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A reconciliation of non-GAAP financial measures for Funds from Operations and Adjusted Funds from Operations is included in the financial table at the end of this announcement.
BETHESDA, Md.--(BUSINESS WIRE)-- Global Medical REIT Inc. (NYSE: GMRE) (the “Company”), a Maryland corporation engaged primarily in the acquisition of licensed, state-of-the-art, purpose-built healthcare facilities and the leasing of these facilities to strong clinical operators with leading market share, today announces its financial results for the quarter ended March 31, 2018.
2018 First Quarter and Other Highlights
Rental revenue increased to $10.5 million from $4.7 million in the first quarter of 2017. Net income attributable to common stockholders increased to $0.4 million, or $0.02 per share, from a net loss attributable to common stockholders of $(1.3) million, or $(0.07) per share in the first quarter of 2017. Funds from Operations (“FFO”) increased to $0.18 per share, from $0.02 per share in the first quarter of 2017. Adjusted Funds from Operations ("AFFO") increased to $0.16 per share, from $0.09 per share in the first quarter of 2017. During the first quarter of 2018, the Company completed five acquisitions comprising 383,044 leasable square feet for an aggregate purchase price of $64.6 million. Based on rents in effect at the closing of each transaction, the five properties are expected to generate aggregate annual cash rent receipts of $5.5 million. See the acquisition table herein for additional details. Subsequent to quarter end, the Company completed a portfolio acquisition containing an aggregate of 155,600 leasable square feet for a total purchase price of $64.2 million. Based on rents in effect at the closing of the transaction, this acquisition is expected to generate aggregate annual cash rent receipts of $5.1 million. See the acquisition table herein for additional details. On March 6, 2018, the Company amended its revolving credit facility to increase the aggregate capacity of the facility by $90 million to $340 million. As of March 31, 2018, the Company had $229.2 million of outstanding borrowings on this facility.
Jeff Busch, the Company’s Chief Executive Officer, commented, “We had an active first quarter on the acquisitions side despite depressed equity markets. Although we will continue to utilize our available acquisition capital to purchase properties that meet our investment criteria, we are also focused on managing our debt and interest expense and are pursuing various options in that regard. We believe the next step in our Company’s evolution is to establish long-term, fixed-rate debt solutions that will allow us to ‘term-out’ debt from our revolving credit facility on a regular basis.”
Acquisition Activity
Completed Acquisitions in 2018
From January 1, 2018 to date, the Company completed six acquisitions, encompassing an aggregate of 538,644 leasable square feet for a total purchase price of $128.8 million with annualized base rent of $10.6 million and a weighted average cap rate of 8.22%. Summary information about these acquisitions is presented in the table below:
Property City Leasable
Square Feet
Purchase Price (1)
(in 000s)
Annualized
Base Rent (2)
(in 000s)
Capitalization
Rate (3)
First Quarter 2018: Quad City Kidney Center Moline, IL 27,173 $ 6,706 $ 548 8.17% NOMS Fremont, OH 25,893 8,286 608 7.34% Gainesville Eye Gainesville, GA 34,020 10,400 776 7.46% City Hospital of White Rock Dallas, TX 236,314 23,000 2,230 9.70% Orlando Health Orlando, FL 59,644 16,200 1,340 8.27% Total First Quarter 2018 383,044 $ 64,592 $ 5,502 8.52% Second Quarter 2018 to Date: Memorial Health System Belpre, OH 155,600 $ 64,200 $ 5,087 7.92% Totals/Weighted Average 538,644 $ 128,792 $ 10,589 8.22% (1) Represents the contractual purchase price. (2) Monthly base rent at the later of March 2018 or acquisition date multiplied by 12. (3) Capitalization rates are calculated based on the current lease terms and do not give effect to future rent escalations. Property Under Contract
Summary information about the transaction we have under purchase agreement as of today is presented in the table below:
Property City Leasable
Square Feet
Purchase Price (1)
(in 000s)
Annualized
Base Rent (2)
(in 000s)
Capitalization
Rate (3)
Valley ENT McAllen, TX 29,013 $ 4,950 $ 392 7.91% (1) Represents the contractual purchase price. (2) Monthly base rent at anticipated closing date multiplied by 12. (3) Capitalization rate is calculated based on the current lease terms and do not give effect to future rent escalations. We entered into the purchase and sale agreement for the Valley ENT transaction on April 6, 2018. We are currently in the due diligence period for this transaction. If we identify problems with the property or the operator of the property during our due diligence review, we may not close the transaction on a timely basis or we may terminate the purchase and sale agreement and not close the transaction.
2018 First Quarter Financial Review
For the three months ended March 31, 2018, rental revenue increased to $10.5 million, compared to $4.7 million for the first quarter of the prior year. This increase was primarily the result of the Company’s larger property portfolio compared to the prior year quarter. Total expenses for the three months ended March 31, 2018 were $9.7 million, compared to $6.0 million for the first quarter of the prior year. Within total expenses, general and administrative expenses were $1.0 million in the first quarter of 2018, down from $1.6 million in the prior year quarter. This decrease in general and administrative expenses was primarily the result of a reduction in non-cash LTIP expenses and corporate legal expenses compared to the prior year quarter. Net income attributable to common stockholders for the three months ended March 31, 2018 was $0.4 million, or $0.02 per share, compared to a net loss attributable to common stockholders of $(1.3) million, or $(0.07) per share, for the first quarter of the prior year. This increase was primarily due to significantly higher rental revenue compared to the prior year quarter.
Balance Sheet Summary
The Company’s cash and cash equivalents balance was $3.4 million as of March 31, 2018 compared to $5.1 million as of December 31, 2017. The Company’s gross investment in real estate as of March 31, 2018 was $537.3 million compared to $471.5 million as of December 31, 2017. The Company’s total debt, which includes outstanding borrowings on the revolving credit facility and notes payable (net of unamortized deferred financing costs), was $267.7 million as of March 31, 2018, compared to $203.4 million as of December 31, 2017. The Company’s weighted-average interest rate and term of its debt was 3.95% and 2.44 years, respectively, as of March 31, 2018.
Earnings Call
The Company will hold its first quarter 2018 conference call on May 9, 2018, at 9:00 a.m. Eastern Time. Stockholders and other interested parties may listen to a simultaneous webcast of the conference call on the Internet via the “Investor Relations” section of the Company’s website at www.globalmedicalreit.com or by clicking on the conference call link http://globalmedicalreit.equisolvewebcast.com/q1-2018 , or they may participate in the conference call by dialing 1-877-407-3948 and referencing Global Medical REIT Inc. An audio replay of the conference call will be posted on the Company’s website.
About Global Medical REIT Inc.
Global Medical REIT Inc. is a Maryland corporation engaged primarily in the acquisition of licensed, state-of-the-art, purpose-built healthcare facilities and the leasing of these facilities to strong clinical operators with leading market share. The Company’s management team has significant healthcare, real estate and public real estate investment trust, or REIT, experience and has long-established relationships with a wide range of healthcare providers. The Company elected to be taxed as a REIT for U.S. federal income tax purposes commencing with its taxable year ending December 31, 2016.
Forward-Looking Statements
Certain statements contained herein may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and it is the Company’s intent that any such statements be protected by the safe harbor created thereby. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "plan," "predict," "project," "will," "continue" and other similar terms and phrases, including references to assumption and forecasts of future results. Except for historical information, the statements set forth herein including, but not limited to, any statements regarding our earnings, expected financial performance or other financial items; any other statements concerning our plans, strategies, objectives and expectations for future operations, our pipeline of acquisition opportunities and expected acquisition activity, including the timing and/or successful completion of any acquisitions and expected rent receipts on these properties; and any statements regarding future economic conditions or performance are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although the Company believes that the expectations, estimates and assumptions reflected in its forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of the Company’s forward-looking statements. Additional information concerning us and our business, including additional factors that could materially and adversely affect our financial results, include, without limitation, the risks described under Part I, Item 1A - Risk Factors, in our Annual Report on Form 10-K and in our filings with the United States Securities and Exchange Commission. You are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and undertakes no obligation, to update any forward-looking statement.
GLOBAL MEDICAL REIT INC.
Consolidated Statements of Operations
(unaudited and in thousands, except per share amounts)
Three Months Ended March 31, 2018 2017 Revenue Rental revenue $ 10,488 $ 4,629 Expense recoveries 1,068 - Other income 8 30 Total revenue 11,564 4,659 Expenses Acquisition fees 117 942 General and administrative 1,005 1,595 (1) Operating expenses 1,105 23 Management fees – related party 1,081 627 Depreciation expense 2,906 1,346 Amortization expense 765 344 Interest expense 2,684 1,100 Total expenses 9,663 5,977 (1) Net income (loss) $ 1,901 $ (1,318) (1) Less: Preferred stock dividends (1,455) - Less: Net income attributable to noncontrolling interest (35) - Net income (loss) attributable to common stockholders $ 411 $ (1,318) (1) Net income (loss) attributable to common stockholders per share – basic and diluted $ 0.02 $ (0.07) (1) Weighted average shares outstanding – Basic and Diluted 21,631 17,606 (1) This amount reflects the correction of $1,223 of costs incurred in connection with the Company’s amended revolving credit facility that were erroneously expensed and included in the “General and Administrative” expense line item within the Company’s Consolidated Statement of Operations for the three months ended March 31, 2017. GLOBAL MEDICAL REIT INC.
Consolidated Balance Sheets
(in thousands, except par values)
As of March 31,
2018
December 31,
2017
(unaudited) Assets Investment in real estate: Land $ 52,301 $ 42,701 Building 436,185 384,338 Site improvements 5,590 4,808 Tenant improvements 9,201 8,010 Acquired lease intangible assets 34,034 31,650 537,311 471,507 Less: accumulated depreciation and amortization (17,420) (13,594) Investment in real estate, net 519,891 457,913 Cash and cash equivalents 3,351 5,109 Restricted cash 4,050 2,005 Tenant receivables 1,253 704 Escrow deposits 2,508 1,638 Deferred assets 5,171 3,993 Deferred financing costs, net 3,105 2,750 Other assets 527 459 Total assets $ 539,856 $ 474,571 Liabilities and Stockholders’ Equity Liabilities: Revolving credit facility $ 229,150 $ 164,900 Notes payable, net of unamortized discount of $898 and $930 at March 31, 2018 and
December 31, 2017, respectively
38,577 38,545 Accounts payable and accrued expenses 4,125 2,020 Dividends payable 5,826 5,638 Security deposits and other 4,912 2,128 Due to related parties, net 1,035 1,036 Acquired lease intangible liability, net 1,488 1,291 Total liabilities 285,113 215,558 Stockholders' equity: Preferred stock, $0.001 par value, 10,000 shares authorized; 3,105 issued and
outstanding at March 31, 2018 and December 31, 2017 (liquidation preference of
$77,625 at March 31, 2018 and December 31, 2017)
74,959 74,959 Common stock, $0.001 par value, 500,000 shares authorized; 21,631 shares issued
and outstanding at March 31, 2018 and December 31, 2017
22 22 Additional paid-in capital 205,788 205,788 Accumulated deficit (38,349) (34,434) Total Global Medical REIT Inc. stockholders' equity 242,420 246,335 Noncontrolling interest 12,323 12,678 Total stockholders’ equity 254,743 259,013 Total liabilities and stockholders' equity $ 539,856 $ 474,571 GLOBAL MEDICAL REIT INC.
Consolidated Statements of Cash Flows
(unaudited and in thousands)
Three Months Ended March 31, 2018 2017 Operating activities Net income (loss) $ 1,901 $ (1,318) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation expense 2,906 1,346 Amortization of acquired lease intangible assets 765 344 Amortization of above (below) market leases, net 113 (8) Amortization of deferred financing costs 430 159 Stock-based compensation expense 182 420 Capitalized deal costs charged to expense 4 3 Changes in operating assets and liabilities: Tenant receivables (549) (135) Deferred assets (1,178) (383) Other assets 86 - Accounts payable and accrued expenses 1,834 1,358 Security deposits and other 2,784 1,380 Accrued management fees due to related party 17 6 Net cash provided by operating activities 9,295 3,172 Investing activities Purchase of land, buildings, and other tangible and intangible assets and liabilities (65,565) (108,067) Escrow deposits for purchase of properties (798) (1,308) Payments for construction in process (133) - Pre-acquisition costs for purchase of properties 246 126 Net cash used in investing activities (66,250) (109,249) Financing activities Escrow deposits required by third party lenders (72) (8) Borrowings repaid to related parties (18) - Proceeds from revolving credit facility, net 64,250 101,200 Payments of deferred financing costs (753) (1,992) Redemption of LTIP Units (158) - Dividends paid to common stockholders, and OP and LTIP Unit holders (4,552) (3,604) Dividends paid to preferred stockholders (1,455) - Net cash provided by financing activities 57,242 95,596 Net increase (decrease) in cash and cash equivalents 287 (10,481) Cash and cash equivalents and restricted cash—beginning of period 7,114 20,612 Cash and cash equivalents and restricted cash—end of period $ 7,401 $ 10,131 Supplemental cash flow information: Cash payments for interest $ 2,245 $ 830 Noncash financing and investing activities: Accrued dividends payable $ 5,710 $ 3,652 Accrued pre-acquisition costs for purchase of properties and construction in process $ 271 $ - Non-GAAP Financial Measures
Funds from operations (“FFO”) and Adjusted funds from operations (“AFFO”) are non-GAAP financial measures within the meaning of the rules of the SEC. The Company considers FFO and AFFO to be important supplemental measures of its operating performance and believes FFO is frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. In accordance with the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition, FFO means net income or loss computed in accordance with GAAP before non-controlling interests of holders of operating partnership units, excluding gains (or losses) from sales of property and extraordinary items, plus real estate related depreciation and amortization (excluding amortization of deferred financing costs), and after adjustments for unconsolidated partnerships and joint ventures. The Company did not incur any gains or losses from the sales of property or record any adjustments for unconsolidated partnerships and joint ventures during the quarters ended March 31, 2018 and 2017. Because FFO excludes real estate related depreciation and amortization (other than amortization of deferred financing costs), the Company believes that FFO provides a performance measure that, when compared period-over-period, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from the closest GAAP measurement, net income or loss.
AFFO is a non-GAAP measure used by many investors and analysts to measure a real estate company’s operating performance by removing the effect of items that do not reflect ongoing property operations. Management calculates AFFO by modifying the NAREIT computation of FFO by adjusting it for certain cash and non-cash items and certain recurring and non-recurring items. For the Company these items include recurring acquisition and disposition costs, loss on the extinguishment of debt, recurring straight line deferred rental revenue, recurring stock-based compensation expense, recurring amortization of deferred financing costs, recurring capital expenditures, recurring lease commissions, recurring tenant improvements, and other items.
Management believes that reporting AFFO in addition to FFO is a useful supplemental measure for the investment community to use when evaluating the operating performance of the Company on a comparative basis. The Company’s FFO and AFFO computations may not be comparable to FFO and AFFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, that interpret the NAREIT definition differently than the Company does, or that compute FFO and AFFO in a different manner.
Three Months Ended March 31, 2018 2017 Net income (loss) $ 1,901 $ (1,318) (1) Less: Preferred stock dividends (1,455) - Depreciation and amortization expense 3,671 1,690 Amortization of above (below) market leases 113 (8) FFO $ 4,230 $ 364 Acquisition fees 117 942 Straight line deferred rental revenue (1,173) (383) Stock-based compensation expense 182 420 Amortization of deferred financing costs 430 159 AFFO $ 3,786 $ 1,502 Net income (loss) attributable to common stockholders per share – basic and
diluted
$ 0.02 $ (0.07) FFO per Share $ 0.18 $ 0.02 AFFO per Share $ 0.16 $ 0.09 Weighted Average Shares and Units Outstanding – basic and diluted 23,384 17,606 Reconciliation of Weighted Average Shares and Units Outstanding:
Weighted Average Common Shares 21,631 17,606 Weighted Average OP Units 1,246 - Weighted Average LTIP Units 507 - Weighted Average Shares and Units Outstanding – basic and diluted 23,384 17,606 (1) This amount reflects the correction of $1,223 of costs incurred in connection with the Company’s amended revolving credit facility that were erroneously expensed and included in the “General and Administrative” expense line item within the Company’s Consolidated Statement of Operations for the three months ended March 31, 2017.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006495/en/
Global Medical REIT Inc.
Danica Holley
Chief Operating Officer
202-524-6854
[email protected]
or
INVESTOR RELATIONS:
The Equity Group Inc.
Jeremy Hellman
Senior Associate
212-836-9626
[email protected]
or
Adam Prior
Senior Vice-President
212-836-9606
[email protected]
Source: Global Medical REIT Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-global-medical-reit-inc-announces-first-quarter-2018-financial-results.html |
PRAGUE, May 3 (Reuters) - The Czech National Bank kept its main interest rate unchanged on Thursday, as expected, as it seeks to balance a weaker crown against slower inflation than it had expected.
Governor Jiri Rusnok is due to comment on the decision and also present a quarterly update of the bank’s staff economic forecasts at a news conference scheduled for 2:15 pm (1215 GMT).
In a Reuters poll among economists, 13 respondents had predicted the two-week repo rate to stay at 0.75 percent, to which the central bank had raised it in February. One analyst saw a 25-basis point hike.
The central bank has lifted its main two-week repo rate in three steps since last August after nearly five years of ultra-loose policy of rates near zero combined with interventions against the Czech currency.
Eight analysts in the Reuters poll see the next tightening in the third quarter, including five that predict an expected 25-basis point move at an Aug. 2 meeting at which the next quarterly update to the macroeconomic outlook will be discussed.
That would be much sooner than currently expected by the central bank. The latest staff forecast projects the next hike at the turn of the year at the earliest.
Such a market expectation points to a weaker crown exchange rate than forecast by the bank so far. The currency outlook will be an important factor in the bank’s new forecasts on Thursday. (Reporting by Jan Lopatka and Robert Muller, editing by Jason Hovet)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/czech-rates/czech-central-bank-holds-fire-market-awaits-new-economic-forecasts-idUSP7N1Q300E |
ALAMEDA, Calif. (AP) _ BioTime Inc. (BTX) on Thursday reported a first-quarter loss of $63.5 million, after reporting a profit in the same period a year earlier.
The Alameda, California-based company said it had a loss of 50 cents per share. Losses, adjusted for non-recurring costs, were 9 cents per share.
The biotechnology company posted revenue of $701,000 in the period.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on BTX at https://www.zacks.com/ap/BTX | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/the-associated-press-biotime-1q-earnings-snapshot.html |
May 23, 2018 / 7:33 PM / Updated 15 minutes ago Massachusetts, Rhode Island award major offshore wind contracts Nichola Groom 2 Min Read
(Reuters) - Massachusetts on Wednesday selected a partnership between Avangrid Inc and Copenhagen Infrastructure Partners to develop what will be the largest U.S. offshore wind farm off the coast of Martha’s Vineyard.
Vineyard Wind’s 800 megawatt proposal was chosen by state utilities Unitil, National Grid and Eversource Energy. It is the largest ever procurement of offshore wind by a U.S. state, and represents up to 6 percent of the state’s total annual electricity load.
The announcement came at the same time Massachusetts neighbor Rhode Island said it had awarded a 400 MW offshore wind procurement to Deepwater Wind, a project developer owned by D.E. Shaw Group.
Massachusetts in 2016 passed a law requiring its utilities to procure 1,600 MW of offshore wind energy over the next decade as part of an effort to reduce the state’s greenhouse gas emissions.
To move forward, the parties must negotiate a contract that requires approval by the Massachusetts Department of Public Utilities.
The cost of generating electricity from offshore wind farms has dropped dramatically in recent years but is far more costly than power from wind facilities onshore. The U.S. currently has just one small offshore wind farm off the coast of Rhode Island.
Power price details were not disclosed with the winning bids.
Separately on Wednesday, New Jersey Governor Phil Murphy signed a law that commits his state to procuring 3,500 MW of offshore wind.
The Trump administration has voiced support for development of a domestic offshore wind industry, saying it is critical to the nation’s “all of the above” energy strategy. Reporting by Nichola Groom; Editing by Susan Thomas | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-wind-offshore/massachusetts-rhode-island-award-major-offshore-wind-contracts-idUSKCN1IO33L |
The following statements were posted to the verified Twitter accounts of U.S. , @realDonaldTrump and @POTUS.
U.S. says a few words about Secretary of State Mike Pompeo, during Pompeo's swearing-in ceremony, at the Department of State in Washington, U.S., May 2, 2018. REUTERS/Leah Millis The opinions expressed are his own. Reuters has not edited the statements or confirmed their accuracy.
@realDonaldTrump :
- There was no Collusion (it is a Hoax) and there is no Obstruction of Justice (that is a setup & trap). What there is is Negotiations going on with North Korea over Nuclear War, Negotiations going on with China over Trade Deficits, Negotiations on NAFTA, and much more. Witch Hunt! [0745 EDT]
- “The questions are an intrusion into the President’s Article 2 powers under the Constitution to fire any Executive Branch Employee...what the President was thinking is an outrageous as to the President’s unfettered power to fire anyone...” Joe Digenova, former US Attorney [0923 EDT]
- NEW BOOK - A MUST READ! “The Russia Hoax - The Illicit Scheme to Clear Hillary Clinton and Frame Donald Trump” by the brilliant Fox News Legal Analyst Gregg Jarrett. A sad chapter for law enforcement. A rigged system! [0933 EDT]
- A Rigged System - They don’t want to turn over Documents to Congress. What are they afraid of? Why so much redacting? Why such unequal “justice?” At some point I will have no choice but to use the powers granted to the Presidency and get involved! [1045 EDT]
- Congratulations @SecPompeo! [1416 EDT]
- I have been briefed on the U.S. C-130 “Hercules” cargo plane from the Puerto Rico National Guard that crashed near Savannah Hilton Head International Airport. Please join me in thoughts and prayers for the victims, their families and the great men and women of the National Guard. [1627 EDT]
- “This isn’t some game. You are screwing with the work of the president of the United States.” John Dowd, March 2018. With North Korea, China, the Middle East and so much more, there is not much time to be thinking about this, especially since there was no Russian “Collusion.” [1840 EDT]
- Ainsley Earnhardt, a truly great person, just wrote a wonderful book, “The Light Within Me,” which is doing really well. She is very special and so is her new book...bring it to number one! [2337 EDT]
- Our great financial team is in China trying to negotiate a level playing field on trade! I look forward to being with President Xi in the not too distant future. We will always have a good (great) relationship! [2345 EDT]
-- Source link: ( bit.ly/2jBh4LU ) ( bit.ly/2jpEXYR )
Compiled by Bengaluru bureau
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-tweet-factbox/trump-on-twitter-nafta-the-russia-hoax-north-korea-idUSKBN1I4020 |
(Reuters) - U.S. business inventories were unexpectedly flat in March as the biggest drop in stocks at retailers in six months offset increases in inventories at wholesalers and manufacturers.
The Commerce Department said on Tuesday the unchanged reading in business inventories followed a 0.6 percent increase in February.
Economists had forecast inventories, which are a key component of gross domestic product, ticking up 0.1 percent in March. Retail inventories fell 0.5 percent in March instead of decreasing 0.4 percent as reported in an advance estimate published last month.
Retail inventories rose 0.4 percent in February.
Motor vehicle inventories declined 1.1 percent in March instead of the previously reported 1.0 percent drop. Auto inventories rose 0.8 percent in February.
Retail inventories excluding autos, which go into the calculation of GDP, slipped 0.1 percent as reported last month. They gained 0.2 percent in February.
Wholesale inventories rose 0.3 percent in March and stocks at manufacturers also rose 0.3 percent.
The government reported last month in its advance estimate of first-quarter GDP that inventory investment added 0.43 percentage point to the economy’s 2.3 percent annualized growth pace during that period.
Business sales rose 0.5 percent in March after a similar gain in February. At March’s sales pace, it would take 1.34 months for businesses to clear shelves, down from 1.35 months in February.
Reporting by Lucia Mutikani Editing by Paul Simao
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-economy-inventories/u-s-business-inventories-unchanged-in-march-idUSKCN1IG2ED |
May 8 (Reuters) - Learning Tree International Inc:
* LEARNING TREE INTERNATIONAL ANNOUNCES SECOND QUARTER 2018 RESULTS
* Q2 LOSS PER SHARE $0.18 * Q2 REVENUE $13.6 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-learning-tree-international-report/brief-learning-tree-international-reports-q2-loss-per-share-0-18-idUSASC0A0KY |
LONDON (Reuters) - U.S. asset manager MFS Investment Management said it will seek permission to create a European Union hub in Luxembourg as it positions itself for Britain’s exit from the bloc.
FILE PHOTO: Luxembourg's Finance Minister Pierre Gramegna makes a speech at the Association Of The Luxembourg Fund Industry's Asia Roadshow event in Tokyo, Japan January 19, 2018. REUTERS/Kim Kyung-Hoon/File Photo MFS, which is owned by Canadian insurer Sun Life Financial ( SLF.TO ) and traces its roots to the launch of the first U.S. investment trust in 1924, has yet to make a final decision on the scale of any move, Madeline Forrester, managing director, UK Institutional Business, told Reuters.
The plan, which requires approval from Luxembourg regulators, would see MFS build up its existing Luxembourg office, currently staffed by 7 people, through internal company moves or local hires.
MFS has taken no decision yet on the type of roles to move to Luxembourg or how many.
The company employs 1,900 staff globally, of which around 140 are in Britain, and runs a number of actively managed funds for retail and institutional clients. It said London would remain MFS’s main office in Europe after Brexit.
At present, MFS has a Luxembourg fund range with 36 equity, multi-asset and fixed-income sub-funds that are sold primarily into Europe, Britain and Latin America.
Britain’s vast financial services looks set to be one of the most divisive areas in the Brexit negotiations, with Britain demanding a generous deal while the EU refuses to shift from its insistence that Britain’s red lines — such as ending the free movement of workers from the EU — make that impossible.
While a transitional deal between Britain and the EU could create more time for asset managers to determine final plans, most say they are already beginning to take permanent action to open or bulk up operations elsewhere.
“We have to plan for next March [when Britain is set to officially leave the bloc]. That means preparing for the worst, that’s the frustrating bit, and we’re not the only industry that feels this way, I’m sure,” Forrester said.
“We’re all investing time and money planning for the most unfavourable outcome. We view this as making a long-term investment in our Luxembourg office, but whatever the result of the final deal, we have to look after our clients and that means preparing for a ‘hard’ Brexit.”
Luxembourg has been among the chief beneficiaries from the uncertainty caused by Brexit, with a number of insurers and asset managers choosing it for their EU base, including Blackstone and Carlyle.
MFS staff roles and numbers in Luxembourg will in large part depend on the Luxembourg regulator and how many employees with investment or risk management responsibility it requires to be based there - a sensitive subject that has already seen the country pitched against rivals such as Dublin.
Editing by Sinead Cruise and Adrian Croft
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-eu-mfs/u-s-asset-manager-mfs-picks-luxembourg-as-post-brexit-eu-hub-idUSKBN1IA1ML |
BERLIN (Reuters) - The new U.S. ambassador to Germany said the row over Washington’s planned imposition of punitive tariffs on European goods would not trigger a trade war, adding that President Donald Trump only wanted “a level playing field”.
In an interview with the Funke newspaper group, Richard Grenell insisted that the United States was awaiting proposals on how punitive tariffs could be averted.
“Germans are doing a phenomenal job on trade,” he said. “There will be no trade war ... We are talking with our friends to solve a problem.”
The United States wanted to see Europe’s proposals before deciding what would follow the expiry of an already extended June 1 deadline to impose tariffs, he added.
Less than a week into the job, Grenell has already triggered headlines with his demand in a tweet that German companies in Iran should “wind down operations” immediately after Trump withdrew the United States from an international nuclear deal.
In the interview, Grenell maintained the hard line on Iran that has caused dismay in Europe’s capitals, restating the U.S. government’s position that Europe must reimpose sanctions on Iran.
“We expect our friends and allies to help us to bring Iran back to the negotiating table,” he said, adding that the United States had proof Iran had violated its commitment not to enrich uranium.
Reporting by Thomas Escritt
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-germany-ambassador/no-trade-war-with-germany-u-s-ambassador-promises-idUSKBN1ID012 |
5/10/2018 7:16AM Trump Thanks Kim Jong Un for Freeing Three Americans From North Korea President Donald Trump welcomed home three Americans who were detained in North Korea for more than a year and said he appreciated that Kim Jong Un set them free before the two leaders' planned summit. | ashraq/financial-news-articles | http://www.wsj.com/video/trump-thanks-kim-jong-un-for-freeing-three-americans-from-north-korea/90894649-AB6D-489A-8255-763E2CD6B3CB.html |
May 25, 2018 / 2:42 AM / Updated 17 hours ago FDA approves BioMarin rare metabolic disorder drug, shares rise Deena Beasley 2 Min Read
(Reuters) - U.S. regulators on Thursday approved BioMarin Pharmaceutical Inc’s Palynziq for adults with phenylketonuria, a rare metabolic disorder, sending shares of the biotechnology company up 3 percent after hours.
The drug, an injected enzyme replacement therapy, will have a list price of $267,000 a year, but after discounts mandated by government health plans and other concessions the net price will be $192,000, the company said in an emailed statement.
BioMarin said the drug will be available in the United States by the end of June.
Shares of BioMarin, which closed at $88.28 in regular trading, were up $2.72 at $91 after hours.
The FDA approval is “an important vote of confidence” for BioMarin, which could see significant growth potential driven by new products, J.P. Morgan analyst Cory Kasimov said in a research note.
