy.”
It was a lose-lose proposition for foreign investors, he said, and not just Americans. All countries would see their competitiveness eroded if China’s policies were left unchecked.
China flatly rejected the criticism, which has spawned WTO disputes from both sides and a $50 billion tariff threat from Trump.
“There is no forced technology transfer in China,” China’s Ambassador Zhang Xiangchen told the meeting, adding that the U.S. argument involved a “presumption of guilt”.
“But the fact is, nothing in these regulatory measures requires technology transfer from foreign companies.”
The U.S. Trade Representative’s office had failed to produce a single piece of evidence, and some of its claims were “pure speculation”, he said, adding that the USTR saw Chinese M&A activity as a Chinese government conspiracy. “DILIGENCE AND ENTREPRENEURSHIP”
Technology transfer was a normal commercial activity that benefited the United States most of all, he said, while Chinese innovation was driven by “the diligence and entrepreneurship of the Chinese people, investment in education and research, and efforts to improve the protection of intellectual property.”
Legal experts say Washington needs WTO backing to implement its tariffs as far as they relate to WTO rules, while China has rejected the tariff plan wholesale and resorted to WTO action to stop it.
Under WTO rules, if disputes are not settled amicably after 60 days, the complainant can ask for a panel of experts to adjudicate, escalating the dispute and triggering a legal case that takes years to settle.
The United States, which launched its complaint on March 23, could have used the dispute meeting on Monday to take that step. China could do so at next month’s meeting.
But since the dispute erupted, U.S.-China trade policy has been the subject of high-level bilateral talks.
Last week Trump tweeted cryptically that “our trade deal with China is moving along nicely” but said it probably needed a “different structure”. Reporting by Tom Miles; Editing by Gareth Jones and Tom Brown | ashraq/financial-news-articles | https://in.reuters.com/article/us-usa-trade-china/china-rejects-u-s-charge-of-forced-technology-transfer-at-wto-idINKCN1IT11G |
TOKYO—Fujifilm Holdings Corp. said Monday it would continue to fight for a merger with Xerox Corp. and present its offer again to Xerox’s new management, but it won’t sweeten the terms.
Xerox on Sunday said it would back out of a deal reached in January, under which Fujifilm was to have taken a majority stake in the American company. Xerox said it reached a new settlement with two of its biggest shareholders who oppose the January deal. The settlement calls for Xerox to replace its chief executive and overhaul its board.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/fujifilm-won-t-sweeten-offer-for-xerox-1526293106 |
0 COMMENTS U.S. government bond prices surged Friday, at the close of a week in which investors became increasingly focused on risks proliferating throughout the economy.
The yield on the benchmark 10-year Treasury note fell to 2.938%, according to Tradeweb, from 2.981% Thursday. Yields fall when bond prices rise.
Yields fell after the Commerce Department said Friday that orders for durable goods—products designed to last at least three years, such as computers and machinery— declined 1.7% from the prior month to a seasonally adjusted $248.5 billion in April.
Focus among many investors and analysts has shifted to the balance of risks facing the economy, which has become less favorable this week. President Donald Trump is pushing to impose new tariffs on auto imports, which could lead to slower growth by inviting retaliatory measures from Germany, Japan and South Korea. The U.S. Commerce Department launched a probe Wednesday into whether it could raise tariffs to up to 25% on auto imports on the basis of national security.
Other measures of U.S. manufacturing are sending signals of moderating growth. U.S. factory activity grew more slowly in April compared with earlier in the year, the Institute for Supply Management said this month. The trade group attributed the deceleration in part to uncertainty surrounding U.S. trade policy. The Federal Reserve’s measure of manufacturing output advanced solidly in April, but after soft readings in three of the prior four months.
Demand for Treasurys has been bolstered by investors seeking to reduce risk in their portfolios after Mr. Trump’s decision to cancel his planned summit with Kim Jong Un. The move has shifted the U.S. approach to North Korea away from a monthslong rapprochement and back to a campaign of military and economic pressure.
The gap between U.S. government bond yields and those in Italy, Spain, Portugal and Greece has widened as investors become increasingly concerned about growing risks in the European economy. Slowing growth and the rise of antiestablishment political parties in countries including Italy has raised questions about how soon growth can get back on track.
“We’ve got political uncertainty in Europe, we’ve got geopolitical concerns the Trump calling off his date with Kim Jong Un,” said Ian Lyngen, head of U.S. government bond strategy at BMO Capital Markets. “The potential for international trade to be hurt by the administration’s tariff tantrums is real.”
Write to Daniel Kruger at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-government-bonds-surge-on-weak-data-shifting-sentiment-1527263634 |
May 15, 2018 / 11:06 PM / in 20 minutes How Rusal escaped the noose of U.S. sanctions Dmitry Zhdannikov , Richard Lough , Lesley Wroughton 9 Min Read
LONDON/PARIS/WASHINGTON (Reuters) - They were supposed to be the toughest sanctions the United States had ever imposed on a Russian oligarch. Seventeen days later, Washington watered them down. FILE PHOTO: Pure aluminium ingots are seen stored at the foundry shop of the Rusal Krasnoyarsk aluminium smelter in the Siberian city of Krasnoyarsk, Russia November 9, 2017. REUTERS/Ilya Naymushin/File Photo
On April 23, the U.S. Treasury eased restrictions on billionaire Oleg Deripaska’s aluminum company Rusal ( 0486.HK ). Instead of barring Rusal from international markets, which is what the United States originally intended to do, the Treasury suggested it might lift the sanctions altogether.
Washington’s change of course says a lot about the leverage held by the supply chain of a widely-used commodity such as aluminum. It also suggests the Trump administration is hard-pressed as it juggles international economic battles it has opened on various fronts, including with China and Iran.
Several European governments, including Germany and France, lobbied Washington to back down, according to more than a dozen U.S. and EU officials and industry sources who spoke to Reuters.
Multinationals Rio Tinto and Boeing also appealed to the U.S. Treasury, seeking a softening of the terms on Rusal.
All made the same argument, the sources said: a squeeze on the largest producer of aluminum outside China would hit businesses around the world, disrupting production of myriad goods from car and planes to cans and foil, and putting jobs at risk.
Rusal and Rio Tinto declined to comment.
A spokesman for Boeing denied on Wednesday that the company had lobbied the U.S. Treasury on the matter, saying: “Boeing did not lobby the Treasury Department on Rusal.”
Unlike previous cases of sanctions on Russia, European countries did not have a chance to consult with Washington on punitive moves that would have ripple effects in the European economy, the sources said. One reason for the lack of dialogue: the U.S. State Department no longer has a Sanctions Policy Coordinator to liaise with other governments, according to three U.S. sources familiar with the matter and one European source.
The former coordinator, Daniel Fried, retired last year and has not been replaced because of a hiring freeze ordered by the Trump administration at the department.
The U.S. Treasury, whose Office of Foreign Assets Control (OFAC) imposed the measures, said it worked to mitigate the sanctions’ impact on allies and industries that faced “undesired collateral consequences”. It did not comment on lobbying efforts.
When asked if the lack of a sanctions coordinator had hindered international consultation, the State Department said it had held several discussions with European countries over the past year about sanctions and maintained a dialogue with them. It did not specify if it had discussed Russian sanctions.
The sanctions were the toughest the United States has imposed on a listed Russian company since Moscow’s 2014 annexation of Crimea. The notice on April 6 gave buyers a deadline of 30 days to receive supplies from Rusal before dealings in dollars were prohibited.
Any individual or company that failed to comply would themselves face being shut out of the financial system, while the Treasury could seize any dollars paid to Rusal. Slideshow (5 Images)
The effect was immediate. Prices for aluminum surged 15 percent as Rusal stopped supplying customers. As well as producing aluminum, the company produces alumina, a raw material needed to make aluminum.
“They (the Treasury) destabilized the global aluminum industry. This is unprecedented and a massive over-reach,” said Anders Aslund, senior fellow at U.S. think-tank Atlantic Council.
Rusal told metals and mining conglomerate Rio Tinto that it was suspending deliveries of alumina from its Irish plant in Aughinish to Rio’s Dunkirk aluminum smelter in France, Europe’s biggest aluminum production facility, according to the industry sources. The Russian company feared any payment it received would be seized by U.S. authorities, the sources said.
Rusal also informed Trimet Aluminium it was halting alumina deliveries to the German firm’s smelter in the French Alps and three factories in Germany, in Essen, Hamburg and Voerde.
Trimet declined to comment.
The suspension of alumina deliveries risked halting Rio Tinto and Trimet’s aluminum smelting operations and hitting businesses throughout the metal’s supply chain. GOVERNMENTS TAKE ACTION
The market ructions set off a different kind of activity.
In the days following the sanctions notice, French, German, Irish and Italian officials lobbied against the restrictions, according to the EU sources.
Many were worried the measures could lead to the closure of those plants and businesses in their countries that relied on Rusal supplies, and the potential loss of thousands of jobs.
Ireland’s foreign ministry complained to U.S. Treasury Secretary Steven Mnuchin after Dublin officials met Aughinish management on April 13 and were told the plant could shut down, threatening hundreds of jobs, an Irish government spokesman told Reuters.
French Finance Minister Bruno Le Maire discussed the issue by phone with Mnuchin in the days following the sanctions notice and then in person in the week of April 16, during International Monetary Fund meetings in Washington, according to a French finance ministry official.
“We got in touch with the Americans as soon as it became clear there was an impact on some companies operating in France,” the official said. He added that hundreds of jobs were at risk in France. “The Americans were constructive from the start.”
An Italian government source said Rome also lobbied Washington to soften the sanctions. MULTINATIONALS MAKE MOVE
Companies lobbied too.
Rio Tinto contacted the French government and Trimet went to the German government, asking them to intervene with Washington, according to the industry sources. Rio Tinto also complained directly to OFAC, said two U.S. officials familiar with the developments. Trimet makes aluminum products for the auto, construction and packaging industries.
While most of the lobbying came from Europe, according to U.S. officials, there were also concerns in the United States about the sanctions.
After the April 6 notice, planemaker Boeing expressed concern to the U.S. government about rising aluminum prices, according to two industry sources familiar with the matter.
Carmakers also complained about the possible impact of the sanctions on their businesses, said the sources, who declined to name the companies.
One of the sources said that, in addition to aluminum, carmakers were worried about a possible disruption to supplies of palladium, used in catalytic converters. Rusal doesn’t produce palladium but it supplies soda to Norilsk Nickel, the world’s biggest palladium producer.
American trade body the Aluminum Association told Reuters that, shortly after April 6, it shared market data with the Trump administration showing that last year the U.S. industry imported 680,000 metric tons of Russian primary aluminum, or 12 percent of U.S. demand.
The association raised concerns about the Rusal sanctions at meetings with the White House’s National Economic Council and the U.S. Trade Representative. It said the measures could constrain supplies for aluminum processors.
On April 23, little more than two weeks after imposing sanctions, OFAC softened the measures. It gave businesses six months instead of 30 days to wind down dealings with Rusal and said it might lift the sanctions altogether if Deripaska ceded control of the company.
The announcement had an immediate market reaction, with aluminum prices falling as much as 10 percent. Aluminium prices CMAL3 now stand at $2,300 per ton, down from the $2,700 level they rose to following the April 6 sanctions notice, but still above the $2,000 seen before the measures were imposed.
David Mortlock, who designed earlier sanctions against Russia when he was Director for International Economic Affairs at the White House National Security Council in 2013-15, said such measures were not a precise science.
“Don’t forget, sanctions can be adjusted if the impact is larger than OFAC wants,” added Mortlock, now a partner at legal firm Willkie Farr & Gallagher.
“Every time you do it, you learn from your experience.” Additional reporting by Yara Bayoumy, Mary Milliken, Warren Strobel, Mike Stone and Timothy Gardner in Washington; Polina Devitt, Anastasia Lyrchikova, Dasha Korsunskaya and Katya Golubkova in Moscow; Giselda Vagnoni in Rome; Conor Humphries in Dublin; Clara Denina and Dasha Afanasieva in London; Madeline Chambers in Berlin; Edward Taylor in Frankfurt; Michael Hogan in Hamburg; Writing by Dmitry Zhdannikov; Editing by Pravin Char | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-sanctions-rusal-insight/how-rusal-escaped-the-noose-of-u-s-sanctions-idUSKCN1IG3G6 |
Published 1 Hour Ago CNBC.com
A number of rare Winnie the Pooh sketches by British illustrator E.H. Shepard are on display and going up for auction at Sotheby's in London. Chris J. Ratcliffe | Getty Images Sotheby's art handlers hold 'The Original Map of the Hundred Acre Wood' by E.H. Shepard.
The sketches were featured in A.A. Milne's famed series of children's books chronicling the adventures of Winnie the Pooh and have not been seen in more than half a century. The most noteworthy of which includes a 1926 sketch of the original map of the fictional "Hundred Acre Wood" mentioned in the books, which is estimated to fetch up to £150,000 ($200,000).
