text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
Regarding your editorial “The Wolf Who Came as a Wolf” (April 30): I worked as a photographer for Sybil Graves, who organized support and entertainment for the White House Correspondents’ Association before 1992. She vetted the comedians’ routine to avoid a fiasco that would embarrass the attendees and the young students receiving scholarship awards from the president. In today’s climate such preparation is all the more important.
J. Murray Tarter
... | ashraq/financial-news-articles | https://www.wsj.com/articles/maybe-its-time-to-reassess-the-mudslinging-1525808708 |
(Reuters) - Oil refiner Bharat Petroleum Corp Ltd reported a 45 percent jump in fourth-quarter net profit on Tuesday, easily beating analysts’ estimates.
File Photo: A Bharat Petroleum oil pump station in New Delhi, February 3, 2016. REUTERS/Adnan Abidi Profit came in at 26.74 billion rupees ($394.60 million) in the three months ended March 31, compared with 18.42 earlier, the state-run company said.
Analysts polled by Thomson Reuters had expected a net profit of 20.86 billion rupees on average.
Average gross refining margin (GRM) was $6.51 per barrel in the fourth quarter, compared with $6.01 per barrel a year earlier, while revenue from operations rose 15 percent to 760.67 billion rupees.
($1 = 67.7650 by Jessica Kuruthukulangara and Aby Jose Koilparambil in Bengaluru
| ashraq/financial-news-articles | https://in.reuters.com/article/bpcl-results/bpcl-profit-rises-45-percent-in-fourth-quarter-tops-estimates-idINKCN1IU1UK |
May 18, 2018 / 11:54 PM / Updated 29 minutes ago Michael Cohen seeks to keep Stormy Daniels' lawyer out of N.Y. case Brendan Pierson 3 Min Read
NEW YORK (Reuters) - Michael Cohen, a longtime personal lawyer of U.S. President Donald Trump, on Friday asked a judge to bar adult film star Stormy Daniels’ lawyer from intervening in Cohen’s legal attempt to limit prosecutors’ review of documents seized from his home and office. Stormy Daniels' attorney Michael Avenatti leaves federal court in the Manhattan borough of New York, U.S., April 26, 2018. REUTERS/Lucas Jackson
Michael Avenatti had asked U.S. District Judge Kimba Wood in Manhattan for permission to appear in the case in order to represent the interests of his client, whose real name is Stephanie Clifford. Daniels has said she was paid $130,000 by Cohen to keep a sexual encounter with Trump secret.
In a court filing on Friday, however, Cohen’s lawyers said Avenatti should not be allowed to appear in the case because he had made numerous “inaccurate statements” in public about Cohen, violating court rules.
The filing also said Avenatti had publicized information about Cohen’s financial transactions that was “accurate” but had “no lawful source.” The New Yorker reported on Wednesday that a law enforcement official had leaked financial records relating to Cohen.
“Mr Avenatti appears to be primarily focussed on smearing Mr Cohen publicly in his efforts to further his own interest in garnering as much media attention as possible,” Cohen’s lawyers said in the filing. They said Avenatti had appeared on national television and talked about Cohen 147 times in the past 10 weeks, sometimes making inaccurate statements.
Avenatti in an email called Cohen’s filing “baseless,” but said he was “pleased they admit the factual accuracy of what we previously disclosed.”
Avenatti has publicly discussed transactions between Cohen and companies including drugmaker Novartis AG and Columbus Nova LLC, a New York-based investment firm linked to Russian businessman Viktor Vekselberg.
The case before Wood concerns authorities’ search of documents from Cohen’s home and office as part of a criminal investigation. Wood has appointed a special master to review the documents to identify those that may be protected by attorney-client privilege.
The investigation into Cohen stems in part from a referral from Special Counsel Robert Mueller, who is investigating whether Trump’s 2016 presidential campaign colluded with Russia. Trump has denied any collusion. Reporting By Brendan Pierson, Editing by Rosalba O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-cohen/michael-cohen-seeks-to-keep-stormy-daniels-lawyer-out-of-n-y-case-idUKKCN1IJ2XL |
May 14 (Reuters) - Surmodics Inc:
* SURMODICS ACQUIRES THROMBECTOMY TECHNOLOGY ASSETS FROM EMBOLITECH, STRENGTHENING PERIPHERAL VASCULAR WHOLE-PRODUCT SOLUTIONS PORTFOLIO
* SURMODICS INC - UNDER AGREEMENT, SURMODICS WILL PAY $5 MILLION UP FRONT, AND ADDITIONAL AMOUNTS RELATED TO VARIOUS REGULATORY MILESTONES
* SURMODICS INC - ANTICIPATES RECORDING A $0.49 PER SHARE CHARGE TO EARNINGS IN Q3 OF FISCAL 2018
* SURMODICS - ANTICIPATES RECORDING CHARGE IN Q3 RELATED TO IN-PROCESS RESEARCH AND DEVELOPMENT EXPENSE AND DEAL COSTS ASSOCIATED WITH DEAL 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-surmodics-acquires-thrombectomy-te/brief-surmodics-acquires-thrombectomy-technology-assets-idUSASC0A1YE |
OTTAWA, May 15 (Reuters) - Canadian Finance Minister Bill Morneau will brief reporters on Wednesday about talks with Kinder Morgan Canada on possible aid for an oil pipeline project but will not be announcing a final decision, a spokesman said on Tuesday.
Ottawa says it is prepared to offer financial support to ensure the company proceeds with a planned expansion of its Trans Mountain line from the Alberta oil sands to British Columbia. Kinder Morgan halted work last month, citing resistance from the British Columbia government.
Morneau is due to speak at 9 a.m. EDT (1300 GMT). (Reporting by David Ljunggren; Editing by Christian Schmollinger)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/kinder-morgan-cn-pipeline/canadian-govt-to-brief-media-on-oil-pipeline-aid-no-decision-yet-idUSL2N1SN02Y |
STOCKHOLM, May 24, 2018 /PRNewswire/ -- STRAX, the mobile accessory specialist, delivered solid top-line growth and strong improvement in gross margin in Q1, where proprietary and licensed brands lead the way
The Group's sales for the period January 1 – March 31, 2018, amounted to MEUR 22 (20), gross margin increased to 30.4 (27.0) percent. The Group's result for the period January 1 – March 31, 2018, amounted to MEUR 0 (0) corresponding to EUR 0.00 (0.00) per share. Equity as at March 31, 2018 amounted to MEUR 21.0 (18.2) corresponding to EUR 0.17 (0.15) per share. EBITDA for the period January 1 – March 31, 2018, amounted to MEUR 1.0 (0.6) an increase of 67% to be compared with a sales growth of 9% for the same period. The scalable growth model shows greater increase in profitability in relation to growth of revenues. STRAX was awarded accessory contract with Vodafone UK to become its sole provider of mobile accessories across all of its 450 retail stores, enterprise business units and online channels via a full category vendor managed availability solution. STRAX implemented a supply chain financing solution from CrossFlow, a London-based fintech company, within its supplier base.
"The House of Brands positioning coupled with our distribution capabilities in Western Europe has proved very successful with our customers."
Gudmundur Palmason, CEO
This information is information that Strax AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 08:55 CET on May 24, 2018.
For further information please contact
Gudmundur Palmason
CEO
Strax AB
+46-8-545-01750
This information was brought to you by Cision http://news.cision.com
http://news.cision.com/strax/r/strax--interim-report-no-1-for-the-financial-year-2018,c2529859
The following files are available for download:
http://mb.cision.com/Main/661/2529859/847298.pdf
STRAX Interim Report No 1 for the financial year 2018
http://mb.cision.com/Public/661/2529859/b8d9c8fb18e67021.pdf
Q1 ENG
View original content: http://www.prnewswire.com/news-releases/strax-interim-report-no-1-for-the-financial-year-2018-300654185.html
SOURCE Strax | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-strax-interim-report-no-1-for-the-financial-year-2018.html |
May 8, 2018 / 7:21 AM / in an hour Victims of Japan's forced sterilisations demand justice after decades of silence Elaine Lies 7 Min Read
TOKYO (Reuters) - One day when Saburo Kita was 14, he was taken from an institution for troubled children to see a doctor. Despite protesting that his health was fine, he was ordered to strip, lie down on a table, and was given a local anaesthetic. A 75-year-old man, who goes by the name Saburo Kita in Japanese media to avoid questions from his late wife's family, speaks during an interview with Reuters at his flat in Tokyo, Japan, April 22, 2018. REUTERS/Toru Hanai
Then the surgery began.
He was left with a thick, v-shaped scar on his lower body and questions about what had happened. Months later, talking with a friend, he learned that he had been sterilised. So had two others from the same institution in Miyagi, northern Japan.
“There was no explanation, ever,” said Kita, now 75, who uses the pseudonym in media to avoid questions from his late wife’s family. “I was left with a body that couldn’t create children.”
But he did not realize until January that his surgery was part of a government programme to prevent the birth of so-called “inferior descendants” that saw tens of thousands sterilised, often without their consent, under a law not revoked until 1996.
Most were physically or cognitively disabled. But others suffered from leprosy - curable, and now known as Hansen’s disease - mental illness or simply had behavioural problems. Kita had been sent to an institution for fighting at school.
Now the victims, many of whom were in their teens or younger when they were sterilised, are fighting back, demanding justice from a government they say violated their human rights. A mentally disabled woman in her 60s has sued for an apology and 11 million yen ($100,328) in compensation, and other suits may follow soon.
All could embarrass the government, which insists the surgeries were done legally, and Japan, where attitudes about the disabled still lag other advanced nations even as it prepares to host the Paralympic Games in 2020.
“Right after the war, rebuilding the country and its people was paramount, so in the name of building better citizens for the nation, the law came into effect,” said Keiko Toshimitsu, a bioethics researcher and head of an activist group supporting those who were forcibly sterilised. “It was to build a better Japan - along, of course, with prejudice against the disabled.
“Then in the 1960s and 1970s there was rapid economic growth so they needed people born who could keep the growth going.”
An official at the Health Ministry, who declined to be named due to the sensitivity of the issue, would not discuss the law or the lawsuits in detail.
“It was an operation that was carried out according to a law that was in force at the time, so we are contesting it with the stance that it is not a matter for compensation,” he said. A 75-year-old man, who goes by the name Saburo Kita in Japanese media to avoid questions from his late wife's family, speaks during an interview with Reuters at his flat in Tokyo, Japan, April 22, 2018. REUTERS/Toru Hanai EMBRACING DISCRIMINATION
Though the most notorious eugenics laws were imposed by Nazi Germany, Japan is not the only nation with similar programmes in peacetime. Sweden sterilised 63,000 people under a 1935-1975 programme, almost all women, in the name of racial purity.
Thirty-two U.S. states embraced eugenics at some point, with the number of sterilisations climbing after a 1927 Supreme Court decision upholding a Virginia law. In the majority opinion, Chief Justice Oliver Wendell Holmes compared the state’s duty to sterilise a woman to the need to protect the public against smallpox with compulsory vaccinations.
But laws overseas, by and large, were revoked in the 1970s; Sweden apologised and paid compensation after media reports brought the problem to light in 1997. The U.S. states of North Carolina and Virginia have also offered compensation.
Japan’s “Eugenics Protection Law” came into effect in 1948 as it struggled with food shortages and rebuilding a ravaged nation.
Sterilisations peaked in the 1960s and 1970s. The last surgery under the law was carried out in 1993, and the measure was revoked three years later.
Of the estimated 25,000 people sterilised during this time, at least 16,500 did not give consent - unneeded if a eugenics board signed off on it after an often cursory review. Few records remain.
“It seems there were zealous doctors who took the law up systematically, promoting it as a truly noble way to save the nation,” said Koji Niisato, a lawyer overseeing the lawsuits.
Methods varied. Hysterectomies were recommended for disabled women in institutions on the pretext they couldn’t handle their menstruation. One woman born with cerebral palsy was subjected to high doses of radiation to her reproductive organs.
The reasons varied as well, in some cases going beyond the scope of the original law. Slideshow (2 Images)
A woman now in her 70s known as Junko Iizuka in the Japanese media, who had limited schooling because of poverty, was given an intelligence test as a teenager and did badly. She was then diagnosed as “feeble-minded” and sterilised.
“When you look at lots of victims’ statements, none of these are disabilities that were inheritable,” said lawmaker Mizuho Fukushima, secretary-general of a multi-party lawmakers group working on the issue. “It was definitely due to prejudice, or poverty ... an accumulation of discrimination and black marks.” LEGAL FRAMEWORK
Fukushima hopes by next year to present a law proposing compensation for the victims, and lawyer Niisato expects more will come forward, emboldened by publicity around the court cases.
“The idea they were sterilised because they were disabled isn’t something anybody wants to bring up,” he said. “They were afraid that if they did, people would say ‘well, you’re disabled, it can’t be helped.’”
Though overt discrimination has fallen, attitudes toward the disabled lag those overseas, sometimes in harmful ways. In 2016, 19 people at a facility for the disabled were killed in their sleep by a man who had advocated euthanasia for the physically and mentally impaired.
With the Paralympics rapidly approaching, the government has doubled down on public education, advocating kindness and urging people to offer help to disabled people they may see.
But some consider that view just as alienating because it doesn’t recognise the right of disabled people to live life just like everyone else, said Ryoji Hoshika, an associate professor at Tokyo University.
“The image people have of the disabled is as if they’re not human - those who try really hard and have super-achievements, and those who can’t do anything at all,” added Hoshika, who himself is visually impaired, warning that the Paralympics could just reinforce this view by showcasing only the elite athletes.
“There still isn’t any really clear consensus within society on dealing with the disabled - and given this, hosting the Paralympics in a shallow way risks side-effects,” he said.
For Kita, who often looks at fellow train passengers and thinks his children might have been that age, anger remains strong.
“I just can’t stand the way the nation’s handled things. They sterilised me, then now they say ‘oh, we don’t know anything,’” he said, speaking to Reuters in his narrow, dark, Tokyo apartment.
“An apology is not enough. What I want to say is: give me back my life.”
($1 = 109.6400 yen) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-japan-sterilisations/victims-of-japans-forced-sterilisations-demand-justice-after-decades-of-silence-idUKKBN1I90NF |
rising Treasury yields and good economic news in the U.S., Thursday’s soft deadline for Nafta talks, Japan’s economic slowdown, and empty seats at Taylor Swift concerts. RISING YIELDS, HIGHER RATES The yield on the 10-year Business Investment Soars | Trump Nears a Deal With China | Job Switchers Get the Biggest Raises | ashraq/financial-news-articles | https://blogs.wsj.com/economics/2018/05/16/real-time-economics-treasury-yields-hit-fresh-highs-nafta-deadline-looms-the-economics-of-taylor-swift-and-ticket-scalpers/ |
- Tate A. Bowman Joins as Managing Director, Senior Client Manager -
- Tayo Okusanya Joins as Managing Director, Senior Client Manager -
IRVINE, Calif.--(BUSINESS WIRE)-- Opus Bank (“Opus”) (NASDAQ: OPB) announced today the further expansion of its Commercial Banking team in the Los Angeles metropolitan region with the hires of two senior bankers. Tate A. Bowman, a 33-year banking veteran, and Tayo Okusanya, a 13-year banking veteran, each joined Opus as Managing Director, Senior Client Manager and is responsible for further expanding Opus’ commercial and corporate client base in the Los Angeles region.
Jim Haney, Executive Vice President, Head of Commercial Banking, stated, “We are thrilled that Tate and Tayo have joined Opus Bank’s Commercial Banking team in the Los Angeles metropolitan region, the second most populous metropolitan region in the country. Both are highly regarded banking veterans, each with tremendous depth of experience in their markets providing commercial banking products, services, and solutions to entrepreneurs, business owners, and corporations.” Mr. Haney added, “I look forward to having the additional banker coverage in the vibrant and substantial Los Angeles market and anticipate that Tate and Tayo will add to the productivity and success of our Commercial Banking division as we look to grow the division’s client base and total footings.”
Stephen H. Gordon, Chief Executive Officer and President of Opus Bank, commented, “We are pleased with the successes we are experiencing in our efforts to further build-out and strengthen our Commercial Banking team in the greater Los Angeles metropolitan market. We look forward to achieving similar success in the coming months as we continue to expand our commercial banking presence in the other major West Coast metropolitan markets served by Opus.”
Mr. Bowman joins Opus most recently from Bank of the West, a wholly-owned subsidiary of BNP Paribas, where from 2017 he served as Vice President, Senior Relationship Manager. While at Bank of the West, Mr. Bowman was responsible for managing and growing a portfolio of small business and lower middle market commercial clients comprised of manufacturing and import/export companies and professional services firms in the Downtown Los Angeles and San Fernando Valley markets. From 2015 to 2016, Mr. Bowman served as Vice President, Relationship Manager at Pacific Commerce Bank, where he focused on developing depository and treasury management client relationships, as well as commercial real estate, C&I, and SBA lending opportunities. From 2013 to 2015, Mr. Bowman served as Vice President, Relationship Manager with JPMorgan Chase. From 2007 to 2013, Mr. Bowman served with Citibank, rising to the position of Senior Vice President, Business Development Officer. Mr. Bowman began his banking career at Wells Fargo Bank in 1985 within Wells Fargo’s retail banking division.
Mr. Okusanya joins Opus most recently from Bank of America, where he served since 2011 as Vice President, Senior Relationship Manager, and developed and managed a portfolio of middle market commercial banking clients, providing strategic advice as well as commercial banking, lending, and treasury products to clients in the Los Angeles region. From 2008 to 2011, Mr. Okusanya served as Vice President, Relationship Manager at MUFG Union Bank, where he grew and managed a portfolio of business banking clients in the downtown Los Angeles market. Mr. Okusanya began his banking career in 2004 as a Business Banker with Citibank. Prior to starting his banking career, Mr. Okusanya practiced commercial law with a focus on mergers and acquisitions with the law firm of Ajumogobia & Okeke, in Lagos, Nigeria. Mr. Okusanya holds a Bachelor of Law from the University of Ibadan, in Nigeria, and a Master of Laws degree from the University of Southern California. Mr Okusanya serves as Board Member and Treasurer of the Council for Watershed Health, Los Angeles, a non-profit dedicated to advancing the health and sustainability of our region's watersheds, rivers, streams, and habitat, both in natural areas and urban neighborhoods.
Connect with Opus Bank
OpusBank.com │ LinkedIn │ Twitter │ YouTube │ Facebook
About Opus Bank
Opus Bank is an FDIC insured California-chartered commercial bank with $7.3 billion of total assets, $5.2 billion of total loans, and $6.0 billion in total deposits as of March 31, 2018. Opus Bank provides superior ideas and solutions, and banking products to its clients through its Retail Bank, Commercial Bank, and Merchant Bank. Opus Bank offers a suite of treasury and cash management and depository solutions and a wide range of loan products, including commercial, healthcare, media and entertainment, corporate finance, multifamily residential, commercial real estate and structured finance, and is an SBA preferred lender. Opus Bank offers commercial escrow services and facilitates 1031 Exchange transactions through its Escrow and Exchange divisions. Opus Bank provides clients with financial and advisory services related to raising equity capital, targeted acquisition and divestiture strategies, general mergers and acquisitions, debt and equity financing, balance sheet restructuring, valuation, strategy and performance improvement through its Merchant Banking division and its broker-dealer subsidiary, Opus Financial Partners, LLC, Member FINRA/SIPC. Opus Bank’s alternative asset IRA custodian subsidiary has over $16 billion of custodial assets and over 50,000 client accounts, which are comprised of self-directed investors, financial institutions, capital raisers and financial advisors. Opus Bank operates 50 banking offices, including 31 in California, 16 in the Seattle/Puget Sound region in Washington, two in the Phoenix metropolitan area of Arizona and one in Portland, Oregon. Opus Bank is an Equal Housing Lender. For additional information about Opus Bank, please visit our website: www.opusbank.com .
Forward-Looking Statements
This release may include forward-looking statements related to Opus’ plans, beliefs and goals, which involve certain risks, and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. The forward-looking information presented in this press release is not a guarantee of future events, and actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “intend” or “expect” or variations thereon or similar terminology. All such statements speak only as of the date made, and Opus undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508005606/en/
Opus Bank
Mr. Jeff L. Leonard, 949-251-8146
SVP, Dir. of Corporate Strategy/Communications
Source: Opus Bank | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-opus-bank-expands-its-los-angeles-commercial-banking-team.html |
LONDON (Reuters) - A global audience will be watching when Prince Harry weds his U.S. fiancee Meghan Markle on Saturday, but most Britons don’t care much, a YouGov poll said on Monday.
The poll, commissioned by anti-monarchist pressure group Republic, found that 66 percent of Britons are not interested in the event, with 60 percent of Britons planning to have a normal weekend.
Harry and Markle are set to marry at St George’s Chapel in Windsor Castle with more than 5,000 media staff and around 100,000 well-wishers expected to descend on the market town.
The poll by polling firm YouGov showed that 57 percent of respondents believed the royal family should pay not only for the wedding but also for the costs of police.
An opinion poll published last week showed that most Britons are in favor of the monarchy continuing in Britain.
And another poll by polling firm ComRes found 58 percent of respondents thought the royal wedding and the recent birth of Prince Louis to Prince William and his wife Kate were events of which Britain could be proud, although support was more pronounced among older people.
The YouGov survey suggested that the popularity of the royal family is contingent on the personalities of its members. While 60 percent of respondents say they like Queen Elizabeth, her son Charles is far less popular.
Nearly half of respondents would prefer “someone else” to succeed the Queen, while only 37 percent want Charles, who is the father of Harry and his older brother William.
“This YouGov poll shows a very clear picture of a nation disinterested and apathetic about the royal family,” Graham Smith, chief executive of Republic, said.
“We’re not a nation of republicans yet - but we’ve stopped being a nation of royalists.”
Britain's Prince Harry and his fiancee Meghan Markle arrive at a service at St Martin-in-The Fields to mark 25 years since Stephen Lawrence was killed in a racially motivated attack, in London, Britain, April 23, 2018. REUTERS/Peter Nicholls Reporting by Alistair Smout; Editing by William Schomberg and Michael Holden
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-royals-wedding-poll/two-thirds-of-brits-not-interested-in-royal-wedding-poll-idUSKCN1IF32K |
May 1, 2018 / 6:31 AM / Updated 18 minutes ago National Grid to sell 25 pct of Cadent Gas owner Quadgas Reuters Staff 2 Min Read
May 1 (Reuters) - National Grid plc said on Tuesday it would sell its remaining 25 percent stake in Quadgas HoldCo Limited, which owns Cadent Gas for cash proceeds of about 1.2 billion pounds ($1.65 billion).
International Public Partnerships Ltd said in a separate statement it agreed to buy an additional interest in the Cadent gas distribution network.
Cadent, formerly National Grid Gas Distribution, owns the gas distribution networks in north London, central England, the east of England and northwest England. It was renamed after National Grid sold a majority stake to a consortium.
International Public Partnerships would hold a 7.25 percent ownership interest in Cadent if the deal closes giving it the permanent right to appoint a board director, it said.
International Public Partnerships said the investment is expected to be between 35 million pounds to 40 million pounds and will be exercisable in 2019.
The potential sale is at the option of National Grid or Quadgas to complete any time between March 1, 2019 and Oct 31 October, 2019. $1 = 0.7272 pounds Reporting by Arathy S Nair in Bengaluru; editing by Jason Neely | ashraq/financial-news-articles | https://www.reuters.com/article/national-grid-divestiture-cadent/national-grid-to-sell-25-pct-of-cadent-gas-owner-quadgas-idUSL3N1S81E8 |
BEIJING, May 9, 2018 /PRNewswire/ -- Weibo Corporation ("Weibo" or the "Company") (NASDAQ: WB), a leading social media in China, today announced its unaudited financial results for the first quarter ended March 31, 2018.
"We continue to see great momentum in our business with advertising and marketing revenue growing 79% year over year in the first quarter. With ad budget shifting toward mobile, social and video, we are seeing our revenues benefiting from this secular trend." said Gaofei Wang, Weibo's CEO. "Our focus to grow users scale, deepen the collaboration with top IP content providers, media, celebrities and KOLs on content, strengthen platform effect and social impact will further help attracting more advertisers to increase their ad spending on Weibo."
Adoption of New Revenue Guidance
On January 1, 2018, the Company adopted new revenue guidance ASC Topic 606, "Revenue from Contracts with Customers", using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606 ('New Basis'), while prior period amounts are not adjusted and continue to be reported in accordance with the Company's historic accounting method under Topic 605 ('Old Basis'). The New Basis requires the presentation of value added tax ('VAT') recognized in revenues from "gross" to "net", which results in equal decrease in revenues and cost of revenues, and recognition of revenues and expenses at fair value for advertising barter transactions ('Barter Transaction').
The Company recorded a net reduction to opening retained earnings of $0.6 million resulting from Barter Transactions as of January 1, 2018 due to the cumulative impact of adopting ASC 606.
Adoption of the standards related to revenue recognition impacted the current period reported results as follows:
Three months ended
March 31, 2018
Adjustments
Old Basis
ASC 605 1
VAT
Barter
Transaction
New Basis
ASC606 2
($ In thousands, except for percentage)
Net revenues
360,047
(19,894)
9,730
349,883
Cost of revenues
82,796
(19,894)
-
62,902
Operating expenses
-Sales and
marketing expenses
93,161
-
12,702
105,863
Income from
operations
112,351
-
(2,972)
109,379
Operating margin
31.2%
31.3%
Note 1. This financial information for the three months ended March 31, 2018 is presented under ASC
Topic 605.
Note 2. This financial information for the three months ended March 31, 2018 is presented under ASC
Topic 606.
First Quarter 2018 Highlights
Net revenues totaled $349.9 million, an increase of 76% year-over-year, exceeding the Company's guidance between $335 million and $345 million. Advertising and marketing revenues were $302.9 million, an increase of 79% year-over-year. Value-added service ("VAS") revenues were $46.9 million, an increase of 57% year-over-year. Net income attributable to Weibo was $99.1 million, an increase of 111% year-over-year, and diluted net income per share was $0.44, compared to $0.21 for the same period last year. Non-GAAP net income attributable to Weibo was $112.6 million, an increase of 95% year-over-year, and non-GAAP diluted net income per share was $0.50, compared to $0.26 for the same period last year. Adjusted EBITDA was $124.6 million, an increase of 77% year-over-year, or 36% of net revenues, compared to 35% for the same period last year. Monthly active users ("MAUs") had a net addition of approximately 70 million users year over year and reached 411 million in March 2018. Mobile MAUs represented 93% of MAUs. Average daily active users ("DAUs") had a net addition of approximately 30 million users year over year and reached 184 million in March 2018.
First Quarter 2018 Financial Results
For the first quarter of 2018, Weibo reported net revenues of $349.9 million, compared to $199.2 million for the same period last year. Advertising and marketing revenues totaled $302.9 million, compared to $169.3 million for the same period last year, and advertising and marketing revenues from small & medium-sized enterprises ("SMEs") and key accounts were $276.6 million, compared to $161.5 million for the same period last year, or an increase of 71% year-over-year. VAS revenues totaled $46.9 million, compared to $29.9 million for the same period last year.
Costs and expenses for the first quarter of 2018 totaled $240.5 million, compared to $143.4 million for the same period last year. Other than the inclusion of marketing expense related to advertising barter transactions under ASC Topic 606 as illustrated above, the increase in costs and expenses was primarily attributable to more marketing expenses incurred for channels, marketing campaigns and development expenditures incurred in relations to the personnel-related cost. Non-GAAP costs and expenses were $229.3 million, compared to $132.5 million for the same period last year.
Income from operations for the first quarter of 2018 was $109.4 million, compared to $55.9 million for the same period last year. Non-GAAP income from operations was $120.6 million, compared to $66.7 million for the same period last year.
Non-operating income for the first quarter of 2018 was $7.6 million, compared to a non-operating income of $2.1 million for the same period last year. Income tax expenses were $18.3 million, compared to $11.3 million for the same period last year. The increase was primarily attributable to higher profitability with a relatively stable tax rates in the Company's PRC operation.
Net income attributable to Weibo for the first quarter of 2018 was $99.1 million, or diluted net income per share of $0.44, compared to $46.9 million for the same period last year, or diluted net income per share of $0.21. Non-GAAP net income attributable to Weibo for the first quarter of 2018 was $112.6 million, or diluted net income per share of $0.50, compared to $57.8 million for the same period last year, or diluted net income per share of $0.26.
As of March 31, 2018, Weibo's cash, cash equivalents and short-term investments totaled $1.92 billion. For the first quarter of 2018, cash provided by operating activities was $84.8 million, capital expenditures totaled $4.3 million, and depreciation and amortization expenses amounted to $4.7 million.
Business Outlook
For the second quarter of 2018, Weibo estimates its net revenues to be between $420 million and $430 million, which assumes an average exchange rate of RMB 6.35 to US$1.00. This forecast reflects Weibo's current and preliminary view, which is subject to change.
Conference Call
Weibo's management team will host a conference call from 7 AM - 8 AM Eastern Time on May 9, 2018 (or 7 PM - 8 PM Beijing Time on May 9, 2018) to present an overview of the Company's financial performance and business operations. A live webcast of the call will be available through the Company's corporate website at http://ir.weibo.com . The conference call can be accessed as follows:
US Toll Free:
+1 866-519-4004
Hong Kong Toll Free:
800-906-601
China Toll Free:
400-620-8038
International:
+65 6713-5090
Passcode for all regions:
6599995
A replay of the conference call will be available from 10:00 AM Eastern Time on May 9, 2018 - 9:59 AM Eastern time on May 17, 2018. The dial-in number is +61 2-8199-0299. The passcode for the replay is 6599995.
Non-GAAP Financial Measures
This release contains the following non-GAAP financial measures: non-GAAP costs and expenses, non-GAAP income from operations, non-GAAP net income attributable to Weibo, non-GAAP diluted net income per share attributable to Weibo and adjusted EBITDA. These non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of the Company's financial performance prepared in accordance with U.S. GAAP.
The Company's non-GAAP financial measures exclude stock-based compensation, amortization of intangible assets, net results of impairment on, gain on sale of and fair value change of investments, non-GAAP to GAAP reconciling items for the loss attributable to non-controlling interests, provision for income tax related to the amortization of intangible assets (other non-GAAP to GAAP reconciling items have no tax effect), and amortization of convertible debt issuance cost. Adjusted EBITDA excludes interest income, net, income tax expenses, and depreciation expenses. The Company's management uses these non-GAAP financial measures in their financial and operating decision-making, because management believes these measures reflect the Company's ongoing operating performance in a manner that allows more meaningful period-to-period comparisons. The Company believes that these non-GAAP financial measures provide useful information to investors and others in the following ways: (i) in comparing the Company's current financial results with the Company's past financial results in a consistent manner, and (ii) in understanding and evaluating the Company's current operating performance and future prospects in the same manner as management does, if they so choose. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gains (losses) and other items (i) that are not expected to result in future cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company's core operating results and business outlook.
Use of non-GAAP financial measures has limitations. The Company's non-GAAP financial measures do not include all income and expense items that affect the Company's operations. They may not be comparable to non-GAAP financial measures used by other companies. Accordingly, care should be exercised in understanding how the Company defines its non-GAAP financial measures. Reconciliations of the Company's non-GAAP financial measures to the nearest comparable GAAP measures are set forth in the section below titled "Unaudited Reconciliation of Non-GAAP to GAAP Results."