BioMarin said Palynziq is the first approved enzyme substitution therapy to target the underlying cause of phenylketonuria, or PKU, by helping the body to break down phenylalanine, an amino acid found in protein-rich foods such as meat, dairy and eggs.
The FDA approved Palynziq for adults who have unontrolled concentrations of phenylalanine above a specific threshold despite other treatments. The drug can cause a severe allergic reaction, the company said.
About 11,000 people are living with PKU in the United States, according to BioMarin. Infants are screened at birth for the condition to make sure they are diagnosed and treated early.
If left untreated, the inherited disease can cause brain damage, leading to seizures, mental disorders and other neurological complications. Patients are treated throughout their lives, including a restricted diet.
Wall Street analysts, on average, expected sales of Palynziq to reach $620 million a year by 2024, according to Thomson Reuters I/B/E/S.
An older BioMarin drug for PKU, Kuvan, works by increasing activity of an enzyme that helps to reduce levels of phenylalanine in the blood. Reporting By Deena Beasley; Editing by Darren Schuettler | ashraq/financial-news-articles | https://uk.reuters.com/article/us-biomarin-fda-pku/fda-approves-biomarin-rare-metabolic-disorder-drug-shares-rise-idUKKCN1IQ0A3 |
SANTIAGO (Reuters) - Catholic church authorities in the Chilean city of Rancagua on Tuesday suspended 14 priests while they are investigated for “improper conduct”, a development that could deepen the crisis the church is facing over sexual abuse charges.
The suspensions were announced after a meeting of 68 priests of the diocese of Rancagua, which is located to the south of capital city Santiago.
“Precautionary measures have been adopted,” Gabriel Becerra, vicar general of Rancagua, told reporters.
Earlier on Tuesday the Vatican said Pope Francis would host a second group of victims of priestly sexual abuse in Chile, days after the country’s bishops all offered to resign over the scandal.
Earlier this month, the pope met three men who were victims of a priest accused of abusing boys in Santiago in the 1970s and 1980s. The second group includes priests who also fell foul of the same disgraced churchman, the Vatican said.
The five men, accompanied by two other priests who have helped them and two lay people, will see the pope from June 1-3.
In a subsequent statement, the Diocese of Rancagua reported that the information was given to a prosecutor’s office and that, from the canonical point of view, the antecedents were sent to the Vatican.
“We deeply regret any act or situation that violates the values and principles that underpin our Catholic Church and we want to express our solidarity with the victims,” said a statement later issued by the diocese.
Reporting by Antonio De La Jara, writing by Hugh Bronstein; Editing by Michael Perry
| ashraq/financial-news-articles | https://in.reuters.com/article/chile-abuse-suspensions/chilean-catholic-church-suspends-14-priests-over-improper-conduct-idINKCN1IO0CU |
Therapy dogs calm autistic children at the dentist Thursday, May 10, 2018 - 01:01
One non-profit organization in Chile is working to help calm autistic children in the dentist chair through the use of trained therapy dogs.
One non-profit organization in Chile is working to help calm autistic children in the dentist chair through the use of trained therapy dogs. //reut.rs/2KRt7lO | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/10/therapy-dogs-calm-autistic-children-at-t?videoId=425556853 |
NEW YORK, May 17, 2018 /PRNewswire/ -- Juan Monteverde , founder and managing partner at Monteverde & Associates PC , a national securities firm headquartered at the Empire State Building in New York City, is investigating MTGE Investment Corp. ("MTGE" or the "Company") (NasdaqGS: MTGE) relating to the sale of the Company to Annaly Capital Management ("Annaly"). As a result of the merger, MTGE shareholders are only anticipated to receive (a) $9.82 in cash and .9519 shares of Annaly common stock; or (b) $19.65 in cash; or (c) 1.9037 shares of Annaly common stock in exchange for each share of MTGE.
Click here for more information: https://monteverdelaw.com/case/mtge-investment-corp . It is free and there is no cost or obligation to you.
The investigation focuses on whether MTGE and its Board of Directors violated securities laws and/or breached their fiduciary duties to the Company's stockholders by 1) failing to conduct a fair process, 2) whether and by how much this proposed transaction undervalues the Company by and 3) failing to disclose all material financial information in connection with the upcoming shareholder meeting.
Monteverde & Associates PC is a national class action securities and consumer litigation law firm that has recovered millions of dollars and is committed to protecting shareholders and consumers from corporate wrongdoing. Monteverde & Associates lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions, whereby they protect investors by recovering money and remedying corporate misconduct. Mr. Monteverde, who leads the legal team at the firm, has been recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013 and 2017, an award given to less than 2.5% of attorneys in a particular field. He has also been selected by Martindale-Hubbell as a 2017 Top Rated Lawyer.
If you own common stock in MTGE and wish to obtain additional information and protect your investments free of charge, please visit our website or contact Juan E. Monteverde, Esq. either via e-mail at [email protected] or by telephone at (212) 971-1341.
Contact:
Juan E. Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4405
New York, NY 10118
United States of America
[email protected]
Tel: (212) 971-1341
Attorney Advertising. (C) 2018 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC ( www.monteverdelaw.com ). Prior results do not guarantee a similar outcome with respect to any future matter.
View original content with multimedia: http://www.prnewswire.com/news-releases/shareholder-alert-monteverde--associates-pc-announces-an-investigation-of-mtge-investment-corp--mtge-300650682.html
SOURCE Monteverde & Associates PC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-shareholder-alert-monteverde-associates-pc-announces-an-investigation-of-mtge-investment-corp--mtge.html |
A fear of runaway price rises rather than current economic data is driving the Federal Reserve's commitment to raise rates in the United States, according to one economist.
U.S. core inflation crept 0.2 percent higher in April, according to fresh data Thursday, falling short of the expected 0.3 percent gain. Fuel and rental prices were the main drivers of price growth but were largely offset by flat prices in health care.
Ian Shepherdson, the chief economist at Pantheon Macro, said to "Squawk Box Europe" Friday that any inflationary impetus that would justify higher interest rates isn't really there.
"The wage numbers for the last couple of years have been kind of flat at about 2.5 percent and that's not really scaring anybody, so that raises the question why on earth is the Fed raising rates?," Shepherdson asked.
"It is because of fear of what might be in the pipeline," he added.
The last time the unemployment rate in the States reached its current level, inflation ran as high as 6 percent and Shepherdson said the Fed wants to prevent history repeating itself.
In the summer of 2017, core inflation stood at around 1.7 percent and has now hit 2.1 percent year-on-year. Shepherdson said any previous worries about falling prices should now be cast aside.
"I do think that there is no inflation is yesterday's story, and this idea of global deflation, that story is ancient, ancient news," he added.
In the U.S., prices at the gas pump have been moving up sharply, topping $3 a gallon in many western states.
Asked if economists were wrong to focus on core inflation, which strips out fuel, Shepherdson said while Fed members are concerned gas price spikes might stoke wage inflation, there was no evidence it had happened yet. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/fed-raising-rates-over-fear-of-future-inflation.html |
A daily digest of The Wall Street Journal’s coverage of energy companies, commodity markets and the forces that shape them. Send us tips, suggestions and complaints: [email protected] OPEC OUTPUT RISES ON HIGHER CRUDE PRODUCTION IN SAUDI ARABIA OPEC’s output inched up last month, reports The Wall Street Journal’s Christopher Alessi. In its closely watched monthly WSJ Wealth Adviser Briefing: Cupcakes, Slack, Rockefeller Art Next Don’t Count on This Earnings Bonanza Lasting | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/14/energy-journal-opecs-oil-production-crept-up-last-month/ |
Trump lawyer Rudy Giuliani said Friday that the special counsel's appointment was triggered by the firing of FBI Director James Comey .
The former U.S. attorney and mayor of New York maintained, however, that there was no legitimate reason to appoint special counsel Robert Mueller to led a probe of potential links between President Donald Trump 's election campaign and Russia.
"It was really about the firing of Comey that led to [Deputy Attorney General Rod] Rosenstein 's decision" to appoint the special counsel, Giuliani said Friday in a CNN interview.
Comey was fired on May 9, 2017. Two weeks later, Rosenstein appointed the special counsel to the FBI's ongoing probe of Russian election meddling.
Shortly after Comey's termination, the White House said Trump's action was based on a letter from Rosenstein criticizing Comey's handling of an investigation into former presidential candidate Hillary Clinton 's emails.
But in an NBC Nightly News interview two days later, Trump gave a different explanation. "In fact, when I decided to just do it, I said to myself, I said, 'You know, this Russia thing with Trump and Russia is a made up story,'" Trump told NBC.
Giuliani told CNN the firing was an insufficient reason to appoint a special counsel. "No reason to investigate. The president has complete discretion to fire anybody he wants," he said.
While conceding that Trump could potentially obstruct justice — a facet of the investigation that has reportedly grown more prominent over time — Giuliani said Comey's firing, regardless of the president's reason for doing so, wouldn't count as such.
"In the case of firing a subordinate who's going to be replaced by somebody else on an acting position immediately, ... it doesn't matter if, in fact, it can't result in anything," Giuliani said.
Giuliani also said the president cannot be indicted, citing Justice Department precedent.
Earlier on CNN, Giuliani said he learned that the special counsel has whittled down the number of subjects about which Trump could be questioned in a potential interview.
Jay Sekulow, another member of Trump's legal team, had assembled information from the special counsel into a list of 49 potential questions for the president, according to The Washington Post . The questions, revealed by The New York Times, touched on Attorney General Jeff Sessions ' recusal from the investigation, as well as the firings of Comey and former national security advisor Michael Flynn .
Giuliani said a number of the question categories have been removed from the list that could potentially be put to Trump. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/giuliani-special-counsel-appointed-because-trump-fired-comey.html |
May 14 (Reuters) - Australia’s biggest telecom company Telstra Corp reaffirmed its full year 2018 guidance on Monday, but said “challenging trading conditions” are expected to continue into 2019.
EBITDA (earnings before interest, tax, depreciation and amortisation) is expected to be at the bottom end of the range and free cashflow is expected to be at the top end to moderately above, it said in a statement.
Ongoing pressure on mobile and fixed ARPUs (average revenue per user) and the accelerating impact of the National Broadband Network will continue into FY19, the company said.
Reporting by Nicole Pinto in Bengaluru; editing by Richard Pullin
| ashraq/financial-news-articles | https://www.reuters.com/article/telstra-corp-outlook/australias-telstra-reaffirms-outlook-challenging-trading-conditions-to-continue-idUSL3N1SK0VY |
2:58 PM EDT
The Northern Hemisphere could see up to four major hurricanes during the 2018 season, experts are predicting.
The 2018 Atlantic hurricane season begins on June 1, peaks from August to October, and extends to November 30.
There’s a 35% chance that this hurricane season will be above normal, a 40% chance for a near-normal season, and a 25% chance for a below-normal season, according to the National Oceanic and Atmospheric Administration (NOAA) , which released its forecast for the 2018 Atlantic hurricane season on Thursday.
Overall, NOAA predicts that there will be 10-16 named storms, of which 5-9 could become hurricanes, and 1-4 of those could be major hurricanes. JUST IN: Atlantic #HurricaneSeason Outlook 2018 — 70% likelihood of 10-16 named storms of which 5-9 could become hurricanes, including 1-4 major #hurricanes https://t.co/yXpag4nQ2R pic.twitter.com/lgzoVaxDK4
— NOAA (@NOAA) May 24, 2018
For 2017, NOAA forecasted “a 70 percent likelihood of 11 to 17 named storms (winds of 39 mph or higher), of which 5 to 9 could become hurricanes (winds of 74 mph or higher), including 2 to 4 major hurricanes (Category 3, 4 or 5; winds of 111 mph or higher).”
This was close to reality : There were 17 named storms, 10 hurricanes, of which 6 were a category three or higher, during the 2017 hurricane season. Table showing how the 2017 Atlantic #hurricane season ranks historically. It will end up a top 10 season by most tropical cyclone metrics. pic.twitter.com/e5fb8cgwn2
— Philip Klotzbach (@philklotzbach) November 28, 2017
NOAA touted its sophisticated technology, “from next-generation models and satellite data to new and improved forecast and graphical products,” to forecast storms and help the public make informed decisions.
“With the advances made in hardware and computing over the course of the last year, the ability of NOAA scientists to both predict the path of storms and warn Americans who may find themselves in harm’s way is unprecedented,” Secretary of Commerce Wilbur Ross said in a statement. “The devastating hurricane season of 2017 demonstrated the necessity for prompt and accurate hurricane forecasts.”
The tropical cyclone names are as follows: Alberto Beryl, Chris, Debby, Ernesto, Florence, Gordon, Helene, Isaac, Joyce, Kirk, Leslie, Michael, Nadine, Oscar, Patty, Rafael, Sara, Tony, Valerie, William. Here are the names for 2018 Atlantic #TropicalCyclones , per the World Meteorological Organization, @WMO : https://t.co/yXpag4nQ2R pic.twitter.com/AAmb8oL6Vn
— NOAA (@NOAA) May 24, 2018
FEMA officials were already warning Americans to prepare.
“It only takes one storm to devastate a community so now is the time to prepare,” acting FEMA Deputy Administrator Daniel Kaniewski said in a statement. “Do you have adequate insurance, including flood insurance? Does your family have a communication and evacuation plan? Stay tuned to your local news and download the FEMA app to get alerts, and make sure you heed any warnings issued by local officials.” SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/24/2018-hurricane-season-predictions/ |
May 2 (Reuters) - Offshore drilling contractor Noble Corp Plc reported on Wednesday a smaller quarterly loss from a year earlier, helped by an 8 percent drop in expenses.
Net loss attributable to Noble narrowed to $142.3 million, or 58 cents per share, in the first quarter ended March 31, from $301.7 million, or $1.24 a share, a year earlier, the company said.
Revenue fell to $235.2 million from $363 million. (Reporting by Ahmed Farhatha; Editing by Bernard Orr)
| ashraq/financial-news-articles | https://www.reuters.com/article/noble-corp-results/noble-corp-reports-smaller-quarterly-loss-idUSL3N1S95N3 |
May 2 (Reuters) - Aegion Corp:
* ORATION REPORTS 2018 FIRST QUARTER FINANCIAL RESULTS * Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $0.13
* Q1 LOSS PER SHARE $0.06 * Q1 EARNINGS PER SHARE VIEW $0.13 — THOMSON REUTERS I/B/E/S
* Q1 REVENUE $325 MILLION VERSUS I/B/E/S VIEW $309.2 MILLION
* CONTRACT BACKLOG AS OF MARCH 31, 2018 WAS $718 MILLION, AN INCREASE OF $58 MILLION, OR 9 PERCENT, FROM CONTRACT BACKLOG AT MARCH 31, 2017
* QTRLY NEW ORDERS GREW 1 PERCENT COMPARED TO Q1’17 TO $353 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-aegion-corporation-reports-q1-loss/brief-aegion-corporation-reports-q1-loss-per-share-of-0-06-idUSASC09ZAH |
Republican fundraiser Elliott Broidy believes an alleged hack of his computer files by agents for the nation of Qatar led to the exposure of his affair with and payoff to a Playboy Playmate , his spokesman told CNBC on Thursday.
Broidy believes material related to his relationship with the woman and the subsequent payoff to her was stolen and then later leaked to The Wall Street Journal, his spokesman, Harvey Englander, said.
The married Broidy, a venture capitalist, also "absolutely" believes the subsequent leak about the affair and the payoff to Shera Bechard was intended to discredit his stance against Qatar, Englander said.
The Journal's story ran on April 13. The article detailed how 's personal lawyer Michael Cohen in late 2017 had negotiated a deal to pay the Playmate $1.6 million after she claimed Broidy impregnated her and that she wanted to terminate the pregnancy.
show chapters Michael Cohen, wiretaps & the Stormy Daniels saga 4:01 PM ET Thu, 3 May 2018 | 02:52 That story ran less than three weeks after Broidy first filed a federal lawsuit accusing Qatar of being behind the hack of his computer files.
The original lawsuit claimed that materials stolen from Broidy were leaked to media outlets to fuel negative articles about him. Those earlier articles did not mention any affair.
Broidy's affair came to light days after FBI agents in New York raided Cohen's office, apartment and a hotel room where he had been staying, as part of an ongoing criminal investigation into the attorney.
In late 2016, Cohen paid $130,000 to porn star Stormy Daniels in exchange for her silence about an alleged affair she had with Trump.
After this story was published Thursday, Englander denied making the statements attributed to him.
Englander had called CNBC on Wednesday after a reporter reached out to Broidy's lawyers to ask whether Broidy believed that the materials he claims were hacked led to the exposure last month of his affair.
In a voicemail, Englander said the lawyers had "passed along your message to me, and the answer is 'yes.' "
The reporter then spoke to Englander on the phone on Thursday.
After CNBC published this story, Englander reached out again, to deny his reported comments.
"I specifically deny having told you, on or off the record, that Mr. Broidy believes that the computer hack by Qatar led to the exposure of his affair with Ms. Bechard," Englander wrote in an email to CNBC on Friday morning.
"I specifically said …that I could not speak to the mindset or beliefs of other people and that I had not spoken with Mr. Broidy about that specific question," Englander wrote in the email.
The Qatar question Broidy resigned as deputy finance chairman at the Republican National Committee on the day the Journal broke the news of his affair with Bechard. Cohen and Broidy had been appointed to similar roles on the RNC finance team in April 2017.
Englander's comments to CNBC came on the same day that Broidy and his company, Broidy Capital Management, filed an amended lawsuit against Qatar and the people and companies he accuses of conspiring to conduct an "illegal intrusion" into Broidy's email server last year.
The comments also came three days after the Associated Press ran a story detailing efforts by Broidy and his business partner, George Nader , to push for anti-Qatar policies by the American government.
George Pimentel | Getty Images Shera Bechard attends the 31st Annual Genie Awards Gala at the National Arts Centre on March 10, 2011 in Ottawa, Canada. The AP article said that in exchange for their efforts, Broidy and Nader "expected huge consulting contracts" from Saudi Arabia and the United Arab Emirates , two nations that are hostile to Qatar. The article is based in part on "hundreds of pages of leaked emails between the two men."
The AP noted that neither Broidy nor Nader had registered with the U.S. government as lobbyists working for foreign governments. Broidy has said he was not required to do so because his actions opposing Qatar were on his own accord.
Broidy's amended lawsuit, filed in Los Angeles federal court, claims that Qatar targeted Broidy because of his "outspoken criticism" against the Arab state due to its "support for terrorism."
The amended suit adds as defendants Mohammed bin Hamad Khalifa al Thani, who is the brother of the emir of Qatar, as well as Ahmed al Ruhmaihi, who was responsible for $100 billion belonging to the Qatar Investment Authority.
New York-based corporate intelligence firm Global Risk Advisors, and its principals, Kevin Chalker and David Mark Powell, are also now listed as defendants in Broidy's suit.
The suit says that sometime before Dec. 27, 2017, Qatar or one of its agents retained Global Risk Advisors "to coordinate an offensive cyber and information operation" against Broidy and his company, "including by infiltrating" Broidy's computer networks in Los Angeles and by gaining access to Google email accounts of people connected to Broidy, his wife among them.
"We believe the evidence is clear that a nation-state is waging a sophisticated cyber information campaign against me in order to silence me," Broidy said in a prepared statement. "We believe it is also clear that I have been targeted because of my strong political views against Qatar's state-sponsored terrorism and double-dealing, and the fact that I was not shy about expressing my views."
'All but an act of war' Broidy's lawyer, Lee Wolosky, said: "It is a crime for any person to hack into the emails of a U.S. citizen. It is all but an act of war when such an attack is orchestrated by a foreign government."
"In this lawsuit we are asking that Qatar be held accountable for its support of terrorism in any form, offline or online," said Wolosky, a partner at the firm Boies Schiller Flexner.
Qatar's media attache in Washington, Jassim Al Thani, blasted Broidy's lawsuit, calling his claims fabricated.
"Mr. Broidy's latest false allegation is yet another desperate attempt to divert attention from his own illegal activities," the attache said in an emailed statement to CNBC. "He attempts to portray Qatar as the aggressor, when he knows full well Qatar does not operate in this manner. The facts show it was Mr. Broidy who conspired in the shadows against Qatar — not the other way around."
In a prepared statement, Global Risk Advisors said: "We are aware of the baseless allegations made by Mr. Broidy. They are categorically false, unjustified and we deny them. We will defend ourselves vigorously and will have no further comment at this time."
This article has been undated to include additional comments from Elliott Broidy's spokesman.
WATCH: Pres. Trump confirms he reimbursed lawyer for Stormy payment show chapters President Trump confirms he reimbursed lawyer for Stormy Daniels payment 11:54 AM ET Thu, 3 May 2018 | 01:04 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/gop-fundraiser-elliott-broidy-believes-qatar-hack-exposed-playmate-affair.html |
T-Mobile-Sprint merger could limit competition, says Boost Mobile founder. Here's how 1 Hour Ago Peter Adderton, Boost Mobile founder, shares his concerns about pricing for a key segment of wireless users: the prepaid market. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/t-mobile-sprint-merger-could-limit-competition-says-boost-mobile-founder-heres-how.html |
MENLO PARK, Calif., UpLift today announced it has appointed former Cisco Enterprise SVP/GM Rob Soderbery to be its first President. Soderbery, an early investor and founding board member of the company, will be responsible for all business, engineering and operations functions at UpLift. The company also announced the appointment of Tom Botts as Chief Commercial Officer and Noha Carrington as Chief Capital Officer to build scale in go-to-market, and capital strategy and operations.
"Rob brings the operational skills and leadership scale to enable UpLift in our mission to make travel more accessible, affordable and rewarding for everyone," said UpLift Founder and Chief Executive Officer (CEO) Brian Barth, "His experience managing the $20B enterprise product business at Cisco and deep understanding of enterprise needs is a perfect complement to our team of deep travel, financial and consumer expertise. With Tom's proven ability to create value in travel markets and Noha's global capital markets experience we are ready to serve the largest and most complex travel providers in the world."
Barth, who founded SideStep - acquired by Kayak in 2007, now one of 6 primary brands of Booking Holdings - and created the meta-search for travel category, founded UpLift in 2013 to change the way consumers are able to purchase travel. UpLift Pay Monthly has been adopted by top travel suppliers and is enabling those brands to drive conversion, enhance profitability and build loyalty with travelers. Uplift is live today on the vacation package sites of Universal Studios, American Airlines, JetBlue, Funjet, Spirit as well as United Vacations and Southwest Vacations.
"We set out to build the best digital lending platform for Point of Sale," said UpLift President Rob Soderbery. "With that platform, we are now focused on creating great experiences for travelers while driving conversion, revenue and ancillaries for our travel partners. I am excited to take an operating role at UpLift helping Brian and the team achieve their vision."
UpLift enables travel providers to offer low, fixed monthly payments to their travelers. Uplift is focused on responsible lending, security and privacy for both consumers and providers. UpLift offers are always simply and clearly presented enabling consumers to make responsible choices. UpLift is PCI Level 1 compliant, and never shares or sells partner or consumer data.
Rob Soderbery - President
Rob Soderbery brings more than 30 years of product, technology and general management experience, most recently at Cisco as SVP and General Manager of the Enterprise Segment, with responsibility over $20B in Cisco products. He is active as an investor and advisor to numerous startups. Prior to Cisco, he held executive roles at Symantec and Veritas Software. He holds a BSEE from Caltech and MSEE from Stanford University.
Tom Botts - Chief Commercial Officer
Tom Botts brings deep travel industry knowledge and experience to UpLift. Botts has held positions in hospitality, online travel agencies and airlines including mostly recent serving as SVP and CMO at Miraval Group, a KSL Capital Partners portfolio company acquired by Hyatt Hotels and Resorts. Earlier, Botts co-founded travel industry consulting practice Hudson Crossing where he served as Managing Partner. Botts also has senior management experience at Starwood Hotels and Resorts, Hotwire.com , and Delta Air Lines. He is a graduate of the University of Missouri-Columbia, and is an active investor and advisor across the travel landscape.
Noha Carrington - Chief Capital Officer
Noha Carrington brings proven ability to work with the most demanding global equity and debt investors, with deep experience in capital markets in New York, California and the Pacific Rim. Most recently, as founder and Chief Investment Officer at Carrington Strategic Advisors she provided customized investment products for clients around the globe. Prior to her shift to the buy-side, she spent 15 years as a global equity derivative sales trader with senior roles at Goldman Sachs and Salomon Brothers. She started her career with roles at Merrill Lynch and Morgan Stanley.
Carrington received her BS Finance summa cum laude from the University of Connecticut and her M.B.A. cum laude in Finance from New York University Stern Business School. She serves on the Board of the University of Connecticut and is a member of both the Investment and Governance committees.
About Uplift
Built by world-class travel technologists, UpLift helps the world's biggest travel brands build top line revenue and decrease transaction costs - boosting conversion rates, merchandising specific products and increasing total trip value. We are digital marketers and fintech experts whose core technology, the UpLift Engine, was designed by the team that created the original travel meta-search. Our flagship product, Pay Monthly, lets travelers buy now and pay later, with monthly installment payments offered at the industry's lowest rates.
Contact:
Michael Frenkel, MFC PR
(201) 317-7035
[email protected]
with multimedia: releases/uplift-appoints-former-cisco-executive-rob-soderbery-as-companys-first-president-300648325.html
SOURCE UpLift | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-uplift-appoints-former-cisco-executive-rob-soderbery-as-companys-first-president.html |
May 1 (Reuters) - Mitsubishi Motors Corp:
* MITSUBISHI MOTORS EXPECTS TO RESUME SHIPMENTS TO VIETNAM AS EARLY AS JUNE - NIKKEI Source text for Eikon: [ID: s.nikkei.com/2rb5fBv ] Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mitsubishi-motors-expects-to-resum/brief-mitsubishi-motors-expects-to-resume-shipments-to-vietnam-as-early-as-june-nikkei-idUSFWN1S71AQ |
Higher prescription sales boost CVS results 4:14pm BST - 00:55
Strong sales of prescription drugs and higher prices for branded pharmaceuticals drove revenue higher at CVS. As Fred Katayama reports, the new tax law helped lift the drug store chain's profit. ▲ Hide Transcript ▶ View Transcript
Strong sales of prescription drugs and higher prices for branded pharmaceuticals drove revenue higher at CVS. As Fred Katayama reports, the new tax law helped lift the drug store chain's profit. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2Kwm7L9 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/02/higher-prescription-sales-boost-cvs-resu?videoId=423245120 |
Former GE CEO Jeff Immelt at the company's new headquarters in Fort Point in Boston on May 8, 2017. Pat Greenhouse—The Boston Globe via Getty Images By Aaron Pressman and Adam Lashinsky May 24, 2018
This is the web version of Data Sheet, Fortune’s daily newsletter on the top tech news. To get it delivered daily to your in-box, sign up here .
It is painful, but necessary, to read about failure in business.
By any measure the decline of General Electric these past months is an epic fail for the ages. Fortune ’s Geoff Colvin should know. He repeatedly profiled the storied industrial conglomerate during the tenure of its departed CEO, Jeffrey Immelt. Colvin explained in past years what made Immelt a worthy successor to the legendary Jack Welch. He also described Immelt’s struggles to achieve adequate growth at GE—long before its grave problems emerged.
But nothing prepared Colvin or GE’s investors for the precipitous collapse of the company’s market value in the immediate aftermath of Immelt’s abrupt retirement.
In a stunning article titled “ What the Hell Happened? ”, Colvin describes a company that made poor investment decisions, allocated capital badly, and suffered from a decline in its vaunted corporate culture.
The irony is that GE had fashioned itself as an industrial leader of the digital revolution. It was to be a major player in software and putting sensors on its powerful equipment. Immelt’s successor, John Flannery, isn’t backing away from GE’s digital strategy. But he is scaling back its software aspirations and no longer using the flowery language Immelt’s team favored to describe GE industrial hipness.
Colvin’s telling is a sympathetic tale of what can go horribly wrong when a great company becomes distracted or otherwise makes the wrong decisions. GE under Immelt by no means did everything wrong, and Colvin gives the company its due in that regard. But it didn’t do enough things right. It’s a sobering tale.
***
The New York Times published in print Wednesday a piece that echoed the argument I made in Data Sheet about Facebook . I contend that 1990s-era distinctions between print newspapers and newfangled “social networks” are irrelevant. A publisher is a publisher, and Facebook ought to be treated like one under the law. One European lawyer sums it up nicely. As The Times describes it, he argues that social media companies must block offensive content without censoring legitimate debate, and it must foot the bill the same as any other publisher. “If they can’t do it, they should get out of the kitchen.”
Precisely.
Adam Lashinsky @adamlashinsky [email protected] NEWSWORTHY
We’re about to make millions of dollars in frozen orange juice . The Justice Department and the Commodity Futures Trading Commission have opened a criminal probe into possible market manipulation in the markets for bitcoin and ethereum , Bloomberg reported on Thursday morning. The probe is said to be looking at whether some traders engaged in spoofing, or the placing of a high volume of phony orders, and wash trading, in which a person trades back and forth with themselves. The price of bitcoin dropped below $7,400 on the news.
Ready for my closeup. Growing rapidly and reducing its losses, Uber said its gross revenue jumped 55% in the first quarter to $11.3 billion, while net revenue after accounting for payments to drivers was up 70% to $2.5 billion. Uber’s net loss before interest, taxes, and other expenses was $312 million, about half the level of a year earlier. Uber did have an overall profit in accounting terms of $2.5 billion, thanks to the sale of its businesses in Russia and Southeast Asia for a gain of $2.9 billion. Uber also won’t be reviving its self-driving car tests in Arizona, where a pedestrian was killed in March, and will focus on restarting its Pittsburgh effort by year end (which seemed to be news to some key Pittsburgh officials).