Another sketch shows the famous literary characters Christopher Robin, Winnie the Pooh and Piglet titled "For a long time they looked at the river beneath them..." that is estimated to fetch £60,000 to £90,000. Chris J Ratcliffe | Getty Images A Sotheby's art handler holds 'For a long time they looked at the river beneath them...' by E.H. Shephard.
There are five sketches in total on the auction block, which are estimated to bring in £310,000 to £440,000 on July 10 in London. Adam Jeffery Senior Photo Editor / Photographer CNBC NEWSLETTERS
Get the best of CNBC in your inbox Please choose a subscription A daily email for dreamers, seekers and game changers. Breaking News | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/rare-winnie-the-pooh-sketches-up-for-auction.html |
MENLO PARK, Calif., May 09, 2018 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (Nasdaq:ADVM), a clinical-stage gene therapy company targeting unmet medical needs in serious rare and ocular diseases, today reported financial results for the first quarter ended March 31, 2018 and provided a corporate update.
“Our plans and timelines for our three lead gene therapy programs remain on track and we have the resources to execute,” said Leone Patterson, interim president and chief executive officer of Adverum Biotechnologies. “At ASGCT next week, we look forward to presenting long-term preclinical efficacy data on ADVM-022 in wet AMD. For ADVANCE, our Phase 1/2 clinical trial of ADVM-043 in alpha-1 antitrypsin deficiency, we plan to report preliminary data in the second half of 2018. Also in the second half of 2018, we plan to submit two Investigational New Drug Applications to the FDA, for ADVM-022 in wet AMD and ADVM-053 in hereditary angioedema, as we prepare to advance these two additional gene therapies into the clinic.”
Recent Progress
In May 2018, Adverum announced long-term preclinical efficacy data on ADVM-022 gene therapy in a non-human primate model of wet age-related macular degeneration (wAMD). After 13 months, a single intravitreal injection of ADVM-022 was found to be safe and statistically significant (p<0.0001) in preventing the development of Grade IV lesions compared to the vehicle control group. The efficacy at 13 months was consistent with earlier-reported data, demonstrating that ADVM-022 induced long-term efficacy that was comparable to aflibercept, an anti-Vascular Endothelial Growth Factor (VEGF) standard-of-care therapy. ADVM-022 was well tolerated, with no serious adverse events. These data will be presented in a poster on May 17, 2018 at the American Society of Gene & Cell Therapy (ASGCT) 21 st Annual Meeting. In late April 2018, Adverum dosed the first patient in Cohort 2 in the ADVANCE Phase 1/2 trial for ADVM-043 in alpha-1 antitrypsin (A1AT) deficiency and continues to enroll patients. Per protocol, patients being treated with standard-of-care weekly IV infusions of A1AT protein are required to wash out for at least two months prior to receiving ADVM-043. The primary endpoint in the ADVANCE trial is safety and tolerability, and secondary endpoints include changes in plasma concentrations of both total and M-specific A1AT levels. Adverum plans to use the preliminary data from the ADVANCE study to inform next steps, including potential further dose escalation. Additional information about this clinical trial can be found at ClinicalTrials.gov under trial identifier number NCT02168686 .
2018 Outlook - Planned Pipeline Milestones
ADVM-043 for A1AT Deficiency
Report preliminary data from the ADVANCE Phase 1/2 clinical trial in the second half of 2018.
ADVM-022 for wAMD
Complete ongoing Investigational New Drug (IND)-enabling preclinical studies. Submit an IND Application to the U.S. Food and Drug Administration (FDA) in the second half of 2018.
ADVM-053 for Hereditary Angioedema (HAE)
Complete ongoing IND-enabling preclinical studies. Submit an IND Application to the FDA in the second half of 2018.
Upcoming Events
Adverum plans to attend and present data on ADVM-022 at the ASGCT 21 st Annual Meeting in Chicago, May 16-19, 2018
Poster Title: AAV.7m8-aflibercept Provides Long-term Protection in a Non-human Primate Model of Wet Macular Degeneration Over One Year Post Intravitreal Vector Administration (#554)
Time: Thursday, May 17, 2018, 5:15-7:15 pm CT
Location: Hilton Chicago, Stevens Salon C & D
Financial Results for the Three Months Ended March 31, 2018
Cash, cash equivalents and marketable securities were $247.0 million as of March 31, 2018, compared to $190.5 million as of December 31, 2017. In February 2018, Adverum raised $64.5 million in net proceeds from a public offering of common stock. This quarter-end cash position is expected to fund the three lead gene therapy programs through at least the end of 2019, including preliminary clinical data for at least two of these programs, and through the initial stage of scaling up manufacturing capabilities. Revenues , consisting of revenue from collaborative research, were $0.2 million for the three months ended March 31, 2018, compared to $0.5 million for the same period in 2017. Research and development expenses were $12.8 million for the three months ended March 31, 2018, compared to $9.1 million for the same period in 2017. This increase was due to an overall increase in research and development activities, including compensation and benefits, and material production costs for ADVM-022 and ADVM-053 as these programs advance toward Phase 1/2 clinical trials. General and administrative expenses were $5.4 million for the three months ended March 31, 2018, compared to $8.0 million for the same period in 2017. This decrease was primarily due to charges during the three months ended March 31, 2017, including termination costs associated with the company’s master services agreement with Cornell and the litigation settlement expense. Net loss attributable to common stockholders was $17.2 million, or $0.30 per basic and diluted share, for the three months ended March 31, 2018, compared to $16.1 million, or $0.38 per basic and diluted share, for the same period in 2017.
About Adverum Biotechnologies, Inc.
Adverum is a clinical-stage gene therapy company targeting unmet medical needs in serious rare and ocular diseases. Adverum has a robust pipeline that includes product candidates designed to treat rare diseases alpha-1 antitrypsin (A1AT) deficiency and hereditary angioedema (HAE) as well as wet age-related macular degeneration (wAMD). Leveraging a next-generation adeno-associated virus (AAV)-based directed evolution platform, Adverum generates product candidates designed to provide durable efficacy by inducing sustained expression of a therapeutic protein. Adverum has collaboration agreements with Regeneron Pharmaceuticals to research, develop, and commercialize gene therapy products for ophthalmic diseases and Editas Medicine to explore the delivery of genome editing medicines for the treatment of inherited retinal diseases. Adverum’s core capabilities include clinical development and in-house manufacturing expertise, specifically in process development and assay development. For more information please visit www.adverum.com .
Forward-looking Statements
Statements contained in this press release regarding events or results that may occur in the future are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements regarding Adverum’s plans to report preliminary data from the ADVANCE study in the second half of 2018, plans to submit two INDs to the FDA for ADVM-022 in wAMD and ADVM-053 in HAE in the second half of 2018, plans to use the preliminary data from the ADVANCE study to inform next steps, statements under the caption “2018 Outlook - Planned Pipeline Milestones,” and expectations as to the ability of its quarter-end cash position to fund the three lead gene therapy programs through at least the end of 2019 and through the initial stage of scaling up manufacturing capabilities, all of which are based on certain assumptions made by Adverum on current conditions, expected future developments and other factors Adverum believes are appropriate in the circumstances. Adverum may not consummate any plans or product or clinical development goals in a timely manner, or at all, or otherwise carry out the intentions or meet the expectations or projections disclosed in its forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the risk of a delay in the enrollment of patients in Adverum’s clinical studies or in the manufacturing of products to be used in such clinical studies. Risks and uncertainties facing Adverum are described more fully in Adverum’s periodic reports filed with the Securities and Exchange Commission (SEC), especially under the caption “Risk Factors” in its latest Annual Report on Form 10-K filed with the SEC on March 6, 2018. All forward-looking statements contained in this press release speak only as of the date on which they were made. Adverum undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
ADVERUM BIOTECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) March 31, December 31, 2018 2017 ASSETS Current assets: Cash and cash equivalents $ 152,716 $ 70,519 Short-term investments 94,321 119,966 Prepaid expenses and other current assets 2,161 3,256 Total current assets 249,198 193,741 Property and equipment, net 2,820 3,024 Deposits and other long-term assets 140 140 Intangible assets 5,000 5,000 Total assets $ 257,158 $ 201,905 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 7,890 $ 8,695 Current portion of deferred rent 138 129 Current portion of deferred revenue 1,246 1,850 Total current liabilities 9,274 10,674 Deferred rent, less current portion 187 222 Deferred revenue, less current portion - 5,250 Deferred tax liability 1,250 1,250 Other non-current liabilities 404 481 Total liabilities 11,115 17,877 Stockholders’ equity 246,043 184,028 Total liabilities and stockholders’ equity $ 257,158 $ 201,905
ADVERUM BIOTECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2018 2017 Collaboration and license revenue $ 216 $ 462 Operating expenses: Research and development 12,794 9,061 General and administrative 5,368 7,989 Total operating expenses 18,162 17,050 Operating loss (17,946 ) (16,588 ) Other income (expense), net 746 489 Net loss attributable to common stockholders $ (17,200 ) $ (16,099 ) Net loss per share attributable to common stockholders, basic and diluted $ (0.30 ) $ (0.38 ) Weighted-average common shares outstanding, basic and diluted 57,420 42,144 Contact for Adverum: Leone Patterson Interim President and Chief Executive Officer 650-665-7222 [email protected]
Source:Adverum Biotechnologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-adverum-biotechnologies-reports-first-quarter-2018-financial-results-and-provides-corporate-update.html |
May 1 (Reuters) - Consolidated Finvest & Holdings Ltd :
* APPOINTMENT OF SUMIT KUMAR PARUNDIYA AS CFO Source text - bit.ly/2JKnXqt Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-consolidated-finvest-holdings-appo/brief-consolidated-finvest-holdings-appoints-sumit-kumar-parundiya-as-cfo-idUSFWN1S8079 |
May 2 (Reuters) - Skjern Bank A/S:
* Q1 NET INTEREST AND FEES INCOME DKK 79.4 MILLION VERSUS DKK 71.1 MILLION YEAR AGO
* Q1 NET PROFIT DKK 91.0 MILLION VERSUS DKK 33.2 MILLION YEAR AGO
* EXPECTS CORE EARNINGS FOR 2018 IN RANGE OF DKK 135-145 MILLION
* SEES 2018 RESULT BEFORE TAX IN THE RANGE OF DKK 185 - 195 MILLION Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-skjern-bank-q1-net-profit-up-at-dk/brief-skjern-bank-q1-net-profit-up-at-dkk-91-0-million-idUSFWN1S908R |
FRANKFURT, May 29 (Reuters) - The European Central Bank could decide next month to end its bond-buying programme later year and then hike interest rates roughly a year later, ECB board member Sabine Lautenschlaeger said on Tuesday.
“June might be the month to decide once and for all to gradually end net asset purchases by the end of this year,” Lautenschlaeger, a known policy hawk, told a university lecture.
“A first hike around the middle of 2019 is not entirely out of the ballpark,” she added. (Reporting By Francesco Canepa and Balazs Koranyi)
| ashraq/financial-news-articles | https://www.reuters.com/article/ecb-policy-rates/ecb-may-decide-qe-end-in-june-up-rates-a-year-later-lautenschlaeger-idUSF9N1R400Q |
May 21, 2018 / 2:59 AM / Updated 38 minutes ago Draw enough to give Santos Laguna Mexican league title Reuters Staff 1 Min Read
MEXICO CITY (Reuters) - Santos Laguna took their sixth Mexican league title on Sunday when a 1-1 draw at Toluca was enough to give them a 3-2 aggregate win after a tense two-legged Clausura final. Football Soccer - Mexican First Division Final Second Leg - Toluca v Santos Laguna - Nemesio Diez stadium, Toluca, Mexico May 20, 2018. Players of Santos Laguna celebrate after winning the Mexican First Division Final. REUTERS/Edgard Garrido
Argentine Julio Cesar Furch put Santos ahead after nine minutes but his countryman Gabriel Hauche brought things level for the home side in the 82nd minute.
Toluca laid siege on the Santos goal, even after Oscar Velazquez was sent off with seven minutes remaining, but they could not get the goal that would have forced the match into extra-time.
The title is one of two issued each year in Mexico, where the season is split in half - the Apertura and Clausura. It followed similar titles for the club from Torreon in 1996, 2001, 2008, 2012 and 2015. Reporting by Carlos Pacheco. Writing by Andrew Downie, editing by Nick Mulvenney | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-mexico/draw-enough-to-give-santos-laguna-mexican-league-title-idUKKCN1IM07S |
Rye Patch Gold Corp:
* RYE PATCH ANNOUNCES SHAREHOLDER APPROVAL OF PLAN OF ARRANGEMENT
* RYE PATCH GOLD - ARRANGEMENT BETWEEN ALIO GOLD AND RYE PATCH PREVIOUSLY ANNOUNCED ON MARCH 19 WAS APPROVED BY ABOUT 99.32% OF VOTES CAST Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rye-patch-announces-shareholder-ap/brief-rye-patch-announces-shareholder-approval-of-plan-of-arrangement-idUSFWN1SP0Y4 |
ABUJA (Reuters) - West Africa’s infamous internet scammers have evolved, dropping their impersonations of online love interests, princes and U.S. soldiers in favor of hijacking corporate emails, costing businesses hundreds of millions of dollars a year.