A bout Weibo
Weibo is a leading social media for people to create, share and discover content online. It combines the means of public self-expression in real time with a powerful platform for social interaction, content aggregation and content distribution. Any user can create and post a feed and attach multi-media and long-form content. User relationships on Weibo may be asymmetric; any user can follow any other user and add comments to a feed while reposting. This simple, asymmetric and distributed nature of Weibo allows an original feed to become a live viral conversation stream.
Weibo enables its advertising and marketing customers to promote their brands, products and services to users. Weibo offers a wide range of advertising and marketing solutions to companies of all sizes. The Company generates a substantial majority of its revenues from the sale of advertising and marketing services, including the sale of social display advertisement and promoted marketing offerings. Weibo has developed and is continuously refining its social interest graph recommendation engine, which enables its customers to perform people marketing and target audiences based on user demographics, social relationships, interests and behaviors, to achieve greater relevance, engagement and marketing effectiveness.
Safe Harbor Statement
This press release contains forward-looking statements that relate to, among other things, Weibo's expected financial performance and strategic and operational plans (as described, without limitation, in the "Business Outlook" section and in quotations from management in this press release. Weibo may also make forward-looking statements in the Company's periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology, such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "confidence," "estimates" and similar statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, Weibo's limited operating history in certain new businesses; failure to grow active user base and the level of user engagement; the uncertain regulatory landscape in China; fluctuations in the Company's quarterly operating results; the Company's reliance on advertising and marketing sales for a majority of its revenues; failure to successfully develop, introduce, drive adoption of or monetize new features and products; failure to compete effectively for advertising and marketing spending; failure to successfully integrate acquired businesses; risks associated with the Company's investments, including equity pick-up and impairment; failure to compete successfully against new entrants and established industry competitors; changes in the macro-economic environment, including the depreciation of the Renminbi; and adverse changes in economic and political policies of the PRC government and its impact on the Chinese economy. Further information regarding these and other risks is included in Weibo's annual report on Form 20-Fs and other filings with the SEC. All information provided in this press release is current as of the date hereof, and Weibo assumes no obligation to update such information, except as required under applicable law.
Contact:
Investor Relations
Weibo Corporation
Phone: +86 10 5898-3017
Email: [email protected]
WEIBO CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three months ended
March 31,
December 31,
2018
2017
2017
Net revenues (1) :
Advertising and marketing
$ 302,949
$ 169,297
$ 332,305
Value-added service
46,934
29,904
45,140
Net revenues
349,883
199,201
377,445
Costs and expenses :
Cost of revenues (1)(2)
62,902
46,450
72,005
Sales and marketing (1)(2)
105,863
47,163
92,665
Product development (2)
60,523
39,191
57,904
General and administrative (2)
11,216
10,546
9,592
Total costs and expenses
240,504
143,350
232,166
Income from operations
109,379
55,851
145,279
Non-operating income:
Impairment on, gain on sale of and
fair value change of investments, net (3)
(1,499)
(122)
(2,683)
Interest and other income , net
9,128
2,222
4,363
7,629
2,100
1,680
Income before income tax expenses
117,008
57,951
146,959
Income tax expenses
(18,297)
(11,316)
(17,045)
Net income
98,711
46,635
129,914
Less: Net loss attributable to
noncontrolling interests
(374)
(296)
(1,068)
Net income attributable to Weibo
$ 99,085
$ 46,931
$ 130,982
Basic net income per share attributable to Weibo
$ 0.44
$ 0.21
$ 0.59
Diluted net income per share attributable to Weibo
$ 0.44
$ 0.21
$ 0.58
Shares used in computing basic
net income per share attributable to Weibo
222,902
218,296
222,189
Shares used in computing diluted
net income per share attributable to Weibo
225,971
224,632
230,465
(1) On January 1, 2018, the Company adopted ASC 606 "Revenue from Contracts with Customers" using the modified
retrospective method, which means amounts for 2018 are reported on the new basis while prior periods amount will be
reported on a historical basis. Under the new accounting standard, the main impact to the Company is that it now
reports the revenue net of value added tax and recognizes revenues and expenses at fair value for the advertising
barter transaction.
(2) Stock-based compensation in each category:
Cost of revenues
$ 1,011
$ 695
$ 1,067
Sales and marketing
1,968
1,604
2,216
Product development
5,051
4,994
5,248
General and administrative
2,984
3,400
3,504
(3) The Company adopted ASU 2016-01 "Classification and Measurement of Financial Instruments" beginning the
first quarter of fiscal year 2018. After the adoption of this new accounting update, the Company will measure long-term
investments other than equity method investments at fair value through earnings. For those investments without
readily determinable fair values, the Company will elect to record these investments at cost, less impairment, and plus
or minus subsequent adjustments for observable price changes. Changes in the basis of these investments will be
reported in current earnings.The impact of adopting the new update to earnings was immaterial for the first quarter of
2018.
WEIBO CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31,
December 31,
2018
2017
Assets
Current assets:
Cash and cash equivalents
$
282,809
$
1,000,953
Short-term investments
1,632,629
791,730
Accounts receivable, net
204,420
170,100
Prepaid expenses and other current assets
74,555
69,233
Amount due from SINA
67,635
16,356
Current assets subtotal
2,262,048
2,048,372
Property and equipment, net
38,272
33,793
Goodwill and intangible assets, net
14,227
13,937
Long-term investments
453,953
452,337
Other assets
14,314
13,380
Total assets
$
2,782,814
$
2,561,819
Liabilities and Shareholders' Equity
Liabilities:
Current liabilities:
Accounts payable
$
93,846
$
64,043
Accrued and other liabilities
281,232
268,615
Deferred revenues
100,239
81,311
Income tax payable (1)
91,661
70,907
Current liabilities subtotal
566,978
484,876
Long-term liabilities:
Convertible debt
881,018
879,983
Other long-term liabilities
2,092
2,166
Total liabilities
1,450,088
1,367,025
Shareholders' equity :
Weibo shareholders' equity (2)
1,330,819
1,192,587
Non-controlling interests
1,907
2,207
Total shareholders' equity
1,332,726
1,194,794
Total liabilities and shareholders' equity
$
2,782,814
$
2,561,819
(1) Commencing on January 1, 2018, in order to enhance comparability with industry peers, income tax payable
has been presented as a single line item in balance sheet as opposed to be part of accounts payable. To conform
with current period presentation, the relevant amount of $70.9 million as of December 31, 2017 has been adjusted accordingly.
(2) The Company adopted ASU 2016-1 "Classification and Measurement of Financial Instruments" beginning
the first quarter of fiscal year 2018. After the adoption of this new accounting update, the Company will
measure long-term investment other than equity method investments at fair value through earnings. For those investments without
readily determinable fair values, the Company will elect to record these investments at
cost, less impairment, and plus or minus subsequent adjustments for observable price changes. Changes in the
basis of these investments will be reported in current earnings. The cumulative impact arising from the adoption
of this update was immaterial to retained earnings as of January 1, 2018.
WEIBO CORPORATION
UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS
(In thousands, except per share data)
Three months ended
March 31, 2018
March 31, 2017
December 31, 2017
Non-GAAP
Non-GAAP
Non-GAAP
Actual
Adjustments
Results
Actual
Adjustments
Results
Actual
Adjustments
Results
Advertising and marketing
$ 302,949
$ 302,949
$ 169,297
$ 169,297
$ 332,305
$ 332,305
Value-added service
46,934
46,934
29,904
29,904
45,140
45,140
Net revenues
$ 349,883
$ 349,883
$ 199,201
$ 199,201
$ 377,445
$ 377,445
(11,014)
(a)
(10,693)
(a)
(12,035)
(a)
(169)
(b)
(155)
(b)
(163)
(b)
Total costs and expenses
$ 240,504
$ (11,183)
$ 229,321
$ 143,350
$ (10,848)
$ 132,502
$ 232,166
$ (12,198)
$ 219,968
11,014
(a)
10,693
(a)
12,035
(a)
169
(b)
155
(b)
163
(b)
Income from operations
$ 109,379
$ 11,183
$ 120,562
$ 55,851
$ 10,848
$ 66,699
$ 145,279
$ 12,198
$ 157,477
11,014
(a)
12,035
(a)
169
(b)
10,693
(a)
163
(b)
1,499
(c)
155
(b)
2,683
(c)
(118)
(d)
122
(c)
(528)
(d)
(42)
(e)
(29)
(d)
(41)
(e)
1,035
(f)
(39)
(e)
690
(f)
Net income attributable to Weibo
$ 99,085
$ 13,557
$ 112,642
$ 46,931
$ 10,902
$ 57,833
$ 130,982
$ 15,002
$ 145,984
Diluted net income per share attributable to Weibo
$ 0.44
$ 0.50
*
$ 0.21
$ 0.26
$ 0.58
*
$ 0.64
*
Shares used in computing diluted
net income per share attributable to Weibo
225,971
6,753
(g)
232,724
224,632
224,632
230,465
230,465
Adjusted EBITDA:
Non-GAAP net income attributable to Weibo
$ 112,642
$ 57,833
$ 145,984
Interest income,net
(10,909)
(1,911)
(5,562)
Income tax expenses
18,339
11,355
17,086
Depreciation expenses
4,521
3,245
4,350
Adjusted EBITDA
$ 124,593
$ 70,522
$ 161,858
(a) To exclude stock-based compensation.
(b) To exclude amortization of intangible assets.
(c) To exclude net results of impairment on, gain on sale of and fair value change of investments.
(d) To exclude non-GAAP to GAAP reconciling items for the loss attributable to non-controlling interests.
(e) To exclude the provision for income tax related to item (b). Other non-GAAP to GAAP reconciling items have no income tax effect.
Most of the reconciliation items were recorded in entities in tax free jurisdictions hence no income tax implications.
For impairment on investments, valuation allowances were made for those differences the Company does not expect to realize the benefit in the foreseeable future.
(f) To exclude the amortization of convertible debt issuance cost.
(g) To adjust the number of shares for dilution resulted from convertible debt which were anti-dilutive under GAAP measures.
* Net income attributable to Weibo is adjusted for interest expense of convertible debt for calculating diluted EPS.
WEIBO CORPORATION
UNAUDITED ADDITIONAL INFORMATION
(In thousands)
Three months ended
March 31,
December 31,
2018
2017
2017
Net revenues
Advertising and marketing
Small & medium-sized enterprises and key accounts
$ 276,613
$ 161,506
$ 293,951
Alibaba
26,336
7,791
38,354
Subtotal
302,949
169,297
332,305
Value-added service
46,934
29,904
45,140
$ 349,883
$ 199,201
$ 377,445
View original content: http://www.prnewswire.com/news-releases/weibo-reports-first-quarter-2018-unaudited-financial-results-300645282.html
SOURCE Weibo Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-weibo-reports-first-quarter-2018-unaudited-financial-results.html |
Seeds Progress Reuters Staff 2 Seeds Progress Seeds .. Seed Round Rslt Opponent Score 1 Ashleigh Barty (AUS) 2nd to play Pauline Parmentier (FRA) (start 13:00) 1st won Luksika Kumkhum (THA) 6-4 6-4 3 Anastasia Pavlyuchenkova (RUS) 2nd to play Natalia Vikhlyantseva (RUS) (start 09:00) 1st won Tatjana Maria (GER) 6-0 6-0 4 Mihaela Buzarnescu (ROU) qtr to play (start 08:00) 2nd won 1st won Magda Linette (POL) 4-6 7-6(1) 6-3 5 Dominika Cibulkova (SVK) qtr to play (start 08:00) 2nd won 1st won Chloe Paquet (FRA) 6-4 6-2 6 Timea Babos (HUN) 2nd lost Zarina Diyas (KAZ) 7-6(2) 4-6 6-2 1st won Fiona Ferro (FRA) 6-4 6-0 7 Danielle Collins (USA) 2nd lost Qiang Wang (CHN) 4-6 7-5 6-2 1st won Amandine Hesse (FRA) 6-1 4-6 6-3 8 Su-Wei Hsieh (TPE) 2nd to play Lucie Safarova (CZE) (start 15:30) 1st won Kaia Kanepi (EST) 2-6 7-5 6-2 (Note : all times are GMT) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-wta-seeds-womens-singles/wta-international-strasbourg-womens-singles-seeds-progress-idUKMTZXEE5M55TJRO |
CALGARY, Alberta, May 15, 2018 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSXV:CVX) (the “ Corporation ” or “ CEMATRIX ”) is pleased to announce that it has entered into a letter of offer of credit with the Business Development Bank of Canada, the Corporation’s senior banking partner (the “ Financing ”). The proceeds of the Financing will be used to fund the purchase price for the acquisition (the “ Acquisition ”) of MixOnSite USA, Inc. (“ MOS ”). As previously announced on May 1, 2018, the Acquisition was expected to close on May 15, 2018. In order to allow for the Financing to be completed, the closing of the Acquisition has been moved to May 31, 2018.
CEMATRIX is an Alberta corporation with its head offices in Calgary, Alberta. The Corporation, through its wholly owned subsidiary, is a rapidly growing company that manufactures and supplies technologically advanced cellular concrete products developed from proprietary formulations. This unique cement-based material with superior thermal protection, delivers a cost-effective, innovative solution to a broad range of problems facing the infrastructure, industrial (including oil and gas) and commercial markets. The Corporation is a reporting issuer in the provinces of British Columbia and Alberta.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Jeff Kendrick - President and Chief Executive Officer
Phone: (403) 219-0484
Jeff Walker, The Howard Group – Investor Relations
Phone: (888) 221-0915 or (403) 221-0915
[email protected]
This news release contains forward-looking information within the meaning of applicable securities laws relating to the closing of the Acquisition and associated transactions, including statements regarding the terms and conditions of the Acquisition and the Corporation’s debt financing. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Corporation can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the parties will not proceed with the Acquisition and associated transactions will differ from those that currently are contemplated, and that the Acquisition and associated transactions will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities). The statements in this press release are made as of the date of this release. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation, MOS, their securities or their respective financial or operating results (as applicable).
For additional information on the assumptions made and the risks and uncertainties which may cause actual results to differ from the anticipated results, refer the CEMATRIX’s Management Discussion and Analysis dated March 7, 2018 under CEMATRIX’s profile on SEDAR at www.sedar.com and other reports filed by CEMATRIX with Canadian securities regulators.
Source: CEMATRIX Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-cematrix-corporation-announces-the-execution-of-a-letter-of-offer-of-credit-with-business-development-bank-of-canada-and-a.html |
ROME (Reuters) - The leader of the far-right League, a key partner in Italy’s nascent coalition government, insisted on Thursday that eurosceptic economist Paolo Savona should be named economy minister.
Matteo Salvini said on Facebook that Savona, a former banker and industry minister as long ago as 1993, had an “impeccable” record, but “it seems that some people don’t want him.”
“I hope to have professor Savona by my side” in the government, Salvini added.
Salvini said he had “no doubts” that Savona, who has called Italy’s entry in the euro a “historic error”, was the right person to have in the government to try to re-negotiate the European Union’s fiscal rules.
Reporting by Gavin Jones; editing by Steve Scherer
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-league-savona/italys-league-chief-pushes-for-eurosceptic-economy-minister-savona-idUSKCN1IP1QS |
NEW YORK (Reuters) - U.S. stock markets tumbled on Tuesday, on downbeat trading guidance from JP Morgan and worries over Italy putting the S&P 500 and Dow Jones Industrial Average on track for their biggest one-day drops in seven weeks.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 18, 2018. REUTERS/Brendan McDermid A political crisis in Rome, and the threat to the euro project it represents, triggered a rush to traditional safe havens like U.S. debt, pulling down U.S. 10-year bond yields and in turn spurring losses for U.S. banks.
JP Morgan corporate and investment bank chief Daniel Pinto drove another round of selling by saying his bank’s second-quarter markets revenue would be flat on the year.
COMMENTS: GREGORY DACO, HEAD OF U.S. MACROECONOMICS, OXFORD ECONOMICS, NEW YORK
“You have a renewed outlook on risk, whether it’s Italy, the protectionist tone or higher oil prices. You are seeing the market repositioning with yields lower, stocks struggling and the dollar rallying against the euro. The situation in Italy is not going to be short-lived.”
MOHAMED EL-ERIAN, CHIEF ECONOMIC ADVISER AT ALLIANZ, NEWPORT BEACH, CALIF
“In the short-term, we are witnessing technical contagion in both bonds and stocks as ‘fast money’ investors who have been caught off base scramble to square positions, including record shorts in Treasuries and over-extended long carry trades. “If the political situation in Italy worsens, the longer-term spillovers would be felt in the U.S. via a stronger dollar and lower European growth. This would act as a headwind, especially for some multinationals’ corporate profits. Having said that, the domestic economy is resilient enough to avoid a growth derailment.”
ART HOGAN, CHIEF MARKET STRATEGIST, B. RILEY FBR, NEW YORK “When you look at lower yields and the lower energy, it’s taking a real bite out of the energy complex and certainly the financial complex.”
“I don’t think anything has changed (in the last hour or so) but when you call into question, one of the larger economies in the euro zone, and what that will mean to the stability of the euro zone, its certainly going to manifest itself into a larger punishment than we saw this morning. So compare what our stocks were doing versus European, versus across the board, we were down 40 or 50 bps and once we breached 2700 on S&P, all it takes is for the guys to decide that it was time to take the selloff seriously and that’s where we really saw the pressure.”
BRIAN BATTLE, DIRECTOR OF TRADING, PERFORMANCE TRUST CAPITAL PARTNERS, CHICAGO
1 - “It’s all the see-saw of trying to figure out how real the Italian political threats are … This isn’t Greece or Crete. This is Italy, so this matters. The euro skepticism is real so that has put fear into the market and has put money back into the dollar. The euro is at $1.15. We have a raging rally in long-dated treasuries.”
“The 30-year bond is big and its deep and it takes a lot to move it. We’re almost 2 points in price higher.”
2 - “The drama in Europe is about Italy.”
“This takes the bid out of the euro, euro bonds and makes the euro currency cheaper, and interest rates higher. That money comes to North America, the dollar and U.S. Treasuries rally. The Italy political drama is about rates and currencies, not equities.”
“Stocks sell off on political instability that can diminish global demand, changes in currencies that will diminish demand for U.S. goods (denominated in expensive dollars).”
PETER CECCHINI, MANAGING DIRECTOR AND CHIEF MARKET STRATEGIST, CANTOR FITZGERALD, NEW YORK
“I’ve been skeptical and cautious about equities for a few months here, and the sort of developments in Italy, Spain and LatAm, what they really do is they don’t present new facts that are particularly devastating to the markets, but they get people to actually step back and think about risk.”
“Frankly, investors have been very complacent, and these sort of macro risks that people had forgotten, that existed, are all of a sudden front of mind for them.”
“With regard to U.S. equities, most of the catalysts are in the rear-view mirror. I think it’s a little bit easier for investors to say ‘I’d rather be a buyer than seller.’ Peak earnings are behind us, interest rates are rising slowly and the only reason why 10-year is down is because of the flight to quality.”
“Italian and Spanish banks, it may probably make sense for them to be down. European banks’ balance sheets are in a far worse shape than U.S. banks. I’m a bit surprised that U.S. banks are down in sympathy. U.S. banks I feel are just a bit extended and this is just an excuse.”
MICHAEL ANTONELLI, MANAGING DIRECTOR, INSTITUTIONAL SALES TRADING, ROBERT W. BAIRD, MILWAUKEE
“Investors have bad memories of times past. Anyone working in the market today remembers the last European crisis that happened seven years ago and has it burned into their memories.”
“The Italian bond market has had a hell of a day. The Italian two-year yield moved from a little less than 1 percent all the way to 2.7 percent in one day. That’s a bigger move than (during) the entire crisis in 2011. Italy is a huge part of the international banking system. These kinds of moves being so large, they tend to panic risk assets, even over here (in the United States).”
“Later this week, things will smooth out. If Italy came out today and said it was going to leave the European Union, certainly that would be a market-changing event. But there are no clues that that will happen any time soon. The market tends to price in the worst-case scenario and then walk it back.”
MARKET REACTION STOCKS: The Dow unofficially closed down 393.13 points, or 1.59 percent, its biggest daily percentage fall since April 24. Likewise for the S&P 500, which unofficially closed 1.16 percent lower. The Nasdaq ended down 0.52 percent.
TREASURIES: The yield on the U.S. 10-year Treasury note fell to 2.7738 percent.
VIX: The Cboe volatility index jumped 38 percent to 18.27
Dollar: The U.S. dollar index was up 0.64 percent
Compiled by Alden Bentley
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-stocks-instantview/wall-street-shares-slide-with-italy-in-focus-idUSKCN1IU2LG |
Venture Capital RBS reaches $4.9 billion deal to settle US mortgage bond probe The Royal Bank of Scotland said on Wednesday it had reached an agreement in principle with the U.S. Department of Justice that includes a $4.9 billion civil penalty to resolve potential claims over mortgage-backed securities issued from 2005 to 2008. Last December, RBS also agreed to pay $125 million to resolve claims that it made misrepresentations while selling mortgage-backed securities to two large California pension funds. Published 16 Hours Ago Reuters Jane Barlow | Pa Images | Getty Images Members of the public use Royal Bank of Scotland cash machines on Princes Street, Edinburgh on April 27, 2018.
The Royal Bank of Scotland said on Wednesday it had reached an agreement in principle with the U.S. Department of Justice that includes a $4.9 billion civil penalty to resolve potential claims over mortgage-backed securities issued from 2005 to 2008.
The bank said in a statement that $3.46 billion of the proposed penalty will be covered by existing provisions, with the rest to come from an incremental charge of $1.44 billion in 2018's second quarter.
Both the bank and the U.S. Attorney's office in Massachusetts , which first announced the deal, said more negotiations were needed before a formal agreement could be reached.
The implosion of markets for risky residential mortgage-backed securities and related derivatives contributed to the 2008 global financial crisis and the recession that followed.
RBS said the proforma impact of the proposed settlement on the bank's March 31, 2018 Common Equity Tier 1 ratio is a reduction of about 50 basis points and a reduction of 9p on March 31 2018 fully diluted TNAV per share.
"Adjusting for the combined impact of both the RMBS settlement and the pension deficit contribution of ú2 billion announced on 17 April, the Q1 2018 pro forma CET1 is 15.1 percent and fully diluted TNAV is 274p," the RBS statement said.
RBS Chief Executive Ross McEwan said in the statement that when the agreement is finalised, it would allow RBS "to deal with this significant remaining legacy issue and is the price we have to pay for the global ambitions pursued by this bank before the crisis."
A conference call for investors and analysts is planned for 8:00 a.m. (0700 GMT) in London on Thursday, the statement said.
RBS reached a $500 million settlement with New York state in March to resolve charges it misled investors who bought the mortgage-backed bonds.
Last December, it also agreed to pay $125 million to resolve claims that it made misrepresentations while selling mortgage-backed securities to two large California pension funds.
RBS was one of the last banks to reach a settlement with the U.S. government to resolve investigations into its marketing and sale of residential mortgage-backed securities in the run-up to the 2008 financial crisis.
The investigation had been led by the U.S. Attorney's Office in Massachusetts, which had also been conducting a criminal probe into the company and former employees.
But the settlement that RBS and the office disclosed on Thursday was only civil in nature, signaling no criminal charges were likely to result from the probe. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/rbs-reaches-4-point-9-billion-deal-to-settle-us-mortgage-bond-probe.html |
Mentalist Oz Pearlman demonstrates 'magic' of picking stocks 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/mentalist-oz-pearlman-demonstrates-magic-of-picking-stocks.html |
May 3 (Reuters) - Plymouth Industrial REIT Inc:
* PLYMOUTH INDUSTRIAL REIT REPORTS FIRST QUARTER RESULTS AND RAISES 2018 GUIDANCE
* Q1 ADJUSTED FFO PER SHARE $0.05 * COMPANY RAISED ITS GUIDANCE FOR 2018 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-plymouth-industrial-reit-reports-q/brief-plymouth-industrial-reit-reports-q1-adj-ffo-per-share-0-05-idUSL8N1SAA0E |
May 14 (Reuters) - Medallion Financial Corp:
* MEDALLION FINANCIAL CORP REPORTS 2018 FIRST QUARTER RESULTS
* Q1 LOSS PER SHARE $0.62 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-medallion-financial-corp-reports-q/brief-medallion-financial-corp-reports-q1-loss-per-share-0-62-idUSASC0A22M |
May 16, 2018 / 10:09 PM / Updated 15 hours ago U.S. has more than 2,000 probes into potential or suspected terrorists: FBI Director Mark Hosenball 3 Min Read
WASHINGTON (Reuters) - The FBI is pursuing 1,000 investigations into suspected “lone wolf” militants and another 1,000 into “domestic terrorists,” FBI director Christopher Wray told a congressional committee on Wednesday. Director of the Federal Bureau of Investigation Christopher Wray testifies to a Senate Appropriations Commerce, Justice, Science, and Related Agencies Subcommittee hearing on the proposed budget estimates and justification for FY2019 for the Federal Bureau of Investigation on Capitol Hill in Washington, U.S., May 16, 2018. REUTERS/Joshua Roberts
At a Senate Appropriations Committee subcommittee hearing, Wray said lone wolf terrorists - whom another law enforcement official described as individuals often radicalized over the internet or other social media - are the Federal Bureau of Investigation’s “highest counterterrorism priority at the moment.”
Wray said the FBI has about 1,000 investigations into suspected lone wolves in all 50 states, “and that’s not even counting the al-Qaeda investigations, the traditional ISIS investigations, the domestic terrorism investigations ...”
“And what makes it so hard is that there are not many dots to connect with some of these people,” he said. “They pick soft targets, they use easy-to-use weapons; you know, IEDs (improvised explosive devices), cars, knives, guns.”
Wray said the FBI is “trying to get better at looking for red flags” that could signal when people becoming radicalized might start to consider taking action.
In addition, Wray said, the FBI is pursuing another 1,000 investigations into “domestic terrorists.”
The second law enforcement official, who spoke on the condition of anonymity, said right-wing extremists, violent animal rights and anti-abortion extremists, and African-American or left-wing militants fall into this category.
This official said, there is an “overlap” in FBI statistics on the number of lone wolf investigations and investigations related to the Islamic State movement.
Patrick Leahy, a senior Democratic member of the appropriations committee, said that as part of the annual budget request the FBI had presented, President Donald Trump’s administration reduced the Bureau budget by 5 percent, rescinded planned allocations of $148 million in salaries and expenses, and dropped or at least postponed plans for a new FBI headquarters. Reporting by Mark Hosenball and David Alexander; Editing by John Walcott and James Dalgleish | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-fbi-wray/u-s-has-more-than-2000-probes-into-potential-or-suspected-terrorists-fbi-director-idUSKCN1IH341 |
May 7, 2018 / 5:27 AM / in 8 hours Roche's Tecentriq combo wins fast FDA review in race to catch rivals Reuters Staff 2 Min Read
ZURICH (Reuters) - Roche’s immunotherapy combination that includes Tecentriq, Avastin and chemotherapy will get an accelerated review by U.S. regulators for use as an initial treatment of a common form of lung cancer, the Swiss drugmaker said on Monday. The logo of Swiss drugmaker Roche is seen at its headquarters in Basel, Switzerland February 1, 2018. REUTERS/Arnd Wiegmann
Roche expects a U.S. Food and Drug Administration decision by Sept. 5. It has already announced some results of clinical trials that showed the cocktail boosted survival benefit for patients with metastatic non-squamous non-small cell lung cancer (NSCLC) compared to older treatments.
Tecentriq is approved to treat NSCLC after other therapies fail, but Roche is pushing to deploy its medicine with other drugs as early as possible to catch up to better-established immunotherapies from Merck and Bristol-Myers Squibb.
Merck’s Keytruda is approved for initial lung cancer treatment in some patients.
“We are working closely with the FDA to bring this treatment regimen to people with this type of lung cancer as soon as possible,” said Sandra Horning, Roche’s chief medical officer.
Tecentriq’s status as a late-comer in immunotherapy compared to Keytruda and Bristol-Myers Squibb’s Opdivo has contributed to sluggish sales.
In the first-quarter, Tecentriq revenue of 139 million Swiss francs ($138.9 million) lagged the 154 million poll estimate in a Reuters poll and was just above the 132 million of the fourth quarter, which analysts cited as a blemish on results.
Still, Roche points to numerous ongoing studies in lung and other cancers that include Tecentriq, contending it still had a shot at beating rivals to market in first-line treatment of small cell and first-line squamous cell lung cancer. Reporting by John Miller; Editing by Michael Shields | ashraq/financial-news-articles | https://www.reuters.com/article/us-roche-immunotherapy/roches-tecentriq-combination-to-get-speedy-fda-review-idUSKBN1I80CX |
TOKYO (Reuters) - It has been a long and frustrating road back to fitness for Japan’s Kei Nishikori, who will arrive at Roland Garros without an ATP title for more than two years and desperate to prove that his career has not already peaked.
FILE PHOTO: Tennis - ATP World Tour Masters 1000 - Italian Open - Foro Italico, Rome, Italy - May 18, 2018 Japan's Kei Nishikori in action during his quarter final match against Serbia's Novak Djokovic REUTERS/Alessandro Bianchi/File Photo For much of the last decade Nishikori has been the player most likely to bring a first men’s grand slam singles title back to Asia but the 28-year-old now risks being overtaken by South Korean young gun Chung Hyeon.
Reaching the 2014 U.S. Open final remains his best result at a major and his highest career ranking of world number four came the following year.
Since winning Memphis Open for the fourth time in February 2016, Nishikori has lost seven finals in a row, most recently at last month’s Monte Carlo Masters.
The Japanese sustained a wrist injury in August that ended his 2017 season and kept him out of the first grand slam of the season in Australia.
He was also forced to pull out of Indian Wells in March due to illness, further hampering his progress to full fitness.
“I am fit again,” the world number 24 said at the Madrid Open earlier this month.
“Well, my wrist is not 100 percent yet, but close to playing enough tennis. I think I need couple more weeks to get used to playing on clay, as more damage to my wrist, play more spin.
“But it’s not too bad.”
Perhaps as a result, Nishikori’s claycourt season has been hit so far despite the impressive showing at the Monte Carlo Masters, which saw him lose to 11-times champion Rafael Nadal in the final.
Days after that loss to Nadal, Nishikori retired hurt during his first match in Barcelona before losing in the second round to Novak Djokovic in Madrid and falling to the same opponent in the quarter-finals in Rome.
After losing to Djokovic for the second time in 10 days, Nishikori admitted “the third set was close, but I think he played a little better than me”.
That sentiment could describe Nishikori’s entire career of being close but ultimately not having the quality in the latter stages to trouble the likes of Djokovic and Nadal.
Nishikori has beaten overwhelming Roland Garros favorite Nadal on two occasions - including to claim Olympic bronze at Rio 2016 - but never on clay.
Twice a quarter-finalist at Roland Garros - most recently last year when he lost to Andy Murray – Nishikori will be hoping to go at least one stage further this time around as he looks to make a good career great.
Reporting by Jack Tarrant,; Editing by Nick Mulvenney/Amlan Chakraborty
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-nishikori/nishikori-needs-french-open-success-to-reignite-career-idUSKCN1IM1QW |
May 10, 2018 / 6:10 AM / Updated an hour ago North Korea airline plans new China charter flights amid diplomatic thaw Reuters Staff 2 Min Read
SHANGHAI (Reuters) - North Korea’s Air Koryo plans to launch charter flights between Pyongyang and Chengdu in south-west China, two airline officials told Reuters, amid a major improvement in diplomatic relations between the neighbours. FILE PHOTO - An Air Koryo logo is displayed on a plane at the airport in Pyongyang, North Korea April 18, 2017. REUTERS/Damir Sagolj
The flights to Chengdu, one of the biggest cities in China’s vast western region, could start as early as late June if approved by China’s aviation regulator, the officials told Reuters on condition of anonymity.