Trash collector . To comply with Europe’s General Data Protection Regulation, Apple created a “Privacy Portal” for customers in the region that lets them download all data collected under Apple ID accounts, including activity on the App Store, AppleCare support interactions, and uploaded photos. The portal will be made available to customers in the U.S. and elsewhere in coming months, Apple said. At the other end of the GDPR compliance spectrum, Pinterest said it would have to temporarily shutter its popular Instapaper read-it-later app and service in Europe as it tries to comply with the law. Access will be restored “as soon as possible,” the company said.
Your concern is the bus . Speaking of the iPhone maker, Apple’s once-ambitious plans to build self-driving cars are off the table for now, the New York Times reports. The company was unable to strike deals with BMW and Mercedes-Benz, and is left with just a partnership with Volkswagen to build an autonomous shuttle bus that will run between Apple campuses, according to the report.
Role model . Elon Musk went on an anti-media Twitter rant worthy of President Trump. “The holier-than-thou hypocrisy of big media companies who lay claim to the truth, but publish only enough to sugarcoat the lie, is why the public no longer respects them,” the Tesla CEO wrote in one.
Role model, part two . Speaking of the President’s online rants , a federal judge ruled that the president’s Twitter account constitutes a public forum subject to the protections of the First Amendment. As a result, Trump and his aides cannot block people from reading his feed, Judge Naomi Reice Buchwald concluded. “No government official—including the President—is above the law and all government officials are presumed to follow the law as has been declared,” Buchwald wrote.
Copycats . After Seattle ignored protests from Amazon and imposed a so-called head tax (because it is calculated based on a company’s number of employees), several cities in and around Silicon Valley are considering following suit. San Francisco, Mountain View, Cupertino, and East Palo Alto are all looking at imposing the same kind of tax.
Replay booth . I mistakenly described Facebook’s Terragraph project in yesterday’s newsletter. It’s developing a collection of low-cost wireless technologies for dense urban areas, not building free Wi-Fi networks.
Advertisement FOOD FOR THOUGHT
Mega billionaire and Microsoft co-founder Bill Gates is a voracious reader and he’s out this week with his list of recommended summer books. It’s not exactly beach going fare. And some books, like Lincoln in the Bardo by George Saunders, which won the Man Booker Prize last year, aren’t really overlooked gems needing this kind of promotion. But if you’re seeking erudition on global challenges or wanting to explore rich histories, there are a few choices , such as:
Factfulness , by Hans Rosling, with Ola Rosling and Anna Rosling Ronnlund. I’ve been recommending this book since the day it came out. Hans, the brilliant global-health lecturer who died last year, gives you a breakthrough way of understanding basic truths about the world—how life is getting better, and where the world still needs to improve. And he weaves in unforgettable anecdotes from his life. It’s a fitting final word from a brilliant man, and one of the best books I’ve ever read.
IN CASE YOU MISSED IT
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Critics Ask Amazon to Stop Selling Facial Recognition Technology to Police By Sarah Gray
Why Everyone Hates Their Cable Company Even More This Year By Aaron Pressman
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Advertisement BEFORE YOU GO
The Simpsons might be one of the longest running shows in television history, but it lost its edge years ago. Series creator Matt Groening has a shiny new thing, however. His new animated series, Disenchantment , will spoof the fantasy genre and star Broad City actress Abbi Jacobson providing the voice for protagonist Princess Bean. The 10-episode first season debuts on Netflix on August 17.
This edition of Data Sheet was curated by Aaron Pressman . Find past issues, and sign up for other Fortune newsletters . | ashraq/financial-news-articles | http://fortune.com/2018/05/24/data-sheet-general-electric-strategy-digital/?iid=recirc_f500landing-zone2 |
May 22 (Reuters) - VAALCO Energy Inc:
* VAALCO ENERGY INC - ELIMINATED $7.0 MILLION OF OUTSTANDING DEBT WITH IFC, WITH CASH ON HAND
* VAALCO ENERGY - BEGUN WORKOVER OPERATIONS LAST WEEK TO RESTORE PRODUCTION TO TWO WELLS CURRENTLY SHUT-IN ON AVOUMA PLATFORM
* VAALCO ENERGY - ESTIMATES NET PRODUCTION OF APPROXIMATELY 750 NET BARRELS OF OIL PER DAY MAY BE RESTORED IF BOTH WORKOVERS ARE SUCCESSFUL Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-vaalco-energy-eliminated-7-mln-of/brief-vaalco-energy-eliminated-7-mln-of-outstanding-debt-with-ifc-idUSFWN1ST0PR |
Roughly 10 million people in the United States suffer from some sort of tremor disorder, whether that's essential tremor — the most common movement disorder — or the tremors resulting from Parkinson's disease.
The current treatment regimens are wide-ranging: medication and therapy are typically prescribed, with mixed results and their own side effects. For people with tremors that are especially disabling, surgery to insert an electrical probe deep into the brain — which is then connected via wire under the skin to a pacemaker-like device implanted near the heart — usually takes place.
But a noninvasive treatment option that uses focused ultrasound to mitigate the effects of essential tremor is slowly making its way into hospitals worldwide. University-affiliated medical systems, such as the Mayo Clinic, are currently using it, and more than 1,000 patients with essential tremor around the world have been treated. It's also being tested further to see how it could be used to treat Parkinson's disease , Alzheimer's and to help deliver targeted drug therapy for people suffering from brain tumors. Israel-based Insightec, backed by $400 million of investor capital to date, is the company behind it.
The treatment involves two steps: Patients are first fitted with a helmet that transmits ultrasound waves. They're then placed inside a Magnetic Resonance Imaging (MRI) machine, which allows doctors to monitor and adjust the procedure as it's taking place.
Still, questions remain about how effective a focused ultrasound treatment can be for treating currently incurable conditions like Parkinson's disease.
With ultrasound waves guided by MRI, Insightec's Exablate Neuro system ablates deep brain tissue to improve essential tremors without surgery, sometimes with immediate results. Two years ago the Food and Drug Administration approved the company's technology for treating people with essential tremor: A study conducted by the University of Virginia School of Medicine demonstrated that patients' tremors and motor functions improved about 50 percent three months after treatment.
'A multibillion-dollar market that's just emerging' Although Insightec was founded in 1999, it's just now in the commercialization phase of its technology and is partnered with General Electric and Siemens — two companies that represent roughly 70 percent of the existing MRI market — to get its Exablate Neuro system into the hands of more doctors.
"We see this as a multibillion-dollar market that's just emerging. Where robotics surgery was 10 to 20 years ago is where we think focused ultrasound is today," said Insightec CEO Maurice Ferré, who came to the company four years ago to begin driving its commercial plan.
Aiding Insightec's push to the market is the Koch family, commonly known today as Charles and David Koch, the billionaire brothers who back conservative causes and candidates. In November the 70-year-old Koch Industries launched Koch Disruptive Technologies, a new subsidiary led by Charles' son, Chase, and focused on investing in early-stage and high-growth businesses. One month later Koch Disruptive Technologies made its very first investment when it led the $150 million round of Series E funding for Insightec, the largest equity deal across all Israeli companies in 2017.
With its investment, the Kochs are betting on a technology that might one day have a variety of neural applications. There's a clinical trial currently under way, testing Insightec's treatment system in epilepsy patients. Also, a focused ultrasound treatment could cost three to four times less than some of the conventional procedures in use today for treating conditions like essential tremor.
"You can probably imagine, it's a compelling offer when you can tell an entrepreneur that by working with us, they gain access to one of the largest real-life laboratories in the world," said Rob Carlton, director of business communications with Koch Industries.
Accessing the risks and breakthroughs It's taken Insightec, a company of now 300 employees, about 15 years and $200 million to fully develop its technology: focused ultrasound therapy coupled with MRI that targets tissues deep within the brain and either thermally ablates it — destroys the tissue by cooking it, basically — or disrupts cell membranes similar to how ultrasound is used to break up kidney stones.
Focused ultrasound is analogous to using a magnifying glass and focused beams of light on a point. Patients are awake during the entire procedure, which usually takes between two and four hours. They're first fitted with a helmet through which the ultrasound waves are sent and are then placed inside an MRI scanner. Multiple beams of ultrasound energy are focused on a target deep within the body. Coupling it with MRI means a doctor can monitor where the beams are hitting in real time, raising the energy levels of the ultrasound waves along the way.
"We see this as a multibillion-dollar market that's just emerging. Where robotics surgery was 10 to 20 years ago is where we think focused ultrasound is today." -Maurice Ferré, Insightec CEO "The beams concentrate and can affect tissue now in 18 different ways that we know of. Ten years ago we only understood three ways," said Dr. Neal Kassell, chairman of the Virginia-based Focused Ultrasound Foundation.
By destroying or disrupting certain tissues in the brain, focused ultrasound kills abnormal cells and breaks the brain circuits causing the tremor.
Risks and rewards But treatment challenges remain. The human skull is good at deflecting and absorbing energy, which is a problem for focused ultrasound, which relies on using an energy beam to hit millimeter-size brain targets, like the thalamus, a tiny part of the brain that controls some involuntary movements.
And while the FDA has approved Insightec's system for treating essential tremor, it has not given its approval to use the system in patients with Parkinson's disease. A Phase 3 clinical trial is currently under way. The trial, funded by Insightec, is being led by the University of Maryland Medical Center and the University of Maryland School of Medicine. According to the doctors involved, this trial is the last hurdle to clear before the FDA considers approving focused ultrasound as a treatment option for Parkinson's.
For these and several other reasons, the Parkinson's Foundation cautions patients about viewing focused ultrasound as a cure. According to the foundation, focused ultrasound might not even be a workable treatment option for Parkinson's patients whose symptoms affect both sides of their body. In such a case, ultrasound energy would need to be applied to both sides of the brain, which increases the risk of side effects to a patient's cognition and speech.
There are potential side effects to focused ultrasound treatment for essential tremor, too. In one randomized trial conducted in 2016, some participants experienced numbness or tingling sensation in their hands, while some others were unsteady when walking after treatment.
But Ferré said Insightec is aware of the concerns, which is why much of the capital the company has raised recently is being put toward both commercializing the technology and conducting further study to ensure its applicability and safety. In January the company established its first nonclinical research site through a partnership with Virginia Tech. The primary purpose is to investigate and develop noninvasive treatment options for the brain using focused ultrasound technology.
"The future vision is to be able to do incisionless surgery," Ferré said. "How to execute on that is the devil in the details."
show chapters This pen will let surgeons detect cancer in seconds 1:14 PM ET Thu, 22 March 2018 | 01:18 More from Modern Medicine:
An A.I. designed for the end of human life
A brain pacemaker that reduces tremors
Scientists invent a pen that can detect cancer in 10 seconds | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/ultrasound-is-poised-to-revolutionize-treatment-for-parkinsons.html |
April 30 (Reuters) - Marriott Vacations Worldwide Corp :
* MARRIOTT VACATIONS WORLDWIDE TO ACQUIRE ILG TO CREATE A LEADING GLOBAL PROVIDER OF PREMIER VACATION EXPERIENCES
* DEAL FOR EQUITY VALUE OF APPROXIMATELY $4.7 BILLION. * UNDER TERMS OF AGREEMENT, ILG SHAREHOLDERS WILL RECEIVE $14.75 IN CASH AND 0.165 SHARES OF MVW COMMON STOCK FOR EACH ILG SHARE.
* ILG SHAREHOLDERS WILL RECEIVE $14.75 IN CASH AND 0.165 SHARES OF MVW COMMON STOCK FOR EACH ILG SHARE
* DEAL FOR EXPECTED TO BE ACCRETIVE TO CO’S ADJUSTED EPS WITHIN FIRST YEAR AFTER CLOSE
* MARRIOTT VACATIONS WORLDWIDE - CO’S BOARD WILL BE EXPANDED FROM EIGHT TO 10 MEMBERS TO INCLUDE TWO CURRENT MEMBERS OF ILG BOARD
* WILLIAM SHAW WILL REMAIN CHAIRMAN OF BOARD * FOLLOWING CLOSE OF TRANSACTION, COMBINED COMPANY WILL TRADE ON NYSE UNDER TICKER SYMBOL VAC.
* MARRIOTT VACATIONS WORLDWIDE - CO’S CEO STEPHEN WEISZ, CFO JOHN GELLER WILL CONTINUE TO SERVE IN ROLES FOLLOWING CLOSE OF TRANSACTION
* MARRIOTT VACATIONS WORLDWIDE - FOLLOWING CLOSE OF DEAL, ILG SHAREHOLDERS WILL OWN ABOUT 43% OF CO’S COMMON SHARES ON FULLY-DILUTED BASIS
* QURATE RETAIL, INC. HAS ENTERED INTO A VOTING AGREEMENT WITH ILG IN SUPPORT OF TRANSACTION.
* HAS RECEIVED FINANCING COMMITMENTS FROM J.P. MORGAN AND BOFA MERRILL LYNCH
* MARRIOTT VACATIONS WORLDWIDE - EXPECTS TO ACHIEVE AT LEAST $75 MILLION OF ANNUAL RUN-RATE COST SAVINGS WITHIN TWO YEARS FOLLOWING CLOSE OF TRANSACTION
* MARRIOTT VACATIONS WORLDWIDE - EXPECTS TO PAY PRO-FORMA ANNUAL DIVIDEND OF $1.60 PER SHARE FOLLOWING CLOSE OF TRANSACTION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-marriott-vacations-worldwide-to-ac/brief-marriott-vacations-worldwide-to-acquire-ilg-for-equity-value-of-about-4-7-bln-idUSASC09Y6L |
WASHINGTON (Reuters) - The United States is gravely concerned about human rights abuses in North Korea and will press for accountability for those responsible, the U.S. State Department said on Wednesday ahead of an expected summit between and North Korean leader Kim Jong Un.
“We remain gravely concerned and deeply troubled by these abuses. In tandem with the maximum pressure campaign, we will continue to press for accountability for those responsible,” the State Department said in a statement.
Reporting by Eric Beech; Editing by Eric Walsh
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-usa-rights/u-s-says-will-press-north-korea-on-human-rights-abuses-idUSKBN1I32RH |
Endangered shark fins seized in H.K. shipment Wednesday, May 30, 2018 - 01:44
Shark fins from endangered species including the giant, placid whale shark were found in a Singapore Airlines shipment to Hong Kong in May, highlighting the widespread challenges the Chinese territory faces in regulating the trade. ▲ Hide Transcript ▶ View Transcript
Shark fins from endangered species including the giant, placid whale shark were found in a Singapore Airlines shipment to Hong Kong in May, highlighting the widespread challenges the Chinese territory faces in regulating the trade. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IVYq1u | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/30/endangered-shark-fins-seized-in-hk-shipm?videoId=431657174 |
SYDNEY, May 15 (Reuters) - Australia’s wages growth has troughed and there are some tentative signs of pressure emerging, but there is a risk it may take a lower unemployment rate than currently expected to generate a sustained move higher, a central banker said.
Wage growth is crawling near a record low pace of around 2 percent annually, even as the labour market tightens. Data out on Wednesday is likely to show wage growth stuck at that level, half the rate enjoyed by workers during the mining boom.
“How much longer is wages growth going to remain at its current low rates?” Guy Debelle, Deputy Governor of the Reserve Bank of Australia (RBA), said in a speech in Sydney on Tuesday.
“The experience of other countries with labour markets closer to full capacity than Australia’s is that wages growth may remain lower than historical experience would suggest.”
Debelle said the RBA expects gradual progress in reducing the jobless rate from 5.5 percent and returning inflation to the mid-point of its 2-3 percent target band.
It also expects more broad-based wage pressures to emerge as the economy continues to strengthen.
“The key word in this discussion of the outlook is gradual,” Debelle said.
“If the economy continues to evolve as expected, higher interest rates are likely to be appropriate at some point,” he added. “Notwithstanding this, the board does not currently see a strong case for a near-term adjustment in the cash rate.”
The RBA has left interest rates at a record low 1.50 percent since last easing in August 2016, the longest stretch of stable rates on record. It is widely expected to hold rates until early next year.
Debelle said strong global growth has boosted the RBA’s confidence around its outlook although trade tensions were a “significant risk” to the world economy.
U.S. President Donald Trump announced import tariffs on some goods, including steel and aluminium, earlier this year. He later singled out China and slapped further duties on Chinese goods, a move that has met with a tit-for-tat response from Beijing. (Reporting by Swati Pandey, Editing by Rosalba O’Brien)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/australia-economy-rba/australia-jobless-rate-needs-to-go-lower-for-wage-pressures-to-emerge-rba-idUSS9N1I7019 |
FAIRFAX, Va. (Reuters) - U.S. interest rates have room to rise further given the remarkable strength of the U.S. economy, the Federal Reserve’s newest regional Fed president said on Monday in his first major speech on monetary policy since he was appointed.
FILE PHOTO: The Federal Reserve headquarters in Washington September 16 2015. REUTERS/Kevin Lamarque/File Photo “Monetary policy is still pretty accommodative...when unemployment is low and inflation is effectively at our target, we probably ought to go to neutral in that environment,” Richmond Fed president Thomas Barkin told an audience at George Mason University in Fairfax, Virginia. He is a voting member of the Fed’s rate-setting committee this year after having joined the Richmond Fed in January.
In a wide-ranging speech, Barkin also said the strong jobs market was not resulting in outsized wage pressures. Previously an executive at global consulting firm McKinsey & Co, Barkin cautioned that the Trump administration’s plan for tariffs was already causing concern among his business contacts.
“The economy’s performance as we sit here today is remarkably strong: above trend growth, low unemployment, inflation at target,” Barkin said, although he declined to comment on how many times he expects the Fed to raise interest rates this year.
The Fed unanimously decided to raise rates in March and currently forecasts another two increases this year, although an increasing number of policymakers see three as possible.
‘Neutral’ refers to the longer-term interest rate the Fed sees current interest rates rising to and is the level at which interest rates neither stimulate nor curb economic activity.
The Fed slightly raised its estimate of the longer-term “neutral” rate to 2.9 percent in March.
Barkin said he hoped to bring his management perspective to the U.S. central bank and peppered his remarks with references to the business community, in particular with regard to the threat of tariffs on the economy.
“It’s not clear what’s going to be implemented in the end…but there is an issue on business confidence and the business people that I talk to who were almost euphoric in January are now nervous. And they’re nervous about where the macroeconomy is going,” he said.
Barkin noted that how far interest rates ultimately rise depends on whether there is any improvement in lackluster productivity. He added that he believes the lack of inflation pressures was in part due to structural changes in the retail landscape, including the impact of large internet sellers such as Amazon.
He also said that he does still believe that a prolonged period of low unemployment will result in an increase in inflationary pressures.
Barkin’s predecessor, Jeffrey Lacker, was one of the U.S. central bank’s most reliable proponents of interest rate increases.
The Fed’s next policy meeting is on June 12-13, at which investors overwhelmingly expect a rate hike.
Reporting by Lindsay Dunsmuir; Editing by Chizu Nomiyama
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-fed-barkin/feds-barkin-u-s-economy-is-remarkably-strong-few-wage-pressures-idUSKBN1I8252 |
LIVINSTON, N.J., May 15, 2018 (GLOBE NEWSWIRE) -- Milestone Scientific Inc. (NYSE:MLSS), a dental and medical company that develops and commercializes a growing portfolio of proprietary injection technologies, today provided a business update and announced financial results for the first quarter ended March 31, 2018.
Leonard Osser, Interim Chief Executive Officer of Milestone Scientific, commented, “We have begun to ramp up our commercial efforts around the CompuFlo® Epidural system. We recently hired two experienced sales and marketing executives to spearhead these commercial efforts. Milestone Scientific is now commencing the next phase of our strategy, which involves building out our distribution channels. We have decided to pursue a decentralized sales strategy employing regional distributors with strong physician relationships within their respective territories and clinical specialties. This week we announced that we signed an agreement with a Midwestern distributor. We are targeting distributors with highly specialized sales forces that have the ability to both educate and inform anesthesiologists on the clinical benefits of the CompuFlo® Epidural System. In addition, we are in discussions with distributors around the world and look forward to having the results of our clinical trials published in leading industry journals later this year, which should help drive market adoption. At the end of March, we announced that Health Canada issued a medical device license for the CompuFlo® Epidural System. This is another important step and validation in our global roll-out strategy.”
“As anticipated, we experienced a short term weakness within our dental division in the first quarter of 2018. This was due to the timing of domestic and international promotions, as well as the timing and revenue recognition of orders from China. Nevertheless, we anticipate our dental division will achieve continued growth and maintain solid margins in 2018. Last week, we announced that The Brookdale University Hospital and Medical Center in New York will now utilize The Wand® computer assisted anesthesia system for its advanced education program in Pediatric Dentistry. In addition, The Wand® will be incorporated for regular use in the Department of Dental Medicine & Oral Maxillofacial Surgery. We are pleased to see another university utilizing our technology in their curriculum and ongoing practice.”
For the three months ended March 31, 2018 and 2017, revenues were approximately $1.8 million and $3.7 million, respectively. The decrease in revenue was primarily due to the revenue recognition of orders from China and advanced purchases from Henry Schein in the fourth quarter of 2017 due to the planned price increase in 2018. The gross profit for the first quarter ended March 31, 2018 was $1.2 million, or 69% of revenue, versus $2.3 million, or 62% of revenue for the first quarter ended March 31, 2017. Net loss for the three months ended March 31, 2018 was $(1.9) million, or $(0.06) per share, versus a net loss of $(0.57) million, or $(0.02) per share, in the prior year.
Conference Call
Milestone Scientific’s executive management team will host a conference call at 8:00 AM Eastern Time on Wednesday, May 16, 2018 to discuss the Company’s financial results for the first quarter ended March 31, 2018, as well as the Company’s corporate progress and other developments.
The conference call will be available on the Company’s website at www.milestonescientific.com , or via telephone by dialing toll free 800-263-0877 and entering the pass code: 6112920. For those unable to participate at that time, a replay of the call will be archived on the company’s website or can be accessed by dialing 888-203-1112 and entering the pass code 6112920. The replay will be available for 90 days.
About Milestone Scientific Inc.
Milestone Scientific Inc. (MLSS) is a biomedical technology research and development company that patents, designs and develops innovative diagnostic and therapeutic injection technologies and instruments for medical, dental, cosmetic and veterinary applications. Milestone's computer-controlled systems are designed to make injections precise, efficient, and virtually painless. Milestone’s proprietary DPS Dynamic Pressure Sensing technology® is our technology platform that advances the development of next-generation devices, regulating flow rate and monitoring pressure from the tip of the needle, through platform extensions for local anesthesia for subcutaneous drug delivery, with specific applications for cosmetic botulinum toxin injections, epidural space identification in regional anesthesia procedures and intra-articular joint injections. For more information please visit our website: www.milestonescientific.com .
Safe Harbor Statement
This press release contains regarding the timing and financial impact of Milestone's ability to implement its business plan, expected revenues, timing of regulatory approvals and future success. These statements involve a number of risks and uncertainties and are based on assumptions involving judgments with respect to future economic, competitive and market conditions, future business decisions and regulatory developments, all of which are difficult or impossible to predict accurately and many of which are beyond Milestone's control. Some of the important factors that could cause actual results to differ materially from those indicated by the are general economic conditions, failure to achieve expected revenue growth, changes in our operating expenses, adverse patent rulings, FDA or legal developments, competitive pressures, changes in customer and market requirements and standards, and the risk factors detailed from time to time in Milestone's periodic filings with the Securities and Exchange Commission, including without limitation, Milestone's Annual Report for the year ended December 31, 2016. The forward looking statements in this press release are based upon management's reasonable belief as of the date hereof. Milestone undertakes no obligation to revise or update publicly any for any reason.
MILESTONE SCIENTIFIC INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET March 31,
2018 December 31,
2017 ASSETS (Unaudited) (Audited) Current Assets: Cash and cash equivalents $ 2,094,238 $ 2,636,956 Accounts receivable, net 833,836 1,535,513 Accounts receivable from related party 1,725,450 1,725,450 Notes receivable from financing transaction, current 500,000 500,000 Prepaid expenses and other current assets 494,717 436,410 Deferred cost related party 1,109,671 1,109,671 Inventories, net 3,265,058 3,379,209 Advances on contracts 984,408 697,192 Total current assets 11,007,378 12,020,401 Furniture, fixtures & equipment, net 115,502 141,760 Patents, net 2,552,382 2,789,748 Notes receivable from financing transaction, noncurrent 650,000 650,000 Other assets 26,878 26,878 Total assets $ 14,352,140 $ 15,628,787 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 1,556,689 $ 977,623 Accounts payable related party 1,075,078 985,678 Accrued expenses and other payables 1,928,654 2,287,908 Deferred profit, related party 714,717 751,500 Deferred revenue, related party 1,725,450 1,725,450 Total current liabilities 7,000,588 6,728,159 Deferred gain from financing transaction 1,400,000 1,400,000 Total liabilities 8,400,588 8,128,159 Commitments and Contingencies
Stockholders’ Equity Series A convertible preferred stock, par value $.001, authorized 5,000,000 shares, and 7,000 shares issued and
outstanding as of March 31, 2018 and December 31, 2017 7 7 Common stock, par value $.001; authorized 50,000,000 shares; 33,216,571 shares issued, 1,699,323 shares to be issued
and 33,183,238 shares outstanding as of March 31, 2018; 33,191,571 shares issued, 1,401,247 shares to be issued and
33,158,238 shares outstanding as of December 31, 2017; 34,916 34,593 Additional paid-in capital 87,115,070 86,689,084 Accumulated deficit (80,442,262 ) (78,568,284 ) Treasury stock, at cost, 33,333 shares (911,516 ) (911,516 ) Total Milestone Scientific Inc. stockholders' equity 5,796,215 7,243,884 Noncontrolling interest 155,337 256,744 Total stockholders’ equity 5,951,552 7,500,628 Total liabilities and stockholders’ equity $ 14,352,140 $ 15,628,787
MILESTONE SCIENTIFIC INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) For the Three Months Ended March 31,
2018 March 31,
2017 Revenue Product sales, net $ 1,805,605 $ 3,688,988 Cost of products sold 562,676 1,402,285 Gross profit 1,242,929 2,286,703 Selling, general and administrative expenses 3,018,780 2,707,620 Research and development expenses 225,817 105,015 Total operating expenses 3,244,597 2,812,635 Loss from operations (2,001,668 ) (525,932 ) Other expenses (1,700 ) (1,209 ) Interest income 2,664 758 Loss before provision for income taxes and equity in net losses of equity investments (2,000,704 ) (526,383 ) Provision for income taxes (11,464 ) (7,201 ) Loss before equity in net losses of equity investments (2,012,168 ) (533,584 ) Loss on earnings from China Joint Venture 36,783 (44,401 ) Net loss (1,975,385 ) (577,985 ) Net loss attributable to noncontrolling interests (101,407 ) (73,117 ) Net loss attributable to Milestone Scientific Inc. $ (1,873,978 ) $ (504,868 ) Net loss per share applicable to common stockholders— Basic $ (0.06 ) $ (0.02 ) Diluted $ (0.06 ) $ (0.02 ) Weighted average shares outstanding and to be issued— Basic 34,766,014 32,004,548 Diluted 34,766,014 32,004,548
MILESTONE SCIENTIFIC INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) March 31,
2018 March 31,
2017 Cash flows from operating activities: Net loss $ (1,975,385 ) $ (577,985 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation expense 27,625 16,860 Amortization of patents 237,366 17,682 Stock compensation 86,809 116,718 Equity income on China joint venture (36,783 ) - Changes in operating assets and liabilities: Decrease (increase) in accounts receivable 701,677 (824,182 ) Decrease in accounts receivable related party - 1,400,801 Decrease in inventories 114,151 68,885 Increase to in advances on contracts (287,216 ) (161,114 ) Increase in prepaid expenses and other current assets (58,307 ) (207,613 ) Increase in other assets - (9,523 ) Decrease in deferred cost, related party - 438,925 Increase (decrease) in accounts payable 579,070 (452,157 ) Increase (decrease) in accounts payable related party 89,400 (152,748 ) (Decrease) increase in accrued expenses and other payables (19,757 ) 96,841 (Decrease) in deferred revenue, related party - (645,400 ) Net cash used in operating activities (541,350 ) (874,010 ) Cash flows from investing activities: Purchase of property and equipment (1,368 ) - Net cash used in investing activities (1,368 ) - Cash flows from financing activities: Net proceeds on Public offering - 150,836 Proceeds from exercise of stock options - 62,500 Net cash provided by financing activities - 213,336 Net decrease in cash and cash equivalents (542,718 ) (660,674 ) Cash and cash equivalents at beginning of period 2,636,956 3,602,229 Cash and cash equivalents at end of period $ 2,094,238 $ 2,941,555 Supplemental disclosure of cash flow information: Shares issued to employees for bonuses $ 359,254 $ 195,000 Shares issued to consultants in lieu of cash payments $ - $ 43,750 Contact:
David Waldman or Natalya Rudman
Crescendo Communications, LLC
Email: [email protected]
Tel: 212-671-1020
Source:Milestone Scientific, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-milestone-scientific-provides-business-update-for-the-first-quarter-of-2018.html |
May 2, 2018 / 8:46 PM / a few seconds ago Societe Generale ready to pay up to $1 billion to end U.S. probes: Bloomberg Reuters Staff 2 Min Read
(Reuters) - French bank Societe Generale SA ( SOGN.PA ) is nearing a deal to pay up to $1 billion to resolve two U.S. investigations, Bloomberg reported on Wednesday, citing people familiar with the matter. FILE PHOTO: A general view shows French bank Societe Generale headquarters buildings in La Defense near Paris, France, February 11, 2016. REUTERS/Benoit Tessier/File Photo
The company has agreed to pay about $800 million in penalties to U.S. and French authorities, with an additional penalty to be paid to the Commodity Futures Trading Commission, Bloomberg said, citing sources. bloom.bg/2rfQYmd
The United States is investigating alleged Libor rigging and separately looking into transactions made by the bank involving Libyan counterparts.