A cyber cafe is seen beside a bank automated machine in the Ogba district in Nigeria's commercial capital Lagos, Nigeria May 3, 2018. REUTERS/Akintunde Akinleye It is a much more lucrative venture that works by gaining access to corporate email login details or passing off almost-identical addresses as the real deal, a scam known as Business Email Compromise (BEC), according to a report by cybersecurity firm CrowdStrike issued on Thursday.
These Nigerian rackets now dwarf other types of online criminal theft, amounting to at least $5.3 billion of losses between October 2013 and the end of 2016, said CrowdStrike and the U.S. FBI’s Internet Crime Complaint Center (IC3).
“There’s a disproportionate amount of criminal gains they get from it,” Adam Meyers, vice president of intelligence at California-based CrowdStrike, told Reuters. “The lion’s share of ill-gotten, fraudulent money is around these business email compromise attacks. It’s a huge problem for our customer set.”
Nigeria has become one of the hubs of BEC. Nigerian online fraudsters, known as “Yahoo boys”, became notorious for trying to pass themselves off as people in financial need or Nigerian princes offering an outstanding return on an investment.
The capers became known as “419 scams” after the section of the national penal code that dealt - ineffectively - with fraud.
Yahoo boys even impersonated a U.S. forces commander in Afghanistan to defraud people by asking for help in recovering the assets of deceased soldiers. It forced the commander to issue a Facebook statement saying he would never try to contact anyone asking for financial help.
Now the scammers have bigger fish to fry, with the potential gains amounting to hundreds of millions of dollars a year, according to CrowdStrike.
Behind the fraudsters is an organized crime network with its hands in human trafficking, drugs, prostitution, money laundering and email fraud and cybercrime, the CrowdStrike report said. “The magnitude of this criminal threat has only recently begun to be understood,” it said.
The Black Axe gang sprang from Nigerian universities and now extends from Africa to North America, Europe and Asia. Its targets have ranged from semiconductor makers to schools in U.S. states including Connecticut and Minnesota, passing themselves off as executives and lawyers to trick employees into wiring sometimes millions of dollars a day into bank accounts.
From there, the money is quickly laundered through a series of bank accounts that can be traced to Hong Kong and China, where the trail often goes cold because diverging regulations foil monitoring, CrowdStrike’s Meyers said.
With that money, the Nigerian scammers are often enjoying the high life, said Meyers, noting social media accounts filled with pictures of them posing with luxury Mercedes cars, gold watches, jewelry and champagne.
“It’s really hard to stop; you can’t stop it with anti-virus or any kind of software, it’s really kind of a human problem.”
| ashraq/financial-news-articles | https://www.reuters.com/article/us-nigeria-cyber-crime/nigerias-internet-fraudsters-zero-in-on-corporate-email-accounts-idUSKBN1I42BG |
May 18, 2018 / 11:06 AM / Updated 4 hours ago Big Ag turns to peas to meet soaring global protein demand 8 Min Read
(Reuters) - Cargill, the global grains trader, sees the future of protein in the humble pea. FILE PHOTO: A box of Cheerios cereal, fortified with soy and pea protein, is seen in this photo illustration in Wilmette, Illinois, U.S., September 12, 2014. REUTERS/Jim Young/File Photo
In a joint venture at a Wisconsin plant, flour milled from Iowa yellow peas is mixed with water and spun at high speed through stainless steel drums, separating the protein from starch and fiber.
The resulting powder ends up blended into waffle mixes, sports drinks, nutrition bars and protein shakes - small examples of a much larger push by the world’s biggest agriculture firms to find alternative plant-based proteins to feed people and livestock worldwide.
“When we looked at where is the future going, the pea is the up-and-coming thing,” said David Henstrom, Cargill Inc’s vice-president of starches, sweeteners and texturizers.
Peas are in many ways the ideal modern American food: protein-rich, plant-based and gluten-free. While the market remains relatively small, the demand for pea powder and other emerging protein sources is soaring, from the middle classes in China and the health-conscious in California to livestock producers and fish farmers who need to fatten animals on ever-tighter budgets.
Cargill and its competitors - such as Archer Daniels Midland ( ADM.N ) and Richardson International, the biggest Canadian grain handler - are investing in specialty ingredients in search of higher profit margins than they can extract from bigger commodity crops such as soybeans, corn and wheat.
(For a graphic on rising global protein consumption and demand for peas, see: tmsnrt.rs/2Hc8Wjw )
Cargill invested an undisclosed sum in January in a joint venture with PURIS, a family-run company that started in Iowa as a seed company and now owns the Wisconsin pea-powder plant. The two firms are also working to boost the protein content in peas through cross-breeding, which has not been previously reported.
Cargill rival ADM is building its own pea processing plant in North Dakota and signing contracts with farmers to buy and grow yellow peas, Ken Campbell, ADM’s president of specialty ingredients, said in a statement to Reuters. Company researchers are also studying another 30 types of protein options, including nuts and seeds. Pea plants are shown at a PURIS seed plot in Oskaloosa, Iowa, in this June 2017 handout photo obtained by Reuters March 16, 2018. Bill Phelps/Puris/Handout via REUTERS
Other firms are trying draw more protein from canola, oats and many other so-called emerging proteins, and Cargill has explored insect-based feed for fish and poultry.
Seed and chemical firm DowDuPont Inc ( DWDP.N ) told Reuters it plans to launch a canola seed supercharged with protein through traditional cross-breeding as soon as next year.
Richardson International started construction in April of a C$30-million ($23 million) laboratory in Winnipeg to study proteins and other food ingredients. The firm is exploring a move into pea and oat protein concentrates that could start next year, senior vice-president of technology Chuck Cohen said in an interview. France-based food ingredient company Roquette is building plant in Manitoba to produce pea proteins in North America, which currently imports from Europe. SOARING DEMAND
Projections for soaring sales from alternative plant proteins have enticed large grain traders that make money by buying, selling, storing, shipping and trading crops. Years of oversupplied grain markets and thin margins have squeezed the trading operations of ADM, Bunge Ltd ( BG.N ), Cargill and Louis Dreyfus Co – known collectively as the “ABCDs” - although conditions have improved recently.
Global demand for protein – whether from meat, aquaculture or plant sources – is booming in part due to rising incomes in emerging markets in Asia and Africa, industry analysts say. In North America, consumers are shifting their diet preferences to include more protein, and 35 percent of U.S. households last year said they follow a specific protein-focused diet, such as Paleo or low-carbohydrate, according to research conducted by Nielsen.
The trend is driving a shift in grocery shopping. In the year ended July 8, 2017, sales of plant-based food and beverages in the U.S. increased 14.7 percent over the previous period, according to Nielsen. Sales of meat alternatives are growing especially within prepared foods, an indication that consumers are trying options once only available in niche stores.
Global pea protein sales amounted to $73.4 million in 2016, according to research firm Grand View Research, but are forecast to quadruple by 2025, reaching $313.5 million in sales, helped by popular diets free of gluten and lactose and an expanding middle class in developing nations.
Even with such explosive growth, pea proteins would have high potential upside because they would account for a fraction of the projected $48.77 billion global animal and plant protein ingredients market by 2025, which is led by meat, according to Grand View. POWERING UP THE PEA
Cargill’s partnership with PURIS includes breeding pea crops for higher protein content. Standard peas contain 18 to 22 percent protein, but PURIS this year will start selling peas packed with 28 percent protein for planting by farmers in the northern Plains and Midwest, said PURIS president Tyler Lorenzen. Once processed, pea powders can contain about 80 percent protein.
Creating new varieties of protein-packed peas, however, can take seven years or more because it is done through conventional breeding rather than genetic modification, Lorenzen said. The lack of genetic modification, however, also attracts many consumers who prefer more organic foods, said Pascal Leroy, head of Roquette’s pea and new protein business line.
In Canada, one of the world’s biggest pea exporters, at least three pea protein plants are planned or increasing production, including Verdient Foods in Saskatchewan, whose investors include Titanic director James Cameron. That gives farmers an incentive to vary plantings that are now dominated by wheat and canola.
Roquette is building what it says will be the world’s biggest pea plant in Manitoba, on the belief the vegetable has unique consumer appeal. German company Canadian Protein Innovation plans a plant in Moose Jaw, Saskatchewan.
Illinois-based ADM told Reuters it is building a new pea protein processing plant at the site of one of its soybean processing complexes in Enderlin, North Dakota. The location gives the company proximity to yellow pea producers and transportation to domestic and international customers, according to ADM’s Campbell.
ADM will launch its line of pea powders as an ingredient for food manufacturers early next year and introduce other plant-based protein product lines in the following two years, the company said, declining to give further details.
Unlike Cargill, ADM is seeking to boost pea protein levels in the processing plant - rather than through crop breeding - and is buying most of its supplies from nearby North Dakota farmers, the company said. ADM officials declined to detail how it can boost protein in a factory, citing competitive concerns. Reporting by Rod Nickel and P.J. Huffstutter; Editing by Brian Thevenot | ashraq/financial-news-articles | https://www.reuters.com/article/us-crops-protein/big-ag-turns-to-peas-to-meet-soaring-global-protein-demand-idUSKCN1IJ1B3 |
* Nigeria is Africa’s biggest crude oil producer
* Budget was first presented by Buhari in Nov.
* Spending plan must be signed into law by Buhari
* Nigeria to hold presidential election in Feb. 2019 (Adds Quote: s, lower house passing)
By Camillus Eboh
ABUJA, May 16 (Reuters) - Nigeria’s parliament passed a record 9.12 trillion naira ($29.8 billion) budget for 2018 on Wednesday aimed at boosting growth in west Africa’s biggest economy nine months before the country’s next presidential election.
Growth remains fragile after Africa’s top crude oil producer last year emerged from its first recession in 25 years. The recession was largely caused by low crude prices and militant attacks on energy facilities since oil sales make up two-thirds of government revenue.
The total sum laid out in the spending plan passed by the Senate is higher than the 8.6 trillion naira budget presented to parliament by President Muhammadu Buhari in November.
The budget was passed by the Senate, the upper chamber, and by lawmakers in the lower House of Representatives shortly afterwards. The budget still needs to be returned to Buhari to be signed into law.
“We must grow our economy away from oil. Hopefully, the current budget, when signed into law, should help us in this regard,” said Senate President Bukola Saraki.
Senate lawmakers said the increase from the plan presented by Buhari six months ago was due to the assumed oil price rising to $51 per barrel, up from $45 in Buhari’s earlier version.
The budget assumes crude oil production of 2.3 million barrels per day and an exchange rate of 305 naira per dollar. Brent crude stood at $78.43 per barrel by 1643 GMT.
“We still consider the oil price benchmark to be rather conservative given this year’s oil price outlook and would have preferred to see a steeper hike accompanied by lower borrowing,” said Olalekan Olabode, an economist at Lagos investment firm Vetiva Capital.
The budget proposes the use of 2.2 trillion naira to service debts and would operate a deficit of 1.73 percent of gross domestic product this year.
Delays in passing budgets, amid wrangling between the executive and legislature, are common in Nigeria and hindered the implementation of Buhari’s previous spending plans.
Buhari, who took office in 2015, plans to seek a second term in next February’s election. His handling the economy is likely to be a major campaign issue.
Budgets under Buhari, who took office in May 2015, have been Nigeria’s largest ever. But economists say implementation has been poor and failed to provide the type of capital expenditure needed to improve infrastructure.
“The implementation of fiscal policy is still weak and this year there is an additional risk of unproductive spending in the lead up to the election,” said Cobus de Hart, a senior economist at South Africa’s NKC African Economics. (Additional reporting by Chijioke Ohuocha in Lagos; Writing by Alexis Akwagyiram; Editing by Toby Chopra/Richard Balmforth)
| ashraq/financial-news-articles | https://www.reuters.com/article/nigeria-budget/update-2-nigerias-parliament-passes-record-9-12-trln-naira-2018-budget-idUSL5N1SN5Y6 |
PARIS/WASHINGTON/ANKARA (Reuters) - The chances of securing a wider agreement with Iran on its nuclear, missile and regional activities appear slim at best after the U.S. withdrawal from the Iran nuclear deal, current and former diplomats said.
FILE PHOTO: Iranian President Hassan Rouhani speaks during a meeting with Muslim leaders and scholars in Hyderabad, India, February 15, 2018. REUTERS/Danish Siddiqui/File Photo U.S. President Donald Trump on Tuesday pulled out of the 2015 pact under which Iran agreed to rein in its nuclear program in return for economic sanctions relief, saying he was “ready, willing and able” to negotiate a new deal even though Tehran has ruled that out and threatened retaliation.
