text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
Second quarter consolidated GAAP earnings per share up — $2.63 per share vs. $2.39 per share; GAAP earnings of $135.6 million Second quarter non-GAAP operating earnings per share up — $2.12 per share vs. $1.87 per share; Operating earnings of $109.5 million
WASHINGTON--(BUSINESS WIRE)-- WGL Holdings, Inc. (NYSE: WGL):
Consolidated Results
WGL Holdings, Inc. (NYSE: WGL), the parent company of Washington Gas Light Company (Washington Gas) and other energy-related subsidiaries, today reported net income applicable to common stock determined in accordance with generally accepted accounting principles in the United States of America (GAAP) for the quarter ended March 31, 2018, of $135.6 million, or $2.63 per share, an improvement of $12.5 million, or $0.24 per share, over net income applicable to common stock of $123.1 million, or $2.39 per share, reported for the quarter ended March 31, 2017. For the six months ended March 31, 2018, net income applicable to common stock was $273.6 million, or $5.31 per share, an improvement of $92.6 million, or $1.79 per share, over net income applicable to common stock of $181.0 million, or $3.52 per share for the same period of the prior fiscal year.
During the six months ended March 31, 2018, we are reflecting a decrease in current year tax expense from the year-over-year reduction in the corporate tax rate from 35% to 21% included in the Tax Cuts and Jobs Act (“Tax Act”) enacted in December 2017. As a result, Washington Gas began passing on to customers approximately $39.5 million, on an annual basis, through reduced rates beginning in the second fiscal quarter. We have also remeasured our accumulated deferred income tax assets and liabilities, which resulted in recording a $60.3 million income tax benefit (net) in GAAP net income. Non-GAAP operating earnings (described below) have been adjusted to eliminate the re-measurement impact on deferred income taxes of the legislation.
On a consolidated basis, WGL uses non-GAAP operating earnings (loss) to evaluate overall financial performance, and evaluates segment financial performance based on earnings before interest and taxes (EBIT) and adjusted EBIT. Operating earnings (loss) and adjusted EBIT are non-GAAP financial measures, which are not recognized in accordance with GAAP and should not be viewed as alternatives to GAAP measures of performance. Both non-GAAP operating earnings (loss) and adjusted EBIT adjust for the accounting recognition of certain transactions that we believe are not representative of the ongoing earnings of the company. Additionally, we believe that adjusted EBIT enhances the ability to evaluate segment performance because it excludes interest and income tax expense, which are affected by corporate-wide strategies such as capital financing and tax sharing allocations. Refer to “Reconciliation of Non-GAAP Financial Measures,” attached to this news release, for a more detailed discussion of management’s use of these measures and for reconciliations to GAAP financial measures.
For the quarter ended March 31, 2018, operating earnings were $109.5 million, or $2.12 per share, an improvement of $13.4 million, or $0.25 per share, over operating earnings of $96.1 million, or $1.87 per share, for the same quarter of the prior fiscal year. For the six months ended March 31, 2018, operating earnings were $204.4 million, or $3.96 per share, an improvement of $49.0 million, or $0.94 per share, over operating earnings of $155.4 million, or $3.02 per share, for the same period of the prior fiscal year.
Results by Business Segment
Regulated Utility
Three Months Ended
March 31,
Increase/ Six Months Ended
March 31,
Increase/ (In millions) 2018 2017 (Decrease) 2018 2017 (Decrease) EBIT $
151.1
$ 165.2 $ (14.1 ) $
249.4 $ 267.9 $ (18.5 ) Adjusted EBIT $
143.6
$ 150.2 $ (6.6 ) $ 245.0 $ 241.6 $ 3.4 For the three and six months ended March 31, 2018, EBIT reflects lower unrealized margins associated with our asset optimization program, partially offset by the effects of colder-than-normal weather in the District of Columbia.
The comparisons of both EBIT and adjusted EBIT for the three and six months ended March 31, 2018 reflect increases related to higher customer growth and new base rates in Virginia and the District of Columbia. These comparisons reflect decreases related to: (i) lower billed and estimated utility rates associated with the pass-through of tax savings from the Tax Act*; (ii) higher operation and maintenance expenses primarily related to uncollectible accounts; and (iii) higher depreciation and amortization expense.
* This decrease is offset in income tax expense.
Retail Energy-Marketing
Three Months Ended
March 31,
Increase/ Six Months Ended
March 31,
Increase/ (In millions) 2018 2017 (Decrease) 2018 2017 (Decrease) EBIT $
15.1
$ 9.3 $ 5.8 $
18.8 $ 38.4 $ (19.6 ) Adjusted EBIT $
20.0
$ 13.1 $ 6.9 $ 26.5 $ 23.0 $ 3.5 For the three months ended March 31, 2018, the increase in both EBIT and adjusted EBIT reflects higher realized gas margins due to increased portfolio optimization margins, partially offset by lower realized electric margins due to lower average selling prices and lower sales volume along with higher operating expenses.
For the six months ended March 31, 2018, EBIT was reduced by unrealized commodity margin losses in the current year compared to gains in the prior year. The comparisons of both EBIT and adjusted EBIT reflects higher realized gas margins due to higher portfolio optimization margins, offset by lower realized electric margins due to lower average selling prices and lower sales volume, along with higher operating expenses.
Commercial Energy Systems
Three Months Ended
March 31,
Increase/ Six Months Ended
March 31,
Increase/ (In millions) 2018 2017 (Decrease) 2018 2017 (Decrease) EBIT $
3.6
$ 8.5 $ (4.9 ) $
9.2 $ 13.2 $ (4.0 ) Adjusted EBIT $
5.2
$ 10.3 $ (5.1 ) $ 12.5 $ 16.4 $ (3.9 ) For the three and six months ended March 31, 2018, the decrease in both EBIT and adjusted EBIT reflects lower earnings due to a decline in active projects in our energy efficiency business and higher operating expenses in our commercial distributed generation business. For the three months ended March 31, 2018, the decrease in both EBIT and adjusted EBIT also reflects lower earnings from our investment distributed generation business, including investments in tax equity partnerships.
Midstream Energy Services
Three Months Ended
March 31,
Increase/ Six Months Ended
March 31,
Increase/ (In millions) 2018 2017 (Decrease) 2018 2017 (Decrease) EBIT $
7.3
$ 42.0 $ (34.7 ) $
29.5 $ 13.5 $ 16.0 Adjusted EBIT $
(2.2
) $ (1.3 ) $ (0.9 ) $ 26.2 $ 1.4 $ 24.8 The EBIT comparisons for both periods reflect lower mark-to-market valuations associated with long-term transportation strategies. Additionally, both the EBIT and adjusted EBIT comparisons for the three and six months ended March 31, 2018 include a $34.0 million impairment related to our investment in Constitution Pipeline Company, LLC (Constitution).
The three months ended March 31, 2018 EBIT comparison also reflects lower realized margins related to storage inventory and economic hedging transactions, which along with the lower mark-to-market valuations described above are mostly offset by higher transportation margins. The three months ended March 31, 2018 adjusted EBIT comparison reflects higher margins on both our transportation and storage strategies that mostly offset the impairment of Constitution.
For the six months ended March 31, 2018 EBIT and adjusted EBIT comparisons, higher margins on our transportation and storage strategies more than offset the impairment of Constitution.
Other Activities
Three Months Ended
March 31,
Increase/ Six Months Ended
March 31,
Increase/ (In millions) 2018 2017 (Decrease) 2018 2017 (Decrease) EBIT $
(2.2
) $ (15.1 ) $ 12.9 $
(6.4 ) $ (16.3 ) $ 9.9 Adjusted EBIT $
(2.0
) $ (1.1 ) $ (0.9 ) $ (5.6 ) $ (2.3 ) $ (3.3 ) For the three and six months ended March 31, 2018, the increase in EBIT relates to lower costs related to the planned merger with AltaGas Ltd. (AltaGas). For the three and six months ended March 31, 2018, the decrease in adjusted EBIT reflects higher internal costs related to the planned merger with AltaGas.
Intersegment Eliminations
Three Months Ended
March 31,
Increase/ Six Months Ended
March 31,
Increase/ (In millions) 2018 2017 (Decrease) 2018 2017 (Decrease) EBIT $
(4.1
) $ (1.5 ) $ (2.6 ) $
(2.4 ) $ (0.4 ) $ (2.0 ) Adjusted EBIT $
(4.1
) $ (1.4 ) $ (2.7 ) $ (2.4 ) $ 0.1 $ (2.5 ) For the three and six months ended March 31, 2018, the variance in intersegment eliminations relates primarily to timing differences between the revenue and expense recognition of renewable energy credits by Commercial Energy Systems and Retail Energy-Marketing.
Other Information
During the pendency period of the proposed merger between WGL and AltaGas, WGL will not conduct earnings calls and will not give forward year guidance. Additional information regarding financial results and recent regulatory events can be found in WGL’s and Washington Gas’ combined Form 10-Q for the fiscal quarter ended March 31, 2018, to be filed with the Securities and Exchange Commission, and which will also be available at www.wglholdings.com .
WGL, headquartered in Washington, D.C., is a leading source for clean, efficient and diverse energy solutions. With activities and assets across the U.S., WGL consists of Washington Gas, WGL Energy, WGL Midstream and Hampshire Gas. WGL provides natural gas, electricity, green power and energy services, including generation, storage, transportation, distribution, supply and efficiency. Our calling as a company is to make energy surprisingly easy for our employees, our community and all our customers. Whether you are a homeowner or renter, small business or multinational corporation, state and local or federal agency, WGL is here to provide Energy Answers. Ask Us. For more information, visit us at www.wgl.com .
Unless otherwise noted, earnings per share amounts are presented on a diluted basis, and are based on weighted average common and common equivalent shares outstanding.
Please see the attached comparative statements for additional information on our operating results. Also attached to this news release are reconciliations of non-GAAP financial measures.
Forward-Looking Statements
This news release and other statements by us include the Private Securities Litigation Reform Act of 1995 with respect to the outlook for earnings, revenues, dividends and other future financial business performance, strategies, financing plans, legal developments relating to Antero Resources Corporation (Antero), our investment in Constitution, AltaGas’s proposed acquisition of our company and other expectations. Forward-looking statements are typically identified by words such as, but are not limited to, “estimates,” “expects,” “anticipates,” “intends,” “believes,” “plans,” and similar expressions, or future or conditional verbs such as “will,” “should,” “would,” and “could.” Although we believe such are based on reasonable assumptions, we cannot give assurance that every objective will be achieved. Forward-looking statements speak only as of the date of this release, and we assume no duty to update them. Factors that could those expressed or implied include, but are not limited to, general economic conditions, the possibility that the closing of the proposed merger with AltaGas may not occur or may be delayed; litigation related to the proposed AltaGas transaction or limitations or restrictions imposed by regulatory authorities that may delay or negatively impact the proposed transaction; the potential loss of customers, employees or business partners as a result of the transaction and the factors discussed under the “Risk Factors” heading in our most recent annual report on Form 10-K and quarterly reports on Form 10-Q and other documents that we have filed with, or furnished to, the U.S. Securities and Exchange Commission.
WGL Holdings, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands) March 31, 2018 September 30, 2017 ASSETS Property, Plant and Equipment At original cost $ 6,199,912 $ 6,143,841 Accumulated depreciation and amortization (1,552,274 ) (1,513,790 ) Net property, plant and equipment 4,647,638 4,630,051 Current Assets Cash and cash equivalents 46,319 8,524 Accounts receivable, net 730,563 553,312 Storage gas 76,199 243,984 Derivatives and other 167,943 180,069 Total current assets 1,021,024 985,889 Deferred Charges and Other Assets 1,178,164 1,010,069 Total Assets $ 6,846,826 $ 6,626,009 CAPITALIZATION AND LIABILITIES Capitalization WGL Holdings common shareholders’ equity $ 1,721,772 $ 1,502,690 Non-controlling interest 6,868 6,851 Washington Gas Light Company preferred stock 28,173 28,173 Total equity 1,756,813 1,537,714 Long-term debt 1,879,304 1,430,861 Total capitalization 3,636,117 2,968,575 Current Liabilities Notes payable and current maturities of long-term debt 524,833 809,844 Accounts payable and other accrued liabilities 358,046 423,824 Derivatives and other 270,918 255,320 Total current liabilities 1,153,797 1,488,988 Deferred Credits 2,056,912 2,168,446 Total Capitalization and Liabilities $ 6,846,826 $ 6,626,009 WGL Holdings, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended March 31,
Six Months Ended March 31,
(In thousands, except per share data) 2018 2017 2018 2017 OPERATING REVENUES Utility $ 523,480 $ 466,270 $ 898,470 $ 793,333 Non-utility 362,971 375,480 640,421 657,904 Total Operating Revenues 886,451 841,750 1,538,891 1,451,237 OPERATING EXPENSES Utility cost of gas 196,757 134,458 319,030 209,958 Non-utility cost of energy-related sales 287,204 301,780 512,706 554,666 Operation and maintenance 112,556 118,261 214,782 218,978 Depreciation and amortization 40,722 39,110 81,707 74,393 General taxes and other assessments 55,039 50,544 99,926 90,932 Total Operating Expenses 692,278 644,153 1,228,151 1,148,927 OPERATING INCOME 194,173 197,597 310,740 302,310 Equity in earnings of unconsolidated affiliates (27,414 ) 7,344 (21,522 ) 7,609 Other expenses — net (391 ) (1,953 ) (1,171 ) (1,475 ) Interest expense 7,637 14,255 27,834 30,490 INCOME BEFORE TAXES 158,731 188,733 260,213 277,954 INCOME TAX EXPENSE (BENEFIT) 27,223 70,778 (3,887 ) 104,232 NET INCOME $ 131,508 $ 117,955 $ 264,100 $ 173,722 Net loss attributable to non-controlling interest (4,372 ) (5,439 ) (10,150 ) (7,974 ) Dividends on Washington Gas Light Company preferred stock 330 330 660 660 NET INCOME APPLICABLE TO COMMON STOCK $ 135,550 $ 123,064 $ 273,590 $ 181,036 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING Basic 51,358 51,217 51,336 51,192 Diluted 51,577 51,476 51,561 51,458 EARNINGS PER AVERAGE COMMON SHARE Basic $ 2.64 $ 2.40 $ 5.33 $ 3.54 Diluted $ 2.63 $ 2.39 $ 5.31 $ 3.52 The following table reconciles EBIT by operating segment to net income (loss) applicable to common stock.
Three Months Ended March 31,
Six Months Ended March 31,
(In thousands) 2018 2017 2018 2017 EBIT: Regulated utility 151,069 165,171 249,434 267,888 Retail energy-marketing 15,104 9,255 18,846 38,440 Commercial energy systems 3,562 8,547 9,209 13,210 Midstream energy services 7,306 41,993 29,491 13,509 Other activities (2,185 ) (15,067 ) (6,356 ) (16,265 ) Intersegment eliminations (4,116 ) (1,472 ) (2,427 ) (364 ) Total 170,740 208,427 298,197 316,418 Interest expense 7,637 14,255 27,834 30,490 Income tax expense (benefit) 27,223 70,778 (3,887 ) 104,232 Dividends on Washington Gas preferred stock 330 330 660 660 Net income applicable to common stock 135,550 123,064 273,590 181,036 WGL Holdings, Inc.
Consolidated Financial and Operating Statistics
(Unaudited)
FINANCIAL STATISTICS
Twelve Months Ended March 31,
2018 2017 Closing Market Price — end of period $83.65 $82.53 52-Week Market Price Range $86.45 - $81.22 $83.58 - $58.69 Price Earnings Ratio 15.0 24.1 Annualized Dividends Per Share $2.06 $2.04 Dividend Yield 2.5% 2.5% Return on Average Common Equity 17.5% 11.9% Total Interest Coverage (times) 4.9 5.7 Book Value Per Share — end of period $33.52 $30.03 Common Shares Outstanding — end of period (thousands) 51,359 51,219 WGL Holdings, Inc.
Consolidated Financial and Operating Statistics
(Unaudited)
UTILITY GAS STATISTICS
Three Months Ended
March 31, Six Months Ended
March 31, Twelve Months Ended
March 31, (In thousands) 2018 2017 2018 2017 2018 2017 Operating Revenues Gas Sold and Delivered Residential — Firm $ 338,074 $ 297,406 $ 570,563 $ 495,427 $ 760,342 $ 663,189 Commercial and Industrial — Firm 76,152 60,624 126,208 105,971 176,325 146,422 Commercial and Industrial — Interruptible 1,390 1,099 1,868 1,653 2,454 2,228 415,616 359,129 698,639 603,051 939,121 811,839 Gas Delivered for Others Firm 78,287 86,024 140,729 142,099 207,618 206,413 Interruptible 20,578 14,369 35,110 29,139 55,702 46,879 Electric Generation 378 201 781 576 1,536 1,599 99,243 100,594 176,620 171,814 264,856 254,891 514,859 459,723 875,259 774,865 1,203,977 1,066,730 Other 8,621 6,547 23,211 18,468 44,497 39,416 Total $ 523,480 $ 466,270 $ 898,470 $ 793,333 $ 1,248,474 $ 1,106,146 Three Months Ended
March 31, Six Months Ended
March 31, Twelve Months Ended
March 31, (In thousands of therms) 2018 2017 2018 2017 2018 2017 Gas Sales and Deliveries Gas Sold and Delivered Residential — Firm 361,209 286,159 584,977 493,641 691,616 609,576 Commercial and Industrial — Firm 91,490 66,898 150,378 124,619 200,196 167,742 Commercial and Industrial — Interruptible 1,470 1,465 2,036 2,279 2,312 2,999 454,169 354,522 737,391 620,539 894,124 780,317 Gas Delivered for Others Firm 222,909 182,743 381,446 344,325 532,151 493,385 Interruptible 77,191 75,572 148,833 139,735 251,643 233,214 Electric Generation 19,771 13,229 51,845 36,828 102,628 225,701 319,871 271,544 582,124 520,888 886,422 952,300 Total 774,040 626,066 1,319,515 1,141,427 1,780,546 1,732,617 Utility Gas Purchase Expense (excluding asset optimization)
45.67
¢
43.94
¢
44.26
¢
40.17
¢
39.04
¢
35.15
¢
HEATING DEGREE DAYS Actual 2,106 1,727 3,441 2,923 3,645 4,651 Normal 2,099 2,098 3,410 3,416 3,711 5,525 Percent Colder (Warmer) than Normal 0.3 % (17.7 )% 0.9 % (14.4 )% (1.8 )% (15.8 )% Average Active Customer Meters 1,172,365 1,154,427 1,169,572 1,151,289 1,164,162 1,148,092 WGL ENERGY SERVICES Natural Gas Sales Therm Sales (thousands of therms) 247,400 269,100 446,300 489,600 649,900 734,800 Number of Customers (end of period) 112,500 122,800 112,500 122,800 112,500 122,800 Electricity Sales Electricity Sales (thousands of kWhs) 2,875,600 3,048,300 5,677,000 6,151,500 11,773,800 13,123,000 Number of Accounts (end of period) 106,200 121,200 106,200 121,200 106,200 121,200 WGL ENERGY SYSTEMS Megawatts in service 238 200 238 200 238 200 Megawatt hours generated 66,071 57,695 128,129 106,449 311,391 240,007 WGL Holdings, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
The tables below reconcile operating earnings (loss) on a consolidated basis to GAAP net income (loss) applicable to common stock and adjusted EBIT on a segment basis to EBIT. Management believes that operating earnings (loss) and adjusted EBIT provide a meaningful representation of our earnings from ongoing operations on a consolidated and segment basis, respectively. These measures facilitate analysis by providing consistent and comparable measures to help management, investors and analysts better understand and evaluate our operating results and performance trends, and assist in analyzing period-to-period comparisons. Additionally, we use these non-GAAP measures to report to the board of directors and to evaluate management’s performance.
To derive our non-GAAP measures, we adjust for the accounting recognition of certain transactions (non-GAAP adjustments) based on at least one of the following criteria:
To better match the accounting recognition of transactions with their economics; To better align with regulatory view/recognition; To eliminate the effects of:
i. Significant out of period adjustments;
ii. Other significant items that may obscure historical earnings comparisons and are not indicative of performance trends; and
iii. For adjusted EBIT, other items which may obscure segment comparisons.
There are limits in using operating earnings (loss) and adjusted EBIT to analyze our consolidated and segment results, respectively, as they are not prepared in accordance with GAAP and may be different than non-GAAP financial measures used by other companies. In addition, using operating earnings (loss) and adjusted EBIT to analyze our results may have limited value as they exclude certain items that may have a material impact on our reported financial results. We compensate for these limitations by providing investors with the attached reconciliations to the most directly comparable GAAP financial measures.
The following tables present the unaudited reconciliation of non-GAAP operating earnings to GAAP net income (loss) applicable to common stock (consolidated by quarter):
WGL Holdings, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Fiscal Year 2018 Quarterly Period Ended (1) (In thousands, except per share data) Dec. 31 Mar. 31 Jun. 30 Sept. 30 Fiscal Year Operating earnings (loss) $ 94,923 $ 109,485 $ 204,408 Non-GAAP adjustments (2) (14,351 ) 10,287 (4,064 ) De-designated interest rate swaps (3) (354 ) 13,183 12,829 Income tax effect of non-GAAP adjustments (4) 4,956 (4,839 ) 117 Re-measurement impact of Tax Cuts and Jobs Act (5) 52,866 7,434 60,300 Net income (loss) applicable to common stock $ 138,040 $ 135,550 $ — $ — $ 273,590 Diluted average common shares outstanding 51,549 51,577 51,561 Operating earnings (loss) per share $ 1.84 $ 2.12 $ 3.96 Per share effect of non-GAAP adjustments 0.84 0.51 1.35 Diluted earnings (loss) per average common share $ 2.68 $ 2.63 $ 5.31 Fiscal Year 2017 Quarterly Period Ended (1) (In thousands, except per share data) Dec. 31 (6) Mar. 31 Jun. 30 Sept. 30 Fiscal Year Operating earnings (loss) $ 59,362 $ 96,087 $ 155,449 Non-GAAP adjustments (2) (2,324 ) 38,468 36,144 De-designated interest rate swaps (3) — 2,516 2,516 Income tax effect of non-GAAP adjustments (4) 934 (14,007 ) (13,073 ) Net income (loss) applicable to common stock $ 57,972 $ 123,064 $ — $ — $ 181,036 Diluted average common shares outstanding 51,445 51,476 51,458 Operating earnings (loss) per share $ 1.15 $ 1.87 $ 3.02 Per share effect of non-GAAP adjustments (0.02 ) 0.52 0.50 Diluted earnings (loss) per average common share $ 1.13 $ 2.39 $ 3.52 (1) Quarterly earnings per share may not sum to year-to-date or annual earnings per share as quarterly calculations are based on weighted average common and common equivalent shares outstanding, which may vary for each of those periods.
(2) Refer to the reconciliations of adjusted EBIT to EBIT below for further details on our non-GAAP adjustments. Note that non-GAAP adjustments associated with interest expense or income taxes are shown separately and are not included in the reconciliation from adjusted EBIT to EBIT.
(3) Non-GAAP adjustment related to mark-to-market valuations on forward starting interest rate swaps associated with anticipated future financing. Due to certain covenants in our merger agreement with AltaGas, it is no longer probable that the 30-year debt issuance that the swaps were originally intended to hedge will occur. However, we believe that some form of financing will continue to be required. The hedges were de-designated in January 2017 and settled in January 2018 for $13.8 million.
(4) Non-GAAP adjustments are presented on a gross basis and the income tax effects of those adjustments are presented separately. The income tax effects of non-GAAP adjustments, both current and deferred, are calculated at the individual company level based on the applicable composite tax rate for each period presented, with the exception of transactions not subject to income taxes. Additionally, the income tax effect of non-GAAP adjustments includes investment tax credits related to distributed generation assets.
(5) In December 2017, the Tax Cuts and Jobs Act was signed into law, resulting in, among other effects, a reduction in the corporate tax rate from 35% to 21%. This resulted in a net deferred tax benefit of $52.9 million. An additional true up provision of $7.4 million was recorded in March 2018. This adjustment only reflects the re-measurement impact and not the effect on ongoing earnings of the lower tax rate.
(6) Non-GAAP measures for the quarter ended December 31, 2016 have been recast to include $6.8 million of losses associated with the index price used in certain gas purchases from Antero. The index price used to invoice these purchases had been the subject of an arbitration proceeding; however, in February 2017, the arbitral tribunal ruled in favor of Antero.
WGL Holdings, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
The following tables summarize non-GAAP adjustments by operating segment and present reconciliations of adjusted EBIT to EBIT. EBIT is defined as earnings before interest and taxes, less amounts attributable to non-controlling interest. Items we do not include in EBIT are interest expense, inter-company financing activity, dividends on Washington Gas preferred stock, and income taxes.
Three Months Ended March 31, 2018 (In thousands) Regulated Utility
Retail Energy- Marketing
Commercial Energy
Systems
Midstream Energy
Services
Other Activities
Eliminations
Total Adjusted EBIT 143,604 20,000 5,232 (2,231 ) (2,049 ) (4,103 ) $ 160,453 Non-GAAP adjustments: Unrealized mark-to-market valuations on energy-related derivatives(a) 12,292 (4,896 ) — 2,122 — (13 ) 9,505 Storage optimization program(b) (2,968 ) — — — — — (2,968 ) DC weather impact(c) (1,859 ) — — — — — (1,859 ) Distributed generation asset related investment tax credits(d) — — (1,670 ) — — — (1,670 ) Change in measured value of inventory(e) — — — 7,415 — — 7,415 Merger related costs(f) — — — — (136 ) — (136 ) Total non-GAAP adjustments $ 7,465 $ (4,896 ) $ (1,670 ) $ 9,537 $ (136 ) $ (13 ) $ 10,287 EBIT $ 151,069 $ 15,104 $ 3,562 $ 7,306 $ (2,185 ) $ (4,116 ) $ 170,740 Three Months Ended March 31, 2017 (In thousands) Regulated Utility
Retail Energy- Marketing
Commercial Energy
Systems
Midstream Energy
Services
Other Activities
Eliminations
Total Adjusted EBIT $ 150,223 $ 13,149 $ 10,312 $ (1,252 ) $ (1,061 ) $ (1,412 ) $ 169,959 Non-GAAP adjustments: Unrealized mark-to-market valuations on energy-related derivatives(a) 21,050 (3,894 ) — 23,658 — (60 ) 40,754 Storage optimization program (b) 866 — — — — — 866 DC weather impact(c) (6,968 ) — — — — — (6,968 ) Distributed generation asset related investment tax credits(d) — — (1,765 ) — — — (1,765 ) Change in measured value of inventory(e) — — — 19,587 — — 19,587 Merger related costs (f) — — — — (11,905 ) — (11,905 ) Third-party guarantee (g) — — — — (2,101 ) — (2,101 ) Total non-GAAP adjustments $ 14,948 $ (3,894 ) $ (1,765 ) $ 43,245 $ (14,006 ) $ (60 ) $ 38,468 EBIT $ 165,171 $ 9,255 $ 8,547 $ 41,993 $ (15,067 ) $ (1,472 ) $ 208,427 WGL Holdings, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Six Months Ended March 31, 2018 (In thousands) Regulated Utility
Retail Energy- Marketing
Commercial Energy
Systems
Midstream Energy
Services
Other Activities
Eliminations
Total Adjusted EBIT $ 244,954 $ 26,534 $ 12,546 $ 26,226 $ (5,563 ) $ (2,436 ) $ 302,261 Non-GAAP adjustments: Unrealized mark-to-market valuations on energy-related derivatives(a) 10,846 (7,688 ) — 2,243 — 9 5,410 Storage optimization program(b) (3,429 ) — — — — — (3,429 ) DC weather impact(c) (2,937 ) — — — — — (2,937 ) Distributed generation asset related investment tax credits(d) — — (3,337 ) — — — (3,337 ) Change in measured value of inventory(e) — — — 1,022 — — 1,022 Merger related costs(f) — — — — (793 ) — (793 ) Total non-GAAP adjustments $ 4,480 $ (7,688 ) $ (3,337 ) $ 3,265 $ (793 ) $ 9 $ (4,064 ) EBIT $ 249,434 $ 18,846 $ 9,209 $ 29,491 $ (6,356 ) $ (2,427 ) $ 298,197 Six Months Ended March 31, 2017 (In thousands) Regulated Utility
Retail Energy- Marketing
Commercial Energy
Systems
Midstream Energy
Services
Other Activities
Eliminations
Total Adjusted EBIT $ 241,603 $ 23,044 $ 16,384 $ 1,409 $ (2,259 ) $ 93 $ 280,274 Non-GAAP adjustments: Unrealized mark-to-market valuations on energy-related derivatives(a) 36,486 15,396 — 13,981 — (457 ) 65,406 Storage optimization program (b) 202 — — — — — 202 DC weather impact(c) (10,403 ) — — — — — (10,403 ) Distributed generation asset related investment tax credits(d) — — (3,174 ) — — — (3,174 ) Change in measured value of inventory(e) — — — (1,881 ) — — (1,881 ) Merger related costs (f) — — — — (11,905 ) — (11,905 ) Third-party guarantee (g) — — — — (2,101 ) — (2,101 ) Total non-GAAP adjustments $ 26,285 $ 15,396 $ (3,174 ) $ 12,100 $ (14,006 ) $ (457 ) $ 36,144 EBIT $ 267,888 $ 38,440 $ 13,210 $ 13,509 $ (16,265 ) $ (364 ) $ 316,418 Footnotes:
(a)
Adjustments to eliminate unrealized mark-to-market gains (losses) for our energy-related derivatives for our regulated utility and retail energy-marketing operations as well as certain derivatives related to the optimization of transportation capacity for the midstream energy services segment. With the exception of certain transactions related to the optimization of system capacity assets as discussed in footnote (b) below, when these derivatives settle, the realized economic impact is reflected in our non-GAAP results, as we are only removing interim unrealized mark-to-market amounts.
(b)
Adjustments to shift the timing of storage optimization margins for the regulated utility segment from the periods recognized for GAAP purposes to the periods in which such margins are recognized for regulatory sharing purposes. In addition, lower-of-cost or market adjustments related to system and non-system storage optimization are eliminated for non-GAAP reporting because the margins will be recognized for regulatory purposes when the withdrawals are made at the unadjusted historical cost of storage inventory.
(c)
Eliminates the estimated financial effects of warm or cold weather in the District of Columbia, as measured consistent with our regulatory tariff. Washington Gas has regulatory weather protection mechanisms in Maryland and Virginia designed to neutralize the estimated financial effects of weather. Utilization of normal weather is an industry standard, and it is our practice to evaluate our rate-regulated revenues by utilizing normal weather and to provide estimates and guidance on the basis of normal weather.
(d)
To reclassify the amortization of deferred investment tax credits from income taxes to operating income for the commercial energy systems segment. These credits are a key component of the operating success of this segment and therefore are included within adjusted EBIT to help management and investors better assess the segment’s performance.
(e)
For our midstream energy services segment, adjustments to reflect storage inventory at market or at a value based on the price used to value the physical forward sales contract that is economically hedging the storage inventory. Adjusting our storage optimization inventory in this fashion better aligns the settlement of both our physical and financial transactions and allows investors and management to better analyze the results of our non-utility asset optimization strategies. Additionally, this adjustment also includes the net effect of certain sharing mechanisms on the difference between the changes in our non-GAAP storage inventory valuations and the unrealized gains and losses on derivatives not subject to non-GAAP adjustments.
(f)
Adjustment to eliminate external costs associated with the proposed merger with AltaGas.
(g)
Guarantee on behalf of a third party associated with a solar investment.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006815/en/
WGL Holdings, Inc.
News Media
Brian Edwards, 202-624-6620
or
Financial Community
Douglas Bonawitz, 202-624-6129
Source: WGL Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-wgl-holdings-inc-reports-second-quarter-fiscal-year-2018-financial-results.html |
May 30 (Reuters) - Apparel maker PVH Corp on Wednesday reported quarterly sales that beat Wall Street estimates, driven by demand for its Calvin Klein and Tommy Hilfiger brands.
Net income attributable to the company rose to $179.4 million, or $2.29 per shares, in the first quarter ended May 6, from $70.4 million, or 89 cents per share, a year earlier.
Net sales rose 16.4 percent to $2.31 billion, beating analysts’ expectation of $2.28 billion, according to Thomson Reuters I/B/E/S. (Reporting by Nivedita Balu in Bengaluru; Editing by Maju Samuel)
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Advertise with Us Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/pvh-results/calvin-klein-owner-pvh-tops-first-quarter-sales-estimates-idUSL3N1T15YB |
May 3 (Reuters) - Esprinet SpA:
* SAYS REACHED AGREEMENT ON A RE-SET OF FINANCIAL COVENANTS ON “SENIOR” FIVE-YEAR FACILITY Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-esprinet-financial-covenant-reset/brief-esprinet-financial-covenant-reset-approved-on-senior-five-year-facility-idUSFWN1SA0T7 |
FRANKFURT (Reuters) - Bundesbank President Jens Weidmann will serve as a second three-year term as the chair of the Bank of International Settlements, an umbrella organization often called the central bank of central banks.
German Bundesbank President Jens Weidmann is seen after G-20 finance ministers and central banks governors family photo during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018. REUTERS/Yuri Gripas Weidmann, frequently mentioned as a candidate to succeed Mario Draghi as European Central Bank Chief Mario Draghi next year, has been the Chair of the BIS since Nov 2015.
Basel-based BIS, owned by around 60 central banks, is a gathering place for the world’s top monetary policymakers and its board includes top officials from the U.S. Federal Reserve, the Bank of Japan and the ECB, among others.
Reporting by Balazs Koranyi; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/us-bis-board-weidmann/bundesbank-chief-weidmann-gets-new-term-as-bis-chair-idUSKBN1I90SL |
May 10 (Reuters) - EPIC Midstream Holdings LP said on Thursday it formed strategic partnerships with Apache Corp and Noble Energy for its Texas pipeline, which is expected to be in service in the second half of 2019.
The EPIC Crude Oil Pipeline will run beside the company’s Natural Gas Liquids Pipelines for 730 miles from southeastern New Mexico to Corpus Christi, Texas, the company said in a statement.
U.S. oil production has reached an all-time high, but the prolific output is causing bottlenecks as pipelines transporting the crude have filled up more quickly than expected. That has depressed prices in the Permian, posing a threat to future production, while providing a boost to pipeline companies as the lines have filled to near capacity.
Apache and Noble Energy would anchor the crude oil pipeline, which will have an initial total capacity of 590,000 barrels of oil per day, including 440,000 barrels per day from the Permian Basin and 150,000 barrels per day from the Eagle Ford.