“At the moment this is still a plan. Whether it can actually take off will be impacted by the policy environment going forward,” said one of the officials, who said an application to the regulator had not yet been submitted.
“Now perhaps it’s Chengdu, afterwards could be Dalian, Guangzhou. If there’s a market we’ll fly, if not we won’t,” he said, noting Chinese travel agencies were involved with marketing the flights to potential customers.
China has traditionally been politically isolated North Korea’s closest ally but ties have been frayed by Pyongyang’s nuclear weapons programme and Beijing’s backing of tough U.N. sanctions in response.
Relations have, however, improved of late.
Chinese President Xi Jinping and North Korean leader Kim Jong Un have held two meetings in China since March as North Korea prepares for a planned summit meeting with U.S. President Donald Trump.
Air Koryo already offers regular flights from Pyongyang to the north-east cities of Beijing and Shenyang, and the eastern port city of Shanghai. Revenues from Chinese tourists would provide a welcome boost to North Korea’s closed economy.
Tourists from China account for about four-fifths of foreign visitors to North Korea, says South Korean think-tank the Korea Maritime Institute, which estimates tourism generates revenue of about $44 million each year for the country.
Air China Ltd indefinitely suspended flights from Beijing to Pyongyang in November, citing a lack of demand. Those were the only flights by a Chinese carrier to North Korea. Reporting by Adam Jourdan and Shanghai newsroom, Writing by Jamie Freed in Singapore; Editing by Himani Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-northkorea-china-air-koryo/north-korea-airline-plans-new-china-charter-flights-amid-diplomatic-thaw-idUKKBN1IB0LI |
MOSCOW (Reuters) - Russia is concerned about growing military tensions between Israel and Iran over Syria and calls for them to de-escalate after recent missile strikes, Russia’s Deputy Foreign Minister Mikhail Bogdanov said on Thursday, the TASS news agency said.
Russia's Deputy Foreign Minister Mikhail Bogdanov talks during a news conference at the Foreign Ministry in Beirut December 5, 2014. REUTERS/Aziz Taher Iranian forces in Syria launched a rocket attack on Israeli army bases in the Golan Heights early on Thursday, Israel said, prompting one of the heaviest Israeli barrages against Syria since the conflict there began in 2011.
“This is all very alarming, it causes concern. There should be work to de-escalate the tensions,” TASS Quote: d Bogdanov as saying.
Reporting by Andrey Ostroukh; Editing by Andrew Osborn
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-israel-russia/moscow-calls-for-iran-and-israel-to-dial-down-tensions-tass-idUSKBN1IB0U3 |
China China to 'Significantly' Boost Buying of U.S. Goods, White House Says President Donald Trump holds up a signed presidential memorandum targeting China's economic aggression in the White House in Washington, D.C. on March 22, 2018. Andrew Harrer—Bloomberg/Getty Images By Bloomberg 2:03 PM EDT
China will significantly increase purchases of U.S. goods and services, the White House said in a statement following talks in Washington this week that aimed to resolve a trade dispute between the world’s two largest economies.
Both sides agreed on meaningful increases in U.S. agriculture and energy exports, the White House said, adding that the U.S. will send a team to China to work out the details. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/19/china-us-trade/ |
0 COMMENTS Readers can subscribe to The Morning Risk Report here: http://on.wsj.com/MorningRiskReportSignup . Follow us on Twitter at @WSJRisk.
The EU’s new data-privacy rules leave unclear how information given to whistleblower hotlines should be handled. Heline Vanbeselaere/Zuma Press Good morning. The European Union’s General Data Protection Regulation that took effect last week left unclear exactly how companies should handle tips that come in from whistleblower hotlines. The stakes are high, Risk & Compliance Journal’s Henry Cutter reports .
Data submitted to whistleblower hotlines may contain sensitive allegations about corporate staff or management, but GDPR left gray areas about how the rules will work in different countries, the scale of penalties for a given violation, and even how to balance individuals’ rights against corporations’ needs, said privacy and compliance experts.
“It’s a much steeper set of penalties associated with getting it wrong,” said Hilary Wandall, a former chief data-privacy officer at Merck & Co., who is now the head of data governance at TrustArc, a privacy-technology company. Fines can reach 4% of a firm’s annual revenue for certain violations.
Twenty-eight national agencies will be in charge of enforcement. The regulation allows each country to spell out how the rules will work within its borders on a variety of fronts.
The national systems are expected to be similar but differences are likely, leaving it unclear what companies can expect, said John Wilson, chief executive officer at Expolink, a U.K.-based hotline-services company.
What penalties companies should expect for what types of noncompliance—and what areas national authorities will focus on—is another area of uncertainty, said Shon Ramey, general counsel at Navex Global Inc., a compliance-software company that operates whistleblower hotlines for companies.
Firms will be watching the first enforcement actions to see how seriously each national regulator takes different cases of noncompliance, he said.
COMPLIANCE
The U.S. Justice Department gave antitrust approval to Bayer AG ’s acquisition of Monsanto Co. after requiring the German company to sell about $9 billion in assets to preserve competition. The Bayer assets are being sold to chemicals rival BASF SE , WSJ reports.
Germany’s Bayer, a pharmaceutical and chemical conglomerate, is a leading player in the pesticide industry. JASPER JUINEN/BLOOMBERG NEWS Missouri Gov. Eric Greitens said he would resign as state lawmakers weighed his impeachment amid allegations of sexual misconduct and campaign-finance violations. The governor denied breaking any laws but said multiple investigations by prosecutors and lawmakers had taken a toll, WSJ reports.
The booming business of online dating faces new risks from a law designed to prevent sex trafficking and prostitution. The law, which holds digital platforms responsible for encouraging such illicit behavior, is creating uncertainty about liability across social media, WSJ reports.
DATA SECURITY
Thousands of information-security jobs are going unfilled as the industry in the U.S. struggles with a shortage of properly trained professionals. Median starting salary for a data-security analyst is $121,000, according to a survey by Robert Half International Inc. , WSJ reports.
Several firms have lost more than $100 million in revenue over the past year due to an often overlooked issue : outdated software. The WannaCry attack in May 2017, the NotPetya attack a month later and the breach at Equifax Inc. in September show how hard it can be to stay on top of security updates, WSJ reports.
GOVERNANCE
At least 16 companies in the S&P 500 have changed 2016 pay figures by more than 10% for one or more executives, while 17 did so for 2015 pay, a WSJ analysis of data from MyLogIQ LLC shows. Many changes are errors caught after companies send proxies to shareholders.
REPUTATION
Walt Disney Co. ’s ABC canceled the sitcom “Roseanne” on Tuesday after its star sent a racist tweet about a top aide of former President Barack Obama, a stunning end for a show that had become the centerpiece of the network’s prime-time schedule. Ms. Barr apologized for her tweet, WSJ reports.
A Tesla Inc. Model S hit an unoccupied, parked police vehicle in Laguna Beach, Calif., on Tuesday. Police said the driver, who suffered minor injuries, told investigators the Tesla was in “Autopilot” mode at the time, Reuters reports. Tesla said Autopilot doesn’t prevent all accidents.
RISK
The White House’s surprise decision to move forward with tariffs and other sanctions against China threatens to derail talks this weekend, WSJ reports. If preliminary talks fail to make progress, a visit to Beijing by U.S. Commerce Secretary Wilbur Ross on Saturday could be canceled.
OPERATIONS
Train conductors and engineers went on strike at Canadian Pacific Railway Ltd. Tuesday night, stranding large volumes of commodities and manufactured goods, WSJ reports. Commodity producers experienced significant delays over the winter as railroads struggled to keep up with a surge in demand for commodities.
STRATEGY
MGM Resorts International is buying a harness-racing track and casino outside New York City for about $605 million, helping the gambling-venue owner’s to expand on the East Coast. MGM will acquire the Empire City Casino in Yonkers, N.Y., from the Rooney family, WSJ reports.
MGM Resorts International is buying the Empire City Casino in Yonkers, N.Y., just outside of New York City PHOTO: MARK ABRAMSON FOR THE WALL STREET JOURNAL Managed-care company WellCare Health Plans Inc. has reached a deal to buy Meridian , which operates a pharmacy-benefit manager and health plans in Illinois and Michigan, for $2.5 billion. The purchase is the latest in a string of insurance-sector deals in recent months, WSJ reports.
Marketing firm Didit is close to acquiring Gawker.com and hopes to relaunch the blog, only posting content it considers positive. Advisers liquidating the blog’s former publisher agreed to sell the website to Didit for $1.13 million, subject to higher offers at a potential auction, WSJ reports.
Follow the WSJ Risk & Compliance Team on Twitter: @srubenfeld , @BenDiPietro1 , @henry_cutter , and @LikelyMara .
Send complaints, comments and kudos to news editor Henry Cutter at [email protected] .
Share this: BASF Bayer Canadian Pacific Railway Didit Disney Gawker GDPR General Data Protection Regulation Greitens Meridian MGM Resorts International Missouri Monsanto online dating Risk Report Roseanne software Tesla WellCare Health Plans Previous Corruption Currents: Ivanka Trump Receives Trademarks Days Before ZTE Move Content from our sponsor Deloitte Risk management, strategy and analysis from Deloitte How Boards Can Help Strengthen the Link Between Strategy and Risk Appetite Boards have worked steadily to enhance their oversight of both risk and the strategy developed by management by seeking more risk information, strengthening organizational risk governance, and, in some cases, supporting the appointment of CROs or forming board-level risk committees. Yet risks and challenges continue to multiply and evolve, and management must continually revise strategies in pursuit of organizational goals. Learn how boards are enhancing their risk oversight practices by clarifying and formally approving the organization’s risk appetite — the aggregate level of risk that management is willing to take in pursuit of its strategy.
Please note: The Wall Street Journal News Department was not involved in the creation of the content above. More from Deloitte → | ashraq/financial-news-articles | https://blogs.wsj.com/riskandcompliance/2018/05/30/the-morning-risk-report-gdpr-is-fuzzy-on-whistleblower-rules/ |
May 1 (Reuters) - Scorpio Tankers Inc:
* SCORPIO TANKERS INC. ANNOUNCES COMMITMENTS FOR NEW LOAN FACILITIES
* SCORPIO TANKERS INC - RECEIVED COMMITMENTS FOR LOAN FACILITIES OF UP TO $195.9 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-scorpio-tankers-says-received-comm/brief-scorpio-tankers-says-received-commitments-for-loan-facilities-of-up-to-195-9-mln-idUSFWN1S80N6 |
May 9 (Reuters) - Tenneco Inc:
* TENNECO INC FILES FOR POTENTIAL STOCK SHELF, SIZE NOT DISCLOSED - SEC FILING Source text: ( bit.ly/2I0IavA ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tenneco-inc-files-for-potential-st/brief-tenneco-inc-files-for-potential-stock-shelf-sec-filing-idUSFWN1SG1LV |
COLUMBIA, Md.--(BUSINESS WIRE)-- Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) announced today that its Board of Trustees declared a regular quarter dividend of $0.275 per common share for the second quarter ending June 30, 2018. This is the Company’s 82 nd consecutive quarterly dividend per common share. The second quarter 2018 dividend represents an annualized amount of $1.10 per share, and is payable on July 16, 2018 to shareholders of record on June 29, 2018.
Company Information
COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties in locations that support the United States Government and its contractors, most of whom are engaged in national security, defense and information technology (“IT”) related activities servicing what it believes are growing, durable, priority missions (“Defense/IT Locations”). The Company also owns a portfolio of office properties located in select urban/urban-like submarkets in the Greater Washington, DC/Baltimore region with durable Class-A office fundamentals and characteristics (“Regional Office Properties”). As of March 31, 2018, the Company derived 88% of its core portfolio annualized revenue from Defense/IT Locations and 12% from its Regional Office Properties. As of the same date and including six buildings owned through an unconsolidated joint venture, COPT’s core portfolio of 157 office and data center shell properties encompassed 17.5 million square feet and was 91.9% leased. As of the same date, the Company also owned one wholesale data center with a critical load of 19.25 megawatts.
Forward-Looking Information
This press release may contain “forward-looking” statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are based on the Company’s current expectations, estimates and projections about future events and financial trends affecting the Company. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,” “estimate,” “plan” or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Although the Company believes that the expectations, estimates and projections reflected in such forward-looking statements are based on reasonable assumptions at the time made, the Company can give no assurance that these expectations, estimates and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements.
Important factors that may affect these expectations, estimates, and projections include, but are not limited to:
general economic and business conditions, which will, among other things, affect office property and data center demand and rents, tenant creditworthiness, interest rates, financing availability and property values; adverse changes in the real estate markets including, among other things, increased competition with other companies; governmental actions and initiatives, including risks associated with the impact of a prolonged government shutdown or budgetary reductions or impasses, such as a reduction in rental revenues, non-renewal of leases, and/or a curtailment of demand for additional space by the Company's strategic customers; the Company’s ability to borrow on favorable terms; risks of real estate acquisition and development activities, including, among other things, risks that development projects may not be completed on schedule, that tenants may not take occupancy or pay rent or that development or operating costs may be greater than anticipated; risks of investing through joint venture structures, including risks that the Company’s joint venture partners may not fulfill their financial obligations as investors or may take actions that are inconsistent with the Company’s objectives; changes in the Company’s plans for properties or views of market economic conditions or failure to obtain development rights, either of which could result in recognition of significant impairment losses; the Company’s ability to satisfy and operate effectively under Federal income tax rules relating to real estate investment trusts and partnerships; possible adverse changes in tax laws; the Company's ability to achieve projected results; the dilutive effects of issuing additional common shares; and environmental requirements.
The Company undertakes no obligation to update or supplement any forward-looking statements. For further information, please refer to the Company’s filings with Commission, particularly the section entitled “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006022/en/
Corporate Office Properties Trust
IR Contacts:
Stephanie Krewson-Kelly
443-285-5453
[email protected]
or
Michelle Layne
443-285-5452
[email protected]
Source: Corporate Office Properties Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-copt-declares-82nd-consecutive-common-dividend.html |
BEIRUT (Reuters) - Lebanese will have a first opportunity in nine years to vote in a general election on May 6 under new rules, expected to bring some changes to parliament but preserve a unity government combining its main political blocs.
A smooth election and the swift formation of a new government are not only important for Lebanon’s political stability but also to bolster a weak economy that is in dire need of reforms and investment.
The new voting system has generated uncertainty in some districts, but Prime Minister Saad al-Hariri, a Sunni Muslim, looks likely to form another unity government that includes Iran-backed Shi’ite movement Hezbollah.
WHO ARE THE LIKELY WINNERS AND LOSERS? Though Hariri is expected to remain the biggest Sunni figure in parliament and keep his job, many analyses predict his parliamentary bloc will lose seats.
Hezbollah, which is heavily armed, may emerge stronger, though there is little prospect of it and its allies securing the two-thirds majority needed to dominate the state.
Hariri has called for a new government to be formed swiftly to press ahead with reforms to put public finances on a sustainable path. Otherwise donors may withhold $11 billion in soft loans pledged in April to help revive the economy.
Most parties in Hariri’s coalition government are likely to rejoin, but those which win more seats may demand more posts in cabinet or more important portfolios like the finance ministry.
WHAT’S CHANGED SINCE THE LAST ELECTION? Last time Lebanese voted for a new parliament in 2009, Hezbollah and its allies campaigned in a “March 8” bloc against Hariri and his allies in a “March 14” bloc. The two blocs argued mainly over Hezbollah’s big arsenal of weapons.
Syria’s civil war from 2011 aggravated Lebanese political divisions and led to years of paralysis. Hezbollah grew stronger as it deployed in Syria.
“March 14” meanwhile gradually disintegrated as it stood powerless in the face of Hezbollah’s military power and as Hariri’s main backer, Saudi Arabia, turned its focus elsewhere.
Hariri, who spent years abroad on security grounds, had to compromise and in 2016 struck a deal that made Hezbollah ally Michel Aoun head of state, while Hariri became prime minister.
The issue of Hezbollah’s arms has in effect been shelved for now. Instead, concerns about the economy and coping with some 1 million Syrian refugees have taken center stage.
HOW DOES LEBANON’S SECTARIAN SYSTEM WORK? Lebanon splits power among religious groups according to quotas adjusted at the end of the 1975-90 civil war. The president is always a Maronite Christian, the prime minister a Sunni Muslim and the parliament speaker a Shi’ite.
In parliament, the 128 seats are split evenly - 64 for Christians and 64 for Muslims including Druze, with the two halves further divided among 11 total sects. Each electoral district has seats apportioned according to its demographic makeup.
Lebanon’s main parties are sectarian, but for elections they create tactical alliances across religious lines to form joint candidate lists for each constituency.
Disagreement over the electoral law was the main reason elections were delayed three times since 2009.
In the past, voters would could cast a vote for each seat in their district, with winners decided by a majority. Christians disliked that system because it gave Muslim voters great sway over which Christian candidates won seats. Independents disliked it because it favored established political powers.
A new law was finally agreed last year, with a compromise requiring voters to choose both a favored list and a preferred candidate from it, with seats awarded under a complex formula.
Some critics say the new system still favors traditional local bigwigs. However, it has introduced uncertainty in some districts and produced an array of alliances at a local level. President Aoun’s Free Patriotic Movement, a Maronite party, shares a list with Hariri’s Future Movement in some districts and with Hezbollah in others.
In Beirut, independents running against the political establishment did well in local elections in 2016 and might win seats, although the voting system is still stacked against them.
Editing by Tom Perry and Peter Graff
| ashraq/financial-news-articles | https://www.reuters.com/article/us-lebanon-election-system-explainer/explainer-lebanon-vote-under-new-rules-likely-to-keep-old-guard-in-power-idUSKBN1I7096 |
Tiger Woods will be paired with the defending tournament champion and the PGA Tour’s hottest player when he tees off in the Memorial Tournament on Thursday.
May 13, 2018; Ponte Vedra Beach, FL, USA; Tiger Woods putts on the 16th green during the final round of The Players Championship golf tournament at TPC Sawgrass - Stadium Course. Mandatory Credit: Jasen Vinlove-USA TODAY Sports A five-time Memorial champion heading back to Muirfield Village in Dublin, Ohio, for the first time since 2015, Woods will play the opening two rounds with Jason Dufner and England’s Justin Rose.
Dufner posted a three-shot win last year in the Memorial, while Rose is coming off a dominant victory Sunday in the Fort Worth (Texas) Invitational at Colonial Country Club.
Woods was the Memorial champion in 1999, 2000, 2001, 2009 and 2012. The only events he has won more often are the Bridgestone Invitational (eight times), the Arnold Palmer Invitational (eight), the Farmers Insurance Open (seven), the Buick Invitational (six) and the WGC-American Express Championship/CA Championship/Mexico Championship (six times).
In his latest tournament, Woods tied for 11th at the Players Championship. The 42-year-old has appeared in eight events this year after recovering from back problems, and his best results were a tie for second at the Valspar Championship and a tie for fifth at the Arnold Palmer Invitational.
Rose won the Memorial title in 2010.
The other featured pairings at Muirfield Village on Thursday and Friday:
Dustin Johnson, Australia’s Jason Day, Northern Ireland’s Rory McIlroy
Jordan Spieth, Bubba Watson, Phil Mickelson
Justin Thomas, Patrick Reed, Rickie Fowler
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-golf-pga-memorial-pairings/tiger-woods-paired-with-rose-dufner-for-memorial-tournament-idUSKCN1IU0WY |
May 25, 2018 / 9:44 PM / Updated an hour ago Peru captain Guerrero asks Swiss court to overturn doping ban - federation Reuters Staff 2 Min Read
LIMA (Reuters) - Peru captain and top scorer Paolo Guerrero on Friday asked Switzerland’s highest court to overturn a drugs-related ban that will keep him out of Peru’s first World Cup in 36 years, the Peruvian Football Federation said. Peruvian soccer player Paolo Guerrero arrives in Lima, Peru May 15, 2018. REUTERS/Guadalupe Pardo
Guerrero had just completed a six-month ban by FIFA after testing positive for a byproduct of cocaine consumption when the Court of Arbitration for Sport (CAS) extended the suspension, ruling him out of the World Cup.
Guerrero denies having used cocaine.
The world players’ union FIFPro and the captains of Peru’s World Cup group rivals in Russia next month have appealed to soccer’s world governing body FIFA to lift the ban. Both FIFA and CAS are based in Switzerland.
Guerrero filed an appeal before the Federal Swiss Federal Tribunal with written support from the head of the Peruvian Football Federation, Edwin Oviedo, the federation said.
“He is the unquestioned captain of the Peruvian team and a national emblem of hope for the whole country,” Oviedo said in his sworn statement to the court that the federation published on Twitter.
“I beg with all my heart to take into account not just Paolo’s interest but the entire nation’s,” Oviedo said.
Guerrero has said that benzoylecgonine, a metabolite of cocaine, was found in his system because of an herbal infusion he drank that was contaminated with coca leaf, an ingredient in cocaine which is also widely used as a non-narcotic traditional remedy in South America.
The players’ union and the captains of Australia, Denmark and France, the three teams drawn to play Peru, have pointed out that CAS itself recognised that Guerrero ingested the substance unknowingly and did not seek to gain an advantage.
Guerrero, 34, unsuccessfully sought amnesty from FIFA president Gianni Infantino during a visit to Switzerland this week. Reporting by Mitra Taj; editing by Grant McCool | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-peru-guerrero/peru-captain-guerrero-asks-swiss-court-to-overturn-doping-ban-federation-idUKKCN1IQ342 |
HANOI, May 8 (Reuters) - Vietnam requested on Tuesday that China withdraw military equipment from the South China Sea, following media reports this month that China had installed missiles there.
“Vietnam requests that China, as a large country, shows its responsibility in maintaining peace and stability in the East Sea,” Vietnamese Foreign Ministry spokeswoman Le Thi Thu Hang said in a statement, referring to the South China Sea.
The statement came after U.S. news network CNBC reported this month that China had installed anti-ship cruise missiles and surface-to-air missile systems on three of its outposts in the South China Sea, citing sources with direct knowledge of U.S. intelligence reports.
Vietnam and China have been embroiled in maritime disputes in parts of the South China Sea, where China claims 90 percent of the potentially energy-rich maritime territory.
“Vietnam is extremely concerned about the information (as reported) and reaffirms that all militarization activities, including the installation of missiles on the Spratly islands, is a serious violation of Vietnam’s sovereignty,” Hang said in the statement posted on the ministry’s website on Tuesday.
The installations, if confirmed, would mark the first Chinese missile deployments in the South China Sea, where other Asian countries including Taiwan, the Philippines and Brunei, have rival claims.
China has made no mention of any missile deployments but says its military facilities in the Spratlys are purely defensive, and that it can do what it likes on its own territory. (Reporting by Khanh Vu Editing by Catherine Evans)
| ashraq/financial-news-articles | https://www.reuters.com/article/southchinasea-china-missiles/vietnam-asks-china-to-withdraw-military-equipment-from-south-china-sea-idUSL3N1SF5FS |
CHICAGO, May 8, 2018 /PRNewswire/ -- Today, GCM Grosvenor announced the addition of one of the nation's most prominent labor leaders to bolster its growing direct infrastructure business. Jorge Ramirez, former President of the Chicago Federation of Labor (CFL) and former Vice-President and member of the Executive Council of the AFL-CIO will join GCM Grosvenor as a Managing Director and will lead Labor Strategies for its Labor Impact Infrastructure business. Labor Impact investing is investment in infrastructure that relies on a collaboration with union labor to unlock infrastructure opportunities and generate high quality risk-adjusted returns, while creating an enduring positive impact on organized labor. At GCM Grosvenor, Ramirez will be focused on originating investment opportunities and structuring and monitoring investments.
"Jorge and I have known each other and worked together for almost 8 years. Jorge shares our firm's belief that bringing a pro labor agenda to infrastructure investing can deliver good results, improve infrastructure for communities and further organized labor's agenda," said Michael J. Sacks, Chairman and CEO of GCM Grosvenor. "Jorge is a highly respected and nationally recognized labor leader whose integrity, skillset and breadth of experience will add tremendous value to our labor impact infrastructure efforts in particular and to our firm in general."
Ramirez has served as an officer of the CFL since July 2006 and was elected as its first Latino president in July 2010. The son of Mexican immigrants, Ramirez learned his first lessons in labor from his father, who worked as a meat packing worker in Chicago's Back of the Yards neighborhood and fought alongside his fellow workers to unionize their workplace in the 1960s. Today those lessons continue to motivate Ramirez to dedicate his professional life to support union men and women worldwide.
"I am excited to embark on this new challenge. This is an incredible opportunity to continue my life's work, which is to promote organized labor's values, but this time from the private sector," Ramirez said. "Grosvenor's Labor Impact investment strategy is a new and differentiated investment approach because it relies on the utilization of union labor. I will be proud to help drive it to success."
About GCM Grosvenor
GCM Grosvenor is a global alternative asset management firm with approximately $50 billion of assets under management in hedge fund strategies, private equity, infrastructure, real estate and multi-asset class solutions. It is one of the largest, most diversified independent alternative asset management firms worldwide.
GCM Grosvenor has offered alternative investment solutions since 1971. The firm is headquartered in Chicago, with offices in New York, Los Angeles, London, Tokyo, Hong Kong and Seoul. GCM Grosvenor serves a global client base of institutional and high net worth investors.
CONTACT:
Tom Johnson / Patrick Clifford
Abernathy MacGregor
212-371-5999
[email protected] / [email protected]
Becky Carroll
C Strategies
312-350-5260
[email protected]
View original content: http://www.prnewswire.com/news-releases/gcm-grosvenor-hires-jorge-ramirez-as-it-expands-its-north-american-labor-impact-infrastructure-practice-300644704.html
SOURCE GCM Grosvenor | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-gcm-grosvenor-hires-jorge-ramirez-as-it-expands-its-north-american-labor-impact-infrastructure-practice.html |
May 3(Reuters) - B-Soft Co Ltd
* Says it plans to invest 50 million yuan to set up an investment fund with partners
* Says the total size of the fund is up to 300 million yuan
Source text in Chinese: goo.gl/t7Ziw5
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-b-soft-to-invest-50-mln-yuan-to-se/brief-b-soft-to-invest-50-mln-yuan-to-set-up-investment-fund-with-partners-idUSL3N1SA1X4 |
LOS ANGELES, May 03, 2018 (GLOBE NEWSWIRE) -- Rubicon Project (NYSE:RUBI) , the global exchange for advertising, today reported its results of operations of 2018.
Recent Highlights
Revenue was $24.9 million for Q1 2018, exceeding the $23 million or above estimate provided on our last call.
Ad spend increased 10% to $211 million in Q1 2018 versus Q1 2017, exceeding the estimate of $205 million or above provided on our last call.
Take rate was 11.8% in Q1 2018 and is expected to be at or above this rate for Q2 2018.
Programmatic video and audio are significant year over year growth drivers for ad spend and revenue in the quarter, led by strength from some of the industry's largest publishers.
Q2 2018 Revenue and ad spend expected to grow sequentially.
Net loss (2) was $27.8 million, or loss per share (2) of $0.56, compared to net loss of $15.8 million, or loss per share of $0.33 of 2017.
Adjusted EBITDA ( 1) was a negative $14.2 million, compared to adjusted EBITDA of $1.1 million of 2017.
Non-GAAP loss per share ( 1) was $0.44, compared to $0.16 non-GAAP loss per share of 2017.
“We are encouraged to see continued positive growth trends in year-over-year ad spend, a positive sign of share gains in header bidding, and expansion of our leadership position in the exciting new growth areas of programmatic video and audio,” said Michael G. Barrett, President and CEO of Rubicon Project. “We are performing very well in the early stages of supplier consolidation with our buyer partners, while continuing to deliver increasing revenue to our publishers. Top line growth, combined with the cost actions we took in the first quarter, have us on track to be adjusted EBITDA positive in the fourth quarter of this year.”
First Quarter 2018 Results Summary (in millions, except per share amounts and percentages) Three Months Ended March 31, 2018 March 31, 2017 Change
Favorable/
(Unfavorable) Revenue $ 24.9 $ 46.0 (46 )% Advertising spend (1) $ 211.0 $ 191.5 10 % Non-GAAP net revenue (1) $ 24.9 $ 45.4 (45 )% Take rate (3) 11.8 % 23.7 % (12 ppt) Net loss $ (27.8 ) $ (15.8 ) (76 )% Adjusted EBITDA (1) $ (14.2 ) $ 1.1 nm Adjusted EBITDA margin (2) (57 %) 2 % (59 ppt) Basic and diluted loss per share $ (0.56 ) $ (0.33 ) (70 )% Non-GAAP net loss per share (1) $ (0.44 ) $ (0.16 ) (175 )% Definitions:
(1) Non-GAAP net revenue, Adjusted EBITDA, non-GAAP net loss per share, and advertising spend are non-GAAP financial measures. Please see the discussion in the section called "Non-GAAP Financial Measures" and the reconciliations included at the end of this press release.
(2) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by revenue (or for periods in which we have revenue reported on a gross basis, by non-GAAP net revenue). Reconciliations for both net loss to Adjusted EBITDA and revenue to non-GAAP net revenue are included at the end of this press release. For further discussion, please see "Non-GAAP Financial Measures."
(3) Take rate is an operational performance measure calculated as revenue (or for periods in which we have revenue reported on a gross basis, as non-GAAP net revenue) divided by advertising spend. Reconciliations for revenue to both advertising spend and non-GAAP net revenue are included at the end of this press release. For further discussion, please see "Non-GAAP Financial Measures." We review take rate for internal management purposes to assess the development of our marketplace with buyers and sellers. Our take rate (and our fees, which drive take rate) can be affected by a variety of factors, including the terms of our arrangements with buyers and sellers active on our platform in a particular period; the scale of a buyer's or seller's activity on our platform; mix of inventory or transaction types; the implementation of new products; platforms and solution features; auction dynamics; negotiations with clients; header bidding; competitive factors and our strategic pricing decisions, including strategic fee reductions we implemented during the first half of 2017 and elimination of our buyer transaction fees as of November 1, and additional fee reductions or alternative pricing models we may implement in the future; and the overall development of the digital advertising ecosystem.
nm not meaningful
First Quarter 2018 Results Conference Call and Webcast:
The Company will host a conference call on May 3, 2018 at 1:30 PM (PT) / 4:30 PM (ET) to discuss the results for its first quarter of 2018.
Live conference call Toll free number: (844) 875-6911 (for domestic callers) Direct dial number: (412) 902-6511 (for international callers) Passcode: Ask to join the Rubicon Project conference call Simultaneous audio webcast: http://investor.rubiconproject.com , under "Events and Presentations" Conference call replay Toll free number: (877) 344-7529 (for domestic callers) Direct dial number: (412) 317-0088 (for international callers) Passcode: 10119559 Webcast link: http://investor.rubiconproject.com , under "Events and Presentations" About Rubicon Project
Founded in 2007, Rubicon Project is one of the world’s largest advertising exchanges. The company helps websites and apps thrive by giving them tools and expertise to sell ads easily and safely. In addition, the world’s leading agencies and brands rely on Rubicon Project’s technology to execute billions of advertising transactions each month. Rubicon Project is an independent, publicly traded company (NYSE:RUBI) headquartered in Los Angeles, California.