Trump’s decision undoes the main foreign policy achievement of his predecessor, Barack Obama, opens the door to greater U.S. confrontation with Iran and strains relations with some of America’s closest allies - Britain, France and Germany - which strove to persuade him to stick with the deal.
French President Emmanuel Macron, sensing, perhaps, during a visit to Washington that Trump would abandon the deal, on April 24 floated the idea of working with Iran on a “new deal.”
Macron said such a deal would have four pillars: limiting Iran’s nuclear program in the short and long term, restraining its ballistic missile program and curbing what the West views as its destabilizing behavior in Syria, Yemen, Iraq and Lebanon.
The idea, French officials said, was to keep hope alive for some kind of diplomacy if Trump pulled out of the deal.
Current and former diplomats, however, said it would be extremely difficult to bring Iran back to the negotiating table for such a ‘grand bargain,’ particularly after what Tehran can only regard as Washington’s reneging on the deal.
“For quite some time, and I am talking about years, Iran will resist any kind of negotiation on a new deal,” said Robert Einhorn, a former State Department nonproliferation expert, saying it was “politically untenable” for Iranian President Hassan Rouhani to embark on fresh talks.
PIE IN THE SKY? The decision sets the stage for a resurgence of political infighting within Iran’s complex power structure, Iranian officials said, possibly strengthening hard-liners looking to limit Rouhani’s ability to open up to the West.
“If Trump walks out of the deal and imposes sanctions that could paralyze Iran’s oil sales, then Iran will have no choice but to show a harsh reaction,” said a senior Iranian government official speaking before Trump’s announcement.
An Iranian intelligence official hinted Iran might adopt a more aggressive regional policy, if pressured.
Iran has strategic reasons for undertaking the activities that the West views as destabilizing.
Mindful of Iraq’s devastating use of missiles on Iranian cities during the 1980-88 war between the two countries, Iran’s missile program aims to achieve some level of deterrence and ensure it is not left defenseless again.
Its activities in Syria, Iraq, Lebanon and Yemen similarly reflect a desire to project its power and are, to some degree, part of its struggle with Saudi Arabia for regional dominance.
Getting Tehran to meaningfully constrain, let alone give up, such programs will be difficult at best.
“It’s not (totally) pie in the sky, but (it) seems unachievable because neither the U.S. or the Iranians are ready at this stage,” said a European diplomat.
WHY IRAN MIGHT PLAY BALL Why might Iran, eventually, play ball?
“As Bill Clinton said, ‘it’s the economy, stupid’,” said another European diplomat.
This diplomat said Iranians were increasingly divided between those who believe the way to preserve the Islamic Republic was by improving the economy and those who feel it was by internal toughness and overseas aggressiveness.
“The message from us Europeans is that we’re not in the regime change (game) ... What we think is that a global agreement helps progressively transform Iran” and may eventually persuade it to abandon regional domination.
“Yes that’s ambitious but (reflects) that the people we have dealt with day in, day out since July 2015 on infrastructure, cultural cooperation, business, education, transport are people who see progress ... through economic modernization and not regional domination,” the diplomat added.
“The period we are about to enter could lead to real pressure on the Iranian system. So we are already telling them that a comprehensive agreement with these four pillars (that Macron laid out) is something that can benefit you.”
IRANIAN MISTRUST A grand bargain would ultimately need a green light from the other parties to the nuclear accord, Russia and China.
Two European diplomats said both initially would be up in arms about the U.S. withdrawal but would have to accept the reality and, like the Europeans, need to decide whether they were ready to expose their companies to American sanctions.
“In their dialogue with Iran, will they tell them to fight to the bitter end with the U.S. or will they say, we don’t like it, but let’s see what we can do with the Europeans to see what we can (do to) save the furniture?” said a senior French official.
He said he believed China would be more constructive than Russia initially because it had no interest in a regional military confrontation.
“With Russia there will be more work to do to get them on board because it’s implicated in the region in Syria and has a tougher posture towards the West,” he added.
Asked if Trump would accept such a deal, the senior French official replied: “He says he wants a deal, a better deal. So let’s try and give him that. Will the Iranians trust us? Probably not.”
Reporting by John Irish in Paris, Arshad Mohammed in Washington and Parisa Hafezi in Ankara; Writing by Arshad Mohammed; Editing by James Dalgleish
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-bargain/iran-grand-bargain-all-but-impossible-as-u-s-exits-nuclear-pact-idUSKBN1I938L |
SILICON SLOPES, Utah, May 21, 2018 /PRNewswire/ -- Pluralsight, Inc. (NASDAQ: PS) today announced the closing of its initial public offering of 23,805,000 shares of its Class A common stock at a public offering price of $15.00 per share, which includes the full exercise of the underwriters' option to purchase 3,105,000 additional shares. Pluralsight estimates its net proceeds from the offering will be approximately $326.0 million after deducting underwriting discounts and commissions and estimated offering expenses. The shares began trading on The Nasdaq Global Select Market under the ticker symbol "PS" on May 17, 2018.
Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC acted as lead book-running managers for the offering. Barclays Capital Inc. and BofA Merrill Lynch acted as book-running managers. First Analysis Securities Corporation, Needham & Company, LLC, Raymond James & Associates, Inc., and SunTrust Robinson Humphrey, Inc. acted as co-managers.
A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission ("SEC"). Copies of the registration statement can be accessed through the SEC's website at www.sec.gov . This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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.
The offering was made only by means of a prospectus forming part of the effective registration statement. Copies of the final prospectus related to the offering may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at 866-803-9204 or by email at [email protected] .
Media Contact:
DJ Anderson
[email protected]
Investor Relations Contact:
Mark McReynolds
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/pluralsight-inc-announces-closing-of-initial-public-offering-and-exercise-in-full-of-the-underwriters-option-to-purchase-additional-shares-300652324.html
SOURCE Pluralsight | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-pluralsight-inc-announces-closing-of-initial-public-offering-and-exercise-in-full-of-the-underwriters-option-to-purchase.html |
May 8 (Reuters) - Vishay Intertechnology Inc:
* Q1 EARNINGS PER SHARE $0.39 * Q1 REVENUE $716.8 MILLION VERSUS I/B/E/S VIEW $694.1 MILLION
* SEES Q2 2018 REVENUE $740 MILLION TO $780 MILLION * Q1 EARNINGS PER SHARE VIEW $0.36 — THOMSON REUTERS I/B/E/S
* SEES Q2 GROSS MARGINS OF 28.5% TO 29.5% Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-vishay-intertechnology-reports-q1/brief-vishay-intertechnology-reports-q1-earnings-per-share-of-0-39-idUSASC0A0FO |
May 8 (Reuters) - Bluerock Residential Growth REIT Inc :
* BLUEROCK RESIDENTIAL GROWTH REIT ANNOUNCES FIRST QUARTER 2018 RESULTS
* SEES FY 2018 ADJUSTED FFO PER SHARE $0.65 TO $0.70 * QTRLY SAME STORE REVENUE AND NOI INCREASED 5.4% AND 3.5% RESPECTIVELY, AS COMPARED TO PRIOR YEAR PERIOD Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bluerock-residential-growth-posts/brief-bluerock-residential-growth-posts-q1-adj-ffo-0-18-share-idUSASC0A0HJ |
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PLAY PRINT | ashraq/financial-news-articles | https://blogs.wsj.com/puzzle/2018/05/25/a-river-runs-through-it-saturday-crossword-may-26/ |
HOUSTON--(BUSINESS WIRE)-- Ranger Energy Services, Inc. (NYSE: RNGR) (“Ranger” or the “Company”) announced today its results for its fiscal quarter ended March 31, 2018.
The highlights for Q1 2018 were:
The Company realized an increase in high-spec rig average hourly rates and saw growing demand for its rigs. The Company’s completion wireline business in the Permian Basin continued to grow substantially, ending the quarter with a total of six trucks. Stronger underlying financial performance was driven by improved operating execution.
Financial highlights for Q1 2018 were:
Revenues of $62.6 million, a sequential increase of 25% from $50.1 million in Q4 2017. Net loss of $10.3 million for Q1 2018 increased from a net loss of $5.6 million in Q4 2017 primarily due to a $9.0 million goodwill impairment and the loss on the sale of idle, non-core assets of $0.7 million, partially offset by improved operating performance. Adjusted EBITDA 1 increased to $5.2 million for Q1 2018, from $3.8 million in Q4 2017, principally due to revenue growth partially offset by higher underlying general and administrative costs. The average hourly rates for high-spec rigs increased by 7% to approximately $487 in Q1 2018 from $454 in Q4 2017. Rig hours increased 5% to approximately 73,600 for Q1 2018 from 69,800 in Q4 2017. Rig utilization as measured by average monthly hours per rig increased to 184 hours in Q1 2018 from 179 hours in Q4 2017 on growing demand.
1 “Adjusted EBITDA” is not presented in accordance with generally accepted accounting principles in the United States (“GAAP”). Please see “Ranger Energy Services, Inc. Supplemental Non-GAAP Financial Measures (Unaudited)” at the end of this press release for a reconciliation of the non-GAAP financial measure of Adjusted EBITDA to the most directly comparable GAAP financial measure.
Darron Anderson, Ranger’s CEO, commented:
“The trajectory of our business is definitely headed in the right direction. We believe the results of the quarter reflect the success of our strategy execution. Our high-spec well servicing rigs continue to differentiate themselves on horizontal well applications thus driving increased demand and successful price increases. Our focus on growing our completions-related activity is not only demonstrated through our increased rig hour results, but also through our highly successful Permian wireline completions business. We continue to offer one of the highest quality, purpose-built asset bases in the industry, which is driving efficiency gains for our client base and creating growth opportunities. At current commodity price levels, we anticipate continued demand growth, notably in our higher margin completions-related activities.”
Financial Results
Revenues
During the quarter, revenues increased 25% to $62.6 million from $50.1 million in Q4. The increase was primarily attributable to the increased activity of our wireline completions business and higher hourly rates for our high-spec rigs in the Well Services segment. The results by segment were as follows:
Well Services’ segment revenue increased 25% to $59.7 million in Q1 2018 from $47.7 million in Q4 2017, principally due to our wireline activity and hourly rig rates. Revenues in our Permian Basin wireline completions business increased by close to three times quarter over quarter with a full quarter of increased activity and 2 new trucks delivered in the quarter. Average hourly rig rates increased 7% to $487 on improved pricing and stronger revenue mix driven by increased completions work in select basins. Rig utilization, as measured by average monthly hours per rig, increased to 184 from 179. Total rig hours increased 5% to approximately 73,600 hours in Q1 2018 from 69,800 in Q4. For the quarter, the average number of rigs in our fleet increased to 134 rigs from 130 in Q4 2017. During the quarter, two rigs were delivered and six new rigs entered service of which five were delivered in Q4 2017 and one in the current quarter. Processing Solutions revenue increased to $2.9 million in Q1 2018 from $2.4 million in Q4 2017 mainly due to increased mobilization revenue.
Operating Loss and Net Loss
During the quarter, operating loss increased to $10.8 million from $5.2 million in Q4 2017. The Company wrote off all of its $9.0 million of goodwill. Excluding the $9.0 million goodwill impairment, the operating loss improved by $3.4 million as compared to Q4 2017, mainly due to improved gross margin offset by a loss on sale of idle, non-core equipment of $0.7 million in the quarter.
During the quarter, net loss increased by $4.7 million to $10.3 million from $5.6 million in Q4 2017. The increase was due to the higher operating loss in Q1 2018 discussed above.
Adjusted EBITDA
Adjusted EBITDA increased to $5.2 million in Q1 2018 from $3.8 million in Q4 2017. The increase was mainly due to increased revenues from our wireline activity and higher average hourly rates for high spec rigs partially offset by higher underlying general and administrative costs.
Liquidity and Balance Sheet
Operating Activities: Net cash used in operating activities was $1.1 million for Q1 2018.
Investing Activities: Net cash used in investing activities was $11.0 million for the quarter ended March 31, 2018 which includes offsetting asset sale proceeds of $1.2 million. Not included in these numbers were $5.0 million of non-cash assets additions and $1.3 million in assets purchased via capital lease financing during Q1 2018.
Financing Activities: Net cash provided by financing activities was $7.9 million for Q1 2018, comprised of $15.6 million of borrowings under our line of credit offset by $7.7 million payments on capital lease obligations for certain rigs.
The borrowing capacity under our line of credit, based on eligible accounts receivable, was approximately $32 million as of March 31, 2018.
Conference Call
The Company will host a conference call to discuss its Q1 2018 results on May 9, 2018 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To join the conference call from within the United States, participants may dial 1-866-807-9684. To join the conference call from outside of the United States, participants may dial 1-412-317-5415. When instructed, please ask the operator to join the Ranger Energy Services, Inc. call. Participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. To listen via live webcast, please visit the Investor Relations section of the Company’s website, http://www.rangerenergy.com .