As part of the partnerships, Apache will have an option to buy up to 15 percent of the equity in the EPIC Crude Oil Pipeline, and Noble will have an option to acquire up to 30 percent of equity in the EPIC Crude Oil Pipeline, as well as up to 15 percent of the EPIC NGL Pipeline, the company said.
The EPIC pipelines are backed by capital commitments from funds managed by the Private Equity Group of Ares Management LP . (Reporting by Vibhuti Sharma and Ismail Shakil in Bengaluru Editing by Leslie Adler)
| ashraq/financial-news-articles | https://www.reuters.com/article/epic-midstream-holdings-lp-oil-pipelines/epic-midstream-in-partnerships-for-its-texas-pipeline-idUSL3N1SH7KD |
VANCOUVER, British Columbia and MENLO PARK, Calif., May, 17, 2018 /PRNewswire/ -- DelMar Pharmaceuticals, Inc. (NASDAQ: DMPI) ("DelMar" or the "Company"), a biopharmaceutical company focused on the development of new cancer therapies, announced its financial results for the third quarter ended March 31, 2018. DelMar executive management will host a business update conference call for investors, analysts and other interested parties on May 30, 2018 at 4:30 p.m. Eastern Time.
"This quarter has been a pivotal and important period for DelMar. I am pleased with our enhanced focus on leveraging VAL-083's unique mechanism of action to advance both of our Phase 2 clinical programs including MGMT-unmethylated, second-line, bevacizumab (Avastin) naïve glioblastoma, and MGMT-unmethylated, first-line, temozolomide-naïve glioblastoma. MGMT methylation status has become increasingly important in the diagnosis and treatment of glioblastoma, and a routine part of clinical practice as it is a well-established biomarker that correlates with resistance to the standard-of-care chemotherapy, temozolomide, and with patient outcomes. We believe that using this biomarker will optimize patient selection for treatment in future trials with our lead drug candidate, VAL-083, thereby streamlining development and enhancing opportunities for success in our clinical development programs," commented Saiid Zarrabian, Interim President and Chief Executive Officer.
KEY HIGHLIGHTS
Continued enrolling patients in the Company's Phase 2, open-label, second-line Avastin-naïve, MGMT-unmethylated, recurrent glioblastoma multiforme (GBM) trial being conducted at the MD Anderson Cancer Center Increased patient enrollment rate of the Phase 2, open-label, first-line temozolomide-naïve, MGMT-unmethylated GBM trial at Sun Yat-sen University Cancer Center Presented a positive interim update from ongoing open-label Phase 2 clinical trials in MGMT-unmethylated GBM at the Annual Meeting of the American Association for Cancer Research (AACR) held in April, 2018 Presented promising preclinical results supporting the potential of VAL-083 in the treatment of cancer patients whose tumors exhibit features that make them resistant to, or unlikely to respond to, currently available therapies at the Annual Meeting of AACR held in April, 2018 Presented promising preclinical data supporting the potential of VAL-083 as part of second- line combination treatment with Avastin for GBM at the biennial Canadian Neuro-Oncology meeting in May 2018 Ramped-up evaluation of improved development strategies for VAL-083's ovarian program, including specific biomarkers for optimal VAL-083 efficacy and combination treatment with PARP inhibitors, utilizing our newly formed clinical advisory board Based on overall clinical and corporate development progress achieved to date, we expect to have cash available to fund planned operations into the third quarter of calendar 2019
For further details on the Company's operating and financial results, as well as more detail about its updated strategy, refer to DelMar's 10-Q filed with the SEC on May 15, 2018, http://ir.delmarpharma.com/all-sec-filings .
CONFERENCE CALL DETAILS
DelMar plans to host a conference call to discuss its financial results for the quarter ended March 31, 2018 and provide a corporate update on May 30, 2018, at 4:30 p.m. Eastern Time. For both "listen-only" participants and those who wish to take part in the question and answer portion of the call, the telephone Dial-in Number is 1 877‑876‑9176 (toll free) with Conference ID DELMAR .
A replay of the conference call will be available on the IR Calendar of the Investors section of the Company's website at www.delmarpharma.com and will be archived for 30 days.
SUMMARY OF FINANCIAL RESULTS FOR THE PERIOD ENDED MARCH 31, 2018
At March 31, 2018, the Company had combined cash and cash equivalents and clinical trial deposits on hand of approximately $9.4 million.
For the three months ended March 31, 2018, the Company reported a net loss of $2,933,057 or $0.13 per share, compared to a net loss of $1,868,460, or $0.18 per share, for the three months ended March 31, 2017. For the nine months ended March 31, 2018, the Company reported a net loss of $8,761,061 or $0.44 per share, compared to a net loss of $5,480,772, or $0.54 per share, for the nine months ended March 31, 2017.
The following represents selected financial information as of March 31, 2018. The Company's financial information has been prepared in accordance with U.S. GAAP and this selected information should be read in conjunction with DelMar's consolidated financial statements and management's discussion and analysis ("MD&A"), as filed.
DelMar's financial statements as filed with the U.S. Securities Exchange Commission can be viewed on the company's website at: http://ir.delmarpharma.com/all-sec-filings .
Selected Balance Sheet Data
March 31,
2018
$
June 30,
2017
$
Cash and cash equivalents
8,506,922
6,586,014
Working capital
7,628,044
6,566,371
Total assets
9,676,838
7,911,021
Derivative liability
3,389
61,228
Total stockholders' equity
7,659,730
6,578,524
Selected Statement of Operations Data
For the three months ended:
March 31,
March 31,
2018
2017
$
$
Research and development
1,779,609
1,086,107
General and administrative
1,155,038
698,125
Change in fair value of stock option and derivative liabilities
(2,160)
77,479
Foreign exchange loss
6,420
6,897
Interest income
(5,850)
(148)
Net and comprehensive loss for the period
2,933,057
1,868,460
Series B preferred stock dividend
46,626
209,811
Net and comprehensive loss available to common stockholders
2,979,683
2,078,271
Basic weighted average number of shares outstanding
22,832,445
11,574,052
Basic loss per share
0.13
0.18
Excluding the impact of non-cash expense, research and development expenses increased to $1,765,643 during the current quarter from $968,332 for the same period in the prior year. The increase was primarily due to manufacturing costs for drug product as well as ongoing clinical trial costs for the Company's two Phase 2, biomarker-driven clinical studies. In addition, the Company recognized certain costs related to parking its STAR-3, Phase 3 trial during the current quarter. Excluding the impact of non-cash expenses, general and administrative expenses increased in the three months ended March 31, 2018 to $870,202 from $635,769 for the three months ended March 31, 2017
For the nine months ended:
March 31,
March 31,
2018
2017
$
$
Research and development
5,856,197
2,939,746
General and administrative
2,911,538
2,586,050
Change in fair value of stock option and derivative liabilities
(57,839)
(58,501)
Foreign exchange loss
57,406
13,726
Interest income
(6,241)
(249)
Net and comprehensive loss for the period
8,761,061
5,480,772
Series B Preferred stock dividend
142,358
676,865
Net and comprehensive loss available to common stockholders
8,903,419
6,157,637
Basic weighted average number of shares outstanding
20,179,765
11,432,376
Basic loss per share
0.44
0.54
Excluding the impact of non-cash expense, research and development expenses increased to $5,720,830 during the nine months period ended March 31, 2018, compared to $2,831,861 for the same period in the prior year. The increase was partially due to manufacturing costs for drug product as well as ongoing trial costs for the Company's two Phase 2, biomarker-driven clinical studies. During the nine months ended March 31, 2018, the Company undertook site initiation and enrollment for its parked STAR-3, Phase 3 study in GBM. At March 31, 2018, the Company recognized certain costs related to the parking of the trial.
Excluding the impact of non-cash expenses, general and administrative expenses increased in the nine months ended March 31, 2018 to $2,456,207 from $1,942,944 for the nine months ended March 31, 2017.
About DelMar Pharmaceuticals, Inc.
DelMar Pharmaceuticals is focused on the development and commercialization of new therapies for cancer patients who have limited or no treatment options. By focusing on understanding tumor biology and mechanisms of treatment resistance, the Company identifies biomarkers to personalize new therapies in indications where patients are failing, or are unable to tolerate, standard-of-care treatments.
The Company's current pipeline is based around VAL-083, a "first-in-class," small-molecule chemotherapeutic with a novel mechanism of action that has demonstrated clinical activity against a range of cancers including central nervous system, ovarian and other solid tumors (e.g. NSCLC, bladder cancer, head & neck) in U.S. clinical trials sponsored by the National Cancer Institute (NCI). Based on DelMar's internal research programs, and these prior NCI-sponsored clinical studies, the Company is conducting clinical trials to support the development and commercialization of VAL-083 to solve significant unmet medical needs.
VAL-083 is also being studied in two collaborator-supported, biomarker-driven, Phase 2 clinical trials for MGMT-unmethylated GBM. Overcoming MGMT-mediated resistance represents a significant unmet medical need in the treatment of GBM. In addition, DelMar recently announced the allowance of a separate IND for VAL-083 as a potential treatment for platinum-resistant ovarian cancer.
Further information on DelMar's clinical trials can be found on clinicaltrials.gov : https://www.clinicaltrials.gov/ct2/results?cond=&term=val-083&cntry1=&state1=&recrs
For additional information, please visit http://delmarpharma.com/ ; or contact DelMar Pharmaceuticals Investor Relations: [email protected] / (604) 629-5989.
Connect with the Company on Twitter , LinkedIn , Facebook , and Google+ .
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company's products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC, including, the Company's Annual Report on Form 10-K for the year ended June 30, 2017, the Company's Quarterly Reports on Form 10-Q and the Company's Current Reports on Form 8-K.
View original content with multimedia: http://www.prnewswire.com/news-releases/delmar-pharmaceuticals-announces-third-quarter-fiscal-year-2018-financial-results-300650028.html
SOURCE DelMar Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-delmar-pharmaceuticals-announces-third-quarter-fiscal-year-2018-financial-results.html |
Twitter Inc. said it sold data to the Cambridge University academic who had separately shared user data he gleaned from Facebook Inc. with third parties including the controversial research firm Cambridge Analytica.
The disclosure adds more detail about the activities of Cambridge University psychology professor Aleksandr Kogan, though in this instance there are no allegations that user privacy was compromised.
In... RELATED VIDEO Facebook's current data crisis involving Cambridge Analytica has angered users and prompted government investigations. To understand what's happening now, you have to look back at Facebook's old policies from 2007 to 2014. WSJ's Shelby Holliday explains. Illustration: Laura Kammerman | ashraq/financial-news-articles | https://www.wsj.com/articles/twitter-says-it-sold-data-to-cambridge-university-researcher-1525130304 |
Tim Collins’ long road back to the major leagues reached its end when he was promoted by the Washington Nationals.
Oct 28, 2014; Kansas City, MO, USA; Kansas City Royals relief pitcher Tim Collins (55) celebrates after defeating the San Francisco Giants during game six of the 2014 World Series at Kauffman Stadium. Mandatory Credit: Peter G. Aiken-USA TODAY Sports The 5-foot-7 Collins, a former setup man for the Kansas City Royals, last pitched in the majors in 2014 and didn’t play at all in 2015 and 2016 while recovering from multiple Tommy John surgeries. He underwent the first in March of 2015 before an MRI around the same time a year later revealed he would need a second.
Collins, 28, had a 3.63 ERA in 17 appearances for Triple-A Syracuse this season. His promotion comes a day after the Nationals placed right-handed reliever Ryan Madson on the 10-day disabled list with a pectoral muscle strain. To make room for Collins on the 40-man roster, the Nationals transferred veteran utility man Howie Kendrick to the 60-day disabled list.
— Major League Baseball on Monday extended Toronto closer Roberto Osuna’s administrative leave seven additional days as it continues to investigate an assault charge against the Blue Jays pitcher.
In a tweet by its communications department, the league announced Osuna’s leave is extended through May 28, the second such extension thus far during its investigation. The leave means that Osuna will continue to collect on his $5.3 million salary but cannot play.
Osuna, 23, was originally placed on leave on May 8 after he was charged with assaulting a woman, according to Toronto police. Further details of the alleged incident were not released for the protection of the woman’s identity. Osuna is scheduled to appear in court on June 18.
Osuna has a 2.93 ERA and nine saves in 15 appearances this season. He was an All-Star last year, when he saved 39 games in 66 appearances.
—The Texas Rangers recalled right-handed reliever Matt Bush from Triple-A Round Rock and designated right-hander Kevin Jepsen for assignment.
Bush, 32, posted a 3.97 ERA in 13 appearances (three starts) this season before being optioned last month to Round Rock, where he allowed two runs and nine hits across nine innings while striking out 14.
The former No. 1 overall pick posted a 3.08 ERA in 114 innings across 115 appearances during the 2016 and 2017 seasons with the Rangers.
—Jerad Eickhoff’s return to the Philadelphia Phillies suffered a setback on Sunday when the right-hander experienced numbness in the fingertips of his pitching hand during a rehab start.
Eickhoff left the contest after allowing two runs (one earned) on four hits in three innings. He has yet to pitch in the majors this year due to a right lat strain suffered in spring training.
The “twinge” of numbness Eickhoff felt, as described by manager Gabe Kapler, is similar to the nerve irritation issues the 27-year-old dealt with last year that prematurely ended his season. Sunday’s outing was Eickhoff’s second in the minors, and he was expected to be activated after one more. Eickhoff posted a 4.71 ERA in 24 starts last season.
—Milwaukee Brewers right-hander Chase Anderson returned from the disabled list to start the team’s home game against the Arizona Diamondbacks.
Anderson has been out since missing a May 12 start against the Colorado Rockies with what was described as flu-like symptoms.
Anderson, 30, is 3-3 with a 3.97 ERA in eight starts this season. He posted a 2.74 ERA in 25 starts during a breakout 2016.
—In need of a relief pitcher but with Tommy Kahnle not quite ready to go, the New York Yankees called up reliever Giovanny Gallegos from Triple-A Scranton/Wilkes Barre.
To make room on the roster, the Yankees optioned outfielder Clint Frazier down to Scranton/Wilkes Barre on Sunday.
Kahnle went on the disabled list on April 17 with right shoulder tendinitis. He has been throwing in Tampa, Fla., site of the Yankees’ spring training facilities.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb-notebook/major-league-baseball-notebook-nationals-promote-tim-collins-idUSKCN1IN07H |
May 14, 2018 / 4:35 PM / a day ago Wenders film shows 'emotional giant' Pope Francis Hanna Rantala 3 Min Read
CANNES, France (Reuters) - Viewers hoping Wim Wenders’ documentary about Pope Francis will be a critical portrait of the head of the Catholic Church will be disappointed. The German director makes no excuses for the fact this is a work of love for a man he respects. 71st Cannes Film Festival – Photocall for the documentary film "Pope Francis: A Man of His Word" presented as part of a special screening – Cannes, France May 13, 2018. Director Wim Wenders poses. REUTERS/Stephane Mahe
Wenders, who won the Palme d’Or for “Paris, Texas” in 1984, has made several successful documentaries, including “Buena Vista Social Club” about the Cuban music scene, and “Pina” on dance choreographer Pina Bausch - subjects that, like the pope, are things he has great affection for.
“I didn’t want to make a critical film about him, other people do that really well, television does it all the time,” Wenders told Reuters in Cannes where “Pope Francis - a Man Of His Word” had its premiere.
“My documentaries are expressions of love and affection for something that I want to share with the world ... Right now I think there is nobody who has more important things to say to us that the pope, so I wanted to share that.
“We are living in an utterly immoral time and our political leaders, powerful leaders, are emotional dwarfs. So I wanted to have this emotional giant talk to us.” 71st Cannes Film Festival – Photocall for the documentary film "Pope Francis: A Man of His Word" presented as part of a special screening – Cannes, France May 13, 2018. Director Wim Wenders poses. REUTERS/Jean-Paul Pelissier
Jorge Mario Bergoglio, born in Argentina in 1936, became pope in 2013 after the unexpected resignation of Pope Benedict. He chose his papal name after Francis of Assisi, a figure Wenders calls “a revolutionary” for his work with the poor and nature.
“Today Saint Francis would be the first ecologist of the world. Pope Francis took on a heavy duty prog by choosing that name,” Wenders said.
He filmed four two-hour interviews with Francis in which the pope talked directly into camera. Slideshow (3 Images)
He said a kind of “teleprompter in reverse” allowed him to get that intimate look, by imposing Wenders’ face on a transparent screen with a camera behind it “so by looking into my eyes he sees everybody’s eyes”.
“This man communicates in such an honest direct and spontaneous way ... even with the greatest actors you find that very rarely,” Wenders said.
With no prerequisites from the Vatican, Wenders insists his film is more than a promotional video.
“It is not propaganda,” he said.
“It’s not a commission. I was free to do what I wanted to do and this is what I wanted to do. I wanted to give a platform for his work, period.”
The Cannes Film Festival runs to May 19. Writing by Robin Pomeroy; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-filmfestival-cannes-pope-francis/wenders-film-shows-emotional-giant-pope-francis-idUKKCN1IF2CC |
WILMINGTON, Del.--(BUSINESS WIRE)-- Rigrodsky & Long, P.A.:
Do you own shares of Charter Financial Corporation (NASDAQ CM: CHFN )? Did you purchase any of your shares prior to April 24, 2018? Do you think the proposed merger is fair? Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Charter Financial Corporation (“Charter” or the “Company”) (NASDAQ CM: CHFN ) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to merge with CenterState Bank Corporation (“CenterState”) (NASDAQ GS: CSFL ) in a transaction valued at approximately $360.1 million. Under the terms of the agreement, shareholders of Charter will receive 0.738 of a share of CenterState common stock and $2.30 in cash consideration for each outstanding share of Charter common stock. Based on CenterState’s stock price of $27.72 as of April 24, 2018, this equates to a per share value of $22.76.
If you own common stock of Charter and purchased any shares before April 24, 2018, if you would like to learn more about this investigation, or if you have any questions concerning this announcement or your rights or interests, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail at [email protected] .
Rigrodsky & Long, P.A. , with offices in Wilmington, Delaware, Garden City, New York, and San Francisco, California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions .
Attorney advertising. Prior results do not guarantee a similar outcome.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006897/en/
Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Gina M. Serra
888-969-4242
302-295-5310
Fax: 302-654-7530
[email protected]
http://www.rigrodskylong.com
Source: Rigrodsky & Long, P.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-shareholder-alert-rigrodsky-long-p-a-announces-investigation-of-charter-financial-corporation-merger.html |
May 14 (Reuters) - Shanghai Athub Co Ltd:
* SAYS IT PLANS TO COOPERATE WITH ALIBABA TO BUILD FIVE DATA CENTRE PROJECTS
* SAYS THE PROJECTS WILL BE COMPLETED WITHIN 18 MONTHS, SEES TOTAL EXPECTED REVENUE DURING OPERATIONS AT UP TO 8.28 BILLION YUAN ($1.31 billion) Source text in Chinese: bit.ly/2wEmVun Further company coverage: ($1 = 6.3359 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-shanghai-athub-to-cooperate-with-a/brief-shanghai-athub-to-cooperate-with-alibaba-to-build-five-data-centre-projects-idUSL3N1SL4VT |
May 20, 2018 / 3:58 PM / Updated 30 minutes ago Multiple bomb attacks hit Thailand's deep south, injure three people Reuters Staff 2 Min Read
BANGKOK (Reuters) - Multiple bomb attacks by suspected separatist insurgents injured at least three people in Thailand’s far south on Sunday, the military said.
A decades-old separatist insurgency in predominantly Buddhist Thailand’s largely ethnic Malay, Muslim provinces of Yala, Pattani and Narathiwat has claimed the lives of nearly 7,000 people since 2004, according to the Deep South Watch group, which monitors the violence.
Successive governments have held talks with rebel groups aimed at bringing peace but the discussions have largely stalled, including under the current, military government.
In Sunday’s attacks, explosives were placed near ATM machines and bank branches in at least 14 locations across four southern provinces, including Yala, Pattani and Narathiwat, as well as Songkhla province, the military said.
“There is violence every year during the period of Ramadan,” Colonel Pramote Prom-in, a regional security spokesman, told Reuters.
Muslims around the world marked the start of the fasting month of Ramadan last week.
As with most attacks in Thailand’s deep south, there was no claim of responsibility.
Yala, Pattani and Narathiwat were part of an independent Malay Muslim sultanate before Thailand annexed them in 1909.
Some rebel groups in the south have said they are fighting to establish an independent state.
Thai Prime Minister Prayuth Chan-ocha told local media in April that his government has made “major headway” in talks with insurgents, which have been mediated by neighbouring Malaysia since 2015.
But a spokesman for Mara Patani, one of the insurgent groups talking to the government, told Reuters that progress has been slow and blamed the Thai government for dragging out the talks. Reporting by Panu Wongcha-um, Panarat Thepgumpanat and Surapan Boonthanom; Editing by Amy Sawitta Lefevre and Raissa Kasolowsky | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-thailand-insurgency/multiple-bomb-attacks-hit-thailands-deep-south-injure-three-people-idUKKCN1IL0MU |
May 22 (Reuters) - Juniper Networks Inc:
* RED HAT AND JUNIPER NETWORKS EXPAND COLLABORATION TO PROVIDE A SIMPLIFIED AND MORE SECURE PATH TO MULTICLOUD Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-red-hat-and-juniper-networks-expan/brief-red-hat-and-juniper-networks-expand-collaboration-for-multicloud-idUSFWN1ST0DN |
NEW YORK, May 3, 2018 /PRNewswire/ -- Genpact Limited (NYSE: G), a global professional services firm focused on delivering digital transformation, today announced ended March 31, 2018.
"We had a strong start to the year, highlighted by double-digit growth in a number of our chosen verticals and service lines, leading to mid-teen Global Client BPO revenue growth on a constant currency basis," said "Tiger" Tyagarajan, Genpact's president and CEO . "Our two highly synergistic routes to market, Transformation Services and Intelligent Operations, are unlocking many opportunities for us to win new logos as well as increase penetration with existing clients, including more sole-sourced deals."
Key Financial Results – First Quarter 2018
Total revenue was $689 million, up 11% year-over-year (up ~9% on a constant currency basis). Income from operations was $64 million, down 19% year-over-year, with a corresponding margin of 9.3%. Adjusted income from operations was $97 million, up 11% year-over-year, with a corresponding margin of 14.1%. 3 Diluted earnings per share were $0.33, up 25% year-over-year, and adjusted diluted earnings per share were $0.39, up 27% year-over-year. The current quarter diluted earnings per share includes a $0.02 foreign currency gain resulting from balance sheet re-measurement. Genpact repurchased approximately 3.2 million of its common shares during the quarter for total consideration of $100 million at an average price per share of $31.44.
Revenue Details – First Quarter 2018
Revenue from Global Clients was $631 million, up 14% year-over-year (up ~12% on a constant currency basis), representing approximately 92% of total revenues. Revenue from GE was $58 million, down 16% year-over-year, representing approximately 8% of total revenues. Total BPO revenue was $574 million, up 12% year-over-year, representing approximately 83% of total revenues. Global Client BPO revenue was $540 million, up 17% year-over-year (up ~15% on a constant currency basis). GE BPO revenue was $34 million, down 31% year-over-year. Total IT revenue was $115 million, up 3% year-over-year, representing approximately 17% of total revenues. Global Client IT revenue was $91 million, down 1% year-over-year. GE IT revenue was $24 million, up 19% year-over-year.
Cash Flow from Operations
Genpact utilized $27 million of cash in operations in the first quarter of 2018, compared to generating $31 million in cash from operations during the first quarter of 2017.
2018 Outlook
Genpact continues to expect:
Total revenue for the full year 2018 of $2.93 to $3.0 billion. Global Client revenue growth in the range of 9% to 11%, both on an as-reported and constant currency basis. Adjusted income from operations margin 4 of approximately 15.8%. Genpact now expects: Adjusted diluted EPS 5 to increase to $1.72 to $1.76, from our prior outlook of $1.70 to $1.74.
Conference Call to Discuss Financial Results
Genpact's management will host an hour-long conference call beginning at 4:30 p.m. ET on May 3, 2018 to discuss the company's performance for the first quarter ended March 31, 2018. To participate, callers can dial +1 (877) 654-0173 from within the U.S. or +1 (281) 973-6289 from any other country. Thereafter, callers will be prompted to enter the conference ID, 8895845.
A live webcast of the call will also be made available on the Genpact Investor Relations website at http://investors.genpact.com . For those who cannot join the call live, a replay will be archived on the Genpact website after the end of the call. A transcript of the call will also be made available on the website.
About Genpact
Genpact (NYSE: G) is a global professional services firm that makes business transformation real. We drive digital-led innovation and digitally-enabled intelligent operations for our clients, guided by our experience running thousands of processes for hundreds of Global Fortune 500 companies. We think with design, dream in digital, and solve problems with data and analytics. We obsess over operations and focus on the details – all 78,000+ of us. From New York to New Delhi and more than 20 countries in between, Genpact has the end-to-end expertise to connect every dot, reimagine every process, and reinvent companies' ways of working. We know that rethinking each step from start to finish will create better business outcomes. Whatever it is, we'll be there with you – putting data and digital to work to create bold, lasting results – because transformation happens here.
Safe Harbor
This press release contains certain statements concerning our future growth prospects and , as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those in such . These risks, uncertainties and other factors include but are not limited to a slowdown in the economies and sectors in which our clients operate, a slowdown in the business process outsourcing and information technology services sectors, the risks and uncertainties arising from our past and future acquisitions, our ability to convert bookings to revenues, our ability to manage growth, factors which may impact our cost advantage, wage increases, changes in tax rates and tax legislation and other laws and regulations, our ability to attract and retain skilled professionals, risks and uncertainties regarding fluctuations in our earnings, foreign currency fluctuations, general economic conditions affecting our industry as well as other risks detailed in our reports filed with the U.S. Securities , including Genpact's Annual Report on Form 10-K. These filings are available at www.sec.gov . Genpact may from time to time make additional written and oral , including statements contained in our filings with the Securities and our reports to shareholders. Although Genpact believes that these are based on reasonable assumptions, you are cautioned not to put undue reliance on these , which reflect management's current analysis of future events and should not be relied upon as representing management's expectations or beliefs as of any date subsequent to the time they are made. Genpact undertakes no obligation to update any that may be made from time to time by or on behalf of Genpact.
Contacts
Investors
Roger Sachs, CFA
+1 (203) 808-6725
[email protected]
Media
Gail Marold
+1 (919) 345-3899
[email protected]
GENPACT LIMITED AND ITS SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
(In thousands, except per share data and share count)
As of December 31,
As of March 31,
2017
2018
Assets
Current assets
Cash and cash equivalents
$
504,468
$
424,226
Accounts receivable, net
693,085
703,066
Prepaid expenses and other current assets
236,342
199,208
Total current assets
$
1,433,895
$
1,326,500
Property, plant and equipment, net
207,030
205,035
Deferred tax assets
76,929
81,734
Investment in equity affiliates
886
919
Intangible assets, net
131,590
125,781
Goodwill
1,337,122
1,337,051
Contract cost assets
—
162,435
Other assets
262,169
157,672
Total assets
$
3,449,621
$
3,397,127
Liabilities and equity
Current liabilities
Short-term borrowings
$
170,000
$
275,000
Current portion of long-term debt
39,226
39,237
Accounts payable
15,050
13,811
Income taxes payable
30,026
40,026
Accrued expenses and other current liabilities
584,482
503,116
Total current liabilities
$
838,784
$
871,190
Long-term debt, less current portion
1,006,687
996,999
Deferred tax liabilities
6,747
7,083
Other liabilities
168,609
155,858
Total liabilities
$
2,020,827
$
2,031,130
Redeemable non-controlling interest
4,750
—
Shareholders' equity
Preferred shares, $0.01 par value, 250,000,000 authorized, none issued
—
—
Common shares, $0.01 par value, 500,000,000 authorized, 192,825,207
and 190,613,135 issued and outstanding as of December 31, 2017 and
March 31, 2018, respectively
1,924
1,903
Additional paid-in capital
1,421,368
1,422,897
Retained earnings
355,982
321,916
Accumulated other comprehensive income (loss)
(355,230)
(380,719)
Total equity
$
1,424,044
$
1,365,997
Total liabilities, redeemable non-controlling interest and equity
$
3,449,621
$
3,397,127
GENPACT LIMITED AND ITS SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)
(In thousands, except per share data and share count)
Three months ended March 31,
2017
2018
Net revenues
$
622,995
$
688,912
Cost of revenue
383,337
444,324
Gross profit
$
239,658
$
244,588
Operating expenses:
Selling, general and administrative expenses
160,858
171,109
Amortization of acquired intangible assets
7,242
9,936
Other operating (income) expense, net
(7,538)
(218)
Income from operations
$
79,096
$
63,761
Foreign exchange gains (losses), net
(4,913)
4,798
Interest income (expense), net
(5,493)
(8,100)
Other income (expense), net
553
15,550
Income before equity-method investment activity, net and income tax
expense
$
69,243
$
76,009
Equity-method investment activity, net
(4,558)
—
Income before income tax expense
$
64,685
$
76,009
Income tax expense
12,245
12,075
Net income
$
52,440
$
63,934
Net loss attributable to redeemable non-controlling interest
898
761
Net income attributable to Genpact Limited shareholders
$
53,338
$
64,695
Net income available to Genpact Limited common shareholders
$
53,338
$
64,695
Earnings per common share attributable to Genpact Limited common
shareholders
Basic
$
0.27
$
0.34
Diluted
$
0.26
$
0.33
Weighted average number of common shares used in computing earnings per
common share attributable to Genpact Limited common shareholders
Basic
199,069,528
192,816,626
Diluted
202,655,937
196,288,569
GENPACT LIMITED AND ITS SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Three months ended March 31,
2017
2018
Operating activities
Net income attributable to Genpact Limited shareholders
$
53,338
$
64,695
Net loss attributable to redeemable non-controlling interest
(898)
(761)
Net income
$
52,440
$
63,934
Adjustments to reconcile net income to net cash provided by (used for) operating
activities:
Depreciation and amortization
14,139
15,836
Amortization of debt issuance costs
375
488
Amortization of acquired intangible assets
7,242
9,936
Reserve for doubtful receivables
—
(103)
Unrealized loss (gain) on revaluation of foreign currency asset/liability
8,757
(8,525)
Equity-method investment activity, net
4,558
—
Stock-based compensation expense
4,986
7,787
Deferred income taxes
(2,890)
(4,625)
Others, net
(4,301)
(28)
Change in operating assets and liabilities:
Decrease (increase) in accounts receivable
19,649
(6,025)
Increase in prepaid expenses, other current assets, contract cost assets and
other assets
(12,025)
(37,008)
Decrease in accounts payable
(928)
(1,224)
Decrease in accrued expenses, other current liabilities and other liabilities
(69,131)
(77,734)
Increase in income taxes payable
8,157
9,969
Net cash provided by/(used for) operating activities
$
31,028
$
(27,322)
Investing activities
Purchase of property, plant and equipment
(17,084)
(18,706)
Payment for internally generated intangible assets
(2,614)
(4,365)
Proceeds from sale of property, plant and equipment
389
144
Investment in equity affiliates
(467)
—
Payment for business acquisitions, net of cash acquired
(9,237)
—
Payment for purchase of redeemable non-controlling interest
—
(4,730)
Net cash used for investing activities
$
(29,013)
$
(27,657)
Financing activities
Repayment of capital lease obligations
(494)
(537)
Payment of debt issuance costs
(1,481)
—
Proceeds from long-term debt
350,000
—
Repayment of long-term debt
(10,000)
(10,000)
Proceeds from short-term borrowings
40,000
105,000
Repayment of short-term borrowings
(185,000)
—
Proceeds from issuance of common shares under stock-based compensation plans
7,761
4,202
Payment for net settlement of stock-based awards
(9,939)
(13,284)
Payment of earn-out/deferred consideration
(1,097)
(1,476)
Dividend paid
(11,957)
(14,408)
Payment for stock purchased and retired
(219,784)
(95,984)
Payment for expenses related to stock purchase
(16)
(60)
Net cash used for financing activities
$
(42,007)
$
(26,547)
Effect of exchange rate changes
5,555
1,284
Net increase (decrease) in cash and cash equivalents
(39,992)
(81,526)
Cash and cash equivalents at the beginning of the period
422,623
504,468
Cash and cash equivalents at the end of the period
$
388,186
$
424,226
Supplementary information
Cash paid during the period for interest
$
5,324
$
13,194
Cash paid during the period for income taxes
$
16,426
$
24,157
Property, plant and equipment acquired under capital lease obligations
$
576
$
297
Non-GAAP Financial Measures to GAAP Measures
To supplement the consolidated financial statements presented in accordance with GAAP, this press release includes the following measures defined by the Securities as non-GAAP financial measures:
Adjusted income from operations attributable to shareholders of Genpact Limited, or adjusted income from operations; Adjusted income from operations margin; Adjusted diluted earnings per share attributable to shareholders of Genpact Limited, or adjusted diluted earnings per share; and Revenue growth on a constant currency basis.
These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. Accordingly, these non-GAAP financial measures, the financial statements prepared in accordance with GAAP and the reconciliations of Genpact's GAAP financial statements to such non-GAAP financial measures should be carefully evaluated.
Prior to July 2012, Genpact's management used financial statements that excluded significant acquisition-related expenses, amortization of related acquired intangibles, and amortization of acquired intangibles at the company's formation in 2004 for its internal management reporting, budgeting and decision making purposes, including comparing Genpact's operating results to that of its competitors. However, considering Genpact's frequent acquisitions of varying scale and size, and the difficulty in predicting expenses relating to acquisitions and the amortization of acquired intangibles thereof, since July 2012 Genpact's management has used financial statements that exclude all acquisition-related expenses and amortization of acquired intangibles for its internal management reporting, budgeting and decision-making purposes, including comparing Genpact's operating results to those of its competitors. For the same reasons, since April 2016 Genpact's management has excluded the impairment of acquired intangible assets from the financial statements it uses for internal management purposes. Acquisition-related expenses are excluded in the period in which an acquisition is consummated.
Genpact's management also uses financial statements that exclude stock-based compensation expense. Because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use when adopting ASC 718 "Compensation-Stock Compensation," Genpact's management believes that providing non-GAAP financial measures that exclude such expenses allows investors to make additional comparisons between Genpact's operating results and those of other companies. Additionally, in its calculations of such non-GAAP financial measures, Genpact's management has adjusted other income and expenses, certain gains, losses and impairment charges attributable to equity-method investments, and gains or losses attributable to non-controlling interests because management believes that the Company's results after taking into account these adjustments more accurately reflect the Company's ongoing operations. For the purpose of calculating adjusted diluted earnings per share, the combined current and deferred tax effect is determined by multiplying each pre-tax adjustment by the applicable statutory income tax rate.