The settlement which deals with the U.S. Justice Department could be announced as early as this week, according to Bloomberg sources.
Bloomberg said the portion of the penalties to be paid to France is still being worked out, citing sources.
The bank had earlier said that it set aside about 1 billion euros ($1.2 billion) to cover the Libor and Libyan investigations.
Societe Generale did not immediately respond to Reuters request for comment. Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Hugh Lawson | ashraq/financial-news-articles | https://www.reuters.com/article/us-socgen-libya/societe-generale-ready-to-pay-up-to-1-billion-to-end-u-s-probes-bloomberg-idUSKBN1I32VN |
May 29, 2018 / 6:49 AM / Updated an hour ago Prime Opportunities Investment says IWG rejects offer approach Reuters Staff 1 Min Read
May 29 (Reuters) - U.S. real estate investment company Prime Opportunities Investment Group said on Tuesday IWG Plc had rejected its offer approach for the British serviced office provider.
California-based Prime Opportunities said it was considering making another offer for IWG, adding that it was confident of submitting a further proposal to the company.
Prime Opportunities is the fourth bidder for London-listed IWG, which disclosed earlier this month it had received separate rival indicative bids from U.S. property investment firm Starwood Capital and British private equity fund TDR Capital, as well as an approach from American buyout house Lone Star. (Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Gopakumar Warrier) | ashraq/financial-news-articles | https://www.reuters.com/article/iwg-ma-prime-opportunities/prime-opportunities-investment-says-iwg-rejects-offer-approach-idUSL3N1T02CV |
May 29, 2018 / 3:20 PM / Updated 10 minutes ago World tour 'great concept' but complicated to organize: Ogilvy Andrew Both 3 Min Read
SHOAL CREEK, Ala. (Reuters) - Former U.S. Open champion Geoff Ogilvy says a world tour is a “great concept” but also thinks it will be difficult to lure top players into signing up. May 4, 2018; Charlotte, NC, USA; Geoff Ogilvy during the second round of the Wells Fargo Championship golf tournament at Quail Hollow Club. Mandatory Credit: Jim Dedmon-USA TODAY Sports
Ogilvy’s comments come in the wake of a Reuters report last week that a British-based group is planning a World Golf Series (WGS) of between 15 and 20 tournaments, each with prize money approaching $20 million. [nL2N1SN02S]
“I’m not sure how developed this plan is, but it’s a complicated thing to get worked out,” Ogilvy told Reuters via email.
“There have been rumors floating around about this idea for a long time, but I’d been hearing them more and more recently. I really had no idea that anyone was close to trying to do something.
“It’s a great concept. You would think a much larger market would make the best players even more money. And it would let more of the world see the game played at that level up close.
“I’m sure that the sponsors, and money and TV could all get organized, but getting the players will be difficult.”
Ogilvy is on the PGA Tour’s Player Advisory County (PAC), which acts as a liaison between the tour policy board and the players.
The Australian, who won the 2006 U.S. Open at Winged Foot, doubts the World Golf Group behind the WGS proposal will be able to put it together without the blessing of either the PGA Tour or the European Tour. LOT OF ISSUES
Nearly all top players are members of the PGA Tour, which likely views the WGS as a threat to be nipped in the bud before it gets off the ground.
Co-operation with the American-based tour seems unlikely, though the European Tour, which is not as wealthy, could be more amenable to a partnership.
“There are a lot of issues that would need to get worked out if you couldn’t get (the PGA Tour) and/or the European Tour to go along with the idea,” Ogilvy said. “Who knows, maybe they have all that worked out?”
Another player told Reuters he was definitely interested in the World Golf Series.
World number 11 Tommy Fleetwood, on the other hand, sounded happy with the status quo when questioned about the WGS.
“My schedule this year is absolutely amazing,” Englishman Fleetwood told the Press Association last week. “I’ve played events on the PGA Tour for three months. Every single one of them has been a great event.
“I’ve got the summer of Rolex Series events (on the European Tour) and you’ve got World Golf Championships and majors, and you get to the end of the year with the FedEx Cup (on the PGA Tour) and the Race to Dubai (on the European Tour).”
Ogilvy, meanwhile, says he has not heard from the tour regarding the WGS. “We haven’t discussed this issue in the PAC, but I would imagine we will if this gets closer to happening.” Reporting by Andrew Both; Editing by David Holmes | ashraq/financial-news-articles | https://www.reuters.com/article/us-golf-worldtour/world-tour-great-concept-but-complicated-to-organize-ogilvy-idUSKCN1IU1Y4 |
Cake designer Claire Ptak prepares the royal wedding cake 9:13am BST - 01:24
The London-based baker was chosen by Prince Harry and Meghan Markle to make the cake which will be flavoured with lemon and elderflower. Rough cut (no reporter narration) ▲ Hide Transcript ▶ View Transcript
The London-based baker was chosen by Prince Harry and Meghan Markle to make the cake which will be flavoured with lemon and elderflower. Rough cut (no reporter narration) Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IqY42C | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/18/cake-designer-claire-ptak-prepares-the-r?videoId=428016606 |
Aggressive marketing techniques and the popularization of "gifting" recreational ancestry tests has led more consumers than ever to the world of personal genetic testing. Yet, the recent arrest of the Golden State Killer suspect has heightened concerns about privacy and ethics because of the way law enforcement used a third-party DNA interpretation company to identify close relatives and hone in on a likely culprit.
The company, GEDmatch, is well-known among genetic genealogy enthusiasts. When consumers want to learn more about their relatives than previously revealed by commercial testing companies such as AncestryDNA or 23andMe, they can seek out third-party companies like this one for further interpretation of their DNA results.
But, in addition to clues about where your ancestors were from, DNA holds information about your own medical risks. Here, at the intersection of recreational genetic genealogy and personal health information, is where direct-to-consumer companies are generating some unintended spillover effects that can have personal consequences consumers may not be prepared for.
More from The Conversation:
As genetic testing for breast cancer gene mutation expands, questions arise about treatment decisions
Discovery of a surprise multitasking gene helps explain how new functions and features evolve
Your genome may have already been hacked
I approach this area from the medical side. My own work focuses on how people use genomic information for personal health benefits. In particular, I've looked at when and how people decide to undergo genetic testing, and how they understand and cope with their results.
The rise of direct-to-consumer genetic testing has led to a sometimes dodgy do-it-youself world of genetics. It may provide access to personal genetic information for the masses, but in many cases, individuals aren't fully aware of all they may find out, or how their data may be used.
When genealogy interest leads to a health scare My interest in the unintended consequences of genealogy exploration started a few years back with a patient who sought help in interpreting data she received from a third-party company that suggested she was at increased genetic risk for breast cancer. Concern over what had been identified in the interpretation report ultimately led this patient to see a genetic counselor – a trained professional who can advise on the genetic risks for various diseases. The counselor eventually determined the result was nothing that warranted concern. This "false positive" case raised red flags for me.
I interviewed this patient to learn more about why she'd used this company (that I had never heard about previously) to learn about her breast cancer risk. It turned out she'd stumbled into the area of genetic testing for health risks due to an interest in genealogy. While watching Henry Louis Gates' PBS show " Finding Your Roots ," she saw an ad for one of the commercial direct-to-consumer companies that offered ancestry testing.
Once the patient learned her ancestry results, she also realized that an entire world had opened up in terms of other possible nuggets of information she could discover from her "raw" DNA data. So she purchased access to a third-party health app to interpret her raw DNA. It was these results – provided without consultation with a medical professional – which then led her to clinic.
Currently, there are many of these third-party apps or online services available to consumers. They're not regulated by the Food and Drug Administration since, as argued by the companies behind them, they just serve as a " bridge to the literature " and only provide access to the scientific evidence base.
Wild West of raw DNA My colleagues and I surveyed customers of these third-party companies to learn more about their motives for exploring the raw DNA data they'd received from commercial testing companies. Approximately two-thirds of consumers we surveyed were highly motivated to explore raw DNA for ancestral details. Forty percent were interested in both ancestry and health information.
Sixty-two percent of our respondents used GEDmatch, highlighting the extent to which DNA data that are heavily protected by companies such as AncestryDNA and 23andMe are unguarded by consumers themselves. Many choose to freely upload that data in hopes of finding other relatives. Notably, almost three-quarters of consumers reported using more than one third-party company to interpret their DNA.
Some might argue these tools provide a beneficial service for consumers, particularly when it comes to learning more about their health risks. In cases where genetic risks are determined via clinically validated tests, it can be empowering. Angelina Jolie is the perfect example.
Yet, the validity of genetic tests that consumers have direct access to remains questionable. In fact, a recent article by scientists at one of the clinical testing labs that medical providers rely on reported that approximately 40 percent of results reported from raw DNA interpretation were incorrect. Thus, 4 out of 10 people are told they have a greater risk for a disease, when they do not. That's an exceedingly high number of individuals to stress out with a false positive result.
My ongoing work has found that "worry" is the primary driver for patients to seek out medical assistance in raw DNA interpretation. As such, this false positive rate has a notable downstream burden on the healthcare system.
Social media sites like Reddit are filled with examples of consumers who are confused about how to interpret the reports generated from some of these third-party companies, which vary greatly in clarity and quality. Or, they have learned from a report they might have a BRCA variant that might confer high risk for breast and ovarian cancer, and ask other site users for help in understanding whether their result is real. It doesn't have to be this way; there are genetic counselors who specialize in interpreting these kinds of results and helping patients figure out what to do.
Genetic counselors, meanwhile, are frustrated. The message from commercial testing companies has led to unrealistic expectations from consumers about what they can learn about themselves. It's challenging for counselors to correct misconceptions , especially when they are met with resistance from patients.
The gift of DNA knowledge? 2017 was the year commercial direct-to-consumer testing exploded . 2018 may be the year users rethink the value of this gift, or at least how to use it. Once the genie is out of the bottle, it isn't going back. The Golden State Killer arrest is only highlighting that the ramifications of genetic genealogy and widespread use of third-party DNA sites are broader than consumers could have ever anticipated.
Commentary by Catharine Wang, an Associate Professor of Community Health Sciences at Boston University. She is also a contributor at The Conversation , an independent source of news and views from the academic and research community.
For more insight from CNBC contributors, follow @CNBCopinion on Twitter. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/recreational-ancestry-dna-testing-reveal-more-than-consumers-bargained.html |
ZUG, Switzerland, May 23, 2018 /PRNewswire/ -- Drug developer Berlin Cures today announced the formation of a Scientific Advisory Board (SAB) and the appointment of its first two members, Prof. Beda M. Stadler and Prof. Wilhelm Vetter, to help advance the clinical development of BC 007, the first drug designed to target the autoimmune cause of heart failure as well as the symptoms of the disease.
"The formation of our SAB beginning with Profs. Stadler and Vetter continues the promising clinical development trajectory of BC 007," said Dr. Johannes Müller, founder and president of the Board of Directors of Berlin Cures Holding AG. "The Phase 2A clinical study of BC 007 will begin this July and is based on positive Phase 1 results that found the drug to be effective and well-tolerated. Further, our SAB will assist in the diversification of our pipeline through the development of additional drug candidates targeting other diseases with autoimmune pathology, such as pulmonary hypertension and chronic fatigue syndrome."
Inaugural Members:
Beda M. Stadler, PhD. Prof. Stadler was the Director of the Institute of Immunology at the University of Bern. He is known for his research in the field of allergy and autoimmunity, preparation of recombinant antibodies and development of therapeutic vaccines. He is also a publicly-known personality as he contributed columns for several print media and participated in many TV talk shows concerning health issues.
Wilhelm Vetter, MD. Prof. Vetter was Specialist in Internal Medicine (Internist) in Chief and held the Chair of the Department of Internal Medicine at the University of Zurich for many years. During his career, he has published numerous scientific book contributions and hundreds of scientific articles in the field of cardiovascular research in renowned scientific journals covering both the basics of circulatory regulation (renin-angiotensin-aldosterone system) and clinical research. As Principal Investigator he was head of many clinical studies. His research activities form the basis of almost all modern drugs in the field of blood pressure regulation. His work has a special and still ongoing significance in defining what is a normal and a pathologically high blood pressure. In this context, Prof. Vetter is still eager to find out the actual cause of heart failure.
Prof. Stadler commented, "I'm pleased to join the Scientific Advisory Board of this accomplished company. Berlin Cures has already been able to prove the positive neutralizing effect of respective blood washing methods and now, with a specific drug, aims at neutralizing autoantibodies in a direct manner. As an immunologist, I am glad that functional autoantibodies will finally find their way into the clinic, given they have been known for years but have not been taken seriously. Being able to help patients affected by autoantibodies gives a special satisfaction."
Prof. Vetter added, "Berlin Cures is the international leader in research on functional autoantibodies against G-protein coupled receptors. In fact, BC 007 is the first drug that fights the cause of cardiac failure rather than just addressing the symptoms thereof. Working with the team at Berlin Cures will enable me to support the development of revolutionary therapies that eliminate the cause of heart failure and of other yet non-curable medical diseases."
BC 007 is a DNA aptamer-based compound that binds to and eliminates pathogenic autoantibodies directed against the beta-1 adrenoceptor, a receptor belonging to the large family of cell surface receptors known as G-protein coupled receptors that regulate the heart's rate and contraction strength. Heart cells are harmed by autoantibodies that chronically bind to these receptors in a process that has been found to lead to heart cell death and organ failure in 80 percent of dilated cardiomyopathy patients. BC 007 is currently completing a Phase 1 clinical study for the treatment of cardiomyopathy ( NCT02955420 ).
About Berlin Cures
Berlin Cures Holding AG, a privately-held company founded in 2014 and based in Zug, Switzerland, is establishing a new generation of treatments based on research of autoimmune diseases conducted at the renowned Charité Berlin and at the Max-Delbrueck-Center in Berlin for over a quarter of a century. The focus is to develop treatments for diseases with autoimmune pathology in which functional autoantibodies directed against G-protein-coupled receptors of different types play a significant role.
With over 1000 different sub-types, the family of G-protein-receptors constitutes the largest protein super-family with the physiological ability to sense molecules outside the cell. Berlin Cures holds the IP for a platform of aptamers that bind to and neutralize these functional autoantibodies, which play an important role in the pathophysiology of several autoimmune-diseases.
Recent studies involving heart failure, pulmonary hypertension, chronic fatigue syndrome, pre-eclampsia and a significant number of other diseases have shown that these functional autoantibodies play a highly underestimated role in disease development and sustenance. Neutralizing these autoantibodies can lead to substantial improvements in treatment.
For more information, http://www.berlincures.ch .
Media Contacts:
Berlin Cures Holding AG
Raffaela Lutschg
[email protected]
0041 78 215 42 00
Russo Partners, LLC
Maggie Beller
[email protected]
(646) 942-5631 (Office)
(914) 960-2092 (Mobile)
View original content: http://www.prnewswire.com/news-releases/berlin-cures-announces-formation-of-scientific-advisory-board-300652808.html
SOURCE Berlin Cures | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-berlin-cures-announces-formation-of-scientific-advisory-board.html |
* Manufacturing output in April: +9.1 pct y/y; +0.2 pct m/m
* Pharmaceuticals production: +10.7 pct y/y vs. -7.2 pct y/y in March
* Electronics output: +11.3 pct y/y vs. +12.6 pct y/y in March
By Fathin Ungku
SINGAPORE, May 25 (Reuters) - Singapore’s industrial production in April grew more than expected, buoyed by an upswing in pharmaceuticals output, data showed on Friday, although the sector’s volatility and decline in electronics production growth clouded outlook.
Manufacturing output in April rose 9.1 percent compared with a year earlier, up from the revised 6.1 percent rise in March, data from the Singapore Economic Development Board showed.
The median forecast in a Reuters survey was for an on-year 8.3 percent expansion.
On a month-on-month and seasonally adjusted basis, industrial production grew at a slower pace of 0.2 percent in April, lower than the revised 0.5 percent rise in March.
The poll called for a seasonally adjusted, month-on-month rise of 1.2 percent.
“This shows that factory output growth momentum is still maintained,” Jeff Ng, chief economist, Continuum Economics said.
“However, this may fade over time because of electronics and other sectors coming off a little,” Ng added.
The production rate in electronics sector – a driving force for Singapore economy last year – eased to 11.3 percent in April from a year earlier, compared with a 12.6 percent rise in March.
Pharmaceuticals production rate in April jumped 10.7 percent, accelerating sharply from the 7.2 percent contraction in March.
A pick-up in pharmaceuticals also helped offset five consecutive months of decline in electronics exports, leading to an unexpectedly sharp rise in exports year-on-year.
Analysts, however, are not too quick to cite these reasons for the growth of Singapore economy due to the volatility of the pharmaceuticals sector.
“Pharma continues to be the main support for now, not as much as electronics, but going forward, it could be the poorer-performing sector,” Ng said, adding that rising oil prices could mean better output performance for other lagging sectors such as marine and offshore engineering.
This comes a day after Singapore upgraded its growth forecast rate for 2018 to 2.5 percent-3.5 percent from 1.5 percent to 3.5 percent, helped by a resilience of factories and promising global demand. (Reporting by Fathin Ungku, Editing by Sherry Jacob-Phillips)
| ashraq/financial-news-articles | https://www.reuters.com/article/singapore-economy-manufacturing/update-1-singapore-april-factory-output-up-9-1-pct-y-y-on-pharma-upswing-idUSL3N1SV2TF |
Q2 Strong Quarter Despite Dip in Profit
ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)-- Bluedrop Performance Learning (“Bluedrop”) (TSX-V: BPLI) today reported its financial results for the quarter ended March 31, 2018.
Revenue for the three months ended March 31, 2018 was $6.1 million, down from $6.9 million for the same period in the previous year, a decrease of 11%. Gross profit for the period was $2.3 million, a decrease of $0.3 million over the three-month period ended March 31, 2017. Pre-tax loss was $0.2 million for the current quarter compared to profit of $0.8 million for the same period in the previous year. After tax loss for the three months ended March 31, 2018 was $0.1 compared to a $0.4 million profit for the same period in the previous year.
Revenues decreased in the second quarter this year compared to the same period last year due to slightly lower revenues in the Training and Simulation business unit and the Learning Networks business unit. Gross profit remained strong in the quarter at $2.3 million down from the comparative quarter in the previous year based on lower revenues as explained above. Expenses for the quarter were up $0.7 million from that of the same quarter in the previous year. Government assistance and other funding in the quarter was down by $0.7 million as a result of higher prior year assistance related to development of the Chinook Rear Crew Mission Trainer in fiscal 2017.
Bluedrop continued its investment trend in its research and development efforts with over $0.7 million of investment in the quarter in programs to build new and stronger intellectual property based products.
For further details, please see the Financial Statements and Management’s Discussion and Analysis for the period ended March 31, 2018 which are available on the Company’s web site at www.bluedrop.com or on SEDAR at www.sedar.com .
Commenting on the quarterly results of Bluedrop, Founder and CEO Emad Rizkalla said “It was a good quarter for Bluedrop even with the slight drop in our quarterly financial results. We closed a record amount of business for the BLN business unit since the start of this year for primarily multi year SaaS based services and while we cannot recognize revenues until the systems go live it sets us up for a strong base of revenues for the coming years. Cash collections, subsequent to the quarter end, were very strong as cash flows and revenue recognition are often not aligned for SaaS projects. The Training and Simulation business unit had some program start delays that impacted short term revenues that we fully expect will work themselves out in the coming quarters. We are still very optimistic that our new rear crew training devices will contribute to the future revenues while understanding it will take some time to get through the long lead times of the procurement cycles. Overall, we are very pleased with the progress both business units are making on their product strategies and expect 2018 to be another successful year.”
About Bluedrop
Bluedrop Performance Learning Inc. (TSX-V: BPLI) is an innovator in both the development of workplace e-learning and simulation as well as the way large organizations deliver, track and manage training. Our two divisions serve the world’s leading aerospace and defence organizations as well as broad cross sections of organizations focused on managing system wide health and safety and developing the skills of external workforces. Bluedrop is creating the workforce of the future by improving the effectiveness, speed and costs of training delivery and management. For more information, visit www.bluedrop.com
This news release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements, other than statements of historical fact included in this release, constitute forward-looking information that involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the operational efficiencies associated with the integration of technological and financial systems and general economic and market conditions. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.
Important factors that could cause actual results to differ materially from Bluedrop’s expectations include general global economic conditions. For additional information with respect to risk factors applicable to Bluedrop, reference should be made to Bluedrop's continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, Bluedrop's Annual Information Form and Management’s Discussion and Analysis of Results of Operations and Financial Condition for the year ended September 30, 2017. The forward-looking information contained in this release is made as of the date of this release and Bluedrop does not undertake to update publicly or revise the forward-looking information contained in this release, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523006289/en/
Bluedrop Performance Learning Inc.
Media contact:
Bernie Beckett, 709-739-4938
Chief Financial Officer
[email protected]
Source: Bluedrop Performance Learning | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-bluedrop-releases-q2-2018-financial-results.html |
May 8 (Reuters) - Bird Construction Inc:
* BIRD CONSTRUCTION INC. ANNOUNCES 2018 FIRST QUARTER FINANCIAL RESULTS
* BIRD CONSTRUCTION INC - QTRLY CONSTRUCTION REVENUE OF $294.4 MILLION COMPARED WITH $313.9 MILLION OF CONSTRUCTION REVENUE
* BIRD CONSTRUCTION INC - QTRLY LOSS PER SHARE $0.15
* BIRD CONSTRUCTION INC - EXPECTS TO BE ABLE TO MAINTAIN ITS CURRENT MONTHLY DIVIDEND PER SHARE UNTIL EARNINGS ARE REBUILT TO PRE-2017 LEVELS
* BIRD CONSTRUCTION INC - EXPECT TO SEE EARNINGS GROW TO MORE SATISFACTORY LEVELS IN SECOND HALF OF 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bird-construction-inc-reports-qtrl/brief-bird-construction-inc-reports-qtrly-loss-per-share-0-15-idUSASC0A0T2 |
Japan's 'long-term plan' for the Belt and Road initiative 6 Hours Ago "Broad alignment" rather than a short-term agreement is expected to emerge from this week's China-Japan-South Korea summit, says Peter Boardman of NWQ Investment Management Company. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/japans-long-term-plan-for-the-belt-and-road-initiative.html |
May 21, 2018 / 7:15 AM / Updated 10 minutes ago Sensex falls for fifth session; financial, pharma stocks drop Reuters Staff 1 Min Read
(Reuters) - Indian shares ended lower for a fifth straight session on Monday, with the NSE index closing at its lowest level in more than a month, as political turmoil in the southern state of Karnataka unnerved investors. A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, February 26, 2016. REUTERS/Shailesh Andrade/Files
The broader NSE Nifty closed 0.75 percent lower at 10,516.70, while the benchmark BSE Sensex fell 0.67 percent to 34,616.13.
The BSE closed at its lowest level since April 25.
Financials were among the biggest drag on both indexes, with Housing Development Finance Corp ending 1.8 percent lower.
Pharma companies Sun Pharmaceutical Industries Ltd and Dr. Reddy’s Laboratories Ltd were among the biggest losers, both closing over 4 percent lower. Reporting by Krishna V Kurup in Bengaluru; Editing by Subhranshu Sahu | ashraq/financial-news-articles | https://in.reuters.com/article/india-sensex-nifty-stocks/sensex-falls-karnataka-political-situation-unnerves-market-idINKCN1IM0KD |
May 9, 2018 / 4:24 PM / Updated 15 minutes ago Cracks in British nuclear reactor ring power alarm bells Nina Chestney , Susanna Twidale 6 Min Read
LONDON (Reuters) - Cracks in the core of a Scottish nuclear reactor could signal that most of Britain’s ageing plants will not be able to supply the country with much needed power for as long as predicted. FILE PHOTO: The logo of France's state-owned electricity company EDF is seen next to the Electricite de France (EDF) thermal electricity production plant in Cordemais, France, April 21, 2016. REUTERS/Stephane Mahe/File Photo
Nuclear reactors generate just over 20 percent of Britain’s electricity and even before EDF Energy said last week it would need to shut down one of two reactors at the Hunterston B plant, almost half of that capacity was scheduled to go offline by 2025.
“These reactors are over 40 years old. This is a generic defect which cannot be fixed so it would not surprise me if the older plants would all need to close within the next few years,” said John Large, an independent nuclear engineering consultant.
Britain’s electricity generation is under scrutiny due to a plan to close coal-fired power plants by 2025 and weak economic conditions for investment in new gas plants.
There are also doubts about the timetable for EDF’s Hinkley Point C nuclear plant which is not expected to come online until the end of 2025, and the proposed Sizewell C plant, which is not even being built yet.
French utility EDF said the Hunterston B shutdown was due to new cracks developing faster than expected in graphite bricks in one reactor’s core. These bricks are used in all 14 advanced gas-cooled nuclear reactors (AGRs) in Britain which drive seven out of eight of the country’s plants.
“We believe that most of the AGRs will have their life limited by the progression of cracking,” Britain’s Office for Nuclear Regulation (ONR) says on its website, adding that this presents “unique challenges”.
The bricks cannot be repaired or replaced and EDF says it will work with the ONR to show there would be no danger posed even in the event of an earthquake or other disruption.
“The longer-term safety case will build on work already completed and EDF Energy expects that this will demonstrate that there are large safety margins both now and for the projected reactor lifetime,” EDF Energy said. CRACKS APPEAR
EDF has not changed its lifetime forecasts for Hunterston B, which is due to be decommissioned in 2023, although it predicts the reactor will remain shut until mid-November.
But experts such as Large, whose consultancy Large and Associates has worked for Britain’s Atomic Energy Authority and environmental group Greenpeace, says this is over optimistic.
The graphite bricks form channels which contain nuclear fuel and the reactor control rods, while allowing carbon dioxide coolant to remove heat from the reactor fuel and core. They crack with age, but cannot be replaced due to their location.
Britain’s ONR says the properties of the bricks change over time due to interaction with radiation and the reactor coolant.
There are around 3,000 graphite bricks in each reactor core which are bound by steel and contained in a concrete pressure vessel which is over three meters thick. Control rods are inserted through channels in the core to control the reaction and also used to shut down the reactor. FILE PHOTO: The Hunterston nuclear power station in West Kilbride, Scotland May 15, 2013. REUTERS/Suzanne Plunkett/File Photo
Keyway root cracking, as found at Hunterston B, is caused by tension in the graphite at the outer surface of the bricks due to changes in their internal stress. This can then progressively crack many bricks across the core.
John Loughhead, chief scientific adviser to the UK government’s Department for Business, Energy and Industrial Strategy, said the micro-cracks have grown a little more quickly than projected and EDF Energy will now be working to understand how to make prediction of future growth more accurate.
“These reactors are in the later stages of their life but it is too early to be getting worried that this is the beginning of the end,” he added. WIDER WORRIES
Hunterston B and Hinkley Point B are Britain’s oldest nuclear plants - each with two reactors - commissioned in 1976.
One of Hinkley Point B’s two reactors is also offline - for a scheduled outage during which routine inspections of the graphite will also take place.
Reactors at two of EDF Energy’s other plants in Britain - Heysham 1 and Hartlepool - were taken offline in 2014 after cracks on a boiler spine were found at one of them, caused by high operating temperatures.
In France, EDF’s nuclear plants provide up to 75 percent of the country’s power needs but the fleet has been dogged by repeated shutdowns and inspections over the integrity of some components.
Elsewhere in Europe, Belgium’s regulator ordered production to be stopped at two nuclear reactors - not operated by EDF - in 2012 after finding indications of tiny cracks in core tanks.
EDF Energy said the shutdown at the Hunterston B reactor would result in a forecast reduction of 3 terrawatt hours in its total nuclear output for this year.
Based on current UK baseload power prices, that could equate to a loss of around 120 million pounds ($162 million).
The firm also says it has spent more than 100 million pounds in the last five years on graphite research.
“The thing which will close (these reactors) down in the end will be the cost of ensuring safety. It is possible to make a safety case for a significant amount of cracked bricks but it takes time and costs money,” said Barry Marsden, professor of nuclear graphite technology at the University of Manchester.
($1 = 0.7399 pounds) | ashraq/financial-news-articles | https://uk.reuters.com/article/us-britain-nuclear-edf-analysis/cracks-in-british-nuclear-reactor-ring-power-alarm-bells-idUKKBN1IA2PK |
Jon Maier used to be the man who picked the exchange-traded funds that went into $40 billion of prepackaged investment portfolios sold by Merrill Lynch. He became so well-known in the industry that the strategies earned the nickname “the Maier models.” Now he’s trying to parlay his name into a new empire. Mr. Maier left The Long Road | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/21/the-man-who-walked-away-from-40-billion-etf-post-launches-his-own-investment-models/ |
Everything about the Kentucky Derby is extravagant — including the drinks.