An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days. It can be accessed by dialing 1-877-344-7529 within the United States or 1-412-317-0088 outside of the United States. The conference call replay access code is 10113927. The replay will also be available in the Investor Resources section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.
About Ranger Energy Services, Inc.
Ranger is an independent provider of well service rigs and associated services in the United States, with a focus on unconventional horizontal well completion and production operations.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements represent Ranger’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ranger’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ranger does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ranger to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in our filings from time to time with the Securities and Exchange Commission (the “SEC”). The risk factors and other factors noted in Ranger’s filings with the SEC could cause its actual results to differ materially from those contained in any forward-looking statement.
RANGER ENERGY SERVICES, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
Three months ended March 31, 2018 December 31, 2017 Revenues Well Services $ 59.7 $ 47.7 Processing Solutions 2.9 2.4 Total revenues 62.6 50.1 Operating expenses Cost of services (exclusive of depreciation and amortization shown separately): Well Services 49.9 41.4 Processing Solutions 1.4 1.0 Total cost of services 51.3 42.4 General and administrative 7.0 6.8 Depreciation and amortization 6.1 6.1 Impairment of goodwill 9.0 — Total operating expenses 73.4 55.3 Operating loss (10.8 ) (5.2 ) Other expenses Interest expense, net (0.4 ) (0.4 ) Total other expenses (0.4 ) (0.4 ) Loss before income tax expense (11.2 ) (5.6 ) Tax benefit 0.9 — Net loss (10.3 ) (5.6 ) Less: Net loss attributable to non-controlling interests (4.6 ) (2.5 ) Net loss attributable to Ranger Energy Services, Inc. $ (5.7 ) $ (3.1 ) Loss per common share Basic $ (0.68 ) $ (0.36 ) Diluted $ (0.68 ) $ (0.36 ) Weighted average common shares outstanding Basic 8,423 8,413 Diluted 8,423 8,413 RANGER ENERGY SERVICES, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share amounts)
March 31, December 31, 2018 2017 Assets Current assets Cash and cash equivalents $ 1.1 $ 5.3 Accounts receivable, net 38.5 32.1 Unbilled revenues 5.2 6.0 Prepaid expenses and other current assets 6.5 5.7 Assets held for sale 0.6 0.6 Total current assets 51.9 49.7 Property, plant and equipment, net 199.9 189.2 Goodwill — 9.0 Intangible assets, net 10.6 10.8 Other assets 0.1 1.0 Total assets $ 262.5 $ 259.7 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 34.5 $ 32.0 Accrued expenses 13.9 11.6 Capital lease obligations, current portion 1.3 8.0 Long-term debt, current portion 7.0 1.3 Total current liabilities 56.7 52.9 Capital lease obligations, less current portion 1.9 1.5 Long-term debt, less current portion 14.9 5.8 Other long-term liabilities 3.6 3.8 Total liabilities 77.1 64.0 Stockholders' equity / net parent investment Preferred stock, $0.01 per share; 50,000,000 shares authorized, no shares issued or outstanding as of March 31, 2018 and December 31, 2017 — — Class A Common Stock, $0.01 par value, 100,000,000 shares authorized, 8,447,178 shares issued and outstanding as of March 31, 2018 and 8,413,178 shares issued and outstanding as of December 31, 2017 0.1 0.1 Class B Common Stock, $0.01 par value, 100,000,000 shares authorized, 6,866,154 shares issued and outstanding as of March 31, 2018 and December 31, 2017 0.1 0.1 Accumulated deficit (12.5 ) (6.6 ) Additional paid-in capital 110.1 110.1 Total stockholders' equity 97.8 103.7 Non-controlling interest 87.6 92.0 Total stockholders' equity 185.4 195.7 Total liabilities and stockholders' equity $ 262.5 $ 259.7 RANGER ENERGY SERVICES, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Three months ended March 31, 2018 Cash Flows from Operating Activities Net loss $ (10.3 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 6.1 Bad debt expense 0.1 Impairment of goodwill 9.0 Equity based compensation 0.2 Loss on sale of property, plant and equipment 0.7 Changes in operating assets and liabilities, net of effect of acquisitions Accounts receivable (6.5 ) Unbilled revenue 0.7 Prepaid expenses and other current assets (0.8 ) Other assets 0.1 Accounts payable (1.2 ) Accrued expenses 1.0 Other long-term liabilities (0.2 ) Net cash used in operating activities (1.1 ) Cash Flows from Investing Activities Purchase of property, plant and equipment (8.2 ) Proceeds from sale of property, plant and equipment 1.2 Acquisitions, net of cash received (4.0 ) Net cash used in investing activities (11.0 ) Cash Flows from Financing Activities Borrowings under line of credit agreement 15.6 Principal payments on capital lease obligations (7.7 ) Net cash provided by financing activities 7.9 Decrease in Cash and Cash equivalents (4.2 ) Cash and Cash Equivalents, Beginning of Year 5.3 Cash and Cash Equivalents, End of Year $ 1.1 Supplemental Cash Flows Information Interest paid $ (0.2 ) Supplemental Disclosure of Noncash Investing and Financing Activity Non-cash capital expenditures $ (5.0 ) Non-cash additions to fixed assets through capital lease financing $ (1.3 ) RANGER ENERGY SERVICES, INC.
SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
Adjusted EBITDA is not a financial measure determined in accordance with GAAP. We define Adjusted EBITDA as net income (loss) before interest expense, net, income tax provision (benefit), depreciation and amortization, equity-based compensation, acquisition-related and severance costs, impairment of goodwill, gain or loss on sale of assets and certain other items that we do not view as indicative of our ongoing performance.
We believe Adjusted EBITDA is a useful performance measure because it allows for an effective evaluation of our operating performance when compared to our peers, without regard to our financing methods or capital structure. We exclude the items listed above from net loss in arriving at Adjusted EBITDA because these amounts can vary substantially within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net loss determined in accordance with GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are reflected in Adjusted EBITDA. Our presentation of Adjusted EBITDA should not be construed as an indication that our results will be unaffected by the items excluded from Adjusted EBITDA. Our computations of Adjusted EBITDA may not be identical to other similarly titled measures of other companies. The following table presents reconciliations of net income (loss) to Adjusted EBITDA, our most directly comparable financial measure calculated and presented in accordance with GAAP.
The following table is a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended March 31, 2018 and December 31, 2017, in millions:
Three Months Ended March 31, 2018 December 31, 2017 Change $ Net income (loss) $ (10.3 ) $ (5.6 ) $ (4.7 ) Interest expense, net 0.4 0.4 — Tax benefit (0.9 ) — (0.9 ) Depreciation and amortization 6.1 6.1 — Equity based compensation 0.2 0.4 (0.2 ) Acquisition related and severance costs — 2.2 (2.2 ) Costs incurred for offering related services — 0.3 (0.3 ) Impairment of goodwill 9.0 — 9.0 Loss on sale of property, plant and equipment 0.7 — 0.7 Adjusted EBITDA $ 5.2 $ 3.8 $ 1.4
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006663/en/
Ranger Energy Services, Inc.
Robert S. Shaw Jr., (713) 935-8900
Chief Financial Officer
[email protected]
Source: Ranger Energy Services, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-ranger-energy-services-inc-announces-q1-2018-results.html |
CONCORD, N.H., May 16, 2018 /PRNewswire/ -- Sanel Auto Parts, Co. (Sanel) is pleased to announce that the company is joining NAPA AUTO PARTS. Under its new name, Sanel NAPA, the company will continue to be independently owned and operated by the Segal family, the fourth generation to lead the company.
Sanel NAPA will be purchasing eight additional NAPA stores, three in New Hampshire, four in Maine and one in Massachusetts. By joining NAPA, Sanel will be able to provide increased inventory in stores, enhanced access to more products and parts, and faster supply chain logistics to deliver more efficiently at competitive prices. Sanel NAPA will now be a single source for more than 525,000 quality parts, sourcing products and services from over 1,600 manufacturers from multiple distribution centers, with improved retail and wholesale merchandising programs to meet the multiple needs of customers.
Sanel NAPA continues its key values of respect and responsibility, customer satisfaction, honesty, integrity and dependability, superior selection, and fast delivery. Sanel NAPA will also continue to give back to the communities it serves. Sanel NAPA takes pride in giving back and will continue to support community organizations throughout northern New England, local charities, and local sports teams.
"Sanel NAPA is the same great company, with the same valued employees and forward-thinking mission, with the 'Know How' our customers expect," states David T. Segal, President of Sanel NAPA.
"It's a natural fit for Sanel and NAPA to come together. Each are strong brands with an over 90-year legacy of quality, excellence, and service," said Gregg Sargent, Eastern Division Vice President for Genuine Parts Company's U.S. Automotive Parts Group. "Customers will benefit from NAPA's breadth and depth while continuing to enjoy the local service and attention they have come to expect from Sanel."
"Partnering with NAPA will launch us into the future, creating unity, strength and a collective focus on our family's philosophy of having a positive culture, strong work ethic, and passion for providing auto parts, heavy-duty truck parts, paint and body shop supplies, and now, tools, equipment, and farm and marine supplies to our customers," states Bobby Segal, CEO of Sanel NAPA.
About Sanel NAPA
Since 1920, Sanel NAPA has been a family-owned business providing leading auto parts, heavy-duty truck parts, and body shop supplies with 44 store locations throughout New Hampshire, Vermont, and Maine. Sanel NAPA leads with solution-selling for all sized businesses, towns, and municipalities, the consumer for automotive repair, heavy-duty truck repair, paint & body repair, tools and equipment, and farm and marine supplies. Training sessions and technical clinics are held for heavy-duty technicians, paint and body service providers, and automotive professionals. Sanel NAPA is a member of the NAPA, HDA Truck Pride, and the Refinish Distributors Alliance.
About NAPA AUTO PARTS
NAPA ( www.NAPAonline.com ) was founded in 1925 to meet America's growing need for an auto parts distribution system. Today, more than 525,000 part numbers are distributed across 57 distribution centers, 6,000 NAPA AUTO PARTS stores, and more than 16,000 NAPA AutoCare and AutoCare Collision Centers nationwide.
To learn about additional services and supplies provided by Sanel NAPA, visit sanelautoparts.net .
View original content with multimedia: http://www.prnewswire.com/news-releases/sanel-auto-parts-co-joins-napa-auto-parts-changes-name-and-adds-eight-locations-300649010.html
SOURCE Sanel Auto Parts, Co. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-sanel-auto-parts-co-joins-napa-auto-parts-changes-name-and-adds-eight-locations.html |
* World stocks fall 0.3 percent
* Brent crude hits 3-1/2-yr high
* Dollar supported as U.S. 10-year yields break 3 percent
* Graphic: World FX rates in 2017 tmsnrt.rs/2egbfVh
* For a live blog on European stocks, type LIVE/ in an Eikon news window
By Alasdair Pal
LONDON, May 15 (Reuters) - World stocks fell on Tuesday as investors digested soft Chinese economic data and a lack of progress in U.S.-China trade talks, though oil companies were a bright spot as crude hit a three-and-a-half-year high.
MSCI’s world equity index, which tracks shares in 47 countries, was down 0.3 percent.
Futures pointed to a lower open for U.S. equities, with S&P 500 e-minis down 0.2 percent.
European stocks snapped early losses, with the benchmark Stoxx 600 rising 0.2 percent and helped by oil stocks , that rose by nearly a percent.
The UK’s FTSE 100 and Italy’s FTSE MIB, both of which have high weightings to energy stocks, rose by 0.4 percent.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.2 percent, after China reported weaker-than-expected investment and retail sales in April and a drop in home sales, clouding its economic outlook even as policymakers try to navigate debt risks and defuse a heated trade row with the United States.
Mixed messages in U.S.-China trade talks also weighed on sentiment for global investors.
The two countries are still “very far apart” on resolving trade frictions, U.S. ambassador to China Terry Branstad said on Tuesday as a second round of high-level talks was set to begin in Washington.
U.S. President Donald Trump drew ire from lawmakers after suggesting he would help Chinese firm ZTE Corp, that flouted U.S. sanctions on trade with Iran and North Korea, with intelligence officials also saying the decision threatens national security.
“Sino-U.S. trade negotiations have provided mixed signals, the White House promising conciliation (over ZTE) then indicating that some form of punishment is still in the cards,” said Mike van Dulken, head of research at Accendo Markets.
OIL BREAKOUT Oil prices hit a 3-1/2-year high on Tuesday, supported by tight supply and planned U.S. sanctions against Iran that are likely to restrict crude oil exports from one of the biggest producers in the Middle East.
Brent crude futures, the international benchmark for oil prices, rose to as much as $79.22 per barrel, its highest level since November 2014.
“Oil prices are touching fresh multi-year highs as robust demand prospects coupled with a tense geopolitical backdrop make for a potent bullish cocktail,” said Stephen Brennock, analyst at London brokers PVM Oil Associates.
YIELDS RISE In fixed income, the U.S. 10-year bond yield rose above the key level of 3 percent, sending borrowing costs higher in a number of other countries and supporting the dollar.