Genpact's management provides information about revenues on a constant currency basis so that the revenues may be viewed without the impact of foreign currency exchange rate fluctuations, thereby facilitating period-to-period comparisons of our true business performance. Revenue growth on a constant currency basis is calculated by restating current-period activity using the prior fiscal period's foreign currency exchange rates adjusted for hedging gains/losses in such period.
Accordingly, Genpact believes that the presentation of adjusted income from operations, adjusted income from operations margin, adjusted diluted earnings per share and revenue growth on a constant currency basis, when read in conjunction with the Company's reported results, can provide useful supplemental information to investors and management regarding financial and business trends relating to its financial condition and results of operations.
A limitation of using adjusted income from operations and adjusted income from operations margin versus income from operations and income from operations margin calculated in accordance with GAAP is that these non-GAAP financial measures exclude certain recurring costs and certain other charges, namely stock-based compensation and amortization and impairment of acquired intangibles. Management compensates for this limitation by providing specific information on the GAAP amounts excluded from adjusted income from operations and adjusted income from operations margin.
The following tables show the reconciliation of these Non-GAAP financial measures from GAAP for the three months ended March 31, 2017 and 2018:
Reconciliation of Adjusted Income from Operations and Adjusted Income from Operations Margin
(Unaudited)
(In thousands)
Three months ended March 31,
2017
2018
Income from operations
$
79,096
$
63,761
Add: Stock-based compensation
4,986
7,787
Add: Amortization of acquired intangible assets
6,709
9,540
Add: Acquisition-related expenses
422
—
Add: Other income (expense), net
553
15,550
Less: Equity-method investment activity, net
(4,558)
—
Add: Net loss attributable to redeemable non-controlling interest
898
761
Adjusted income from operations
$
88,106
$
97,399
Adjusted income from operations margin
14.1
%
14.1
%
Reconciliation of Adjusted Diluted EPS 6
(Unaudited)
(Per share data)
Three months ended March 31,
2017
2018
Diluted EPS
$
0.26
$
0.33
Add: Stock-based compensation
0.02
0.04
Add: Amortization of acquired intangible assets
0.03
0.05
Add: Acquisition-related expenses
—
—
Less: Tax impact on stock-based compensation
(0.01)
(0.02)
Less: Tax impact on amortization of acquired intangibles
(0.01)
(0.01)
Less: Tax impact on acquisition-related expenses
—
—
Adjusted diluted EPS
$
0.31
$
0.39
The following tables show the reconciliation of forward-looking non-GAAP financial measures from GAAP for the year ending December 31, 2018:
Reconciliation of Outlook for Adjusted Income from Operations Margin
(Unaudited)
Year ending
December 31, 2018
Income from operations margin
12.2
%
Add: Estimated stock-based compensation
1.6
%
Add: Estimated amortization of acquired intangible assets
1.2
%
Add: Estimated acquisition-related expenses
0.1
%
Add: Estimated other income (expense), net
0.7
%
Less: Estimated equity-method investment activity, net
—
Adjusted income from operations margin
15.8
%
Reconciliation of Outlook for Adjusted Diluted EPS 7
(Unaudited)
(Per share data)
Year ending December 31, 2018
Lower
Upper
Diluted EPS
$
1.41
$
1.45
Add: Estimated stock-based compensation
0.24
0.24
Add: Estimated amortization of acquired intangible assets
0.19
0.19
Add: Estimated acquisition-related expenses
0.01
0.01
Less: Estimated tax impact on stock-based compensation
(0.08)
(0.08)
Less: Estimated tax impact on amortization of acquired intangibles
(0.06)
(0.06)
Less: Estimated tax impact on acquisition-related expenses
—
—
Adjusted diluted EPS
$
1.72
$
1.76
1
Revenue growth on a constant currency basis is a non-GAAP measure and is calculated by restating current-period activity using the prior fiscal period's foreign currency exchange rates adjusted for hedging gains/losses in such period.
2
Adjusted diluted earnings per share is a non-GAAP measure. A reconciliation of GAAP diluted earnings per share and adjusted diluted earnings per share is attached to this release.
3
Adjusted income from operations and adjusted income from operations margin are non-GAAP measures. A reconciliation of GAAP income from operations and adjusted income from operations and a reconciliation of GAAP income from operations margin and adjusted income from operations margin are attached to this release.
4
Adjusted income from operations margin is a non-GAAP measure. A reconciliation of the outlook for GAAP income from operations margin and adjusted income from operations margin is attached to this release.
5
Adjusted diluted earnings per share is a non-GAAP measure. A reconciliation of the outlook for GAAP diluted earnings per share and adjusted diluted earnings per share is attached to this release.
6
Due to rounding, the numbers presented in this table may not add up precisely to the totals provided.
7
Due to rounding, the numbers presented in this table may not add up precisely to the totals provided.
View original content with multimedia: http://www.prnewswire.com/news-releases/genpact-reports-first-quarter-2018-results-300642454.html
SOURCE Genpact Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-genpact-reports-first-quarter-2018-results.html |
By Monica Rodriguez 3:23 PM EDT
Last November, on her last day working at Snapchat, a former software engineer sent out a memo criticizing the company’s culture to her roughly 1,300 colleagues within the engineering department.
In her email, Shannon Lubetich hinted at Snapchat’s failure to adequately promote diversity within the company by listing the traits that can be used to describe an engineer, including being compassionate, a woman, and a person of color.
“It’s fine if this list doesn’t describe you,” wrote Lubetich. “But it’s not fine if you think, consciously or subconsciously, that these traits prevent you from being a good engineer.”
According to Cheddar , which released the memo publicly for the first time Tuesday, its contents resonated with many in the office, who viewed it as exemplifying the tech industry’s larger, long-standing cultural and gender issues that haunt Silicon Valley.
“What was encouraging was that a lot of employees I had never met responded to me,” Lubetich told Cheddar. “They thanked me for writing it and said that they also felt the same way.”
Unlike many other tech giants, Snap has not yet publicly released numbers regarding diversity within its workforce. In an interview with MSN , Lubetich claims that for the first two months of her position, she was one of only two women working in the engineering department of its San Francisco office.
“I want people who maybe feel the same way, but don’t feel empowered to speak out about it to know that they are not alone and to know that it is okay to criticize a culture and try to make it better,” said Lubetich. | ashraq/financial-news-articles | http://fortune.com/2018/05/29/snapchat-memo-diversity/ |
May 16, 2018 / 8:02 AM / Updated 25 minutes ago Italy debt cancellation not in government programme - League economy spokesman Reuters Staff 1 Min Read
ROME (Reuters) - A plan by Italy’s 5-Star Movement and League to ask the European Central Bank to forgive 250 billion euros ($296 billion) of Italian debt was never in an official draft of a government programme, the League’s economic spokesman told Reuters.
“The cancellation of the debt has never appeared in any official draft,” Borghi said on Wednesday. “What we are proposing is that for the purposes the (EU) Stability Pact, the debt bought under QE (by the ECB) does not count in countries’ debt-to-GDP ratios.”
Borghi is a member of the group working on a common programme as the two anti-system parties seek to form a government more than 10 weeks after a national election ended with a hung parliament.
Italy’s benchmark bond yields rose in the morning after a draft of the government programme leaked late on Tuesday. Reporting by Gavin Jones; writing by Steve Scherer | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-italy-politics-ecb-debt/italy-debt-cancellation-not-in-government-programme-league-economy-spokesman-idUKKCN1IH0R6 |
May 8 (Reuters) - Redhill Biopharma Ltd:
* REDHILL BIOPHARMA REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 REVENUE $2.4 MILLION * REDHILL BIOPHARMA - DOES NOT HAVE PLANS TO RAISE ADDITIONAL CAPITAL AHEAD OF MAP US PHASE III STUDY TOP-LINE RESULTS WITH RHB-104 FOR CROHN’S DISEASE
* QTRLY LOSS PER ORDINARY SHARE $0.05 * CASH BALANCE AS OF MARCH 31, 2018 WAS $36.4 MILLION, COMPARED TO $46.2 MILLION AS OF DECEMBER 31, 2017 Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-redhill-biopharma-posts-q1-loss-of/brief-redhill-biopharma-posts-q1-loss-of-0-05-per-ordinary-share-idUSASC0A0EV |
May 10 (Reuters) - eMagin Corp:
* Q1 LOSS PER SHARE $0.05 * Q1 EARNINGS PER SHARE VIEW $-0.04 — THOMSON REUTERS I/B/E/S
* Q1 REVENUE $6.9 MILLION VERSUS I/B/E/S VIEW $6.2 MILLION * QTRLY PRODUCT REVENUES INCREASED 34% TO $5.9 MILLION COMPARED TO $4.4 MILLION IN Q1 OF 2017 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-emagin-reports-q1-loss-per-share-o/brief-emagin-reports-q1-loss-per-share-of-0-05-idUSASC0A1DV |
May 17 (Reuters) - Ocado:
* CFO SAYS STILL IN NEGOTIATIONS WITH KROGER AND FINAL DETAILED DEAL STLL TO BE SIGNED
* CFO SAYS ‘PRETTY OPTIMISTIC’ CAN FUND KROGER PARTNERSHIP WITHOUT GOING TO INVESTORS
* CFO SAYS KROGER PARTNERSHIP ‘MULTI-YEAR PLAN WITH A LOT TO DO’
* CFO SAYS KROGER PARTNERSHIP IS A “QUANTUM DIFFERENCE” THAN PREVIOUS DEALS
* CFO SAYS KROGER WILL ALSO HAVE ACCESS TO ITS SOFTWARE, IF IT CHOOSES, FOR STORE PICKING
* CFO SAYS POST-KROGER DEAL, SEVEN MAJOR GROCERS WILL BE ON PLATFORM, CREATING URGENCY FOR ANY OTHERS WHO WANT TO JOIN
* CFO SAYS CONFIDENT IT CAN RAMP UP TO MEET KROGER’S AMBITIONS
* CFO SAYS KRUGER TAKING A STAKE IS EVIDENCE OF THE STRENGTH OF ITS TECHNOLOGY PLATFORM Further company coverage: (Reporting By London Bureau)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ocado-cfo-kruger-deal-is-transform/brief-ocado-cfo-kruger-deal-is-transformational-idUSL5N1SO1RM |
Pedestrians pass in front of a JPMorgan Chase & Co. bank branch in New York, U.S., on Wednesday, April 11, 2018. JPMorgan Chase & Co. is scheduled to release earnings figures on April 13. Photographer: Christopher Lee/Bloomberg via Getty Images Christopher Lee — Bloomberg via Getty Images By Aaron Pressman and Jeff John Roberts 8:04 AM EDT
This is the web version of Data Sheet, Fortune’s daily newsletter on the top tech news. To get it delivered daily to your in-box, sign up here .
(Fortune senior writer Jeff John Roberts is filling in for Adam today )
“Information about money has become almost as important as money itself,” said former Citibank CEO and fintech pioneer, Walter Wriston. The observation is notable because it’s true, and because Wriston made it decades ago—well before the arrival of today’s AI technology that can parse reams of information on a once-unimaginable scale.
While most of the fuss around AI right now centers on transportation and robotics, it’s the financial sector that is arguably doing the most to harness tools like machine learning and data analytics. Familiar examples include lenders that use AI to crunch credit scores, and so-called robo-advisers like Betterment that help consumers build wealth.
But this is just the beginning. According to a new report on AI and finance by Future Perfect Machine, the technology is now used by most hedge funds to shape trading strategies, and by banks to detect fraud and market manipulation. The report also notes that today’s financial giants are vulnerable to competition from tech companies that own large pools of data and already excel at using AI. This is not hard to imagine. It seems more likely every year that an Amazon or a Google will take a serious run at banking.
There’s also the question of who’s going to supervise AI as it spreads deeper into finance. All of us have heard how firms need a gaggle of math and data science PhDs to ride the machine learning wave, but that may not suffice. According to a J.P. Morgan executive cited in the report, the AI eggheads also need market intuition and political savvy to flourish in finance, which sounds like a tall order.
Then, as always with AI, there’s the moral question of whether applying the technology to finance will be good or bad for society. According to the report’s author, Paul Dravis, the answer is likely to be both. Dravis thinks financial firms dealings with AI will be similar to what they experience with leverage: Used in that right way, it can amplify benefits many times over. But used incorrectly, it will multiply mistakes like never before.
Thanks for reading. Please find your usual round-up of tech tidbits below.
Jeff John Roberts @jeffjohnroberts [email protected] NEWSWORTHY
Will they or won’t they? Two of the biggest tech startups are teasing about going public…in 2019. Airbnb CEO Brian Chesky, speaking at the Code Conference on Wednesday, said his company “will be ready to IPO next year, but I don’t know if we will.” And Uber CEO Dara Khosrowshahi told CNBC his company is “on track” to go public in 2019, as well. “Lots of things can happen in the world but we have a reasonable buffer as well, so I think we’re in a pretty good spot,” he said.
It happens every year. Famed Internet analyst Mary Meeker issued her annual slide deck of Internet metrics. The 294-page presentation noted that smartphone sales have leveled off while smart speaker sales are exploding, albeit from a small base. Meeker also showed how Chinese tech companies are growing fast and entering fields like AI.
Coming into focus . Speaking of Chinese AI companies, SenseTime , a Chinese startup focused on using AI for image recognition, raised $620 million of venture capital in a deal valuing the company at $4.5 billion. The company says its software has been used in over 100 million mobile devices from China.
High hurdles . The California state Senate voted to maintain strict net neutrality rules similar to those that the Federal Communications Commission imposed in 2015 and repealed last year. The bill must next pass the state Assembly, where an earlier proposal died in January.
Double platinum . A couple of personnel moves at Apple Music have the record industry talking. After putting Oliver Schusser in charge of the service last month, Apple named Elena Segal as global director of music publishing. Getting into the publishing side of music could allow Apple to gain rights more quickly, or even set up its own record label, speculates Rolling Stone .
Turn up the volume . In what seems like a strange turn of events, headphone maker Monster filed with the Securities and Exchange Commission to issue up to $300 million of its own digital currency coins, dubbed Monster Money Tokens, that would be convertible into company stock. Sales at the company slipped 34% to $57 million last year, generating a net loss of $27 million.
The trend is your friend . Speaking of digital currencies, bitcoin set an all-time high close to $20,000 just before the Chicago Mercantile Exchange started trading bitcoin futures contracts. It has since fallen precipitously, trading under $8,000 now. But that’s completely typical behavior for a commodity price when derivatives contracts begin trading, according to a new study released by the Federal Reserve Bank of San Francisco. As with home mortgages and other instruments, early on investors have no reliable way to bet against the commodity, so prices rise dramatically. The arrival of futures trading allow pessimists finally to place their bets, driving down the price.
Android Jeff . At the annual shareholder meeting of Amazon , held on Wednesday in Seattle, several small groups gathered outside to protest. One group carried a huge mock robot with the face of Jeff Bezos, as they protested in favor of a proposal to increase oversight of the company via an independent board chairman. Shareholders rejected the plan. Bezos, who founded the e-commerce giant in 1994, holds both the positions of CEO and board chairman.
Advertisement FOOD FOR THOUGHT
Europe’s strict privacy law , the General Data Protection Regulation, went into effect last week and the impact is just starting to be measured. As online sites scrambled to get consent for data collection from their readers, Google is working much faster than most of its smaller digital advertising competitors, Nick Kostov and Sam Schechner report for the Wall Street Journal . That adds up to big benefits:
“It’s a huge advantage for Google’s ad exchange if they maintain their very high consent rate and the others don’t improve,” said Bill Simmons, co-founder and chief technology officer for Dataxu, based in Boston.
Arndt Groth, president of mobile ad-exchange Smaato, said that with a smaller supply of targeted ads, their price is going up significantly. “It’s a pure supply-and-demand thing,” he said.
IN CASE YOU MISSED IT
Google Chrome 67 Will Allow Password-Free Sign-Ins for Most Websites By Sarah Gray
Box Earnings Q1 2019: $141 Million in Revenue, Up 20% Year Over Year By Andrew Nusca
Facebook Is Now Streaming Live Baseball Games and Concerts in Virtual Reality By Jonathan Vanian
Amazon Is Expanding Whole Foods Perks to More Areas. Here’s Where By Don Reisinger
IBM Pledges $30 Million for Techies to Fight Natural Disasters By Robert Hackett
Fox’s Murdoch Says Apple Will Find Original Content Move ‘Very Challenging’ By Don Reisinger
Advertisement BEFORE YOU GO
Last night marked the airing of the final episode of FX’s incomparable historical drama series The Americans . No spoilers, but what a brilliant finish. Or as New York magazine TV critic Matt Zoller Seitz noted, the finale was “a terrific example of an ending that summarizes what the series was about while putting a new frame around it.” Worth binging from the beginning if you’ve skipped the series so far.
This edition of Data Sheet was curated by Aaron Pressman . Find past issues, and sign up for other Fortune newsletters . | ashraq/financial-news-articles | http://fortune.com/2018/05/31/data-sheet-ai-finance-jp-morgan-chase/?iid=recirc_f500landing-zone2 |
(Reuters) - The United States and North Korea are worlds apart in economic, political and cultural ways, but the two officials meeting in New York to explore a possible historic summit both have military backgrounds and are known as political hard-liners.
U.S. Secretary of State Mike Pompeo testifies that North Korea has not responded in recent days to queries by the United States to prepare logistics for an upcoming summit during his appearance at a Senate Foreign Relations Committee hearing on Capitol Hill in Washington, U.S., May 24, 2018. REUTERS/Toya Sarno Jordan/File Photo The following are some facts about U.S. Secretary of State Mike Pompeo and North Korean senior official Kim Yong Chol:
MIKE POMPEO Pompeo, U.S. President Donald Trump’s first CIA director, became his second secretary of state on April 26, replacing the fired Rex Tillerson.
A former Republican congressman from Kansas, Pompeo made his reputation in the U.S. House of Representatives as a hard-right “Tea Party” conservative with hawkish world views. He is now a Trump loyalist and close adviser to the president.
Asia experts have debated whether Pompeo, 54, with his Trump-style partisanship, will help foster or hinder this year’s overtures between Washington and Pyongyang. He has said North Korea was just months away from being able to fire a nuclear-tipped missile that could reach the United States.
On other fronts, the former U.S. Army officer and Harvard Law School graduate has been known to play down U.S. intelligence agency conclusions of Russian meddling in the 2016 U.S. presidential election, which Moscow denies.
Meanwhile, according to some U.S. officials, he has chosen to stress Iran’s missile development and role in Middle East conflicts instead of its adherence to the 2015 international nuclear deal.
North Korean envoy Kim Yong Chol arrives at a hotel in New York, U.S., May 30, 2018. REUTERS/Lucas Jackson Pompeo made back-to-back trips to North Korea in April and May to meet with leader Kim Jong Un as prospects grew for a summit with Trump.
He returned to the United States from the May trip with three American prisoners who had been freed by Pyongyang in a gesture aimed at paving the way for a summit.
KIM YONG CHOL He is a four-star general who is vice chairman of the ruling Workers’ Party’s Central Committee and a close aide to Kim Jong Un. As director of the United Front Department, he steers Pyongyang’s relations with South Korea.
Kim Yong Chol, thought to be about 72-years-old, was accused by Seoul of planning deadly attacks on a South Korean navy ship and an island in 2010. He was also linked by U.S. intelligence to a cyber attack on Sony Pictures in 2014.
North Korea denied involvement in both incidents.
More recently, however, he has played a role in the easing of relations between the two Koreas and with the United States following months of belligerent rhetoric between Trump and leader Kim.
Kim Yong Chol played a role, along with South Korean intelligence chief Suh Hoon, in arranging a surprise meeting in April between Pompeo and Kim Jong Un in North Korea.
Compiled by Richard Cowan; editing by Grant McCool
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-usa-negotiators-factbox/factbox-careers-of-u-s-north-korean-negotiators-pompeo-and-kim-yong-chol-idUSKCN1IW0EO |
Facebook exploring ad-free subscription service 50 Mins Ago CNBC's Julia Boorstin reports the social media giant is looking at the possibility of creating a subscription-based service. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/facebook-exploring-ad-free-subscription-service.html |
Central banks are having a 'difficult time' following the Fed: Economist 3 Hours Ago Trinh Nguyen of Natixis says Indonesia's central bank sent "a very clear message" to markets by raising interest rates to support the rupiah. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/central-banks-are-having-a-difficult-time-following-the-fed-economist.html |
[The stream is slated to start at 1:45 p.m. ET. Please refresh the page if you do not see a player above at that time.]
President Donald Trump and Vice President Mike Pence are scheduled to speak at the National Rifle Association's convention on Friday afternoon as the group fights back against increasing calls for stricter gun laws.
Following the February high school shooting that killed 17 people in Parkland, Fla., Trump proposed to raise the minimum buying age for assault weapons from 18 to 21, but he later abandoned the idea. Gun industry analysts said they do not believe Trump will propose new gun reforms at the event , but he may push to arm teachers, an idea he has supported before.
Trump has enjoyed the NRA's support – the organization spent about $30 million to help the Trump campaign, according to the Associated Press .
The convention, which is taking place in Dallas, Texas, is expected to host about 80,000 NRA members and 800 exhibitors. This is the fourth consecutive year that Trump will be speaking at the event. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/watch-trump-addresses-members-of-the-nra.html |
DENTON, Texas--(BUSINESS WIRE)-- Sally Beauty Holdings, Inc. (NYSE: SBH) today announced that Denise Paulonis, Executive Vice President and Chief Financial Officer of The Michaels Companies, has been appointed to the Board of Directors. Ms. Paulonis brings more than twenty years of experience in finance, accounting, tax, treasury, risk management, investor relations, supply chain and corporate strategy.
“I am really pleased to welcome Denise to the Board,” stated Bob McMaster, Chairman of the Board of Directors. “She is an extraordinary leader who brings a wealth of experience, especially in retail and consumer goods. Her strong finance and strategic background will supplement our Board’s breadth of talent and experience. I am confident that Denise will make a positive contribution and will be a great asset as SBH continues its transformation towards long-term growth.”
“I am honored to serve on the board of Sally Beauty Holdings,” Paulonis said. “I look forward to working with the Board and with the company’s outstanding management team to help shape the strategy and long-term growth of this great company.”
Ms. Paulonis joined Michaels in September 2014 and has served various finance roles within the organization; including Executive Vice President and Chief Financial Officer; Senior Vice President of Finance and Treasurer; and Vice President of Corporate Finance, Investor Relations and Treasury. Prior to joining Michaels, Ms. Paulonis held various senior level positions with PepsiCo from August 2009 to September 2014, including Vice President of Financial Planning and Analysis of the Frito Lay division, Vice President of Finance and Strategy of PepsiCo U.S. Sales, and Vice President of Global Corporate Strategy.
About Sally Beauty Holdings, Inc.
Sally Beauty Holdings, Inc. (NYSE: SBH) is an international specialty retailer and distributor of professional beauty supplies with revenues of approximately $3.9 billion annually. Through the Sally Beauty Supply and Beauty Systems Group businesses, the Company sells and distributes through 5,175 stores, including approximately 182 franchised units, and has operations throughout the United States, Puerto Rico, Canada, Mexico, Peru, Chile, the United Kingdom, Ireland, Belgium, France, the Netherlands, Spain and Germany. Sally Beauty Supply stores offer up to 8,000 products for hair, skin, and nails through professional lines such as OPI ® , China Glaze ® , Wella ® , Clairol ® , Conair ® and Hot Shot Tools ® , as well as an extensive selection of proprietary merchandise. Beauty Systems Group stores, branded as CosmoProf or Armstrong McCall stores, along with its outside sales consultants, sell up to 10,500 professionally branded products including Paul Mitchell ® , Wella ® , Matrix ® , Schwarzkopf ® , Kenra ® , Goldwell ® , Joico ® and Aquage ® , intended for use in salons and for resale by salons to retail consumers. For more information about Sally Beauty Holdings, Inc., please visit sallybeautyholdings.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523006151/en/
Sally Beauty Holdings, Inc.
Investor Relations
Jeff Harkins, 940-297-3877
Source: Sally Beauty Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-sally-beauty-holdings-inc-announces-the-appointment-of-denise-paulonis-to-the-board-of-directors.html |
Uber paid hacker to keep data breach secret: sources Thursday, December 07, 2017 - 02:25
A 20-year-old Florida man was responsible for the large data breach at Uber Technologies Inc [UBER.UL] last year and was paid by Uber to destroy the data through a so-called “bug bounty” program normally used to identify small code vulnerabilities, three people familiar with the events have told Reuters. ▲ Hide Transcript ▶ View Transcript
A 20-year-old Florida man was responsible for the large data breach at Uber Technologies Inc [UBER.UL] last year and was paid by Uber to destroy the data through a so-called “bug bounty” program normally used to identify small code vulnerabilities, three people familiar with the events have told Reuters. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2BKIsnm | ashraq/financial-news-articles | https://www.reuters.com/video/2017/12/07/uber-paid-hacker-to-keep-data-breach-sec?videoId=373192748 |
6 Hours Ago | 02:07
Walmart has been churning out a lot of ideas behind the scenes. The big box retailer recently published a slew of patent filings that could reshape the shopping experience as we know it.
While there's no guarantee any of these ideas will actually be brought to life, they offer a glimpse into Walmart's vision for the future of retail.
Here are six of Walmart's recently published patent filings:
1. Smart shopping carts
This filing shows a shopping cart paired with a sensing device. It says a mobile device could perform navigation operations, so perhaps it's the start of self-driving carts.
2. Wearable tracking devices
This one is for a wearable device that tracks its users' activities. It could potentially be used to improve employee productivity. Amazon filed for a similar employee-tracking device back in 2016.
3. In-store inventory trackers
This filing shows an 'electronic imaging device' that could sense when inventory is getting low. Instead of having human associates check inventory levels, this device could send a low stock signal on its own.
4. In-store drone assistance
Walmart stores are big, and drones might be able to help. The retailer filed for drone assistance technology that could "provide price verification" or "navigation assistance."
5. A blockchain ledger
Walmart isn't getting left out of the blockchain craze . The retailer filed for a user interface model that would use blockchain to help customers resell products at a new price.
6. Blockchain-powered delivery truck fleets
Walmart wants to make deliveries easier for self-driving trucks. This technology would let autonomous vehicles into restricted areas by using "authentication-based access and encryption."
Again, just because Walmart filed these patents doesn't mean it has plans to actually make any of these products. The company has published 1,419 patents since 2009, according to CB Insights. However, the latest filings shine a light on how Walmart plans to take on an increasingly Amazon-dominated landscape.
Walmart did not immediately respond to CNBC's request for comment. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/walmart-patents-show-future-vision.html |
HOLMDEL, N.J., May 7, 2018 /PRNewswire/ -- Vonage (NYSE: VG), a business cloud communications leader, has appointed Reginald Scales SVP, Mid-Market Sales. In this newly-created role, Mr. Scales will be responsible for leading Vonage's mid-market sales efforts as the Company continues to focus on growth in this segment. Mr. Scales will join Vonage on May 16 and report to Kenny Wyatt, Chief Revenue Officer.
"Reggie's track record of sales success and deep communications experience will be a tremendous asset to Vonage," Mr. Wyatt said. "Expanding our presence and momentum in the mid-market is a critical part of our strategy as a leading, global business cloud communications provider. I'm excited to welcome Reggie to the team."
Mr. Scales brings more than 20 years of industry experience to Vonage. Most recently he served as Regional Vice President managing field sales, operations, and engineering at Masergy Communications, a software defined networking company with 1,200 employees that provides global hybrid networks, UCaaS, and managed security.
Prior to Masergy, Mr. Scales was a Regional Vice President of Business Services at Comcast, where he led the number one region in 2016. He also held SVP sales roles at Wilcon Communications and Paetec Communications.
"I am thrilled to join Vonage during this exciting time as the Company continues its transformation into a global business communications leader," Mr. Scales said. "I look forward to joining the Vonage team to help fuel the Company's continued growth by focusing on delivering better outcomes to customers by redefining the role communications plays in business."
About Vonage
Vonage (NYSE: VG) is redefining business communications. True to our roots as a technology disruptor, we've embraced technology to transform how companies communicate to create better business outcomes. Our unique cloud communications platform brings together a robust unified communications solution with the agility of embedded communications APIs. This powerful combination enables businesses to collaborate more productively and engage their customers more effectively across messaging, chat, social media, video and voice.
The Company also provides a robust suite of feature-rich residential communication solutions .
Vonage Holdings Corp. is headquartered in Holmdel, New Jersey, with offices throughout the United States, Europe, Asia and Israel. Vonage ® is a registered trademark of Vonage Marketing LLC, owned by Vonage America Inc.
(vg-a)
View original content: http://www.prnewswire.com/news-releases/industry-veteran-reginald-scales-joins-vonage-as-svp-mid-market-sales-300643690.html
SOURCE Vonage | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-industry-veteran-reginald-scales-joins-vonage-as-svp-mid-market-sales.html |
May 7 (Reuters) - Guangdong Ellington Electronics Technology Co Ltd:
* SAYS CONTROLLING SHAREHOLDER PLANS TO CUT UP TO 6.0 PERCENT STAKE IN THE COMPANY BETWEEN MAY 29 AND NOV 24 Source text in Chinese: bit.ly/2jz8BtH (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-guangdong-ellington-electronics-te/brief-guangdong-ellington-electronics-technologys-controlling-to-cut-stake-in-the-company-idUSH9N1S900Y |
May 22, 2018 / 6:39 PM / Updated 10 minutes ago Exclusive - GE seeking to shed troubled insurance business: sources David French 4 Min Read
(Reuters) - General Electric Co ( GE.N ) is working with investment bankers to find ways to shed its insurance business, which has caused it to book hefty charges while sparking shareholder lawsuits and an investigation by U.S. regulators, people familiar with the matter said on Tuesday. FILE PHOTO: The logo of General Electric is seen at its plant in Baden, Switzerland November 15, 2017. REUTERS/Arnd Wiegmann/File Photo
The move comes after GE announced in January it would take a $6.2 billion (4.62 billion pounds) after-tax charge and set aside a further $15 billion in reserves to help cover liabilities in insurance operations held by its GE Capital unit, mainly concerning long-term care (LTC) policies.
Many providers of LTC insurance, including GE, underestimated the cost of servicing policies, meaning premiums have been unable to cover the spiralling costs of healthcare and longer life expectancy.
While GE’s insurance operations has stopped generating new business, existing contracts managed to maturity in a process known as run-off have become a major financial burden for the U.S industrial conglomerate.
GE is hoping investment firms which specialise in acquiring run-off insurance businesses could buy some of the assets, the sources said. While GE is focussed on shedding its troubled LTC business, it is open to divesting other insurance assets, including structured settlements and other life and disability products, the sources added.
The sources, who asked not to be identified because the matter is confidential, cautioned that no deal is certain given the liabilities that GE faces in its insurance business. A GE spokeswoman declined to comment.
GE spun out much of its insurance business in 2004 into Genworth Financial ( GNW.N ), itself currently attempting a sale to China Oceanwide Holdings Group Co for $2.7 billion. That deal has been held up by the Committee on Foreign Investment in the United States, a U.S. national security panel.
GE said in January a review of its remaining insurance portfolio showed 300,000 policies needed $15 billion more in reserves to cover potential payouts, or about $50,000 per policy, on top of the charge it took as part of its fourth-quarter earnings. It subsequently disclosed the U.S. Securities and Exchange Commission (SEC) had begun probing how it handled its insurance obligations.
Insurance liabilities stood at $38 billion at the end of 2017, according to GE’s annual report.
GE has also been sued by shareholders accusing it of concealing mounting insurance liabilities and the SEC probe, arguing this cost investors tens of billions of dollars.
Struggling to maintain profitability and facing calls to be broken up, GE has proposed major cost-cutting and selling or spinning off parts of its business including power, aviation and healthcare as a way to bolster its value.
As part of its drive to shed assets, GE announced an $11.1 billion deal on Monday to merge its transportation business with U.S. rail equipment manufacturer Wabtec Corp ( WAB.N ), with GE and its shareholders owning just over half of the combined business. Reporting by David French in New York; Editing by Tom Brown | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ge-insurance-exclusive/exclusive-ge-seeking-to-shed-troubled-insurance-business-sources-idUKKCN1IN2NC |
May 9, 2018 / 10:37 AM / in 11 minutes BRIEF-Allianz and CPPIB anchor investors in India's First Private Infrastructure Investment Trust Reuters Staff 1 Min Read
May 9 (Reuters) - Allianz SE:
* SAYS ALLIANZ AND CANADA PENSION PLAN INVESTMENT BOARD ACT AS ANCHOR INVESTORS IN THE FIRST PRIVATE INFRASTRUCTURE INVESTMENT TRUST (INVIT) IN INDIA, SPONSORED BY L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LTD.
* COMBINED, CPPIB AND ALLIANZ WILL ACQUIRE 55% OF THE UNITS IN THE TRUST
* TRUST WILL FOCUS ON DEVELOPMENT OF TOLL ROADS AND ROAD INFRASTRUCTURE IN INDIA Source text: bit.ly/2I85h3w Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-allianz-and-cppib-anchor-investors/brief-allianz-and-cppib-anchor-investors-in-indias-first-private-infrastructure-investment-trust-idUSFWN1SG0SM |
BAGHDAD (Reuters) - Iraq’s Prime Minister Haider al-Abadi said on Tuesday that if a new electronic voting system used in weekend elections was found to be faulty, the election commission should hold a nationwide recount, state television reported.
Abadi said that after accusations of fraud and faulty machines in the northern province of Kirkuk, the election commission should hold a manual recount there.
He added that if there were found to be faults in Kirkuk, the recount should take place in all of Iraq, state TV said.
In the northern province of Kirkuk and neighboring Sulaimaniya, which has a majority Kurdish population, Kurdish opposition parties cried foul after the legislative election on Saturday, saying an unexpectedly strong win for one of the main Kurdish parties there was down to vote-rigging.
The election commission said on Tuesday that initial results from Kirkuk also indicated a win there for that party, the Patriotic Union of Kurdistan (PUK).
Iraq’s first election since the defeat of Islamic State, which had taken over nearly a third of the country as it spread through Iraq and Syria in 2014, pitted Abadi against Shi’ite rivals more closely allied to Iran.
Initial nationwide results showed a surprise victory for the bloc that supports firebrand cleric Moqtada al-Sadr, a Shi’ite not aligned with Iran who campaigned on a nationalist, populist platform.
Iraq’s election commission said the new electronic voting system, which requires biometric identification, would make vote counting quicker and ensure accuracy.