Note: The Rubicon Project and the Rubicon Project logo are registered service marks of The Rubicon Project, Inc.
Forward-Looking Statements:
This press release and management's prepared remarks during the conference call referred to above include, and management's answers to questions during the conference call may include, forward-looking statements, including statements based upon or relating to our expectations, assumptions, estimates, and projections. In some cases, you can identify forward-looking statements by terms such as "may," "might," "will," "objective," "intend," "should," "could," "can," "would," "expect," "believe," "design," "anticipate," "estimate," "predict," "potential," "plan" or the negative of these terms, and similar expressions. Forward-looking statements may include, but are not limited to, statements concerning our anticipated financial performance, including, without limitation, revenue, advertising spend, profitability, net income (loss), Adjusted EBITDA, earnings per share, and cash flow; strategic objectives, including focus on header bidding, mobile, video, Orders, and private marketplace opportunities; investments in our business; development of our technology; introduction of new offerings; the impact of our acquisition of nToggle and its traffic shaping technology on our business; scope and duration of client relationships; the fees we may charge in the future; business mix; sales growth; client utilization of our offerings; our competitive differentiation; our leadership position in the industry; our market share, market conditions, trends, and opportunities; user reach; certain statements regarding future operational performance measures including ad requests, fill rate, advertising spend, take rate, paid impressions, and average CPM; and factors that could affect these and other aspects of our business.
These statements are not guarantees of future performance; they reflect our current views with respect to future events and are based on assumptions and estimates and subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements. These risks include, but are not limited to: our ability to grow and to manage any growth effectively; our ability to develop innovative new technologies and remain a market leader; our ability to attract and retain buyers and sellers and increase our business with them; our vulnerability to loss of, or reduction in spending by, buyers; our ability to maintain and grow a supply of advertising inventory from sellers; the effect on the advertising market and our business from difficult economic conditions; the freedom of buyers and sellers to direct their spending and inventory to competing sources of inventory and demand; our ability to use our solution for purchase and sale of higher value advertising inventory and to expand the use of our solution by buyers and sellers utilizing evolving digital media platforms; our ability to introduce new offerings and bring them to market in a timely manner, and otherwise adapt in response to client demands and industry trends, including shifts in digital advertising growth from desktop to mobile channels and from display to video formats; the increased prevalence of header bidding and its effect on our competitive position; our header bidding solution not resulting in revenue growth and causing infrastructure strain and added cost; uncertainty of our estimates and expectations associated with new offerings, including header bidding, private marketplace, mobile, video, Orders, automated guaranteed, and guaranteed audience solutions, and traffic shaping; declining fees and take rate, including as a result of implementation of alternative pricing models in response to market pressures, including demands for reduction or elimination of buyer fees, and the need to grow through advertising spend and fill rate increases rather than pricing increases; our ability to compensate for declining take rate by increasing the volume of transactions on our platform; our vulnerability to the depletion of our cash resources as revenue declines with the reduction of our take rate and as we incur additional investments in technology required to support the increased volume of transactions on our exchange; our ability to raise additional capital; our limited operating history and history of losses; our ability to continue to expand into new geographic markets; increased prevalence of ad blocking technologies; the slowing growth rate of online digital display advertising; the growing percentage of online and mobile advertising spending captured by owned and operated sites (such as Facebook and Google); the effects, including the loss of market share, of increased competition in our market and increasing concentration of advertising spending, including mobile spending, in a small number of very large competitors; acts of competitors and other third parties that can adversely affect our business; our ability to differentiate our offerings and compete effectively in a market trending increasingly toward commodification, transparency, and disintermediation; requests from buyers and sellers for discounts, fee concessions or revisions, rebates, refunds, favorable payment terms and greater levels of pricing transparency and specificity; potential adverse effects of malicious activity such as fraudulent inventory and malware; the effects of seasonal trends on our results of operations; costs associated with defending intellectual property infringement and other claims; our ability to attract and retain qualified employees and key personnel; our ability to identify future acquisitions of or investments in complementary companies or technologies and our ability to consummate the acquisitions and integrate such companies or technologies; and our ability to comply with, and the effect on our business of, evolving legal standards and regulations, particularly the European General Data Protection Regulation and other laws concerning data protection and consumer privacy and evolving labor standards.
We discuss many of these risks and additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements under the headings "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere in filings we have made and will make from time to time with the Securities and Exchange Commission, or SEC, including our Annual Report on Form 10-K for the year ended December 31, 2017. These forward-looking statements represent our estimates and assumptions only as of the date made. Unless required by federal securities laws, we assume no obligation to update any of these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated, to reflect circumstances or events that occur after the statements are made. Without limiting the foregoing, any guidance we may provide will generally be given only in connection with quarterly and annual earnings announcements, without interim updates, and we may appear at industry conferences or make other public statements without disclosing material nonpublic information in our possession. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. Investors should read this press release and the documents that we reference in this press release and have filed or will file with the SEC completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.
Non-GAAP Financial Measures:
This press release includes information relating to advertising spend, non-GAAP net revenue, Adjusted EBITDA, non-GAAP net loss, and non-GAAP loss per share, which are financial measures that have not been prepared in accordance with GAAP. These non-GAAP financial measures are used by our management and board of directors, in addition to our GAAP results, to understand and evaluate our performance and trends, to prepare and approve our annual budget, and to develop short- and long-term plans and performance objectives. Management believes that these non-GAAP financial measures provide useful information about our core results and thus are appropriate to enhance the overall understanding of our past performance and our prospects for the future.
These non-GAAP financial measures are not intended to be considered in isolation from, as substitutes for, or as superior to, the corresponding financial measures prepared in accordance with GAAP. You are encouraged to evaluate these adjustments, and review the reconciliation of these non-GAAP financial measures to their most comparable GAAP measures, and the reasons we consider them appropriate. It is important to note that the particular items we exclude from, or include in, our non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies. See "Reconciliation of revenue to advertising spend and revenue to non-GAAP net revenue," "Reconciliation of net loss to Adjusted EBITDA," "Reconciliation of net loss to non-GAAP net loss" and "Reconciliation of GAAP loss per share to non-GAAP loss per share" included as part of this press release.
Advertising Spend:
We define advertising spend as the buyer spending on advertising inventory transacted on our platform. Advertising spend does not represent revenue reported on a GAAP basis. Tracking our advertising spend facilitates comparison of our results to the results of companies in our industry that report GAAP revenue on a gross basis. We also use advertising spend for internal management purposes to assess market share of total advertising spending.
Our advertising spend may be influenced by demand for our services, the volume and characteristics of paid impressions, average CPM, the nature and amount of fees we charge, and other factors such as changes in the market, our execution of the business, and competition.
Advertising spend may fluctuate due to seasonality. In the past, we have experienced higher advertising spend during the fourth quarter of a given year because many buyers devote a disproportionate amount of their advertising budgets to this period of the year to coincide with increased holiday purchasing. Buyers' focus on the fourth quarter generates more bidding activity on our platform, which may drive higher volumes of paid impressions, average CPM, or both. Our advertising spend grew 10% in 2018 compared to 2017. The increase in advertising spend was driven primarily by an increase in the CPMs generated from our auctions. The increase in CPMs was driven by increased bidding activity on our platform, the value of the inventory that we made available to buyers, including PMP, mobile and video inventory that typically carries higher pricing, and auction dynamics, including the implementation of first price auctions and Estimated Market Rate ("EMR") for our header bidding inventory.
Non-GAAP Net Revenue:
We define non-GAAP net revenue as GAAP revenue less amounts we pay sellers, where the amounts paid are included within cost of revenue for the portion of our revenue reported on a gross basis. The portion of our revenue reported on a gross basis was attributable to intent marketing services, which no longer generated revenue after 2017. Historically, non-GAAP net revenue was a useful measure in assessing the performance of our business in periods for which our revenue included revenue reported on a gross basis, because it showed the operating results of our business on a consistent basis without the effect of differing revenue reporting (gross vs. net) that we applied under GAAP across different types of transactions, and facilitated comparison of our results to the results of companies that report all of their revenue on a net basis. Revenue from intent marketing services in 2017 created the difference between our non-GAAP net revenue and our GAAP revenue for that period. We ceased offering that solution in 2017, so for subsequent periods non-GAAP net revenue is the same as GAAP revenue, as there is no longer a reconciling item between GAAP and non-GAAP net revenue. Non-GAAP net revenue is presented for comparative purposes as 2017 still included the intent marketing solution reconciling item.
A potential limitation of non-GAAP net revenue is that other companies may define non-GAAP net revenue differently, which may make comparisons difficult.
Non-GAAP net revenue is influenced by the volume and characteristics of advertising spend, and our take rate. The revenue we have reported on a gross basis was associated with our intent marketing business. Because we exited that business in 2017, we do not expect to report any revenue on a gross basis after 2017 unless and until we change our business practices, develop new products, or make an acquisition, in each case with characteristics that require gross reporting.
Adjusted EBITDA:
We define Adjusted EBITDA as net income (loss) adjusted to exclude stock-based compensation expense, depreciation and amortization, amortization of acquired intangible assets, impairment charges, interest income or expense, and other cash and non-cash based income or expenses that we do not consider indicative of our core operating performance, including, but not limited to foreign exchange gains and losses, acquisition and related items, and provision (benefit) for income taxes. We believe Adjusted EBITDA is useful to investors in evaluating our performance for the following reasons:
Adjusted EBITDA is widely used by investors and securities analysts to measure a company’s performance without regard to items such as those we exclude in calculating this measure, which can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired.
Our management uses Adjusted EBITDA in conjunction with GAAP financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of performance and the effectiveness of our business strategies, and in communications with our board of directors concerning our performance. Adjusted EBITDA may also be used as a metric for determining payment of cash incentive compensation.
Adjusted EBITDA provides a measure of consistency and comparability with our past performance that many investors find useful, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.
Although Adjusted EBITDA is frequently used by investors and securities analysts in their evaluations of companies, Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results of operations as reported under GAAP. These limitations include:
Stock-based compensation is a non-cash charge and will remain an element of our long-term incentive compensation package, although we exclude it as an expense when evaluating our ongoing operating performance for a particular period.
Depreciation and amortization are non-cash charges, and the assets being depreciated or amortized will often have to be replaced in the future, but Adjusted EBITDA does not reflect any cash requirements for these replacements.
Impairment charges are non-cash charges related to goodwill, intangible assets and/or long-lived assets.
Adjusted EBITDA does not reflect non-cash charges related to acquisition and related items, such as amortization of acquired intangible assets and changes in the fair value of contingent consideration.
Adjusted EBITDA does not reflect cash and non-cash charges and changes in, or cash requirements for, acquisition and related items, such as certain transaction expenses and expenses associated with earn-out amounts.
Adjusted EBITDA does not reflect changes in our working capital needs, capital expenditures, or contractual commitments.
Adjusted EBITDA does not reflect cash requirements for income taxes and the cash impact of other income or expense.
Other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.
Our Adjusted EBITDA is influenced by fluctuations in our revenue and the timing and amounts of our investments in our operations. Adjusted EBITDA should not be considered as an alternative to net income (loss), operating loss, or any other measure of financial performance calculated and presented in accordance with GAAP.
Non-GAAP Net Income (Loss) and Non-GAAP Earnings (Loss) per Share:
We define non-GAAP earnings (loss) per share as non-GAAP net income (loss) divided by non-GAAP weighted-average shares outstanding. Non-GAAP net income (loss) is equal to net income (loss) excluding stock-based compensation, impairment charges, cash and non-cash based acquisition and related expenses, including amortization of acquired intangible assets, transaction expenses, expenses associated with earn-out amounts, and foreign currency gains and losses. In periods in which non-GAAP net income (loss) is positive, non-GAAP weighted-average shares outstanding used to calculate non-GAAP earnings (loss) per share includes the impact of potentially dilutive shares. Potentially dilutive shares consist of stock options, restricted stock awards, restricted stock units, potential shares issued under the Employee Stock Purchase Plan, each computed using the treasury stock method, shares held in escrow, and potential shares issued as part of contingent consideration as a result of business combinations. We believe non-GAAP earnings (loss) per share is useful to investors in evaluating our ongoing operational performance and our trends on a per share basis, and also facilitates comparison of our financial results on a per share basis with other companies, many of which present a similar non-GAAP measure. However, a potential limitation of our use of non-GAAP earnings (loss) per share is that other companies may define non-GAAP earnings (loss) per share differently, which may make comparison difficult. This measure may also exclude expenses that may have a material impact on our reported financial results. Non-GAAP earnings (loss) per share is a performance measure and should not be used as a measure of liquidity. Because of these limitations, we also consider the comparable GAAP measure of net income (loss).
Investor Relations Contact
Nick Kormeluk
(949) 500-0003
[email protected]
Media Contact
Eric Bonach
Rubicon Project
(310) 207-0272
[email protected]
THE RUBICON PROJECT, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (unaudited) March 31, 2018 December 31, 2017 ASSETS Current assets: Cash and cash equivalents $ 67,516 $ 76,642 Marketable securities 51,791 52,504 Accounts receivable, net 137,534 165,890 Prepaid expenses and other current assets 10,421 9,620 TOTAL CURRENT ASSETS 267,262 304,656 Property and equipment, net 41,334 47,393 Internal use software development costs, net 13,840 12,734 Other assets, non-current 2,415 5,493 Intangible assets, net 12,563 13,359 TOTAL ASSETS $ 337,414 $ 383,635 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 191,239 $ 214,103 Other current liabilities 2,975 3,141 TOTAL CURRENT LIABILITIES 194,214 217,244 Other liabilities, non-current 1,546 1,780 TOTAL LIABILITIES 195,760 219,024 STOCKHOLDERS' EQUITY Additional paid-in capital 423,009 418,354 Accumulated other comprehensive income 245 41 Accumulated deficit (281,600 ) (253,784 ) TOTAL STOCKHOLDER'S EQUITY 141,654 164,611 TOTAL LIABILITITES AND STOCKHOLDERS' EQUITY $ 337,414 $ 383,635
THE RUBICON PROJECT, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (unaudited) Three Months Ended March 31, 2018 March 31, 2017 Revenue $ 24,876 $ 46,015 Expenses (1)(2) : Cost of revenue 14,783 14,688 Sales and marketing 12,257 14,628 Technology and development 10,494 12,753 General and administrative 12,544 15,080 Restructuring and other exit costs 2,466 4,338 Total expenses 52,544 61,487 Loss from operations (27,668 ) (15,472 ) Other (income) expense: Interest income, net (271 ) (167 ) Other income (210 ) (212 ) Foreign exchange loss, net 554 372 Total other (income) loss, net 73 (7 ) Loss before income taxes (27,741 ) (15,465 ) Provision for income taxes 75 375 Net loss $ (27,816 ) $ (15,840 ) Net loss per share: Basic $ (0.56 ) $ (0.33 ) Diluted $ (0.56 ) $ (0.33 ) Weighted-average shares used to compute net loss per share: Basic 49,692 48,332 Diluted 49,692 48,332 (1) Stock-based compensation expense included in our expenses was as follows:
Three Months Ended March 31, 2018 March 31, 2017 Cost of revenue $ 107 $ 84 Sales and marketing 1,185 1,435 Technology and development 849 1,075 General and administrative 2,357 2,709 Restructuring and other exit costs 46 936 Total stock-based compensation expense $ 4,544 $ 6,239 (2) Depreciation and amortization expense included in our expenses was as follows:
Three Months Ended March 31, 2018 March 31, 2017 Cost of revenue $ 8,161 $ 8,379 Sales and marketing 163 467 Technology and development 241 666 General and administrative 145 609 Total depreciation and amortization expense $ 8,710 $ 10,121
THE RUBICON PROJECT, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (unaudited) Three Months Ended March 31, 2018 March 31, 2017 OPERATING ACTIVITIES: Net loss $ (27,816 ) $ (15,840 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 8,710 10,121 Stock-based compensation 4,544 6,239 Loss on disposal of property and equipment 120 258 Provision for doubtful accounts 96 209 Accretion of available for sale securities (154 ) (57 ) Unrealized foreign currency gains, net 227 119 Deferred income taxes — 282 Changes in operating assets and liabilities, net of effect of business acquisitions: Accounts receivable 28,259 58,292 Prepaid expenses and other assets (170 ) (1,449 ) Accounts payable and accrued expenses (23,158 ) (54,794 ) Other liabilities (422 ) (499 ) Net cash provided by (used in) operating activities (9,764 ) 2,881 INVESTING ACTIVITIES: Purchases of property and equipment (239 ) (3,084 ) Capitalized internal use software development costs (2,573 ) (2,285 ) Investments in available-for-sale securities (19,238 ) (14,948 ) Maturities of available-for-sale securities 22,600 16,950 Net cash provided by (used in) investing activities 550 (3,367 ) FINANCING ACTIVITIES: Proceeds from exercise of stock options 6 368 Taxes paid related to net share settlement (40 ) — Net cash provided by (used in) financing activities (34 ) 368 EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH 122 62 CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (9,126 ) (56 ) CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period 76,642 149,498 CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period $ 67,516 $ 149,442 SUPPLEMENTAL DISCLOSURES OF OTHER CASH FLOW INFORMATION: Capitalized assets financed by accounts payable and accrued expenses 237 254 Capitalized stock-based compensation 145 166
THE RUBICON PROJECT, INC. RECONCILIATION OF REVENUE TO ADVERTISING SPEND AND REVENUE TO NON-GAAP NET REVENUE (In thousands) (unaudited) Three Months Ended March 31, 2018 March 31, 2017 Revenue $ 24,876 $ 46,015 Plus amounts paid to sellers (1) 186,152 145,525 Advertising spend $ 211,028 $ 191,540 Three Months Ended March 31, 2018 March 31, 2017 Revenue $ 24,876 $ 46,015 Less amounts paid to sellers reflected in cost of revenue (2) — 633 Non-GAAP net revenue $ 24,876 $ 45,382 (1) Amounts paid to sellers for the portion of our revenue reported on a net basis for GAAP purposes.
(2) Amounts paid to sellers for the portion of our revenue reported on a gross basis for GAAP purposes.
THE RUBICON PROJECT, INC. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (In thousands) (unaudited) Three Months Ended March 31, 2018 March 31, 2017 Net loss $ (27,816 ) $ (15,840 ) Add back (deduct): Depreciation and amortization expense, excluding amortization of acquired intangible assets 7,914 8,536 Amortization of acquired intangibles 796 1,585 Stock-based compensation expense 4,544 6,239 Interest income, net (271 ) (167 ) Foreign currency loss, net 554 372 Provision for income taxes 75 375 Adjusted EBITDA $ (14,204 ) $ 1,100
THE RUBICON PROJECT, INC. RECONCILIATION OF NET LOSS TO NON-GAAP NET LOSS (In thousands) (unaudited) Three Months Ended March 31, 2018 March 31, 2017 Net loss $ (27,816 ) $ (15,840 ) Add back (deduct): Acquisition and related items, including amortization of acquired intangibles 796 1,585 Stock-based compensation expense 4,544 6,239 Foreign currency loss, net 554 372 Tax effect of Non-GAAP adjustments (1) (43 ) (45 ) Non-GAAP net loss $ (21,965 ) $ (7,689 ) (1) Non-GAAP net loss includes the estimated tax impact from the expense items reconciling between net loss and non-GAAP net loss.
THE RUBICON PROJECT, INC. RECONCILIATION OF GAAP LOSS PER SHARE TO NON-GAAP LOSS PER SHARE (In thousands, except per share amounts) (unaudited) Three Months Ended March 31, 2018 March 31, 2017 GAAP net loss per share (1) : Basic $ (0.56 ) $ (0.33 ) Diluted $ (0.56 ) $ (0.33 ) Non-GAAP net loss (2) $ (21,965 ) $ (7,689 ) Reconciliation of weighted-average shares used to compute net loss per share to non-GAAP weighted average shares outstanding: Weighted-average shares used to compute net loss per share: 49,692 48,332 Dilutive effect of weighted-average common stock options, RSAs, and RSUs (3) — — Dilutive effect of weighted-average escrow shares — — Dilutive effect of weighted-average ESPP (3) — — Non-GAAP weighted-average shares outstanding 49,692 48,332 Non-GAAP loss per share $ (0.44 ) $ (0.16 ) (1) Calculated as net loss divided by basic weighted-average shares used to compute net loss per share as included in the consolidated statement of operations.
(2) Refer to reconciliation of net loss to non-GAAP net loss.
(3) In most periods in which net income is positive, the weighted-average shares used to compute diluted earnings per share are equal to the weighted-average shares used to compute basic loss per share and already include the dilutive effect of common stock options, RSAs, RSUs, acquisition related contingent and escrow shares, and ESPP using the treasury stock method.
THE RUBICON PROJECT, INC. REVENUE AND ADVERTISING SPEND BY CHANNEL (In thousands, except percentages) (unaudited) Revenue Advertising Spend Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 March 31, 2018 March 31, 2017 (in thousands, except percentages) Channel: Desktop $ 14,309 58 % $ 28,329 62 % $ 120,058 57 % $ 123,639 65 % Mobile 10,567 42 17,686 38 90,970 43 67,901 35 Total $ 24,876 100 % $ 46,015 100 % $ 211,028 100 % $ 191,540 100 %
Source:The Rubicon Project, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-rubicon-project-reports-first-quarter-2018-results.html |
U.S. grain handler Bartlett to merge with logistics firm Tom Polansek Published 1 Hour Ago Reuters
CHICAGO, crop handler Bartlett and Company, which exports American grain to Mexico, will merge with logistics provider Savage Companies, the firms said on Wednesday, in the latest round of consolidation to hit the struggling agriculture sector.
Officials for Missouri-based Bartlett and Utah-based Savage did not release financial terms or say what prompted the timing of the deal. The transaction is expected to close in August, according to the privately held companies.
Throughout the agriculture supply chain, companies and farmers alike remain under pressure from low crop prices, following years of massive harvests of staples such as corn, wheat and soybeans.
From agrichemical companies to rural farm elevators, businesses big and small have rushed in recent years to merge, establish joint ventures or acquire rivals in a bid to cut costs and stay competitive.
Seed and chemical companies Dow and DuPont combined last year, along with ChemChina and Syngenta. Separately, Bayer AG is close to finalizing a takeover of U.S. seed seller Monsanto Co.
Bartlett has long been known as a mid-sized, family-owned grain buyer in the United States, though it is much smaller than competitors Archer Daniels Midland Co and Cargill Inc .
Bartlett controlled the 20th largest U.S. grain storage network last year, with a capacity of 67.76 million bushels, according to Milling & Baking News, an industry publication. In comparison, ADM's storage capacity was 468.6 million bushels.
The merger, once finalized, will create a new business named Savage Enterprises, according to the companies. The venture will be led by Savage Companies' chief executive, Kirk Aubry, and include Bartlett's grain and milling businesses. The value of the new combined entity was not known.
Savage Companies had no immediate comment on what will happen to Bartlett's U.S. cattle-feeding business, which Bartlett said is one of the country's largest.
"Partnering with Savage makes sense logistically and strategically," Bill Fellows, Bartlett's CEO, said in a statement.
Savage Companies was established in 1946 and has more than 4,000 employees in North America and Saudi Arabia. It provides transportation and logistics services for oil refineries and other businesses.
Bartlett is a leading exporter of U.S. grain to Mexico, the companies' statement said. It is more than 100 years old and has about 760 employees working in 11 U.S. states and Mexico, according to its website.
Such family-owned grain companies have been targeted for takeovers, typically by larger companies, said Chris Hurt, an agricultural economist at Purdue University.
"There aren't many independents that are left," he said. (Reporting by Tom Polansek; editing by Diane Craft) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/reuters-america-u-s-grain-handler-bartlett-to-merge-with-logistics-firm.html |
The U.S. exit from the Iran nuclear deal creates the risk that Iran will drop out of a separate 50-year-old United Nations treaty meant to stop the spread of atomic weapons, according to Helima Croft, global head of commodity strategy at RBC Capital Markets.
Oil prices have recently surged to 3½-year highs, fueled the U.S. nuclear deal pullout and falling output in Venezuela. However, crude prices began tumbling last week after Saudi Arabia and Russia said two dozen oil-producing nations could soon ease output caps that have been in place since January 2017.
But fears of nuclear weapons proliferation in the restive Middle East could quickly reverse that drop, according to Croft.
An Iranian official threatened last week to pull out of the U.N. Treaty on the Non-Proliferation of Nuclear Weapons, which has sought to prevent the spread of atomic weapons since 1968. Iran signed the treaty that year, but the nation's leadership in Tehran is now in a standoff with the West over its nuclear program after President Donald Trump abandoned the 2015 nuclear deal and restored punishing sanctions on the Middle Eastern country.
"If they come to believe that the U.S. and the regional partners are pursuing regime change, I think we could get a very nasty Iranian response." -Helima Croft, RBC Capital Markets global head of commodity strategy "I think this is the question the market is ignoring right now. I would watch very closely the Iranian announcement to pull out of the nonproliferation treaty," Croft told CNBC's " on Tuesday. "If they pull out of the NPT, that would signal that not only are the Iranians going to resume their program, they're resuming it with a military option."
"And then it would become, I think, an arms race in the Middle East," she added.
In March, Saudi Arabia 's Crown Prince Mohammed bin Salman said his country would obtain a nuclear weapon "as soon as possible" if Iran, the kingdom's archrival, developed one. Israel , which has recently engaged in open conflict with Iran , is widely believed to possess nuclear weapons already.
Iran came under international criticism in the early 2000s and was later sanctioned for its alleged research into nuclear weapons development while ostensibly pursuing a peaceful energy program. After years of diplomacy, Iran reached a deal with six world powers that lifted the sanctions in exchange for Tehran accepting limits on its nuclear program and allowing inspectors into the country.
Under the NPT, countries without nuclear weapons like Iran vow never to acquire them. The 2015 nuclear deal — negotiated with Britain, China, France, Germany, Russia and the Obama administration — subjected Iran to extra scrutiny in order to re-establish trust with the international community.
Atta Kenare | AFP | Getty Images An Iranian military truck carries surface-to-air missiles past a portrait of Iran's Supreme Leader Ayatollah Ali Khamenei during a parade on the occasion of the country's annual army day on April 18, 2018, in Tehran. But the pressure campaign now being waged by the Trump administration could push Iran to abandon both the nuclear deal and the NPT, Croft said. The European Union is trying to preserve the 2015 deal , but America's influence over the global financial system means many European companies may toe the U.S. line, despite the EU's efforts to shield them from far-reaching sanctions.
Iran's economy is already weakening, spurring protests over corruption in the banking system and other grievances. This year, Iran's currency has collapsed, and its uncertain how Iran will respond to the added pressure from a loss of international business, said Croft.
"If they come to believe that the U.S. and the regional partners are pursuing regime change, I think we could get a very nasty Iranian response," she said.
U.S. Secretary of State Mike Pompeo 's first major speech last week drew speculation that the administration's policy is indeed to topple the nearly 40-year-old regime in Tehran. While Pompeo has sought to tamp down that speculation , the Iranians may not be convinced, said John Kilduff, founding partner at energy hedge fund Again Capital.
"They're like playing a game of Jenga, where you push the blocks out, because they're hoping for the regime to tip over," he told "Squawk on the Street" on Tuesday.
"And as much as European Union officials are trying to say that they want to have a workaround against these U.S. sanctions, all the companies, the banks and the oil companies, are all in the process of pulling out and saying we're not touching that with a 10-foot pole."
Saudis back in control show chapters Helima Croft talks about Saudi Arabia and Russia's impact on the oil market 9 Hours Ago | 01:43 Both Croft and Kilduff said Trump's pullout has given Saudi Arabia the upper hand in the oil market. Trump essentially made a bargain to pull out of the Iran deal so long as the Saudis agreed to increase oil output to offset any price spike that resulted from the loss of Iranian crude supplies, according to Croft.
U.S. Treasury Secretary Steve Mnuchin recently told reporters the United States held discussions with "various parties" to pump more to offset falling Iranian exports, which could raise gasoline prices for American drivers.
"We're back hat in hand to the Saudis saying put more barrels on the market," Croft said.
"This is the issue, is that the U.S. cannot deal with a supply shock. We have to go back to countries that hold spare capacity. So when Venezuela potentially loses over the course of a year a million barrels, if we take off several hundred additional Iranian barrels, Saudi Arabia has to fill the gap."
While the United States is pumping about 10.7 million barrels a day — overtaking Saudi Arabia and closing in on top producer Russia — bottlenecks in western Texas will prevent American drillers from fully compensating for lost Iranian supplies, Kilduff said.
"If there's one thing this episode should tell us all, we are not the swing producer. Saudi Arabia is," he said. "They're more in control now than I've ever seen." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/iran-nuclear-weapons-treaty-exit-would-be-rocket-fuel-for-oil-price.html |
Meat goes hi-tech as startup gets boost from Tyson Foods 1:12pm BST - 01:49
Tyson Foods, the largest U.S. meat processor, has invested in an Israeli biotech company developing a way to grow affordable meat in a laboratory that takes live animals out of the equation. David Pollard reports.
Tyson Foods, the largest U.S. meat processor, has invested in an Israeli biotech company developing a way to grow affordable meat in a laboratory that takes live animals out of the equation. David Pollard reports. //reut.rs/2Kxzz12 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/03/meat-goes-hi-tech-as-startup-gets-boost?videoId=423491766 |
The looming meeting between President Donald Trump and North Korean leader Kim Jong Un could alter Asia's security landscape regardless of whether the politicians reach an agreement or not.
At the heart of any potential deal is the definition of denuclearization . Pyongyang has previously said it may only dismantle nuclear weapons if Washington removes its 28,500 troops in South Korea — an unsettling prospect for Asian allies that rely on America's defense commitments. Alternatively, a failure to ink any sort of pact could bolster U.S. appetite for preemptive strikes against the North — an equally upsetting situation for the region.
Either outcome may threaten stability and put Asian countries on the defensive. Concerned about the high stakes, South Korean President Moon Jae-In is reportedly attempting to join the potential June 12 meeting .
A deal is struck If Kim agrees to a staged disarmament — a process in which his regime relinquishes nukes in exchange for concessions such as a reduced U.S. military presence on the Peninsula or sanctions relief — the pace and time frame will be key.
If disarmament is way off in the future, "there's probably little impact" on Asia, but if it's scheduled for the next five years and accompanies an influx of cash for the North Koreans as well as a weakening of the U.S.-South Korean security alliance, "that might make Japan worried," said Sharon Squassoni, former director of policy coordination at the State Department's nonproliferation bureau and currently a research professor at George Washington University.
U.S. soldiers have been stationed in the South since the 1950s and a potential withdrawal is of major concern for neighboring Japan.
That is, it raises the possibility of the world's largest economy next closing down its military bases in Japan, analysts at the International Institute for Strategic Studies said in a Monday note.
show chapters This expert says an unscripted US-North Korea summit is risky 8:15 PM ET Tue, 29 May 2018 | 03:06 Moreover, staged disarmament could leave South Korea and Japan "exposed to the North's shorter-range missiles" with the rogue state's threat likely boosted by a stronger domestic economy, the note continued.
"Any agreement that removes the North Korean nuclear threat from the United States, but leaves Japan and South Korea vulnerable to a North Korean attack would be cause for concern," echoed Troy Stangarone, senior director at Korea Economic Institute, a Washington-based think tank.