The 10-year yield was last trading at 3.0318 percent, just off levels not seen since January 2014.
In Europe, the benchmark German bond yield rose to 0.636 percent, its highest level in three weeks, with investors also taking note of hawkish commentary from Bank of France Governor Francois Villeroy de Galhau, who said the European Central Bank could soon give guidance on its first rate hike.
“We have this Galhau interview and he was very much pointing to rate hikes after the end of QE (quantitative easing),” said DZ Bank rates strategist Daniel Lenz, explaining the weakness in euro zone debt markets. “And we still have a high oil price and U.S. Treasury yields above 3 percent.”
Against a basket of six major currencies, the dollar index gained 0.46 percent.
Reporting by Alasdair Pal; additional reporting by Dhara Ranasinghe and Christopher Johnson in London; Editing by Catherine Evans and Adrian Croft
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-global-stocks-sink-as-soft-china-data-trade-fears-weigh-idUSL5N1SM5MW |
WASHINGTON, May 9 (Reuters) - An attorney for porn star Stormy Daniels said on Wednesday he has more evidence of ties between a Russian oligarch sanctioned by the United States and a payment to U.S. President Donald Trump’s personal lawyer, Michael Cohen, and questioned other companies’ dealings with Cohen’s firm.
In two television interviews, Daniels’ attorney, Michael Avenatti, also called on Trump and Cohen to release bank statements tied to hundreds of thousands of dollars in payments made by AT&T, Novartis AG, Korea Aerospace Industries Ltd and Columbus Nova LLC, a New York-based investment firm linked to businessman Viktor Vekselberg, who has ties to the Kremlin.
Avenatti’s comments came a day after he disclosed the payments to a firm controlled by Cohen in 2017 and 2018, after Trump won the November 2016 presidential election. The companies later confirmed the payments.
The revelation of the payments raised new questions about Cohen’s role and work for Trump, and could further pressure Cohen after the FBI raided his home and office last month as part of a criminal investigation of his business dealings and a payment to Daniels.
The revelation also drew attention to another potential line of inquiry in U.S. Special Counsel Robert Mueller’s investigation of alleged Russian meddling in the U.S. election and potential collusion by Trump’s campaign.
Cohen on Wednesday told reporters Avenatti’s report was inaccurate.
It was not immediately clear how Avenatti knew about the payments to Cohen. He declined to tell ABC News and MSNBC in his interviews where he got the bank records and other information.
His client Daniels, whose real name is Stephanie Clifford, has said Cohen paid her $130,000 in October 2016, a month before the election, to stay quiet about a 2006 sexual encounter she had with Trump and has filed two related lawsuits against Trump and Cohen.
Avenatti has not responded to requests by Reuters for comment.
Trump has denied having an affair with Daniels and said there was no collusion with Russia. Moscow has denied U.S. intelligence agencies’ accusations of meddling in the election.
AT&T on Tuesday said it sought insights into the new administration from Cohen’s Essential Consultants LLC, but did not engage in lobbying. A source familiar with the matter told Reuters on Wednesday that AT&T paid more than $200,000 to Cohen’s company.
On Wednesday, Korea Aerospace Industries (KAI) said it paid for accounting-related services, while Novartis cited healthcare consulting.
Novartis called its nearly $1.2 million payment to Cohen’s firm a mistake and said it had been contacted by the U.S. Special Counsel’s Office and was cooperating. KAI said it had not been contacted by Mueller’s team and AT&T did not respond to a request for comment on whether it had been contacted.
Avenatti told ABC it remained “unclear” what services the companies were seeking and whether Cohen had the necessary expertise.
“Michael Cohen appears to be selling access to the president of the United States,” Avenatti told MSNBC’s “Morning Joe” program.
A lawyer for Columbus Nova has said Vekselberg had nothing to do with the transaction, which Avenatti said amounted to $500,000.
“We have significant evidence to the contrary,” Avenatti told ABC’s “Good Morning America” program, without giving any details. “We haven’t released all the evidence that we have.”
Vekselberg, who according to the New York Times has been questioned by Mueller’s team, could not be reached by Reuters for comment. Peter Carr, the spokesman for the Special Counsel’s Office, declined to comment.
The White House referred questions to Trump’s outside lawyers. Trump attorney Jay Sekulow said the outside legal team has no comment on Avenatti’s allegations.
Reporting by Susan Heavey, David Shepardson, Roberta Rampton and Sarah Lynch in Washington; Karen Freifeld, Nathan Layne and Catherine Koppel in New York; Ju-Min Park and Joyce Lee in Seoul; Editing by Dan Grebler
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trump-daniels/stormy-daniels-lawyer-questions-dealings-as-companies-defend-trump-attorney-payments-idUSL1N1SG0YW |
Retail Report US April auto sales show lackluster start to spring Major automakers posted lower new vehicle sales in April as consumer demand continued to weaken following a length boom for the industry, U.S. consumers have been shifting away from traditional passenger cars in favor of larger and more comfortable pickup trucks, SUVs and crossovers but new models are growing faster than demand. Last year, U.S. auto sales fell 2 percent and are expected to fall further in 2018 as higher interest rates push up monthly car payments. Published 5 Hours Ago Getty Images A Ford dealership in Detroit.
Major automakers on Tuesday posted lower new vehicle sales in April as consumer demand continued to weaken following a lengthy boom for the industry.
Auto sales have been on a bit of a roller coaster ride this year, with a weak performance in February followed by a jump in sales for some automakers in March.
Ford Motor posted a 4.7-percent decline in sales, with retail sales to consumers down 2.6 percent. The No. 2 U.S. automaker said sales of its popular pickup trucks were up 0.9 percent, but SUV and passenger car sales were down 4.6 percent and 15 percent respectively.
For years, U.S. consumers have been shifting away from traditional passenger cars in favor of larger and more comfortable pickup trucks, SUVs and crossovers.
But the number of new models vying for a share of that market is growing faster than demand, threatening the fat profits automakers have enjoyed.
"That is a very competitive part of the market ... with so many new entries," Ford's U.S. sales chief Mark LaNeve said of the SUV segment on a conference call with analysts and reporters.
Last year, U.S. auto sales fell 2 percent after hitting a record high of 17.55 million units in 2016. Sales are expected to fall further in 2018 as higher interest rates push up monthly car payments. Also, millions of nearly new vehicles will return to the market this year after coming off lease, providing a lower-cost alternative for consumers.
"We believe the industry continues to operate at a very healthy level," Ford's LaNeve said. "With a plateauing market, you are going to get some bumpiness."
Nissan Motor 's sales hit quite a bump, plunging 28 percent in April. The Japanese automaker's passenger cars dropped nearly 35 percent and SUV and truck sales were down 23.1 percent. Even sales of the company's popular SUV crossover model Rogue were down almost 15 percent.
No. 1 U.S. automaker General Motors announced last month that it would no longer report monthly sales and instead will just post sales on a quarterly basis. But industry estimates showed the company posting a monthly decline for April of anywhere up to 8 percent.
Ford said on Tuesday it will continue to post monthly sales.
Fiat Chrysler Automobiles (FCA) posted an overall sales increase of 5 percent in April. But retail sales to consumers were down 1 percent while lower-margin fleet sales to rental car companies and government agencies were up 5 percent.
Sales of the company's popular Jeep brand hit a record for the month. But sales of FCA's Ram pickup truck were down 9 percent in April.
FCA said last week when it reported first-quarter results that it had encountered problems ramping up production of the new RAM 1500 pick-up truck at its U.S. Sterling Heights plant.
Toyota posted a 4.7 percent decline in sales for April, with a 1.5 percent increase in SUV and pickup truck sales offset by a 12.7 percent drop in passenger car sales.
Sales of the company's recently revamped flagship Camry sedan were down 5 percent.
In late morning trading, Ford shares were flat, GM was down 44 cents or 1.2 percent at $36.31 and FCA was down 0.6 percent or 13 cents at $21.70. Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/us-april-auto-sales-show-lackluster-start-to-spring.html |
ST. LOUIS, May 9, 2018 /PRNewswire/ -- Centene Corporation (NYSE: CNC) ("Centene" or the "Company") announced today that its wholly-owned subsidiary, Centene Escrow I Corporation (the "Escrow Issuer"), commenced an offering to sell $1.7 billion aggregate principal amount of senior notes due 2026 (the "Notes"), subject to market and other conditions.
Centene intends to use the net proceeds of the offering to finance a portion of the cash consideration payable in connection with Centene's previously announced acquisition of the assets of Fidelis Care, to pay related fees and expenses and for general corporate purposes, including the repayment of outstanding indebtedness. The acquisition is expected to close on or about July 1, 2018, subject to regulatory approval from the New York Attorney General and certain closing conditions. Upon consummation of the acquisition, the Escrow Issuer will merge with and into the Company, with the Company continuing as the surviving corporation, and the Company will assume all of the Escrow Issuer's obligations under the Notes, the related indenture and the other applicable documents by operation of law. The closing of this offering is not conditioned on the closing of the acquisition. If the acquisition is not consummated, the Escrow Issuer will be required to redeem the Notes at a redemption price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest to the redemption date.
The Notes will be offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States to non-United States persons in compliance with Regulation S under the Securities Act. The Notes have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, qualification or exemption under the securities laws of any such jurisdiction.
About Centene Corporation
Centene Corporation, a Fortune 100 company, is a diversified, multi-national healthcare enterprise that provides a portfolio of services to government sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals. Many receive benefits provided under Medicaid, including the State Children's Health Insurance Program (CHIP), as well as Aged, Blind or Disabled (ABD), Foster Care and Long-Term Services and Supports (LTSS), in addition to other state-sponsored programs, Medicare (including the Medicare prescription drug benefit commonly known as "Part D"), dual eligible programs and programs with the U.S. Department of Defense and U.S. Department of Veterans Affairs. Centene also provides healthcare services to groups and individuals delivered through commercial health plans. Centene operates local health plans and offers a range of health insurance solutions. It also contracts with other healthcare and commercial organizations to provide specialty services including behavioral health management, care management software, correctional healthcare services, dental benefits management, commercial programs, home-based primary care services, life and health management, vision benefits management, pharmacy benefits management, specialty pharmacy and telehealth services.
The information provided in this press release contains forward-looking statements that relate to future events, including without limitation, statements regarding the intended use of proceeds from the offering. The Company disclaims any obligation to update this forward-looking information in the future. Readers are cautioned that matters subject to forward-looking statements involve known and unknown risks and uncertainties, including prevailing market conditions, as well as other factors. Certain risk factors that may affect our business operations, financial condition and results of operations are included in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
View original content: http://www.prnewswire.com/news-releases/centene-corporation-announces-offering-of-senior-notes-300645331.html
SOURCE Centene Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-centene-corporation-announces-offering-of-senior-notes.html |
May 1 (Reuters) - Gail (India) Ltd:
* SAYS CO SIGNS LOAN AGREEMENT WITH SBI FOR GENERAL CAPITAL EXPENDITUREAGREEMENT FOR 20 BILLION RUPEES TERM LOAN
* SAYS TERM LOAN HAS DOOR TO DOOR TENURE OF 14 YEARS * SAYS TERM LOAN MAINLY FOR GAS PIPELINE PROJECTS Source text - bit.ly/2r84fOv Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-gail-signs-agreement-for-20-bln-ru/brief-gail-signs-agreement-for-20-bln-rupees-term-loan-idUSFWN1S806F |
7:59 PM 07:24
Bitcoin is still a buy despite its continued losses, blockchain venture capitalist Spencer Bogart told CNBC.
The digital currency's increased number of use cases is proof that the popular form of money is being institutionalized.
"Every major bank is trying to do something in the space," Bogart, a partner at Blockchain Capital, told CNBC's " Fast Money " on Friday.
"Either they're going to be offering bitcoin to their clients, they're working on a custody platform or they're opening up a trading desk," he added. "A deeper institutionalization of bitcoin is overall positive," he said.
Still, the coin has seen better days. After surging last December to around $19,500, bitcoin has declined more than 50 percent since the start of the year. On Thursday, amid increased regulatory scrutiny in the cryptocurrency space, the coin fell yet again — this time below $8,000, where bitcoin had hovered for several weeks. Late Friday, bitcoin changed hands around $7,400.
Regardless, Bogart said it's still a buy. In fact, he said it's the only coin traders should be buying as the coin becomes more mainstream.
Many of the other forms of cryptocurrency, Bogart said, are "over-promising and under-delivering. Meanwhile you have a few that are kind of excelling at their use cases. Bitcoin being one of them."
Bogart recommended selling coins like Cardano, TRON, IOTA and NEO.
"A lot of those tokens are overvalued," Bogart said. "They could be go up significantly, but they also have significant headwind."
Alternatives like ethereum, ripple, bitcoin cash and EOS, however, he described as "neutral" — and he told investors to hold for now.