Reporting by John Davison; Editing by Hugh Lawson
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-iraq-election-abadi/iraq-pm-abadi-says-votes-should-be-recounted-if-electronic-system-faulty-state-tv-idUSKCN1IG2RE |
Student behind Indiana middle school shooting taken into custody 3 Hours Ago Two victims were taken to a hospital in Indiana after a shooting at a suburban Indianapolis middle school. Authorities said the lone suspect was a male student at the school and was taken into custody. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/student-in-custody-after-middle-school-shooting.html |
May 3 (Reuters) - Sarepta Therapeutics Inc:
* SAREPTA THERAPEUTICS ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS AND RECENT CORPORATE DEVELOPMENTS
* Q1 NON-GAAP LOSS PER SHARE $0.28
* Q1 GAAP LOSS PER SHARE $0.55 * SAREPTA THERAPEUTICS ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS AND RECENT CORPORATE DEVELOPMENTS
* Q1 EARNINGS PER SHARE VIEW $-0.32 — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-sarepta-therapeutics-reports-q1-lo/brief-sarepta-therapeutics-reports-q1-loss-per-share-of-0-28-idUSASC09ZN5 |
May 30, 2018 / 5:52 PM / Updated 6 minutes ago Basketball: Gators leading scorer Hudson returning for senior season Reuters Staff 2 Min Read
Guard Jalen Hudson will finish his college career with the Florida Gators after flirting with leaving for the 2018 NBA Draft. Mar 17, 2018; Dallas, TX, USA; Florida Gators guard Jalen Hudson (3) drives against Texas Tech Red Raiders guard Jarrett Culver in the second round of the 2018 NCAA Tournament at American Airlines Center. Mandatory Credit: Kevin Jairaj-USA TODAY Sports
Gators coach Mike White confirmed Hudson will return for his senior season, having told the school of his intentions on Tuesday.
Hudson, the Gators’ leading scorer last season at 15.5 points per game, had declared for the draft but did not hire an agent, allowing him the option of changing his mind. Hudson didn’t receive an invite to the NBA Combine and was reportedly told he would not be drafted.
Hudson, a 6-foot-6 guard, began his career at Virginia Tech, but transferred to Florida after two seasons.
“There’s nothing wrong with not being a guaranteed first-round pick right now,” White said at the SEC Meetings in Destin, Fla. on Tuesday, per the Orlando Sentinel. “That wasn’t expected a year ago. But he made a lot of headway. He built his brand. He helped the Gators have a good year. There should be a lot of positivity that he’s feeling right now.
“He’s got a lot of feedback from the NBA knowing what he’s got to prove upon to potentially put him in a better spot next year.”
With Hudson leading the way, the Gators made it to the NCAA Tournament as a six seed but were eliminated in the second round by third-seeded Texas Tech. Hudson led the Gators with 23 points in the loss.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-ncaa-flo-hudson/basketball-gators-leading-scorer-hudson-returning-for-senior-season-idUSKCN1IV2FA |
(Reuters) - Canada’s main stock index opened higher on Wednesday, led by gains in the energy sector as oil prices climbed.
* At 9:32 a.m. ET (1332 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 60.35 points, or 0.38 percent, at 15,982.96. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Shounak Dasgupta)
| ashraq/financial-news-articles | https://www.reuters.com/article/canada-stocks-open/canada-stocks-tsx-climbs-at-open-as-higher-oil-prices-boost-energy-stocks-idUSL3N1T150Y |
SOUTHFIELD, Mich.--(BUSINESS WIRE)-- Sterling Bancorp, Inc. (NASDAQ: SBT), the holding company of Sterling Bank and Trust, F.S.B., announced the approval of a cash dividend by its Board of Directors. The Board of Directors declared a cash dividend of $.01 per common share, payable May 31, 2018 to shareholders of record at May 25, 2018.
About Sterling Bancorp, Inc.
Sterling Bancorp, Inc. is a unitary thrift holding company. Its wholly owned subsidiary, Sterling Bank and Trust, F.S.B., has primary branch operations in San Francisco and Los Angeles, California and New York City, and a loan production office in Seattle, Washington. Sterling offers a broad range of loan products to the residential and commercial markets, as well as retail and business banking services. Sterling also has an operations center and a branch in Southfield, Michigan. Sterling was named as the top performing community bank in the United States with total assets between $1 billion and $10 billion in 2017 by SNL/S&P Global Market Intelligence. For additional information, please visit the Company’s website at www.sterlingbank.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006711/en/
Investors
Financial Profiles
Allyson Pooley, 310-622-8230
or
Larry Clark, 310-622-8223
[email protected]
Source: Sterling Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-sterling-bancorp-declares-cash-dividend-on-common-stock.html |
EDDYSTONE, Pa.--(BUSINESS WIRE)-- InsPro Technologies Corporation (OTC Bulletin Board: ITCC) , a leading provider of core policy administration software for Group and Individual Life, Health, and Annuity products that enables insurance carriers and third-party administrators to quickly respond to evolving market needs, improve customer service, and reduce operating costs, today announced its financial results for the three month period ended March 31, 2018.
First Quarter 2018 Highlights
Revenues were $6,187,747 in the First Quarter of 2018; a 22% increase as compared to $5,065,078 in the First Quarter of 2017. The increase was the result of increased professional services fees to the Company’s largest client as measured by revenue. Net income was $928,744 in the First Quarter of 2018 as compared to a net loss of $646,302 in the First Quarter of 2017. Net income in the First Quarter of 2018 was favorably impacted by higher revenues from existing clients combined with lower employee and IT consulting staffing as compared to the First Quarter 2017, primarily as a result of the implementation of cost reduction initiatives implemented in 2017.
David Anderson, Chief Executive Officer, stated, ”Our first quarter 2018 results are very much in line with our expectations and continue the positive momentum from late 2017. Our focus in 2018 is to continue this positive momentum.”
About InsPro Enterprise
InsPro Enterprise, a Life and Health insurance policy administration system, is a single technology solution used to manage all insurance processing requirements supporting multiple product lines as well as hybrid products for both group and individual policies on a single web-based platform. The InsPro Enterprise design provides carriers the option to deploy the solution as an end-to-end straight through processing suite or on a modular, componentized basis to address immediate areas of concern. The InsPro Enterprise suite includes Product Configuration Workbench, New Business and Underwriting, Billing and Collections, Policy Administration, Agent Management and Commissions, Claims, Document Management, Web Portals, and Data Analytics components.
About InsPro Technologies Corporation
Through its subsidiary, InsPro Technologies, LLC, InsPro Technologies Corporation offers InsPro Enterprise, an end-to-end, web-based policy administration system used by insurance carriers and third-party administrators. By managing the entire product and policy lifecycle on a single integrated platform, customers are afforded opportunities to accelerate new product introductions, lower costs, increase customer satisfaction and improve operational performance. InsPro’s solutions are offered through standard software licensing, as a hosted solution, or via Software as a Service (SaaS) delivery.
For additional information on InsPro Technologies, LLC and InsPro Enterprise please visit www.inspro.com .
Forward-Looking Statements
In addition to historical facts or statements of current condition, this press release contains forward-looking statements within the meaning of the "Safe Harbor" provisions of The Private Securities Litigation Reform Act of 1995, including statements regarding current and future capabilities and products supported, growth in the number of clients, quality and growth potential of our technology platform, including related services, and providing the financial support and other resources needed to demonstrate the strength of this growing technology business and to continue to reinvest in the product. Forward-looking statements provide InsPro Technologies Corporation’s current expectations or forecasts of future events. Moreover, InsPro Technologies Corporation cautions readers that forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from the statements made, including risks described in InsPro Technologies’ most recent Quarterly Reports on Form 10-Q or Annual Reports on Form 10-K filed with the Securities and Exchange Commission and available on the Securities and Exchange Commission’s website at www.sec.gov . InsPro Technologies Corporation does not undertake any obligation to update any forward-looking statement to conform the statement to actual results or changes in expectations.
INSPRO TECHNOLOGIES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended March 31, 2018
2017 (Unaudited) (Unaudited) Revenues $ 6,187,747 $ 5,065,078 Cost of revenues 3,567,525 4,108,969 Gross profit 2,620,222 956,109 Selling, general and administrative expenses 1,590,254 1,602,497 Operating income (loss) from operations 1,029,968 (646,388 ) Other income (expense): Gain on the sale of equipment - 5,380 Interest expense (6,224 ) (5,294 ) Total other income (expense) (6,224 ) 86 Income (loss) before income taxes 1,023,744 (646,302 ) Provision for income taxes 95,000 - Net income (loss) $ 928,744 $ (646,302 ) Net income (loss) per common share - basic $ 0.02 $ (0.02 ) Net income (loss) per common share - fully diluted $ - $ (0.02 ) Weighted average common shares outstanding - basic 41,543,655 41,543,655 Weighted average common shares outstanding - fully diluted 198,306,395 41,543,655 INSPRO TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, 2018 December 31, 2017 (Unaudited) ASSETS CURRENT ASSETS: Cash $ 4,569,844 $ 5,017,539 Accounts receivable, net 3,443,156 1,543,389 Prepaid expenses 250,294 360,975 Other current assets - 3,806 Total current assets 8,263,294 6,925,709 Property and equipment, net 276,363 269,994 Total assets $ 8,539,657 $ 7,195,703 LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES: Notes payable $ 18,862 $ 45,793 Accounts payable 1,212,108 1,484,704 Accrued expenses 996,685 1,126,596 Current portion of capital lease obligations 144,787 143,855 Deferred revenue 3,499,335 2,765,401 Income tax payable 265,000 170,000 Total current liabilities 6,136,777 5,736,349 LONG TERM LIABILITIES: Deferred revenue 1,000,000 1,000,000 Capital lease obligations 87,294 74,861 Total long term liabilities 1,087,294 1,074,861 Total liabilities 7,224,071 6,811,210 COMMITMENTS AND CONTINGENCIES: (See Note 7) SHAREHOLDERS' EQUITY: Preferred stock ($.001 par value; 20,000,000 shares authorized) Series A convertible preferred stock; 3,437,500 shares designated, 1,276,750 shares issued and outstanding (liquidation value $12,767,500)
1,277 1,277 Series B convertible preferred stock; 11,000,000 shares designated, 5,307,212 shares issued and outstanding (liquidation value $15,921,636)
5,307 5,307 Series C convertible preferred stock; 4,000,000 shares designated, 1,254,175 shares issued and outstanding (liquidation value $6,270,875)
1,254 1,254 Common stock ($.001 par value; 500,000,000 shares authorized, 41,543,655 shares issued and outstanding)
41,543 41,543 Additional paid-in capital 65,367,735 65,365,386 Accumulated deficit (64,101,530 ) (65,030,274 ) Total shareholders' equity 1,315,586 384,493 Total liabilities and shareholders' equity $ 8,539,657 $ 7,195,703
//www.businesswire.com/news/home/20180514005599/en/
InsPro Technologies Corporation
Anthony R. Verdi, CFO
484-654-2200
[email protected]
Source: InsPro Technologies Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-inspro-technologies-corporation-announces-first-quarter-2018-financial-results.html |
May 16, 2018 / 7:53 PM / Updated 5 minutes ago Trump pick for State Department energy job approved by Senate panel Reuters Staff 2 President Donald Trump’s nominee for the top U.S. State Department job dealing with matters related to energy and the global oil industry was approved by a Senate committee on Wednesday, as the United States gears up to re-impose sanctions on Iran’s oil exports.
The Senate Foreign Relations Committee approved Francis Fannon, a former head of corporate affairs at mining company BHP Billiton and senior director of Murphy Oil Corp, to head the department’s energy bureau.
If Fannon is confirmed in a vote by the full Senate, one of his most immediate tasks as assistant secretary of state would be synthesizing reports from intelligence agencies with oil industry data to re-implement sanctions on Iran’s oil exports.
Trump announced on May 8 he was withdrawing the United States from the 2015 Iran deal, which removed sanctions in exchange for the Islamic Republic curbing its nuclear program.
Fannon was approved by 19 of the 21 members of the panel with two Democratic senators opposing him. One of the Democrats, Senator Bob Menendez, said Fannon had lobbied against comprehensive climate change legislation and against limits on drilling in the Gulf of Mexico put in place after BP’s 2010 Deepwater Horizon disaster, that killed 11 platform workers.
“Energy security rests in energy diversification, innovation, and development of zero and low carbon energy sources,” Menendez said at the hearing. “The appointment of an oil and gas lobbyist to this position demonstrates a backwards outlook on energy policy.”
Before working in corporations, Fannon served as counsel to the Senate environment committee and as an aide to two Republican senators.
In a hearing before the panel’s vote, Fannon said that he had drafted provisions of the 2005 energy bill that helped unleash innovation and set the conditions for U.S. energy abundance today. Reporting by Timothy Gardner; Editing by Tom Brown | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-energy-diplomacy/trump-pick-for-state-department-energy-job-approved-by-senate-panel-idUSKCN1IH2TC |
May 9, 2018 / 10:11 AM / a minute ago BRIEF-Vodafone CEO: Deutsche Telekom opposition to deal 'self serving' Reuters Staff 1 Min Read
May 9 (Reuters) - Vodafone:
* CEO SAYS HE WAS “AMUSED” BY DEUTSCHE TELEKOM’S CEO’S “SELF SERVING” COMMENTS ON VODAFONE-LIBERTY DEAL, SAYS HE IS NOT PRO-CONSUMER BUT PRO-DT
* CEO SAYS VODAFONE-LIBERTY WILL BE A DISTRIBUTOR RATHER THAN CONTENT ORIGINATOR, WILL WORK WITH CONTENT PROVIDERS LIKE SKY AND EVEN NETFLIX
* CEO ASKED ON OTHER M&A, SAYS THIS DEAL NEEDS “A BIT OF TIME TO DIGEST” Further company coverage: (Reporting By London Bureau) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-vodafone-ceo-deutsche-telekom-oppo/brief-vodafone-ceo-deutsche-telekom-opposition-to-deal-self-serving-idUSL8N1SG3WU |
Stone: US still growing despite geopolitical shocks 1 Hour Ago Bill Stone of Stone Investment Partners says investors shouldn't react too negatively to geopolitical jitters, as they shouldn't change your outlook on the growing US and global economy. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/stone-us-still-growing-despite-geopolitical-shocks.html |
May 8, 2018 / 3:46 AM / Updated 2 hours ago Survival-seeking Huddersfield full of belief - Malone Reuters Staff 1 Min Read
(Reuters) - Holding Premier League champions Manchester City to a draw has given Huddersfield Town belief that a similar approach to their remaining fixtures can ensure top-flight survival, defender Scott Malone said. Soccer Football - Premier League - Manchester City vs Huddersfield Town - Etihad Stadium, Manchester, Britain - May 6, 2018 Huddersfield Town's Scott Malone shoots at goal Action Images via Reuters/Carl Recine
David Wagner’s men take on top-six sides Chelsea and Arsenal in their final two games but Malone is confident that the Terriers can get the points needed to stay up after a solid performance in the goalless draw at City last weekend.
Huddersfield are playing in their first top-flight season in 45 years and sit 16th in the table on 36 points, three points above the drop zone.
"The draw against Manchester City has given us more belief, so back-to-back games against these types of teams is great," Malone told Huddersfield's website here ahead of Wednesday's trip to Stamford Bridge.
“We have to go in the same mindset as we did against City. We have two finals left.” Reporting by Shrivathsa Sridhar in Bengaluru | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-che-hud-malone/survival-seeking-huddersfield-full-of-belief-malone-idUKKBN1I90A3 |
VANCOUVER, British Columbia, May 15, 2018 (GLOBE NEWSWIRE) -- Abattis Bioceuticals Corp. (the " Company " or " Abattis ") (CSE:ATT) (OTC:ATTBF) is pleased to announce the appointments of Kent McParland, Brazos Minshew, Shawn Balaghi and Jim Carter to the Company’s leadership team and Wolfgang Richter to its Board of Directors.
Chief Financial Officer & Chief Operating Officer
Kent McParland has been appointed as Chief Financial Officer and Chief Operating Officer, replacing David Whitney as Chief Financial Officer, and Rene David as Chief Operating Officer. Mr. McParland, a chartered professional accountant, joins Abattis following fifteen years in public practice with Grant Thornton, MNP and Deloitte. He has experience working in multiple industries and expertise in project management and change management.
Medical Advisory Committee & Corporate Advisory Board
Dr. Brazos Minshew has been appointed as Head of the Company’s Medical Advisory Board and as President of the Corporate Advisory Board of Vergence Naturals Ltd., a wholly-owned subsidiary of Abattis. In such roles, Mr. Minshew is expected to drive the sales and development of new formulations and to launch new brands and product offerings for the Company. Dr. Minshew is the author of four books with over one million copies sold, has more than 200 published articles, and is a proven researcher in the nutraceuticals space. Over the course of his career, the products he has developed have generated over US$4 billion in sales.
Mergers and Acquisitions Advisory
Jim Carter has been appointed as the Head of Mergers and Acquisitions Advisory and will drive the Company’s upcoming expansion activities and mergers and acquisitions strategy. Mr. Carter will also act as an advisor to the Board of Directors on financial matters. On the corporate side, Jim has deep experience with mergers and acquisitions, corporate and debt restructuring and risk management, having previously served as Vice President of an NYSE-listed merchant banking company for nearly twenty years.
Corporate Development
Shawn Balaghi has been appointed as the Company’s Head of Corporate Development. Mr. Balaghi has over 20 years’ experience working with public markets and draws on a strong understanding of the cannabis space, having worked with numerous licensed producers under the Access to Cannabis for Medical Purposes Regulations (ACMPR). Mr. Balaghi brings a wealth of experience and leadership to the corporate communications, capital markets and marketing teams.
“As we enter this next stage in our growth and development as a company, we are excited to be able to attract such talented and sought after individuals such as Kent, Brazos, Jim and Shawn,” stated Robert Abenante, President and CEO of Abattis. “The Company would also like to thank David Whitney and Rene David for their contributions as CFO and COO, respectively, and wish them the best in their future endeavors. Mr. David has served in several executive positions with Abattis and continues to serve on the Company’s Board of Directors,” added Mr. Abenante.
Board of Directors
Wolfgang Richter has been appointed as a director of the Company, bringing the number of directors of the Company to six. Mr. Richter draws on relevant experience with the cannabis industry, having previously served as a director of Northern Vine Canada Inc., a former subsidiary of the Company.
“The Company welcomes Mr. Richter to the Board of Directors,” commented Robert Abenante. “After serving with Wolfgang on the Board of Northern Vine, I am confident that his network and industry experience will add tremendous value to Abattis,” added Mr. Abenante.
About Abattis Bioceuticals Corp.
Abattis is a life sciences and biotechnology company which aggregates, integrates, and invests in cannabis technologies and biotechnology services for the legal cannabis industry developing in Canada. The Company has successfully developed and licensed natural health products, medicines, extractions, and ingredients for the biologics, nutraceutical, bioceutical, and cosmetic markets. The Company is also seeking to acquire exclusive intellectual property rights to agricultural technologies to be employed in extraction and processing of botanical ingredients and compounds. The Company follows strict standard operating protocols and adheres to the applicable laws of Canada and foreign jurisdictions. For more information, visit the Company's website at: www.abattis.com .
ON BEHALF OF THE BOARD OF
ABATTIS BIOCEUTICALS CORP.,
"Rob Abenante"
Robert Abenante, President & CEO
For more information, please visit the Company's website at: www.abattis.com or www.northernvinelabs.com
For inquiries, please contact the Company at (604) 674-8232 or at [email protected] .
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Certain information set out in this news release constitutes forward-looking information, which may include information relating to Messrs. McParland’s, Richter’s, Balaghi’s, Minshew’s and Carter’s respective appointments and expected roles with, and contributions to, the Company. Forward-looking statements (often, but not always, identified by the use of words such as “expect”, “may”, “could”, “anticipate”, or “will”, and similar expressions) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties. Forward-looking statements are based upon the opinions, expectations and estimates of management of the Company as at the date the statements are made and are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such . Those factors include, but are not limited to risks, uncertainties and other factors that are beyond the control of the Company, risks associated with the industry in general, rules and regulations relating to the cannabis industry, operational risks associated with development and production operations, delays or changes in plans and unanticipated costs and expenses, among others. In light of the risks and uncertainties associated with , readers are cautioned not to place undue reliance upon forward-looking information. In particular, there is no assurance that any of Messrs. McParland, Richter, Balaghi, Minshew or Carter will contribute to the Company as expected. Although the Company believes that the expectations reflected in the set out in this news release are reasonable, it can give no assurance that such expectations will prove to have been correct. The of the Company contained in this news release are expressly qualified, in their entirety, by this cautionary statement. Except as required by law, we do not undertake to update any forward-looking statement contained in this news release.
Source:Abattis Bioceuticals Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-abattis-adds-significant-strength-to-its-board-and-leadership-team.html |
LUSAKA(Thomson Reuters Foundation) - Faced with longer droughts and growing water demand, the Zambian government has introduced fees on groundwater use.
Under a new executive order that came into effect in March, owners of domestic boreholes are for the first time required to pay a one-off fee of 250 kwacha ($25) to have their well licensed.
There will be no monthly or annual fees for domestic water users, but those who consume more than 10,000 liters per day will be charged a commercial fee of 5 kwacha for each additional 30 cubic meters they extract, according to the government-run Water Resource Management Authority (WARMA).
Emmanuel Mumba, a legal counselor at WARMA, said that the utility has long been concerned about how groundwater and surface water were being managed, and prolonged droughts linked to climate change have made the situation worse.
Population growth and growing water use by farming and industry also are putting pressure on the country’s dwindling water resources.
“We are going to be monitoring groundwater use now, because as long as it is not managed well we will run out of it,” Mumba said in an interview with the Thomson Reuters Foundation.
The utility says that 60-70 percent of water consumed in Zambia comes from groundwater.
WARMA inspectors will install devices to measure water consumption and pollution levels in each borehole visited. Wells found to be leaking will be decommissioned, Mumba said.
The agency already has set up observation boreholes to judge how much groundwater levels are decreasing and to measure water contamination in parts of Lusaka, he said.
The Zambian government has placed water management on its economic and sustainable development agenda in its seventh national development plan, for the period 2017 to 2021, according to the Ministry of Energy and Water Development.
The ministry’s permanent secretary, Ed Chomba, said at a press conference that the borehole charges would cover administrative costs and help regulate water use in the face of climate change.
The new rules allow a domestic household to use an average of 10 cubic meters (10,000 liters) of water a day.
Failure to register a borehole can result in a maximum fine of 30,000 kwacha ($3,000) or imprisonment for up to 12 months, according to the new rules.
But an international charity working on water issues in Zambia says more steps need to be taken to regulate consumption and reduce pollution.
Pamela Chisanga of WaterAid Zambia said contamination of water is as big a problem as lack of it in parts of Zambia.
“For us, the challenge is water contamination before we talk of how much water each household can use,” she said.
Mike Zulu of Lusaka, who owns a borehole, said that when his water was tested it was found to be polluted.
Zulu, who said his household uses considerably less than 5,000 liters of water per day, believes that income from the well licensing program should be used to address increasing levels of water contamination, rather than simply being spent on administration of the program.
“It would have been better if the funds raised were used to assist borehole owners to deal with polluted water,” he said.
FEWER DRILLERS, FEWER WELLS? Christopher Chilongo, secretary of the Drillers Association of Zambia, said that the new regulations will help set standards for the construction of new boreholes.
Only registered firms with qualified staff are now allow to drill wells.
“Clearly the groundwater table level keeps on dropping, and we cannot keep on (drilling) holes,” Chilongo said. “Twenty years from now it will be a huge problem if the issue is not addressed now.”
Chilongo said that according to a survey by his association last year, the temperature of groundwater is rising, while the water level is falling in most parts of the country.
The Zambian government reported in 2015 that 11 percent of urban residents lacked access to safe drinking water, while almost half the rural population lacked access.
“As the means of (conserving) groundwater, we are encouraging communities to use communal boreholes in most residential areas. For example, six to nine households can have one borehole to use,” Chilongo said.
WARMA officials similarly said they hope most domestic boreholes used by single households will eventually be decommissioned in favor of shared wells.
This will improve conservation of water and also raise funds, since under the new regulations boreholes used by more than one household can be charged commercial rates, WARMA officials said.
Reporting by Danstan Kaunda ; editing by James Baer and Laurie Goering : Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, climate change, resilience, women's rights, trafficking and property rights. Visit news.trust.org/climate
| ashraq/financial-news-articles | https://www.reuters.com/article/us-zambia-water-regulation/as-wells-dry-zambia-regulates-use-of-groundwater-idUSKCN1IH1DT |
MILAN (Reuters) - What do you get when luxury fashion meets sport? $10,000 sneakers.
A model presents a creation from the Gucci Autumn/Winter 2018 women collection during Milan Fashion Week in Milan, Italy February 21, 2018. Picture taken February 21, 2018. REUTERS/Alessandro Garofalo High-end brands such as Kering’s ( PRTP.PA ) Gucci, Prada ( 1913.HK ) and Balenciaga are increasingly looking to sneakers for growth, putting them in direct competition with sportswear giants like Nike ( NKE.N ), Puma PMUG.DE and Adidas ( ADSGn.DE ), and giving rise to ever-more striking and expensive designs.
Luxury groups say they are now increasing investments and marketing budgets to face down their new opponents.
“When I saw sneakers were going to be a thing, I fought it for a bit,” Salvatore Ferragamo’s ( SFER.MI ) designer Paul Andrew said at a conference. “We’re definitely now investing heavily in that category, getting in very specialized people”.
Global sales of sneakers - or trainers - rose 10 percent to 3.5 billion euros last year, outperforming a 7 percent rise in handbags, according to consultancy Bain & Co.
“It’s not really even a trend anymore - it’s become a category,” said Bruce Pas, Men’s Fashion Director at U.S. department store Neiman Marcus.
Both luxury groups and sports companies are looking to cash in on a booming market. Premium sneakers can start at around $400 but can easily rise as high as $3,000, for a pair of Christian Louboutin’s leather, crystal-embellished sneakers.
Limited editions can sell for well over $10,000, including the Chanel X Pharrell Hu Race Trail or Nike’s Air Jordan 3 Retro DJ Khaled Grateful.
Slideshow (5 Images) Sneakers are a big driver of the luxury shoe business, which accountancy firm EY says is the fashion industry’s fastest-growing area.
The rise of luxury sneakers is part of the growing influence of casual and streetwear in high-end fashion, where it is now acceptable to team sneakers with a tailored suit.
Upmarket brands are tapping into street style to refresh their looks and young buyers are driving the shift. “Millennials” - born between the early 1980s and mid-90s - already represent a third of the luxury market, according to Bain.
Several luxury group executives recently noted the importance of sneakers for their business and the need to step up their game to face the rising competition.
Emilio Macellari, finance chief of Italian luxury goods company Tod’s ( TOD.MI ) - a pioneer in the sector, having launched its first Hogan luxury sneaker in 1986 - said “there is no brand that is not currently considering its (sneaker) offer”.
Pointing out how times are changing, he said luxury brands were now “under attack” from sportswear companies, on top of the usual competition from their luxury peers.
But so-called “sneakerisation” could steal market share from more traditional and formal-looking footwear, industry operators say.
“After many seasons of comfortable shoes, it will be hard to bring women back on heels,” said Federica Montelli, head of fashion at Milan’s renowned la Rinascente department store.
BLUE SNAKE AND PROFIT MARGINS In central Milan a pair of Nike’s black leather, ankle-high Air Jordan 5 Retro Premium sneakers sell for over 400 euros ($470). Only steps away, in one of the city’s most exclusive shopping areas, clients buy a pair of Gucci’s ACE made with the GG logo canvas, with a blue snake-leather detail for 450 euros.
“What has changed is competition, with a clear overlap,” said Claudia D’Arpizio, partner at Bain & Co. “Luxury consumers are buying Nike and Adidas and vice-versa”.
Ilaria, a young saleswoman in Milan streetwear shop One Block Down, said that many customers walk in carrying shopping bags from the nearby luxury boutiques.
Sports groups say they are not worried by the competition.
“If (luxury groups) go the sports way... it is only positive,” said Puma Chief Executive Bjorn Gulden said. “If that is a trend that pulls the sneaker market up, we can only be happy.”
Analysts also say the intensifying competition is unlikely to erode profit margins because the market is expanding.
“There is large space for prices moving up,” said Erwan Rambourg from HSBC. “The ‘luxurisation’ of sneakers could possibly impact margins positively”.
Additional reporting by Melissa Fares in New York, Emma Thomasson in Berlin, Sarah White in Venice, Claudia Cristoferi in Milan and Sonya Dowsett in Madrid; Editing by Pravin Char
| ashraq/financial-news-articles | https://www.reuters.com/article/us-fashion-sneakers-analysis/fashion-and-sport-brands-clash-in-luxury-sneakers-race-idUSKCN1IP1OU |
BAGHDAD (Reuters) - Former Iraqi Prime Minister Nuri al-Maliki fulfilled his life-long goal of wresting power from the country’s minority Sunnis after the fall of Saddam Hussein but his drive to entrench Shi’ite dominance proved his downfall.
A campaign poster of former Iraqi Prime Minister Nuri al-Maliki is seen in the street ahead of the parliamentary election, in Baghdad, Iraq, May 1, 2018. Picture taken May 1, 2018. REUTERS/Thaier al-Sudan Blamed for the widespread corruption and divisive policies that contributed to the collapse of the Iraqi military and the rise of Islamic State, Maliki lost the premiership to fellow Dawa Party member Haider al-Abadi after a 2014 election.
Now, after four years sidelined as one of three largely ceremonial vice-presidents, Maliki is taking on Abadi in a May 12 election in a bid to win a third term as prime minister, and is posing again as Iraq’s Shi’ite champion.
Posters of Grand Ayatollah Mohammed Baqir al-Sadr who was executed by Saddam in 1980 fly at Maliki’s rallies, the dominant color of his campaign banners is the green of Islam and he is proposing to do away with the power-sharing formula that has ensured government roles for the dominant non-Shi’ite groups.
Sentenced to death under Saddam for being part of the outlawed Shi’ite Islamic Dawa Party, Maliki spent nearly a quarter of century in exile mainly in Syria and Iran, continually agitating for the dictator’s downfall.
After returning in 2003, Maliki joined Iraq’s interim government and became prime minister in 2006, establishing a reputation as a shrewd political operator and the Shi’ite leader who pulled Iraq back from the brink of civil war.
Maliki’s supporters praise him for signing Saddam’s death warrant in 2006 and for refusing to allow U.S. forces to stay in Iraq beyond 2011.
But during eight years in office, Maliki was also perceived as an inveterate sectarian who alienated the minority Sunnis and Kurds by shutting them out of key security positions and undermining power-sharing.
“When he became prime minister, he continued to function as an underground Dawa operative. He put in place shadow Dawa cells in each ministry reporting directly to him, and not the minister,” said a non-Shi’ite who served in Maliki’s cabinet.
“It wouldn’t be far-fetched to say that he created a parallel government and parallel security services reporting directly to him,” the former minister told Reuters.
Responding to accusations Maliki ran a parallel government, his media adviser, Abbas al-Musawi, said the former prime minister was at times forced to launch initiatives directly to boost the economy when he felt ministers from other groups were delaying or obstructing the work of government.
Blamed for letting Islamic State seize a third of Iraq in 2014, Maliki was blocked from winning a third term by Iraq’s top Shi’ite cleric, Grand Ayatollah Ali al-Sistani, opening the door for Abadi to become prime minister.
‘POLITICAL MAJORITY’ On the face of it, Maliki’s campaign call for a multi-ethnic “political majority” government to make the administration more efficient and cohesive could be seen as a break with his past.
Maliki is proposing to replace the system whereby the cabinet must reflect the parliamentary representation of political parties with a multi-ethnic governing majority and a multi-ethnic opposition minority.
Campaign posters of former Iraqi Prime Minister Nuri al-Maliki is seen ahead of the parliamentary election, in Baghdad, Iraq, May 1, 2018. Picture taken May 1, 2018. REUTERS/Thaier al-Sudan But non-Shi’ite politicians fear the plan could keep the main non-Shi’ite groups out of government and reduce their influence, in contrast to the more inclusive policies of Abadi.
“Shi’ite religious parties have been controlling the key positions of the state, public administrations and security services since 2003. Having a political majority rule under these conditions will remove all the checks and balances non-Shi’ite parties have,” said Jaber al-Jaberi, a Sunni MP.
Opponents say the proposed system would, in practice, allow a prime minister to chose Kurd or Sunni ministers who are not representatives of the main Kurdish or Sunni parties, as long as they were qualified and agreed on a common program.
“The claims that there is a deep state controlled by the Dawa is a big lie,” said Saad al-Muttalibi, a lawmaker from Maliki’s group in parliament.
“The previous (Maliki) governments were partnership cabinets and the political forces that took part in them share the credit of success and the blame of failure,” he said.
Maliki’s followers see his removal in 2014 as a conspiracy because he championed Shi’ite interests in Iraq and the region.
“He is a strong leader, he is not afraid of confrontation,” said Mohamed Ghabbar, a student in the Shi’ite holy city of Kerbala, south of the capital Baghdad.
In Syria, Maliki sided with Shi’ite neighbor Iran and Bashar al-Assad in the civil war pitting the Syrian president against predominantly Sunni opponents backed by Saudi Arabia, Qatar and Turkey.
Like many Iraqi Shi’ite leaders Maliki is closely tied to Iran, where he built relationships during his exile.
In his election campaign, Maliki continues to advocate an anti-Saudi line, implicitly criticizing Abadi for rebuilding bridges with Riyadh and other Sunni capitals.
“I had told these countries that I won’t allow the regime in Syria to fall,” he said in an April 24 interview to Al Mayadeen, a Lebanese TV channel close to Assad, who belongs to the Alawite sect which is an offshoot of Shi’ism.
“Saudi Arabia failed (in Syria) and it is trying now to bring Iraq to the Saudi alliance. Iraq can’t be part of this alliance,” he said, in an apparent reference to a conference in Kuwait in February to raise funds for Abadi to rebuild Iraq.
As the leader of the Dawa Party, Maliki will command a solid base of Shi’ite support in the election, especially from religious Shi’ites wary of power-sharing.
But this time round, the Shi’ite vote looks set to be split between three frontrunners: Abadi, Maliki and another ally of Iran, militia leader Hadi al-Amiri, whose stature and popularity rose after he commanded the fight against Islamic State.
If no clear winner emerges, Maliki will have to call on all his negotiating skills again to secure a governing alliance, or risk being sidelined once more.
Additional reporting by Ahmed Aboulenein in Kerbala and Ali Abdelaty in Cairo; editing by Samia Nakhoul and David Clarke
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iraq-election-maliki-newsmaker/iraqs-maliki-poses-as-shiite-champion-in-race-for-top-job-idUSKBN1I31M1 |
(Reuters) - Roche’s immunotherapy Tecentriq, given with its older drug Avastin and chemotherapy, improved survival of advanced lung cancer patients by about 30 percent over the combination without Tecentriq, according to interim results of a late stage trial released on Wednesday.