For those who are really looking to splurge, there's a $1,000 mint julep offered by Kentucky bourbon distillery Woodford Reserve .
The recipe uses ingredients that can only be sourced in Kentucky. Here's exactly what goes into the four-figure cocktail:
2 oz. Woodford Reserve straight bourbon 1 tsp Kentucky sorghum simple syrup (a natural sweetener) 2 leaves of Kentucky colonel mint Garnish: 3 red roses, a sprig of mint and a single rose petal from the Garland of Roses Courtesy of Woodford Reserve The Woodford Reserve $1,000 and $2,500 mint julep cups While the ingredient list is simple, the cups each drink is served in are not. Each sterling silver " Bluegrass cup ," which Woodford Reserve made 90 of this year, is handcrafted by a Louisville-based jeweler. It features elaborate designs of Kentucky scenes like the Twin Spires of Churchill Downs, and a thoroughbred with a jockey.
After going on sale online in April, the cups, which come in a wooden box lined with the same silk used to make the jerseys worn by the jockeys, sold out completely in a week . Woodford Reserve also offered 15 gold-plated " Commonwealth cups " for $2,500, which also sold out. On the day of the Derby, however, five Bluegrass cups will be sold at the track.
All proceeds from the four-figure cocktails are benefiting Kentucky-native Jennifer Lawrence's charity, the Jennifer Lawrence Arts Fund.
show chapters How to shop for a Kentucky Derby hat like the super rich 18 Hours Ago | 01:05 If you missed out on the limited edition cups, or simply don't want to drop hundreds of dollars on a single drink, there will be plenty of $11 mint juleps available at Churchill Downs over Derby weekend. Each year, about 120,000 juleps are served during the two-day event.
Whether you're sipping out of a $2,500 cup or an $11 cup, to get the most bang for your buck, "you should have at least 22 sips before your julep runs dry," master distiller at Woodford Reserve, Chris Morris, tells Fortune .
And sip with a straw, he recommends, as it will help mix the drink's sugar and mint.
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Don't miss: Check out the exclusive Kentucky Derby food that you get with a $36,000 table
show chapters Here's how to spend almost $7,000 in one day, eating your way across New York City 9:40 AM ET Mon, 6 Nov 2017 | 02:05 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/05/kentucky-derby-will-serve-up-1000-mint-juleps.html |
Concerns over Italy 's political tug of war could spill into the U.S. stock market by way of a strengthening dollar , B. Riley FBR's Mark Grant told CNBC on Wednesday.
"We're just at the beginning of the commotion" in Rome, said the veteran strategist, referring to whether Italy might ultimately seek to leave the euro, causing a similar upheaval to when the U.K. voted to leave the overall European Union.
Uncertainty about the euro's future could push the dollar even higher, said Grant, who has been working in the financial industry for more than four decades.
"I think it could go to $1.14, maybe $1.12 [against the euro]," he said. "This could have a major impact on the equity markets in the United States in terms of earnings of our international companies."
A stronger dollar makes goods sold by U.S. multinational companies overseas more expensive, which can put them at a pricing disadvantage to their foreign competitors.
The U.S. currency strengthens when the number on the chart goes lower because it costs fewer dollars to buy euros.
Since hitting a 2018 low of about $1.25 per euro in mid-February, the dollar has gained 8 percent to about $1.15 per euro as of Tuesday's settling price.
The Dow Jones industrial average sank nearly 400 points in Tuesday's Italy-fueled global stock sell-off. U.S. stock futures in premarket Wednesday trading were pointing to a recovery of about a quarter of those losses.
At issue is Italy's struggle to form a new government and whether euroskeptic populists will secure an unprecedented governing mandate there, which could threaten the future of the euro zone's third-largest economy in the common currency bloc.
Grant sees two possible scenarios that are worrying the investment community: Italy could vote to leave the euro; or Italy could refuse to abide by European Union budgetary demands and get kicked out of the euro.
"One of the real dangers here, if for any reason that Italy leaves and re-denominates its currency, the ECB would take a tremendous hit that could literally bankrupt them unless the other countries put up more money."
The euro is the official currency of 19 of the 28 EU countries . The ECB , or European Central Bank, is the independent arbiter of monetary issues concerning the euro nations.
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By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy . Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/dollar-biggest-risk-for-us-stocks-on-italy-power-struggle-mark-grant.html |
If Commerce Secretary Wilbur Ross’s goal when he flies into Beijing Saturday is merely to pressure the Chinese to buy more American goods, the Trump administration is wasting an opportunity.
A pledge by China to reduce its trade surplus with the U.S. is difficult to enforce and easily discarded. It distracts from the underlying problems in the U.S. trading relationship with China while giving the Chinese more time to dominate the technologies of the future.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-should-play-the-long-game-on-trade-1527717121 |
May 22 (Reuters) - Altria Group Inc:
* ALTRIA GROUP INC ANNOUNCES NEW STRUCTURE TO ACCELERATE ITS INNOVATION ASPIRATION
* NEW STRUCTURE INCLUDES ESTABLISHMENT OF TWO DIVISIONS - CORE TOBACCO AND INNOVATIVE TOBACCO PRODUCTS
* NEW STRUCTURE INCLUDES CREATION OF A CHIEF GROWTH OFFICER FUNCTION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-altria-group-announces-new-structu/brief-altria-group-announces-new-structure-idUSFWN1ST0MH |
WALTHAM, Mass.--(BUSINESS WIRE)-- Global Partners LP (NYSE: GLP) today announced the signing of an agreement to purchase the retail fuel and convenience store assets of Vermont-based Champlain Oil Company, Inc.
The acquisition includes 37 company-operated gas stations with Jiffy Mart-branded convenience stores in Vermont and New Hampshire, and approximately 24 fuel sites that are either owned or leased including lessee dealer and commission agent locations. The transaction also includes fuel supply agreements for approximately 70 gas stations, primarily in Vermont and New Hampshire. The stations market major fuel brands such as Mobil, Shell, Citgo, Sunoco and Irving.
“Building on our skill as a strategic acquirer, this acquisition is an excellent fit for Global, expanding our retail business into Vermont and growing our presence in New Hampshire,” said Global Partners President and CEO Eric Slifka. “Jiffy Mart is an established brand with locations along high-traffic routes throughout northern New England. The acquisition benefits from our vertically integrated model, providing additional volume to our strategically situated terminals including those in Burlington, Vermont and Albany, New York. We are very excited about adding retail facilities to our portfolio and expect the transaction to be accretive within the first full year of operations.”
The purchase is expected to close in the third quarter of 2018 and is subject to regulatory approvals and other customary closing conditions.
About Global Partners LP
Global Partners is a midstream logistics and marketing master limited partnership that owns, controls or has access to one of the largest terminal networks of petroleum products and renewable fuels in the Northeast. With approximately 1,500 locations, primarily in the Northeast, Global is one of the largest regional independent owners, suppliers and operators of gasoline stations and convenience stores. Global is also one of the largest distributors of gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers in New England and New York. The Partnership is also engaged in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. For additional information, visit www.globalp.com .
Forward-looking Statements
Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on Global Partners’ current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. All comments concerning the Partnership’s expectations for future revenues and operating results are based on forecasts for its existing operations and do not include the potential impact of any future acquisitions. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections.
For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global Partners’ filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Partnership undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517005667/en/
Global Partners LP
Daphne H. Foster, 781-894-8800
Chief Financial Officer
or
Edward J. Faneuil, 781-894-8800
Executive Vice President, General Counsel and Secretary
Source: Global Partners LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-global-partners-to-acquire-retail-fuel-and-jiffy-mart-convenience-store-assets-in-vermont-and-new-hampshire-from-champlain.html |
9:00 AM ET Tue, 29 May 2018 | 02:38
If the nuclear talks between President Donald Trump and North Korean leader Kim Jong Un do actually happen, it will mark the culmination of a long and unusual path.
Just last year, Kim and Trump were exchanging insults and threats. Now they're on the verge of a historic summit – apparently.
"One has to treat this like a soap opera," Vipin Narang, a professor at MIT who studies nuclear proliferation, told CNBC. "Every day brings a new, mostly predictable twist, but just stay tuned for the finale and to see if the season will be renewed for next year."Since March 8, when Trump first agreed to meet with Kim, the president has canceled the summit, which was set for June 12 in Singapore. Likewise, North Korea has threatened to exit negotiations, and its negotiators failed to show up to attend a planning meeting. Yet, since Trump called it off, the administration has all but confirmed that the meeting will go on.
Planning continues. According to the White House, teams are working in the demilitarized zone between North and South Korea and in Singapore. On Wednesday, a leading North Korean official, Kim Yong Chol, arrived in New York ahead of planned discussions with Secretary of State Mike Pompeo .
"I think that anybody who has negotiated with North Korea in the past knows that these changes, threats, not showing up — that's not really new in North Korean behavior," said Lisa Collins, a fellow with the Korea Chair at the Center for Strategic and International Studies. "What's different here is the personalities involved, which is Kim Jong Un and Donald Trump."
Here is a timeline of how things have developed in the U.S. relationship with North Korea since Trump took office. North Korea taunts Trump administration with missile tests STR | AFP | Getty Images This photo taken on February 12, 2017 and released on February 13 by North Korea's official Korean Central News Agency (KCNA) shows North Korean leader Kim Jong-Un (C) surrounded by soldiers of the Korean People's Army as he inspects the test-launch of a surface-to-surface medium long-range ballistic missile Pukguksong-2 at an undisclosed location.
North Korea launched its most aggressive year yet for missile testing less than a month into the Trump administration. The regime tested the KN-15 (Pukkuksong-2) medium range ballistic missile in February.
By the summer, the country launched its first intercontinental missile on July 4, which is Independence Day in the U.S. The Hwasong-14 long-range intercontinental ballistic missile had the capacity to reach the continental United States, according to experts.
In September, Kim tested the country's most powerful nuclear missile . The country claimed the test was a "perfect success," and experts agreed that the detonation was larger than any from the reclusive country's previous testing. 'Fire and fury like the world has never seen' Jonathan Ernst | Reuters President Donald Trump (R) speaks about North Korea as he sits beside U.S. Secretary of Health and Human Services (HHS) Tom Price (L) during an opioid-related briefing at Trump's golf estate in Bedminster, New Jersey, U.S., August 8, 2017.
"North Korea best not make any more threats to the United States," Trump told reporters Aug. 8, from his golf club in Bedminster, N.J. "They will be met with fire and fury like the world has never seen. He has been very threatening ... and as I said they will be met with fire, fury and frankly power, the likes of which this world has never seen before."
Trump's warning came the same day that news outlets reported North Korea could fit miniaturized nuclear devices inside its missiles , a key step in its nuclear program that upped the ante for U.S. defense strategists. Shortly after Trump's remarks, North Korea responded by threatening to strike Guam , an American territory in the Pacific ocean. Trump tells Tillerson not to bother with 'Little Rocket Man' Saul Loeb | AFP | Getty Images President Donald Trump speaks alongside Secretary of State Rex Tillerson (L) during a Cabinet Meeting in the Cabinet Room at the White House in Washington, DC, December 20, 2017.
Trump chided his then-secretary of State publicly over attempts to negotiate with North Korea in an October Twitter post, writing that he told " Rex Tillerson , our wonderful Secretary of State, that he is wasting his time trying to negotiate with Little Rocket Man." I told Rex Tillerson, our wonderful Secretary of State, that he is wasting his time trying to negotiate with Little Rocket Man...
Trump publicly adopted the "Rocket Man" monicker for North Korea's leader the month before, first tweeting that he had asked South Korean leader Moon Jae-in "how Rocket Man is doing." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/timeline-of-trumps-soap-opera-diplomacy-with-north-korea.html |
May 2(Reuters) - Sotoh Co Ltd
* Says it appoints Yasuhiko Ueda as new president of the company to replace Yukio Takaoka, effective June 22
Source text in Japanese: goo.gl/Pk21cs
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sotoh-says-change-of-president/brief-sotoh-says-change-of-president-idUSL3N1S91TT |
'The benefit of the TPP is the access to the US market': Indonesian minister 6 Hours Ago Bambang Brodjonegoro, Indonesia's minister of national development planning, explains why his country is choosing not to join the TPP without the U.S. being involved. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/the-benefit-of-the-tpp-is-the-access-to-the-us-market-indonesian-minister.html |
WINDSOR, England, May 19 (Reuters) - U.S. actress Meghan Markle will wear a wedding ring made from Welsh gold gifted by Queen Elizabeth when she marries her grandson Prince Harry on Saturday, his office said.
The prince’s ring will be a platinum band with a textured finish, Kensington Palace said. Both were made by London jewellers Cleave and Company who also made Markle’s engagement ring. (Reporting by Michael Holden; editing by Guy Faulconbridge)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-royals-ring/wedding-ring-of-welsh-gold-for-meghan-markle-platinum-ring-for-prince-harry-palace-says-idUSL9N1S101N |
May 15 (Reuters) - LRAD Corp:
* LRAD CORP FILES NON TIMELY 10-Q - SEC FILING Source bit.ly/2wHmKyp Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-lrad-corp-files-non-timely-10-q/brief-lrad-corp-files-non-timely-10-q-idUSFWN1SM1D8 |
Elon Musk may or may not be launching a " Yelp for Journalists" — according to a Wednesday Twitter tirade from the serial tech entrepreneur.
"Going to create a site where the public can rate the core truth of any article & track the credibility score over time of each journalist, editor & publication. Thinking of calling it Pravda …", Musk said in a tweet.
"The point of such a site would be to help restore the credibility of the media. They don't realize how little credibility they actually have with the public," he said in a subsequent tweet.
The journalism review site, potentially named Pravda after the former Soviet Union propaganda newspaper, is the latest in Musk's long history of wild ideas.
He's teased a food and beverage venture, sold out branded flamethrowers and he challenged himself to build a battery of record size in under 100 days.
There's something to be said for the constant hype and media distraction of it all, particularly while one of Musk's main ventures continues to struggle. Tesla has suffered from ongoing Model 3 delays, painful stock dips and reports of inadequate working conditions in its factories.
But Musk — who has already made his name with PayPal, SpaceX, SolarCity and newspaper publishing software Zip2 — continues to propose new projects. Here are some of the strangest ideas, and some of the most successful:
Boring Candy Just this month Musk said he would be starting a candy company. The announcement was inspired by a spar with legendary investor Warren Buffett .
The CEO of Berkshire Hathaway , which owns See's Candies, noted Musk's history of disrupting industries and said: "Elon may turn things upside down in some areas. I don't think he'd want to take us on in candy."
"I'm starting a candy company & it's going to be amazing," Musk said in a tweet. "I am super super serious."
Musk posted a picture of Boring Candy to his Instagram account just weeks later. He's since deleted the post.
Luckily, the reveal is archived on Twitter.
Flamethrowers Musk announced in December that his Boring transportation company would start selling flamethrowers.
The Boring-branded gadgets were an encore to the company's signature hats — and a little closer to blow torches.
Don’t do this. Also, I want to be clear that a flamethrower is a super terrible idea. Definitely don’t buy one. Unless you like fun.
A post shared by Elon Musk (@elonmusk) on Jan 27, 2018 at 5:29pm PST
The company sold 20,000 units — or $10 million worth — in just five days .
100 days to build the world's biggest battery Last year Musk's electric car company Tesla won a bid to build the world's biggest battery system in Southern Australia . Musk had already committed to the endeavor on Twitter when he gave himself an high-stakes deadline.
"Tesla will get the system installed and working 100 days from contract signature or it is free," Musk said in a tweet.
The battery system can power 30,000 homes and draws energy from a nearby wind farm. It was completed, as promised, in under 100 days .
Underground Hyperloop Nearly five years ago, Musk released a white paper on the idea of high-speed underground transportation tubes. The idea was Hyperloop —"some enlarged version of the old pneumatic tubes used to send mail and packages within and between buildings"— could ease urban congestion and reduce travel times.
The project has evolved in the years since, adopted by outside start-ups and tying in insights and technology from Tesla's other futuristic start-up SpaceX . Musk tweeted earlier this month that he hopes the pods reach "half speed of sound."
"This is kinda nutty for such a short distance, so could easily end up being shredded metal, but exciting either way," he said.
Musk has also shepherded the adoption of the Hyperloop pods with The Boring Company, which theorizes that "fast to dig, low cost tunnels would also make Hyperloop adoption viable and enable rapid transit across densely populated regions, enabling travel from New York to Washington DC in less than 30 minutes."
Musk last week teased the public opening of the first tunnel under Los Angeles , including free rides starting "in a few months."
Reusable rockets Musk founded SpaceX to establish a human colony on Mars but along the way he set a company goal to reduce the cost and time it takes to reach space. The company has achieved a myriad of milestones since its founding but reuse was only realized in the last few years.
In December 2015, SpaceX took a first massive step towards reusability when it became the first company to land part of an orbital rocket. Just over a year later, SpaceX took another giant step, by launching and landing a Falcon 9 rocket it launched and landed once before.
Next up? Musk wants SpaceX to launch and land a rocket twice in 24 hours – as early as next year. It's all a part of his plan to make his rockets "like a commercial airliner," Musk said.
—CNBC's Michael Sheetz contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/elon-musks-wild-ideas-a-history-of-whats-worked.html |
LAS VEGAS, May 2, 2018 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) today announced that it has entered into a definitive agreement to acquire Lattner Entertainment Group Illinois, LLC ("Lattner"), for total cash consideration of $100 million. Lattner currently operates nearly 1,000 gaming units in 220 locations across the state of Illinois.
The purchase price represents an implied multiple of approximately 8 times Adjusted EBITDA, including incremental growth opportunities and expected cost synergies. The Company anticipates the acquisition will be free cash flow positive and immediately accretive to earnings.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "The acquisition of Lattner is a strategic opportunity to further diversify and expand our business. Lattner will provide us a valuable new avenue to access gaming customers, and a platform to participate in the expansion of distributed gaming. We are excited to welcome the Lattner team to Boyd Gaming, and look forward to establishing ourselves as one of the leading distributed gaming operators in the country."
The transaction is expected to close by the end of the second quarter of 2018, subject to the satisfaction of customary closing conditions and the receipt of all required regulatory approvals. The Company intends to finance the transaction through cash flow from operations and availability under its existing credit facility.
Morrison & Foerster LLP served as legal advisor to Boyd Gaming for the transaction. Wells Fargo Securities served as exclusive financial advisor and Koley Jessen served as legal advisor to Lattner during the transaction.
About Boyd Gaming
Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 24 gaming entertainment properties in seven states. The Company currently operates 1.36 million square feet of casino space, more than 30,000 gaming machines, 630 table games, 9,400 hotel rooms and more than 280 food and beverage outlets. With one of the most experienced leadership teams in the casino industry, Boyd Gaming prides itself on offering its guests an outstanding entertainment experience, delivered with unwavering attention to customer service. For additional Company information and press releases, visit www.boydgaming.com .
Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and include (without limitation) statements regarding the transactions contemplated by the definitive agreement, Boyd Gaming's expectations regarding the amount of the purchase price, timing of closing, the potential benefits to be achieved from the acquisition, including the potential to gain strong positions in three metropolitan areas, the effects on Boyd Gaming's size, scale, customer base, and free cash flow, expectations regarding timing for the transaction to be free cash flow positive and accretive to Boyd Gaming's earnings, the expected cost synergies, and any statements or assumptions underlying any of the foregoing. These forward-looking statements are based upon the current beliefs and expectations of management and involve certain risks and uncertainties, including (without limitation) the possibility that the transactions contemplated by the definitive agreement will not close on the expected terms (or at all), or that Boyd Gaming is unable to successfully integrate the acquired assets or realize the expected synergies or that the properties will be cash flow positive or accretive to Boyd Gaming's earnings as anticipated; litigation, antitrust matters or the satisfaction or waiver of any of the closing conditions that could delay or prevent the closing of the transactions contemplated by the definitive agreement; and changes to the financial conditions of the parties, or the credit markets, or the economic conditions in the areas in which they operate. Additional factors are discussed in "Risk Factors" in Boyd Gaming's annual, periodic and current reports filed from time to time with the Securities and Exchange Commission. All forward-looking statements in this press release are made as of the date hereof, based on information available to Boyd Gaming as of the date hereof, and Boyd Gaming assumes no obligation to update any forward-looking statement.
View original content with multimedia: http://www.prnewswire.com/news-releases/boyd-gaming-to-acquire-lattner-entertainment-group-300640959.html
SOURCE Boyd Gaming Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-boyd-gaming-to-acquire-lattner-entertainment-group.html |
May 25, 2018 / 9:20 AM / Updated 22 minutes ago UK energy regulator opens one-month consultation on price caps Reuters Staff 2 Min Read
LONDON (Reuters) - Britain’s energy regulator has called for comments from gas and electricity suppliers and consumers on plans to impose price caps on certain tariffs.
Ofgem says the consultation is on how it should set the price caps, how frequently to modify them and by what criteria it should judge whether they should be lifted.
The price caps on so-called standard variable rates were proposed by the government and will be implemented by the end of this year.
There about 12 million households on such tariffs, Ofgem has said, paying as much as 300 pounds more on their annual bills.
Ofgem says, in establishing a price cap, it will look at four methodologies of establishing suppliers’ costs. It will then assess whether an additional “headroom” is needed above the cost base to take into account uncertainties and risks.
The price cap is due to be lifted in 2020 but the government can extend its duration by 12 months on three occasions.
Those wishing to participate in the consultation have until June 25 to reply.
Some of Britain’s biggest energy companies have announced price increases this year, citing higher wholesale prices and the cost of government policies to support renewable energy generation. Reporting by Sabina Zawadzki; Editing by David Goodman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-energy-prices/uk-energy-regulator-opens-one-month-consultation-on-price-caps-idUKKCN1IQ12B |
May 5, 2018 / 5:53 PM / Updated an hour ago Anger in France, Britain over Trump's gun law speech Sarah White , David Milliken 4 Min Read
PARIS/LONDON (Reuters) - U.S. President Donald Trump sparked anger in France and Britain by suggesting looser gun laws could have helped prevent deadly attacks in Paris in 2015, and linking a wave of knife crime in London to a handgun ban. People walk away from the emergency department of the Royal London Hospital, in London, Britain May 5, 2018. REUTERS/Peter Nicholls
In a speech to the National Rifle Association (NRA) on Friday, Trump mimicked the shooting of victims in the Paris rampage, and said if civilians had been armed “it would have been a whole different story.”
The French government issued its strongest criticism of Trump since he took office, at a time when President Emmanuel Macron has been reinforcing bilateral ties following a state visit.
“France expresses its firm disapproval of President Trump’s comments about the Paris attacks on Nov. 13, 2015 and demands that the memory of the victims be respected,” the foreign office said in a statement.
“Every country freely decides on its own laws on carrying firearms, as in other areas. France is proud to be a country where acquiring and carrying firearms is strictly regulated.” [L8N1SC0K3]
Other French politicians including the mayor of Paris took issue with Trump’s comments, after he acted out the scene of the massacre by Islamist assailants at Paris’ Bataclan concert hall, where 90 of the 130 victims of the attacks died. People walk towards the Royal London Hospital, in London, Britain May 5, 2018. REUTERS/Peter Nicholls
“They took their time and gunned them down one by one. Boom! Come over here. Boom! Come over here. Boom!,” Trump said, using his hands in a gun gesture.
Former French president Francois Hollande, who was head of state at the time, said on Twitter that Trump’s comments and antics were “shameful” and “obscene”. ‘KNIVES, KNIVES, KNIVES, KNIVES’
Trauma surgeons in London, meanwhile, said Trump had missed the point after, in the same speech, he linked knife crime there to an absence of guns. President Donald Trump makes a fist as he addresses the National Rifle Association (NRA) Convention in Dallas, Texas, May 4, 2018. REUTERS/Carlos Barria
Comments by Trump have caused upset before in Britain. Relations with Prime Minister Theresa May cooled last year after she criticized him for retweeting anti-Islam videos by a British far-right group.
Trump, who is due to visit Britain on July 13, told NRA members that a “once very prestigious” London hospital, which he did not name, had become overwhelmed with victims of knife attacks.
“They don’t have guns. They have knives and instead there’s blood all over the floors of this hospital,” he said. “They say it’s as bad as a military war zone hospital. Knives, knives, knives, knives,” he added, making stabbing gestures.
London suffered a spike in knife crime early this year, and saw more murders during February and March than New York.
Last month, trauma surgeon Martin Griffiths told the BBC that some of his colleagues had likened the Royal London Hospital in east London where he works to the former British military base Camp Bastion in Afghanistan.
But on Saturday he indicated Trump had drawn the wrong conclusion from his remarks.
Griffiths posted his comment next to an animation of a stick figure with the phrase “The Point” flying over its head, and also linked to a statement on the hospital’s website by a fellow trauma surgeon, Karim Brohi.
“There is more we can all do to combat this violence, but to suggest guns are part of the solution is ridiculous. Gunshot wounds are at least twice as lethal as knife injuries and more difficult to repair,” Brohi said in the statement on Saturday.
Britain’s government effectively banned handgun ownership in England, Scotland and Wales after a school shooting in 1996. editing by John Stonestreet | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-britain-trump/anger-in-the-uk-and-france-over-trumps-nra-speech-idUSKBN1I60QA |
By Lisa Marie Segarra 11:12 AM EDT
Battlefield 5’s creators are not backing down from the female characters they added in the latest installment of the game.
A small, but vocal, group of Battlefield 5 fans criticized the historical accuracy, despite women’s involvement in World War II during which the game is set, and said Battlefield 5 was pandering to modern audiences. However, Oskar Gabrielson, general manager at Battlefield developer EA DICE, responded by saying that female characters would not be going anywhere.
“First, let me be clear about one thing. Player choice and female playable characters are here to stay. We want Battlefield V to represent all those who were a part of the greatest drama in human history, and give players choice to choose and customize the characters they play with,” Gabrielson said over a series of tweets. First, let me be clear about one thing. Player choice and female playable characters are here to stay. pic.twitter.com/fvi9riUZDM
— Oskar Gabrielson (@ogabrielson) May 25, 2018 Our commitment as a studio is to do everything we can to create games that are inclusive and diverse. We always set out to push boundaries and deliver unexpected experiences. But above all, our games must be fun!
— Oskar Gabrielson (@ogabrielson) May 25, 2018 The Battlefield sandbox has always been about playing the way you want. Like attempting to fit three players on a galloping horse, with flamethrowers. With BFV you also get the chance to play as who you want. This is #everyonesbattlefield . pic.twitter.com/jZkzSRjIwL
— Oskar Gabrielson (@ogabrielson) May 25, 2018
Battlefield 5 allows players to customize their avatar’s gender, ethnicity and other weapon and clothing options that fans said was unrealistic for a World War II game. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/26/battlefield-5-female-characters/ |
May 1 (Reuters) - Cisco Systems Inc:
* CISCO - WILL ACQUIRE ACCOMPANY FOR $270 MILLION IN CASH
* CISCO ANNOUNCES INTENT TO ACQUIRE ACCOMPANY * CISCO - CISCO WILL ACQUIRE ACCOMPANY FOR $270 MILLION IN CASH
* CISCO - ACCOMPANY TEAM WILL JOIN CISCO COLLABORATION TECHNOLOGY GROUP UNDER CHANG’S LEADERSHIP
* CISCO - INTENT TO ACQUIRE ACCOMPANY, A PRIVATELY HELD COMPANY BASED IN LOS ALTOS, CALIF.
* CISCO - DEAL INCLUDES ASSUMED EQUITY AWARDS
* CISCO - ACCOMPANY FOUNDER AND CEO AMY CHANG WILL JOIN CISCO AS SENIOR VICE PRESIDENT IN CHARGE OF COLLABORATION TECHNOLOGY GROUP
* CISCO - CHANG HAS IN CONJUNCTION WITH TRANSACTION RESIGNED FROM CISCO BOARD
* CISCO - ROWAN TROLLOPE LEAVING CISCO TO BECOME CEO AT ANOTHER COMPANY EFFECTIVE MAY 3 Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cisco-says-will-acquire-accompany/brief-cisco-says-will-acquire-accompany-for-270-million-in-cash-idUSASC09YQR |
show chapters Conoco moves to take over Venezuelan PDVSA's Caribbean assets 2 Hours Ago | 01:07 U.S. oil firm ConocoPhillips has moved to take Caribbean assets of Venezuela's state-run PDVSA to enforce a $2 billion arbitration award over a decade-oil nationalization of its projects in the South American country, according to three sources familiar with its actions.
The U.S. firm targeted facilities on the islands of Curacao, Bonaire and St. Eustatius that accounted for about a quarter of Venezuela's oil exports last year. The three play key roles in processing, storing and blending PDVSA's oil for export.
The company received court attachments freezing assets at least two of the facilities, and could move to sell them, one of the sources said.
Conoco's legal maneuvers could further impair PDVSA's declining oil revenue and the country's convulsing economy. Venezuela is almost completely dependent on oil exports, which have fallen by a third since its peak and its refineries ran at just 31 percent of capacity in the first quarter.
Marco Bello | Reuters A woman walks past a mural with the corporate logo of the state oil company PDVSA in Caracas, Venezuela November 3, 2017. The Latin American country is in the grip of a deep recession with severe shortages of medicine and food as well as a growing exodus of its people.
PDVSA and the Venezuelan foreign ministry did not respond on Sunday to requests for comment. Dutch authorities said they are assessing the situation on Bonaire.
Conoco's claims against Venezuela and state-run PDVSA in international courts have totaled $33 billion, the largest by any company.
"Any potential impacts on communities are the result of PDVSA's illegal expropriation of our assets and its decision to ignore the judgment of the ICC tribunal," Conoco said in an email to Reuters.