There's some hope among Japan, Taiwan and certain Southeast Asian nations that a reduction of American forces in South Korea could result in a reordering of U.S. deployments to better counter China's maritime assertiveness , the IISS note said. But there's "no guarantee" of that happening, it continued.
Rather, a troop reduction would "send a signal to the rest of the region that the United States was a waning presence rather than a source of stability," said Stangarone.
Earlier this month, American Defense Secretary James Mattis said U.S. troops wouldn't be part of initial negotiations with Kim's government even though that has long remained a North Korean prerequisite for peace.
During the 1970s, the U.S. withdrew some forces in South Korea in a move that prompted Seoul to develop national defense capabilities that included a brief clandestine nuclear weapons program. "We would certainly want to avoid that outcome," warned Squassoni.
show chapters The Kim-Trump summit is likely to happen regardless of date: Academic 11:25 PM ET Mon, 28 May 2018 | 03:03 No deal is struck If dialogue breaks down on June 12, that may indicate to U.S. and North Korean officials that diplomacy as a strategy has failed, leaving only military solutions on the table.
"Failure to reach any deal would almost certainly return the military option to the fore as the U.S. administration's preferred means of removing the North Korean threat," said the IISS note.
Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding.
Others, however, maintain that the chances of conflict remains a distant possibility. Stangarone, for example, said a lack of a deal would likely "result in efforts to intensify economic pressure on the regime to bring it back to the table."
Ultimately, the majority of experts anticipate the summit to produce vague but general commitments to nuclear disarmament. That's "unlikely to have a big impact within Asia because those kinds of commitments are nothing new," Squassoni said.
Stangarone, for his part, said he expects the summit will produce only a general framework or declaration, but warned that it's the working definition of denuclearization that Asian powers will be looking for. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/what-donald-trump-kim-jong-un-singapore-summit-means-for-asia.html |
Robert “Bo” Crowell joins to lead Healthcare Services in the Americas Will provide advisory, capital markets and principal investing solutions Fast-growing sector with significant interest from financial sponsors
NEW YORK--(BUSINESS WIRE)-- Macquarie Capital, the corporate advisory, capital markets and principal investment arm of Macquarie Group, today announced the appointment of Robert “Bo” Crowell as a Managing Director to lead healthcare services coverage in the Americas.
Mr. Crowell joins Macquarie Capital from UBS, where he was a Managing Director and advised and executed on more than $25 billion of merger and acquisition and capital raising transactions for healthcare services companies. He has over 17 years of strategic advisory experience. Before UBS, he held senior roles in healthcare investment banking at Citigroup Global Markets and Credit Suisse.
Transaction activity in healthcare services has increased dramatically due to several sector tailwinds including technology disruption, innovative new business models, vertical integration, regulatory and reimbursement changes, consumerism in healthcare and favorable demographics. Mr. Crowell will work to capitalize on these trends and advance Macquarie Capital as a market leading advisor and underwriter for healthcare services and technology-enabled healthcare companies.
“Bo brings to Macquarie Capital deep and diverse advisory experience for healthcare services companies and possesses both the industry insight and relationships to build and lead our business in the Americas” said Michael Silverton, Head of Macquarie Capital Americas. “Expanding our expertise to incorporate healthcare services builds on our strong track record of advising service industries and gives us a presence in the largest market for healthcare services.”
Mr. Crowell will focus on mergers and acquisitions, debt and equity capital raisings and providing customized solutions to clients that may incorporate Macquarie Capital’s principal investing capability. His past transactions include: the acquisition of Coventry by Aetna, sale of Health Plan Services to Wipro, the sale of ATI Physical Therapy to Advent International and financing for Hellman & Friedman’s acquisition of Multiplan Inc.
Mr. Crowell’s hiring follows the appointment of Julian Feneley , who joined Macquarie Capital in London last year. They will complement Macquarie Capital’s healthcare activities in Australia, Germany and Asia. Mr. Crowell will also work closely with Macquarie Capital sector teams in technology, services and insurance, to both serve broad client needs across the healthcare sector and to leverage the deep expertise that Macquarie has established in these areas.
Macquarie Capital has advised a range of healthcare and healthcare-related clients in the technology and insurance industries. The firm advised Centerbridge Partners on its acquisition of Superior Vision Corporation, was a joint bookrunner on the $1.7 billion financing in KKR’s acquisition of WebMD Health Corp, was a principal co-investor in Summit Partners’ acquisition of HealthSun Health Plans, China Resources’ Investment in GenesisCare and is an investor in several healthcare companies, including Vision Group Holdings and Compassus.
About Macquarie Group
Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Founded in 1969, Macquarie employs more than 14,400 people in over 25 countries. At March 31 2018, Macquarie had assets under management of $381.8 billion. For more information, visit www.macquarie.com .
About Macquarie Capital
Macquarie Capital combines grounded thinking with innovative approaches to develop transformative ideas and realize greater possibilities for our clients - our partners. We look beyond convention to connect our clients with ideas and opportunities others don’t see, while our global platform, specialized expertise and comprehensive services allow us to deliver what others can’t.
Our capabilities encompass corporate advisory and a full spectrum of capital solutions, including capital raising services from equity, debt and private capital markets and principal investments from Macquarie’s own balance sheet. These offerings are reinforced through our deep sector expertise in aerospace, defense and government services, consumer, gaming and leisure, financial institutions, infrastructure and energy, real estate, resources, services, telecommunications, media and technology sectors across the US with 402 transactions completed, valued at $264 billion in the year to 31 March 2018.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517005392/en/
Macquarie Media inquiries
David Franecki, +1-212-231-1310
Macquarie Group Corporate Communications
[email protected]
Source: Macquarie Capital | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-macquarie-capital-launches-coverage-of-healthcare-services-sector-in-the-americas.html |
April 30 (Reuters) - INVISTA SA:
* REPORTED ON FRIDAY FY NET LOSS OF 3.9 MILLION ZLOTYS VERSUS PROFIT OF 5.2 MILLION ZLOTYS YEAR AGO
* FY REVENUE 2.0 MILLION ZLOTYS VERSUS 6.0 MILLION ZLOTYS YEAR AGO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S7250 |
Consumer-products makers are facing growing pressure from retailers and consumers to ensure products are free of risky ingredients. So in a move toward greater transparency, Procter & Gamble Co. is now disclosing the ingredients in most of its 3,500-plus consumer products on SmartLabel, a website where brands provide more detailed information about their products.
To access the expanded ingredient list, shoppers can use a smartphone to scan a product’s QR code (a coded square on packages that, when scanned, brings smartphone... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/whats-in-p-gs-products-now-you-can-find-out-1526868720 |
CALGARY, Alberta, May 10, 2018 (GLOBE NEWSWIRE) -- Spartan Energy Corp. ("Spartan" or the "Company") (TSX:SPE) is pleased to report its financial and operating results for the three months ended March 31, 2018. Selected financial and operational information is set out below and should be read in conjunction with Spartan's March 31, 2018 interim consolidated financial statements and the related management’s discussion and analysis, which are available for review at www.sedar.com or on the Company’s website at www.spartanenergy.ca .
FIRST QUARTER FINANCIAL AND OPERATIONAL HIGHLIGHTS
Spartan’s highlights for the first quarter include:
Achieved average production of 22,736 boe/d, comprised of 91% oil and liquids, representing an increase of 6% (5% per share) over the first quarter of 2017. Generated adjusted funds flow from operations of $65.7 million ($0.37 per basic and $0.35 per diluted share), representing an increase of 34% (32% per share) over the first quarter of 2017. Delivered excess funds flow (funds flow from operations less capital expenditures exclusive of acquisitions, land and seismic) in the quarter of approximately $12.2 million. Drilled 52 (39.6 net) development wells and brought 50 (40.9 net) wells on production in the quarter, with 6 (2.4 net) wells remaining to be brought on production at the end of the quarter. Applied a portion of our excess funds flow to long term value creation, investing a total of $10.8 million to advance our Oungre waterflood project, acquire additional land and seismic and complete a tuck-in acquisition of a long life, low decline light oil asset. Continued our focus on cost reduction, delivering production expenses of $16.82 per boe (a decrease of 4% from the Q1 2017) and net general and administrative expenses of $0.43 per boe (a 60% decrease from Q1 2017). Maintained our balance sheet strength, with net debt (exclusive of finance lease obligations) at the end of the quarter of approximately $199 million, down from $215 million at the end of the first quarter of 2017 and representing only 0.7x annualized first quarter adjusted funds flow from operations. Available liquidity and the end of the first quarter was $151 million.
FINANCIAL RESULTS Three Months Ended Three Months Ended (Cdn$000s except per boe and per share amounts) March 31, 2018 March 31, 2017 Average daily production (boe/d) 22,736 21,455 Net realized oil and gas sales price (excluding derivatives) ($/boe) 60.49 53.82 Production costs ($/boe) (1) 16.82 17.56 Royalties ($/boe) (2) 9.97 8.42 Operating netback ($/boe) (3) 33.70 27.84 Net general and administrative expenses ($/boe) 0.43 1.07 Interest expense ($/boe) 1.17 1.38 Adjusted funds flow from operations (3)(4) 65,685 49,023 per share – basic (7) 0.37 0.28 per share – diluted (7) 0.35 0.27 Net income (loss) (133,749 ) 244 per share – basic (7) (0.76 ) 0.00 per share – diluted (7) (0.76 ) 0.00 Total development capital expenditures (3)(5) 53,516 42,335 Total capital expenditures (5) 64,293 49,892 Net debt (3) 224,421 245,386 Net debt exclusive of finance lease obligations (3) 199,021 215,290 Bank Facility
350,000 350,000 Weighted average shares outstanding basic (7) 176,620,663 175,302,938 diluted (7) 185,050,997 183,721,370 Notes:
Including transportation costs. Royalties include Saskatchewan resource surcharge. Adjusted funds flow from operations, operating netback, net debt and net debt excluding finance lease obligations are non-IFRS measures. See “Non-IFRS Measures”. Excluding transaction costs. Total development capital expenditures calculated as total capital expenditures less land, seismic, waterflood capital and acquisitions. Includes acquisitions. Prior period numbers restated on a 3 for 1 basis to reflect share consolidation that occurred on June 20, 2017.
OPERATIONAL UPDATE
Spartan remained active in the field in the first quarter of 2017, drilling 52 (39.6 net) development wells in the quarter. We brought 50 (40.9 net) wells on production in the quarter, including 4 (3.6 net) wells that were drilled in the fourth quarter of 2017, and had 6 (2.4 net) wells that were drilled but not yet on production at the end of the quarter. Our southeast Saskatchewan drilling program consisted of 27 (20.1 net) open-hole Mississippian wells, 10 (8.3 net) frac Midale wells and 12 (8.7 net) open-hole Ratcliffe wells. In addition, we drilled 3 (2.5 net) Detrital wells on our Alberta properties. Spring break-up conditions have been relatively mild in southeast Saskatchewan to date and Spartan anticipates resuming drilling ahead of schedule in mid to late May.
Spartan has consistently demonstrated an ability to deliver production per share growth while spending less than cash flow. This continued in the first quarter of 2018, as we generated adjusted funds flow from operations of $65.7 million on development capital spending of $53.5 million. Consistent with our business plan, we applied a portion of our excess funds flow toward projects designed to generate additional long term shareholder value. We invested $4.7 million in waterflood projects, primarily related to the commencement of water injection at our Oungre unit waterflood project. We also spent $2.1 million to acquire additional land and seismic and completed a small acquisition of long life light oil assets for consideration fo $4.0 million.
BUSINESS COMBINATION WITH VERMILION ENERGY INC.
As previously announced, Spartan entered into an arrangement agreement with Vermilion Energy Inc. (“Vermilion”) on April 16, 2018 providing for a business combination between Spartan and Vermilion (the “Arrangement”). Pursuant to the Arrangement, Spartan shareholders will receive 0.1476 of a Vermilion share for each of their Spartan shares. The special shareholder meeting to vote upon the Arrangement will be held on May 25, 2018 at the offices of McCarthy Tétrault LLP, Suite 4000, 421 7th Avenue S.W., Calgary, Alberta, T2P 4K9, at 9:00 a.m. (Calgary time). All Shareholders entitled to vote are encouraged to vote in person or by proxy at the meeting. Assuming receipt of shareholder approval and the satisfaction of all other conditions to the Arrangement, Spartan expects the Arrangement to be completed on May 28, 2018.
FURTHER INFORMATION Richard (Rick) McHardy OR Tim Sweeney President and Chief Executive Officer Manager, Business Development Spartan Energy Corp.
Suite 3200, 500 Centres Street S.E. Calgary, Alberta T2G 1A6 Fax: 403.355.2779
Email: [email protected] READER ADVISORY
BOE Disclosure. The term barrels of oil equivalent ("BOE") may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel (6mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All BOE conversions in the report are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.
Forward Looking Statements. This press release contains forward-looking statements within the meaning of applicable securities laws. More particularly and without limitation, this press release contains forward-looking statements regarding the proposed acquisition of Spartan by Vermilion pursuant to a plan or arrangement, the mailing of the information circular regarding the Arrangement, the date of the Meeting and the completion of the Arrangement. All statements, other than statements of historical facts, that address activities that Spartan assumes, anticipates, plans, expects, believes, projects, aims, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. All of the forward-looking statements in this release are qualified by the assumptions that are stated or inherent in such forward-looking statements. Although Spartan believes these assumptions are reasonable, they are not exhaustive of the factors that may affect any of the forward-looking statements and the reader should not place undue reliance on these assumptions and such forward-looking statements. The key assumptions that have been made in connection with the forward-looking statements include: that the business of the Meeting concludes as anticipated; the timing and receipt of the necessary shareholder, regulatory, court and other approvals; and the timely satisfaction of all other conditions to the closing of the Arrangement. Spartan believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable, but no assurance can be given that these factors, expectations and assumptions will prove to be correct.
The forward-looking statements provided in this press release are based on management’s current belief, based on currently available information, as to the outcome and timing of future events. Spartan cautions that its intention to proceed with the Arrangement and other forward-looking statements relating to Spartan are subject to all of the risks and uncertainties normally incident to such endeavors. These risks relating to Spartan include, but are not limited to, that the Arrangement is not completed on the announced terms or at all. Furthermore, the forward-looking statements contained herein are made as at the date hereof and Spartan does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Spartan’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website ( www.sedar.com ) or the Company’s website ( www.spartanenergy.ca ).
Non-IFRS Measures
Certain financial measures referred to in this press release, such as adjusted funds flow from operations, adjusted funds flow from operations per share, net debt and net debt excluding finance lease obligations are not prescribed by IFRS. Adjusted funds flow from operations is calculated based on cash flows from operating activities before changes in non-cash working capital, transaction costs and decommissioning obligation expenditures incurred. Adjusted funds flow from operations per share is calculated using weighted average shares outstanding consistent with the calculation of net income (loss) per share. Spartan uses adjusted funds flow from operations to analyze operating performance and leverage, and considers adjusted funds flow from operations to be a key measure as it demonstrates the Company’s ability to generate cash necessary to fund future capital investments and repay debt. Spartan’s determination of adjusted funds flow from operations, on an absolute and per share basis, may not be comparable to that reported by other companies.
The following table reconciles adjusted funds flow from operations (a non-IFRS measure) to cash flow from operating activities, which is the most directly comparable measure calculated in accordance with IFRS:
For the three months ended March 31, ($ thousands) 2018 2017 % change Adjusted funds flow from operations 65,685 49,023 34 Transaction costs (142 ) (167 ) (15 ) Changes in non-cash working capital (1,314 ) (3,576 ) (63 ) Cash flow from operating activities 64,229 45,280 (42 ) The following table reconciles adjusted funds flow from operations (a non-IFRS measure) to excess adjusted funds flow from operations (a non-IFRS measure):
For the three months ended March 31, ($ thousands) 2018 2017 % change Adjusted funds flow from operations 65,685 49,023 34 Total development capital expenditures (53,516 ) (42,335 ) 26 Excess adjusted funds flow from operations 12,169 6,688 82 Total development capital expenditures is calculated as total capital expenditures less land and seismic, waterflood capital and acquisitions.
The following table reconciles total development capital expenditures (a non-IFRS measure) to total capital expenditures, which is the most directly comparable measure calculated in accordance with IFRS:
For the three months ended March 31, ($ thousands) 2018 2017 % change Total development capital expenditures 53,516 42,335 26 Land and seismic 2,082 1,099 89 Waterflood capital 4,680 - n/a Acquisitions 4,015 6,458 (38 ) Total capital expenditures 64,293 49,892 29 Net debt is calculated as bank debt plus trade and other liabilities plus finance lease obligations less current assets. The following table reconciles net debt (a non-IFRS measure) to bank debt (an IFRS measure):
($ thousands) March 31, 2018 December 31, 2017 Net debt 224,421 226,034 Trade and other liabilities (89,101 ) (69,943 ) Finance lease obligations (25,401 ) (26,830 ) Current assets 58,646 51,407 Bank debt 168,565 180,668 Spartan management considers net debt excluding finance lease obligations to be a meaningful measure of the Company’s leverage and liquidity. The following table reconciles net debt (a non-IFRS measure) to net debt excluding finance lease obligations (a non-IFRS measure):
($ thousands) March 31, 2018 December 31, 2017 Net debt 224,421 226,034 Finance lease obligations (25,401 ) (26,830 ) Net debt excluding finance lease obligations 199,020 199,204 This press release also contains other industry benchmarks and terms, including operating netbacks (calculated on a per unit basis as oil, gas and natural gas liquids revenues, plus/minus realized derivative contracts, less royalties and less operating and transportation costs), which are not recognized measures under IFRS. Management believes that in addition to net income (loss) and cash flow from (used in) operating activities, adjusted funds flow from operations, net debt, net debt excluding finance lease obligations, total market capitalization and operating netbacks are useful supplemental measures as they provide an indication of Spartan’s operating performance, leverage and liquidity. Investors should be cautioned, however, that these measures should not be construed as an alternative to both net income (loss) and cash flow from (used in) operating activities, which are determined in accordance with IFRS, as indicators of Spartan’s performance.
Source:Spartan Energy Corp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-spartan-energy-corp-announces-first-quarter-financial-and-operating-results.html |
1 COMMENTS Brazil President Michel Temer speaks in Brasilia on April 10, 2018. Photo: ueslei marcelino/Reuters
A daily roundup of corruption news from across the Web. We also provide a daily roundup of important risk & compliance stories vi a our daily newsletter, The Morning Risk Report, which readers can sign up for here . Follow us on Twitter at @WSJRisk.
Bribery:
Brazil president Michel Temer denied allegations he laundered bribe money. (PA, AP, AFP)
The U.S. secured a guilty plea in the NCAA men’s basketball bribery scandal . (Bloomberg, ESPN, CJ)
Local cases: A Cypriot court reduced the sentence of five corruption convicts. Corruption is rampant in South Carolina prisons. Two Burmese local officials were jailed . Florida’s governor suspended a mayor over corruption allegations; an attorney for the mayor says she is innocent. (CM, CN, Irawaddy, PBP, SS)
Money Laundering:
Reports to Swiss anti-money laundering authorities reached a record last year. (Reuters)
Banks are gaining traction in their effort to water down anti-money laundering rules. (Reuters)
Financial reforms at the Vatican have taken root . (Reuters)
A former Mexican governor pleaded not guilty to U.S. money-laundering charges. (KVEO)
Latvian police will decide whether bankers will be prosecuted. (LSM)
Maltese regulators are searching for evidence of money laundering at a bank a deceased reporter was investigating. The bank’s former chairman is charged in the U.S. with violating sanctions. (MT)
A federal judge dismissed Paul Manafort’s motion to quash the U.S. special counsel’s probe . The investigation led to money-laundering charges against him, which he is fighting. The special counsel’s probe continues . (BuzzFeed, Politico, AP, Bloomberg, Vox, TPM, NYT)
European lawmakers seek a Magnitsky-type law to punish Russian money laundering. (RFE/RL, GAB)
Nigerian judges granted bail to a lawmaker. (SR)
Can fake books sold on Amazon be used to launder money? (Guardian)
A Miami man was sentenced to prison after a police raid found $22 million at his home. (WSVN)
A doctor pleaded guilty to a money-laundering charge related to pain pills he prescribed. (AP, WSAZ)
Indian authorities targeted an accountant as they continue pursuing money-laundering cases. (ToI, AA, NDTV, PTI, MP)
Sanctions:
Iran threatened to leave a nuclear non-proliferation treaty if the U.S. exits the Iran nuclear agreement. Iran’s president is working to preserve the deal. (AM, Reuters, Reuters)
Washington wants Europe to impose missile-related sanctions on Iran. (WP, Reuters, Reuters)
Diamond magnate Dan Gertler, who is under U.S. sanctions, filed a lawsuit against commodities trader Glencore PLC for nearly $3 billion he says is frozen . Mr. Gertler has denied wrongdoing. (Times, Reuters)
Sanctions are hitting Russians hard but they still support their president. (WP)
China urged the U.S. not to damage business confidence following reports of a probe of Huawei. (AP)
The U.S. will keep its sanctions on North Korea as denuclearization talks begin . (WP, Reuters)
Whistleblowers:
Retaliation is a problem at the Veterans Affairs Department. (NPR)
Terrorism Finance:
Iraq is using sanctions to target terrorism financing. (AM)
General Anti-Corruption:
Facebook warned of more data leaks. (Bloomeberg)
Ukrainian authorities destroyed evidence implicating the interior minister in corruption; he denies the allegations. (KP)
The 15-year prison sentence handed to a senior Indonesian politician could be a turning point in the country’s fight against corruption. (AFP)
FIFA pointed to its ethics rules when Mr. Trump tweeted threats against those undermining the U.S. bid for the 2026 World Cup. (ESPN, VF)
A Sri Lankan official filed a corruption complaint against cricket and sports leaders. (DM)
The U.S. is helping Myanmar investigate transnational crime. (MT)
A former Malawian leader returned home after three years of self-exile due to corruption allegations. (Reuters)
Will Michael Cohen flip in the U.S. special counsel’s probe ? The U.S. Senate probe continues; the House released its findings . (Bloomberg, AP, NBC, NYT, WP, Politico, Reuters)
Share this: Previous SEC Wants Boards’ Views on Contested Shareholder Proposals | ashraq/financial-news-articles | https://blogs.wsj.com/riskandcompliance/2018/04/30/corruption-currents-brazil-president-denies-laundering-bribe-money/ |
May 11, 2018 / 10:47 PM / Updated 8 hours ago In an interplanetary first, NASA to fly a helicopter on Mars Will Dunham 3 Min Read
WASHINGTON (Reuters) - NASA said on Friday it will send a small helicopter to Mars as part of the U.S. space agency’s 2020 mission to place a next-generation rover on the Martian surface, marking the first time such an aircraft will be used on another world. NASA's Mars Helicopter, a small, autonomous rotorcraft, which will travel with the agency's Mars 2020 rover, currently scheduled to launch in July 2020, to demonstrate the viability and potential of heavier-than-air vehicles on the Red Planet, is shown in this artist rendition from NASA/JPL in Pasadena, California, U.S. May 11, 2018. Courtesy NASA/JPL-Caltech/Handout via REUTERS
The remote-controlled Mars Helicopter, designed to take flight in the thin Martian atmosphere with twin counter-rotating blades, weighs about four pounds, with a fuselage the size of a softball, NASA said. Its blades will spin at almost 3,000 rpm, roughly 10 times the rate employed by helicopters on Earth.
“The altitude record for a helicopter flying here on Earth is about 40,000 feet. The atmosphere of Mars is only one percent that of Earth, so when our helicopter is on the Martian surface, it’s already at the Earth equivalent of 100,000 feet (30,480 meters) up,” Mimi Aung, the Mars Helicopter project manager at NASA’s Jet Propulsion Laboratory, said in a statement.
NASA officials said the rotorcraft will reach the Red Planet’s surface attached to the car-sized rover. After placing the helicopter on the ground, the rover will be directed to drive to a safe distance to relay commands. Controllers on Earth will command the helicopter to take its first autonomous flight after its batteries are charged and tests are conducted, NASA said.
“The idea of a helicopter flying the skies of another planet is thrilling,” NASA Administrator Jim Bridenstine said in a statement.
The helicopter is intended to demonstrate the viability and usefulness of such aircraft on Mars, NASA said, with potential roles as a low-flying scout or to reach locations inaccessible from the ground.
NASA said it plans a 30-day flight test period that will include up to five flights, starting with a short vertical jaunt to hover for about 30 seconds at an altitude of 10 feet and progressing to flight distances up to a few hundred yards and durations up to 90 seconds.
The helicopter contains solar cells to charge its lithium-ion batteries and a heating mechanism to keep it warm during frigid nights.
The Mars 2020 rover mission is scheduled to launch in July 2020 from Cape Canaveral Air Force Station in Florida and reach Mars in February 2021. The rover is designed to carry out geological studies and ascertain the habitability of the Martian environment, NASA said. Reporting by Will Dunham, Editing by Rosalba O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/us-space-mars-helicopter/in-an-interplanetary-first-nasa-to-fly-a-helicopter-on-mars-idUKKBN1IC2OU |
(Reuters Health) - Patients with acute pain from osteoporosis damage to the spine don’t experience any more relief from surgery to inject cement into cracked or broken vertebrae than they would with a sham procedure, a recent trial in The Netherlands suggests.
All of the patients in the experiment had compression fractures, which can happen when osteoporosis makes bones less dense and more brittle with age. Half of the participants had vertebroplasty, a procedure that uses injected cement to harden and stabilize bones and support the spine, and half of them got sham surgeries where local anesthesia was injected, but no cement.
One year later, patients in both groups felt significantly less pain, but those who had vertebroplasty didn’t experience any more pain reduction than people who had sham procedures, the study found.
“The majority of fractured spines heal spontaneously in the same way as other bone fractures do and vertebroplasty doesn’t improve this,” said Dr. Evan Davies, author of an editorial accompanying the study and a spine surgeon at the University Hospital Southampton in the UK.
Vertebroplasty has been controversial for years because research to date has offered a mixed picture of its safety and effectiveness. Some studies found it improved pain relief, while others didn’t, and it has been linked to rare but serious side effects like paralysis and potentially fatal blood clots in the lungs.
Compression fractures can be treated with other approaches, including painkillers, bed rest or a back brace. Untreated, these fractures can lead over time to deformities in the spine, mobility restrictions, and diminished height and make it difficult for people to sit, eat and sleep.
The current study involved 180 patients who were at least 50 years old and complained of pain related to compression fractures that had happened within the previous nine weeks.
They were randomly assigned to receive vertebroplasty or sham procedures, and patients weren’t told which group they joined. In both groups, patients could hear and smell bone cement being mixed in the operating room and feel needle incisions in their back when anesthesia was administered.
While both groups reported a meaningful reduction in pain, the difference between them was too small to rule out the possibility that it was due to chance.
With vertebroplasty, however, fewer patients had persistent pain or secondary fractures during follow-up, said lead study author Dr. Cristina Firanescu of Elisabeth-Tweesteden Hospital in Tilburg, The Netherlands.
This suggests there might be a subset of patients who might potentially benefit from vertebroplasty even if it’s not an effective early treatment for all patients with compression fractures, Firanescu said by email.
One limitation of the study is that it lacked a control group of patients who received non-surgical treatments like painkillers, back braces or bed rest, researchers note in The BMJ.
Another drawback is that all of the patients had recent fractures, making it unclear if results would be similar for people who had chronic pain many months after fractures developed. It’s also possible that some patients in the study experienced chronic back pain unrelated to compression fractures and caused instead by damaged discs or other issues.
Still, the results suggest that patients should not consider vertebroplasty for fractures that happened only a month or two ago, Davies said by email.
“You don’t need a vertebroplasty under nine weeks following onset of pain, because for most people the pain just gets better,” Davies said. “If the pain doesn’t improve and imaging suggests the fracture hasn’t healed then it may be appropriate.”
SOURCE: bit.ly/2IYuYaZ and bit.ly/2skZ3aA The BMJ, online May 9, 2018.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-surgery-spine-fracture/spine-surgery-may-not-be-needed-to-ease-back-pain-from-osteoporosis-idUSKCN1IW2NX |
FLORHAM PARK, N.J.--(BUSINESS WIRE)-- Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of The Rivington, a 240-unit, luxury apartment community in Hoboken, New Jersey. This transaction represents the largest apartment sale in New Jersey in 2018.
The HFF team marketed the property exclusively on behalf of institutional investors advised by J.P. Morgan Asset Management. Equity Residential purchased the property free and clear of existing debt.
The Rivington is situated at 1130 Grand Street in the heart of the dynamic northwest section of Hoboken, which offers commuters access into Manhattan via the Hoboken PATH Station, 14 th Street Ferry Terminal and the NJ Transit bus line. Additionally, the property has a WalkScore® of 94 and is within blocks of multiple retail amenities along Washington Street as well as the 5.4-acre Northwest Park. Completed in 1999, The Rivington features 240 two-bedroom, market-rate units housed within four six-story apartment buildings, each with one story of covered parking at ground level. A large portion of units have been renovated since 2014. Community amenities include an updated fitness center, newly renovated courtyard with lounge and grilling areas, clubhouse, private storage lockers and a Zipcar pickup/drop off station.
The HFF investment advisory team representing the seller included senior managing director Jose Cruz, managing director Kevin O’Hearn and senior directors Michael Oliver and Stephen Simonelli.
“Capital continues to be attracted to multifamily assets in markets with high barriers to entry and significant future rental growth,” stated Cruz. “The Hudson Waterfront market remains a target for REITs, pension fund advisors and private buyers alike.”
HFF and Holliday GP Corp. ("HFF") are licensed New Jersey real estate brokers.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than $130 billion in assets under management and over 800 professionals (as of December 31, 2017), the firm offers strategies across the alternative investment spectrum, including real estate, private equity and credit, infrastructure, transportation, liquid alternatives and hedge funds. Operating from 23 offices throughout the Americas, Europe and Asia Pacific, its independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information: https://www.jpmorgan.com/country/US/en/about/asset-management .
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more hfflp.com or follow HFF on Twitter @HFF .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005868/en/
HFF
JOSE CRUZ, (973) 549-2000
NJ Lic. #8743725
HFF Senior Managing Director
[email protected]
or
OLIVIA HENNESSEY, (713) 852-3500
HFF Public Relations Specialist
[email protected]
Source: HFF | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-hff-announces-146m-sale-of-the-rivington-in-hoboken-new-jersey.html |
ROAD TOWN, British Virgin Islands, May 01, 2018 (GLOBE NEWSWIRE) -- Aura Minerals Inc. (TSX:ORA) announces that the Company will release its first quarter 2018 financial and operational results after the close of business on May 15, 2018.
The Company will host a corporate update conference call in or around May/June to discuss its results and operations. Further details will be provided in advance of the call.
About Aura Minerals
Aura is a mid-tier gold and copper production company focused on the development and operation of gold and base metal projects in the Americas. Aura’s assets include producing gold mines in Brazil and Honduras and a copper-gold-silver mine in Mexico currently under care-and-maintenance with a potential re-start being evaluated by the Company. In addition, the Company has two additional gold projects in Brazil, Almas and Matupá, and one gold project in Colombia, Tolda Fria. On March 22, 2018, the Company completed the sale of Serrote for US$40 million.