FILE PHOTO: The logo of Swiss pharmaceutical company Roche is pictured on the company's headquarters in Basel February 4, 2009. REUTERS/Christian Hartmann (SWITZERLAND) But there was no survival benefit for Tecentriq plus chemotherapy over an Avastin and chemotherapy combination in the brief summary of data that became available on Wednesday.
The Phase III study involved 800 people with non-squamous non-small cell lung cancer (NSCLC) whose cancer had spread but who had not yet received chemotherapy. More detailed data from the trial will be presented next month at the annual meeting of the American Society of Clinical Oncology.
Roche, which is angling to take lung cancer market share from U.S. rival Merck & Co, said the combination of Tecentriq, Avastin and chemotherapies carboplatin and paclitaxel increased median overall survival to 19.2 months, compared with 14.7 months for patients treated with Avastin and chemotherapy.
The Swiss company is awaiting a U.S. approval decision expected by September 5 for Tecentriq in combination with Avastin and chemotherapy as an initial, or first-line, treatment for NSCLC.
Merck’s Keytruda is currently the only drug that helps the immune system recognize and attack tumors approved in the United States to treat patients with NSCLC who have not received prior therapies. Keytruda is approved for those patients in combination with chemotherapy drugs Alimta, sold by Eli Lilly and Co, and carboplatin.
Roche is conducting several Tecentriq lung cancer trials and expects to announce this summer results from a trial of the drug in combination with Alimta and carboplatin.
The Tecentriq/Avastin/chemo combination also showed a survival advantage for patients with EGFR and ALK mutations who were first treated with drugs targeting those genetic markers but who had not yet received chemotherapy, the company said.
It also showed that patients whose cancer had spread to the liver lived for a median of 13.2 months after receiving the four-drug combination, compared with 9.1 months for those given only Avastin and chemotherapy.
Serious side effects were seen in 57 percent of patients on the Tecentriq combination versus 49 percent for the Avastin and chemo group.
An estimated 234,000 Americans will be diagnosed with lung cancer this year, with NSCLC accounting for about 85 percent of cases, according to the American Cancer Society.
Reporting By Deena Beasley; Editing | ashraq/financial-news-articles | https://in.reuters.com/article/us-health-cancer-roche-tecentriq/roche-immunotherapy-combination-increases-lung-cancer-survival-study-idINKCN1IH34V |
NEW DELHI (Reuters) - India’s civil aviation minister has asked national carrier Air India to investigate accusations of sexual harassment made against a senior executive by a flight attendant, who took to Twitter to air her allegations.
The flight attendant accused the executive, who she did not identify, of harassing her over a six-year period, and said she had been forced to appeal to the government because “Air India refused to deal with the matter seriously”.
An Air India spokesman declined to comment, saying the complaint was an “internal matter”.
The incident comes at a time when women across the globe are recounting tales of sexual harassment and assault through the #MeToo global social media campaign. Several powerful men in the film industry, politics, entertainment and business have been accused of sexual misconduct and abuse of power.
In her letter, which was addressed to Civil Aviation Minister Suresh Prabhu and Prime Minister Narendra Modi and tweeted on Tuesday, the cabin crew member said she was a “proud single mother” working for Air India, but was “denied positions and privileges” after she “rejected his advances”.
Prabhu replied on Twitter, saying he has asked the chairman and managing director of the state-owned carrier to immediately address the issue, adding: “If necessary, will appoint another committee.”
The flight attendant described the executive as a “predator” and alleged other women at Air India had suffered similar experiences. She accused an internal complaints committee of delays and cover-ups since her complaint in September.
“I used the internal processes because I did not want to attract publicity or attention, in the media or (to) the airline, but six years of torture and nine months of torturous delay and cover-ups have left me frustrated,” she wrote.
A company source, who did not want to be named due to the sensitivity of the issue, said the airline had around 10 complaints of a similar nature pending.
India put in place a law five years ago that aims to ensure safety for women working in both the public and private sectors. Under the act, detailed guidelines were issued to employers to prevent or deter sexual harassment and to set up processes to resolve, settle or prosecute such cases.
Modi’s government is currently trying to sell its 76 percent stake in loss-making Air India. The government said on Wednesday it received no bids so far ahead of a May 31 deadline.
Reporting by Suhail Hassan Bhat; Writing by Malini Menon; Editing by Alex Richardson
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Advertise with Us Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-air-india-harassment/minister-orders-probe-after-air-india-staffer-alleges-sexual-harassment-idUSKCN1IV1CY |
May 10, 2018 / 11:14 AM / in 3 hours Pipeline company Enbridge eyes additional asset sales: CEO Rod Nickel , Anirban Paul 3 Min Read
CALGARY, Alberta (Reuters) - Enbridge Inc ( ENB.TO ) may sell more assets than expected this year, seeing strong interest from potential buyers after achieving a goal this week for 2018 divestitures. FILE PHOTO: A storage tank looms over a freeway at the Enbridge Edmonton terminal in Edmonton August 4, 2012. REUTERS/Dan Riedlhuber/File Photo
Enbridge has been under pressure to reduce leverage, one of the factors that has weighed on its share price. Selling assets would also help the company become a pure pipeline utility.
The company announced two sales on Wednesday that will help it exceed its target for $3 billion in divestitures this year, but more deals are being discussed.
“A good example of where we’re getting a lot of inbound interest is on the Canadian (gathering and processing) assets in whole or in part,” Chief Executive Al Monaco said on a quarterly conference call on Thursday. “Based on what we see at this point, we could move on additional asset sales, which would create added flexibility on (the) financial side.”
On Wednesday, Enbridge said it would sell a U.S. gas pipelines business and part of its renewable energy portfolio for a combined $2.5 billion to reduce debt, which stood at $61 billion as of end-2017.
The company has also received bids as high as C$4.5 billion for the Canadian midstream assets it is selling as part of its debt-reduction efforts, Reuters reported.
U.S.-listed shares of Enbridge ( ENB.N ) rose 2.3 percent to $32.85 and its Toronto-listed stock added 1.4 percent to C$42.03. The Toronto shares touched their highest in nearly two months.
Enbridge’s first-quarter profit handily topped analysts’ forecasts on Thursday, as Canada’s largest pipeline operator transported higher volumes of crude oil and natural gas.
Enbridge moved 2.63 million barrels per day (bpd) of crude oil on its Mainline system across Canada and the United States in the three months ended March 31, up from 2.59 million bpd a year earlier.
The Enbridge Mainline system is Canada’s largest transporter of crude oil. It originates in Edmonton, Alberta and extends east across the Prairies to the Canada-U.S. border near Gretna, Manitoba.
Calgary-based Enbridge’s first-quarter net income attributable to shareholders fell about 30 percent to C$445 million ($348.15 million) due to one-time costs.
Excluding one-time items, the company earned 82 Canadian cents per share, ahead of analysts’ average estimate of 66 cents, according to Thomson Reuters I/B/E/S.
($1 = 1.2782 Canadian dollars) | ashraq/financial-news-articles | https://www.reuters.com/article/us-enbridge-inc-results/pipeline-operator-enbridges-first-quarter-profit-dips-30-percent-idUSKBN1IB1GT |
* Brent crude stays near $75 on worries U.S. may exit nuclear deal
* Dollar surges to new 2018 high on relative strength of US growth
* Resilient tech sector underpins world shares after two days of gains
* By Sujata Rao
LONDON, May 8 (Reuters) - Oil prices eased on Tuesday from 3-1/2-year highs hit on worries the United States may be set to pull out of a key nuclear accord with Iran, while robust tech sector gains in Asia helped support world stocks.
U.S. President Donald Trump will announce at 1800 GMT whether Washington will withdraw from a deal that eased economic sanctions on Iran in exchange for Tehran limiting its nuclear programme. A decision to leave the accord could give another boost to this year’s 13 percent oil rally, by constraining Iranian crude exports.
Brent futures nevertheless eased 0.8 percent after hitting new highs above $75 a barrel and MSCI’s world equity index inched a touch higher after two days of gains and having touched one-week highs in the previous session.
“(Trump’s decision) has been so well covered, it’s probably all in the price by now. And most recent commentary seems to be that after all the bluster, he may only partially withdraw from the deal,” said Frances Hudson, global thematic strategist at Aberdeen Standard Investments.
She noted that oil prices had bucked a recent rise in the dollar — usually the two are inversely correlated — suggesting investors remained optimistic about the world economy and hence future demand for crude.
The dollar surged to a new 2018 high versus a basket of currencies.
“It’s telling you that people are still in glass-half-full mode as far as the economy is concerned and despite the recent weak data in Europe. Growth remains on a an even keel in most places,” Hudson added.
Wall Street was lifted on Monday by a strong rally in Apple shares to new record highs following forecast-beating results last week and Warren Buffett’s decision to increase his stake in the firm.
MSCI’s global tech index closed Monday at six-week highs and the gains fed into Asian tech companies, boosting emerging Asian shares by 0.5 percent and Japan’s Nikkei index by 0.2 percent.
Momentum fizzled in Europe, however, with a pan-European index trading flat and Europe’s tech index down 0.2 percent.
Italian shares slipped 1.5 percent, albeit from nine-year highs as chances grew of new elections following an inconclusive March 4 vote.
Equity futures signalled a weaker open for Wall Street .
ASI’s Hudson also played down fears that a fresh oil price rise could further stoke global worries about inflation and growth, especially after some multinational companies warned that rising input costs could dent future profits.
“I don’t think energy costs for many companies these days are a big enough proportion of their cost base, especially for tech and service sector shares,” she said, noting the tech sector’s resilience.
There was some good news from China as Beijing reported that April exports and imports had beaten forecasts. Trade tensions between China and the United States also seem to have abated slightly, with talks set to resume next week.
That helped lift China’s blue-chip CSI300 index 1.3 percent.
In currency markets, the prospect of solid U.S. economic growth, helped by Trump’s tax cuts and spending, propelled the dollar to a new 2018 high against a basket of currencies.
The greenback is being supported by expectations of further rises in U.S. interest rates, which are prompting investors to buy back dollars they had sold earlier this year on worries about Trump’s protectionist trade policies.
“For the foreseeable future attractive interest rates at favourable risk conditions will only be on offer in the United States,” Commerzbank analysts said, referring to the fading likelihood of policy tightening in Europe and Japan.
The euro fell 0.3 percent against the dollar to $1.1977 , the lowest since end-December.
The dollar gains have rippled through foreign exchange markets in recent days, prompting investors to unwind some of this year’s best performing trades, especially in emerging markets.
The combination of higher oil prices, a strong dollar and higher U.S. rates is risky for some emerging market assets as it could significantly worsen their trade balance and possibly make it harder to service dollar-denominated debt.
JPMorgan’s index of sovereign emerging dollar debt saw spreads over Treasuries surge to the highest since early-2017 while currencies such as the Indian rupee and Indonesian rupiah fell to multi-month lows.
The Turkish lira plumbed a new record low while Argentina, possibly the hardest hit by recent dollar turnaround, has been forced to raise interest rates to 40 percent to stem the bleeding in its peso
Additional reporting by Hideyuki Sano in Tokyo and Andrew Galbraith in Shanghai; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-tech-sector-gains-keep-world-shares-near-one-week-high-idUSL8N1SF2ZL |
Latest Powerball winner may discover that picking the numbers was the easy part 56 Mins Ago A single ticket snagged the $315.3 million grand prize in the game's Saturday night drawing. That amount is reduced to $183.2 million if the winner (or winners) chooses a lump sum instead of spreading it out over several decades. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/powerball-jackpot-numbers-advice.html |
May 10, 2018 / 11:44 AM / in 17 minutes BRIEF-SL Green To Sell Fee Interest At 635 Madison Avenue Reuters Staff
May 10 (Reuters) - SL Green Realty Corp: * SAYS DEAL FOR A SALES PRICE OF $151 MILLION
* SAYS DEAL FOR $151 MILLION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-sl-green-to-sell-fee-interest-at-6/brief-sl-green-to-sell-fee-interest-at-635-madison-avenue-idUSL8N1SH4FW |
May 11, 2018 / 6:25 AM / Updated 19 minutes ago CORRECTED-Silver Lake to buy Zoopla and PrimeLocation for $3 bln Reuters Staff 1 Min Read
(Corrects premium to 31 pct from 43 pct, paragraph 2)
May 11 (Reuters) - Silver Lake Management Company has agreed to acquire ZPG plc, the owner of British property websites Zoopla and PrimeLocation, for 2.2 billion pounds ($3 billion). Under the terms of the deal, each ZPG shareholder would get 490 pence in cash, which implies a premium of 31 percent to ZPG’s Thursday close, U.S.-based private equity firm Silver Lake said in a statement on Friday. ($1 = 0.7399 pounds) (Reporting by Rahul B in Bengaluru Editing by Alexander Smith) | ashraq/financial-news-articles | https://www.reuters.com/article/zpg-ma-silver-lake/silver-lake-to-buy-zoopla-and-primelocation-for-3-bln-idUSL8N1SI12D |
Need to be concerned about big tech penetrating society, says venture capitalist 3 Hours Ago Alan Patricof, Greycroft founder and managing director, discusses the influence of big tech on life, politics and business. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/need-to-be-concerned-about-big-tech-penetrating-society-says-venture-capitalist.html |
May 4, 2018 / 3:48 PM / in 38 minutes EU scrutinises post-Brexit security deal Gabriela Baczynska 5 Min Read
BRUSSELS (Reuters) - EU officials who began talks with Britain on Friday on security ties after Brexit will raise problems that diplomats say may mean cooperation against terrorism and crime will be weakened more than many expected. Britain's Prime Minister Theresa May arrives at a European Union leaders summit in Brussels, Belgium, March 22, 2018. REUTERS/Francois Lenoir TPX IMAGES OF THE DAY - RC12C4FAF240
Among indications that what seemed the least fraught bit of Brexit is proving trickier is a recent EU report, described to Reuters, which slams Britain’s lackadaisical use of a key EU travel and crime database - the so-called Schengen Information System (SIS). Brussels also frets that London cannot be trusted to respect the privacy of EU citizens’ data after Brexit.
While EU political leaders are as keen as British Prime Minister Theresa May on keeping the closest possible security ties between the continent and London, one of the world’s leading powers in intelligence and crime-fighting, officials have been turning up a host of legal and technical obstacles.
“This always looked to be the easy bit of Brexit, the no-brainer that everyone wanted to keep good security cooperation,” said a person familiar with Germany’s work on the matter. “But as we get into it, we’re finding more and more problems.”
EU rules on what could be shared with third countries are an obstacle and Britain’s refusal to subject itself to judicial oversight of the top EU court - the European Court of Justice - also presents a hurdle to sharing information.
“Because of that, the reality is we might slide back to a less significant EU-UK relationship with perhaps more being done bilaterally,” a senior EU official said.
The EU has found a new sense of purpose in coordinating security work, notably through its Europol police agency, in the wake of an immigration spike in 2015-16 and Islamic attacks on both sides of the English Channel.
But EU diplomats said a report on Britain’s use of the SIS had highlighted disappointment on the continent. The bloc has decided Britain has used the information from other EU states but often failed to provide enough of its own or act on security requests of its peers. “NO POLICE FACEBOOK”
“The SIS is not just a police Facebook where we share interesting stuff. All the entries come with alerts and requests for action and the UK has not been doing a good enough job,” said an EU diplomat. FILE PHOTO: Britain's Prime Minister Theresa May is flanked by French President Emmanuel Macron and German Chancellor Angela Merkel before their trilateral meeting at the European Union leaders summit in Brussels, Belgium, March 22, 2018. REUTERS/Francois Lenoir/File Photo
The SIS is a trove of police intelligence data, collating member states’ information on anything from dubious documents to stolen cars to wanted persons or missing objects.
Britain, due to leave the EU in less than a year, has never been part of the European area of control-free travel called the Schengen zone. While the EU praises it as a top achievement of European integration, Britain has preferred to maintain full control of its own borders and immigration.
In 2015, however, Britain was given access to the SIS, a crucial tool in cooperation between EU states on border security, fighting terrorism and organised crime.
“If this is how they behave as a member state, how can we trust their commitment to the closest possible security pact after Brexit,” another EU diplomat said, adding there was no deadline for the EU to decide on cutting Britain off.
The European Commission, negotiating Brexit on behalf of the other 27 states, raised the issue in a recent Brexit briefing for national diplomats. The Commission declined to comment on the matter to Reuters, saying the SIS report was classified.
Britain’s interior ministry, the Home Office, said it was in talks with the Commission after the EU made recommendations for improvement. It said it was “fully committed” to the SIS and added: “We need to continue and enhance the internal security cooperation that already exists within the EU after Brexit.”
Statistics show the SIS was accessed more than 5.1 billion times by member states in 2017, of which some 540 million were by Britain - the third top score. In terms of uploaded alerts, however, Britain ranks only 15th.
The Home Office said Britain placed 13,100 alerts on SIS in 2017 and responded to over 9,500 foreign alerts.
The EU has warned London not to use its security prowess as a trump card to win concessions in other fields trade or expatriate rights. Both Britain and the EU say they want to foster a strong security partnership after Brexit. Additional reporting and editing by Alastair Macdonald in Brussels and Andrew MacAskill in London, Editing by William Maclean | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-security/eu-scrutinises-post-brexit-security-deal-idUKKBN1I51YM |
SAN LUIS OBISPO, Calif. (AP) _ Mindbody Inc. (MB) on Tuesday reported a loss of $1.7 million in its first quarter.
The San Luis Obispo, California-based company said it had a loss of 4 cents per share. Earnings, adjusted for one-time gains and costs, were 6 cents per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 4 cents per share.
The business management software developer posted revenue of $53.8 million in the period, which met Street forecasts.
For the current quarter ending in July, Mindbody said it expects revenue in the range of $59.5 million to $61.5 million.
The company expects full-year revenue in the range of $246 million to $252 million.
Mindbody shares have risen 44 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $43.75, a rise of 74 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on MB at https://www.zacks.com/ap/MB | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-associated-press-mindbody-1q-earnings-snapshot.html |
For immediate release
15 May 2018
Serabi Gold plc
("Serabi" or the "Company")
Unaudited Interim Financial Results for the three month period to 31 March 2018 and Management's Discussion and Analysis
Serabi Gold (AIM:SRB, TSX:SBI), the Brazilian focused gold mining and development company, today releases its unaudited interim financial results for the three month period ending 31 March 2018 and at the same time has published its Management's Discussion and Analysis for the same period.
Key Financial Information
SUMMARY FINANCIAL STATISTICS FOR THE THREE MONTHS ENDING 31 MARCH 2018 3 months to
31 March
2018
US$ 12 months to
31 December 2017
US$ 3 months to
31 March 2017
US$ Revenue 13,826,851 48,449,868 13,173,584 Cost of Sales (9,489,102) (32,015,498) (9,792,350) Provision for impairment of inventory - (950,000) (220,000) Depreciation and amortisation charges (1,992,853) (10,465,283) (1,900,704) Gross profit 2,344,896 5,019,087 1,260,530 (Loss) / profit before tax 339,866 (1,745,503) (33,941) (Loss) / profit after tax 10,786 (2,397,903) (114,043) Earnings per ordinary share (basic) 0.0015 cents (0.343 cents) (0.016 cents) Average gold price received US$1,319 US$1,244 US$1,204 As at
31 March
2018
(US$) As at
31 December 2017
(US$) Cash and cash equivalents 6,695,525 4,093,866 Net assets 60,614,360 60,770,712 Cash Cost and All-In Sustaining Cost ("AISC") 3 months to
31 Mar 2018 12 months to
31 December 2017 3 months to
31 March 2017 Gold production for cash cost and AISC purposes 9,188 37,004 9,861 Total Cash Cost of production (per ounce) US$907 US$799 US$800 Total AISC of production (per ounce) US$1,166 US$1,071 US$1,043
Key Operational Information
SUMMARY PRODUCTION STATISTICS FOR 2018 YEAR TO DATE AND 2017 Qtr 1 Year to Date Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total 2018 2018 2017 2017 2017 2017 2017 Horizontal development - Total Metres 2,353 2,353 2,251 1,855 2,996 2,762 9,864 Mined ore - Total Tonnes 39,669 39,669 36,918 41,684 41,263 49,011 168,876 Gold grade (g/t) 7.49 7.49 10.12 7.80 9.80 8.25 8.92 Milled ore Tonnes 43,145 43,145 41,722 43,294 44,205 43,345 172,565 Gold grade (g/t) 7.04 7.04 7.62 6.29 7.28 7.27 7.11 Gold production (1) (2) Ounces 9,188 9,188 9,861 8,148 9,657 9,337 37,004 Gold production figures are subject to amendment pending final agreed assays of the gold content of the copper/gold concentrate and gold doré that is delivered to the refineries. Gold production totals for 2018 include treatment of 1,763 tonnes of flotation tails at a grade of 2.70 g/t (2017 full year : 4,568 tonnes) The table may not sum due to rounding.
Financial Highlights
Concluding, in January 2018, an additional US$3 million loan with Sprott Resource Lending Partnership ("Sprott"). Gross profit from operations of US$2.3 million (Q1 2017 US$1.3 million) Cash holdings at 31 March 2018 of US$6.7 million (31 December 2017: US$4.09 million). Completion, on 12 April 2018, of a share subscription by Greenstone Resources LP raising US$15 million. Announcement, on 29 March 2018, of a brokered share placing raising gross proceeds of £6.36 million, which is expected to complete on 15 May 2018. Payment, on 16 April 2018, of second US$5 million instalment for the purchase of Chapleau Resource Ltd and the Coringa Gold Project. Estimated cash following completion of brokered share placing of approximately US$23 million.
2018 Guidance
Management expects that gold production for 2018 will exceed that of 2017 and be up to 40,000 ounces.
Operational Highlights
First quarter production of 9,188 ounces of gold. Mine production totalling 39,669 tonnes at 7.49 grammes per tonne ("g/t") of gold. 43,145 tonnes processed through the plant for the combined mining operations, with an average grade of 7.04 g/t of gold. 2,353 metres of horizontal mine development completed during the quarter. Palito development and production continues to focus on the four main sectors of Senna, Pipocas, G3 and Mogno, whilst in the Sao Chico orebody, the main ramp has now reached level -3mRL, approximately 260 vertical metres below surface. Production is coming from levels 86mRL, 70mRL and 56mRL. With levels 40mRL, 26mRL and 10mRL all either developed or being developed, ahead of production. By the end of the quarter, surface ore stocks were approximately 10,200 tonnes, (December 2017: 15,000 tonnes) with an average grade of 3.0 g/t of gold, together with approximately 40,000 tonnes of flotation tailings grading approximately 3.0 g/t of gold.
Mike Hodgson, CEO of Serabi commented,
"This first quarter of 2018 has been extremely exciting for the Company and represents a step change in its growth and development.
"Gold production was in line with both guidance and our internal plans and, after allowing for capital expenditure and mine development costs, the gold production operations generated approximately US$1.7 million after tax in cash flow which has been used to fund the exploration programmes and the working capital requirements of the newly acquired Coringa project.
"On 11 May 2018, shareholders of the Company approved the issue of new shares required to complete the placing of shares arranged through our brokers Peel Hunt LLP as announced on 29 March 2018. This share placing is due to be finally completed and funds received on 15 May 2018. Together with the placing of shares with Greenstone Resources which was completed in April the Company will have raised gross proceeds of approximately US$23.5 million.
"We are now well funded, the exploration programmes that we have been planning are being implemented, and the permitting and planning of the Coringa project being progressed.
"The financial results for the quarter are very satisfying, and even before the cash received form the share issues, cash holdings had grown from US$4.1million at the end of 2017 to US$6.7 million at the end the first quarter, whilst gross profit from operations improved from US$1.26 million for the same quarter in 2017 to US$2.34 million for the first quarter of 2018. Administration costs were slightly higher but the Company has incurred some one-off costs in the period, including costs associated with the acquisition of Coringa, the debt renegotiation with Sprott that was completed in January 2018 and of course some costs associated with the raising of new equity.
"Finance costs are significantly higher than the comparative quarter, but in fact many of these are non-cash items, with actual interest charges on loans being US$152,000, with US$348,000 arising from accounting treatment of a derivatives transaction and the future payment obligations for Coringa.
"Whilst we have past tax losses, regulations regarding the use of these mean our profits in Brazil remain subject to profits taxes. We benefit however from being in a designated development area and therefore enjoy a lower tax rate than for other parts of the county. This dispensation was recently renewed for a further 10 year period and is something that we will seek to have extended to the Coringa project when the project is in production.
"The rest of the year promises to be very interesting and we expect to generate steady positive news flow from a successful exploration campaign from Palito and Sao Chico as well as progress at Coringa. The new funds that have been raised will allow significant acceleration of our organic growth plans and outstanding capital programmes whilst continuing the progress at Coringa, where completing the first stages of the initial permitting remains the immediate objective. We have made the first significant steps to realising our ambition to establish ourselves as a significant gold producer in Brazil with a target of an annualised production rate of 100,000 ounces within the next two years."
SERABI GOLD PLC
Condensed Consolidated Statements of Comprehensive Income
For the three months ended
31 March 2018 2017 (expressed in US$) Notes (unaudited) (unaudited) CONTINUING OPERATIONS Revenue 13,826,851 13,173,584 Cost of sales (9,489,101) (9,792,350) Provision for impairment of Inventory - (220,000) Depreciation and amortisation charges (1,992,853) (1,900,704) Gross profit 2,344,897 1,260,530 Administration expenses (1,331,424) (1,241,455) Share-based payments (77,293) (65,620) Gain on sales of assets disposal 51,115 - Operating profit / (loss) 987,295 (46,545) Foreign exchange (loss) / gain (57,090) 46,837 Finance expense (590,373) (33,817) Finance income 34 34 Profit / (loss) before taxation 339,866 (33,491) Income tax expense (329,080) (80,552) Profit / (loss) for the period from continuing operations attributable to the owners of the parent (1) 10,786 (114,043) Other comprehensive income (net of tax) Items that may be reclassified subsequently to profit or loss Exchange differences on translating foreign operations (334,431) 1,467,847 Total comprehensive profit for the period operations attributable to the owners of the parent (323,645) 1,353,804 Profit / (loss) per ordinary share (basic) (1) 3 0.0015c (0.016c) Profit / (loss) per ordinary share (diluted) (1) 3 0.0015c (0.016c) (1) All revenue and expenses arise from continuing operations.
SERABI GOLD PLC
Condensed Consolidated Balance Sheets
As at As at As at 31 March 31 March 31 December 2018 2017 2017 (expressed in US$) (unaudited) (unaudited) (audited) Non-current assets Deferred exploration costs 25,295,721 10,234,360 23,898,819 Property, plant and equipment 47,736,835 45,862,328 48,980,381 Taxes receivable 1,569,140 - 1,474,062 Deferred taxation 2,772,101 3,313,099 2,939,634 Total non-current assets 77,373,797 59,409,787 77,292,896 Current assets Inventories 6,160,750 6,534,060 6,934,438 Trade and other receivables 1,151,999 2,996,060 1,277,142 Prepayments and accrued income 3,914,034 4,417,677 3,237,412 Cash and cash equivalents 6,695,525 3,407,117 4,093,866 Total current assets 17,922,308 17,354,914 15,542,858 Current liabilities Trade and other payables 5,291,005 4,713,274 5,347,964 Interest bearing liabilities 5,760,390 2,523,787 2,845,712 Acquisition payment outstanding 5,000,000 - 5,000,000 Derivative financial liabilities 754,462 - 709,255 Accruals 591,830 485,765 614,198 Total current liabilities 17,397,687 7,722,826 14,517,129 Net current assets 524,621 9,632,088 1,025,729 Total assets less current liabilities 77,898,418 69,041,875 78,318,625 Non-current liabilities Trade and other payables 2,590,883 2,260,691 2,753,409 Provisions 2,157,944 1,904,989 2,047,131 Acquisition payment outstanding 10,235,707 - 9,997,961 Interest bearing liabilities 2,299,524 77,798 2,749,412 Total non-current liabilities 17,284,058 4,243,478 17,547,913 Net assets 60,614,360 64,798,397 60,770,712 Equity Share capital 5,555,775 5,540,960 5,540,960 Share premium reserve 1,797,407 1,722,222 1,722,222 Option reserve 1,111,040 1,404,272 1,425,024 Other reserves 4,406,657 3,273,143 4,015,369 Translation reserve (31,533,999) (29,140,001) (31,199,568) Retained surplus 79,277,480 81,997,801 79,266,705 Equity shareholders' funds 60,614,360 64,798,397 60,770,712 The interim financial information has not been audited and does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. Whilst the financial information included in this announcement has been compiled in accordance with International Financial Reporting Standards ("IFRS") this announcement itself does not contain sufficient financial information to comply with IFRS. The Group statutory accounts for the year ended 31 December 2017 prepared under IFRS as adopted in the EU and with IFRS and their interpretations adopted by the International Accounting Standards Board will be filed with the Registrar of Companies following their adoption by shareholders at the next Annual General Meeting. The auditor's report on these accounts was unqualified. The auditor's report did not contain a statement under Section 498 (2) or 498 (3) of the Companies Act 2006.
SERABI GOLD PLC
Condensed Consolidated Statements of Changes in Shareholders' Equity
(expressed in US$) (unaudited) Share
capital Share
premium Share option reserve Other reserves (1) Translation reserve Retained Earnings Total equity Equity shareholders' funds at 31 December 2016 5,540,960 1,722,222 1,338,652 3,051,862 (30,607,848) 82,333,125 63,378,973 Foreign currency adjustments - - - - 1,467,847 - 1,467,847 Loss for the period - - - - - (114,043) (114,043) Total comprehensive income for the period - - - - 1,467,847 (114,043) 1,353,804 Transfer to taxation reserve - - - 221,281 - (221,281) - Share option expense - - 65,620 - - - 65,620 Equity shareholders' funds at 31 March 2017 5,540,960 1,722,222 1,404,272 3,273,143 (29,140,001) 81,997,801 64,798,397 Foreign currency adjustments - - - - (2,059,567) - (2,059,567) Loss for the period - - - - - (2,283,860) (2,283,860) Total comprehensive income for the period - - - - (2,059,567) (2,283,860) (4,343,427) Transfer to taxation reserve - - - 742,226 - (742,226) - Share options lapsed in period - - (294,990) - - 294,990 - Share option expense - - 315,742 - - - 315,742 Equity shareholders' funds at 31 December 2017 5,540,960 1,722,222 1,425,024 4,015,369 (31,199,568) 79,266,705 60,770,712 Foreign currency adjustments - - - - (334,431) - (334,431) Profit for the period - - - - - 10,786 10,786 Total comprehensive income for the period - - - - (334,431) 10,786 (323,645) Transfer to taxation reserve - - - 391,288 - (391,288) - Share options lapsed in period - - (391,277) - - 391,277 - Shares issued in period 14,815 75,185 - - - - 90,000 Share option expense - - 77,293 - - - 77,293 Equity shareholders' funds at 31 March 2018 5,555,775 1,797,407 1,111,040 4,406,657 (31,533,999) 79,277,480 60,614,360 Other reserves comprise a merger reserve of US$361,461 and a taxation reserve of US$4,045,196 (31 December 2017: merger reserve of US$361,461 and a taxation reserve of US$3,653,908).
SERABI GOLD PLC
Condensed Consolidated Cash Flow Statements
For the three months
ended
31 March 2018 2017 (expressed in US$) (unaudited) (unaudited) Operating activities Operating profit / (loss) 10,786 (114,043) Net financial expense 557,429 13,054 Depreciation - plant, equipment and mining properties 1,992,853 1,900,704 Provision for impairment of inventory - 220,000 Provision for taxation 329,080 80,552 Share based payments 167,293 65,620 Foreign exchange (68,424) 99,230 Changes in working capital Decrease / (Increase) in inventories 737,113 1,470,683 (Increase) / Decrease in receivables, prepayments and accrued income (499,348) (2,243,810) Increase / (Decrease) in payables, accruals and provisions (129,853) (891,243) Net cash inflow from operations 3,096,929 600,747 Investing activities Purchase of property, plant and equipment and assets in construction (425,694) (267,915) Capitalised mine development costs (965,523) (1,086,790) Geological exploration expenditure (568,418) (2,521) Pre-operational project costs (793,430) - Proceeds from sale of assets 51,115 - Interest received 34 34 Net cash outflow on investing activities (2,701,916) (1,357,192) Financing activities Draw-down of secured loan 3,000,000 - Repayment of secured loan (333,333) - Repayment of finance lease liabilities (283,147) - Interest paid and finance charges (152,420) (11,648) Net cash inflow / (outflow) from financing activities 2,231,100 (11,648) Net increase / decrease in cash and cash equivalents 2,626,113 (768,093) Cash and cash equivalents at beginning of period 4,093,866 4,160,923 Exchange difference on cash (24,454) 14,287 Cash and cash equivalents at end of period 6,695,525 3,407,117 Notes
1. General Information
The financial information set out above does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. Whilst the financial information included in this announcement has been compiled in accordance with International Financial Reporting Standards ("IFRS") this announcement itself does not contain sufficient financial information to comply with IFRS. A copy of the statutory accounts for 2016 will be filed with the Registrar of Companies following their adoption by shareholders at the next Annual General Meeting. The full audited financial statements for the years end 31 December 2017 do comply with IFRS.
2. Basis of Preparation
These interim condensed consolidated financial statements are for the three month period ended 31 March 2018. Comparative information has been provided for the unaudited three month period ended 31 March 2017 and, where applicable, the audited twelve month period from 1 January 2017 to 31 December 2017. These condensed consolidated financial statements do not include all the disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2017 annual report.
The condensed consolidated financial statements for the periods have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the accounting policies are consistent with those of the annual financial statements for the year ended 31 December 2017 and those envisaged for the financial statements for the year ending 31 December 2018.
The Group has not adopted any standards or interpretations in advance of the required implementation dates.
As of 1 January 2018, lFRS 9 - Financial Instruments, and lFRS 15 - Revenue from Contracts, became effective and have been adopted. The effect of implementation has not had a material impact on the financial results of the Group
As of the date of authorisation of these financial statements, IFRS 16 - Leases, was in issue but not effective and has not been applied to these financial statements.
IFRS 16 will require the recognition of an asset and liability with respect to the material operating lease commitments that the group have. Management are currently considering the impact that this will have on the financial statements. The Group does not at this time anticipate voluntary early adoption of IFRS 16.
These financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.
Going concern
On 12 April 2018 the Company completed a Subscription Agreement with Greenstone Resources II LP ("Greenstone"), whereby Greenstone agreed to subscribe ("the Subscription") for 297,759,419 New Ordinary Shares ("the Subscription Shares") at a price of 3.6 pence per share (the "Subscription Price"). The New Ordinary Shares issued pursuant to the Subscription rank pari passu with the existing Ordinary Shares.