The U.S firm added it will work with the community and local authorities to address issues that may arise as a result of enforcement actions.
PDVSA has significant assets in the Caribbean. On Bonaire, it owns the 10-million-barrel BOPEC terminal which handles logistics and fuel shipments to customers, particularly in Asia. In Aruba, PDVSA and its unit Citgo lease a refinery and a storage terminal.
On the island of St. Eustatius, it rents storage tanks at the Statia terminal, owned by U.S. NuStar Energy , where over 4 million barrels of Venezuelan crude were retained by court order, according to one of the sources.
NuStar is aware of the order and "assessing our legal and commercial options," said spokesman Chris Cho. The company does not expect the matter to change its earnings outlook, he said.
Conoco also sought to attach PDVSA inventories on Curacao, home of the 335,000-barrel-per-day Isla refinery and Bullenbay oil terminal. But the order could not immediately be enforced, according to two of the sources.
Last year, PDVSA's shipments from Bonaire and St Eustatius terminals accounted for about 10 percent of its total exports, according to internal figures from the state-run company. The exports were mostly crude and fuel oil for Asian customers including ChinaOil, China's Zhenhua Oil, and India's Reliance Industries.
From its largest Caribbean operations in Curacao, PDVSA shipped 14 percent of its exports last year, including products exported by its Isla refinery to Caribbean islands and crude from its Bullenbay terminal to buyers of Venezuelan crude all over the world.
PDVSA on Friday ordered its oil tankers sailing across the Caribbean to return to Venezuelan waters and await further instructions, according to a document viewed by Reuters. In the last year, several cargoes of Venezuelan crude have been retained or seized in recent years over unpaid freight fees and related debts.
"This is terrible (for PDVSA)," said a source familiar with the court order of attachment. The state-run company "cannot comply with all the committed volume for exports" and the Conoco action imperils its ability to ship fuel oil to China or access inventories to be exported from Bonaire.
At the International Chamber of Commerce (ICC), Conoco had sought up to $22 billion from PDVSA for broken contracts and loss of future profits from two oil-producing joint ventures, which were nationalized in 2007 under late Venezuela President Hugo Chavez. The U.S. firm left the country after it could not reach a deal to convert its projects into joint ventures controlled by PDVSA.
A separate arbitration case involving the loss of its Venezuelan assets is before a World Bank tribunal, the International Centre for the Settlement of Investment Disputes.
Exxon Mobil also has brought two separate arbitration claims over the 2007 nationalization of its projects in Venezuela. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/conoco-moves-to-take-over-venezuelan-pdvsas-caribbean-assets-sources.html |
May 14, 2018 / 1:03 AM / Updated an hour ago Asian stocks up on U.S.-China thaw, Malaysian shares bounce, ringgit falls Swati Pandey 6 Min Read
SYDNEY (Reuters) - Asian shares shot up to near two-month highs on Monday on signs the United States and China were toning down their trade war rhetoric, while Malaysian Ringgit hit a four-month trough in the first onshore trade since a shock election result last week. A man looks at an electronic stock quotation board outside a brokerage in Tokyo, Japan February 9, 2018. REUTERS/Toru Hanai
Veteran Mahathir Mohamad came out of political retirement to lead the opposition Pakatan Harapan (Alliance of Hope) to a stunning victory over a ruling party he had once led, defeating prime minister Najib Razak, a former protege he had accused of corruption.
Some investors were concerned that populist promises such as repealing an unpopular goods and services tax and restoring a petrol subsidy could undermine the country’s economic prospects.
In response, the Malaysian Ringgit MYR= fell to a four-month low of 3.982 per dollar at open, while the benchmark share index dropped as much as 2.7 percent at open before bouncing into positive territory.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS jumped 0.4 percent, to near two-month highs.
Japan's Nikkei .N225 tacked on 0.1 percent while China's blue-chip CSI300 .CSI300 rallied 0.9 percent. Hong Kong's Hang Seng index .HSE climbed 1.2 percent.
Investors cheered as U.S. President Donald Trump pledged to help Chinese telecom company ZTE Corp 000063.SZ ( 0763.HK ) to “get back into business, fast”, news that JPMorgan analysts said was “a significant positive.”
ZTE suspended its main operations earlier this month following a U.S. ban forbidding American companies from supplying to it after the Chinese firm was found to have violated U.S. export restrictions by illegally shipping U.S. goods to Iran.
But Trump held out a helping hand on Sunday as he tweeted that he and Chinese President Xi Jinping are working together on a solution for ZTE.
Separately, U.S. officials are preparing for talks in Washington with China’s top trade official Liu He to resolve an escalating trade dispute.
“The fact Trump is now...working to find a resolution for ZTE marks the latest sign of thawing in Beijing-Washington relations,” JPMorgan said in a note.
“This suggests that Trump might see the chance for real progress on trade talks, and is softening the U.S. position on an issue important to China,” it added.
“Trump also needs China to remain on side ahead of his meeting with North Korea’s Kim and this also suggests that until the 12 June meeting the signaling from the U.S. on trade will be more positive.”
North Korean leader Kim Jong Un has scheduled the dismantlement of the country’s nuclear bomb test site for next week, ahead of his June 12 meeting with Trump in Singapore.
The United States has said it will lift sanctions on Pyongyang if North Korea agrees to completely dismantle its nuclear weapons program.
Strong corporate earnings in the current reporting season along with expectations the U.S. Federal Reserve will hike rates at a slower pace have also bolstered market sentiment in recent sessions.
On Wall Street, the Dow .DJI ended Friday 0.4 percent higher. The S&P 500 added 0.2 percent, while the Nasdaq .IXIC was barely changed. OIL AND IRAN
While tensions in the Korean peninsula have eased, U.S. plans to reintroduce sanctions against Iran have stoked anxiety in the Middle East.
Iran pumps about 4 percent of the world’s oil, and the latest development has sent oil prices near multi-year highs.
On Monday, U.S. crude CLcv1 dipped 13 cents to $70.56 abarrel and Brent LCOcv1 was off 20 cents at $76.92 as a relentless rise in U.S. drilling activity pointed to increased output. [O/R]
The United States threatened on Sunday to impose sanctions on European companies that do business with Iran, as the remaining participants in the Iran nuclear accord stiffened their resolve to keep that agreement operational.
In currencies, the dollar .DXY dipped 0.1 percent to 92.41 against a basket of major currencies and was set for its fourth straight day of losses.
Against the Japanese yen JPY= , it ticked down to 109.25 per dollar, remaining largely in a holding pattern since late last month.
The euro EUR= inched 0.16 percent up to $1.1961 following two consecutive sessions of gains as Italy's anti-establishment parties looked likely to form the next government.
Last week, the Bank of England held rates steady and NewZealand’s central bank said the official cash rate will remain at historic lows of 1.75 percent for “some time.”
That leaves the Fed as the only major central bank in the world committed to rate increases although recent data showing moderate inflation reading has cast doubt over the pace of any hikes.
Spot gold XAU= was up 0.2 percent at $1,320.06 an ounce, after eking out a small weekly gain last week. Editing by Simon Cameron-Moore | ashraq/financial-news-articles | https://uk.reuters.com/article/us-global-markets/asian-stocks-up-as-u-s-china-trade-tensions-ease-dollar-dips-idUKKCN1IF01O |
5 Hours Ago | 01:15
Oil prices fell sharply Friday after influential energy ministers said a group of two dozen producer nations could soon begin easing the production limits they put in place last year to drain a global crude glut.
Russian Energy Minister Alexander Novak met with his Saudi counterpart, Khalid Al-Falih, in St. Petersburg to discuss the deal, which has aimed to keep 1.8 million barrels a day off the market since January 2017. The parties are now considering a gradual exit to that deal to compensate for falling production in crisis-stricken Venezuela and anticipated export disruption from Iran, which faces renewed U.S. sanctions.
"The moment is coming when we should consider assessing ways to exit the deal very seriously and gradually ease quotas on output cuts," Novak said in televised comments, according to Reuters.
U.S. West Texas Intermediate crude prices dropped below $68 a barrel, slipping further from this week's peak of $72.83, its highest since November 2014. The contract finished the session down $2.83, or 4 percent, at $67.88 a barrel.
Meanwhile, Brent crude fell $2.42, or 3.1 percent, to $76.37 by 2:27 p.m. ET. The international benchmark for oil prices last week hit a 3½-year high of $80.50, also going back to November 2014.
Brent is down nearly 3 percent this week, on track to break a six-week winning streak. U.S. crude is down almost 5 percent for the week.
"Today's low at $67.50 was an important support level, but really to change the complexion of the chart fullsomely you need to get under $66," said John Kilduff, founding partner at energy hedge fund Again Capital.
"Then the year long uptrend channel will have been broken and you'd look for even lower prices from there, targeting $60 to $62."
The ministers are considering a supply increase of as much as 1 million barrels a day to cool the market, sources told Reuters. Al-Falih is particularly concerned about the impact of oil prices above $80 a barrel on consumer nations like China and India, the news agency reported.
The move to potentially ease the production caps follows news reports that Saudi Arabia was roughly targeting $80 a barrel to support domestic initiatives. Those reports helped bolster crude prices within the last two months. show chapters 8 Hours Ago | 01:46
But it now appears that prices accelerated "too far, too fast," said Matt Smith, head of commodities research at shipping intelligence firm ClipperData.
"They've reached their target and it now seems as if they're pulling the levers to try to keep prices around this $80 mark," he said. "The $80 mark is not too hot, not too cold, but just right."
Oil prices struck new multiyear highs after President Donald Trump announced the United States would withdraw from a 2015 nuclear deal with Iran and restore punishing sanctions on the country, OPEC 's third-biggest producer.
The administration's hawkish tone since then has raised concerns about substantial supply disruptions from Iran, despite efforts by the European Union to preserve the accord.
Meanwhile, output continues to decline in Venezuela, which re-elected President Nicolas Maduro this week, prompting fresh U.S. sanctions. Venezuela is mired in a devastating economic crisis that has hobbled its ability to tap its lifeblood oil reserves.
In the United States, output continues to rise toward 11 million barrels per day, with U.S. drillers threatening to unseat Russia as the world's top producer. However, bottlenecks in the Permian basin, the nation's biggest shale oil producing region, mean U.S. drillers may fail to meet growing global demand for petroleum.
Crude futures continued to slide after data from oilfield services company Baker Hughes showed U.S. drillers added 15 oil rigs in the last week. The total U.S. rig count now stands at 859.
The pause in the oil price rally could be good news for drivers. The national average for regular gasoline in the United States has risen to nearly $3 a gallon , the highest level since 2014, prior to a historic oil price crash. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/oil-prices-are-plunging-as-russians-and-saudis-rethink-output-caps.html |
May 23 (Reuters) - Nevada Gold & Casinos Inc:
* NEVADA GOLD & CASINOS ANNOUNCES REVIEW OF STRATEGIC ALTERNATIVES AND SALE OF SOUTH DAKOTA ROUTE OPERATION
* NEVADA GOLD & CASINOS INC - RETAINED ROSSOFF & COMPANY LLC AS ITS FINANCIAL ADVISOR TO ASSIST WITH STRATEGIC REVIEW PROCESS
* NEVADA GOLD & CASINOS INC - NO LONGER IN EXCLUSIVE DISCUSSIONS TO SELL COMPANY
* NEVADA GOLD & CASINOS INC - BOARD INITIATED PROCESS TO EVALUATE POTENTIAL STRATEGIC ALTERNATIVES
* NEVADA GOLD & CASINOS - BOARD WILL CONSIDER RANGE OF STRATEGIC, OPERATIONAL & FINANCIAL ALTERNATIVES, WHICH MAY INCLUDE A SALE OR OTHER DEAL
* NEVADA GOLD & CASINOS- BOARD WILL CONSIDER FULL RANGE OF STRATEGIC, OPERATIONAL,FINANCIAL ALTERNATIVES, WHICH MAY INCLUDE A SALE OR OTHER TRANSACTION
* NEVADA GOLD & CASINOS INC - COMPANY HAS NOT SET A TIMETABLE FOR COMPLETION OF REVIEW PROCESS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nevada-gold-casinos-announces-revi/brief-nevada-gold-casinos-announces-review-of-strategic-alternatives-and-sale-of-south-dakota-route-operation-idUSASC0A3EF |
GDP outlook Asian economies vulnerable to sudden global tightening and a protectionist shift: IMF In its regional economic outlook update, the International Monetary Fund projected Asia to grow 5.6 percent this year, accounting for about two thirds of global growth. But the region is vulnerable to sudden tightening in global financial conditions and a shift towards protectionist policies. Other risks include geopolitical tensions, cyber attacks and climate change. Published 14 Hours Ago Fred Dufour | AFP | Getty Images General view of the Central Business District (CBD) in Beijing on April 11, 2018.
The growth outlook for Asian economies remains strong, but the region is vulnerable to sudden tightening in global financial conditions, further market corrections and a shift towards protectionist policies, the International Monetary Fund (IMF) said on Wednesday.
In its regional economic outlook update, the IMF projected Asia to grow 5.6 percent this year and next, up 0.1 percentage point from its last update in October and accounting for about two thirds of global growth.
The slight improvement in near-term prospects reflects "strong and broad-based" global growth and trade, reinforced by fiscal stimulus in the United States.
But in the medium term, risks are tilted to the downside. "Asia remains vulnerable to a sudden and sharp tightening of global financial conditions, while too long a period of easy conditions risks a further buildup of leverage and financial vulnerabilities," the Fund said.
"The gains from globalization have not been shared equally, and, as highlighted by recent tariff actions and announcements, a shift toward inward-looking policies is another risk, with the potential to disrupt international trade and financial markets."
Among other risks, the Fund cited geopolitical tensions, cyber attacks and climate change. Longer term, ageing demographics could be a substantial drag on economies and digitalisation may be a source of uncertainty.
Most economies should therefore look to strengthen policy buffers as closing output gaps means they do not need further fiscal support, the Fund said.
For now, with pressure on wages and prices still "moderate", monetary policy can remain accommodative in most of Asia. But central banks should stand ready to adjust their stances as inflation picks up, and should use macroprudential policies to contain credit growth, it said.
An abrupt change in global risk appetite, which could be triggered by an inflation surprise in the United States or an escalation of Sino-U.S. trade tensions, could lead to a sudden tightening of global financial conditions.
Tensions between the United States and China escalated earlier this year, when President Donald Trump threatened tariffs on up to $150 billion of Chinese goods to punish Beijing over unfair joint-venture and intellectual property practices.
China, which denies allegations it coerces technology transfers through these channels, has warned of retaliation, including tariffs on U.S. soybeans and aircraft.
Meanwhile, assets from Asia's three major economies running current account deficits — India , Indonesia and Philippines — have come under pressure in recent weeks following a rise in U.S. Treasury yields to 3 percent and a surge in oil prices to 3-1/2 year highs.
While Asia's rapid growth and improved external buffers "should help, the region remains vulnerable to a global risk-off event," the report said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/asias-economies-growth-strong-but-subject-to-sudden-tightening.html |
VANCOUVER, May 16, 2018 /PRNewswire/ - Electra Meccanica Vehicles Corp. (OTCQB: ECCTD) (" Electra Meccanica " or, the " Company " ) announces that its common shares (the " Shares ") commenced trading on a post 2 for 1 consolidation basis (the " Consolidation ") effective at the opening of trading on the OTCQB this morning, Wednesday, May 16, 2018 under the stock symbol "ECCTD", which the "D" will be removed from the symbol in 20 business days. The new CUSIP number is 284849205 and the new ISIN number is CA2848492054.
The Consolidation was approved by the board of directors of the Company on May 1, 2018. The Company has approximately 24,559,728 Shares issued and outstanding following the Consolidation. No fractional shares will be issued under the Consolidation and any fraction will be rounded to the nearest whole number.
About Electra Meccanica Vehicles Corp.:
Electra Meccanica is a designer and manufacturer of electric vehicles. The Company builds the innovative, all-electric SOLO, a single passenger vehicle developed to revolutionize the way people commute, as well as the Tofino, an elegant high-performance two-seater electric roadster sports car. Both vehicles are tuned for the ultimate driving experience while making your commute more efficient, cost-effective and environmentally friendly.
Intermeccanica, a subsidiary of Electra Meccanica, has successfully been building high-end specialty cars for 59 years. The Electra Meccanica family is delivering next generation affordable electric vehicles to the masses.
For more information, visit www.electrameccanica.com
Safe Harbor Statements
Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian securities laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "anticipates", "estimates", "projects", "expects", "contemplates", "intends", "believes", "plans", "may", "will", or their negatives or other comparable words) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the prices of other electric vehicles, costs associated with manufacturing vehicles, the availability of capital to fund business plans and the resulting dilution caused by the raising of capital through the sale of shares, changes in the electric vehicle market, changes in government regulation, developments in alternative technologies, inexperience in servicing electric vehicles, labour disputes and other risks of the electric vehicle industry including, without limitation, those associated with the delays in obtaining governmental approvals and/or certifications. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the United States Securities and Exchange Commission (the "SEC") (available at www.sec.gov ) and with Canadian securities administrators (available at www.sedar.com ). Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time-to-time with the SEC. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
View original content: http://www.prnewswire.com/news-releases/electra-meccanica-announces-consolidation-of-shares-300649792.html
SOURCE Electrameccanica Vehicles Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-electra-meccanica-announces-consolidation-of-shares.html |
May 25, 2018 / 12:12 PM / Updated 15 minutes ago UPDATE 2-India's Sun Pharma warns U.S. pricing pressure to hit 2019 profit Reuters Staff
* Expects fiscal 2019 rev to rise in low single digits
* Analysts expect fiscal 2019 rev up about 13 pct
* Plans to reduce “unviable” generics research (Adds managing director comments from conference call)
By Zeba Siddiqui
May 25 (Reuters) - India’s largest drugmaker Sun Pharmaceutical Industries Ltd said on Friday it expects its 2019 revenue to come in short of analysts’ expectations due to pricing pressure in its main market, the United States.
Makers of generic drugs have seen poor sales as uncertainty grows in the global market for copycat drugs due to rising competition and pricing scrutiny in the world’s largest healthcare market.
The warning compounds problems at Sun, which has been struggling to get clearance for its factories that are under U.S. supply bans due to quality control failures.
It now plans to reduce its research spend on some generic drug projects that have become “unviable”, Dilip Shanghvi, the company’s founder and managing director, said on a conference call with analysts.
The move follows larger rival Teva Pharmaceutical Industries's statement here earlier this month that it planned to reduce its U.S. generics business.
“As a large investor, I am also unhappy,” said Shanghvi who, along with affiliated parties, owns a major stake in the company he founded in 1983.
“We re trying to get the (Halol) plant re-certified at the earliest. It’s taking much longer,” he said.
The world’s fifth-largest generic medicines maker is pinning its hopes on the launch this year of three specialty drugs: Yonsa for a type of prostate cancer, another, named OTX101, to treat dry eye, and Ilumya for psoriasis.
“We want to find a new engine of growth and that is why we are investing in this,” Shanghvi said, adding: “We will have to incur significant expenses for these important launches.”
Thirty-six analysts polled by Reuters expect Sun’s fiscal 2019 revenue to come in at 300.36 billion Indian rupees ($4.43 billion) - about 13 percent higher than the 264.89 billion rupees for 2018.
While fourth-quarter profit was better than expected, helped by an uptick in India and emerging markets, revenue in the United States, which accounts for almost 35 percent of the total, fell 3 percent, Sun said here
Rivals Dr. Reddy’s Laboratories Ltd and Lupin Ltd reported weak March-quarter earnings this week, blaming pricing pressures. $1 = 67.7800 Indian rupees Reporting by Zeba Siddiqui in Mumbai and Arnab Paul in Bengaluru; Editing by Subhranshu Sahu and Louise Heavens | ashraq/financial-news-articles | https://www.reuters.com/article/sun-pharm-results/update-1-indias-sun-pharma-industries-q4-profit-rises-7-pct-on-strong-india-em-sales-idUSL3N1SW3VW |
Senior Barrick Executive, Mark Hill, Appointed to the Board of Directors
VANCOUVER, British Columbia, May 22, 2018 (GLOBE NEWSWIRE) -- Midas Gold Corp. (TSX:MAX) (OTCQX:MDRPF) (“Midas Gold” or the “Company”) today announced that it has increased the size of its board of directors from seven to eight and appointed Mark Hill, Chief Investment Officer with Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) (“ Barrick ”) to fill the additional position. The increase in board size and the appointment of a Barrick nominee to the board of directors is in accordance with the terms of the investor rights agreement entered into with Barrick in conjunction with the strategic investment by Barrick in Midas Gold that was completed on May 16, 2018.
“We welcome Mr. Hill to the board of directors of Midas Gold and look forward to his input and guidance,” said Peter Nixon, Chairman of Midas Gold’s Board of Directors. “Mr. Hill has extensive technical, investment and senior management experience at senior levels in the mining industry, which experience will be beneficial as we continue to advance our Stibnite Gold Project towards completion of a feasibility study and permitting for restoration and redevelopment.”
Additional Details
Mark Hill was appointed Chief Investment Officer for Barrick in September 2016, this is a new position that ensures a high degree of consistency and rigor is applied to all capital allocation decisions at Barrick. Mr. Hill chairs Barrick's Investment Committee, bringing added technical experience to the investment review process. He is also a member of the Company's Executive Committee, as well as Barrick’s Growth Group, and oversees an Evaluations team that independently scrutinizes proposed expenditures before they go to the Investment Committee. Mr. Hill has more than 25 years of experience in the mining industry. He re-joined Barrick after four years at Waterton Global Resource Management, where he was a partner and Head of Mining. Mr. Hill's prior positions at Barrick included Vice President, Evaluations, and Vice President, Capital Projects. He has also held senior positions with BHP Billiton, AngloGold Ashanti, Placer Dome, and WMC Ltd. Mr. Hill holds a Bachelor's degree in Mining Engineering, and a Graduate Diploma in Mineral Economics.
For further information about Midas Gold Corp., please contact:
Liz Monger -- Manager, Investor Relations
(t): 778.724.4704
(e): [email protected]
Facebook: www.facebook.com/midasgoldidaho Twitter: @MidasIdaho
Website: www.midasgoldcorp.com
About Midas Gold and the Stibnite Gold Project
Midas Gold Corp., through its wholly owned subsidiaries, is focused on the exploration and, if warranted, site restoration and development of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by its Stibnite Gold Project. As operator of the Project, Midas Gold’s subsidiary, Midas Gold Idaho, Inc. is a modern mining company that believes that industry and the environment can work together. Commencing in 2009, Midas Gold defined a world-class deposit of gold and antimony in an area in need of serious environmental repair. The Stibnite Gold Project, as proposed in the Plan of Restoration and Operations currently being reviewed by regulators, would restore the site, create economic opportunity and benefit the surrounding communities.
Forward-Looking Information
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions, courses of action and business objectives. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "advance", "create", "benefit" or variations of such words and phrases or statements that certain actions, events or results “completion”, "would", "occur" or "be achieved". Although Midas Gold has attempted to identify important factors that could affect Midas Gold and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, Midas Gold has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Midas Gold does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Source: Midas Gold Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-midas-gold-increases-board-size-to-eight-appoints-an-additional-director.html |
May 13, 2018 / 6:41 PM / Updated 4 minutes ago Tennis: Injury denies Bryan brothers return to top spot Reuters Staff 1 Min Read
MADRID (Reuters) - Injury denied American twins Bob and Mike Bryan the chance of becoming the oldest doubles pair to top the ATP rankings as they had to retire in the Madrid Open final on Sunday.
The 40-year-olds were trailing 5-3 against Nikola Mektic and Alexander Peya when Bob Bryan suffered a hip injury after appearing to land awkwardly.
Had they claimed a 39th Masters 1000 title they would have moved ahead of Pole Lukasz Kubot and Brazilian Marcelo Melo at the top of the standings.
“Very mixed emotions right now,” Austrian Peya said. “We are very happy that we won the tournament, but it is not the way you want it to end.” Reporting by Martyn Herman; Editing by Toby Davis | ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-madrid-men-bryans/tennis-injury-denies-bryan-brothers-return-to-top-spot-idUSKCN1IE0YG |
WASHINGTON (Reuters) - U.S. Secretary of State Mike Pompeo said on Tuesday he had not received a commitment from Pyongyang that three American prisoners would be released when he visits North Korea.
President Donald Trump said earlier that Pompeo was on his way to North Korea in a surprise visit.
Speaking to U.S. reporters en route to Pyongyang, Pompeo said he would raise the issue of the three imprisoned Americans during his talks and hoped that North Korea would “do the right thing.”
“We’ve been asking for the release of these detainees for 17 months,” Pompeo said. “We’ll talk about it again. It’d be a great gesture if they’d agree to do so.”
He said he was hoping to finalize the agenda for talks between Trump and North Korea’s leader Kim Jong Un.
Reporting by Lesley Wroughton; editing by Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-trump-pompeo/pompeo-on-way-to-pyongyang-says-has-no-commitment-on-u-s-prisoner-release-idUSKBN1I92XL |
EditorsNote: adds “a” before “two-out single” in fourth graf
Left-hander Marco Gonzales combined with two relievers on a three-hit shutout, and the visiting Seattle Mariners made a fourth-inning unearned run stand up in a 1-0 victory over the Oakland Athletics on Wednesday night.
Guillermo Heredia doubled and eventually scored on an error by Oakland shortstop Marcus Semien, giving the Seattle pitching staff all the offense it would need for a second consecutive low-scoring win over the A’s.
Heredia drove in the game-winner with a 10th-inning double on Tuesday in Seattle’s 3-2 victory.
Gonzales (4-3) went the first seven innings, allowing just an infield single to Jed Lowrie with two outs in the first inning and a two-out single to Lowrie in the sixth. He walked two and struck out six while taking part in his second combined shutout of the season.
Juan Nicasio pitched a one-hit eighth inning before Mariners closer Edwin Diaz slammed the door in the ninth for his 17th save, striking out the side on just 13 pitches.
Mariners pitchers fanned 10 in the game.
The A’s got just one baserunner into scoring position in the game, that coming when Gonzales walked Chad Pinder and Lowrie to start the fourth inning.
Pinder reached third with one out on Matt Chapman’s fly ball to center field, before Gonzales struck out Mark Canha and retired Matt Olson on a fly ball to left.
Daniel Gossett (0-2) took the hard-luck loss.
After having been demoted to the minors earlier in the season, Gossett re-emerged to limit the Mariners to four hits and just the one unearned run in seven innings. He walked one and struck out five.
Heredia had two hits for the Mariners, who have won five in a row overall and three straight on the road.
John Andreoli, promoted from Triple-A Tacoma earlier in the day, recorded his first major league hit in his second at-bat against Gossett, a one-out single to right field in the fifth inning. He finished 1-for-3 with a walk.
Ryan Dull, Daniel Coulombe and Santiago Casilla combined for two shutout innings of relief for the A’s, who took their fifth straight home loss and their sixth defeat in eight meetings with the Mariners this season.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-oak-sea-recap/gonzales-mariners-edge-as-1-0-idUSMTZEE5O7VFB0Z |
FREETOWN (Reuters) - Sierra Leone’s new President Julius Maada Bio on Saturday called on the public to help him transform the West African nation, which is struggling to recover from an economic downturn and a deadly Ebola epidemic.
FILE PHOTO: Sierra Leone's President Julius Maada Bio attends an interview in Freetown, Sierra Leone April 5, 2018. REUTERS/Olivia Acland/File Photo Tens of thousands of supporters packed into a municipal stadium in the capital Freetown alongside regional dignitaries participating in the inauguration ceremony for Maada Bio, who won a presidential run-off April.
Though he was sworn in last month, just hours after his narrow victory was announced, Saturday’s ceremony marked the official transfer of power from outgoing President Ernest Bai Koroma.
Maada Bio’s campaign promise to revive the economy and fight poverty resonated with ordinary Sierra Leoneans, many of whom queued for hours to attend the inauguration. The former opposition leader faces an uphill struggle to overturn years of hardship.
“I am aware that we have been elected on a ticket for change which fuels immediate expectations to deliver not only on the basic administrative services but also to change the lives of the people of this country,” he said.
Sierra Leone is facing a years-long slump in commodities prices that has held up development of large-scale iron ore mining projects. And an Ebola crisis paralyzed and isolated the country in 2014 and 2015.
The economy contracted by more than 20 percent in 2015 and is yet to fully recover.
After a military band serenaded him with a rendition of “Happy Birthday”, Maada Bio, who turned 54 on Saturday, addressed the cheering crowd, pledging to serve all his compatriots no matter their ethnic or political background.
Dressed in flowing white robes, the former army officer, who briefly ruled Sierra Leone as head of a military junta in 1996, said he would wage a three-front war against indiscipline, corruption and poverty.
“The strategic objective of the policies and programs is to transform Sierra Leone into a country we can all be proud of,” he said.
“I cannot do it alone. So today I ask all of you to believe in your capacity as citizens that together we can change Sierra Leone,” he added.
The largely peaceful election process that brought Maada Bio to power came as a relief to Sierra Leone’s 7 million people, who in the 1990s endured a brutal civil war fueled by the diamond trade and notorious for its drug-addled child soldiers and punitive amputations.