For further information on Aura, please visit Aura’s web site at www.auraminerals.com or contact:
Ryan Goodman
VP, Legal Affairs and Business Development
305-239-9332
Source:Aura Minerals Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-aura-minerals-announces-release-date-for-first-quarter-2018-financial-and-operational-results.html |
SHANGHAI (Reuters) - China is investigating the former chairman of state-owned conglomerate Bright Food Group Co Ltd [SHMNGA.UL] for suspected graft, the ruling Communist Party’s anti-corruption watchdog has said.
The Central Commission for Discipline Inspection (CCDI) said late on Friday it was investigating Lu Yongjie, Bright’s chairman until the end of 2015, for suspected “serious discipline violation”, a common euphemism for corruption.
The probe makes Lu the latest in a string of high-profile Chinese executives who have come under fire as the country looks to rein in risks in the financial and corporate sector over concerns of risky behavior and high leverage.
The CCDI gave no further details. Reuters could not immediately reach Bright or Lu for comment.
Bright, the parent of listed Bright Dairy and Food Co Ltd, was an active global dealmaker under Lu, with deals for British cereal maker Weetabix, Australian dairy Mundella Foods and Israeli food group Tnuva among others.
The firm has been quieter over the past couple of years, and sold Weetabix last year to U.S. firm Post Holdings.
Reporting by Adam Jourdan; Editing by Paul Tait
| ashraq/financial-news-articles | https://www.reuters.com/article/us-bright-food-china-corruption/china-probes-former-bright-food-chairman-for-suspected-graft-idUSKCN1IR046 |
LONDON (Thomson Reuters Foundation) - Canadian scientists have collaborated with Hong Kong climate campaigners to create meat-free dumplings in the hope of persuading the world’s biggest carnivores to stop pigging out.
China eats more meat than any other nation - twice the amount consumed by Americans alone - and a campaigning Hong Kong business is launching a more sustainable, plant-based diet that it says has less impact on global warming. But all of the taste.
“Just to tell people what not to do is not going to solve the problem. You’ve got to give them alternatives,” David Yeung, founder of Green Monday, told the Thomson Reuters Foundation.
“Climate change, water scarcity, food insecurity, these are mega, giant problems. The easiest way to help the planet is to reduce meat consumption,” the business founder said.
Green Monday was founded in 2012 as a social enterprise - a business with a mission to benefit society as well as turn a profit. It will launch Omnipork at its six Green Common foodstores, all in Hong Kong, at the beginning of June.
It is the latest alt-meat product aimed at carnivores open to ethical alternatives with less environmental fallout.
Scientists attribute nearly 15 percent of global greenhouse gases to meat production.
The industry is the largest driver of global environmental change due to feed production, land use and methane emissions, according to the Food and Agriculture Organization(FAO).
FOOD, GLORIOUS FOOD China consumes a lot more meat than any other country.
People ate about 74 million tonnes of pork, beef and poultry in 2017, about twice as much as the United States, according to U.S. government estimates.
Omnipork is the first food product from Green Monday, which campaigns for people to ditch meat at least once a week.
Made of shiitake mushroom, rice and pea protein, the new food will initially only be available in prepared dishes such as dumplings and a traditional Asian dish of dan dan noodles.
As well as running grocery stores, the social enterprise has an online directory of restaurants with vegetarian menus and has invested in Beyond Meat, a California-based firm that produces a burger made from plants.
Yeung said it took Canadian food scientists about 18 months to achieve the right texture, moistness and taste that means the product is “almost indistinguishable” from real pork.
Nearly three quarters of consumers globally are limiting or avoiding meat altogether, according to GlobalData, a data analysis company that surveyed nearly 27,000 people in 36 countries, including China.
“The shift toward plant-based foods is being driven by millennials, who are most likely to consider the food source, animal welfare issues, and environmental impacts,” Fiona Dyer, a consumer analyst at GlobalData, said in a statement.
Reporting by Lee Mannion @leemannion, editing by Lyndsay Griffiths 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-hongkong-food-environment/saving-the-planet-one-dumpling-at-a-time-idUSKCN1IP2VN |
TOKYO, May 8 (Reuters) - Japan’s Nikkei share average rose on Tuesday as tech shares rallied and Takeda Pharmaceutical jumped after a report the drugmaker will make a formal offer to buy Shire for $62 billion.
The Nikkei gained 0.4 percent to 22,551.35 points by mid-morning.
Takeda Pharmaceutical gained 2 percent and was the third most traded stock in turnover after trading in negative territory.
The Nikkei reported that the drugmaker will make a formal offer to buy Irish drugmaker Shire for 46 billion pounds ($62.3 billion) in cash and stock on Tuesday.
Takeda later said negotiations are continuing, and it will make an announcement when it reaches an agreement.
With more companies reporting full-year earnings, individual stocks will likely provide catalysts market action this week and next, traders said.
About 40 percent of the Topix companies that have reported so far have topped profit estimates, according to Mizuho Securities. The companies reported a 21.4 percent rise in pretax profits for the last fiscal year ended March 2018, compared to the companies’ earlier estimates of 16.5 percent.
For outlooks for this fiscal year, they have reported a 2.2 percent rise in pretax profits, as most companies have weaker dollar-yen assumptions than last year.
“As companies are forecasting conservative profits this year, the stock market has a hard time digesting the forecasts,” said Nobuhiko Kuramochi, a strategist at Mizuho Securities. “We need to wait until the April-June quarter to get a more concrete picture on how companies will be performing throughout the year.”
Tech shares outperformed, with Kyocera rising 1.2 percent and TDK gaining 0.9 percent.
Banks were also higher, with Mitsubishi UFJ Financial Group advancing 1.2 percent and Mizuho Financial Group adding 0.9 percent.
Meanwhile, Suruga Bank, whose shares have dropped 41 percent this year in connection with loans it made to customers for housing investment, dived more than 8 percent.
The Asahi Shimbun reported that a group of lawyers representing owners who can’t repay their loans released a voice data showing the bank’s involvement in approving loans based on falsifying documents.
The Financial Services Agency (FSA) in March ordered the bank to report on loans it made to retail customers who built so called share houses, where tenants share bathrooms and other facilities.
The broader Topix gained 0.6 percent to 1,782.94. (Editing by Kim Coghill)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/japan-stocks-midday/nikkei-rises-helped-by-tech-stocks-banks-takedas-shire-offer-idUSL3N1SF1LH |
May 3, 2018 / 5:34 AM / Updated 4 minutes ago Vonovia trumps Starwood with $1.1 billion offer for Sweden's Victoria Park Tom Sims , Caroline Copley 4 Min Read
FRANKFURT/BERLIN (Reuters) - Germany’s Vonovia ( VNAn.DE ) made a $1.08 billion cash offer on Thursday for Swedish real estate company Victoria Park AB ( VICPA.ST ), outbidding Starwood Capital Group and stoking the scramble for assets in Europe’s hot property market. FILE PHOTO - The new headquarters of German real estate company Vonovia SE, a member of the German DAX-30 stock market index, is pictured in Bochum, Germany, April 24, 2018, before Vonovia's annual shareholders meeting in Bochum, May 9, 2018. REUTERS/Wolfgang Rattay
Vonovia said it was offering 9.56 billion Swedish krona ($1.08 billion) for Victoria Park, which owns 14,000 units in Stockholm, Gothenburg and Malmo
Low interest rates have fueled interest in real estate among investors searching for higher returns and companies looking to bulk up.
Since going public in 2013 Vonovia has grown into Germany’s biggest residential property company by swallowing up smaller German rivals and has expanded outside its home market, snapping up Austria’s Conwert and more recently Buwog.
The German firm said it was attracted by Sweden’s regulated rental market and a fragmented housing sector ripe for consolidation.
“We are very excited about entering the Swedish market for the first time, and we are particularly happy that we identified Victoria Park as a company that follows the same business principles,” Vonovia CEO Rolf Buch said.
Despite increased competition for portfolios, Buch said he expected rising demand for apartments as people flock to big cities to support prices and rents, especially in Germany and Sweden where there remained a lot of catch-up potential.
Vonovia said its offer for Victoria Park represented an 11.8 percent premium to Starwood’s rival offer, which valued the company at roughly 8.68 billion krona.
Buch told journalists he was in “good talks” with Starwood and that it would not come to a bidding war. Victoria Park’s board had recommended shareholders reject Starwood’s approach, saying it did not reflect the company’s value. On Thursday, its bid committee voiced support for Vonovia’s offer.
Investors representing 37 percent of Victoria Park’s voting capital have agreed to accept Vonovia’s offer, it said. The offer runs until around June 18, and was contingent upon it securing more than 50 percent of the voting shares.
Vonovia, which is offering 38 krona in cash for Victoria Park’s common shares, said after the market close that it would place new shares to institutional investors via a private placement in an accelerated bookbuilding process to fund the deal, with a target to raise about 1 billion euros.
Victoria Park closed up 9.7 percent at 38.50 krona while Vonovia’s stock closed down 2.6 percent at 40.81 euros. INFLUX CITIES
Sweden has been an attractive property market for the past two decades, as property prices rose quickly, fuelling fears of a housing bubble. But prices have dipped in recent months on a surge in building and tougher mortgage repayment rules aimed at curbing high household debt.
Vonovia’s latest foreign venture is part of a European expansion drive. In March, it completed a 5.2 billion euro deal to buy Austrian peer Buwog and has flagged interest in further cross-border acquisitions in Sweden or the Netherlands.
Rules forbidding listed companies owning social housing remain an obstacle to its ambitions in France.
Rival Starwood has also been seeking to expand, making offers for minority stakes in Austria’s CA Immo ( CAIV.VI ) and Immofinanz ( IMFI.VI ) as it seeks assets in central and eastern Europe. Immofinanz has rebuffed Starwood’s offer as too low.
Vonovia’s Buch said he believed listed companies would have the upper hand over private equity because of their scale and lower cost of capital.
Separately, Vonovia also reported financial results for the first quarter and raised its 2018 guidance for funds from operations (FFO 1), a measure of recurring free cash flow, to 1.03 billion to 1.05 billion euros from 960 to 980 million euros.
It said it expected the Victoria Park deal to be accretive to core profit by 2019.
($1 = 8.8902 Swedish crowns) | ashraq/financial-news-articles | https://www.reuters.com/article/us-vonovia-results/vonovia-to-make-1-billion-offer-for-swedens-victoria-park-idUSKBN1I40DO |
May 16, 2018 / 6:50 AM / Updated 7 hours ago Marcelo's son goes viral with Real heading challenge Reuters Staff 1 Min Read
(Reuters) - The eight-year-old son of Brazil left back Marcelo has gone viral on social media with the help of his dad’s Real Madrid team mates and an already prodigious talent for heading the football. Soccer Football - Brazil Training - Olympiastadion, Berlin, Germany - March 26, 2018 Brazil's Marcelo during training REUTERS/Fabrizio Bensch
In a video Marcelo posted on Instagram on Tuesday which has already been viewed more than four million times, Enzo Vieira exchanges headers with a line of 11 Real players, including his father, sitting on a dressing room bench.
The youngster, who represents the Spanish club at a junior level, concludes the display by exchanging lofted headers with standing club captain Sergio Ramos before steering the ball into a nearby laundry bin.
The Real players, who face Liverpool in the Champions League final on May 26, explode in delight at the successful completion of the feat and mob the schoolboy, hoisting him into the air.
"Daddy's pride," Marcelo wrote next to the video here .
“This is a family @realmadrid.” Reporting by Nick Mulvenney in Sydney; Editing by Amlan Chakraborty | ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-spain-mad-marcelo-son/marcelos-son-goes-viral-with-real-heading-challenge-idUSKCN1IH0KB |
TOKYO, May 14 (Reuters) - Japan’s Nikkei share average edged up in choppy trade on Monday morning following sharp gains in cosmetics maker Shiseido after better-than-expected earnings offset weak tech shares, which tracked declines in their U.S. counterparts last week.
The Nikkei gained 0.1 percent to 22,780.52 in midmorning trade, after opening a tad lower.
Shiseido Co jumped more than 15 percent to a record high and was the second most traded stock by turnover after its operating profit for the January-March quarter soared 95.3 percent to 47.1 billion yen.
It contributed a hefty 41 positive points to the Nikkei.
SMBC Nikko Securities said that it was better than the brokerage’s forecast of 28.5 billion yen thanks to strong sales for mid-priced cosmetics products in the domestic market and brisk demand from inbound tourists.
Meanwhile, analysts said that overall gains in the market may be limited on Monday as the weak-yen trend has paused, with the dollar trading flat at 109.330 yen.
“While many companies have their dollar-yen assumptions at 105 yen, the market remains cautious about the risk of rising yen,” said Yutaka Miura, a senior technical analyst at Mizuho Securities.
Tech shares lost ground, with Tokyo Electron shedding 0.7 percent, while Advantest sliding 2.1 percent.
Olympus Corp stumbled as much as 5.8 percent to the lowest level since last October after it expected an operating profit of 81 billion yen for the year ending March 2019, undershooting 91 billion yen forecast by 15 analysts polled by Thomson Reuters.
The broader Topix gained 0.2 percent to 1,798.94.
Editing by Sam Holmes
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-stocks-midday/nikkei-edges-up-in-choppy-trade-shiseido-hits-record-high-on-strong-q1-idUSL3N1SL1EX |
United Continental Holdings Inc. is looking for a new CFO after Andrew Levy left the third-largest U.S. carrier.
The airline said Thursday that veteran finance executive Gerry Laderman will act as CFO until a replacement is found for Mr. Levy. Mr. Levy joined United in August 2016 from Allegiant Travel Co., parent of fast-growing ultralow cost carrier Allegiant Air.
Allegiant... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/united-continental-cfo-levy-departs-company-1526594854 |
May 22, 2018 / 7:56 AM / Updated an hour ago Veteran Hossein misses out in Queiroz's Iran squad Reuters Staff 3 Min Read
HONG KONG (Reuters) - Iran coach Carlos Queiroz has omitted veteran central defender Jalal Hosseini and Belgium-based striker Kaveh Rezaei from his 24-man preliminary squad for the World Cup finals in Russia. FILE PHOTO: Iran's Seyed Jalal Hosseini (R) and Bahrain's Jaycee John fight for the ball during their Asian Cup Group C soccer match at the Rectangular stadium in Melbourne January 11, 2015. REUTERS/Brandon Malone
Hosseini, a veteran of the 2014 tournament in Brazil, was a surprise omission after the 36-year-old started in half of the country’s matches in the final round of qualifying and was a key member of a defence that conceded just two goals in 10 games.
While he last started a qualifying match for Iran in June 2017, when he partnered Morteza Pouraligani against Uzbekistan, the Persepolis centre half has remained part of Queiroz’s squad.
He was a vital component of the Persepolis side that won the most recent Iranian league title and scored a late winner last week to take them through to the quarter-finals of this year’s Asian Champions League.
Rezaei, meanwhile, misses out despite impressing for Charleroi in the Belgian top flight since moving from Esteghlal last year.
The 26-year-old has scored 12 times in the Belgian First Division A in 29 appearances for his club.
Queiroz’s squad features AZ Alkmaar’s Alireza Jahanbakhsh, who finished the season as the top scorer in the Netherlands, while Sardar Azmoun is expected to lead the line after another impressive year in the Russian Premier League with Rubin Kazan.
Iran kick off their World Cup campaign against Morocco in St Petersburg on June 15, before taking on Spain and Portugal in a demanding Group B as the country aim to qualify for the knockout stages for the first time in their history.
Iran squad
Goalkeepers: Alireza Beiranvand (Persepolis), Rashid Mazaheri (Zob Ahan), Amir Abedzadeh (Maritimo, Portugal).
Defenders: Ali Gholizadeh (Saipa), Majid Hosseini (Esteghlal), Milad Mohammadi (Akhmat Grozny, Russia), Mohammad Khanzadeh (Padideh), Morteza Pouraliganji (Al Saad, Qatar), Pejman Montazeri (Esteghlal), Ramin Rezaeian (Ostende, Belgium), Roozbeh Cheshmi (Esteghlal).
Midfielders: Ehsan Haji Safi (Olympiacos, Greece), Karim Ansarifard (Olympiacos, Greece), Masoud Shojaei (AEK Athens, Greece), Mehdi Torabi (Saipa), Omid Ebrahimi (Esteghlal), Saeid Ezatolahi (Amkar Perm, Russia)
Forwards: Alireza Jahanbakhsh (AZ Alkmaar, Netherlands), Ashkan Dejageh (Nottingham Forest, England), Mehdi Taremi (Al-Gharafa, Qatar), Reza Ghoochannejhad (Heerenveen, Netherlands), Saman Ghoddos (Ostersunds, Sweden), Sardar Azmoun (Rubin Kazan, Russia), Vahid Amiri (Persepolis). Reporting by Michael Church; Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-irn/veteran-hossein-misses-out-in-queirozs-iran-squad-idUKKCN1IN0SH |
WASHINGTON—A Republican-led Senate committee backed U.S. intelligence agencies’ finding that Moscow attempted to boost Donald Trump’s 2016 presidential campaign, breaking with a GOP-led House panel that examined the same material.
The conclusion on the January 2017 intelligence finding was part of the committee’s probe into Russian interference in the 2016 election, which continues.
“The... RELATED VIDEO What People Really Mean When They Say 'Collusion' When it comes to the Russia investigation, the word "Collusion" gets thrown around a lot. But there's not a lot of clarity on what it actually means. Is it illegal? Is it grounds for impeachment? We asked a law professor to explain. Photo Illustration: Drew Evans/The Wall Street Journal. To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/senate-intelligence-committee-backs-conclusion-that-moscow-attempted-to-boost-trump-1526488842 |
May 16 (Reuters) - LightInTheBox Holding Co Ltd:
* LIGHTINTHEBOX LAUNCHES CASH ON DELIVERY IN INDIA Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-lightinthebox-launches-cash-on-del/brief-lightinthebox-launches-cash-on-delivery-in-india-idUSFWN1SN0OD |
Wall Street rises as Apple rallies 2:18am IST - 01:01
Wall Street climbed on Monday. As Fred Katayama reports, Apple's sixth straight day of gains helped drive the markets higher.
Wall Street climbed on Monday. As Fred Katayama reports, Apple's sixth straight day of gains helped drive the markets higher. //reut.rs/2FRMSGh | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/07/wall-street-rises-as-apple-rallies?videoId=424775359 |
ANKARA, April 30 (Reuters) - Iran’s judiciary has banned the popular Telegram instant messaging app to protect national security, Iran’s state TV reported on Monday.
“Considering various complaints against Telegram social networking app by Iranian citizens, and based on the demand of security organisations for confronting the illegal activities of Telegram, the judiciary has banned its usage in Iran,” TV reported.
The order came days after Iran banned government bodies from using the Telegram app, which is widely used by Iranian state media, politicians, companies and ordinary Iranians. (Writing by Parisa Hafezi Editing by Alison Williams)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-telegram-apps/irans-judiciary-bans-using-telegram-instant-messaging-app-state-tv-idUSL8N1S75KK |
NASHVILLE, Tenn. (AP) — Music icon Bob Dylan is partnering with a distillery to make whiskey at a 140-year-old Tennessee church and bottle it under the name Heaven's Door.
News outlets report Dylan has partnered with Angel's Envy Bourbon co-founder Marc Bushala in the venture. The New York Times first reported on the plan. Dylan recorded four albums in Nashville.
The Tennessean reports Heaven's Door's first whiskey releases include a Tennessee straight bourbon whiskey, a double barrel whiskey and a straight rye whiskey.
The whiskeys initially will be available in Tennessee, Texas, California, Florida, New York and Illinois.
Dylan said in a statement that he and Bushala wanted to tell a story with the line of whiskeys. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/the-associated-press-it-aint-tea-babe-bob-dylan-embraces-tennessee-whiskey.html |
May 17, 2018 / 9:55 AM / Updated 8 minutes ago CEE MARKETS-Bonds and currencies ease as U.S. yields rise Reuters Staff 7 Min Read * Continuing rise in U.S. 10-yr yield weighs on CEE fx, bonds * Regional currencies could be oversold -analyst, dealer * Concern over Italy weighs on bond prices By Sandor Peto BUDAPEST, May 17 (Reuters) - Central European government bonds and currencies mostly eased on Thursday as U.S. and euro zone bond yields rose and there were concerns that investors could resume dollar buying at the expense of emerging markets. The region's most liquid currencies, the zloty and forint, shed 0.1 percent against the euro by 0859 GMT. A strengthening of the dollar and a rise in the yield of U.S. 10-year Treasuries have been a key influence on regional assets this month, prompting a sell-off in emerging markets. The selling lost some steam on Wednesday, but investors still watch trends in dollar markets while keeping one eye on positioning indicators because some assets in emerging markets and Central Europe could have become oversold. The last time emerging currencies were as oversold as now, in 2015, led to a rally, so positioning for a short-term reversal of the dollar rally "is starting to look interesting", Societe Generale analyst Jason Daw said in a note. However, "risk deployment should be modest", he added, citing Federal Reserve interest rate tightening that could result in a stronger dollar in the medium term. Positions to sell Central European assets including the forint may have become overstretched, one Budapest-based currency dealer said. "But if there is a gobal repricing, this can only slow the process," the dealer said. "The original cause of the weakening - the rise in U.S. and euro zone yields - does not appear to have ended, and that keeps the forint under pressure." A continuing rise in oil prices and concern over the policies of Italy's incoming government keep upwards pressure on core market yields, while jitters in Turkish markets keeps sour investor sentiment on emerging markets, analysts said. Romania led a rise in yields in Central Europe. Hungarian bonds were steady in early trade, but the 10-year yield was near a nine-month high at 3.04 percent, staying on the weaker side of the 3 percent psyschological level. Investors have ignored differences in monetary policy directions in the region during this month's sell-off. Yields have risen both in Hungary and Poland, the central banks of which signalled that they could keep rates on hold at record lows for years, and in the Czech Republic and Romania, where official interest rates have already started to rise. Regional equities mostly rose slightly, in line with the international trend. The exception was Warsaw, where the bluechip index dropped 0.6 percent, dragged down by clothing retailer LPP and insurer PZU. LPP reported a net loss for the first quarter on Thursday. CEE SNAPSHOT AT MARKETS 1059 CET CURRENCI ES Latest Previous Daily Change bid close change in 2018 Czech <EURCZK= 25.5450 25.5420 -0.01% -0.01% crown > Hungary <EURHUF= 316.4700 316.2000 -0.09% -1.76% forint > Polish <EURPLN= 4.2864 4.2807 -0.13% -2.57% zloty > Romanian <EURRON= 4.6365 4.6375 +0.02% +0.93% leu > Croatian <EURHRK= 7.3830 7.3820 -0.01% +0.64% kuna > Serbian <EURRSD= 118.0300 118.0700 +0.03% +0.40% dinar > Note: calculated from 1800 CET daily change Latest Previous Daily Change close change in 2018 Prague 1110.79 1106.060 +0.43% +3.03% 0 Budapest 37693.31 37574.99 +0.31% -4.28% Warsaw 2262.67 2275.91 -0.58% -8.07% Bucharest 8567.20 8576.50 -0.11% +10.49% Ljubljana <.SBITOP 895.31 897.04 -0.19% +11.03% > Zagreb 1846.83 1844.19 +0.14% +0.21% Belgrade <.BELEX1 741.29 741.97 -0.09% -2.44% 5> Sofia 646.16 642.57 +0.56% -4.62% BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic 2-year <CZ2YT=R 0.8990 0.1130 +145bps +11bps R> 5-year <CZ5YT=R 1.3360 0.0170 +135bps +1bps R> 10-year <CZ10YT= 1.8600 -0.0010 +123bps -2bps RR> Poland 2-year <PL2YT=R 1.6180 0.0120 +217bps +1bps R> 5-year <PL5YT=R 2.5370 0.0370 +255bps +3bps R> 10-year <PL10YT= 3.2860 0.0190 +265bps +0bps RR> FORWARD RATE AGREEMEN T 3x6 6x9 9x12 3M interban k Czech Rep 1.00 1.14 1.28 0.90 <PRIBOR= > Hungary 0.07 0.28 0.40 0.00 Poland 1.73 1.78 1.82 1.70 Note: FRA are for ask prices quotes | ashraq/financial-news-articles | https://www.reuters.com/article/easteurope-markets/cee-markets-bonds-and-currencies-ease-as-u-s-yields-rise-idUSL5N1SO2OZ |
May 3, 2018 / 11:41 AM / Updated 4 minutes ago ICE posts better-than-expected profit on higher trading volumes Reuters Staff 2 Min Read
(Reuters) - Intercontinental Exchange Inc ( ICE.N ), owner of the New York Stock Exchange, posted a better-than-expected quarterly profit as a spike in market volatility pushed trading volumes higher. A screen displays the logo and ticker symbol for Intercontinental Exchange, Inc. on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 3, 2016. REUTERS/Brendan McDermid
Volatility surged in February after a prolonged calm in 2017, roiling global equities, bonds, currencies and commodities markets, with turbulence remaining elevated through the end of March, benefiting exchange operators.
Revenue from the transaction and clearing unit, its biggest business, rose 12.5 percent to $898 million.
Revenue from its data services unit, which publishes daily indexes and historical price data, remained unchanged from the year-ago quarter.
Operating expenses fell 1.5 percent to $575 million.
ICE expects second quarter operating expenses in the range of $570 million to $580 million.
Full-year 2018 adjusted expense forecast was also updated to between $2.00 billion and $2.04 billion, from a prior view of $2.00 billion to $2.05 billion.
Net income attributable to the company fell to $464 million, or 79 cents per share, in the first quarter ended March 31, from $503 million, or 84 cents per share, a year earlier.
On an adjusted basis, the company earned 90 cents per share, beating analysts’ estimate of 88 cents per share, according to Thomson Reuters I/B/E/S.
Total revenue, excluding transaction-based expenses, rose 5 percent to $1.23 billion.
Shares of the Atlanta, Georgia-based company were down marginally in premarket trading. Reporting by Nikhil Subba in Bengaluru; Editing by Shailesh Kuber | ashraq/financial-news-articles | https://www.reuters.com/article/us-interconti-exc-results/exchange-operator-ices-profit-falls-7-8-percent-idUSKBN1I41BH |
May 30, 2018 / 5:08 PM / Updated 37 minutes ago Anger at choice of insider as Slovak police chief after journalist's murder Tatiana Jancarikova 3 Min Read
BRATISLAVA (Reuters) - A veteran officer became Slovakia’s new police chief on Wednesday, a pick that angered protesters who had called for an outside figure to guarantee an independent investigation of the murder of a journalist who exposed high-level graft. A man attends a protest rally in reaction to the murder of Slovak investigative reporter Jan Kuciak and his fiancee Martina Kusnirova, in Bratislava, Slovakia April 5, 2018. The placard shows portraits of Jan Kuciak and Martina Kusnirova and reads "Not enough". REUTERS/Radovan Stoklasa
Journalist Jan Kuciak was found shot dead along with his girlfriend at their home in February. They were both 27.
The murder exacerbated worries about media freedom in ex-communist eastern Europe, and led to protests that forced the departure of previous police chief Tibor Gaspar as well as Prime Minister Robert Fico and interior minister Robert Kalinak.
Milan Lucansky, who will take office as police president on June 1 after being appointed on Wednesday by the interior minister, joined the police in the 1990s. Having served as deputy police chief and head of police inspection in recent years, he worked closely with Kalinak.
Asked at a press conference whether he would focus on alleged corruption cases uncovered by Kuciak, Lucansky listed “terrorism and migration” as his main challenges.
“I will take a complex look at the police force... people care about different things not just these specific cases,” Lucansky said.
Slovakia has not been a major transit or destination country during Europe’s migrant crisis.
With Fico keeping the reins of power as chief of the ruling Smer party, the appointment Lucansky to head the police led civic activists to believe that personnel changes have been more cosmetic than substantial.
New Prime Minister Peter Pellegrini and new interior minister Denisa Sakova were both senior figures in the previous administration.
Organisers of the biggest protests since the 1989 fall of communism, united under the ‘For a Decent Slovakia’ alliance, said the nomination was a missed opportunity for real change.
“Interior Minister Denisa Sakova remains nothing but the right hand of former minister Kalinak, and Prime Minister Peter Pellegrini proves he still has to do as former PM Fico and the former interior minister say,” the opposition alliance said in a statement.
No new public protests have been called for now.
No one has been charged with the murder of Kuciak and his fiancee, which a prosecutor has said was probably a contract killing.
The police also faced criticism last week from Kuciak family’s lawyer who said they may have inadvertently destroyed evidence through negligence at the scene of the murder.
The special prosecutor’s office said “some failures were detected during initial actions at the crime scene”.
Kuciak had, among other things, investigated fraud cases involving businessmen with Slovak political ties. He had also looked into suspected mafia links of Italians with businesses in Slovakia. Reporting By Tatiana Jancarikova; Editing by Toby Chopra | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-slovakia-politics-police/anger-at-choice-of-insider-as-slovak-police-chief-after-journalists-murder-idUKKCN1IV2BL |
May 2 (Reuters) - Aptiv PLC:
* APTIV LAUNCHES FLEET OF AUTONOMOUS VEHICLES ON THE LYFT NETWORK
* APTIV PLC - LAUNCH OF A FLEET OF 30 AUTONOMOUS VEHICLES IN LAS VEGAS ON LYFT NETWORK.
* APTIV PLC - APTIV AUTONOMOUS VEHICLES ON LYFT NETWORK WILL BE AVAILABLE TO GENERAL PUBLIC IN LAS VEGAS STARTING MAY 3 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-aptiv-launches-fleet-of-autonomous/brief-aptiv-launches-fleet-of-autonomous-vehicles-on-the-lyft-network-idUSFWN1S90OZ |
ISTANBUL (Reuters) - Turkish discount retailer Sok Marketler will hold bookbuilding for its initial public offering next week, said food giant Yildiz Holding, whose Gozde Girisim ( GOZDE.IS ) investment arm owns a 39 percent stake in Sok.
In a written statement responding to questions from Reuters, Yildiz said it would hold the bookbuilding next week because more than one IPO had been scheduled for the first week of May. Gozde has said it would hold an IPO for around 38 percent of Sok.
Reporting by Ceyda Caglayan and Ebru Tuncay; Writing by Daren Butler; Editing by Dominic Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-sokmarketler-ipo/turkish-retailer-sok-to-hold-ipo-bookbuilding-next-week-yildiz-idUSKBN1I31P5 |
LONDON (Reuters) - Following is the address by U.S. Episcopalian bishop, Michael Bruce Curry, at the wedding of Britain’s Prince Harry and American actress Meghan Markle, as delivered.
And now in the name of our loving, liberating and life-giving God, Father, Son and Holy Spirit, Amen.
From the Song of Solomon in the Bible: “Set me as a seal upon your heart, as a seal upon your arm; for love is as strong as death, passion fierce as the grave. Its flashes are flashes of fire, a raging flame. Many waters cannot quench love, neither can floods drown it out.”
The late Dr Martin Luther King once said, and I Quote: : “We must discover the power of love, the redemptive power of love. And when we discover that, we will be able to make of this old world a new world. For love, love is the only way.”
There’s power in love. Don’t underestimate it. Don’t even over-sentimentalize it. There’s power, power in love. If you don’t believe me, think about a time when you first fell in love. The whole world seemed to center around you and your beloved. Oh there’s power, power in love, not just in its romantic forms, but any form, any shape of love. There’s a certain sense in which when you are loved, and you know it, when someone cares for you, and you know it, when you love and you show it, it actually feels right. There’s something right about it. And there’s a reason for it. The reason has to do with the source. We were made by a power of love. And our lives were meant and are meant to be lived in that love. That’s why we are here. Ultimately the source of love is God Himself. The source of all our lives.