On 29 March 2018 the Company announced the conditional placing of a further 176,678,445 new ordinary shares ("Placing Shares") at a price of 3.6 pence per Placing Share (the "Placing Price"), raising gross proceeds of approximately US$9.0 million (£6.36 million) for the Company. The Placing was conditional upon, among other things, the completion of the Greenstone Subscription and approval of the Placing by the Company's shareholders at the General Meeting held on 11 May 2018. The Placing Shares will, upon issue, rank pari passu with the existing ordinary shares. Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM ("Admission") and listed for trading on the TSX. It is currently expected that settlement of all of the Placing Shares and Admission will take place at 8.00 a.m. on 15 May 2018.
The Directors anticipate the Group now has access to sufficient funding for its immediate projected needs. The Group expects to have sufficient cash flow from its forecast production to finance its on-going operational requirements, to repay its secured loan facilities and to fund planned exploration and development activity on its other gold properties. However additional funding will be required to bring the newly acquired Coringa gold project into production including the final acquisition payment. The secured loan facility is repayable by 30 June 2020 and at 31 March 2018, the amount outstanding under this facility was US$7.21 million (2017: US$4.48 million).
The Directors consider that the Group's operations are performing at the levels that they anticipate but the Group remains a small-scale gold producer. Any unplanned interruption or reduction in gold production, unforeseen reductions in the gold price or appreciation of the Brazilian currency, could adversely affect the level of free cash flow that the Group can generate on a monthly basis. Nonetheless with the proceeds to be received from the Subscription, the Directors consider that they will nonetheless be able to meet its financial obligations as they fall due.
On this basis, the Directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis.
(ii) Use of estimates and judgements
There have been no material revisions to the nature and amount of changes in estimates of amounts reported in the 2017 annual financial statements.
(iii) Impairment
At each balance sheet date, the Group reviews the carrying amounts of its property, plant and equipment and intangible assets to determine whether there is any indication that those assets have suffered impairment. Prior to carrying out of impairment reviews, the significant cash generating units are assessed to determine whether they should be reviewed under the requirements of IFRS 6 - Exploration for and Evaluation of Mineral Resources or IAS 36 - Impairment of Assets. Such determination is by reference to the stage of development of the project and the level of reliability and surety of information used in calculating value in use or fair value less costs to sell. Impairment reviews performed under IFRS 6 are carried out on a project by project basis, with each project representing a potential single cash generating unit. An impairment review is undertaken when indicators of impairment arise; typically when one of the following circumstances applies:
(i) sufficient data exists that render the resource uneconomic and unlikely to be developed
(ii) title to the asset is compromised
(iii) budgeted or planned expenditure is not expected in the foreseeable future
(iv) insufficient discovery of commercially viable resources leading to the discontinuation of activities
Impairment reviews performed under IAS 36 are carried out when there is an indication that the carrying value may be impaired. Such key indicators (though not exhaustive) to the industry include:
(i) a significant deterioration in the spot price of gold
(ii) a significant increase in production costs
(iii) a significant revision to, and reduction in, the life of mine plan
If any indication of impairment exists, the recoverable amount of the asset is estimated, being the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. Such impairment losses are recognised in profit or loss for the year.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised in profit or loss for the year.
3. Earnings per share
3 months ended
31 March 2018
(unaudited) 3 months ended
31 March 2017 (unaudited) Profit / (loss) attributable to ordinary shareholders (US$) 10,786 (114,043) Weighted average ordinary shares in issue 700,320,019 698,701,772 Basic profit / (loss) per share (US cents) 0.0015 (0.016) Diluted ordinary shares in issue 735,055,019 748,611,772 Diluted profit/ (loss) per share (US cents) 0.0015 (0.016) (1) As the effect of dilution is to reduce the loss per share, the diluted loss per share is considered to be the same as the basic loss per share
4. Post balance sheet events
On 12 April 2018 the Company completed a Subscription Agreement with Greenstone Resources II LP ("Greenstone"). Greenstone subscribed ("the Subscription") for 297,759,419 New Ordinary Shares ("the Subscription Shares") at a price of 3.6 pence per share (the "Subscription Price"). The New Ordinary Shares issued pursuant to the Subscription rank pari passu with the existing Ordinary Shares.
On 29 March 2018 the Company announced the conditional placing of a further 176,678,445 new ordinary shares ("Placing Shares") at a price of 3.6 pence per Placing Share (the "Placing Price"), raising gross proceeds of £6.36 million for the Company. The Placing was conditional upon, among other things, the completion of the Greenstone Subscription and approval of the Placing by the Company's shareholders at the General Meeting held on 11 May 2018. The Placing Shares will, upon issue, rank pari passu with the existing ordinary shares. Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM ("Admission") and listed for trading on the TSX. It is currently expected that settlement of all of the Placing Shares and Admission will take place at 8.00 a.m. on 15 May 2018.
Enquiries:
Serabi Gold plc Michael Hodgson Tel: +44 (0)20 7246 6830 Chief Executive Mobile: +44 (0)7799 473621 Clive Line Tel: +44 (0)20 7246 6830 Finance Director Mobile: +44 (0)7710 151692 Email: [email protected] Website: www.serabigold.com Beaumont Cornish Limited
Nominated Adviser and Financial Adviser Roland Cornish Tel: +44 (0)20 7628 3396 Michael Cornish Tel: +44 (0)20 7628 3396 Peel Hunt LLP
UK Broker Ross Allister Tel: +44 (0)20 7418 9000 James Bavister Tel: +44 (0)20 7418 9000 Blytheweigh
Public Relations Tim Blythe Tel: +44 (0)20 7138 3204 Camilla Horsfall Tel: +44 (0)20 7138 3224 Copies of this announcement are available from the Company's website at www.serabigold.com .
Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this announcement.
The Company will, in compliance with Canadian regulatory requirements, post the Unaudited Interim Financial Statements and the Management Discussion and Analysis for the three month period ended 31 March 2018 on SEDAR at www.sedar.com . These documents will also available from the Company's website - www.serabigold.com .
Serabi's Directors Report and Financial Statements for the year ended 31 December 2017 together the Chairman's Statement and the Management Discussion and Analysis, are available from the Company's website - www.serabigold.com and on SEDAR at www.sedar.com .
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014. The person who arranged for the release of this announcement on behalf of the Company was Clive Line, Director.
GLOSSARY OF TERMS
The following is a glossary of technical terms:
"Au" means gold.
"assay" in economic geology, means to analyse the proportions of metal in a rock or overburden sample; to test an ore or mineral for composition, purity, weight or other properties of commercial interest.
"development" - excavations used to establish access to the mineralised rock and other workings.
"doré - a semi-pure alloy of gold silver and other metals produced by the smelting process at a mine that will be subject to further refining.
"DNPM" is the Departamento Nacional de Produção Mineral.
"grade" is the concentration of mineral within the host rock typically Quote: d as grams per tonne (g/t), parts per million (ppm) or parts per billion (ppb).
"g/t" means grams per tonne.
"granodiorite" is an igneous intrusive rock similar to granite.
"igneous" is a rock that has solidified from molten material or magma.
"Intrusive" is a body of igneous rock that invades older rocks.
"on-lode development" - Development that is undertaken in and following the direction of the Vein.
"mRL" - depth in metres measured relative to a fixed point - in the case of Palito and Sao Chico this is sea-level. The mine entrance at Palito is at 250mRL.
"saprolite" is a weathered or decomposed clay-rich rock.
"stoping blocks" - a discrete area of mineralised rock established for planning and scheduling purposes that will be mined using one of the various stoping methods.
"Vein" is a generic term to describe an occurrence of mineralised rock within an area of non-mineralised rock.
Qualified Persons Statement
The scientific and technical information contained within this announcement has been reviewed and approved by Michael Hodgson, a Director of the Company. Mr Hodgson is an Economic Geologist by training with over 26 years' experience in the mining industry. He holds a BSc (Hons) Geology, University of London, a MSc Mining Geology, University of Leicester and is a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer of the Engineering Council of UK, recognising him as both a Qualified Person for the purposes of Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009.
Forward Looking Statements
Certain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements.
ENDS
Source:Serabi Gold plc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-serabi-gold-plc-unaudited-interim-financial-results-for-the-three-month-period-to-31-march-2018.html |
May 7 (Reuters) - SpeedCast International Ltd:
* PRICES US$425 MILLION SENIOR SECURED CREDIT FACILITY WITH COUPON OF LIBOR PLUS 2.50 PERCENT
* ALSO ARRANGED NEW 5-YEAR US$100 MILLION SENIOR SECURED REVOLVING CREDIT FACILITY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-speedcast-international-prices-us4/brief-speedcast-international-prices-us425-million-senior-secured-credit-facility-idUSFWN1SD03J |
HOUSTON (Reuters) - An explosion in the gasoline-producing fluidic catalytic cracking unit (FCCU) set off a massive fire last Thursday at Husky Energy’s Superior, Wisconsin, refinery, an official of U.S. Chemical Safety Board (CSB) said on Tuesday.
The blast in the 13,000 barrel per day (bpd) FCCU at the 38,000 bpd Husky refinery damaged a nearby tank containing asphalt, said CSB Senior Advisor Tom Zoeller in a telephone interview with Reuters.
“The shrapnel from that explosion pierced the asphalt tank and the asphalt spilled out and found an ignition source,” Zoeller said.
The massive fire, which sent a giant plume of heavy, black smoke over Superior, forced the evacuation of the city of 27,000 residents on Thursday. They were allowed to return on Friday.
One person was hospitalized due to the explosion.
Zoeller said the board’s understanding of the accident came from descriptions by employees and contractors at the refinery preparing to shut the entire plant for an overhaul.
The cause of the FCCU explosion was unknown, he said.
Husky spokeswoman Kim Guttormson said the refinery was not operating as the company begins investigating the cause of the explosion in coordination with government agencies.
The CSB’s four investigators at the Superior refinery have not been able to inspect the site of the blast because refining units are considered too unstable to walk around.
“Husky said the cranes have started arriving and we expect to get in by the end of next week,” Zoeller said.
Husky shut down production at the refinery after the explosion.
The CSB, which has no regulatory or enforcement authority, may send parts from the FCCU and other refinery units for metallurgical testing, Zoeller said. Most board investigations take about a year to complete.
Reporting by Erwin Seba; Editing by James Dalgleish
| ashraq/financial-news-articles | https://www.reuters.com/article/us-refinery-fire-husky-energy-superior/explosion-in-husky-wisconsin-gasoline-unit-set-off-fire-official-idUSKBN1I24G5 |
Wall Street dips after N. Korea summit canceled 2:57am IST - 01:15
Stocks ended down slightly on Thursday after President Donald Trump canceled a planned summit with North Korea's Kim Jong Un. Fred Katayama reports. ▲ Hide Transcript ▶ View Transcript
Stocks ended down slightly on Thursday after President Donald Trump canceled a planned summit with North Korea's Kim Jong Un. Fred Katayama reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KRnlzD | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/24/wall-street-dips-after-n-korea-summit-ca?videoId=430003182 |
May 3, 2018 / 3:53 PM / Updated 3 hours ago Carvalhal optimistic of Swansea survival ahead of final league games Reuters Staff 2 Min Read
(Reuters) - Swansea City are within touching distance of securing their Premier League status this season and two of their three remaining matches are against teams below them, giving manager Carlos Carvalhal reason for optimism. Soccer Football - Premier League - Swansea City v Chelsea - Liberty Stadium, Swansea, Britain - April 28, 2018 Swansea City manager Carlos Carvalhal shakes hands with Nathan Dyer at the end of the match REUTERS/Rebecca Naden
Swansea are a point and a place above the bottom three ahead of Saturday’s trip to Bournemouth. They have lost five of 15 league matches since Carvalhal took charge at the end of December - with four of those defeats against teams in the league’s top five positions.
The Welsh side host 18th-placed Southampton and 19th-placed Stoke City in their final two matches of the season and Carvalhal is hopeful that his team can make the most of their chances.
“In theory the calendar is positive... I don’t think there are easy games, but it is all in our hands, we don’t need to wait for results of others, we look to ourselves and try and do our best,” Carvalhal told reporters.
“If we achieve the points we don’t need to look to our neighbours and that is the proposal. We will do our best.
“We focus on ourselves, we are confident, there is natural pressure but it is positive pressure and I have felt that this week. We are confident, we have come from a tough game (losing 1-0 to Chelsea) where we played with quality.”
Swansea also received a boost with defender Federico Fernandez and winger Luciano Narsingh being declared fit for the trip to the Vitality Stadium.
“Fede has recovered (from a knee injury),” Carvalhal added. “He is training with the team with no problems so he is available.
“At this moment we just have Bartley who has not recovered yet and the two long-term injuries, (Leroy) Fer and (Wilfried) Bony.”
Bournemouth have lost their last three league matches and are 12th in the standings. Reporting by Aditi Prakash in Bengaluru, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-bou-swa-carvalhal/carvalhal-optimistic-of-swansea-survival-ahead-of-final-league-games-idUKKBN1I420Y |
RANCHO CORDOVA, Calif., May 09, 2018 (GLOBE NEWSWIRE) -- Cesca Therapeutics Inc. (“Cesca” or the “Company”) (NASDAQ:KOOL), a market leader in automated cell processing and point-of-care, autologous cell-based therapies, today announced that the Company will release its financial results for the first quarter ended March 31, 2018 on Monday, May 14, 2018 after the close of trading. A conference call and webcast will follow at 4:30 p.m. EDT (1:30 p.m. PDT).
Participants may access the call by dialing 1-800-860-2442 within the U.S. or 1-412-858-4600 outside the U.S. and referencing “Cesca.” To access a live webcast of the call, please visit: https://services.choruscall.com/links/kool180514.html .
A replay of the call will be available until June 14, 2018 and can be accessed by dialing 1-877-344-7529 within the U.S. or 1-412-317-0088 outside the U.S. and referencing access code 10119918.
About Cesca Therapeutics Inc.
Cesca Therapeutics develops, commercializes and markets a range of automated technologies for CAR-T and other cell-based therapies. Its device division, ThermoGenesis Corp., provides a full suite of solutions for automated clinical biobanking, point-of-care applications, and automation for immuno-oncology. The Company is developing its automated, functionally-closed CAR-TXpress™ platform to streamline the manufacturing process for the emerging CAR-T immunotherapy market.
Company Contact:
Cesca Therapeutics Inc.
Wendy Samford
916-858-5191
[email protected]
Investor Contact :
Rx Communications
Paula Schwartz
917-322-2216
[email protected]
Source:Cesca Therapeutics Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-cesca-therapeutics-to-announce-financial-results-for-the-first-quarter-ended-march-31-2018-and-host-conference-call-on-may.html |
May 14 (Reuters) - Stingray Digital Group Inc:
* STINGRAY LANDS GLOBAL 5-YEAR DEAL TO DEVELOP AND MARKET THE VOICE SINGING APP Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-stingray-lands-global-5-year-deal/brief-stingray-lands-global-5-year-deal-to-develop-marketvoice-singing-app-idUSFWN1SL0M8 |
LOS ANGELES, May 30 (Reuters) - U.S. comedian Roseanne Barr said she was tired of "being attacked and belittled" and blamed sleep aid Ambien for her tweet that compared a black former Obama administration official to an ape, a racist remark that sparked a wave of outrage.
Barr said in a series of Tweets on Tuesday and early on Wednesday that what she did was "unforgiveable" when she posted on Twitter that if the Islamist political movement "muslim brotherhood & planet of the apes had a baby = vj," referring to Valerie Jarrett, a former aide to President Barack Obama.
"It was 2 in the morning and I was Ambien tweeting-it was memorial day too-i went 2 far & do not want it defended-it was egregious Indefensible," she wrote. "I made a mistake I wish I hadn't but...don't defend it please."
In other Tweets, Barr said that she was tired of "being attacked and belittled more than other comedians who have said worse" and asked for people not to boycott ABC, saying that the network has the right to "do what they wish."
Walt Disney Co's ABC network on Tuesday canceled her popular U.S. television comedy "Roseanne" after her tweet.
Barr, 65, then apologized "for making a bad joke" about Jarrett, who is black and was born in Iran to American parents.
"Don't feel sorry for me, guys!!," Barr said in a Tweet late on Tuesday. "I just want to apologize to the hundreds of people, and wonderful writers (all liberal) and talented actors who lost their jobs on my show due to my stupid tweet."
Jarrett, 61, said on Tuesday that Disney Chief Executive Bob Iger called her before ABC announced the show's cancellation.
Hollywood talent agency ICM said in a statement on Tuesday it will no longer represent Barr. Several networks said it was removing reruns of her show. Hulu said episodes of the new show would no longer be available on its streaming service.
The original "Roseanne" ran from 1988 to 1997, featuring a blue-collar family, the Conners, with overweight parents struggling to get by. It was praised for its realistic portrayal of working-class life.
The current "Roseanne" was ABC's biggest hit of the 2017-2018 season, drawing an average 18.7 million viewers, second only to CBS sitcom "The Big Bang Theory," according to Nielsen data through May 20. (Editing by Edmund Blair) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/reuters-america-u-s-tvs-barr-blames-sleep-aid-ambien-for-racist-tweet.html |
KUALA LUMPUR (Thomson Reuters Foundation) - One of Indonesia’s biggest businesses on Thursday rejected criticism from Greenpeace, which pulled out of a landmark conservation pact this week after linking the conglomerate’s subsidiaries to deforestation.
Activists had applauded a 2013 pledge by Asia Pulp & Paper Group (APP), one of the world’s largest paper and pulp makers, to stop cutting natural forests and only use trees from plantations, a commitment Greenpeace backed and helped develop.
But Greenpeace said satellite images showed two pulpwood firms linked to APP’s parent company, Jakarta-based Sinar Mas Group and its employees, had cleared about 8,000 hectares (20,000 acres) of forests and peatlands in Borneo since 2013.
“APP asked us to go to their mills and check there is no wood from deforestation,” Kiki Taufik, a senior forest campaigner at Greenpeace Indonesia in Jakarta, told the Thomson Reuters Foundation on Wednesday.
“But if staff from Sinar Mas Group are involved in companies that destroy forests, this breaks the APP commitment,” he said, referring to tree clearance by two companies it linked to Sinar Mas Group - PT Muara Sungai Landak and PT Hutan Rindang Banua.
APP said it was “disappointed” that Greenpeace had expanded their 2013 agreement beyond the firm’s own activities to include its parent Sinar Mas Group, forest concessions not owned by APP, and companies that do not supply wood to APP.
“Issues cited by Greenpeace in their statement focus on the actions of businesses not under the direct jurisdiction of APP,” APP said in a statement.
“The era of cooperation between Greenpeace and APP has achieved much, but the fight is far from over.”
Joice Budisusanto, a director at Sinar Mas Group, one of Indonesia’s largest conglomerates, said each business unit under its brand had “its own legal entity that is independently managed, but (they) share common history and core values”.
Sinar Mas Group is committed to the highest technical, environmental and social standards, she said in emailed comments on Thursday.
Greenpeace said one pulpwood firm, PT Muara Sungai Landak, is owned by two employees of another Sinar Mas Group subsidiary, Sinar Mas Forestry, and a Sinar Mas Group mining subsidiary, Golden Energy and Resources (GEAR) Limited, owns the other.
GEAR said forestry business PT Hutan Rindang Banua only became part of its company in April 2015.
Since then 227 hectares of forest had been cleared using a selective cutting process, followed by replanting of trees to “support the local community”, GEAR said in emailed comments on Friday.
The clearance was approved by both the provincial and national government, it added.
PT Muara Sungai Landak could not be reached due to the lack of a publicly listed phone number.
Indonesia has been a focus of global efforts to rein in greenhouse gas emissions caused by the deforestation of swampy, carbon-rich peatlands to make way for plantations for industries such as palm oil, pulp and paper.
Forest cover has dropped by nearly a quarter since 1990, according to World Bank data.
Sinar Mas Group must fully disclose all of its employees’ interests in companies with concessions - even if they are not suppliers - restore what was destroyed, and ensure it does not buy from firms involved in deforestation, Greenpeace said.
Reporting by Michael Taylor, Editing by Megan Rowling and Katy Migiro. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-indonesia-forests-business/greenpeace-cuts-ties-with-indonesian-paper-firm-linked-to-deforestation-idUSKCN1II23T |
First Lady announces "Be Best" campaign for kids Monday, May 07, 2018 - 02:17
First Lady Melania Trump announced on Monday her awareness campaign called ''Be Best,'' which focuses on providing children with tools and values to promote healthy living, the use of social media in a positive way, and to support families and children affected by the opioid crisis. Rough Cut (no reporter narration).
First Lady Melania Trump announced on Monday her awareness campaign called "Be Best," which focuses on providing children with tools and values to promote healthy living, the use of social media in a positive way, and to support families and children affected by the opioid crisis. Rough Cut (no reporter narration). //reut.rs/2KEiGlz | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/07/first-lady-announces-be-best-campaign-fo?videoId=424777058 |
May 8, 2018 / 3:23 PM / in 4 minutes Anti-Semitic crime, mostly with far-right motive, edges up in Germany Reuters Staff 2 Min Read
BERLIN (Reuters) - The number of anti-Semitic crimes in Germany rose by 2.5 percent last year despite an overall drop in politically motivated crimes, statistics showed on Tuesday, reinforcing fears about growing hostility after several high-profile attacks in Berlin.
Interior Minister Horst Seehofer said that 1,504 anti-Semitic offences were reported in 2017, up from 1,468 in 2016, though he said there had been fewer attacks on hostels housing refugees.
“It is not surprising that the so-called “imported anti-Semitic crimes” are rising - even if at a lower level. But I want to make clear that almost 95 percent of anti-Semitic crimes in 2017 had a right-wing motive,” said Seehofer.
Some politicians, including many in the anti-immigrant Alternative for Germany (AfD), blame the influx of more than 1.6 million refugees and other migrants, many fleeing war zones in Syria, Iraq and beyond.
Seehofer cited recent offences, including the bullying of Jewish children in school, an attack on an Israeli Arab who wore a Jewish kippa on a Berlin street and the awarding of a top music award to rappers accused of reciting anti-Semitic lyrics.
Germany is not the only country confronting anti-Semitism but the legacy of the Holocaust, in which Nazis killed at least six million Jews, means Germans feel a special sense of responsibility.
Politically motivated crimes overall fell by 4.6 percent in 2017, the first decrease in four years, said Seehofer.
Attacks on refugee accommodation fell by nearly 69 percent. With 312 reported attacks in the past year, numbers returned to levels that preceded the influx of migrants from 2015.
Overall, crime was down by 9.6 percent, helped by a big fall in immigration-related offences such as illegal border crossings. Reporting by Laura Dubois, editing by Gareth Jones | ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-antisemitism/anti-semitic-crime-mostly-with-far-right-motive-edges-up-in-germany-idUSKBN1I925F |
WASHINGTON, May 29, 2018 /PRNewswire/ -- Latham & Watkins LLP 1 is pleased to announce that Sarang (Sy) Damle will join the firm as a partner in the Intellectual Property Litigation Practice in September. His practice will focus on high-stakes copyright litigation, rate-setting, and regulatory matters, including disputes involving music, software, information technology, and the internet. Damle expects to practice in the Washington, D.C. office.
Damle most recently served as General Counsel and Associate Register of Copyrights at the US Copyright Office, the federal agency charged with administering the country's copyright regime. In that role, he provided guidance on the full suite of responsibilities the Copyright Office discharges—from the promulgation of industry-shaping regulations, to the resolution of disputes over ratemaking and registration, and beyond. Damle also played a critical inter-governmental role, advising and assisting Congressional offices, the Department of Justice, and other federal agencies on matters implicating federal copyright policy. From 2006 to 2013, he served as an appellate litigator in the Department of Justice's Civil Division, where he was lead counsel in more than 40 appeals, with a focus on intellectual property, separation of powers, and administrative law matters.
Michael Egge, Office Managing Partner of Latham & Watkins in Washington, D.C., said: "We are delighted to welcome one of the nation's most prominent copyright practitioners to our team. Sy is a game-changer in the copyright space because of his unique and varied insight and experience across copyright policy, regulation and federal court litigation. We will deliver phenomenal results to our clients by drawing on Sy's extraordinary experience in Washington, including as General Counsel of the US Copyright Office. We are excited to welcome him to our team."
Jennifer Barry, Global Co-Chair of the firm's Intellectual Property Litigation Practice, added: "Sy is ideally positioned to help our clients navigate a rapidly evolving copyright regime. Unprecedented legal questions have arisen in the age of digitization, particularly within the arts and technology sectors. Sy's pragmatic and forward-thinking approach to the law will be an essential resource for our clients as the stakes continue to rise in IP disputes."
Andy Gass, a San Francisco partner and leading copyright litigator, said: "Sy has spent years engaging at the highest levels with the suite of challenges our clients face—from navigating rate-setting proceedings in the music industry to software licensing disputes and beyond. He will be a uniquely valuable addition to our team."
Damle is the fourth prominent lawyer to join Latham's Intellectual Property Litigation Practice in Washington, D.C. in recent months, following the arrivals of Tara D. Elliott , Jamie Underwood , and Kevin Wheeler.
"I am honored to be joining Latham & Watkins' stand-out team of IP litigators," Damle said. "The firm has earned a reputation as a uniquely influential, up-and-coming leader in the copyright field, offering a dynamic, cross-disciplinary practice. I look forward to collaborating with my Latham colleagues on some of the most cutting-edge and crucial legal matters facing clients."
Damle previously clerked for Judge Sandra Lynch of the US Court of Appeals for the First Circuit. He received his undergraduate degrees in engineering and economics from the University of Pennsylvania in 1999, and he graduated first in his class from the University of Virginia School of Law in 2005. Prior to attending law school, Damle was a software developer.
About Latham & Watkins ( lw.com )
Latham & Watkins delivers innovative solutions to complex legal and business challenges around the world. From a global platform, our lawyers advise clients on market-shaping transactions, high-stakes litigation and trials, and sophisticated regulatory matters. Latham is one of the world's largest providers of pro bono services, steadfastly supports initiatives designed to advance diversity within the firm and the legal profession, and is committed to exploring and promoting environmental sustainability.
Notes to Editors
1 Latham & Watkins operates as a limited liability partnership worldwide with affiliated limited liability partnerships conducting the practice in France, Italy, Singapore, and the United Kingdom and as affiliated partnerships conducting the practice in Hong Kong and Japan. Latham & Watkins operates in South Korea as a Foreign Legal Consultant Office. Latham & Watkins works in cooperation with the Law Office of Salman M. Al-Sudairi in the Kingdom of Saudi Arabia.
Contacts
Michael Egge, Washington, D.C. Office Managing Partner: +1.202.637.2285
Jennifer Barry, Global Co-Chair of the Intellectual Property Litigation Practice: +1.858.523.3912
Andy Gass, San Francisco Partner: +1.415.395.8806
View original content with multimedia: http://www.prnewswire.com/news-releases/former-general-counsel-of-the-united-states-copyright-office-to-join-latham-300655813.html
SOURCE Latham & Watkins LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-former-general-counsel-of-the-united-states-copyright-office-to-join-latham.html |
SEOUL, May 17 (Reuters) - South Korea’s central bank chief on Thursday said it was difficult to be optimistic about the economy as jobs growth remained tepid.
Governor Lee Ju-yeol was speaking at an inauguration ceremony of the Bank of Korea’s new board member Lim Ji-won, who begins her four-year term on Wednesday. (Reporting by Seunggyu Lim, Cynthia Kim; Editing by Simon Cameron-Moore)
| ashraq/financial-news-articles | https://www.reuters.com/article/southkorea-economy-cenbank/s-korea-c-bank-chief-says-hard-to-optimistic-due-to-slow-jobs-growth-idUSS6N1Q4019 |
As dollar rallies, here are three places to put your money: Technician 13 Hours Ago Robert Sluymer, Fundstrat, discusses his strong dollar plays, with CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Brian Kelly, Guy Adami and Pete Najarian. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/as-dollar-rallies-here-are-three-places-to-put-your-money-technician.html |
May 28, 2018 / 7:10 PM / Updated an hour ago EU lawmakers push to toughen screening of foreign investments Philip Blenkinsop , Noah Barkin 3 Min Read
BRUSSELS/BERLIN (Reuters) - Lawmakers in the European Parliament approved on Monday a far-reaching proposal calling for greater scrutiny of foreign investments, part of a bid to respond to a flurry of Chinese acquisitions in the European Union. FILE PHOTO: European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, March 12, 2018. REUTERS/Yves Herman/File Photo
Parliament’s international trade committee voted overwhelmingly to extend the list of “critical sectors” that would trigger European Union scrutiny, and to oblige the European Commission and EU countries to act.
Members of the committee aim to start talks with the Commission and European Council of members states, seeking to pass the legislation by the end of 2018. The first talks between the three sides are provisionally scheduled for July 10.
“Without falling into protectionism, it is time to show that Europe is no longer taking a naive stance on globalization,” said Frank Proust, who coordinated the parliament’s proposals.
“We are against shady or harmful investments, in particular those that meet political ambitions to take control of industries or technologies,” he said.
Lawmakers said they wanted the Commission to investigate foreign investments more thoroughly, with proposed amendments that would oblige the Commission to start screening deals in more areas and require EU countries to cooperate.
They have drawn up a longer list of critical fields that must be scrutinized when deals are announced, including the media, election infrastructure, data analysis, biomedicine and automobiles.
At present, 12 EU countries have review mechanisms, but they differ significantly. The Commission’s proposal aimed to coordinate the EU’s response to protect Europe’s strategic interests and advantage in some fields of technology.
The lawmakers’ draft puts more emphasis on investments made with state influence or aimed at transferring key technologies to a third country - a clear reference to some Chinese state-led firms that have bought European rivals.
But the Council is unlikely proposals that would see the list of critical sectors extended further to include farmland, sports facilities or betting services, EU experts said.
Some EU nations that promote greater free trade are likely to be skeptical of tougher screening, such as the Netherlands, Sweden and Denmark. Others which have benefited from Chinese investment may also oppose the step, such as Portugal, Malta or Hungary.
Before parliament voted, the powerful Federation of German Industries (BDI) warned lawmakers not to take any steps that would spread investment controls across Europe.
“They can only be justified when they are protecting a greater good, such as security and public order, but not when they serve industrial policy goals,” said BDI Director-General Joachim Lang. “Any signal that gives impetus to the international spiral of investment protectionism is wrong.” Reporting by Philip Blenkinsop; Editing by Edmund Blair | ashraq/financial-news-articles | https://www.reuters.com/article/us-eu-investments-china/eu-lawmakers-push-to-toughen-screening-of-foreign-investments-idUSKCN1IT1XG |
May 8 (Reuters) - Canadian insurance company Sun Life Financial Inc reported a 34 percent jump in quarterly profit, helped by lower tax rates for its U.S. business.
The company’s underlying net income rose to C$770 million ($594.73 million), or C$1.26 per share, in the first quarter ended March 31, from C$573 million, or 93 Canadian cents per share, a year earlier. ($1 = C$1.2947) (Reporting by Karan Nagarkatti in Bengaluru; Editing by Shounak Dasgupta)
| ashraq/financial-news-articles | https://www.reuters.com/article/sun-life-results/sun-life-quarterly-net-income-rises-on-lower-u-s-tax-rate-idUSL3N1SF6NX |
May 29, 2018 / 8:09 PM / a few seconds ago On Mali visit, U.N. chief ask donors to back G5 Sahel force Reuters Staff 2 Min Read
BAMAKO (Reuters) - U.N. Secretary-General Antonio Guterres appealed to donors on Tuesday to provide more predictable support to the G5 Sahel force fighting to contain West African jihadists. United Nations Secretary-General Antonio Guterres gives a statement after delivering a speech on disarmament and denuclearisation at the University of Geneva (UNIGE) in Geneva, Switzerland, May 24, 2018. REUTERS/Denis Balibouse
He spoke while on a visit to Mali, the country worst affected by Islamist militants.
A conference in February of about 50 countries including the United States, Japan and Norway pledged 414 million euros ($509 million) for the G5 Sahel force, made up of troops from Mali, Niger, Chad, Burkina Faso and Mauritania.
But the force has been planned for years, yet has only got off the ground in the past few months as little of the pledge donations appear to have reached the force to keep it afloat.
“The international community must understand the need to provide the G5 Sahel countries with predictable support,” Guterres said, after meeting Prime Minister Soumeylou Boubeye Maiga and leaving flowers to commemorate the roughly 170 U.N. peacekeepers killed in Mali since 2013 - the most endangered U.N. mission anywhere in the world.
“We (United Nations) are working to ensure effective international solidarity by the strength of G5 Sahel,” he added.
The G5 Sahel operation, whose command center is in central Mali, is projected to swell to 5,000 personnel and will also carry out humanitarian and development work.
Rising violence across Mali, especially in its desert north, has cast doubt over the feasibility of elections scheduled for July 29, in which President Ibrahim Boubacar Keita announced on Monday that he would run.
Islamist militants took over northern Mali in 2012 before French forces pushed them back in 2013.
President Emmanuel Macron of France - Mali and the region’s former colonial power with 4,000 troops stationed across the Sahel - has pledged to continue France’s anti-jihadist offensive alongside the G5. Reporting by Tiemoko Diallo; Writing by Tim Cocks; Editing by Mark Heinrich | ashraq/financial-news-articles | https://www.reuters.com/article/us-mali-security-un/on-mali-visit-u-n-chief-ask-donors-to-back-g5-sahel-force-idUSKCN1IU2N0 |
(Reuters) - Missouri Governor Eric Greitens, who resigned on Tuesday, had offered to leave office in exchange for dismissal of a felony computer tampering charge against him in a wider scandal, a prosecutor’s spokeswoman said on Wednesday.
FILE PHOTO: Missouri Governor Eric Greitens seen at an industrial site in this undated photo from his social media site made available May 30, 2017. Office of the Missouri Governor/Handout via REUTERS St. Louis Circuit Attorney Kim Gardner spoke to reporters about the deal but declined to comment on an ongoing investigation against Greitens involving possible felony invasion of privacy in connection with an admitted extramarital affair in 2015 with a hairdresser before he was elected.
Greitens has said he is innocent and called the relationship consensual.
In the computer tampering case stemming from questionable fundraising activities, Greitens offered to leave office if Gardner would dismiss the charge, prosecutor’s spokeswoman Susan Ryan said. Saying most of the deal was sealed and could not be discussed, Ryan said the most impactful part of it was Greitens saying he would furnish his resignation in exchange for the charge being dropped.
“They offered to do that for the dismissal,” Ryan said.
Neither Greitens lawyer nor his representatives immediately responded to a request for comment.
The 44-year-old first-term governor, who was seen as a rising star in the Republican Party, abruptly resigned amid accusations stemming from an extramarital affair and his political fundraising.