Bogart said he's especially cautious with ethereum, which he said has a lot of overhang because so many initial coin offerings (ICOs) have been built on top of ethereum. He pointed out that if the ICOs don't work out, that could be bad news for the platform its built on.
Bitcoin, however, should "at least" end above $10,000 by the end of the year, Bogart said, but he acknowledged that the even the large-cap coin could face some headwind.
"But when I look out over the next year, two years, I mean the story is very much materializing," he said of bitcoin increasing value.
"Could bitcoin trade lower? Certainly," Bogart said. "But do I think it will be higher a year from now? Absolutely." Kellie Ell News Associate for CNBC Playing | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/26/bitcoin-still-a-buy-says-blockchain-venture-capitalist.html |
A senior official at Iran's state-owned oil supplier met Chinese buyers this week to ask them to maintain imports after U.S. sanctions kick in, three people familiar with the matter said, but failed to secure guarantees from the world's biggest consumer of Iranian oil.
The sources told Reuters Saeed Khoshrou, director of international affairs at the National Iranian Oil Company (NIOC), held separate meetings in Beijing on Monday with top executives at Chinese oil giant Sinopec's trading unit and state oil trader Zhuhai Zhenrong to discuss oil supplies and seek assurances from the Chinese buyers.
Khoshrou was accompanying Iran's foreign minister Javad Zarif in the first stop of a tour of world powers before traveling on to Europe . Tehran is mounting a last-ditch effort to save a 2015 nuclear deal that Washington has abandoned, with plans to impose unilateral sanctions including strict curbs on Iran's oil exports.
"During the meeting, Mr. Khoshrou conveyed Mr. Zarif's message that Iran hopes China will maintain the levels of imports," said one person briefed on the meetings.
China, the world's top crude oil buyer, imported around 655,000 barrels a day on average from Iran in the first quarter of this year, according to official Chinese customs data — equivalent to more than a quarter of Iran's total exports.
Chinese executives did not make firm commitments but said as state oil companies they will fall in line with Beijing's wishes, the person said. The visit was the NIOC marketing chief's second to Beijing this year — he also met with Chinese customers about a month ago.
A second person with direct knowledge of the discussion said Chinese firms "shared the same hope to maintain purchases," adding companies are still assessing the possible impact of the new sanctions.
The people familiar with the matter declined to be identified because they are not authorized to speak to media.
Sinopec and Zhuhai Zhenrong declined to comment. NIOC did not immediately respond to a request for comment.
Beijing regrets Buyers in Asia — including China — and Europe have said they will seek waivers from sanctions during a six-month grace period now in force.
During a visit by Zarif to Brussels on Tuesday, European powers vowed to keep the 2015 nuclear deal alive without the United States by trying to keep Iran's oil and investment flowing, but admitted they would struggle to provide the guarantees Tehran seeks.
China's foreign ministry said last week it regretted the U.S. decision and called for parties involved to stick to diplomatic approaches to stay on track for full implementation of the 2015 accord.
Between 2012 and 2015, under European Union and U.S. sanctions to curb Iran's nuclear program, Chinese companies took up nearly half of Iran's oil exports, which were slashed by more than half and cost Tehran as much as $80 billion in lost revenue.
Sinopec, Asia's top refiner, and state-oil trader Zhuhai Zhenrong together account for close to 90 percent of China's total Iranian oil purchases. State oil group CNPC buys the rest.
Apart from supplies under annual contracts, CNPC and Sinopec have been lifting Iranian crude as part of their billions of dollars of investment at Iranian oil fields.
China has less of a banking issue in trading with Iran than some international peers. During previous sanctions Beijing used a domestic bank, Bank of Kunlun, to settle tens of billions dollars worth of oil transactions with Iran. Most of the transactions were settled in euros and Chinese renminbi. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/iran-asks-chinese-oil-buyers-to-maintain-imports-after-us-sanctions-sources.html |
May 24, 2018 / 8:08 AM / Updated 13 minutes ago Deutsche Telekom to keep options open on T-Systems Reuters Staff 1 Min Read
LONDON, May 24 (Reuters) - Deutsche Telekom said it will keep its options open on the future of T-Systems, saying in an investor presentation it would “maintain strategic optionality” with regard to the troubled IT services unit.
Deutsche Telekom also said that any share buybacks could be of its own stock or in the form of an increased stake in its T-Mobile US, which has agreed to merge with smaller competitor Sprint Corp. (Reporting by Douglas Busvine Editing by Victoria Bryan) | ashraq/financial-news-articles | https://www.reuters.com/article/deutsche-telekom-results-presentation/deutsche-telekom-to-keep-options-open-on-t-systems-idUSL5N1SV237 |
IRVINE, Calif., May 1, 2018 /PRNewswire/ -- Edwards Lifesciences Corporation (NYSE: EW), the global leader in patient-focused innovations for structural heart disease and critical care monitoring, announced today that it entered into an accelerated share repurchase (ASR) agreement to repurchase an aggregate of $400 million of Edwards' common stock. Under the terms of this ASR agreement, Edwards will receive approximately 2.5 million shares in May 2018. The final number of shares to be repurchased will be based on the volume weighted average share price during the term of the agreement.
As of March 31, 2018, the company had approximately $1.3 billion authorization remaining on its share repurchase program approved by the Board of Directors.
About Edwards Lifesciences
Edwards Lifesciences, based in Irvine, Calif., is the global leader in patient-focused medical innovations for structural heart disease, as well as critical care and surgical monitoring. Driven by a passion to help patients, the company collaborates with the world's leading clinicians and researchers to address unmet healthcare needs, working to improve patient outcomes and enhance lives. For more information, visit www.Edwards.com and follow us on Twitter @EdwardsLifesci.
Edwards is a trademark of Edwards Lifesciences Corporation. Edwards Lifesciences and the stylized E logo are trademarks of Edwards Lifesciences Corporation and are registered in the United States Patent and Trademark Office.
View original content with multimedia: http://www.prnewswire.com/news-releases/edwards-lifesciences-enters-into-accelerated-share-repurchase-agreement-300639789.html
SOURCE Edwards Lifesciences Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-edwards-lifesciences-enters-into-accelerated-share-repurchase-agreement.html |
Jason Hammel picked up his first win of the season, and Alex Gordon and Salvador Perez each homered as the Kansas City Royals topped the St. Louis Cardinals 5-1 Tuesday at Busch Stadium.
Hammel (1-5) was winless in his first nine starts this season, but he delivered seven strong innings Tuesday to help the Royals snap a three-game slide. He scattered nine hits, allowing only one run with six strikeouts and no walks.
Gordon and Alcides Escobar each had three hits for the Royals, and Jon Jay added two hits. Yairo Munoz went 4-for-4 to lead the Cardinals, and Marcell Ozuna finished 3-for-4.
The Cardinals grabbed a 1-0 lead by executing a double steal in the first inning, with Jose Martinez coming home from third base as Ozuna took second.
Gordon tied the score in the second inning, smashing his fourth home run of the season to center field.
The Royals grabbed the lead in the third inning. Whit Merrifield drew a walk and advanced to second on a single from Gordon. Escobar delivered a two-out double to left field to bring home Merrifield.
Perez led off the sixth inning with his seventh home run to extend the Kansas City lead to 3-1.
Jay provided some insurance with a two-run single in the ninth inning off St. Louis reliever Greg Holland.
Perez also made his mark on defense behind the plate, twice gunning down Munoz trying to steal second base.
Cardinals starter Luke Weaver (3-4) pitched well but took the loss. He surrendered three runs on seven hits in seven innings. He struck out eight and walked one.
Royals relievers Brad Keller and Kelvin Herrera each pitched a scoreless inning in relief as Kansas City beat the Cardinals for the first time in the past six meetings.
Right-hander Michael Wacha is slated to start for the Cardinals in Wednesday’s series finale. Kansas City will counter with right-hander Jakob Junis.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-stl-kc-recap/hammel-ends-winless-skid-as-royals-top-cards-idUSMTZEE5N5W32EE |
MOSCOW (Reuters) - Russia’s Federal Security Service (FSB) said on Friday it had detained five members of an Islamic State cell planning attacks in several regions and had seized an array of weapons, according to Russian news agencies.
The five suspects were apprehended in the city of Yaroslavl, northeast of Moscow, on May 3-4, the Interfax news agency reported, quoting an FSB statement.
Russia, whose military is helping the Syrian government fight rebel forces and Islamic State militants, is hosting the soccer World Cup next month and is increasing security measures.
On April 27, the FSB said it had thwarted an Islamic State plot to carry out a series of high-profile attacks in the Moscow area, where soccer World Cup matches are due to take place this summer.
The FSB on Friday did not reveal the identities of the detained or provide details on when or where the attacks were meant to take place.
“In the course of house searches, an arsenal of home-made explosive devices and substances, firearms and ammunition were seized from the detained,” the FSB was Quote: d as saying.
Their activities were being coordinated partly from abroad using the Telegram instant messaging service, which Russia moved to block last month, the FSB statement said.
Separately, the Roskomnadzor watchdog blacklisted Telegram after it refused to comply with a court order to grant security services access to its user-encrypted messages.
The FSB has said it needs to access some user messages for its work, although supporters of Telegram - thousands of whom rallied against the ban in Moscow this week - say the move amounts to an attack on Internet freedoms.
Reporting by Polina Ivanova; Editing by Mark Heinrich
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-attacks-detentions/russia-says-detains-five-islamic-state-members-planning-attack-idUSKBN1I51QW |
HONG KONG (Reuters Breakingviews) - Sony is loudly demonstrating its love of content. On Tuesday, the Japanese electronics and entertainment group said it would buy majority control of EMI Music Publishing. Sony tightens its grip on a two-million-song catalogue spanning Queen to Kanye West - and the $4.8 billion deal leaves no room to doubt new boss Kenichiro Yoshida’s belief in the industry’s recovery.
Sony Corp's new President and Chief Executive Officer Kenichiro Yoshida attends a news conference on their business plan at the company's headquarters in Tokyo, Japan May 22, 2018. REUTERS/Toru Hanai This is an uplifting coda to the sorrowful ballad of EMI, the venerable British record label. A 2007 takeover by buyout baron Guy Hands foundered during the financial crisis and as digital piracy ran rampant. Lender Citigroup seized the asset. It sold EMI between 2011 and 2012 in two parts, separating the recorded music business from the unit holding rights to compositions and lyrics.
The latter was traded to a colourful consortium. This united Sony, then financially much weaker than it is now, with a motley group of investors including Michael Jackson’s estate; Abu Dhabi’s Mubadala; the film mogul David Geffen; private equity titans Blackstone; and Jho Low, the financier made notorious for his role in the Malaysian 1MDB fund scandal.
Now Sony is paying $1.9 billion to buyout Mubadala and various others, lifting its stake from roughly 30 percent to 90 percent. Other payouts lift the total cash outlay by a further $400 million. Including debt, Sony says this gives the target an enterprise value of $4.75 billion.
That equates to more than 19 times trailing EBITDA of $249 million, adjusted for one-offs. The multiple looks punchy, when last year media and entertainment deals averaged 14 times EBITDA, Thomson Reuters data shows.
However, the music industry is reviving nicely, thanks to Spotify, Apple Music and others. UBS forecasts sales for publishers from paid-for streaming services could go from $700 million in 2017 to $3.6 billion in 2026. That’s quite a turnaround in fortunes.
This also chimes neatly with Yoshida’s interest in intellectual property, and in stable, recurring revenue. It is a business Sony already knows intimately. And the purchase stops rivals like Warner Music expanding their own catalogues. So it’s a noisy, but not wholly off-key, move.
Breakingviews Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com . All opinions expressed are those of the authors.
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-sony-outlook-breakingviews/breakingviews-sony-loudly-demonstrates-love-of-content-with-emi-idUSKCN1IN0PM |
May 31, 2018 / 6:35 PM / Updated 25 minutes ago Jay-Z defeats copyright claims over 'Big Pimpin'' Jonathan Stempel 3 Min Read
(Reuters) - A federal appeals court on Thursday awarded a victory to Jay-Z in a copyright infringement lawsuit claiming that the rapper sampled without permission from an Egyptian composer’s song for his 1999 hit “Big Pimpin’”. FILE PHOTO: American rapper Jay-Z performs at Bercy stadium in Paris, France, October 17, 2013. REUTERS/Benoit Tessier/File Photo -
The 9th U.S. Circuit Court of Appeals in Pasadena, California ruled 3-0 that the nephew of the late composer Baligh Hamdy did not have legal standing to pursue copyright claims over his uncle’s 1957 song “Khosara Khosara.”
Circuit Judge Carlos Bea said the nephew, Osama Ahmed Fahmy, could not sue Jay-Z and hip-hop producer Timbaland solely because Egyptian law recognised an “inalienable moral right” of authors to object to improper uses of copyrighted works.
Keith Wesley, a lawyer for Fahmy, did not immediately respond to requests for comment.
Jay-Z and Timbaland, whose given names are Shawn Carter and Timothy Mosley, had at first thought “Khosara” was in the public domain, but in 2000 Timbaland paid EMI Music Arabia $100,000 for song rights after that publisher objected.