There’s an old medieval poem that says: “Where true love is found, God himself is there.”
The New Testament says it this way: “Beloved, let us love one another, because love is of God; And those who love are born of God and know God. Those who do not love do not know God.” Why? For God is love.
There’s power in love. There’s power in love to help and heal when nothing else can. There’s power in love to lift up and liberate when nothing else will. There’s power in love to show us the way to live.
“Set me as a seal on your heart, a seal on your arm, for love it is as strong as death.”
But love is not only about a young couple. No, the power of love is demonstrated by the fact that we’re all here. Two young people fell in love and we all showed up. But it’s not for and about a young couple who we rejoice with. It’s more than that.
Jesus of Nazareth on one occasion was asked by a lawyer to sum up the essence of the teachings of Moses and he went back and reached back into the Hebrew scriptures to Deuteronomy and Leviticus and he said. “You shall love the Lord your God with all your heart, all your soul, all your mind and all your strength. This is the first and great commandment. And the second is like it: Love your neighbor as yourself.” Then in Matthew’s version he added, he said, on these two - love of God and love of neighbor hang all the law, all the prophets, everything that Moses wrote, everything in the holy prophets, everything in the scriptures, everything that God has been trying to tell the world – love God, love your neighbor. And while you’re at it, love yourself.
You know, someone once said that Jesus began the most revolutionary movement in all of human history. A movement grounded in the unconditional love of God for the world and a movement mandating people to live that love and in so doing to change not only their lives but the very life of the world itself. I am talking about power, real power, power to change the world. If you don’t believe me, well, there were some old slaves in America’s antebellum south who explained the dynamic power of love and why it has the power to transform. They explained it this way, they sang a spiritual, even in the midst of their captivity. It’s one that says “There is a balm in Gilead”. A healing balm. Something that can make this right. “There is a balm in Gilead to make the wounded whole. There is a balm in Gilead to heal the sin-sick soul.” One of the stanzas explains why, “If you cannot preach like Peter, and you cannot pray like Paul, you just tell the love of Jesus, how he died to save us all.” Oh that’s the balm in Gilead.
This way of love it is the way of life. They got it. He died to save us all. He didn’t die for anything he could get out of it. Jesus did not get an honorary doctorate for dying. He didn’t get anything out of it. He gave up his life, he sacrificed his life for the good of others, for the good of the other, for the well-being of the world, for us. That’s what love is. Love is not selfish and self-centered. Love can be sacrificial, and in so doing, becomes redemptive. And that way of unselfish, sacrificial, redemptive love changes lives. And it can change this world. If you don’t believe me, just stop and think and imagine. Think and imagine. Well. Think and imagine a world where love is the way. Imagine our homes and families when love is the way. Imagine neighborhoods and communities where love is the way. Imagine governments and nations where love is the way. Imagine business and commerce when love is the way. Imagine this tired old world when love is the way, when love is the way, unselfish, sacrificial, redemptive, when love is the way, then no child will go to bed hungry in this world ever again when love is the way. We will let justice roll down like a mighty stream and righteousness like an ever-flowing brook. When love is the way poverty will become history.
When love is the way the earth will be a sanctuary. When love is the way we will lay down our swords and shields down by the river side to study war no more. When love is the way, there’s plenty good room, plenty good room for all of God’s children. Because when love is the way we actually treat each other, well, like we are actually family. When love is the way we know that God is the source of us all and we are brothers and sisters, children of God. My brothers and sisters, that’s a new heaven, a new earth, a new world, a new human family. And let me tell you something, old Solomon was right in the Old Testament, that’s a fire.
Teilhard de Chardin ... and with this I’ll sit down. We’ve gotta get y’all married. French Jesuit Teilhard de Chardin was arguably one of the great minds, great spirits of the twentieth century. Jesuit, Roman catholic priest, scientist, a scholar, a mystic. In some of his writings he said from his scientific background as well as his theological one, in some of his writings he said, as others have, that the discovery or invention or harnessing of fire was one of the great scientific and technological discoveries in all of human history. Fire to a great extent made human civilization possible. Fire made it possible to cook food and provide sanitary ways of eating which reduced the spread of disease in its time. Fire made it possible to heat, warm environments and thereby made human migration around the world a possibility, even into colder climates. Fire made it possible, there was no Bronze Age without fire, no Iron Age without fire, no Industrial Revolution without fire. The advances of science and technology are greatly dependent on the ability and capacity to take fire and use it for human good.
Anybody get here in a car today? An automobile? Nod your head if you did, I’m guessing - I know there were some carriages. But those of us who came in cars, fire, the controlled, harnessed fire made that possible. I know that the Bible says, and I believe it, that Jesus walked on the water. But I have to tell you that I didn’t walk across the Atlantic Ocean to get here. Controlled fire in that plane got me here. Fire makes it possible for us to text and tweet and email and Instagram and Facebook and socially be dysfunctional with each other. Fire makes all of that possible.
And de Chardin said fire was one of the greatest discoveries in all of human history. And he then went on to say that if humanity ever harnesses the energy of fire again, if humanity ever captures the energy of love, it will be the second time in history that we have discovered fire.
Dr. King was right. “We must discover love the redemptive power of love. And when we do that, we will make of this old world a new world.”
My brother, my sister, God love you. God bless you. And may God hold us all in those almighty hands of love.
Bishop Michael Curry from the U.S. poses for a portrait at St George's Chapel in Windsor castle ahead of the wedding of Prince Harry and Meghan Markle in Windsor, Britain, May 18, 2018. Steve Parsons/Pool via Reuters | ashraq/financial-news-articles | https://in.reuters.com/article/us-britain-royals-bishop-address/the-power-of-love-address-by-u-s-bishop-at-harry-and-meghans-wedding-idINKCN1IK0G2 |
NEW YORK, May 3 (Reuters) - U.S. Treasury yields edged higher from lows on Thursday, lifted by a round of generally positive U.S. data that reflected an economy that is on a stable growth path.
U.S. jobless claims increased less than expected last week to 211,000, with the number of American receiving financial assistance falling to its lowest level since 1973.
At the same time, U.S. worker productivity grew 0.7 percent in the first quarter, compared with a revised 0.3 percent rise in the fourth.
On the trade front, it was also positive news. The U.S. trade deficit dropped to $49 billion in March as exports hit record high, from a $57.7 billion gap in February.
As result, U.S. benchmarket 10-year yields rose slightly to 2.945 percent from 2.943 percent just before the data’s release.
U.S. two-year yields were up at 2.480 percent after the data, from 2.476 percent before the number. (Reporting by Gertrude Chavez-Dreyfuss Editing by Chizu Nomiyama)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds/treasuries-yields-rise-modestly-from-lows-after-u-s-data-idUSL1N1SA0KA |
May 9, 2018 / 10:09 AM / a few seconds ago Dismal UK retail figures add to blues as Bank of England meets Andy Bruce 3 consumer economy failed to rebound in April after snowy weather kept shoppers at home the month before, adding to downbeat data that make a Bank of England rate rise this week unlikely. Shoppers walk past House of Fraser on Oxford Street in central London, Britain, April 2, 2018. REUTERS/Hannah McKay
In a latest sign of slow growth in 2018, retail spending contracted by 3.1 percent year-on-year in April after a 2.3 percent rise in March, the British Retail Consortium (BRC) said on Wednesday.
That marked the sharpest drop since records began in 1995.
While the plunge partly reflects the timing of the sales-boosting Easter holidays — which started in March this year rather than April — the BRC warned of a weak underlying trend.
Marc Ostwald, market strategist at ADM Investor Services, said the figures were “dismal”.
British data have soured over the past month, suggesting the economy has not yet recovered from a weak start to 2018 in the manner most economists and BoE officials had expected.
A lack of clarity around Britain’s terms of departure from the European Union in less than a year, as well as a slowing euro zone economy, are among reasons cited for Britain’s disappointing performance of late.
The BoE now looks unlikely to raise rates on Thursday, according to a new Reuters poll of economists who have mostly pushed back forecasts for a rate hike to August. [BOE/INT]
Adding to mixed signals, a survey of recruitment firms on Wednesday showed demand for permanent staff grew at the weakest pace so far this year during April, though growth in starting salaries remained robust. RETAIL “IN DISTRESS”
Looking at retail sales over the three months to April, which smoothes out March’s jump and last month’s plunge, the BRC said overall spending was up just 0.4 percent year-on-year.
That marked the third-worst reading since the global financial crisis.
The BRC said the retail market was likely to remain “extremely challenging”. Earlier on Wednesday, baker Greggs ( GRG.L ) warned profit for 2018 was likely to disappoint, blaming a dip in consumer demand.
Already this year Toys R Us UK, electricals group Maplin and drinks wholesaler Conviviality have filed for protection from creditors.
“The retail industry is clearly in distress,” said Richard Lim, chief executive of consultancy Retail Economics.
Separately, payment card firm Barclaycard said consumer spending — which includes a broader range of purchases such as holidays and eating out — rose at an annual pace of 3.4 percent in April after growing just 2.0 percent in the previous month.
Excluding the snow-hit March, April marked the weakest increase in five months.
“The UK seems to be caught in a holding pattern, with people still budgeting carefully,” Barclaycard managing director Paul Lockstone said. Reporting by Andy Bruce; Editing by Toby Chopra | ashraq/financial-news-articles | https://uk.reuters.com/article/us-britain-economy-retail/dismal-uk-retail-figures-add-to-blues-as-bank-of-england-meets-idUKKBN1IA1AX |
May 4 (Reuters) - SQS India BFSI Ltd:
* MARCH QUARTER CONSOL NET PROFIT 103.3 MILLION RUPEES VERSUS PROFIT 46 MILLION RUPEES YEAR AGO
* MARCH QUARTER CONSOL REVENUE FROM OPERATIONS 756.4 MILLION RUPEES VERSUS 575.3 MILLION RUPEES YEAR AGO Source text: bit.ly/2rkJyyW Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-sqs-india-bfsi-march-qtr-co/brief-indias-sqs-india-bfsi-march-qtr-consol-net-profit-rises-idUSFWN1SB0N5 |
POULSBO, Wash., May 7, 2018 /PRNewswire/ -- Pope Resources (NASDAQ:POPE) announced today a quarterly distribution of $0.70 per unit, effective for unitholders of record on June 1, 2018 and payable on June 15, 2018.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100%) of Pope Resources' distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Pope Resources' distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax result.
About Pope Resources
Pope Resources, a publicly traded limited partnership, and its subsidiaries Olympic Resource Management and Olympic Property Group, own and manage 119,000 acres of timberland and 2,100 acres of development property in Washington. In addition, Pope Resources co-invests in and consolidates three private equity timber funds that own 124,000 acres of timberland in Washington, Oregon, and California. The Partnership and its predecessor companies have owned and managed timberlands and development properties for over 160 years. Additional information on the company can be found at www.poperesources.com . The contents of our website are not incorporated into this release or into our filings with the Securities and Exchange Commission.
View original content with multimedia: http://www.prnewswire.com/news-releases/pope-resources-announces-quarterly-distribution-300642924.html
SOURCE Pope Resources | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-pope-resources-announces-quarterly-distribution.html |
(Adds details from financial statement, context)
By Ana Mano
SAO PAULO, May 10 (Reuters) - Brazilian food company BRF SA on Thursday reported its second consecutive quarterly loss as the firm reels from a food safety scandal that prompted trade bans and led it to reduce production capacity at five plants.
BRF said it lost 114 million reais ($32 million) last quarter, missing a consensus estimate for net income of 14.99 million reais.
BRF, Brazil’s largest chicken processor, also missed a consensus estimate for earnings before interest, tax, depreciation and amortization, a gauge of operating profit, which came in at 783 million reais, some 7 percent below forecast.
BRF results have been adversely affected by an ongoing food safety probe in Brazil implicating companies and government health inspectors accused of colluding to evade safety and quality checks.
BRF said it had incurred additional charges of 12.8 million reais last quarter to defend itself from the claims, which prompted the Agriculture Ministry to immediately suspend exports from three of its plants.
The company started an internal investigation in connection with the allegations while maintaining its products are fit for human consumption.
Last quarter, BRF said sales volumes increased by 6 percent driven by domestic market demand. This helped offset a fall in overseas sales volumes, which were impacted by trade restrictions imposed by Russia and Europe. Still, net revenues fell 5 percent from the same quarter a year ago, to 8.2 billion reais.
On April 19, the European Union banned imports of Brazilian meat products, mostly poultry, in a move that affected 20 plants that had been authorized to export to the bloc, 12 of which are operated by BRF.
The company said it has not been formally notified of the bloc’s decision and will try to reverse it.
It is unclear whether BRF will be capable of directing any exceeding production capacity resulting from the bans to alternative markets, at similar prices.
The company said average selling prices for some products in some markets fell as a result of the trade bans, a direct result of the food safety probes that started in March 2017.
BRF’s top shareholders last month overhauled the board, a move designed to kick off a turnaround after two years of net losses partially due to mismanagement of feed inventory and fallout from the scandal.
“The next quarters will be extremely challenging,” Chief Executive Lorival Nogueira Luz said in a statement accompanying results. ($1 = 3.5506 reais) (Reporting by Ana Mano Editing by Leslie Adler)
| ashraq/financial-news-articles | https://www.reuters.com/article/brf-results/update-1-brazils-brf-loses-32-mln-in-q1-misses-consensus-idUSL1N1SI01C |
Careful what you say around Amazon's Alexa Thursday, May 24, 2018 - 01:37
Ever worry your devices are spying on you? Well your paranoia may be justified after a family in Portland had their private conversation recorded by Alexa on Amazon's Echo and sent it to a random contact. ▲ Hide Transcript ▶ View Transcript
Ever worry your devices are spying on you? Well your paranoia may be justified after a family in Portland had their private conversation recorded by Alexa on Amazon's Echo and sent it to a random contact. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IFFfJ4 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/25/careful-what-you-say-around-amazons-alex?videoId=430041673 |
May 21 (Reuters) - Nexeon Medsystems Inc:
* NEXEON MEDSYSTEMS ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 REVENUE $2.87 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nexeon-medsystems-q1-revenue-287-m/brief-nexeon-medsystems-q1-revenue-2-87-million-idUSASC0A34I |
May 21 (Reuters) - MabVax Therapeutics Holdings Inc :
* MABVAX THERAPEUTICS SAYS IN LIGHT OF SEC INVESTIGATION, UNABLE TO FILE FORM 10-Q FOR QUARTER ENDED MARCH 31, 2018 AT THIS TIME - SEC FILING
* MABVAX THERAPEUTICS- BELIEVE SEC INVESTIGATING POTENTIAL VIOLATIONS BY CO, OFFICERS & POTENTIAL VIOLATIONS BY MULTIPLE HOLDERS OF PREFERRED STOCK
* MABVAX THERAPEUTICS HOLDINGS INC - FURTHER BELIEVE SEC INVESTIGATION PERTAINS TO RELATIONSHIPS WITH MULTIPLE HOLDERS OF PREFERRED STOCK
* MABVAX THERAPEUTICS - APPOINTED SPECIAL COMMITTEE WITH INDEPENDENT MEMBERS OF BOARD TO SUPERVISE REVIEW OF MATTERS BELIEVED TO BE UNDER INVESTIGATION
* MABVAX THERAPEUTICS HOLDINGS INC - REVIEWING OUR INTERNAL AND DISCLOSURE CONTROLS
* MABVAX THERAPEUTICS HOLDINGS - ON MAY 20, AUDITORS WITHDREW THEIR AUDIT REPORTS INCLUDED IN ANNUAL REPORTS ON FORM 10-K FOR YRS 2014, 2015, 2016, 2017
* MABVAX - FINANCIAL STATEMENTS FOR 2014, 2015, 2016, 2017, REGISTRATION STATEMENTS FILED DURING THOSE YRS, TO DATE FOR 2018, SHOULD NOT BE RELIED UPON Source text : ( bit.ly/2rZ7Gqg ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mabvax-therapeutics-updates-on-sec/brief-mabvax-therapeutics-updates-on-sec-investigation-accounting-discrepancies-idUSFWN1SS0JF |
Inside Gaza: a life under blockade 10:44pm IST - 02:33
As protests die down on the Israel-Gaza border where dozens of Palestinians were killed by Israeli gunfire this week, Reuters Emily Wither speaks to some of the two million people facing blockade and crippling unemployment in the narrow strip.
As protests die down on the Israel-Gaza border where dozens of Palestinians were killed by Israeli gunfire this week, Reuters Emily Wither speaks to some of the two million people facing blockade and crippling unemployment in the narrow strip. //reut.rs/2GoJNxE | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/16/inside-gaza-a-life-under-blockade?videoId=427463333 |
The federal judge who will oversee the trial of nine former employees and executives of Massachusetts compounding pharmacy whose tainted drug caused a deadly 2012 meningitis outbreak has ruled prosecutors may not introduce evidence of the harm patients suffered.
U.S. District Judge Richard Stearns in Boston on Monday said the mostly low- and mid-level former employees of New England Compounding Center who will face trial in October were not alleged to have participated in preparing the tainted drugs.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2K2Kpv4
| ashraq/financial-news-articles | https://www.reuters.com/article/health-meningitis/judge-bars-evidence-about-harm-caused-by-2012-meningitis-outbreak-idUSL1N1SF2IH |
* Star says IPL ad revenue is surging compared with 2017
* Many brands advertise during IPL games to reach big audience
* Star says the competition has easily exceeded its expectations
* Final of the 60-game competition is on Sunday in Mumbai
* Indian audience for IPL this year may exceed FIFA World Cup
By Sudipto Ganguly and Sankalp Phartiyal
MUMBAI, May 25 (Reuters) - Advertising rates for this season’s Indian Premier League cricket tournament have shot through the roof with a record 125 brands riding on the country’s most lucrative sports competition, far exceeding expectations of Star India, its new broadcaster.
With the final in Mumbai on Sunday, Star is already predicting its ad revenue from the 60-game tournament, which runs for just over seven weeks, will total about 20 billion rupees ($300 million). That is up more than 50 percent from the 13 billion rupees that was pulled in by the previous owner of the TV rights, Sony Pictures Networks, in 2017.
That will only partially offset the record 163.48 billion rupees ($2.4 billion) that Star India, which is part of Twenty-First Century Fox, paid last September for the television and digital rights of the IPL for five years.
But Star will make additional money from distribution and syndication rights and also get the benefits of pulling in viewers for other programming. There is also an increasing audience around the world in the Indian diaspora and from cricket fans generally.
“When we took it over we thought it is the biggest tournament,” said Star India Managing Director Sanjay Gupta. “But as we have gone through it we have realised it is even bigger than we thought it was... in its scale, in its depth, in the followership that you get.”
OBSESSED The success of the tournament, which only began in 2008, reflects not only the obsession with cricket in the world’s second-most populous nation but also the increasing demands from domestic and foreign companies for effective avenues to market their products to India’s growing middle class.
The Twenty20 format, which means each team can only bat for 20 six-ball overs, makes games much faster and more exciting than traditional cricket matches. Add in a lot of razzmatazz - dancers, fireworks, big screen replays and music - and the games played by male players appeal to a wide audience, including many women.
Star said it sold 90 percent of its advertising slots before the IPL kicked off on April 7 and the remaining 10 percent within the first two weeks of the tournament.
There was a 14 percent jump in television viewership for the first 52 of the 60 games, according to BARC ratings, which means the competition should easily surpass last year’s total viewership of 1.29 billion when it ends on Sunday.
The brand value of the franchise-based IPL, which has eight teams, grew to an estimated $5.3 billion in 2017, according to New York-based corporate finance advisory firm Duff & Phelps.
And the tournament is doing well beyond the traditional TV format. The match between Chennai and Hyderabad earlier this week set a new global record of 8.26 million concurrent viewers on Star’s video streaming platform, Hotstar - the highest-ever for a live event.
This Sunday’s final will be between Chennai and the winners of a playoff on Friday night between Kolkata and Hyderabad. Last year, the overall India viewership for the final reached 39.4 million, according to BARC.
More than 120 brands, ranging from those selling luxury cars to flipflops, are advertising during Star’s coverage of the IPL this year. They include online retailing behemoth Amazon , mobile carriers Vodafone and Reliance Industries’ Jio, smartphone maker Samsung, Coca-Cola and PepsiCo and automakers Ford, Tata Motors and Volkwagen AG’s Skoda.
Chinese smartphone maker Vivo Communication Technology is the title sponsor for the IPL after bidding almost 22 billion rupees for a five-year contract last year.
BUOYANT MOOD Despite the higher advertising prices, the mood has been buoyant with the number of advertisers this year 40-50 percent more than in 2017, according to Vineet Sodhani, chief executive for media audit and advisory firm Spatial Access.
One of the big attractions is that the companies can choose to advertise in a variety of languages spoken in parts of India - not just English and Hindi - across a range of specialist Star channels and digital platforms.
“It (IPL) provides for us a very, very turbo-charged atmosphere,” said Siddharth Banerjee, executive vice president of marketing for mobile carrier Vodafone’s India unit, one of the advertisers. “It gives us a step jump which lasts us through the year. It’s like a shot that we take which gives us a lot of sustaining power.”
Mobile gaming firms are also among those to benefit. Mumbai-based Nazara Technologies partnered with the Bangalore team last year to launch a mobile game based on the side led by top Indian cricketer Virat Kohli.
“We got some amazing response,” Nazara Chief Executive Manish Agarwal said, referring to last year’s game.
“Within two days, we became the No. 1 game in the top free charts on Google Play (India).”
Agarwal added the new version of the game was also seeing massive demand from users this season.
Cricket historian Boria Majumdar said that there is likely to be a bigger Indian audience for the IPL this year than for the FIFA World Cup, the international soccer tournament held once every four years that is the most watched sports event in the world.
“For a domestic competition to have this level of interest is incredible,” he said.
$1 = 68.2300 Indian rupees Additional reporting by Amlan Chakraborty in New Delhi; Editing by Martin Howell
| ashraq/financial-news-articles | https://www.reuters.com/article/cricket-india-ipl/cricket-from-flipflops-to-cars-indias-obsession-with-ipl-pulls-in-the-advertisers-idUSL3N1SU46S |
Kohl's crushes estimates 3:54pm BST - 00:55
Kohl's quarterly profit, revenue and same-store sales rose and crushed Wall Street's estimates. Separately, JCPenney's CEO will step down to head Lowe's. Fred Katayama reports.
Kohl's quarterly profit, revenue and same-store sales rose and crushed Wall Street's estimates. Separately, JCPenney's CEO will step down to head Lowe's. Fred Katayama reports. //reut.rs/2IEJeWs | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/22/kohls-crushes-estimates?videoId=429335678 |
CALIFORNIA GOV. JERRY BROWN PROPOSES REVISED FISCAL YEAR 2018-2019 BUDGET OF $199.3 BLN, A 9 PCT INCREASE FROM CURRENT YEAR | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/reuters-america-california-gov-jerry-brown-proposes-revised-fiscal-year-2018-2019-budget-of-199-point-3-bln-a-9-pct-increase-from-current.html |
SAO PAULO, May 30 (Reuters) - The Brazilian unit of Italian utility Enel SpA on Wednesday presented the highest bid for shares of power grid operator Eletropaulo Metropolitana Eletricidade de Sao Paulo SA, according to an Eletropaulo filing.
Enel said it will pay 45.22 reais per share for Eletropaulo, beating a bid of 39.53 reais per share from Neoenergia SA , Brazil’s largest utility by customer base, which is controlled by Spain’s Iberdrola. (Reporting by Carolina Mandl Editing by Leslie Adler)
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/eletropaulo-ma-enel/enel-outbids-iberdrola-unit-for-brazil-utility-eletropaulo-idUSE6N1PP022 |
CALGARY, Alberta, May 08, 2018 (GLOBE NEWSWIRE) -- Critical Control Energy Services Corp. (TSX:CCZ) today reported its financial results for the three months ended March 31, 2018.
“Our key strategic cloud based software revenue grew by 7% compared to last year, fueled by accelerating penetration in the US, which posted a 95% increase,” said Alykhan Mamdani. “This growth enabled us to hold overall software margins and profitability steady, tempering the impact of weak services revenue due to severe weather conditions throughout the first quarter of 2018 in the Appalachians.”
Revenue
Key strategic Cloud based software generated $2.0 million in the first quarter of 2018 a growth of 7% fueled by market penetration in the United States, which increased by 95% compared to the comparative period in 2017. Software based services revenue decreased by 14% compared to the prior period comparison due in large part to the nearing completion of a major implementation of one of the Corporation’s cloud based solutions at a large customer in Canada. Measurement services revenue decreased by 23% compared to the prior period. While a portion of this decline was expected given the Corporation’s strategy to replace a portion of field services with automation, the impact was fueled by several factors including extreme weather conditions in the Appalachian region and a series of large projects put on temporary hold due to M&A activity. Equipment and other revenue generated $1.0 million in the first quarter of 2018, over 90% of this revenue is based in the United States.
Gross margin
Gross margin in Software improved from 59.8% to 60.5% despite a strong competitive environment in Canada. The Corporation focused on restructuring the field based Measurement Service business segment to integrate its software into the operation process and evaluated field offices that were underperforming in the first quarter of 2018. The implementation of these initiatives combined with reduced revenue contributed to decreased gross margin of 10.3% in the first quarter of 2018.
Earnings and net earnings
The Corporation’s loss before tax was $0.3 million for the first quarter 2018 and 2017. The Adjusted EBITDA was $0.2 million for the first quarter of 2018. The decrease from the prior comparative period of $0.8 million is attributed to a decline in measurement services revenue offset by reduced administrative expenditures.
Outlook and Guidance
The strengthening price of oil in early 2018 has created cautious optimism in the Corporation’s US client base but the lack of access to export markets in Canada continues to negatively impact investment in the Corporation’s largest revenue base.
As the industry struggled over the past three years, oil and gas service providers have become increasingly competitive materially driving down costs to the producer, which have materially impacted the Corporation’s revenue base. While the impact to the Corporation’s measurement service and software based services was felt the most, the value provided by the Corporation’s cloud based software generated modest growth, driven primarily through penetration of the Corporation’s software into the US market.
The Corporation’s strategy for Field Services in 2018 and onwards is to leverage its Field Services’ customers in the US to adopt the Corporation’s software. Instead of competing on price alone, the Corporation is rebuilding its Field Services business to differentiate an increasingly commoditized offering with cost savings based on adoption of software. Management is confident that this endeavour will yield growth in the Corporation’s strategic cloud based software revenue, but the effort is expected to continue to negatively impact the Corporation’s measurement services revenue in 2018 as the Corporation implements customers onto its cloud based software. Management’s expectation of growth is based upon continued penetration of the Corporation’s software by its US customers and may be impacted as the industry continues investment in automation attracting the entry of new competitive products to the Corporation’s software.
Growth of the Corporation’s cloud based software revenue in the US during the first quarter of 2018 is a reflection of the success of the Corporation’s strategy to convert its measurement services to automation based on software. Management is optimistic that the continuation of this strategy in 2018 will accelerate adoption of the Corporation’s cloud based software in the US which will offset the risk inherent in the Canadian market place.
About Critical Control
Critical Control provides solutions for the collection, control and analysis of measurement and operational data related to oil and gas wells across North America. We provide services to capture the data, cloud based software to visualize and manage it and the business intelligence to make quicker and more informed operational decisions.
For further information
Alykhan Mamdani
President & CEO
Tel (403) 705-7500
Source: Critical Control Energy Services Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-critical-control-announces-first-quarter-2018-financial-results.html |
ST PETERSBURG, Russia (Reuters) - French President Emmanuel Macron said on Friday he met the head of Russia’s oldest rights group as well as the widow of Alexander Solzhenitsyn, the Nobel literature laureate and prominent dissident of the Soviet era.
French President Emmanuel Macron speaks during a news conference after the talks with his Russian counterpart Vladimir Putin in St. Petersburg, Russia May 24, 2018. REUTERS/Grigory Dukor Macron is in St Petersburg for two days where he met with Russian President Vladimir Putin on Thursday for talks on international crises such as Syria and Iran.
Facing calls at home to send a signal on human rights and democratic values to the Russian leader during his visit, Macron posted pictures on Thursday night of his meeting with the head of the Memorial rights group, Alexander Cherkasov.
As the first non-governmental organization registered in the Soviet Union, Memorial is a symbol of the fight for democracy and human rights in Russia.
It is now one of hundreds of NGOs under scrutiny for receiving funding from abroad and involvement in what is loosely defined as “political activities.”
“Memorial is really the symbol of a democratic Russia that is brutalised by the authorities. Macron can show that Russia, for him, is not only its leaders but also its civil society,” French philosopher Michel Eltchaninoff told Reuters.
Macron also posted on Twitter a video of his meeting with Solzhenitsyn’s widow, Natalia Solzhenitsyn, whom he called “the echo of a voice that marked the 20th century and continues to shine in ours.”
Long banned at home, Alexander Solzhenitsyn gained fame when Soviet leader Nikita Khrushchev allowed the publication in 1962 of his “One Day in the Life of Ivan Denisovich”, which described the horrifying routine of labor-camp life.
He won the Nobel Prize for Literature in 1970 for his work, including “The Gulag Archipelago”, a chronicle of his own and thousands of other prison-camp experiences.
His books unveiled the dark secrets of the Gulag network of camps where millions of Russians died during Stalin’s purges. Some read and distributed his books underground, defying state persecution.
After Solzhenitsyn’s return following his expulsion from the country, the post-Soviet leadership paid him much respect. But he became increasingly critical of the state of modern-day Russia, denouncing corruption.
Reporting by Michel Rose; Editing by Peter Cooney
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-france-rights/macron-meets-in-russia-with-head-of-rights-group-solzhenitsyns-widow-idUSKCN1IQ04D |
May 27, 2018 / 3:49 PM / Updated an hour ago Molinari wins PGA Championship as McIlroy fades Reuters Staff 1 Min Read
LONDON (Reuters) - Italian Franceso Molinari won the PGA Championship title at Wentworth on Sunday as Rory McIlroy faded in the final round to miss out on the chance of victory in the European Tour’s flagship tournament for the second time.
The pair started the day level on 13 under par and while Molinari carded a flawless 68 to finish at 17 under, McIlroy’s 70 left him two shots adrift in second place.
McIlroy, four-times major champion, wasted a birdie opportunity on the second hole and Molinari birdied the third and fourth to move two clear.
McIlroy dropped shots at the 10th and 11th holes and world number 32 Molinari eased to his first Wentworth title after finishing runner-up last year, boosting his chances of earning a place in Europe’s Ryder Cup team this year.
Denmark’s Lucas Bjerregaard and defending champion Alex Noren of Sweden finished in a tie for third on 14 under par. Reporting by Peter Hall, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-golf-european/molinari-wins-pga-championship-as-mcilroy-fades-idUKKCN1IS0K9 |
May 15 (Reuters) - Envirostar Inc:
* Q3 REVENUE ROSE 77 PERCENT TO $44 MILLION * QTRLY EARNINGS PER SHARE $0.09 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-envirostar-qtrly-earnings-per-shar/brief-envirostar-qtrly-earnings-per-share-0-09-idUSASC0A2AY |
MILAN, May 21 (Reuters) - Rainbow, the Italian animation producer famous for the Winx Club TV series, has called off plans to list its shares on the Milan stock market.
In a statement on Monday the company said it had suspended the planned initial public offering because of “unfavourable market conditions”. It gave no further details.
Italy’s borrowing costs surged again on Monday and its stock market touched six-week lows as two anti-establishment parties that plan to ramp up spending appeared set to form a coalition government.