Greitens was charged a month ago with felony computer tampering. He is accused of illegally obtaining a donor list to aid his 2016 election campaign from a veterans’ charity he founded in 2007.
“Sometimes, pursuing charges is not the right or just thing to do for our city and state,” Gardner told reporters.
FILE PHOTO: Missouri Governor Eric Greitens appears in a police booking photo in St. Louis, Missouri, U.S., February 22, 2018. St. Louis Metropolitan Police Dept./Handout via REUTERS/File Picture Greitens, a former Navy SEAL commando, faced the possibility of becoming the first Missouri governor to be impeached as the Republican-controlled Missouri General Assembly began a special session on May 18 to consider what disciplinary steps to take against him.
Lieutenant Governor Mike Parson, also a Republican, will become governor when Greitens officially leaves office on Friday.
St. Louis prosecutors dismissed the criminal invasion of privacy charge against Greitens on May 14 before his trial got under way but said it would be refiled. A special prosecutor assigned to the case said Tuesday her investigation will continue, according to local news media. Like Gardner, the special prosecutor is a Democrat.
Greitens has called the charges against him part of a political witch hunt and on Tuesday he complained of “legal harassment” with “no end in sight.”
But Gardner on Wednesday said Greitens has only himself to blame.
“The consequences Mr. Greitens has suffered, he brought upon himself. By his decisions, his ambition, his pursuit for power,” Gardner said.
Scott Simpson, the attorney for the woman with whom Greitens had an affair and for whom he faces the possible invasion of privacy charge, said his client hopes to move past the scandal.
“Now that the governor has resigned, I hope my client can go back to being a private citizen and put this matter behind her,” he said in an email.
Reporting by Brendan O'Brien in Milwaukee, Barbara Goldberg in New York and Suzannah Gonzales in Chicago; editing by Richard Balmforth and Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-missouri-governor/prosecutor-to-announce-details-of-deal-reached-with-missouri-governor-idUSKCN1IV11Y |
May 30, 2018 / 4:26 AM / Updated 35 minutes ago RPT--India resists lobbying by U.S. payment firms to ease local data storage rules Reuters Staff
(Repeats item first published on Tuesday with no changes to text)
* RBI resisting pressure from US firms on data localisation
* US payment firms fear directive will hit plans, raise costs
* RBI feels move necessary for security and safety of data
* Firms fear India’s move could be followed by others
* Industry says RBI rule will weaken global fraud detection
By Aditi Shah, Aditya Kalra and Sumeet Chatterjee
NEW DELHI/HONG KONG, May 30 (Reuters) - India’s central bank is standing firm on a directive to compel global payment firms to store customer data in India, resisting calls from U.S. companies to dilute an order they say would cost them millions of dollars, people familiar with the matter said.
The payment companies are worried India’s data onshoring move could set a precedent and nudge other major governments to implement similar rules at a time when there is heightened scrutiny on how companies globally handle their customers’ data.
The industry’s tussle with the Reserve Bank of India (RBI) also comes as Prime Minster Narendra Modi aggressively pushes digital and cashless modes of payment that leave an electronic trail as part of a campaign to crack down on the black economy.
While Modi’s administration is working on a separate data protection law, foreign companies were caught off guard in April by the RBI’s one-page directive that said all payments data should within six months be stored only in the country for “unfettered supervisory access”.
The RBI said storing data locally would help “ensure better monitoring”.
A joint lobbying effort by American Express Co, Mastercard Inc and Visa Inc to dilute or reverse the directive has failed to shift the central bank’s position, with the RBI telling the firms in a meeting this month to comply, not complain, sources with direct knowledge told Reuters.
The RBI declined to comment, but a government source with direct knowledge confirmed the central bank was “unlikely to back down on its plans”. INVESTMENT PLANS
The card companies are nervous that the move will disrupt their investment plans, as millions of dollars are diverted from other projects in a scramble to open local data centres within six months.
“There is a feeling of helplessness and we will have to comply,” said a source with direct knowledge of the meetings.
The RBI’s insistence that payments data be stored “only in India” would hamper global fraud detection and the companies should be allowed to keep a back-up, the sources said.
The government source disagreed.
“The suggestion that you need a disaster management back-up centre overseas just does not cut it,” said the source, who declined to be identified. “This is not a small island nation that would get entirely crippled by a single natural disaster.”
Mastercard said it was working with the industry to engage the RBI “to understand their need for access to domestic data and work towards a solution that meets the regulatory requirements” in line with global norms.
Visa declined to comment, while American Express did not respond to a request for comment.
The move would not impact local players such as Softbank Group-backed Indian digital payments firm Paytm, as well as homegrown card payment network RuPay, which competes with the likes of Visa and Mastercard, as they already store their data in India. “ONLY IN INDIA”
The industry says India’s proposed data storage rules would be among the world’s most restrictive.
China also tightened cyber regulation in the past year, formalising new rules that require firms to store data locally. None of the global payment card companies, however, operate in the Chinese domestic market yet.
Countries such as Russia and Indonesia also have an onshore data storage requirement, but they do not restrict companies from transfer of transactions data offshore as well, according to lobby group U.S.-India Business Council (USIBC), which counts the three U.S. card companies among its members.
Global payment firms currently store and process Indian transactions outside the country and a major concern to the industry is a clause in the RBI’s order that asks for data to be stored “only in India”, two sources said.
That, according to the industry, would restrict the transfer of data needed to effectively detect and analyse global fraud patterns, and make India more vulnerable to financial crime.
In a letter dated May 3, seen by Reuters, the USIBC pressed the RBI for a “reversal or an indefinite stay” of its directive, which it said would make India’s payments ecosystem more prone to cyber-attacks.
It also urged the RBI to remove any restriction on transferring the data outside India and specify the time period for which the data needed to be stored locally.
An industry executive at a U.S. payments firm said while the RBI was likely to soon issue clarifications to address some of their concerns, but it would not change the notification’s implementation date.
In an earnings call last month, Visa CEO Alfred Kelly Jr. referred to the RBI’s six-month deadline as a “tough timeframe”.
The directive comes as more people in India are switching to plastic money, partly driven by the Modi’s decision to replace high-value currency notes in November 2016, since when the government has aggressively discouraged cash transactions.
In March, Indians clocked transactions worth $52 billion using their 900 million credit and debit cards, nearly double the amount recorded in November 2016, data from the RBI showed.
But fraud is a concern too. The RBI recorded 57,411 cases of card fraud totalling $43 million in the three years to December 2017, according to a Right to Information response seen by Reuters.
The RBI in April said the payment ecosystem in India had “expanded considerably”, making it necessary to ensure “the safety and security” of data. (Reporting by Aditi Shah and Aditya Kalra in New Delhi, Sumeet Chatterjee in Hong Kong; Editing by Alex Richardson) | ashraq/financial-news-articles | https://www.reuters.com/article/india-data-localisation/rpt-india-resists-lobbying-by-u-s-payment-firms-to-ease-local-data-storage-rules-idUSL3N1T1240 |
(Updates prices)
JOHANNESBURG, May 28 (Reuters) - South Africa’s rand sustained gains on Monday after Friday’s affirmation by S&P Global Ratings of the country’s sub-investment credit rating.
At 1404 GMT, the rand was trading at 12.4525 to the dollar, up 0.4 percent.
S&P kept South Africa’s investment grade rating at BB+ and the outlook as stable, saying that its fiscal position was still weak but that the economy would modestly improve in the next year.
“S&P has obviously stamped their approval in the belief that there can be a turnaround in the country’s fiscus if certain reforms are undertaken. We should see the rand strengthening. 12.50 to 12.30 is not unlikely, said Cheslyn Francis, an analyst at Afrifocus Securities.
On the bourse, stocks ended flat with Telkom and Tongaat Hullet among the biggest decliners after reporting weaker earnings. But ArcelorMittal’s South African unit surged after saying the sale of its stake in a Luxembourg-based JV would net $220 million.
The blue-chip JSE Top-40 index edged up 0.02 percent to 50,550 and the broader All-share index was off 0.1 percent at 56,857.
Fixed-line phone group Telkom fell 3.6 percent after it cut dividends as it reported an 18 percent fall in annual profit. Also weighed down by a dividend cut and decline in earnings, Tongaat lost 2.75 percent.
Elsewhere, ArcelorMittal’s South African unit jumped 5.4 percent after the steel maker said it would sell its 50 percent in Macsteel to joint venture partner Machold for $220 million.
In fixed income, the yield for the government bond due in 2026 was down 1 basis point to 8.44 percent.
Reporting by Tiisetso Motsoeneng and Patricia Aruo; editing by Andrew Roche
| ashraq/financial-news-articles | https://www.reuters.com/article/safrica-markets/update-1-south-africas-rand-rises-after-sp-leaves-ratings-unchanged-idUSL5N1SZ3SK |
May 23 (Reuters) - Ace Hardware Corp:
* Q1 REVENUE ROSE 6 PERCENT TO $1.31 BILLION * QTRLY U.S. SAME-STORE-SALES UP 2.2 PERCENT DURING QUARTER; ACEHARDWARE.COM SALES UP 34.0 PERCENT
* INVENTORIES IN QUARTER INCREASED $127.2 MILLION FROM Q1 OF 2017 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ace-hardware-q1-revenue-rose-6-per/brief-ace-hardware-q1-revenue-rose-6-percent-to-1-31-billion-idUSFWN1SU0OB |
CHICAGO, May 4 (Reuters) - Chicago Mercantile Exchange live cattle futures on Friday drew pressure from funds that sold, or "rolled," June positions into back months before similar moves lasting five days beginning on Monday, said traders. Continued uneasiness about burdensome supplies ahead further deterred futures buyers, they said. There may be some concern about a "tsunami of cattle," said CHS Hedging analyst Steve Wagner. But reduced cattle weights suggest feedlots are marketing cattle earlier than planned, which could mitigate larger supplies possibly around June or July, he said. June live cattle closed 0.475 cent per pound lower at 106.050. August ended down 0.450 cent at 105.075 cents. This week packers paid $123 to $128 per cwt for market-ready, or cash, cattle that a week ago brought $118 to $126.50 last week. Much-improved wholesale beef demand and historically high packer profits were incentives for processors to compete for cattle, said traders and analysts. Investors look ahead to next week's cash cattle trade against the backdrop of tight near-term supplies and ramped up retail meat purchases in preparation for Memorial Day holiday grilling demand. On Friday, the U.S. Department of Agriculture's (USDA) monthly meat export data showed March U.S. beef exports totaled 260.6 million pounds, up 15.4 percent from February and up 11.4 percent from a year ago. Weaker CME live cattle futures undercut the exchange's feeder cattle contract. May closed 0.400 cents per pound lower at 140.400 cents. HOGS CLOSE STEADY-MIXED CME lean hog futures finished flat to mixed, with support from firmer cash and wholesale pork prices, said traders. But future's premiums to the exchange's hog index for May 2 at 62.93 cents, and pork demand uncertainty through the rest of this year, pressured some contracts, they said. May closed unchanged at 67.075 cents per pound. Most actively traded June ended up 0.025 cent at 73.525 cents, and July closed down 0.100 cent at 75.575. Some packers raised bids for hogs for next week's production, while others competed less for supplies to preserve their margins, said analysts and traders. Grocers may be buying pork and chicken as price-competitive options to beef. "Wholesale beef prices continue to move higher making pork the better alternative," said Wagner. Friday's USDA export data put March's pork total at 538.1 million pounds, up 9.6 percent from the prior month and up 2.7 percent from a year earlier. (Reporting by Theopolis Waters Editing by Marguerita Choy)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-livestock/livestock-cme-live-cattle-sag-as-funds-roll-positions-idUSL1N1SB1OH |
May 12, 2018 / 4:07 AM / Updated 21 minutes ago Iraqis vote as Abadi seeks to fend off Iran-backed rivals Maher Chmaytelli , Ulf Laessing 6 Min Read
BAGHDAD/BASRA, Iraq (Reuters) - Iraqis voted on Saturday for the first time since the defeat of Islamic State, with Prime Minister Haider Abadi, a rare ally of both the United States and Iran, trying to fend off powerful Shi’ite groups that would pull the country closer to Tehran.
Iraqis expressed pride at the prospect of voting for the fourth time since the fall of dictator Saddam Hussein, but also said they had scant hope that the election would stabilise a country beset by conflicts, economic hardship and corruption.
Turnout was 44.52 percent with 92 percent of the votes counted, the Independent High Electoral Commission said.
Voters will pass their verdict on Abadi, who has achieved the delicate task of maintaining relationships with both of Iraq’s main allies who are otherwise arch enemies: Iran and the United States.
Whoever wins the election will have to contend with the fallout from U.S. President Donald Trump’s decision to pull out of a nuclear deal with Iran, a move Iraqis fear could turn their country into a theatre of conflict between Washington and Tehran.
Abadi, who came to power four years ago after Islamic State seized a third of the country, received U.S. military support for Iraq’s army to defeat Islamic State even as he gave free rein to Iran to back Shi’ite militias fighting on the same side.
But now that the military campaign is over, he faces political threats from two main challengers: his predecessor Nuri al-Maliki, and the leader of the main Shi’ite paramilitary group, Hadi al-Amiri, both closer than he is to Iran.
Iraq remains divided among its three main ethnic and religious groups — the majority Shi’ite Arabs and minority Sunni Arabs and Kurds — at odds for decades. Past election outcomes have hinged on whether leading Shi’ite parties could obtain enough seats to marginalise the other groups.
Iran has wide sway in Iraq as the primary Shi’ite power in the region. But the United States, which invaded Iraq in 2003 to topple Saddam, occupied it until 2011 and sent troops back to help fight Islamic State in 2014, also has deep influence. Related Coverage
Iran’s clout has caused resentment among Sunnis as well as some Shi’ites, who have grown tired of religious leaders, parties and militias and want technocrats to rule the country. FRONTRUNNER
Abadi is seen as the narrow frontrunner, but victory is far from certain. A British-educated engineer with no powerful political machine of his own when he took office, he solidified his standing with the victory over Islamic State.
Although he has failed so far to improve the limping economy, his supporters say he is best placed to keep more overtly sectarian political leaders in check.
“He’s non-sectarian and we like him,” said Um Laila in West Mosul, which suffered some of the heaviest damage during the war against Islamic State. “He liberated Mosul.”
Even if Abadi’s Victory Alliance wins the most seats, he still must negotiate a coalition government, which must be formed within 90 days of the election.
One of his principal rivals, Amiri, 63, spent more than two decades fighting Saddam from exile in Iran and leads the biggest group of volunteer forces that fought Islamic State. Victory for Amiri would be a clear win for Iran. Iraqi President Fouad Masoum shows his ink-stained finger after casting his vote at a polling station during the parliamentary election in Baghdad, Iraq May 12, 2018. REUTERS/Ahmed Jadallah
Opponents accuse Amiri’s Badr Organisation of abusing Sunni Muslims during sectarian conflicts, and of taking orders from Iran. They say he achieved little in the powerful post of transport minister from 2010-2014.
His supporters say he was pivotal in defeating Islamic State and would offer stronger leadership than Abadi.
“I voted for Amiri because he is clean leader. Without him Daesh (Islamic State) would have been here,” said Raid Sabah, 39, who is struggling to make a living as a taxi driver in the southern city of Basra. “Abadi didn’t do anything.”
Other Iraqis are disillusioned with war heroes and politicians who have failed to restore state institutions and provide badly needed health and education services.
“We need neither tanks nor jets. We need only the ballot paper through which we can rectify the political process which was aborted by those who governed Iraq,” said labourer Khalid al-Shami, 50, at a polling station in Baghdad.
Many of the poor have turned to Moqtada al-Sadr, a firebrand Shi’ite cleric who led a violent uprising against the U.S. occupation from 2003-2011 but has since remade himself as an opponent of the traditional religious parties, striking an unlikely alliance with the Communists and other secular groups.
“We had hoped that lives will change but Abadi and Maliki didn’t do anything for us. We live in poverty, have no jobs and state services,” said 36-year old Hussein Yousef, who praised Sadr as a protector of the downtrodden.
Maliki, who stepped aside in 2014 after Islamic State swept through a third of the country, is seeking a comeback, casting himself as a Shi’ite champion. Opponents say his sectarian policies during eight years in power created the atmosphere that enabled Islamic State to gain sympathy among Sunnis.
Since Saddam’s fall, the post of prime minister has been reserved for a Shi’ite, the speaker of parliament has been a Sunni, and the ceremonial presidency has gone to a Kurd - all three chosen by parliament. Slideshow (19 Images)
More than 7,000 candidates in 18 provinces are running this year for 329 parliamentary seats. More than 24 million of Iraq’s 37 million people are eligible to vote.
In the ruins of West Mosul, where Islamic State proclaimed its caliphate in 2014 and fighters held out for most of last year in the face of the biggest battle of the post-Saddam era, turnout appeared strong even though transport was shut for security reasons and voters had difficulty reaching the polls.
“We need new faces not this group of corrupt politicians currently in Baghdad,” said Ahmed Noor, a shop owner. Additional reporting by Haider Kadhim; Writing by Michael Georgy, Editing by Peter Graff and Angus MacSwan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iraq-election/iraqis-start-voting-in-first-election-since-defeating-islamic-state-idUKKBN1ID047 |
May 2 (Reuters) - LSC Communications Inc:
* TREND OFFSET PRINTING AND LSC COMMUNICATIONS ENTER INTO A DEFINITIVE AGREEMENT FOR TREND TO ACQUIRE LSC’S RETAIL OFFSET PRINTING FACILITIES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-trend-to-acquire-lsc-communication/brief-trend-to-acquire-lsc-communications-retail-offset-printing-facilities-idUSASC09YZW |
NEW YORK (Reuters) - Canadian Prime Minister Justin Trudeau on Thursday said he felt positive about talks to update the NAFTA trade pact, which U.S. officials say need to be wrapped up very quickly for the current Congress to vote on a final text.
Canada's Prime Minister Justin Trudeau speaks to the Economic Club of New York in New York, U.S., May 17, 2018. REUTERS/Lucas Jackson “There is a good deal on the table ... it’s right down to the last conversations,” Trudeau told the Economic Club of New York, saying that senior Canadian officials were in the United States for talks on the negotiations.
Reporting by Jonathan Spicer, writing by David Ljunggren; Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-trade-nafta-canada/canadas-trudeau-says-feeling-positive-about-nafta-talks-idUSKCN1II2G5 |
(Reuters) - Australia and New Zealand Banking Group ( ANZ.AX ) said on Thursday it had agreed to sell its 55 percent stake in a Cambodian joint venture with Cambodian conglomerate Royal Group to Japan’s J Trust ( 8508.T ).
ANZ expects to log a loss of A$30 million ($22.59 million) following the divestiture, it said.
Reporting by Ambar Warrick in Bengaluru; Editing by Muralikumar Anantharaman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-anz-divestiture-cambodia/anz-to-sell-55-percent-stake-in-cambodian-joint-venture-to-j-trust-idUSKCN1II14Z |
WASHINGTON, May 22, 2018 /PRNewswire-USNewswire/ -- https://cpsc.gov/Recalls/2018/Porsche-Recalls-Toy-Cars-Due-to-Choking-Hazard
Recall Summary
Name of Product: My First Porsche – Wooden Cars
Hazard: The wheels and axles can detach from the wooden toy car, posing a choking hazard to young children.
Remedy: Refund
Consumers should immediately stop using the recalled toy cars, take them away from young children and contact a local authorized Porsche dealer to return the recalled toy car and receive a full refund.
Consumer Contact:
Porsche at 800-767-7243 from 9 a.m. to 5 p.m. ET Monday through Friday or online at shop4.porsche.com/usa/ and click on "Product Recall" at the bottom of the page for more information.
Recall Details
Units: About 1,700 (In addition, 330 were sold in Canada)
Description:
This recall involves a blue wooden toy Porsche car with tan wheels. The Porsche crest is printed on the front of the recalled toy cars. "PORSCHE" is printed on both sides of the recalled toy cars. They measure about 4 inches long by 2 inches wide by 1 1/2 inches tall. The underside of the toy has "BAJO" and a lot number printed on it. The following lot numbers are included in this recall.
Lot Number
011215
020916
031017
031114
031116
040116
040416
040516
041217
051015
061117
090915
Incidents/Injuries: None reported
Sold At : Porsche dealers nationwide and online at shop4.porsche.com/usa/ and other websites from April 2015 through March 2018 for about $25.
Importer: Porsche Cars North America Inc., of Atlanta, Ga.
Manufactured in: Poland
In Conjunction With: Canada
Health Canada's press release is available at: http://healthycanadians.gc.ca/recall-alert-rappel-avis/hc-sc/2018/66826r-eng.php
This recall was conducted, voluntarily by the company, under CPSC's Fast Track Recall process. Fast Track recalls are initiated by firms, who commit to work with CPSC to quickly announce the recall and remedy to protect consumers.
About U.S. CPSC:
The U.S. Consumer Product Safety Commission is charged with protecting the public from unreasonable risks of injury or death associated with the use of thousands of types of consumer products under the agency's jurisdiction. Deaths, injuries, and property damage from consumer product incidents cost the nation more than $1 trillion annually. CPSC is committed to protecting consumers and families from products that pose a fire, electrical, chemical or mechanical hazard. CPSC's work to ensure the safety of consumer products - such as toys, cribs, power tools, cigarette lighters and household chemicals – contributed to a decline in the rate of deaths and injuries associated with consumer products over the past 40 years.
Federal law bars any person from selling products subject to a publicly-announced voluntary recall by a manufacturer or a mandatory recall ordered by the Commission.
For more lifesaving information, follow us on Facebook , Instagram @USCPSC and Twitter @USCPSC or sign up to receive our e-mail alerts. To report a dangerous product or a product-related injury go online to www.SaferProducts.gov or call CPSC's Hotline at 800-638-2772 or teletypewriter at 301-595-7054 for the hearing impaired.
CPSC Consumer Information Hotline
Contact us at this toll-free number if you have questions about a recall:
800-638-2772 (TTY 301-595-7054)
Times: 8 a.m. – 5:30 p.m. ET; Messages can be left anytime
Call to get product safety and other agency information and to report unsafe products .
Media Contact
Please use the phone numbers below for all media requests.
Phone: 301-504-7908
Spanish: 301-504-7800
View original content with multimedia: http://www.prnewswire.com/news-releases/porsche-recalls-toy-cars-due-to-choking-hazard-300653097.html
SOURCE U.S. Consumer Product Safety Commission | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-porsche-recalls-toy-cars-due-to-choking-hazard.html |
TOKYO, May 9 (Reuters) - Japan’s Fast Retailing Co said on Wednesday it plans to launch its Uniqlo clothing brand in India with a first store opening in Delhi in fall 2019.
The store would mark the cut-price brand’s entry into the South Asia region, Asia’s top apparel retailer said.
Asia has become a major growth driver for Uniqlo as its affordable clothing lines, including breezy AIRism innerwear and lightweight down jackets, grow in popularity in China and Southeast Asia. (Reporting by Sam Nussey; Editing by Himani Sarkar)
| ashraq/financial-news-articles | https://www.reuters.com/article/fast-retailing-india/fast-retailing-to-launch-uniqlo-brand-in-india-next-year-idUST9N1RI010 |
ABU DHABI, May 1 (Reuters) - Mubadala Investment Company will establish a technology hub in Abu Dhabi next year in a bid to attract leading tech companies to the oil-rich emirate, its venture capital head said on Tuesday.
Abu Dhabi’s state investor, which has committed $15 billion to the SoftBank Vision Fund, has said it is looking at new investment opportunities and will invest in companies that operate out of the tech hub.
“We also have to invest in tech companies not just bring them here,” Mubadala Head of Venture Capital Ibrahim Ajami said at an Abu Dhabi conference.
Mubadala’s ventures investment team is also looking at possible investments in European and Middle East companies, he said.
“There’s good innovation coming from European entrepreneurs.”
Mubadala set up its venture capital arm in late 2017 to oversee and manage the $15 billion commitment to the SoftBank Vision Fund. (Reporting by Stanley Carvalho, writing by Alexander Cornwell; editing by Jason Neely)
| ashraq/financial-news-articles | https://www.reuters.com/article/mubadala-tech/mubadala-to-set-up-abu-dhabi-tech-hub-in-2019-exec-idUSL8N1S810J |
May 2, 2018 / 8:31 PM / Updated 7 minutes ago BRIEF-Safety Insurance Group Q1 Earnings Per Share $0.60 Reuters Staff
* SAFETY ANNOUNCES FIRST QUARTER 2018 RESULTS AND DECLARES SECOND QUARTER 2018 DIVIDEND * Q1 EARNINGS PER SHARE $0.60
* QTRLY TOTAL REVENUE $209.7 MILLION VERSUS $204.8 MILLION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-safety-insurance-group-q1-earnings/brief-safety-insurance-group-q1-earnings-per-share-0-60-idUSASC09Z3Y |
May 9 (Reuters) - Mandalay Resources Corp:
* MANDALAY RESOURCES CORPORATION ANNOUNCES FIRST QUARTER FINANCIAL RESULTS FOR 2018
* Q1 REVENUE $39.7 MILLION VERSUS $45.4 MILLION * QTRLY GOLD EQUIVALENT PRODUCED 23,172 OZ VERSUS 32,481 OZ
* MANDALAY RESOURCES - GOING FORWARD IN 2018, MANDALAY PLANS TO REPLACE LOADING AND HAULAGE CONTRACTORS IN OPEN PIT, UNDERGROUND MINES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mandalay-resources-corporation-qtr/brief-mandalay-resources-corporation-qtrly-loss-per-share-0-00-idUSASC0A198 |
Slack is taking another step to be the de-facto way for employees to communicate with each other.
The business chat service debuted on Tuesday a feature that lets corporate apps built to work with Slack capable of doing more tasks within Slack. The goal is to reduce the need of users to constantly open multiple corporate apps during work and instead conduct much of their work through Slack.
For instance, customers that use workplace software company Asana’s tools to manage their projects can now create and assign tasks inside Slack without having to open the actual Asana project management app.
Slack is unveiling the new feature with a handful of workplace software partners like Asana, Atlassian, and Zendesk, along with marketing technology company Hubspot. All of these companies have used the feature, called “actions,” to more deeply incorporate some of their software tools into Slack’s chat app .
Bradley Armstrong, Slack’s head of business partnerships, explained during a press briefing that one way Slack intends to grow its business is by making its chat app more compatible with other workplace software tools . If more third-party corporate apps hook into Slack, “the more powerful Slack becomes,” Armstrong said.
Slack chief product officer April Underwood said that Slack has no intention of creating certain services, like software to track sales leads. The company does not want to build services that are not central to its core workplace messaging technology.
But, the more that companies integrate their workplace tools within Slack, the company gains additional features that it didn’t have to spend money and resources building itself.
Still, companies like Atlassian and Asana that integrate deeply with Slack, risk becoming merely “features” of Slack if their users decide to only use their services within Slack as opposed to their own respective apps. Underwood disagreed with that notion and said that the new actions tool isn’t intended to downplay the importance of other company’s workplace software tools.
Get Data Sheet , Fortune’s technology newsletter.
She said that the tool is intended to allow for “short, bite-sized tasks” and is not intended to replace the need to open other business apps. For instance, while a manager can approve an employee expense report within Slack, human resource staff will still need to access the actual expense software app for more in-depth information that is unavailable within Slack.
Although Slack is growing quickly , it’s still a baby when compared to larger competitors like Microsoft (msft) and Google (goog) that can afford to spend lots of money building and selling multiple workplace tools.
Slack is trying to court more companies and developers to improve its basic chat app with more functions to better compete against larger rivals that sell a wider variety of workplace tools.
In the case that a company like Atlassian or Zendesk gets acquired by a larger company, Underwood said that wouldn’t impact the integrations these companies made with Slack. Even if one of these companies were to be acquired by Microsoft or a similar corporate giant, Underwood believes that these larger companies understand the need for competing tools to work with each other, because that’s what customers demand.
“This is the way that the world is going,” Underwood said. “Companies want to be able to choose tools, they want great tools for every job they need to do, and they want those tools to work together.”
“No matter what the geopolitical landscape is of the tech industry, that is where things are going,” she added. | ashraq/financial-news-articles | http://fortune.com/2018/05/22/slack-actions-messaging-chat/ |
May 23, 2018 / 7:54 PM / Updated 16 minutes ago Sanctions-hit Vekselberg revives talks with Gazprom on power assets merger: sources Anastasia Lyrchikova 2 Min Read
MOSCOW (Reuters) - Russian oligarch Viktor Vekselberg, who has been placed under U.S. sanctions, has resumed talks about merging his power assets with Gazprom ( GAZP.MM ), three sources familiar with the talks told Reuters on Wednesday. Chairman of the Board of Directors of Renova Group, Viktor Vekselberg attends a session during the Week of Russian Business, held by the Russian Union of Industrialists and Entrepreneurs (RSPP), in Moscow, Russia February 7, 2018. REUTERS/Sergei Karpukhin
Vekselberg’s Renova Group has restarted discussions about merging its debt-burdened subsidiary T Plus with Gazprom Energoholding, the power unit of gas giant Gazprom, the sources said.
The initial talks began in 2011 and lasted for around a year but collapsed after the two sides failed to reach a deal on the conditions of the merger and because of opposition from Russia’s anti-monopoly regulator.
One of the sources said the new negotiations had been going on for around two weeks, but an agreement was far from being reached. The source said Renova was discussing obtaining a stake in Gazprom Energoholding, which would be small and not big enough to allow it to influence decision making at the Gazprom unit.
A fourth source said Renova had made an offer to Gazprom to buy out T Plus, but Gazprom was not “greatly interested in the deal”.
One of the sources also said Vekselberg had reluctantly initiated the talks as “sanctions bite”.
Renova and Gazprom declined to comment.
Vekselberg was placed under sanctions in a U.S. crackdown on President Vladimir Putin’s inner circle as retaliation for alleged Russian interference in the 2016 U.S. election.
The firms in which Vekselberg holds stakes have experienced varying fallouts since Washington announced impending Russian sanctions.
Kommersant business daily reported earlier this month that Renova was ready to resume talks with Gazprom as a way of protecting it from the sanctions.
T Plus owns power stations with around 16 gigawatts in combined capacity, or around 6 percent of Russia’s total. It has 134 billion roubles ($2.2 billion) in debt, according to its officials. Writing by Vladimir Soldatkin; Editing by Susan Fenton | ashraq/financial-news-articles | https://uk.reuters.com/article/us-russia-vekselberg-gazprom/sanctions-hit-vekselberg-revives-talks-with-gazprom-on-power-assets-merger-sources-idUKKCN1IO34F |
May 15, 2018 / 5:42 PM / a few seconds ago Sibanye's Lonmin takeover faces British antitrust scrutiny Zandi Shabalala 2 Britain’s Competition and Markets Authority said it will examine whether a takeover of Lonmin by South Africa’s Sibanye-Stillwater would reduce competition, knocking shares in both mining firms. FILE PHOTO: A mine worker returns from the Lonmin mine at the end of his shift, outside Rustenburg October 5, 2015. REUTERS/Siphiwe Sibeko/File Photo
Precious metals miner Sibanye-Stillwater made an all-share offer for London-listed Lonmin in December, but the planned 285 million pound ($386 million) deal to create the world’s No.2 platinum producer faces several other hurdles.
These include Lonmin’s shrinking cash balance, a stronger rand and competition approval in South Africa.
Shares in cash-strapped Lonmin, the world’s third-largest platinum producer, had slipped 4 percent in London by 1554 GMT, while Sibanye, the fourth-largest, saw its stock close down 5.3 percent in Johannesburg.
“The longer the delay, the greater the potential for transaction failure, since the likelier it would be that Lonmin would be in net debt,” Shore Capital analyst Yuen Low said.
“Even supposing the CMA approved the transaction, there could be delays to the transaction,” Low said of the deal which is scheduled to close in the second half of the year.
If the deal is blocked it would trigger Lonmin’s debt covenants and require the platinum miner to pay $150 million in 20 days after credit waivers were granted by Lonmin’s lenders in January, preventing it from defaulting.
Lonmin and Sibanye predict 12,600 Lonmin jobs will be cut in the next three years as expensive production is wound down and layoffs are a central issue for competition approval in South Africa, where unemployment runs at about 28 percent.
However, if the merger were delayed or blocked it could place all Lonmin’s 33,000 jobs at risk, Lonmin Chief Executive Ben Magara said on Monday after its results. Additional reporting by Arathy S Nair in Bengaluru and Peter Hobson in London; Editing by Dale Hudson and Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/us-lonmin-m-a-sibanye-gold/sibanyes-lonmin-takeover-faces-british-antitrust-scrutiny-idUKKCN1IG2S0 |
May 3 (Reuters) - Britain's FTSE 100 index is seen opening down 21 points on Thursday, according to financial bookmakers. * UNILEVER: Unilever Plc's shareholders approved a new executive pay policy on Wednesday, but the Anglo-Dutch consumer goods group faced a bruising backlash at what is expected to be its last annual general meeting in London. * ABCAM: Biotech firm Abcam said Horizon Discovery had rejected a 270 million pound ($368 million) approach, adding it had gone public with its takeover interest to try to force the British company to open talks. * INMARSAT: Investors in Inmarsat voted against the British satellite firm's remuneration report as they made clear their unhappiness at executive rewards for a year in which the company's shares fell 35 percent. * OIL: Oil prices dipped on Thursday, weighed down by swelling U.S. crude inventories and record weekly U.S. production that is countering efforts by producer group OPEC to cut supplies and prop up prices. * GOLD: Gold prices rose for a second session on Thursday after the U.S. Federal Reserve held interest rates steady as expected at the end of a two-day policy meeting, while investors awaited U.S.-China trade talks. * EX-DIVS: G4S, Kingfisher, London Stock Exchange, Mondi, Unilever, will trade without entitlement to their latest dividend pay-out on Thursday, trimming 4.73 points off the FTSE 100 according to Reuters calculations. * The UK blue chip index closed 0.3 percent higher at 7,543.20 points on Wednesday, posting a fifth session of gains in a row as metal prices boosted miners and first-quarter earnings reports lifted the London stock market. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Glencore Q1 production report IMI Plc Interim Management Statement Lancashire Q1 Earnings Release Esure Q1 Earnings Release Trinity Mirror Trading statement/AGM Smith & Nephew Trading Statement GSK AGM Moneysupermarket AGM Rolls Royce AGM Reckitt Benckiser AGM TODAY'S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Justin George Varghese)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks-factors/uk-stocks-factors-to-watch-on-may-3-idUSL3N1SA2C9 |
NEW YORK, May 3, 2018 /PRNewswire/ -- Chuck Ocheret, a 30-year software-engineering veteran in the finance, multimedia, and science industries, has joined VRBex, a cryptocurrency exchange and security-token trading platform, as its first chief technology officer, effective immediately, the company announced.