Writing by Joe Bavier; Editing by Hugh Lawson
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-leone-president/new-president-calls-on-people-to-transform-sierra-leone-idUSKCN1ID0Q0 |
May 8 (Reuters) - Arcadia Biosciences Inc:
* ARCADIA BIOSCIENCES - TRIALS RESULTS FROM PAST 2 CROP SEASONS SHOW YIELD GAINS IN RICE WITH 3 OF CO’S PROPRIETARY INPUT TRAITS STACKED TOGETHER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-arcadia-biosciences-says-trials-re/brief-arcadia-biosciences-says-trials-results-from-past-2-crop-seasons-show-yield-gains-in-rice-with-3-of-cos-proprietary-input-traits-stacked-together-idUSFWN1SF0RK |
* Russia, Saudi meet in St Petersburg
* Saudi's Falih says looking at easing cuts
* OPEC sec-gen says Trump tweet prompted new debate
* OPEC, non-OPEC producers to meet in June (Updates throughout)
LONDON, May 25 (Reuters) - Oil prices fell more than 2 percent on Friday as Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed crude prices to their highest since 2014.
The energy ministers of the two major producers met in the Russian city of St. Petersburg to review the terms of the global oil supply pact that has been in place for 17 months, ahead of a key OPEC meeting in Vienna next month.
The ministers, along with their counterpart from the United Arab Emirates, discussed an output increase of about 1 million barrels per day (bpd), sources told Reuters.
Brent crude futures were down $1.77 at $77.02 a barrel by 1330 GMT, having hit their highest since late 2014 at $80.50 this month.
U.S. West Texas Intermediate crude futures were at $68.84 a barrel, down $1.87.
The Organization of the Petroleum Exporting Countries and a group of non-OPEC producers led by Russia started withholding output in 2017 to tighten the market and prop up prices.
Global crude supplies have tightened sharply over the past year because of the OPEC-led cuts, which were boosted by a dramatic drop in Venezuelan production.
But the near-doubling in oil prices over the past year has sparked concerns among top consuming nations such as China and India that the rally could weigh on economic growth.
OPEC Secretary-General Mohammad Barkindo said the idea of increasing output came following a critical tweet from U.S. President Donald Trump, who said last month that OPEC had "artificially" boosted oil prices.
Speaking in St. Petersburg, Saudi Energy Minister Khalid al-Falih, whose country is the de facto leader of OPEC, said any easing of restrictions on pumping levels would be gradual to avoid a shock to the market.
"The debate about a possible relaxation of the production restrictions should preclude any renewed price rise," Commerzbank analysts said.
"The $80 mark is likely to pose an obstacle that is difficult to overcome because it would significantly raise the probability of a production increase."
The prospect of renewed sanctions on Iran after Trump pulled out of an international nuclear deal with Tehran has further boosted prices in recent weeks.
Amrita Sen, chief oil analyst at consultancy Energy Aspects, said: "Addressing overcompliance was always likely to be on the agenda amid a tight market and low inventories, but the volume to bring back is still up for debate."
(Additional reporting by Henning Gloystein and Roslan Khasawneh Editing by David Goodman and Dale Hudson) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/reuters-america-update-7-oil-prices-slump-as-opec-and-russia-consider-output-boost.html |
BRENT CRUDE OIL FUTURES HIT FRESH NOV. 2014 HIGH OF $79.48 PER BARREL AS GLOBAL MARKETS TIGHTEN
| ashraq/financial-news-articles | https://www.reuters.com/article/brent-crude-oil-futures-hit-fresh-nov-20/brent-crude-oil-futures-hit-fresh-nov-2014-high-of-79-48-per-barrel-as-global-markets-tighten-idUSMT1ALTL3N1SO2F11 |
May 23, 2018 / 12:37 AM / Updated 15 hours ago Rugby-Tu'inukuafe called into All Blacks squad as prop depth tested Reuters Staff 2 Min Read
WELLINGTON, May 23 (Reuters) - Rookie Waikato Chiefs prop Karl Tu’inukuafe has been called into the All Blacks squad for next month’s three-match series against France as the national side battles injury concerns in the front row.
Tu’inukuafe was brought into the squad as injury cover for Tim Perry, who suffered a hamstring strain at the All Blacks’ training camp on Tuesday.
The elevation of the 25-year-old, who had given the game away for two years, underlines All Blacks coach Steve Hansen’s dwindling front row options, particularly at loosehead prop.
Regular loosehead Joe Moody had only just returned to rugby after shoulder surgery last year but is serving a two-week ban for a dangerous charge on New South Wales Waratahs inside centre Kurtley Beale in their Super Rugby clash.
Mainstay Wyatt Crockett retired from international rugby earlier this season, while Kane Hames, who became the first-choice last year in place of the injured Moody, has not played at all this season as he battles concussion.
Hames’s team mate at the Chiefs, Atu Moli, who was being groomed as a potential loosehead that could also cover tighthead, was ruled out of the entire Super Rugby season with a leg injury.
The tighthead side of the scrum is better equipped with regular starter Owen Franks in the squad along with Ofa Tu’ungafasi and Jeffrey Toomaga-Allen.
Nepo Laulala, who became the first-choice tighthead when Franks had surgery on his Achilles tendon, broke his arm earlier this year but is expected back for the latter part of the season.
The All Blacks have another three-day training camp in Christchurch from Sunday before the players rejoin their Super Rugby teams.
They then re-assemble on June 3 in Auckland to prepare for the first test against France on June 9. Reporting by Greg Stutchbury; Editing by Ian Ransom | ashraq/financial-news-articles | https://uk.reuters.com/article/rugby-union-newzealand-tuinukuafe/rugby-tuinukuafe-called-into-all-blacks-squad-as-prop-depth-tested-idUKL3N1SU00W |
Saul Loeb | AFP | Getty Images First Lady Melania Trump announces her 'Be Best' children's initiative in the Rose Garden of the White House in Washington, DC, May 7, 2018. First Lady Melania Trump announced the launch on Monday of Be Best, her new policy initiative to promote children's social and emotional well-being.
Speaking at a ceremony in the White House Rose Garden, the first lady outlined three pillars Be Best will address: physical and emotional health, responsible social media use and the effects of the opioid crisis on children.
"We can and should teach social and self-awareness, positive relationship skills and responsible decision making," the first lady said. "Let us teach our children the difference between right and wrong, and encourage them to Be Best in their individual paths in life."
The launch of Be Best is Mrs. Trump's most visible action so far as first lady and comes after more than a year during which she has remained largely out of the public eye. It also represented a very visible break from her husband's priorities and his leadership style.
Nowhere was this more apparent Monday than when the first lady warned of the damage that online bullying can do to children and the importance of teaching young people how to respect others online.
show chapters Trump's inaugural committee paid $26 million to Melania Trump's friend 6:22 PM ET Thu, 15 Feb 2018 | 01:05 "When children learn positive online behaviors early on, social media can be used in productive ways and can effect positive change," she said, noting that too often, social media is used in "negative" ways. "It is our responsibility as adults to educate and remind [children] that when they are using their voices, whether verbally or online, they must choose their words wisely and speak with respect and compassion."
Melania Trump's call for greater respect online stands in contrast to the way her husband, President Donald Trump , often uses social media as a weapon to publicly insult, attack and belittle his opponents.
The president made an impromptu appearance at the Rose Garden ceremony on Monday, where he praised the first lady for her compassion and dedication to helping others.
"Americans have been touched by her sincerity, moved by her grace and lifted by her love," Trump said. "Melania, your care and compassion for our nation's children inspires us all."
Kevin Lamarque | Reuters U.S. first lady Melania Trump stands with President Donald Trump after he signed the Be Best initiative in the Rose Garden of the White House in Washington, U.S., May 7, 2018. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/melania-trump-launches-be-best-initiative-to-promote-childrens-well-being.html |
April 30 (Reuters) - Guyana Goldfields Inc:
* REPORTS FIRST QUARTER 2018 RESULTS; SOLD 38,000 OZ AU GENERATING US$18.9M IN OPERATING CASH FLOW AND NET EARNINGS OF US$0.05 PER SHARE
* GOLD PRODUCTION FOR QUARTER OF 38,500 OUNCES WITH CASH FLOW GENERATION FROM OPERATIONS OF $18.9 MILLION
* MAINTAINING ITS ORIGINAL GUIDANCE WITH 2018 TOTAL PRODUCTION STILL EXPECTED TO BE BETWEEN 190,000-210,000 OUNCES
* MILL THROUGHPUT ACHIEVED AVERAGING 6,720 TONNES PER DAY (“TPD”) FOR QUARTER, OF WHICH 100% WAS HARD ROCK
* PRODUCTION IS EXPECTED TO BE WEIGHTED TOWARDS SECOND HALF OF YEAR DUE TO MINE SEQUENCING AND INCREASED MILL THROUGHPUT Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-guyana-goldfields-reports-q1-2018/brief-guyana-goldfields-reports-q1-2018-results-idUSASC09YCT |
ANKARA (Reuters) - A small Turkish Islamist party is targeting religious voters it says are disenchanted by the authoritarian rule of President Tayyip Erdogan, aiming to erode his support in what may turn into a closely-fought parliamentary vote.
The Turkish President, Tayyip Erdogan, arrives at a meeting to present his ruling AK Party's lawmaker candidates for the city of Istanbul, Turkey, May 29, 2018. REUTERS/Osman Orsal The Saadet (Felicity) Party has never won more than 2.5 percent of the vote in parliamentary elections, but its alliance with secularist and nationalist opposition groups has boosted its chances of winning seats for the first time on June 24.
With polls showing Erdogan’s ruling AK Party and its nationalist partner gaining around 50 percent support, marginal swings either way could prove crucial to his hopes of a majority in the legislative assembly.
Turkey’s most successful modern politician, Erdogan remains strong favorite to win re-election the same day to a newly empowered executive presidency. But losing control of parliament could offset some of the sweeping powers he has fought to win.
A strong showing by the Felicity Party, which shares the same Islamist roots as the AK Party, could also help the opposition attract enough voters away to force the presidential vote into a second round, when the opposition alliance has agreed to unite around a single candidate.
Felicity Party leader Temel Karamollaoglu said Erdogan’s party had strayed from its founding principles, and said his group was ready to capitalize on disillusioned AK Party supporters.
“We now think that around 15 percent of voters are unhappy with the government’s actions and are in search (of another party). I believe the majority will lean towards us,” he told Reuters in an interview.
During the 1990s Karamollaoglu and Erdogan were comrades in the Welfare Party, which formed Turkey’s first Islamist government but was toppled in 1997 and later banned. Erdogan’s political breakthrough came when he was in the Welfare Party ranks, as he won Istanbul mayor elections in 1994.
The softly spoken, 77-year-old Karamollaoglu, who is also running for president, criticized the rhetoric used by Erdogan and his main challengers, saying that in Erdogan’s case it had lost its appeal.
“The rhetoric and speeches of the president don’t have the same reaction in the public anymore, people are tired,” he said.
“CHIEF KNOWS BEST” A survey by pollsters MAK, viewed as sympathetic to the ruling party, showed last week that the parliamentary race is too close to call, with the AK Party together with its nationalist allies winning exactly 50.0 percent.
In the presidential vote, it put Erdogan at 51.4 percent. Support for Karamollaoglu as presidential candidate is somewhere between 2 and 3.5 percent, according to polls.
Felicity has never won the 10 percent support required to enter the legislative assembly, but its alliance this year with several opposition parties will help it to exceed the threshold.
Karamollaoglu predicted far higher support for his party than polls were suggesting, saying surveys were unreliable because people were afraid to speak their mind.
After 15 years in power, the AK Party had become a platform for one-man rule, he said. “‘The chief knows best’. That’s what they say and that’s it,” he said.
Concern that Turkey’s justice system has been weakened under Erdogan was also turning supporters away, Karamollaoglu said.
“The disappearance of justice is already worrying everyone, people are concerned about openly voicing their opinions,” Karamollaoglu said.
Authorities have detained 160,000 people and dismissed nearly the same number of civil servants since a failed military coup nearly two years ago, the U.N. human rights office said in March. Of that number, more than 50,000 have been formally charged and kept in jail during their trials.
The government says the measures are necessary to combat threats to national security, but they have alarmed rights groups and Turkey’s Western allies, who accuse Erdogan of using the failed putsch as a pretext to quash dissent.
Writing by Ece Toksabay; Editing by Dominic Evans; editing by David Stamp
| ashraq/financial-news-articles | https://www.reuters.com/article/us-turkey-election-felicity/islamist-party-sees-erdogan-support-eroding-in-turkey-election-idUSKCN1IU1NB |
Data from the computer brain of a Tesla Model S that crashed in Utah last week confirms that the $100,000 sedan was in Autopilot mode, police in South Jordan said Wednesday.
Information recovered by Tesla engineers and shared with South Jordan police confirms many of the details the driver, a 28-year-old woman from Lehi, Utah, shared with investigators after her car slammed into a stopped fire truck at 60 mph. She also said she had been distracted by her phone.
Earlier Wednesday, the National Highway Traffic Safety Administration said it was sending investigators to Utah and would "take appropriate action based on its review."
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Tesla issued a statement saying the company makes it clear Autopilot is not meant to serve as self-driving technology and that drivers must remain engaged with the vehicle at all times.
The Utah driver repeatedly kept her hands off the wheel of her Model S, including for a span of 80 seconds up until the moment of violent impact, the report said.
The May 11 accident appears to be a textbook case of distracted driving exacerbated by technology that, despite providing visual and audio warnings to drivers, is easy for humans to abuse.
Although the driver miraculously only sustained a broken foot, the potential for lethal consequences was present when considering the decimation of the Tesla's front end.
According to Tesla data shared by South Jordan police in a statement, the driver repeatedly engaged and disengaged Tesla's Autosteer and Traffic Aware Cruise Control on multiple occasions while traveling around suburbs south of Salt Lake City.
During this "drive cycle," the Model S registered "more than a dozen instances of her hands being off the steering wheel." On two occasions, the driver had her hands off the wheel for more than a minute each time, reengaging briefly with the steering wheel only after a visual alert from the car.
"About 1 minute and 22 seconds before the crash, she re-enabled Autosteer and Cruise Control, and then, within seconds, took her hands off the steering wheel again," the police report says. "She did not touch the steering wheel for the next 80 seconds until the crash happened."
The car was programmed by the driver to travel at 60 mph. The driver finally touched the brake pedal "a second prior to the crash."
Police said the driver not only failed to abide by the guidelines of Autopilot use but also engaged the system on a street with no center median and with stop lights.
Some automakers, such as Cadillac, have driver assist systems that only function if maps indicate that the vehicle is traveling on a route, typically a highway, that is compatible with a car taking over some driving duties.
The Utah driver was issued a traffic citation for "failure to keep proper lookout" under South Jordan City municipal code.
Both NHTSA and the National Transportation Safety Board assisted local police in the investigation.
The two federal agencies both are looking into a Tesla Model S crash in Florida that killed two teenagers. The agencies are looking into the fire that resulted from the electric car's batteries igniting.
The two agencies also continue to investigate a March crash of a Tesla Model X in Mountain View, Calif. The vehicle was in Autopilot mode when it slammed into a concrete barrier that divided a busy Silicon Valley highway.
Tesla said that the driver in the Mountain View crash did not heed repeated warnings from the car to resume control of the vehicle. The driver's family has retain legal counsel and is contemplating a lawsuit based on previous complaints made by the driver about the Autopilot system's inability to navigate that specific piece of highway.
The electric car company is in the middle of a huge push to ramp up production of its critical Model 3 sedan, an entry-level vehicle that it hopes will turbocharge electric car sales among a new demographic and fill the companies coffers after years of bleeding cash. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/tesla-driver-utah-crash-took-hands-off-wheel-car-sped-autopilot-mode.html |
WASHINGTON, May 2, 2018 /PRNewswire/ -- Agore Kiinteistöt has acquired two Finnish shopping centers from a fund advised by Barings Real Estate on 30 April 2018.
The acquired assets are shopping center Revontuli in Rovaniemi and shopping center Galleria in Lappeenranta. The total leasable area of the properties is approx. 33 500 m2 and both centers have been built in 2007. After the acquisition Agore's real estate portfolio includes 12 properties with a total value of around € 220 million.
"We are happy to add Revontuli and Galleria to our portfolio. Both the centers are modern and their attractive retail brands and key commercial locations enable further development with active local management. Agore wants to offer best city center locations and to create comfortable livingrooms and meeting points for the citizens with interesting stores, restaurants and activities", said Maria Söderman, Business Director responsible for Agore's operations.
Agore Kiinteistöt is a real estate investment company established in 2017 and owned by Elo Mutual Pension Insurance Company, Första AP-fonden (AP1) and Trevian Asset Management Oy. The company invests in the major growing cities in Finland primarily outside Helsinki area. Agore's focus is especially on retail and office assets located in the hearts of the city centers. Agore has significant resources for further investments enabling a total portfolio size to exceed € 400 million. Agore's operations are managed by Trevian Asset Management.
Additional information:
Maria Söderman, tel +358-50-549-7490, [email protected]
Sami Juutinen, tel +358-40-484-7487, [email protected]
This information was brought to you by Cision http://news.cision.com
http://news.cision.com/trevian/r/agore-kiinteistot-expands-its-portfolio-by-acquisition-of-two-shopping-centers,c2510120
The following files are available for download:
http://news.cision.com/trevian/i/kauppakeskus-revontuli-revontuli-shopping-centre,c2400220
Kauppakeskus Revontuli Revontuli Shopping Centre
http://news.cision.com/trevian/i/kauppakeskus-galleria-galleria-shopping-centre-lappeenranta,c2400244
Kauppakeskus Galleria Galleria Shopping Centre Lappeenranta
View original content: http://www.prnewswire.com/news-releases/agore-kiinteistot-expands-its-portfolio-by-acquisition-of-two-shopping-centers-300641005.html
SOURCE Trevian | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-agore-kiinteistat-expands-its-portfolio-by-acquisition-of-two-shopping-centers.html |
Trump still looking at June 12 summit with Kim
U.S. President Donald Trump said on Saturday he was still looking at a June 12 summit with North Korean leader Kim Jong Un in Singapore, adding that talks were progressing very well.
U.S. President Donald Trump said on Saturday he was still looking at a June 12 summit with North Korean leader Kim Jong Un in Singapore, adding that talks were progressing very well. //reut.rs/2IROvd6 | ashraq/financial-news-articles | https://uk.reuters.com/video/1970/01/01/trump-still-looking-at-june-12-summit-wi?videoId=430829216 |
TULSA, Okla., May 1, 2018 /PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) today announced higher first-quarter 2018 financial results, compared with the first quarter 2017. Results primarily benefited from volume growth in the STACK and SCOOP areas and the Williston and Permian basins, and higher optimization and marketing activities in the natural gas liquids segment.
SUMMARY
First-quarter 2018 operating income and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 32 and 24 percent, respectively, compared with the first quarter 2017; First-quarter 2018 net income attributable to ONEOK totaled $264.5 million, or 64 cents per diluted share; First-quarter 2018 dividend coverage ratio was 1.37 times; Debt-to-EBITDA ratio of 3.8 times as of March 31, 2018, on a trailing 12-month basis; First-quarter 2018 natural gas volumes processed increased 23 percent, natural gas liquids (NGL) volumes fractionated increased 21 percent, and NGL volumes gathered increased 12 percent, compared with the first quarter 2017; and ONEOK maintains 2018 financial guidance.
FIRST-QUARTER 2018 FINANCIAL HIGHLIGHTS
Three Months Ended
March 31,
2018
2017
(Millions of dollars, except per share
and dividend coverage ratio amounts)
Net income attributable to ONEOK
$
264.5
$
87.4
Net income per diluted share
$
0.64
$
0.41
Adjusted EBITDA (a)
$
570.3
$
459.6
DCF (a)
$
432.0
$
324.2
Dividend coverage ratio (a)
1.37
1.46
Operating income
$
419.7
$
317.1
Operating costs
$
210.3
$
189.3
Depreciation and amortization
$
104.2
$
99.4
Equity in net earnings from investments
$
40.2
$
39.6
Capital expenditures
$
264.5
$
112.7
(a) Adjusted EBITDA; distributable cash flow (DCF); and dividend coverage ratio are non-GAAP measures. Reconciliations to relevant GAAP measures are included in this news release.
"Increased producer activity and drilling efficiencies across our operating footprint drove volume growth and higher financial results in the first quarter 2018, compared with the first quarter 2017," said Terry K. Spencer, ONEOK president and chief executive officer.
"Our focus for 2018 continues to be executing on our more than $4 billion of announced capital-growth projects to provide the services our customers need, and maintaining our strong balance sheet," Spencer added. "We continue to return value to shareholders through our recent dividend increase while achieving a dividend coverage ratio of nearly 1.4 times for the quarter."
FIRST-QUARTER 2018 FINANCIAL PERFORMANCE
ONEOK's operating income and adjusted EBITDA increased 32 percent and 24 percent, respectively, in the first quarter 2018, compared with the first quarter 2017. Higher results were driven primarily by natural gas and NGL volume growth in ONEOK's natural gas gathering and processing and natural gas liquids segments, higher optimization and marketing activities in the natural gas liquids segment and the impact of $7 million in costs related to the ONEOK and ONEOK Partners merger transaction in the first quarter 2017.
Results were offset partially by higher operating costs associated with employee-related costs in all three segments, the growth of ONEOK's operations in the natural gas gathering and processing segment and the timing of routine maintenance projects in the natural gas liquids segment. Operating income was also impacted by higher depreciation expense in the first quarter 2018, compared with the first quarter 2017, due to projects placed in service.
EARNINGS PRESENTATION AND KEY STATISTICS:
Additional financial and operating information that will be discussed on the first-quarter 2018 conference call is accessible on ONEOK's website, www.oneok.com , or from the links below.
> View earnings presentation
> View earnings tables
FINANCIAL HIGHLIGHTS:
Maintaining 2018 net income guidance of $955 million to $1,155 million, adjusted EBITDA guidance of $2,215 million to $2,415 million and distributable cash flow guidance of $1,615 million to $1,815 million; Declaring in April 2018 a quarterly dividend of 79.5 cents per share, or $3.18 per share on an annualized basis, an increase of nearly 30 percent compared with the same period in 2017; Debt-to-EBITDA ratio of 3.8 times as of March 31, 2018, on a trailing 12-month basis; Having no outstanding commercial paper and $2.5 billion of borrowing capacity available under its $2.5 billion credit agreement; and First-quarter 2018 operating income was $419.7 million compared with $397.8 million for the fourth quarter 2017, a 6 percent increase.
BUSINESS-SEGMENT RESULTS:
Key financial and operating statistics are listed in the tables.
Natural Gas Liquids Segment
The natural gas liquids segment's first-quarter 2018 adjusted EBITDA increased 23 percent, compared with the same period in 2017, due primarily to increased volumes, including higher ethane recovery, in the STACK and SCOOP areas, and increased volumes in the Williston and Permian Basins, and higher earnings from optimization and marketing activities.
First-quarter 2018 NGLs gathered and fractionated increased 12 percent and 21 percent respectively, compared with the same period in 2017.
As total NGL volumes increased on ONEOK's system, ethane volumes also increased approximately 50,000 barrels per day (bpd) in the first quarter 2018, compared with the same period in 2017. Ethane rejection levels on ONEOK's system averaged more than 140,000 bpd in the first quarter 2018, compared with more than 150,000 bpd in the first quarter 2017, despite an increase in overall NGL volumes. ONEOK expects ethane rejection levels on its system to decrease to approximately 70,000 bpd by the end of 2018 as world-scale petrochemical facilities continue to come online and NGL exporters increase volumes.
Three Months Ended
March 31,
Natural Gas Liquids Segment
2018
2017
(Millions of dollars)
Adjusted EBITDA
$
342.1
$
278.2
Capital expenditures
$
124.9
$
20.5
The increase in first-quarter 2018 adjusted EBITDA, compared with the first quarter 2017, primarily reflects:
A $43.4 million increase in exchange services due to increased volumes, including higher ethane recovery, primarily in the STACK and SCOOP areas, and increased volumes in the Williston and Permian Basins, offset partially by lower volumes in the Barnett Shale and the impact of severe winter weather in 2018; A $24.9 million increase in optimization and marketing due primarily to wider location price differentials and the sale of NGL inventory previously held; and A $2.7 million increase in equity in net earnings from investments due primarily to higher volumes delivered to Overland Pass Pipeline from ONEOK's Bakken NGL Pipeline; offset partially by A $10.2 million increase in operating costs due primarily to higher employee-related costs, the timing of routine maintenance projects and higher property taxes.
Natural Gas Gathering and Processing Segment
The natural gas gathering and processing segment's first-quarter 2018 adjusted EBITDA increased 26 percent, compared with the same period in 2017, primarily from higher volumes due to increased drilling activity and improved producer efficiencies.
Volume growth due to new supply in the Williston Basin and STACK and SCOOP areas contributed to a 23 percent increase in natural gas volumes processed in the first quarter 2018, compared with the same period in 2017. Volume growth was partially offset by natural production declines on existing wells.
The segment also continues to benefit from higher fee-based earnings, with an average fee rate of 88 cents per Million British thermal units (MMBtu) in the first quarter 2018, compared with 83 cents per MMBtu in the first quarter 2017.
Three Months Ended
March 31,
Natural Gas Gathering and Processing Segment
2018
2017
(Millions of dollars)
Adjusted EBITDA
$
130.6
$
104.0
Capital expenditures
$
111.7
$
63.2
First-quarter 2018 adjusted EBITDA increased, compared with the first quarter 2017, which primarily reflects:
A $41.5 million increase due primarily to natural gas volume growth in the Williston Basin and the STACK and SCOOP areas, offset partially by natural production declines; offset partially by A $17.1 million increase in operating costs due primarily to increased materials and supplies and outside services expenses related to the growth of ONEOK's operations and higher employee-related costs.
Natural Gas Pipelines Segment
The natural gas pipelines segment's first-quarter 2018 adjusted EBITDA increased 13 percent, compared with the same period in 2017. Increased transportation and storage services contributed to the segment's results.
Three Months Ended
March 31,
Natural Gas Pipelines Segment
2018
2017
(Millions of dollars)
Adjusted EBITDA
$
93.6
$
83.0
Capital expenditures
$
19.9
$
25.0
The increase in adjusted EBITDA for the first quarter 2018, compared with the first quarter 2017, primarily reflects:
A $4.8 million increase from higher transportation services due primarily to increased interruptible transportation volumes; A $4.8 million increase from natural gas storage services; and A $3.2 million increase from net retained fuel due primarily to higher natural gas volumes retained; offset partially by A $1.6 million increase in operating costs due primarily to higher employee-related costs; and A $1.1 million decrease in equity in net earnings from investments due primarily to lower settled rates on Northern Border Pipeline.
CAPITAL-GROWTH ACTIVITIES:
Since June 2017, ONEOK has announced approximately $4.2 billion of organic capital-growth projects to support increasing production across ONEOK's operating footprint. These projects are expected to generate adjusted EBITDA multiples of four to six times and are backed by a combination of long-term fee-based contracts, volume commitments or acreage dedications.
Since June 2017, the natural gas liquids segment has announced more than $3.6 billion of capital-growth projects, which include the following:
Project
Scope
Approximate Cost
(Millions of dollars)
Expected
Completion
West Texas LPG Pipeline expansion
120-mile pipeline lateral extension with 110,000 bpd of capacity in the Delaware Basin
$160 (a)
Third quarter
2018
Sterling III expansion
60,000 bpd pipeline expansion from the Mid-Continent to the Gulf Coast, which increases capacity to 250,000 bpd
$130
Fourth quarter
2018
Elk Creek Pipeline project
900-mile pipeline from the Williston Basin to the Mid-Continent with initial capacity up to 240,000 bpd
$1,400
Fourth quarter
2019
Arbuckle II Pipeline
530-mile pipeline from the Mid-Continent to the Gulf Coast with initial capacity of 400,000 bpd
$1,360
First quarter
2020
MB-4 fractionator
125,000 bpd fractionator and related infrastructure in Mont Belvieu, Texas
$575
First quarter
2020
(a) Represents ONEOK's 80 percent ownership interest
Since June 2017, the natural gas gathering and processing segment has announced approximately $560 million of capital-growth projects, which include the following:
Project
Scope
Approximate Cost
(Millions of dollars)
Expected Completion
Canadian Valley expansion
200 million cubic feet per day (MMcf/d) processing plant expansion in the STACK, which increases capacity to more than 400 MMcf/d
$160
Fourth quarter
2018
Demicks Lake plant and infrastructure
200 MMcf/d processing plant and related infrastructure in the core of the Williston Basin
$400
Fourth quarter
2019
EARNINGS CONFERENCE CALL AND WEBCAST:
ONEOK executive management will conduct a conference call at 11 a.m. Eastern Daylight Time (10 a.m. Central Daylight Time) on May 2, 2018. The call also will be carried live on ONEOK's website.
To participate in the telephone conference call, dial 888-481-2845, pass code 5361276, or log on to www.oneok.com .
If you are unable to participate in the conference call or the webcast, the replay will be available on ONEOK's website, www.oneok.com , for 30 days. A recording will be available by phone for seven days. The playback call may be accessed at 888-203-1112, pass code 5361276.