In April Rainbow said it was considering offering up to 40 percent of capital in an IPO it expected to complete by May. (Reporting by Stephen Jewkes; editing by Andrew Roche)
| ashraq/financial-news-articles | https://www.reuters.com/article/rainbow-ipo-italy/italys-rainbow-suspends-ipo-plans-for-unfavourable-market-conditions-idUSL5N1SS4RF |
May 27, 2018 / 11:54 AM / Updated 3 hours ago London's Stansted has flights disrupted by lightning strike Reuters Staff 2 London’s Stansted airport delayed, diverted and cancelled some flights after a lightning strike on an aircraft fuelling system during storms that unleashed more than 64,000 thunderbolts. General view as lightning strikes over the city of London, Britain May 26, 2018. REUTERS/Tom Jacobs
British skies were lit up by the electric storms overnight and there were reports of flooding and homes left without power after torrential rain.
Stansted is London’s third-busiest airport and is a key hub for the discount airline Ryanair, which said that its customers could get a full refund. General view as lightning strikes over the city of London, Britain May 26, 2018. REUTERS/Tom Jacobs
“A number of flights have regrettably been cancelled at Stansted Airport this morning due to an earlier airport fuelling system failure, caused by a lightning strike,” a spokesman said.
The fuelling system was repaired on Sunday morning, but passengers were warned to check before travelling and passengers stuck on planes complained on Twitter that they were not given proper explanations for the delays.
“Engineers have been on site and have now restored the system. However flights may still be subject to diversion, delay or cancellation,” Stansted said in a statement. | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-weather/londons-stansted-has-flights-disrupted-by-lightning-strike-idUKKCN1IS0D8 |
Rhiannon Anderson has about 50 pairs of high heels in her closet. But she never wears them.
"We're kind of in the countryside," said Anderson, a stay-at-home mom in Alpharetta, Georgia. "If you wear high heels people will look at you weird."
Instead, Anderson, 39, spends most of her days in sneakers. And she's not the only one.
Getty Images As American fashion has slowly become more casual, so has footwear. That trend has become especially apparent in women's sneaker sales, which have surged 37 percent throughout the U.S. in 2017. Meanwhile, sales of high heels have declined 11 percent during the same time period, according to the NPD Group's Retail Tracking Service.
Brands like Nike , Adidas , Dr. Scholl's, Roxy, Puma, Steve Madden and UGG, are just a few of the names that are getting the benefit of women slipping into more comfortable footwear. The trend is twofold: Consumers want comfort, and there are more options across all shoe categories.
"It's becoming kind of a basic consumer need to have comfort and the desire to be comfort because everybody's so busy and running around all the time," Beth Goldstein, NPD's executive director and industry analyst for fashion footwear and accessories, told CNBC.
"Brands that are focusing on comfort are doing better, because that something that women of all ages want," she said. The sneaker trend will likely continue in the double digits for the next few years, Goldstein added, as it becomes more of a lifestyle choice.
Kellie Ell | CNBC Even in large metropolitan areas, women are choosing comfortable footwear. Women ride the subway in New York City wearing a variety of sneakers and flats. Conversely, sky-high heels — shoes with heels three inches or higher — are tumbling the fastest, Goldstein said, as consumers gravitate toward one pair of shoes that can be worn both day and night. Even for dressier occasions, more sensible heels are increasingly popular, the analyst said.
But it's not for a lack of choices in the shoe department. Retail inventory of high heels has risen 28 percent in 2017, compared with the year before, according to Edited, a market research firm.
"I don't think it's so much of a rejection in high heels as much as it is that there are many alternatives," said Gerald Storch, CEO of Storch Advisors, a retail advisory firm. He said women are actually buying more shoes — just across different categories.
"Women still wear high heels for for fancy events," Storch said, who has also served as vice chairman of Target . In fact, the boom in sensible shoes has become a way for consumers to express their personalities, he added.
"You can show masculinity, you can show femininity," he said. "You don't simply have to take a different color of a high heel shoe."
Kellie Ell | CNBC A store front in Manhattan displays a variety of popular athletic footwear. Meanwhile, athletic footwear grew 2 percent in the U.S. last year, generating nearly $20 billion in sales, according to NPD. Among women's leisure sneakers, Adidas and Nike drove almost half the growth in the segment.
Another contender competing for market share are designer sneakers. Rapper Kanye West and Stella McCartney both have collaborations with Adidas. Rap artist Kendrick Lamar has also teamed up with Nike. Rihanna's Puma line was so popular it sold out online.
For women like Liz Mitrani, 37, a dentist in New Jersey, the proliferation of sneakers provides both variety and comfort. Mitrani told CNBC she alternates between Prada sneakers and flats while at work, but stopped wearing heels "whenever possible."
"There are so many sneaker choices," Mitrani said. "You can customize them. It's a thing."
As for stay-at-home mother Anderson, she recently ordered a pair of Adidas NMDs online. But she said she's holding on to her heels, "just in case." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/sneaker-sales-are-growing-as-sales-of-high-heels-tumble.html |
YEREVAN (Reuters) - Armenian president Armen Sarkissian on Wednesday called for talks to take place this week to resolve the political crisis that has engulfed the small ex-Soviet state since protests led to the prime minister’s resignation last week.
“I deeply regret that the political crisis continues despite the fact that everyone is talking about how dangerous it is for the future of the country,” Sarkissian said, in a statement published by his press service.
“I call for consultations to be continued this coming week, to find a way out of the crisis,” he said.
Reporting by Hasmik Mkrtchyan; Writing by Polina Ivanova; Editing by Christian Lowe
| ashraq/financial-news-articles | https://www.reuters.com/article/us-armenia-politics-protests-talks/armenian-president-calls-for-talks-to-resolve-crisis-idUSKBN1I3172 |
BERLIN, May 15 (Reuters) - Germany’s economic upswing remains intact despite weaker growth in the first quarter, the economy ministry said on Tuesday, pointing to several special factors such as a flu epidemic, strikes and an unusually high number of holidays in March.
“Private consumption remains strong. Companies are upbeat on their trade prospects in the light of overall favourable conditions,” the ministry said in its monthly report.
The unusually long period of coalition building also led to less state spending in the first quarter which slowed economic growth, the ministry added.
However, it was still unclear whether uncertainty about future U.S. trade policies had already contributed to weaker trade which was also a drag on overall GDP growth in the first three months of the year, it said. (Reporting by Michael Nienaber Editing by Madeline Chambers)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/germany-economy-monthly-report/german-upswing-intact-despite-weaker-q1-growth-ministry-idUSB4N1QB043 |
WINTER PARK, Fla.--(BUSINESS WIRE)-- COPC Inc., a global consulting firm that helps companies improve operations to transform the customer experience, is pleased to announce that Kyle Kennedy has been named president and chief operating officer. Kennedy previously was executive vice president and head of the global certification practice at COPC Inc. He replaces Kathleen Jezierski, who left the company as of April 30th.
Jezierski spent 16 years at COPC Inc., including more than seven years as president and COO. During her tenure, COPC Inc. opened new offices internationally, expanded its consulting service offering from call centers to customer experience management, and launched a quality monitoring software solution - RevealCX.
“Kathleen has been a driving force of our global expansion, and she has been an invaluable leader to our organization. She will be greatly missed on both a professional and personal level. We wish her well on her new endeavors,” said Cliff Moore, co-founder and chairman, COPC Inc. “I am excited about working with Kyle to take COPC to the next stage in our evolution. He brings a wealth of experience in both customer experience management and developing large organizations, which will lead the company to further success.”
Kennedy joined COPC Inc. in January. Previously he was chief operating officer of Ruffalo Noel Levitz, a provider of technology-enabled services, software, and consulting for higher education. Prior to that, Kennedy worked for 22 years at Harte-Hanks, a global direct marketer where he focused on contact center and fulfillment services. While there, he served in many roles including group managing director where he executed global service delivery, account management, and expansion. Additionally, Kennedy has been a long-term member of the COPC Standards Committee and is a Certified COPC Implementation Leader. He holds a BBA from The University of Texas at Austin and an MBA from Baylor University.
“It is an honor and a privilege to lead COPC’s strategic and operational growth. COPC has a talented global team who have developed a strong foundation of customer experience services. We will work from that foundation to continue to offer innovative customer experience solutions and thought leadership that our clients have come to expect from COPC,” said Kennedy.
About COPC Inc.
COPC Inc. provides consulting, training, certification and the RevealCX™ software solution for operations that support the customer experience. The company created the COPC Standards, a collection of performance management systems for call center operations, customer experience management, vendor management, and procurement. Founded in 1996, COPC Inc. began by helping call centers improve their performance. Today, the company is an innovative global leader that empowers organizations to optimize operations to deliver a superior customer experience across all channels. COPC Inc. is privately held with headquarters in Winter Park, FL, U.S. and with operations in Europe, Middle East, Africa, Asia Pacific, Latin America, India and Japan. www.copc.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180511005455/en/
COPC Inc.
Lezli Harrell, 512-431-4481
[email protected]
Source: COPC Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/business-wire-copc-inc-names-kyle-kennedy-president-and-chief-operating-officer.html |
* NSE index down 0.09 pct, BSE index up 0.02 pct
* IT stocks fall after HCL Tech misses estimates
* Global investors await Fed statement
By Tanvi Mehta
May 2 (Reuters) - Indian shares were little changed on Wednesday as gains in auto stocks on the back of solid monthly sales offset losses in IT counters after HCL Technologies Ltd posted a lower-than-expected March quarter profit.
Sentiment across the globe was muted as investors await the U.S. Federal Reserve’s policy decision later in the global day for cues on the future pace of U.S. monetary tightening.
The Fed is seen set to hold interest rates steady but will likely encourage expectations that it will lift borrowing costs in June on the back of rising inflation and low unemployment.
“Global cues are weighing on the markets... It is now running into macro headwinds - crude, spike in the 10-year yield, valuations on market-end as a whole are high,” said Sunil Sharma, chief investment officer, Sanctum Wealth Management.
The broader NSE index was down 0.09 percent at 10,729.60 as of 0552 GMT, while the benchmark BSE index was 0.02 percent higher at 35,169.13.
Stock markets were closed on Tuesday for a public holiday.
Shares of Bajaj Auto Ltd gained as much as 3.1 percent after the company posted a 26 percent jump in total vehicle sales for April, while Tata Motors Ltd rose up to 3.3 percent after reporting an 86 percent surge in domestic sales of commercial and passenger vehicles last month.
Dabur India Ltd climbed 3.7 percent to a record after posting a 19 percent rise in its fourth-quarter profit on Tuesday.
Public sector banks fell on non-performing asset woes, Sharma said. The Nifty PSU bank index dropped 1.8 percent with Indian Bank shedding 2.3 percent.
However, private sector lenders inched higher with Kotak Mahindra Bank Ltd accounting for most of the gains on both indexes. Kotak shares gained over 5 percent after the lender posted a 15 percent rise in March-quarter profit on Monday.
HCL Technologies fell as much as 5 percent to its lowest since Oct. 26 after its March-quarter profit came in below analysts’ estimates. (Reporting by Tanvi Mehta in Bengaluru; Editing by Subhranshu Sahu)
| ashraq/financial-news-articles | https://www.reuters.com/article/india-stocks/indian-shares-little-changed-auto-stocks-shine-idUSL3N1S91TO |
SAN DIEGO, May 10, 2018 (GLOBE NEWSWIRE) -- Adamis Pharmaceuticals Corporation (NASDAQ:ADMP) today announced financial results and a business update for the first quarter ended March 31, 2018.
Dr. Dennis J. Carlo, President and of Adamis Pharmaceuticals, said, “We have made a substantial amount of progress on several fronts since the beginning of the year. The development of our product pipeline continues to move forward and we have several target milestones that we hope to reach later this year. We believe the completion of these milestones will increase shareholder value. As for our progress on Symjepi ™, we continue to be pleased with developments regarding our discussions with potential commercialization partners. We believe that we are closer to concluding the process of naming our licensing partner and we remain focused on bringing this product to market.”
Company Highlights and Product Updates
Some of the company’s product updates and accomplishments since the beginning of 2018 include the following:
Symjepi ™ (epinephrine) Injection 0.15mg – The FDA determined that the company’s NDA for Symjepi ™ (epinephrine) Injection 0.15mg was sufficiently complete to permit a substantive review and indicated that no potential review issues were identified as of the date of the agency’s communication in February. Approval is expected in the second half of this year. Symjepi ™ human factors data - Adamis presented human factors data for Symjepi ™ at the American Academy of Allergy Asthma and Immunology joint congress with the World Allergy Organization, and another human factors study was published in the Annals of Allergy, Asthma and Immunology. APC-1000 (Beclomethasone HFA) – Our product candidate received approval from the FDA to proceed with Phase 3 clinical studies. We continue to make progress in this area. APC-6000 (Naloxone PFS) – We are working toward filing a New Drug Application (NDA) later this year and have completed pharmacokinetic (PK) studies. Sales of several products sold by our U.S. Compounding, Inc. subsidiary have been increasing including Adamis’ unique compound to manage ulcers in horses. One horse that was receiving U.S. Compounding’s product recently came in first in the 2018 Kentucky Derby.
Second Quarter Financial Results
Revenues were approximately $3.2 million and $3.0 million for the three months ended March 31, 2018 and 2017, respectively. The increase in revenues (4.6%) for the three months ended March 31, 2018 compared to the comparable period of 2017 reflected an increase in the volume of sales of USC’s compounded pharmaceutical formulations resulting in part from increased sales and marketing personnel and efforts. The company’s revenues for the first quarter of 2018 increased approximately 11.9% compared to the revenues for the fourth quarter of 2017.
At March 31, 2018, the Company had cash and cash equivalents of $10.1 million. Net cash used in operating activities for the three months ended March 31, 2018 and 2017, was approximately $7.9 million and $3.5 million, respectively. Net cash used in operating activities increased primarily due to the increase in operating losses; increase in accounts receivable, inventories and prepaid expenses; and a decrease in accounts payable and accrued expenses as compared to 2017.
Selling, general and administrative expenses (“SG&A”) for the three months ended March 31, 2018 and 2017 were approximately $6.5 million and $5.6 million, respectively. The increase in SG&A expenses was primarily due to new hires, compensation and stock option expenses, increases in accounting, audit and other professional fees, patent expenses, selling expenses and market research expenses related to Symjepi™ (epinephrine) and our APC-6000 product candidate.
Research and development expenses were approximately $2.2 million and $1.5 million for the three months ended March 31, 2018 and 2017, respectively. The increase in research and development expenses for the three months ended March 31, 2018, compared to the comparable period of the prior year was due in part to an increase in development costs of our product candidates and compensation and stock option expenses, in part due to new hires.
Net loss for the first quarter of 2018 was approximately $7.6 million, compared to net loss of approximately $5.8 million for the same period in 2017.
Future Milestones
Some of the company’s goals for the 2018 year include the following:
Finalizing and announcing the commercialization strategy for Symjepi ™ (epinephrine) Injection 0.3mg; FDA approval for Symjepi TM (epinephrine) Injection 0.15mg; Initiate pivotal Phase 3 studies of APC-1000 in asthmatics; Complete a “proof of concept” study with dry powder inhaler platform using fluticasone; Filing an NDA for Naloxone injection; Increase sales of compounded medications from our U.S. Compounding, Inc. subsidiary by at least 30%.
About Adamis Pharmaceuticals
Adamis Pharmaceuticals Corporation is a specialty biopharmaceutical company focused on developing and commercializing products in the therapeutic areas of respiratory disease and allergy. The company’s first product, Symjepi™ (epinephrine) Injection 0.3mg, was approved for use in the emergency treatment of acute allergic reactions, including anaphylaxis. Adamis’ product pipeline includes HFA metered dose inhaler and dry powder inhaler products for the treatment of bronchospasm and asthma.
The Company’s U.S. Compounding, Inc. (USC) subsidiary, which is registered as a drug compounding outsourcing facility under Section 503B of the U.S. Food, Drug & Cosmetic Act and the U.S. Drug Quality and Security Act, compounds sterile prescription drugs, and certain nonsterile drugs for human and veterinary use, to patients, physician clinics, hospitals, surgery centers and other clients throughout most of the United States.
Adamis Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or future results of operations, including, but not limited to the following statements: the company’s beliefs concerning timing and outcome of finalizing the commercialization arrangements and strategy for its Symjepi ™ (epinephrine) Injection 0.3mg product; statements about strategies, objectives and our future goals and achievements; the company’s ability to commercialize its product and product candidates; the company’s beliefs concerning the ability of its products and product candidates to compete successfully in the market; the company’s beliefs concerning the safety and effectiveness of its products and product candidates; expectations and goals for future growth; current or planned clinical trials or research and development activities; anticipated commencement and completion dates for clinical trials; product development timelines; anticipated dates for commercial introduction of products; guidance regarding future periods; the company's beliefs concerning the safety and effectiveness of its products and product candidates; and other statements concerning our future operations and activities. Such forward-looking statements include those that express plans, anticipation, intent, contingencies, goals, targets or future development and/or otherwise are not statements of historical fact. In addition, forward-looking statements concerning our anticipated future activities assume that we are able to obtain sufficient funding to support such activities and continue our operations and planned activities. As discussed in our filings with the Securities and Exchange Commission, we require significant additional funding to continue operations, and there are no assurances that such funding will be available. Failure to timely obtain required funding would adversely affect and could require us to materially reduce or suspend operations, or delay or prevent our ability to realize the results contemplated by such forward looking statements. These statements are only predictions, are not guarantees, involve known and unknown risks, uncertainties and other factors, and concern matters that could subsequently differ materially from those described in this press release, which may cause Adamis' actual results to be materially different from those contemplated by these forward-looking statements. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. You should not place undue reliance on any forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and except as may be required by applicable law, we undertake no obligation to update or release publicly the results of any revisions to these forward-looking statements or to reflect events or circumstances arising after the date of this press release. Certain of these risks, and additional risks, uncertainties, and other factors are described in greater detail in Adamis’ filings from time to time with the SEC, including its annual report on Form 10-K for the year ended December 31, 2017, which Adamis strongly urges you to read and consider, all of which are available free of charge on the SEC's web site at http://www.sec.gov .
Contacts:
Mark Flather
Senior Director, Investor Relations
& Corporate Communications
Adamis Pharmaceuticals Corporation
(858) 412-7951
[email protected]
Source:Adamis Pharmaceuticals Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-adamis-pharmaceuticals-announces-first-quarter-2018-financial-results-and-business-update.html |
ALPHARETTA, Ga., May 22, 2018 /PRNewswire/ -- CT Cellutions (CTC), a leader in the aftermarket supply chain management for mobile devices, announced today that it has reached a non-binding agreement in principle with Mobile Capital Management Inc. (MCM), a global force in the sale and redistribution of new and used devices, to merge the two companies.
The objective of the contemplated merger is to expand distribution channels to maximize the value of returned assets. The company will operate under the name Asset Cellutions. CT Cellutions and Mobile Capital Management Inc. anticipate closing the transaction in June of 2018.
CT Cellutions' Charles Taylor will become CEO of the combined company and Sandy Schwartz, principal of MCM, will become president.
"This is a great merger. When you combine our software-driven solutions and pair it with MCM's ability to move many types of products across a lot of different verticals, the sky is the limit," said Taylor.
The merger will create a $70 million-grossing company that is better positioned to maximize profits by increasing efficiencies, better focusing capital investments, expanding supply chain opportunities and creating greater value for our industry partners.
"I am most excited for our clients. I am also beyond excited to get to work with the amazing CT Cellutions team. Still, it's our clients I am most excited for. Combining CTC's best-in-class software solutions and the dynamic sales channels of MCM, we will be able to bring unparalleled value to our vendor partners and best-in-class products to our customers," explained Schwartz.
Post-merger, the new company will be managed at the highest level by the newly appointed board. Robb HIcks will serve as chairman. The CEO and president will control day-to-day management.
"I share in Charles' and Sandy's enthusiasm about this pending merger," said Hicks. "It's not often you can find two incredibly sound companies whose operations fit together so seamlessly. I think that's why we are all so excited. We know together we will create tremendous value for both our industry partners and our investors."
Reverse logistics is an important strategic operational tool; this is particularly important for short-life-cycle industries like the mobile devices industry. As reported in the Wall Street Journal, companies now spend an average of eight to 10 percent of revenue maintaining reverse supply-chain functions. According to the Radacati Group, the number of mobile devices in use, including both phones and tablets, will grow from 7.7 billion in 2014 to over 12.1 billion by the end of 2018. Some of that growth is due to expanding global markets, but much is also due to consumer demand for the latest devices in the U.S. According to the U.S. Environmental Protection Agency (EPA), mobile phones are usually replaced every 18 months. In an industry where regulations are ever-evolving as environmental, health, privacy and ethical concerns evolve, disposing of "retired" or "unwanted" assets is no small task.
About the Companies
CT Cellutions (CTC), an R2, ISO certified company, works in conjunction with supply chain, carrier and logistic partners to provide value-enhanced services to its customers. CTC is well-known throughout the telecom industry for its work and years of experience. CTC continues to provide solutions for handset homologation, software, resale channels of EOL and obsolete inventory, OEM sales and responsible recycling.
Mobile Capital Management (MCM)
MCM manages transactions between buyers and sellers that require escrow or materials validation. MCM specializes in the purchase and processing of devices. MCM can process to R2 Standards and manage the asset to the customer's criteria. MCM has the ability to move products across many verticals. Fortune 1000 customers, MDM companies, carrier BSPs are just a few of MCM's unique distribution channels. It has long prided itself on being able to extract the maximum amount of value out of not only the latest and greatest devices but devices deemed obsolete by industry standards.
Media Contact:
Brenda Baldwin
[email protected]
View original content: http://www.prnewswire.com/news-releases/ct-cellutions-agrees-to-merger-300652982.html
SOURCE CT Cellutions Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-ct-cellutions-agrees-to-merger.html |
The Wall Street Journal
Residents of Puna, made up of rural communities in the Big Island’s east, are reckoning with the gamble inherent to living in an active volcano zone . There is no clear sense of how long this eruption, which has involved a series of earthquakes including Hawaii’s strongest in decades last Friday, might last, or whether neighborhoods farther from the cracking land might soon be in danger.
The Puna district has for many years been the Big Island’s fastest-growing area, and its most affordable, drawing people seeking a simple life by black-sand shores. Homes get their water from the rainfall, using water catchments to pump into households. A morning dog-walking club in one neighborhood often draws two dogs and 20 people, who like to gather for the company and to watch the sunrise together, a resident said.
Mr. Dalbok’s property is a mile below Leilani Estates, the neighborhood where 12 massive fissures broke the earth and lava continues to spew, destroying at least 35 buildings in the area. So far no injuries have been reported.
Mr. Dalbok is a garden designer who lives and works in the San Francisco Bay Area. He stays at his Hawaiian home several times a year and said he hopes to retire there. Volcanic activity in the area was quieter early Monday, he said, surveying the area after he packed his home. He was relieved to find the lychee trees draping his 24-acre property still intact, and hoped for more calm so his “red gold” fruit can be picked.
But officials warned that fissures have cracked up and down the rift zone and the lava has flowed with varying intensity. In recent days, lava has burst vigorously through the ground at times, while other times, it has slowly seeped through the cracks, making it hard to predict what comes next.
“There is really no way to know for certain how long this eruption might last,” said Janet Babb, a geologist with the U.S. Geological Survey’s Hawaiian Volcano Observatory. “Right now it’s still a very dynamic situation and there is no indication it will stop any time soon.”
Kilauea is Hawaii’s most active volcano and has been erupting continuously since 1983. An eruption in the same general area in 1955 lasted 88 days, while one in the area in 1960 went on for 36 days, Ms. Babb said. Other eruptions lasted just a day or two. There is no good way to anticipate the path or pace of lava flow, which depends on many factors, including the force with which the lava is erupting, she said.
“We’re spinning the big roulette wheel and it’s just a matter of what the lava decides to do,” said John Tarson, a lava tour guide who is helping with community relief efforts.
Mr. Tarson, 37, said he is concerned because many of his friends seem to be in shock or denial about the risks of living in the area. “Everyone who lives downhill, all those communities, are susceptible to having their homes destroyed,” he said.
Many residents—retirees from the mainland, teachers, shopkeepers, and tour guides like himself—believe and honor Hawaiian traditions of respecting the land and whatever it brings, including volcanic eruptions, Mr. Tarson said. But he also described “a sense of complacency” and said there was a new scramble to figure out what to do now.
Insurance companies don’t provide coverage specifically for volcanic eruptions, though fire insurance may cover damages from homes burned down by lava. Homeowners in Leilani Estates and other neighborhoods designated as Zone 1, or the most hazardous lava flow zone, often can’t get any insurance at all, residents in the area said.
Jeffrey Wise, a home renovator who moved to Hawaii from Ohio two years ago, said many of his clients are well-aware of the risks. Kilauea’s eruption a few years ago brought a similar panic and home prices dipped.
“It’s incredible how quickly people forget the risk,” he said: “When there is no activity with the volcano, life in Puna is ideal. It’s like paradise.”
—Jim Oberman contributed to this article. Popular Homes Based on your last search Editors' Picks | ashraq/financial-news-articles | http://www.wsj.com/articles/volcano-eruption-shakes-hawaiian-paradise-1525780800 |
May 3 (Reuters) - YUNSA YUNLU:
* Q1 NET PROFIT OF 5.7 MILLION LIRA VERSUS 301,423 LIRA YEAR AGO
* Q1 REVENUE OF 73.7 MILLION LIRA VERSUS 68.2 MILLION LIRA YEAR AGO Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-yunsa-q1-net-profit-surges-to-57-m/brief-yunsa-q1-net-profit-surges-to-5-7-mln-lira-idUSFWN1SA17S |
May 3 (Reuters) - HOPSCOTCH GROUPE SA:
* Q1 GROSS MARGIN EUR 12.9 MILLION VERSUS EUR 12.4 MILLION YEAR AGO
* Q1 CONS. REVENUE EUR 34.5 MILLION VERSUS EUR 31.1 MILLION YEAR AGO Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-hopscotch-groupe-q1-consolidated-r/brief-hopscotch-groupe-q1-consolidated-revenue-up-at-34-5-million-euros-idUSFWN1SA192 |
LONG ISLAND CITY, N.Y., May 15, 2018 /PRNewswire/ -- Frankly Inc. (TSX VENTURE: TLK) (Frankly ), a leader in transforming local TV broadcasters and media companies by enabling them to publish and monetize their digital content across multiple platforms, reported financial results for the All financial statements have been prepared in accordance with U.S. GAAP.
First Quarter 2018 Financial Results (All amounts in U.S. dollars)
Revenue decreased 8% to $5.8 million from $6.3 million in the prior quarter, and decreased 9% from $6.4 million in the first quarter of 2017. The year over year decrease was primarily due to decreases in local advertising fees as well as professional services fees due to less ad hoc professional services engagements in the 2018 period. Net loss totaled $(3.8) million compared to $(10.2) million in the prior quarter and $(1.5) million in the first quarter of 2017. The year over year increase in net loss was primarily due to a $597,000 decrease in revenue discussed above, a $583,000 increase in general and administrative expense due to a bad debt reserve in the amount of $688,000 relating to one advertising customer, a $588,000 increase in retention expense relating to our employee retention plan which was rolled out in connection with the strategic investor search in the fourth quarter of 2017 and a $461,000 increase in restructuring expense related to a company-wide reduction-in-force. Adjusted EBITDA loss was $(756,000) compared to adjusted EBITDA loss of $(207,000) in the prior quarter, and adjusted EBITDA of $428,000 in the first quarter of 2017 (see discussion about the presentation of adjusted EBITDA below). The year over year decrease in adjusted EBITDA was primarily due to an increase in net loss of $2.3 million explained above, partially offset by add-backs to net income for the $588,000 increase in retention expense and $461,000 increase in restructuring expense explained above. At March 31, 2018, the company had $1.4 million in cash and restricted cash. Subsequent to the quarter end, the company entered into an amendment of its existing credit facility with Raycom. Under the terms of the amendment, Raycom would provide Frankly with an additional $7.5 million of funding, to be paid in installments over a six-month period, subject to Frankly's achievement of certain operational milestones.
Management Commentary
"The first quarter marked the beginning of our revitalized efforts to put Frankly back on the path toward long-term profitability," said company CEO Lou Schwartz. "This plan to reduce expenses in non-strategic areas will take a bit of time to be fully realized, but we've now made the necessary first moves to ensure that we can evolve into an organization built to last. In the meantime, our recently amended credit agreement will provide us with the necessary capital to continue focusing our business on areas of high growth that will provide greater returns in the long run.
"Operationally, both Frankly Local and Frankly Data continue to present our most significant monetization opportunities, which is why we've continued to dedicate our time and resources to these initiatives. Additionally, we are looking forward to the successful migration of our legacy CMS customers to our innovative, next-gen platform and the scheduled transition of Frankly video customers onto our new cloud-based platform, as these processes will enable us to begin generating additional recurring revenues. Moving forward, our pipeline continues to grow at a healthy pace, and we remain on track to achieve our near-term goal of operating cash flow profitability by the end of this year as well as our long-term goal in becoming truly self-sustaining."
About Frankly
Frankly (TSX VENTURE: TLK) builds an integrated software platform for media companies to create, distribute, analyze and monetize their content across all of their digital properties on web, mobile and TV. Its customers include NBC, ABC, CBS and FOX affiliates. The company is headquartered in in New York. To learn more, visit www.franklyinc.com .
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Non-GAAP Measures
The Company reports earnings before interest, taxes, depreciation and amortization ("EBITDA") and Adjusted EBITDA, which are not financial measures calculated and presented in accordance with Generally Accepted Accounting Principles ("GAAP") and therefore may not be comparable to similar measures presented by other issuers. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute to net income (loss) or any other financial measures of performance or liquidity calculated and presented in accordance with GAAP. The Company defines Adjusted EBITDA as EBITDA, adjusted to exclude certain non-cash charges and other items that we do not believe are reflective of our ongoing operating results. The Company utilizes Adjusted EBITDA internally for purposes of forecasting, determining compensation, and assessing the performance of our business, therefore, we believe this measure provides useful supplemental information that may assist investors in assessing an investment in the Company.
The following unaudited table presents the reconciliation of net loss to Adjusted EBITDA for the three months ended March 31, 2018 and 2017, respectively.
Three Months Ended March 31,
2018
2017
Net Loss
$ (3,809,493)
$ (1,503,819)
Interest expense, net
597,096
610,205
Income tax expense
-
-
Depreciation and amortization
1,147,245
1,066,731
Stock-based compensation
235,040
228,166
Transaction costs
24,673
-
Restructuring expense
460,960
-
Retention expense
588,099
-
Other expense
-
27,017
Adjusted EBITDA
$ (756,380)
$ 428,300
Notice Regarding Forward-Looking Statements
This release includes forward-looking statements regarding Frankly and its respective businesses. Forward-looking events and circumstances discussed in this release, including statements with respect to the amendment to the Credit Agreement and the Company's achievement of operational milestones, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the parties. Forward looking statements depend on certain assumptions that management deems to be reasonable in the circumstances, but such assumptions may prove to be incorrect and the outcome of the subject of any forward-looking statement cannot be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Frankly undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
View original content: http://www.prnewswire.com/news-releases/frankly-reports-first-quarter-2018-financial-results-300648933.html
SOURCE Frankly Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-frankly-reports-first-quarter-2018-financial-results.html |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.