Ocheret was most recently chief innovation officer at NEX Optimisation, a financial-technology firm, which he joined in August 2016. His focus there was on the integration of distributed ledger, AI, cloud, and cyber security technologies. He is also on the CFTC's (Commodity Futures Trading Commission) Technical Advisory Committee.
VRBex pre-sale ICO opened on April 23. It runs through June 18 at 7 a.m. (EST). The main sale begins that same day at 8 a.m. (EST) and closes on July 23 at 8 p.m. (EST).
Ocheret reports to VRBex CEO Gene Grant, who said, "Chuck is deeply knowledgeable about building end-to-end systems in a robust way to make sure people's assets and digital wallets are secure. His experience with fintech companies and disruptive approaches, which requires tremendous interaction with regulators, will be a key contributor to the success of VRBex."
Throughout his career, Ocheret, who will divide his time between New York and VRBex's headquarters in Houston, Texas, has run technology, architecture, and development at tier-one hedge funds and investment banks where his responsibilities included the supervision of algorithmic trading, program trading, index and statistical arbitrage, and client and market connectivity for high-volume trading operations.
Before NEX Optimisation, he spent three years as director of cloud product development and R&D at CSC, a global provider of IT and professional services across all sectors.
"Building elegant, industrial-grade, secure, and high-performance systems is my business," Ocheret said. "At VRBex, we're building systems from inception that will allow agility within this rapidly evolving technical, business, and regulatory environment. Trust is a big issue in financial services and is sorely needed in the cryptocurrency markets. We'll provide that."
Ocheret holds degrees in biomedical and electrical engineering from The Johns Hopkins University. He began his career at Bendix as an engineer in the algorithm development group and held software-engineering positions with increasing executive responsibility at companies, such as American Data Systems and Market Vision.
He joined Morgan Stanley as a senior staff engineer, responsible for implementation of one of the first real-time automated trading and research environments.
As a partner at Thinkbank and later as Managing Director at WR Hambrecht+Co, Ocheret was responsible for OpenIPO, OpenBook, and other auction systems, including the Freddie Mac reference note auction system.
In 2005, Ocheret joined UBS as executive director and head of U.S. Program Trading and as U.S. Equities architect. He went on to Managing Director positions at Bear Stearns, J.P. Morgan Chase, and Deutsche Bank.
In 2012, Ocheret founded ReadyPosition, a consultancy providing advisory services and custom software services for BBVA, Sberbank, and a wide variety of startups.
About VRBex
Established in 2018 and based in Houston TX, VRBex intends to establish a cryptocurrency exchange and security-token trading platform that seeks to be compliant with U.S. financial regulations. It plans to offer a robust, transparent and secure platform for exchange of US$ for select cryptocurrencies; a platform for the trading of security tokens; and digital VRBex wallets. Read more at VRBex.com .
Contact
Jay Kolbe
[email protected]
T: +1 646 934 6924 |
M : +1 646 499 1059
Disclaimer: This press release is not intended to be an offer to sell, or a solicitation of any offer to buy, any security or other financial instrument or to invest in the tokens issued by VRBex ("VRBex Tokens"). The offering of VRBex Tokens has not been registered, qualified, or approved under any securities, futures, financial instruments, capital markets, or exchange control legislation, regulation, or ordinance of any jurisdiction. In all jurisdictions, any offer to sell or solicitation to buy VRBex Tokens, when made, will be directed solely to qualified institutional investors, qualified professional investors, and those other sophisticated persons to whom offers and solicitation may be made without any licensing, registration, qualification, or approval under applicable law. Before you decide to invest in VRBex Tokens, you should carefully read the VRBex offering documents and consult with your own advisors. An investment in VRBex Tokens is speculative and involves risks, which you should understand prior to making an investment.
The private placements of VRBex Tokens have not been registered under the Securities Act of 1933, as amended (the "Securities Act") or any state securities laws, and the VRBex Tokens are being offered pursuant to an exemption from registration provided by Rule 506(c) of Regulation D under the Securities Act and in reliance on similar exemptions under applicable state laws. An investment in VRBex is suitable only for sophisticated, well-informed investors, and investors will be required to represent that they are accredited investors as such term is defined in Rule 501(a) of Regulation under the Securities Act.
View original content: http://www.prnewswire.com/news-releases/security-token-exchange-vrbex-names-chuck-ocheret-as-first-cto-300642436.html
SOURCE VRBex | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-security-token-exchange-vrbex-names-chuck-ocheret-as-first-cto.html |
“Beginning our journey to rebuild trust with society” aren’t words investors want to hear from a company they own. told its shareholders just that Wednesday in its investor day presentation. The company highlighted “select ongoing issues” like the controversial payments to Essential Consultants, the firm of Michael Cohen, Donald Trump’s personal lawyer, as well as other investigations into the […]
Stocks to Watch: Macy's, Nordstrom, Disney, Amazon, Tesla, Fox, Oracle, AMD, Micron, Monsanto, Helios | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/16/novartis-is-on-a-journey/ |
GOLDEN, Colo., April 30, 2018 (GLOBE NEWSWIRE) -- Golden Minerals Company (“Golden Minerals”, “Golden” or “the Company”) (NYSE American:AUMN) (TSX:AUMN) has released final results from the 22-hole 4800-meter drilling program conducted at its Santa Maria property located in Santa Barbara, Chihuahua State, Mexico since August 2017.
Golden Minerals began an expansion drilling program in August 2017 at its Santa Maria gold and silver property located west of Parral in Chihuahua State, Mexico. The Company recently expanded the claim package adding 77 hectares and more than doubling the strike distance coverage on the Santa Maria vein to about one kilometer total. The current drill program was initiated by the Company with the goal of expanding the existing resource to improve the overall economics reported in the Preliminary Economic Assessment (“PEA”) published in March 2017. The Company has received assays for all 22 holes drilled.
The recent drilling encountered oxidized vein material to much greater depths in the eastern part of the Santa Maria vein system than in the western part. The oxidized portion of the eastern vein system is preserved due to normal faulting and post-mineral basalt cover. In addition to the previously known Santa Maria vein and the hanging wall vein, Santa Maria 2, a breccia vein labelled NE breccia was encountered in some of the drill holes (see table of results). Metallurgical test-work on the oxide material is yet to be completed.
The Company plans to update the resource model and the PEA based on the new drill results and the new metallurgical studies once those are available.
Golden’s President and Chief Executive Officer, Warren M. Rehn, notes, “The weighted average of silver grades of the intervals reported here is higher than the previously reported silver grade of the mineral resource at Santa Maria. We expect an improvement in the overall mineral resource and of the economics of the project because of this. We will update the resource and the PEA as expeditiously as possible.”
Significant Intervals - Santa Maria Drill Results 2017-2018 Hole No. Total
Depth
(m) From
(m) To
(m) Drill
Width
(m) True
Width
(m) Ag
(g/t) Au
(g/t) Pb
(%) Zn
(%) Vein Oxidation SM17-01 300.0 49.2 51.7 2.5 0.6 593 0.79 0.19 0.13 Santa Maria 2** Oxide SM17-02 241.5 225.7 226.5 0.8 0.4 255 0.77 1.56 1.49 NE breccia** Sulfide SM17-03 252.0 64.8 66.7 1.9 0.8 183 0.33 0.03 0.06 Vein Oxide SM17-03 252.0 216.2 221.2 5.0 2.5 415 0.29 0.48 0.97 Santa Maria** Sulfide SM17-04 117.9 60.7 65.7 5.0 3.8 213 0.47 0.54 0.23 Santa Maria** Oxide SM17-05 220.0 194.1 194.9 0.7 0.4 164 0.40 0.61 3.76 NE breccia** Sulfide SM17-06 138.0 106.1 108.0 1.9 1.5 116 0.15 0.09 0.10 Vein Oxide SM17-07 258.0 145.2 146.0 0.8 0.6 163 0.14 0.02 0.08 Santa Maria Oxide SM17-08 174.0 117.7 120.0 2.3 1.2 200 0.22 0.03 0.11 Santa Maria Oxide SM17-08 174.0 141.6 148.5 6.9 3.5 310 0.77 0.40 0.91 Santa Maria** Oxide SM17-09 241.5 185.7 186.9 1.2 0.8 286 0.13 0.07 0.02 Santa Maria Oxide SM17-10 350.0 254.9 258.8 3.9 1.3 1322 2.06 0.71 0.75 Santa Maria Oxide SM17-10 350.0 261.0 264.0 3.0 1.0 163 0.12 0.01 0.06 Santa Maria* Oxide SM17-11 261.0 16.4 17.3 0.9 0.5 180 0.68 0.12 0.16 NE breccia Oxide SM17-11 261.0 229.1 232.0 2.9 1.4 101 0.28 0.01 0.04 Santa Maria* Oxide SM17-12 350.0 192.0 193.1 1.1 0.5 141 0.09 0.04 0.07 Santa Maria Oxide SM17-12A 102.0 Hole abandoned; No significant intervals SM17-15 300.0 No significant intervals SM18-01 270.0 95.1 96.2 1.1 0.6 186 0.85 1.11 0.85 Vein Oxide SM18-01 270.0 166.5 167.6 1.0 0.4 113 0.06 0.04 0.08 Vein Oxide SM18-01 270.0 216.4 216.8 0.4 0.2 1310 1.62 0.05 0.39 Santa Maria 2 Sulfide SM18-02 200.0 167.2 168.8 1.6 0.7 116 1.72 0.95 2.30 Santa Maria Sulfide SM18-02 200.0 170.5 172.7 2.2 0.9 148 2.00 0.55 0.94 Santa Maria Sulfide SM18-02 200.0 174.7 175.9 1.2 0.5 114 1.12 1.15 2.39 Santa Maria Sulfide SM18-03 150.0 123.8 125.0 1.2 1.0 145 0.26 0.02 0.09 Santa Maria Oxide SM18-03 150.0 135.7 143.9 8.2 6.5 1094 3.64 0.41 0.92 Santa Maria Oxide SM18-04 186.0 117.1 117.9 0.8 0.3 148 0.14 0.02 0.09 Santa Maria Oxide SM18-05 150.0 81.1 82.6 1.5 0.9 176 0.34 0.06 0.07 Hornfels Mix SM18-05 150.0 128.0 129.4 1.4 0.6 68 2.96 1.51 0.06 Santa Maria Oxide SM18-06 261.0 No significant intervals SM18-07 125.0 No significant intervals SM18-08 200.0 116.8 117.0 0.2 0.2 339 4.41 0.27 1.09 Santa Maria Sulfide *Less than 40% of core recovered. Reported grade may not be representative of actual vein grade.
**Interval previously reported in Oct. 25, 2017 news release.
Note: Some drill hole intervals have been composited from multiple adjacent samples and in some cases, may contain up to 1 meter of core with less than 100 g/t Ag if the overall interval weighted average is greater than 100 g/t Ag. Individual assay intervals will be reported on the Golden Minerals website. “Significant Interval” is defined as at least 0.2 meters true width of at least 100 g/t Ag or Ag equivalent based on Au times 70 plus Ag.
Review by Qualified Person and Quality Control
The technical contents of this press release have been reviewed by Warren M. Rehn, M.Sc., a Qualified Person for the purposes of Canadian National Instrument 43-101. Mr. Rehn has over 33 years of mineral exploration experience and is a QP member of the Mining and Metallurgical Society of America.
To ensure reliable sample results, Golden Minerals uses a quality assurance/quality control program that monitors the chain-of-custody of samples and includes the insertion of blanks, duplicates and reference standards in each batch of samples. Core is photographed and sawn in half with one half retained in a secured facility for verification purposes. Sample preparation (crushing and pulverizing) is performed at an independent ISO 9001:2001 certified laboratory in Chihuahua or Zacatecas, Mexico. Prepared samples are direct-shipped to an ISO 9001:2001 certified laboratory in Canada.
About Golden Minerals
Golden Minerals is a Delaware corporation based in Golden, Colorado. The Company is primarily focused on advancing its El Quevar property in Argentina and in acquiring and advancing mining properties in Mexico with emphasis on areas near its Velardena processing plants.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, and applicable Canadian securities legislation, including statements relating to expectations regarding the Company’s plan to update the Santa Maria resource estimate and PEA, and the likely results of that update. These statements are subject to risks and uncertainties, including changes in interpretations of geological, geostatistical, metallurgical, mining or processing information and interpretations of the information resulting from future exploration, analysis or mining and processing experience, new information from drilling programs or other exploration or analysis, unexpected variations in mineral grades, types and metallurgy, fluctuations in silver and gold metal prices, increases in costs and declines in general economic conditions, and changes in political conditions, in tax, royalty, environmental and other laws in Mexico, and financial market conditions. Golden Minerals assumes no obligation to update this information. Additional risks relating to Golden Minerals may be found in the periodic and current reports filed with the Securities and Exchange Commission by Golden Minerals, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.
For additional information please visit http://www.goldenminerals.com/ or contact:
Golden Minerals Company
Karen Winkler
Director of Investor Relations
(303) 839-5060
[email protected]
Source:Golden Minerals Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/globe-newswire-golden-minerals-reports-final-drill-results-from-santa-maria-2017-2018-drill-campaign.html |
Heineken Europe president: Seeing 'low and no' alcohol growing fast 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/heineken-europe-president-seeing-low-and-no-alcohol-growing-fast.html |
Link: here's what I'm buying after earnings 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/link-heres-what-im-buying-after-earnings.html |
RES, recognized as one of the fastest-growing private companies in the US, strengthens its resources.
HOUSTON--(BUSINESS WIRE)-- RES, the nation’s largest environmental solutions provider, announced that Darrell Whitley joined the company as Chief Operating Officer. Darrell is the former Senior Vice President of Enterprise Sales and Market Development at Total Safety in Houston, TX.
“Darrell brings to RES his expertise in leadership, project management, entrepreneurial mindset and growth. He has a passion for leadership and employee development and I know he will help lead RES to achieve great things,” said Elliott Bouillion, President and CEO of RES.
Early in his career, he worked for Price Waterhouse, BSG and was the founding CEO of Tennyson Group. Darrell’s entrepreneurial spirit was well utilized at Consolidated Graphics and later RR Donnelley. In these roles he continued to enhance his leadership skills and led his teams into new markets and solutions.
Darrell joined Total Safety as the Senior Vice President of Enterprise Sales and Market Development. During his time at Total Safety, Darrell focused on improving processes to expand margin growth and support the sales and operations teams across many functions.
“I am excited to join RES at this critical time in the company’s growth trajectory. With projects in over a dozen states covering wetlands and stream mitigation, stormwater and water quality improvement, and ecological restoration solutions, RES is reshaping the marketplace,” said Darrell Whitley, COO of RES. “I am honored to be a part of a company with the vision and passion to support our clients’ growth with environmentally responsible and sustainable projects.”
About RES
Founded in 2007, RES is one of the fastest-growing environmental companies in the US and has been recognized with numerous awards by the Environmental Business Journal for excellence in restoration and business achievement. RES is known for proactively managing operational risk in environmentally sensitive areas by navigating complex regulations and streamlining permitting for economic development.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005741/en/
RES
Michael Hare, 225.772.2643
Director of Government Affairs and Communications
[email protected]
Source: RES | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-darrell-whitley-joins-res-as-chief-operating-officer.html |
SEATTLE, May 10, 2018 (GLOBE NEWSWIRE) -- Redfin Corporation (NASDAQ:RDFN), the technology-powered residential real estate brokerage, today announced financial results for the first quarter ended March 31, 2018. All financial measures, unless otherwise noted, are presented on a GAAP basis and include stock-based compensation as well as depreciation and amortization expenses.
Revenue increased 33% year-over-year to $79.9 million during the first quarter, including $3.1 million from Redfin Now (1) . Gross profit was $5.7 million, a decrease of 11% from $6.4 million in the first quarter of 2017. Gross margin was 7%, compared to 11% in the first quarter of 2017. Real estate gross profit was $6.8 million, a decrease of 6% from $7.2 million in the first quarter of 2017. Real estate gross margin was 9%, compared to 12% in the first quarter of 2017. Operating expenses were $42.9 million, an increase of 24% from $34.5 million in the first quarter of 2017. Operating expenses were 54% of revenue, down from 58% in the first quarter of 2017.
Net loss was $36.4 million, compared to net loss of $28.1 million in the first quarter of 2017. Stock-based compensation was $4.2 million, up from $2.7 million in the first quarter of 2017. Depreciation and amortization was $2.0 million, up from $1.9 million in the first quarter of 2017.
GAAP net loss per diluted share reflects accretion expense for changes in the fair value of our redeemable convertible preferred stock, which was outstanding prior to its conversion to common stock following our initial public offering ("IPO"). GAAP net loss per diluted share of common stock was $0.44, compared to GAAP net loss per diluted share of common stock of $3.58 in the first quarter of 2017. Adjusted net loss per diluted share (2) , which excludes accretion expense for changes in the fair value of our redeemable convertible preferred stock and assumes its conversion to common stock in connection with our IPO as of the first day of the reported period, was $0.40 in the first quarter of 2017. As a result of the conversion of our redeemable convertible preferred stock in connection with our IPO, there was no accretion expense in the first quarter of 2018.
“In the first quarter of 2018, Redfin maintained the elevated market-share growth we saw last quarter, with revenue above our guidance range, and net income near the top of our guidance range," said Redfin CEO Glenn Kelman. "What drove that growth is the power of our 1% pricing for listing a home. Being able to sell homes for more money at a lower fee is a major competitive advantage, and it’s easy for consumers to understand. In the first quarter, we advertised it more broadly than ever before. If this formula of low fees, happy customers and increased advertising keeps working, the result will be not just more Redfin listings, but a better online marketplace. Several new businesses also had strong sales, which we believe can develop into major sources of growth for us not just over the next few years, but for the next decade.”
Highlights
Reached market share of .73% of U.S. existing home sales by value in the first quarter of 2018, an increase of .02 percentage points from the fourth quarter of 2017, and an increase of .15 percentage points from the first quarter of 2017. (3) Continued to drive strong traffic growth, with visitors to our website and mobile applications increasing by 28% over the first quarter of 2017. Launched advertising campaign in 12 markets, including television, digital video, radio and outdoor media. The campaign is expected to run through May 2018. Increased the percentage of home tours booked automatically with Redfin Book It Now software from 79% in the fourth quarter of 2017 to 83% in the first quarter of 2018. Book It Now gets homebuyers into homes faster and makes Redfin more efficient. Added the Redfin “Hot Homes” feature to 46 Redfin markets, for a total of 61 markets nationwide. Hot Homes identifies which homes for sale are likely to sell quickly, which is useful for buyers in the fast-moving, competitive environment of most major housing markets today. Homes are deemed Hot when Redfin’s proprietary algorithm calculates that there is an 80% chance of that home having an accepted offer within two weeks of its debut. Expanded Redfin Mortgage to Minnesota, Pennsylvania and Virginia, now serving homebuyers in a total of six states, with plans to launch in additional states in the coming months. Redfin Mortgage is part of the long-term vision of integrating lending with Redfin's existing brokerage and title businesses, ultimately leading to an entirely digital closing. Introduced the Redfin 1% listing fee to home sellers across the San Francisco Bay Area, subject to a minimum of $5,500. Sellers typically pay their listing agent a commission of 2.5 to 3% of the home's sale price. With the Redfin 1% listing fee, sellers will save between $15,000 and $20,000 on a $1,000,000 home sale. The 1% listing fee does not include buyer's agent commission, which is typically 2 to 3% and paid by the seller. Issued a comprehensive report comparing Redfin real estate agent pay to the pay of real estate agents at other brokerages. The study showed that Redfin agents earned more than double that of traditional agents in 2017, in addition to healthcare benefits, paid time off and parental leave. Employing and retaining the best real estate agents and paying them well is a major part of how Redfin will deliver the best real estate service to consumers. Released gender pay data for Redfin employees across 10 job categories with at least two women and two men in each category. The data showed no major pay gap between women and men, in large part because the company tries to be rigorous about paying employees based on objective guidelines.
(1) Redfin Now is an experimental new service where we buy homes directly from homeowners and resell them to homebuyers. Revenue earned from selling homes previously purchased by Redfin Now is recorded at closing on a gross basis, representing the sales price of the home. For Redfin Now, cost of revenue includes the cost of homes such as the purchase price and capitalized improvements. There was no revenue from Redfin Now in any period prior to the three months ended June 30, 2017.
(2) "Adjusted net loss per diluted share" is a "non-GAAP financial measure" as defined by the Securities and Exchange Commission ("SEC"). A reconciliation of GAAP to non-GAAP financial measures is provided below in the tables included in this press release. An explanation of this measure is also included below under the heading "Non-GAAP Financial Measure".
(3) We calculate the aggregate value of U.S. home sales by multiplying the total number of U.S. home sales by the mean sale price of these sales, each as reported by the National Association of REALTORS®. We calculate our market share by aggregating the home value of real estate transactions conducted by our lead agents or our partner agents. Then, in order to account for both the sell- and buy-side components of each transaction, we divide that value by two-times the estimated aggregate value of U.S. home sales.
Business Outlook
The following reflect Redfin's expectations as of May 10, 2018, and are subject to substantial uncertainty.
For the second quarter of 2018 we expect:
Revenue between $134.8 million and $139.1 million, representing year-over-year growth between 29% and 33% compared to the second quarter of 2017. Redfin Now revenue between $5.2 million and $6.2 million is included in the guidance provided. Net income between $(1.0) million and $1.5 million, compared to net income of $4.3 million in the second quarter of 2017. This guidance includes approximately $4.8 million of expected stock-based compensation and $2.0 million of expected depreciation and amortization.
Conference Call
Redfin will webcast a conference call to discuss the results at 1:30 p.m. Pacific Time today. The webcast will be open to the public at http://investors.redfin.com . The webcast will remain available on the investor relations website for at least three months following the conference call.
Forward-Looking Statements
This press release contains certain within the meaning of federal securities laws, including statements regarding our future operating results included under the header Business Outlook . We believe our expectations related to these are reasonable, but actual results may turn out to be materially different. Please see our filings with the SEC for more information on the risks and uncertainties that could cause actual results to differ materially from the in this press release. These risks include, among other things: that we operate in a seasonal and cyclical industry and may be affected by industry downturns; that we have a history of losses; and that our business is concentrated in certain geographic markets. Moreover, we operate in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could impact the in this press release. Additional risks and uncertainties that could affect our financial results are included under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017, as supplemented by our Quarterly Report on Form 10-Q for the three months ended March 31, 2018, both of which are available on our Investor Relations website at http://investors.redfin.com and on the SEC website at www.sec.gov . All reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update to reflect future events or circumstances.
Non-GAAP Financial Measure
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we have used a non-GAAP financial measure, specifically adjusted net loss per diluted share, in this press release. The presentation of this financial measure is not intended to be considered in isolation or as a substitute of, or superior to, financial information prepared and presented in accordance with GAAP.
We believe this non-GAAP financial measure enables comparison of financial results between periods where net loss per diluted share may vary independent of business performance.
There are limitations associated with the use of non-GAAP financial measures as an analytical tool, in particular the adjustments to our GAAP financial measure reflect the exclusion of accretion expense, which is related to our redeemable convertible preferred stock that converted into common stock upon the completion of our IPO in August 2017. Included in weighted-average shares outstanding, basic and diluted, are shares of redeemable convertible preferred stock as if all such shares were converted to common stock on the first date of each period presented. This measure may be different from non-GAAP financial measures used by other companies, limiting its usefulness for comparison purposes. A reconciliation of adjusted net loss per diluted share to net loss per diluted share has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.
About Redfin
Redfin Corporation ( www.redfin.com ) is the technology-powered, residential real estate brokerage. Founded by software engineers, we run the country's #1 most-visited brokerage website and offer a host of online tools to consumers, including the Redfin Estimate . We represent people buying and selling homes in over 80 markets throughout the United States. Our mission is to redefine real estate in the consumer’s favor. In a commission-driven industry, we put the customer first. We do this by pairing our own agents with our own technology to create a service that is faster, better, and costs less. Since our launch in 2006 through 2017, we have helped customers buy or sell more than 120,000 homes worth more than $60 billion.
Redfin-F
Contacts
Investor Relations
Elena Perron, 206-576-8610
[email protected]
Public Relations
Jani Strand or Rachel Musiker, 206-588-6863
[email protected]
Redfin Corporation and Subsidiaries Condensed Consolidated Statements of Operations (in thousands, except share and per share amounts) Three Months Ended March 31, 2018 2017 Revenue $ 79,893 $ 59,868 Cost of revenue (1) 74,197 53,492 Gross profit 5,696 6,376 Operating expenses: Technology and development (1) 12,762 9,672 Marketing (1) 13,336 10,459 General and administrative (1) 16,772 14,367 Total operating expenses 42,870 34,498 Income (loss) from operations (37,174 ) (28,122 ) Interest income and other income, net: Interest income 577 43 Other income, net 158 13 Total interest income and other income, net 735 56 Net income (loss) $ (36,439 ) $ (28,066 ) Accretion of redeemable convertible preferred stock $ — $ (24,770 ) Net income (loss) attributable to common stock—basic and diluted $ (36,439 ) $ (52,836 ) Net income (loss) per share attributable to common stock—basic and diluted $ (0.44 ) $ (3.58 ) Weighted average shares used to compute net income (loss) per share attributable to common stock—basic and diluted 82,010,913 14,767,478 (1) Includes stock-based compensation as follows:
Three Months Ended March 31, 2018 2017 Cost of revenue $ 1,300 $ 714 Technology and development 1,473 731 Marketing 119 119 General and administrative 1,304 1,117 Total $ 4,196 $ 2,681
Redfin Corporation and Subsidiaries Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) March 31, 2018 December 31, 2017 Assets: Current assets: Cash and cash equivalents $ 190,773 $ 208,342 Restricted cash 11,124 4,316 Prepaid expenses 4,761 8,613 Accrued revenue, net 12,093 13,334 Other current assets 7,427 3,710 Loans held for sale 1,482 1,891 Total current assets 227,660 240,206 Property and equipment, net 22,879 22,318 Intangible assets, net 3,172 3,294 Goodwill 9,186 9,186 Other assets 7,053 6,951 Total assets: 269,950 281,955 Liabilities and stockholders' equity: Current liabilities: Accounts payable 2,929 1,901 Accrued liabilities 33,866 26,605 Other payables 10,876 4,068 Loan facility 1,357 2,016 Current portion of deferred rent 1,332 1,267 Total current liabilities 50,360 35,857 Deferred rent, net of current portion 10,335 10,668 Total liabilities 60,695 46,525 Commitments and contingencies (Note 11) Stockholders’ equity: Common stock—par value $0.001 per share; 500,000,000 shares authorized; 82,672,592 and 81,468,891 shares issued and outstanding, respectively 83 81 Preferred stock—par value $0.001 per share; 10,000,000 shares authorized and no shares issued and outstanding — — Additional paid-in capital 374,614 364,352 Accumulated deficit (165,442 ) (129,003 ) Total stockholders’ equity 209,255 235,430 Total liabilities and stockholders’ equity: $ 269,950 $ 281,955
Redfin Corporation and Subsidiaries Condensed Consolidated Statements of Cash Flows (in thousands) Three Months Ended March 31, 2018 2017 Operating activities Net loss $ (36,439 ) $ (28,066 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 2,003 1,905 Stock-based compensation 4,196 2,681 Change in assets and liabilities: Prepaid expenses 3,852 1,086 Accrued revenue 1,241 (1,650 ) Other current assets (3,661 ) (1,582 ) Other long-term assets (103 ) 384 Accounts payable 1,029 (2,912 ) Accrued liabilities 7,248 5,839 Deferred lease liability (268 ) 501 Origination of loans held for sale (9,477 ) — Proceeds from sale of loans originated as held for sale 9,887 — Net cash used in operating activities (20,492 ) (21,814 ) Investing activities Maturities and sales of short-term investments — 1,251 Purchases of short-term investments — (1,252 ) Purchases of property and equipment (2,305 ) (4,781 ) Net cash used in investing activities (2,305 ) (4,782 ) Financing activities Proceeds from exercise of stock options 5,946 551 Tax payment related to net share settlements on restricted stock units (59 ) — Payment of initial public offering costs — (1,579 ) Borrowings from warehouse credit facilities 9,265 — Repayments of warehouse credit facilities (9,924 ) — Other payables - customer escrow deposits related to title services 6,808 4,651 Net cash provided by financing activities 12,036 3,623 Net change in cash and cash equivalents, and restricted cash (10,761 ) (22,973 ) Cash, cash equivalents, and restricted cash: Beginning of period 212,658 67,845 End of period $ 201,897 $ 44,872 Supplemental disclosure of non-cash investing and financing activities Accretion of redeemable convertible preferred stock $ — $ (24,770 ) Stock-based compensation capitalized in property and equipment $ (124 ) $ (74 ) Initial public offering cost accruals $ — $ (190 ) Property and equipment additions in accounts payable and accrued expenses $ (55 ) $ (37 ) Leasehold improvements paid directly by lessor $ — $ (104 ) Cash-in-transit for exercised stock options $ (56 ) $ —
Redfin Corporation and Subsidiaries Supplemental Financial Information and Business Metrics (unaudited) Three Months Ended Mar.
31,
2018 Dec.
31,
2017 Sep.
30,
2017 Jun.
30,
2017 Mar.
31,
2017 Dec.
31,
2016 Sep.
30,
2016 Jun.
30,
2016 Mar.
31,
2016 Monthly average visitors (in thousands) 25,820 21,377 24,518 24,400 20,162 16,058 17,795 17,021 13,987 Real estate transactions: Brokerage 7,285 8,598 10,527 10,221 5,692 6,432 7,934 7,497 4,005 Partner 2,237 2,739 3,101 2,874 2,041 2,281 2,663 2,602 1,936 Total 9,522 11,337 13,628 13,095 7,733 8,713 10,597 10,099 5,941 Real estate revenue per real estate transaction: Brokerage $ 9,628 $ 9,659 $ 9,289 $ 9,301 $ 9,570 $ 9,428 $ 9,333 $ 9,524 $ 9,485 Partner 2,137 2,056 1,960 1,945 1,911 1,991 1,932 1,633 1,224 Aggregate $ 7,869 $ 7,822 $ 7,621 $ 7,687 $ 7,548 $ 7,481 $ 7,474 $ 7,491 $ 6,793 Aggregate home value of real estate transactions (in millions) $ 4,424 $ 5,350 $ 6,341 $ 6,119 $ 3,470 $ 4,018 $ 4,898 $ 4,684 $ 2,599 U.S. market share by value 0.73 % 0.71 % 0.71 % 0.64 % 0.58 % 0.56 % 0.57 % 0.53 % 0.48 % Revenue from top-10 Redfin markets as a percentage of real estate revenue 66 % 69 % 69 % 69 % 68 % 71 % 72 % 74 % 71 % Average number of lead agents 1,327 1,118 1,028 1,010 935 796 756 756 743
Redfin Corporation and Subsidiaries Supplemental Financial Information (in thousands, unaudited) Three Months Ended March 31, 2018 2017 Revenue by segment: Brokerage revenue $ 70,143 $ 54,471 Partner revenue 4,781 3,900 Total real estate revenue 74,924 58,371 Other revenue 4,969 1,496 Total revenue $ 79,893 $ 59,867 Cost of revenue by segment: Real estate cost of revenue $ 68,164 $ 51,156 Other cost of revenue 6,033 2,336 Total cost of revenue $ 74,197 $ 53,492 Gross profit by segment: Real estate gross profit $ 6,760 $ 7,216 Other gross profit (1,064 ) (840 ) Total gross profit $ 5,696 $ 6,376
Redfin Corporation and Subsidiaries Reconciliation of GAAP to non-GAAP Financial Measures (in thousands, except share and per share amounts, unaudited) Three Months Ended March 31, 2018* 2017 Net loss attributable to common stock, as reported $ (36,439 ) $ (52,836 ) Adjustments: Add-back: Accretion of redeemable convertible preferred stock — 24,770 Net loss attributable to common stock, adjusted $ (36,439 ) $ (28,066 ) Non-GAAP adjusted net loss per share - basic and diluted $ (0.44 ) $ (0.40 ) Weighted-average shares used to compute non-GAAP adjusted net loss per share — basic and diluted 82,010,913 70,189,480 Reconciliation of weighted-average shares used to compute net loss per share attributable to common stockholders, from GAAP to non-GAAP —basic and diluted: Weighted-average shares used to compute GAAP net loss per share attributable to common stockholders — basic and diluted 82,010,913 14,767,478 Conversion of redeemable convertible preferred stock as of beginning of period presented — 55,422,002 Weighted-average shares used to compute non-GAAP adjusted net loss per share — basic and diluted 82,010,913 70,189,480 * All amounts for 2018 are presented on a GAAP basis and included for comparative purposes.
Source:Redfin Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-redfin-first-quarter-2018-revenue-up-33-percent-year-over-year-to-79-point-9-million.html |
Heartbreaking tributes open Grenfell Tower inquiry 2:07am EDT - 01:40
Bereaved relatives of victims of the Grenfell Tower fire gave heartbreaking tributes during the public inquiry into the disaster that opened on Monday. The fire killed 71 people in London last year. ▲ Hide Transcript ▶ View Transcript
Bereaved relatives of victims of the Grenfell Tower fire gave heartbreaking tributes during the public inquiry into the disaster that opened on Monday. The fire killed 71 people in London last year. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2GE7txW | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/22/heartbreaking-tributes-open-grenfell-tow?videoId=429119624 |
SOUTH SAN FRANCISCO, Calif., May 01, 2018 (GLOBE NEWSWIRE) -- Core-Mark Holding Company, Inc. (NASDAQ:CORE), announced today that it will release its earnings before the market opens on Tuesday May 8, 2018 for the first quarter ended March 31, 2018 and will host an investor call later that morning at 9:00 a.m. Pacific time. This call may be accessed by dialing 800-588-4973 using the code 46838566. The call may also be listened to on the Company’s website www.core-mark.com .
An audio replay will be available for approximately one month following the call by dialing 888-843-7419 using the same code provided above. The replay will also be available via webcast at www.core-mark.com for approximately 90 days following the call.
Core-Mark
Core-Mark is one of the largest marketers of fresh and broad-line supply solutions to the convenience retail industry in North America. Founded in 1888, Core-Mark offers a full range of products, marketing programs and technology solutions to approximately 45,000 customer locations in the U.S. and Canada through 32 distribution centers (excluding two distribution facilities the Company operates as a third party logistics provider). Core-Mark services traditional convenience retailers, grocers, drug, liquor and specialty stores, and other stores that carry convenience products. For more information, please visit www.core-mark.com .
Contact: Ms. Milton Gray Draper, Director of Investor Relations at 650-589-9445 x 3027 or at [email protected]
Source:Core-Mark Holding Company, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-core-mark-announces-first-quarter-2018-investor-call.html |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.