Fahmy became aware of “Big Pimpin’” around that time, and sued in 2007, claiming he retained some rights to “Khosara.”
Famous music artists are often the target of lawsuits claiming they copied earlier songs without permission.
Bea, however, said U.S. courts cannot enforce Fahmy’s moral rights to the song, while Egyptian law lets people like Jay-Z and Timbaland pay for the right to adapt songs.
“Even in Egypt, Fahmy’s moral rights would be insufficient to win him anything but an injunction,” Bea added.
The decision upheld an October 2015 ruling by U.S. District Judge Christina Snyder in Los Angeles.
That ruling followed a trial where Jay-Z testified that acquiring song rights was not his responsibility.
The defendants also included Vivendi SA’s UMG Recordings, Viacom Inc’s MTV Networks, Roc-a-Fella Records, and many others.
“This is a seminal decision from this circuit on moral rights,” Christine Lepera, a lawyer for the defendants, said in an email. “The plaintiff did not have economic rights in the allegedly infringed ‘Khosara’ composition, and thus no right to sue for infringement.”
“Big Pimpin’” was a single from Jay-Z’s 1999 album “Vol. 3: Life and Times of S. Carter.”
The case is Fahmy v Jay-Z et al, 9th U.S. Circuit Court of Appeals, No. 16-55213. Reporting by Jonathan Stempel in New York; Editing by Richard Chang | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-music-jayz/jay-z-defeats-copyright-claims-over-big-pimpin-idUKKCN1IW2R3 |
ATLANTA, May 1, 2018 /PRNewswire/ -- Gray Television, Inc. ("Gray") (NYSE: GTN and GTN.A) announced today that it has reached an agreement with Red River Broadcasting Company to acquire KDLT-TV, the NBC affiliate for the Sioux Falls, South Dakota market (DMA 110), for $32.5 million in cash. The acquisition of KDLT-TV would unite the station's strong staff and legacy of community leadership with Gray's KSFY-TV, which serves as the market's ABC and CW affiliate.
This transaction continues Gray's investment in South Dakota. In the fall of 2016, KSFY-TV moved into a new, technologically advanced facility in downtown Sioux Falls that includes additional space to operate a second television station's local news and sales operations. This spring, Gray inaugurated a remodeled and expanded building at the foot of the Black Hills in Rapid City to bring new state of the art technology to its ABC and Fox affiliates in that market, KOTA-TV and KEVN-LP.
The acquisition of KDLT-TV is subject to receipt of regulatory and other approvals. Gray anticipates that the acquisition will be immediately free cash flow accretive and will close in the second or third quarter of 2018. Gray plans to finance the transaction with cash on hand. Kalil & Company represented the seller in this transaction.
About Gray:
Gray owns and/or operates over 100 television stations across 57 television markets that collectively broadcast over 200 program streams including over 100 channels affiliated with the CBS Network, the NBC Network, the ABC Network and the FOX Network. Our portfolio includes the number-one and/or number-two ranked television station operations in all of our markets, which collectively cover approximately 10.4 percent of total United States television households. For further information, please visit www.gray.tv .
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SOURCE Gray Television, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-gray-agrees-to-acquire-kdlt-tv-in-sioux-falls-south-dakota.html |
May 8, 2018 / 5:14 PM / Updated 6 minutes ago Charities plan food aid for struggling Egyptians during Ramadan Reuters Staff 3 Min Read
CAIRO (Reuters) - Millions of Egyptians struggling to cope with economic hardship caused by austerity measures will get some relief during the coming Muslim holy month of Ramadan, as charities offer food aid to needy families. Nuts are sold at a market, ahead of the Muslim fasting month of Ramadan in Cairo, Egypt, May 6, 2018. REUTERS/Mohamed Abd El Ghany
Volunteers have been busy preparing half a million staple food boxes for the poor. Others are preparing to set up 60 massive tents across the country to serve the iftar meals that follow dawn-to-dusk fasting during Ramadan.
“We are giving out the largest box in Egypt,” said Sherif Azzouz, head of the volunteer network at Misr El Kheir, one of the charities involved.
Each box weighs 25 kg (55 lbs) and contains 16 products, including rice, pasta, ghee, sugar, flour, orzo, wheat and tea. Traditional Ramadan lanterns called "fanous" are displayed for sale at a stall, ahead of the Muslim holy month of Ramadan in Cairo, Egypt, May 6, 2018. REUTERS/Mohamed Abd El Ghany
“This goes to all those who have been deemed eligible by Misr El Kheir and any of our partner charities, and are distributed in Upper Egypt, starting from Fayoum to Aswan, and also in some parts of the Delta,” he told Reuters.
Azzouz said Misr El Kheir, working with other smaller charities, hoped to feed a total of 10 million fasting people across the country’s 22 provinces. Slideshow (6 Images)
Egypt has imposed tough economic reforms under a $12 billion IMF loan program, including deep cuts to energy subsidies and new taxes that have brought hardship for many.
A currency float in late 2016 caused Egypt’s pound to roughly halve in value, pushing prices sharply higher in the import-dependent country.
Food demand soars during Ramadan as families stock up on supplies, causing further price rises.
Ahead of Ramadan, Egypt’s Ministry of Supply said it was storing essential goods at state outlets and selling subsidized products to keep prices under control.
“One of our larger contributions is around 3.5 billion Egyptian pounds ($198 million) worth of subsidized products that are available to 70 million citizens,” said Mohamed Sweed, a ministry spokesman. They include sugar, oil, rice and pasta.
Ramadan is expected to start in Egypt on May 17 this year. The first day of the holy month often varies from country to country, depending on lunar sightings. Reporting by Mohamed Zaki; writing Sami Aboudi; editing by Andrew Roche | ashraq/financial-news-articles | https://www.reuters.com/article/us-religion-ramadan-egypt/charities-plan-food-aid-for-struggling-egyptians-during-ramadan-idUSKBN1I92H9 |
April 30(Reuters) - Taiji Computer Corp Ltd
* Sees FY 2018 H1 net profit could rise up to 50 percent, or to be 19.6 million yuan to 29.4 million yuan
* Says FY 2017 H1 net profit was 19.6 million yuan
Source text in Chinese: goo.gl/c17qm6
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-taiji-computer-sees-fy-2018-h1-net/brief-taiji-computer-sees-fy-2018-h1-net-profit-could-rise-up-to-50-pct-idUSL3N1S73SS |
May 25, 2018 / 12:52 AM / Updated 33 minutes ago Cuba retrieves second black box from deadly plane crash Reuters Staff 2 Min Read
HAVANA (Reuters) - Cuban search teams have retrieved the flight data recorder from the passenger plane that crashed last Friday, killing all but two of the 113 people on board, Cuban state-run television announced on Thursday in the evening news broadcast.
They had already found the cockpit voice recorder. Videos of the tragedy taken by passers-by and locals, plus their testimony had helped investigators locate the second recorder.
Both, known as the “black box,” are crucial to explaining what went wrong with the 39-year-old plane which dived into fields south of Havana shortly after takeoff, bursting into flames.
The Boeing 737, leased by the little-known Mexican company Damojh to Cuba’s flagship carrier Cubana, had been destined for the eastern city of Holguin and 100 of the victims were Cuban.
Seven Mexicans, two Argentines and two Sahrawis from a disputed area in the Western Sahara known as the Sahrawi Arab Democratic Republic also died in the tragedy.
Cuba is leading the probe into the crash, one of the Caribbean island’s worst ever, together with Mexican and U.S. investigators.
Only two Cuban women have survived but are in a critical condition due to burns and other trauma, the director of the hospital where they are being attended has said.
Mexico’s civil aviation authority said on Monday it had suspended Damojh’s operations while it made sure the firm adhered to regulations and gathered information to help investigators find the cause of the crash.
Previous complaints over inadequate maintenance and safety measures have surfaced in recent days. Reporting by Sarah Marsh; Editing by Sandra Maler and Lisa Shumaker | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cuba-crash/cuba-has-found-flight-data-recorder-from-plane-crash-state-tv-idUKKCN1IQ03Y |
Marian Hossa is ready to say goodbye to hockey, telling Slovakian media outlet Novy Cas, “I will not play hockey anymore,” in an interview published Saturday.
Mar 29, 2017; Pittsburgh, PA, USA; Chicago Blackhawks center Marcus Kruger (16) and left wing Ryan Hartman (C) congratulate right wing Marian Hossa (81) on his goal against the Pittsburgh Penguins during the first period at the PPG PAINTS Arena. Mandatory Credit: Charles LeClaire-USA TODAY Sports Hossa has been battling a skin disorder and reaction to medications cost him the 2017-18 season for the Chicago Blackhawks. He has three years left on his current contract.
A 19-year NHL veteran, he has also played for the Ottawa Senators, Atlanta Thrashers, Pittsburgh Penguins and Detroit Red Wings and won three Stanley Cup championships in his time.
Hossa, 39, had a stellar career by any measure. He tallied 525 goals (35th all-time), 609 assists (82nd) and 1,134 points (54th) in 1,309 regular-season games (61st). He added 52 goals, 97 assists and 149 points in 205 playoff games.
Hossa has put his Chicago condominium up for sale and told the publication he would move back to Slovakia, although he would be interested in a job with the Blackhawks.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-icehockey-nhl-hossa-retiring/blackhawks-hossa-says-hes-done-playing-idUSKCN1IK0UX |
Pentagon disinvites China from major U.S. military exercise 12:58am BST - 01:21
The Pentagon on Wednesday disinvited China from a major U.S.-hosted naval drill in response to what it sees as Beijing's militarization of islands in the South China Sea, a decision China's top diplomat Wang Yi called an ''unconstructive move''. Rough Cut
The Pentagon on Wednesday disinvited China from a major U.S.-hosted naval drill in response to what it sees as Beijing's militarization of islands in the South China Sea, a decision China's top diplomat Wang Yi called an "unconstructive move". Rough Cut //reut.rs/2ICZBme | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/23/pentagon-disinvites-china-from-major-us?videoId=429715958 |
LONDON (Thomson Reuters Foundation) - Britain’s prime minister promised an action plan to tackle the injustices LGBT people face on Thursday, as activists said the community still suffered abuse and discrimination.
Britain's Prime Minister Theresa May leaves 10 Downing Street in London, Britain, May 23, 2018. REUTERS/Toby Melville Theresa May said the transgender community faced “indignities and prejudice”, as she announced the LGBT Action Plan, which she said would ensure no one faced persecution for who they love.
“It will set out concrete steps the government will take to improve lives for LGBT people in this country and address some of the injustices the community has faced,” May wrote in a letter published in the Gay Times magazine.
“Trans people still face indignities and prejudice when they deserve understanding and respect.”
About 41 percent of transgender people in Britain experienced a hate crime in 2017, according to the charity Stonewall, which advocates for LGBT rights.
May did not say what steps the plan would include, but it is expected to address areas including healthcare, education and personal safety.
Britain recognized the gender identity of trans people in the 2004 Gender Recognition Act and May’s government has since proposed changes to the law to allow gender reassignment surgery without a medical diagnosis of gender dysphoria.
The British leader last month called for Commonwealth nations to reform outdated anti-gay legislation in an effort to stop widespread persecution and discrimination of LGBT people.
About 37 of the 53 mostly former British colonies still have colonial-era laws that criminalize LGBT identities.
Stonewall’s director of campaigns, policy and research Paul Twocock welcomed the announcement.
“LGBT people still face many inequalities and abuse in their everyday life in Britain,” Twocock told the Thomson Reuters Foundation.
“Both the Action Plan and reform of the Gender Recognition Act should allow us to make important steps forward towards building a society where LGBT people are truly accepted, everywhere and by everyone.”
Reporting by Serena Chaudhry, Editing by Claire Cozens. Please credit 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-lgbt-rights/britain-pledges-to-tackle-injustices-against-lgbt-people-idUSKCN1IP2OR |
GENEVA (Reuters) - United Nations Secretary-General Antonio Guterres voiced deep disappointment on Thursday at the cancellation of the planned meeting next month between U.S. President Donald Trump and North Korean leader Kim Jong Un, announced earlier by the White House.
United Nations Secretary-General Antonio Guterres delivers a speech on disarmament and denuclearisation at the University of Geneva (UNIGE) in Geneva, Switzerland, May 24, 2018. REUTERS/Denis Balibouse Guterres, in remarks delivered at the University of Geneva, said: “I am deeply concerned by the cancellation of the planned meeting in Singapore between the President of the United States and the leader of the Democratic People’s Republic of Korea.”
He urged the parties to continue their dialogue so as to “find a path to the peaceful and verifiable denuclearization of the Korean peninsula”.
Reporting by Tom Miles; editing by Stephanie Nebehay
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-guterres/u-n-chief-guterres-calls-for-dialogue-after-trump-cancels-north-korea-summit-idUSKCN1IP2M2 |
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