LINKS TO EARNINGS TABLES AND PRESENTATION:
Tables:
http://ir.oneok.com/~/media/Files/O/OneOK-IR/financial-reports/2018/q1-2018-earnings-results-financial-news.pdf
Presentation:
http://ir.oneok.com/~/media/Files/O/OneOK-IR/financial-reports/2018/q1-2018-earnings-results-presentation.pdf
NON-GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) FINANCIAL MEASURES:
ONEOK has disclosed in this news release adjusted EBITDA, distributable cash flow, dividend coverage ratio and projected adjusted EBITDA multiples, which are non-GAAP financial metrics, used to measure the company's financial performance and are defined as follows:
Adjusted EBITDA is defined as net income adjusted for interest expense, depreciation and amortization, noncash impairment charges, income taxes, noncash compensation expense, allowance for equity funds used during construction (equity AFUDC), and other noncash items; Distributable cash flow is defined as adjusted EBITDA, computed as described above, less interest expense, maintenance capital expenditures and equity earnings from investments, excluding noncash impairment charges, adjusted for cash distributions received from unconsolidated affiliates and certain other items; Dividend coverage ratio is defined as ONEOK's distributable cash flow to ONEOK shareholders divided by the dividends paid for the period; and Adjusted EBITDA multiples for the announced capital-growth projects reflect the expected adjusted EBITDA to be generated by the projects relative to the capital investment being made.
These non-GAAP financial measures described above are useful to investors because they, and similar measures, are used by many companies in the industry as a measure of financial performance and are commonly employed by financial analysts and others to evaluate our financial performance and to compare our financial performance with the performance of other companies within our industry. Adjusted EBITDA, distributable cash flow and dividend coverage ratio should not be considered in isolation or as a substitute for net income, earnings per share or any other measure of financial performance presented in accordance with GAAP.
These non-GAAP financial measures exclude some, but not all, items that affect net income. Additionally, these calculations may not be comparable with similarly titled measures of other companies. Reconciliations of net income to adjusted EBITDA, distributable cash flow and dividend coverage ratio are included in the tables. A reconciliation of estimated adjusted EBITDA multiples to GAAP net income is not provided because the GAAP net income generated by the projects is not available without unreasonable efforts.
ONEOK, Inc. (pronounced ONE-OAK) (NYSE: OKE ) is a leading midstream service provider and owner of one of the nation's premier natural gas liquids (NGL) systems, connecting NGL supply in the Mid-Continent, Permian and Rocky Mountain regions with key market centers and an extensive network of natural gas gathering, processing, storage and transportation assets.
ONEOK is a FORTUNE 500 company and is included in Standard & Poor's (S&P) 500 index.
For information about ONEOK, visit the website: www.oneok.com .
For the latest news about ONEOK, find us on LinkedIn, Facebook and Twitter.
This news release contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as "anticipates", "believes," "expects", "intends", "plans", "projects", "will", "would", "should", "may", and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect our current views about future events. Such forward-looking statements include, but are not limited to, statements about the benefits of the transaction involving us, including future financial and operating results, our plans, objectives, expectations and intentions, and other statements that are not historical facts, including future results of operations, projected cash flow and liquidity, business strategy, expected synergies or cost savings, and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected.
Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties, many of which are beyond our control, and are not guarantees of future results. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. These risks and uncertainties include, without limitation, the following:
the effects of weather and other natural phenomena, including climate change, on our operations, demand for our services and energy prices; competition from other United States and foreign energy suppliers and transporters, as well as alternative forms of energy, including, but not limited to, solar power, wind power, geothermal energy and biofuels such as ethanol and biodiesel; the capital intensive nature of our businesses; the profitability of assets or businesses acquired or constructed by us; our ability to make cost-saving changes in operations; risks of marketing, trading and hedging activities, including the risks of changes in energy prices or the financial condition of our counterparties; the uncertainty of estimates, including accruals and costs of environmental remediation; the timing and extent of changes in energy commodity prices; the effects of changes in governmental policies and regulatory actions, including changes with respect to income and other taxes, pipeline safety, environmental compliance, climate change initiatives and authorized rates of recovery of natural gas and natural gas transportation costs; the impact on drilling and production by factors beyond our control, including the demand for natural gas and crude oil; producers' desire and ability to obtain necessary permits; reserve performance; and capacity constraints on the pipelines that transport crude oil, natural gas and NGLs from producing areas and our facilities; difficulties or delays experienced by trucks, railroads or pipelines in delivering products to or from our terminals or pipelines; changes in demand for the use of natural gas, NGLs and crude oil because of market conditions caused by concerns about climate change; the impact of unforeseen changes in interest rates, debt and equity markets, inflation rates, economic recession and other external factors over which we have no control, including the effect on pension and postretirement expense and funding resulting from changes in equity and bond market returns; our indebtedness and guarantee obligations could make us vulnerable to general adverse economic and industry conditions, limit our ability to borrow additional funds and/or place us at competitive disadvantages compared with our competitors that have less debt, or have other adverse consequences; actions by rating agencies concerning our credit; the results of administrative proceedings and litigation, regulatory actions, rule changes and receipt of expected clearances involving any local, state or federal regulatory body, including the Federal Energy Regulatory Commission (FERC), the National Transportation Safety Board, the Pipeline and Hazardous Materials Safety Administration (PHMSA), the U.S. Environmental Protection Agency (EPA) and the U.S. Commodity Futures Trading Commission (CFTC); our ability to access capital at competitive rates or on terms acceptable to us; risks associated with adequate supply to our gathering, processing, fractionation and pipeline facilities, including production declines that outpace new drilling or extended periods of ethane rejection; the risk that material weaknesses or significant deficiencies in our internal controls over financial reporting could emerge or that minor problems could become significant; the impact and outcome of pending and future litigation; the ability to market pipeline capacity on favorable terms, including the effects of: future demand for and prices of natural gas, NGLs and crude oil; competitive conditions in the overall energy market; availability of supplies of Canadian and United States natural gas and crude oil; and availability of additional storage capacity; performance of contractual obligations by our customers, service providers, contractors and shippers; the timely receipt of approval by applicable governmental entities for construction and operation of our pipeline and other projects and required regulatory clearances; our ability to acquire all necessary permits, consents or other approvals in a timely manner, to promptly obtain all necessary materials and supplies required for construction, and to construct gathering, processing, storage, fractionation and transportation facilities without labor or contractor problems; the mechanical integrity of facilities operated; demand for our services in the proximity of our facilities; our ability to control operating costs; acts of nature, sabotage, terrorism or other similar acts that cause damage to our facilities or our suppliers' or shippers' facilities; economic climate and growth in the geographic areas in which we do business; the risk of a prolonged slowdown in growth or decline in the United States or international economies, including liquidity risks in United States or foreign credit markets; the impact of recently issued and future accounting updates and other changes in accounting policies; the possibility of future terrorist attacks or the possibility or occurrence of an outbreak of, or changes in, hostilities or changes in the political conditions throughout the world; the risk of increased costs for insurance premiums, security or other items as a consequence of terrorist attacks; risks associated with pending or possible acquisitions and dispositions, including our ability to finance or integrate any such acquisitions and any regulatory delay or conditions imposed by regulatory bodies in connection with any such acquisitions and dispositions; the impact of uncontracted capacity in our assets being greater or less than expected; the ability to recover operating costs and amounts equivalent to income taxes, costs of property, plant and equipment and regulatory assets in our state and FERC-regulated rates; the composition and quality of the natural gas and NGLs we gather and process in our plants and transport on our pipelines; the efficiency of our plants in processing natural gas and extracting and fractionating NGLs; the impact of potential impairment charges; the risk inherent in the use of information systems in our respective businesses, implementation of new software and hardware, and the impact on the timeliness of information for financial reporting; our ability to control construction costs and completion schedules of our pipelines and other projects; and the risk factors listed in the reports ONEOK has filed and may file with the Securities and Exchange Commission (the "SEC"), which are incorporated by reference.
These reports are also available from the sources described below. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. ONEOK undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or changes in circumstances, expectations or otherwise.
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the Risk Factors included in the most recent reports on Form 10-K and Form 10-Q and other documents of ONEOK on file with the SEC. ONEOK's SEC filings are available publicly on the SEC's website at www.sec.gov .
Analyst Contact:
Megan Patterson
918-561-5325
Media Contact:
Stephanie Higgins
918-591-5026
View original content: http://www.prnewswire.com/news-releases/oneok-announces-higher-first-quarter-2018-financial-results-300640451.html
SOURCE ONEOK, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-oneok-announces-higher-first-quarter-2018-financial-results.html |
NEW YORK, May 07, 2018 (GLOBE NEWSWIRE) -- Solar Capital Ltd. (NASDAQ:SLRC) (the “Company” or “Solar Capital”), today reported net investment income of $18.9 million, or $0.45 per share, for the first quarter 2018.
At March 31, 2018, net asset value (NAV) was $21.87 per share, an increase of $0.06 per share from the prior quarter.
As a reminder, the Company’s Board of Directors recently approved a voluntary 25 basis point permanent reduction in the investment advisor’s management fee, effective January 1, 2018.
On May 7, the Board declared a second quarter distribution of $0.41 per share payable on July 3, 2018 to stockholders of record as of June 21, 2018. The specific tax characteristics will be reported to stockholders on Form 1099 after the end of the calendar year.
HIGHLIGHTS:
At March 31, 2018:
Comprehensive Investment portfolio* fair value: $1.80 billion
Number of portfolio companies: 238
Net assets: $924.3 million
Net asset value per share: $21.87
Comprehensive Investment Portfolio Activity** for the Quarter Ended March 31, 2018:
Investments made during the quarter: $221.1 million
Investments prepaid and sold during the quarter: $161.8 million
Operating Results for the Quarter Ended March 31, 2018:
Net investment income: $18.9 million
Net investment income per share: $0.45
Net realized and unrealized gain: $1.2 million
Net increase in net assets from operations: $20.0 million
Earnings per share: $0.47
* The Comprehensive Investment Portfolio is comprised of Solar Capital Ltd.’s investment portfolio, Crystal Financial’s full portfolio (including its ownership of its SBIC), NEF Holdings, LLC (“NEF”) full portfolio and the senior secured loans held by Senior Secured Unitranche Loan Program LLC (“SSLP”) and Senior Secured Unitranche Loan Program II LLC (“SSLP II”) attributable to the Company, and excludes the fair value of the equity interests in Crystal Financial, NEF, SSLP and SSLP II as well as intracompany transfers.
** Includes investment activity through Crystal Financial, NEF, and SSLP and SSLP II, attributable to the Company.
“Our first quarter results continue our history of delivering strong credit quality, NAV preservation, and earnings power,” said Michael Gross, Chairman and CEO. “At March 31, 2018, approximately 62% of the Company’s gross investment income was generated by investments in Solar Capital’s commercial finance verticals, reflecting our successful transition to a diversified specialty finance business focused on senior secured lending across a number of middle market lending niches. The flexibility and competitive advantages afforded by our multi-product origination platform, coupled with our management fee reduction, have enhanced Solar Capital’s ability to generate sustainable net investment income above our increased dividend level.”
Conference Call and Webcast; Postponement of Annual Stockholder Meeting
The Company will host an earnings conference call and audio webcast at 10:00 a.m. (Eastern Time) on Tuesday, May 8, 2018. All interested parties may participate in the conference call by dialing (844) 889-7786 approximately 5-10 minutes prior to the call, international callers should dial (661) 378-9930. Participants should reference Solar Capital Ltd. and the participant passcode of 6089719 when prompted. A telephone replay will be available until May 23, 2018 and can be accessed by dialing (855) 859-2056 and using the passcode 6089719. International callers should dial (404) 537-3406. This conference call will also be broadcast live over the Internet and can be accessed by all interested parties through Solar Capital’s website, www.solarcapltd.com . To listen to the webcast, please go to the Company's website prior to the start of the call to register and download any necessary audio software. For those who are not able to listen to the live broadcast, a replay of the webcast will be available soon after the call.
The Company’s board of directors has also postponed the date of the Company’s 2018 Annual Meeting of Stockholders to later in 2018 from the date (May 22, 2018) that was previously disclosed in a preliminary proxy statement that the Company filed with the Securities and Exchange Commission on March 12, 2018. A new date for the Company’s 2018 Annual Meeting of Stockholders will be disclosed in the Company’s definitive proxy statement relating to such meeting.
Comprehensive Investment Portfolio
Investment Activity
During the three months ended March 31, 2018, Solar Capital had total originations of $221.1 million and repayments of $161.8 million across its four core business units: cash flow, asset-based, equipment finance, and life science lending.
Comprehensive Investment Portfolio Activity (1)
Q1 2018
(in millions) Asset Class Cash Flow
Loans (2) Asset-based
Loans / Crystal Financial (3) Equipment
Financings / NEF (4) Life Science
Loans Total
Portfolio
Activity Q1 2018 Originations $30.1
$69.7 $35.4 $85.9 $221.1 Q1 2018
Repayments / Amortization $64.4
$15.3 $21.3 $60.8 $161.8 Net Portfolio Activity ($34.3)
$54.4 $14.1 $25.1 $59.3 (1) Total Portfolio Activity includes gross originations/repayments across each business unit, attributable to SLRC.
(2) Includes cash flow loans on the Company’s balance sheet and in the SSLP’s.
(3) Includes Crystal Financial’s full portfolio (and its ownership of its SBIC) and asset-based loans on the Company’s balance sheet.
(4) Includes NEF’s full portfolio and NEF equipment financings on the Company’s balance sheet.
Portfolio Composition
Our Comprehensive Investment Portfolio composition by business unit at March 31, 2018 was as follows:
Comprehensive Investment Portfolio Composition
(at fair value) Amount Weighted Average
Asset Yield ($mm) % Cash Flow Senior Secured Loans (1) $680.6 37.9%
9.7%
Asset-Based Senior Secured Loans / Crystal Financial (2) $525.3 29.2%
12.1%
Equipment Senior Secured Financings / NEF (3) $321.9 17.9%
10.6%
Life Science Senior Secured Loans $238.2 13.2%
11.5% (6) Total Senior Secured Loans $1,766.0 98.2%
Equity and Equity-like Securities (4) $31.8 1.8%
Total Comprehensive Investment Portfolio $1,797.8 100%
Floating Rate Investments (5) $1,431.1 80.5%
First Lien Senior Secured Loans $1,419.4 78.9%
Second Lien Senior Secured Loans $346.6 19.3%
(1) Includes cash flow loans on the Company’s balance sheet and in the SSLP’s.
(2) Includes Crystal Financial’s full portfolio and asset-based loans on the Company’s balance sheet.
(3) Includes NEF’s full portfolio and NEF equipment financings on the Company’s balance sheet.
(4) Excludes Crystal, NEF, SSLP and SSLP II membership interests, which distribute quarterly dividends to the Company.
(5) Floating rate investments calculated as a percent of the Company’s income-producing Comprehensive Investment Portfolio. The majority of fixed rate loans are associated with NEF and are short in duration with average hold periods of 2.5 years. Additionally, NEF seeks to match-fund its fixed rate assets with fixed rate liabilities.
(6) Excludes the impact of success fees and/or warrants.
The Comprehensive Investment Portfolio is diversified across over 237 unique issuers across approximately 80 industries and with an average exposure of $7.6 million or 0.4% per issuer.
At March 31, 2018, 98.2% of the Company’s Comprehensive Investment Portfolio was invested in senior secured loans, comprised of 78.9% first lien senior secured loans and approximately 19.3% second lien senior secured loans. Year over year, second lien loan exposure of the Comprehensive Investment Portfolio declined by approximately 40%, as the Company has focused its origination efforts on underwriting first lien and stretch first lien loans to upper middle market sponsor-owned companies as well as commercial finance investments.
Solar Capital Ltd. Portfolio
Weighted Average Yield
At March 31, 2018, the weighted average yield on our income-producing investments, inclusive of our equity interests in Crystal Financial, NEF, SSLP and SSLP II, was 10.2% measured at fair value, and 10.6%, measured at amortized cost, consistent with the weighted average yield at December 31, 2017.
Asset Quality
As of March 31, 2018, 100% of the Company’s portfolio was performing.
The Company puts its largest emphasis on risk control and credit performance. On a quarterly basis, or more frequently if deemed necessary, the Company formally rates each portfolio investment on a scale of one to four, with one representing the least amount of risk.
As of March 31, 2018, the composition of our portfolio, on a risk ratings basis, was as follows:
Internal Investment Rating Investments at Fair Value % of Total Portfolio 1 $224.7 15.3%
2 $1,217.1 82.7%
3 $29.2 2.0%
4 $0.9 <0.1% Investment Income
For the quarters ended March 31, 2018 and 2017, gross investment income totaled $39.0 million and $34.4 million, respectively. The increase in gross investment income for the year over year three month periods was primarily due to an increase in the size of the income-producing portfolio. Our gross investment income by business unit for the quarterly period ended March 31, 2018 is broken out below.
Investment Income Contribution by Business Unit
Business Unit Contribution to Gross Investment Income (1)
Q1 2018
(in millions) For the
Period: Cash Flow
Lending Asset-based
Lending /
Crystal
Financial Equipment
Financing /
NEF Life Science
Lending Total Q1 2018 $14.9
$10.3
$5.2
$8.6
$39.0
% Contribution 38.1%
26.5%
13.5%
21.9%
100%
(1) Includes income/fees from cash flow loans on balance sheet and distributions from the SSLP’s, income/fees from asset based loans on balance sheet and distributions from Crystal Financial, income/fees from equipment financings and distributions from NEF, and income/fees from life science loans.
Solar Capital Ltd.’s Results of Operations for the Quarter Ended March 31, 2018 compared to the Quarter Ended March 31, 2017.
Investment Income
For the fiscal quarters ended March 31, 2018 and 2017, gross investment income totaled $39.0 million and $34.4 million, respectively. The increase in gross investment income from Q1 2017 to Q1 2018 was primarily due to an increase in the size of the income-producing portfolio and increased portfolio yield.
Expenses
Net expenses totaled $20.1 million and $18.1 million, respectively, for the fiscal quarters ended March 31, 2018 and 2017. The increase in expenses from Q1 2017 to Q1 2018 is primarily due to higher incentive fees resulting from higher income, higher interest expense resulting from an increase in borrowings to support a larger income producing investment portfolio, partially offset by the reduction in the base management fee.
Net Investment Income
The Company’s net investment income totaled $18.9 million and $16.3 million, or $0.45 and $0.39 per average share, respectively, for the fiscal quarters ended March 31, 2018 and 2017.
Net Realized and Unrealized Gain
Net realized and unrealized gains for the fiscal quarters ended March 31, 2018 and 2017 totaled approximately $1.2 million and $0.8 million, respectively.
Net Increase in Net Assets Resulting From Operations
For the fiscal quarters ended March 31, 2018 and 2017, the Company had a net increase in net assets resulting from operations of $20.0 million and $17.2 million, respectively. For the fiscal quarters ended March 31, 2018 and 2017, earnings per average share were $0.47 and $0.41, respectively.
Liquidity and Capital Resources
As of March 31, 2018, we had a total of $145.5 million of unused borrowing capacity under the Company’s revolving credit facility, subject to borrowing base limits.
On April 30, 2018, the Company expanded commitments under its revolving credit facility by $50 million to $445 million.
When including SSLP, SSLP II, Crystal Financial, NEF, and the $50 million of expanded commitments post quarter end, the Company had a total of approximately $565 million unused borrowing capacity under its revolving credit facilities, subject to borrowing base limits.
Financial Statements and Tables
SOLAR CAPITAL LTD.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except share amounts)
March 31, 2018 (unaudited)
December 31, 2017 Assets Investments at fair value: Companies less than 5% owned (cost: $835,765 and $835,041, respectively) $ 837,782 $ 834,410 Companies more than 25% owned (cost: $618,425 and $609,226, respectively) 634,135 626,760 Cash 4,847 5,963 Cash equivalents (cost: $139,853 and $144,826, respectively) 139,853 144,826 Receivable for investments sold 4,836 6,160 Interest receivable 6,670 7,336 Dividends receivable 14,309 15,013 Other receivable 58 58 Prepaid expenses and other assets 840 1,039 Total assets $ 1,643,330 $ 1,641,565 Liabilities Revolving credit facility $ 249,500 $ 245,600 Unsecured senior notes due 2022 150,000 150,000 Unsecured tranche c senior notes due 2022 ($21,000 and $21,000 face amounts, respectively, reported net of unamortized debt issuance costs of $302 and $316, respectively 20,698 20,684 Unsecured senior notes due 2023 ($75,000 and $75,000 face amounts, respectively, reported net of unamortized debt issuance costs of $1,735 and $1,813, respectively 73,265 73,187 Term loans 50,000 50,000 Distributions payable 17,327 16,904 Payable for investments and cash equivalents purchased. 140,245 145,118 Management fee payable 6,473 7,373 Performance-based incentive fee payable 4,714 4,660 Interest payable 4,511 2,485 Administrative services expense payable 296 2,756 Other liabilities and accrued expenses 1,975 1,193 Total liabilities $ 719,004 $ 719,960 Net Assets Common stock, par value $0.01 per share, 200,000,000 and 200,000,000 common shares authorized, respectively, and 42,260,826 and 42,260,826 shares issued and outstanding, respectively $ 423 $ 423 Paid-in capital in excess of par 991,340 991,340 Distributions in excess of net investment income (11,789 ) (13,319 ) Accumulated net realized loss (73,375 ) (73,742 ) Net unrealized appreciation 17,727 16,903 Total net assets $ 924,326 $ 921,605 Net Asset Value Per Share $ 21.87 $ 21.81 SOLAR CAPITAL LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share amounts)
Three months ended March 31, 2018
March 31, 2017
INVESTMENT INCOME: Interest: Companies less than 5% owned $ 24,181 $ 21,818 Companies more than 25% owned 285 334 Dividends: Companies less than 5% owned 6 10 Companies more than 25% owned 14,363 11,678 Other income: Companies less than 5% owned 62 492 Companies more than 25% owned 63 60 Total investment income 38,960 34,392 EXPENSES: Management fees $ 6,473 $ 6,719 Performance-based incentive fees 4,714 4,083 Interest and other credit facility expenses 5,909 5,669 Administrative services expense 1,286 1,335 Other general and administrative expenses 1,721 256 Total expenses 20,103 18,062 Net investment income $ 18,857 $ 16,330 REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, CASH EQUIVALENTS AND FOREIGN CURRENCIES: Net realized gain (loss) on investments and cash equivalents: Companies less than 5% owned $ 197 $ 588 Companies 5% to 25% owned 175 (15 ) Companies more than 25% owned (5 ) — Net realized gain on investments and cash equivalents 367 573 Net realized gain (loss) on foreign currencies — (1 ) Net realized gain 367 572 Net change in unrealized gain (loss) on investments and cash equivalents: Companies less than 5% owned 2,648 821 Companies 5% to 25% owned — (777 ) Companies more than 25% owned (1,824 ) 212 Net change in unrealized gain 824 256 Net realized and unrealized gain on investments, cash equivalents and foreign currencies 1,191 828 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 20,048 $ 17,158 EARNINGS PER SHARE $ 0.47 $ 0.41 About Solar Capital Ltd.
Solar Capital Ltd. is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. A specialty finance company with expertise in several niche markets, the Company primarily invests directly and indirectly in leveraged, U. S. middle market companies in the form of cash flow senior secured loans including first lien and second lien debt instruments and asset-based loans including senior secured loans collateralized on a first lien basis primarily by current assets.
Forward-Looking Statements
Statements included herein may constitute “forward-looking statements,” which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with The Securities and Exchange Commission. Solar Capital Ltd. undertakes no duty to update any forward-looking statements made herein, unless required to do so by applicable law.
Contact
Solar Capital Ltd.
Investor Relations
(646) 308-8770
Source: Solar Capital Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-solar-capital-ltd-announces-quarter-ended-march-31-2018-financial-results-net-investment-income-per-share-of-0-point-45.html |
May 5, 2018 / 10:05 AM / Updated 8 hours ago Lam bags three as Hurricanes tame Lions Reuters Staff 3 Min Read
WELLINGTON (Reuters) - Prolific try scorer Ben Lam bagged a hat-trick as the Wellington Hurricanes earned a measure of revenge for their defeat in last year’s Super Rugby semi-finals with a 28-19 win over South Africa’s Lions on Saturday.
Lam took his season tally to 13 tries and Ardie Savea also crossed for the 2016 title winners, who failed to secure the bonus point and sit two points behind competition leaders and reigning champions Canterbury Crusaders in the standings.
The Lions, runners up in the last two seasons of Super Rugby, had tries from scrumhalf Nic Groom and flanker Marnus Schoeman either side of the break and another from replacement winger Sylvian Mahuza five minutes from time.
The visitors suffered a double blow as early as the eighth minute when hooker Malcolm Marx limped off with a knee injury and Lam, the latest powerful winger off the New Zealand production line, scored the opening try for the Hurricanes.
After failing to gather a pass out wide at the first attempt, Lam finally got the ball in hand and shrugged off two tacklers at the 22 metre line before racing down the left wing unopposed.
Marx’s absence perhaps contributed to the second try for the home side with the Lions losing their own lineout ball, Hurricanes centre Matt Proctor finding a gap in midfield and passing inside for openside Savea to score.
Lions scrumhalf Nic Groom dummied his way over the line from close range to cut the deficit to 14-7 at half-time but Lam barged aside another couple of tacklers to touch down in the left corner five minutes after the restart.
Nine minutes later and the winger had his hat-trick, finishing off a sweeping move which started with an electric burst in the midfield from flyhalf Beauden Barrett, who nailed a fourth sideline conversion to take the lead out to 28-7.
Schoeman powered over the line from close range three minutes later for another Lions try, though, and Mahuza pounced on turnover ball to race away for their third in the 75th minute.
The Johannesburg-based side pushed for another score to secure a bonus point and even though they failed, they retain a comfortable lead at the top of the South African conference as they head south to take on the Otago Highlanders next week. Reporting by Nick Mulvenney in Sydney; Editing by Sudipto Ganguly | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-super-hurricanes/lam-bags-three-as-hurricanes-tame-lions-idUKKBN1I609O |
CARACAS (Reuters) - Two active generals with Venezuela’s National Guard were part of a group of 15 military officials arrested around the time of the socialist-run nation’s widely criticized May 20 presidential election, a local rights group said on Monday.
Generals Pedro Naranjo and Nelson Morales appeared on Sunday before a military tribunal at the Defense Ministry, according to Gonzalo Himiob of the Penal Forum group, who said the men were the highest-ranking recent detainees from the armed forces.
Scores of soldiers have been detained on accusations of conspiring against the leftist government of Nicolas Maduro or deserting. Penal Forum said there were now 355 “political prisoners” in total in Venezuela.
The Information Ministry did not immediately respond to a request for comment. But the Maduro government, which rejects use of the term “political prisoner,” has said all politicians and members of the security forces in detention face legitimate criminal charges, including coup-plotting.
Internal military documents show arrests have been rising sharply within the armed forces, where there is discontent within the ranks, especially at food shortages and dwindling salaries due to Venezuela’s crushing economic crisis.
Documents recently reviewed by Reuters showed the number of new detentions of soldiers for treason, rebellion and desertion rose to 172 in the first four months of 2018, up 3-1/2 times over the same period last year.
Penal Forum says at least 48 military officials, including the group of 15, have been arrested this year.
Maduro, a 55-year-old former bus driver who succeeded Hugo Chavez in 2013, says he is the victim of a U.S.-led conspiracy to topple him and take over Venezuela’s oil reserves.
Reporting by Vivian Sequera; Writing by Alexandra Ulmer; Editing by Tom Brown
| ashraq/financial-news-articles | https://www.reuters.com/article/us-venezuela-military/venezuelan-generals-among-military-officials-recently-jailed-rights-group-idUSKCN1IT24E |
CAMBRIDGE, Mass., April 30, 2018 /PRNewswire/ -- Akamai Technologies, Inc. (NASDAQ: AKAM), the world's largest and most trusted cloud delivery platform, today reported financial results for the first quarter ended March 31, 2018.
"We are very pleased with the results of our first quarter performance, which featured continued outstanding growth in our security business, substantial improvement in our media business, margin expansion and accelerated revenue growth overall," said Dr. Tom Leighton, Chief Executive Officer.
Akamai delivered the following financial results for the first quarter ended March 31, 2018.
Revenue: Revenue was $669 million, an 11% increase over first quarter 2017 revenue of $600 million and a 9% increase when adjusted for foreign exchange.*
Revenue by Division (1) :
Web Division revenue was $353 million, up 16% year-over-year and up 13% when adjusted for foreign exchange* Media and Carrier Division revenue was $316 million, up 6% year-over-year and up 4% when adjusted for foreign exchange*
Revenue from Cloud Security Solutions (2) :
Cloud Security Solutions revenue was $149 million, up 36% year-over-year and up 32% when adjusted for foreign exchange*
Revenue from Internet Platform Customers (3) :
Revenue from Internet Platform Customers was $44 million, down 14% year-over-year and when adjusted for foreign exchange* Revenue excluding Internet Platform Customers was $624 million, up 14% year-over-year and up 11% when adjusted for foreign exchange*
Revenue by Geography:
U.S. revenue was $423 million, up 6% year-over-year International revenue was $245 million, up 22% year-over-year and up 14% when adjusted for foreign exchange*
Income from operations: GAAP income from operations was $69 million, a 35% decrease from first quarter 2017. GAAP operating margin for the first quarter was 10%, down 8 percentage points from the same period last year. The first quarter of 2018 was impacted by a $15 million restructuring charge and $23 million for legal settlements and non-recurring professional advisory fees associated with a non-routine stockholder matter.
Non-GAAP income from operations* was $167 million, a 5% increase from fourth quarter 2017 and a 7% increase from first quarter 2017. Non-GAAP operating margin* for the first quarter was 25%, up 1 percentage point from the fourth quarter of 2017 due to operational efficiency improvements, but down 1 percentage point from the same period last year due to two acquisitions that were completed subsequent to the first quarter of 2017.
Net income: GAAP net income was $54 million, a 28% decrease from first quarter 2017. Non-GAAP net income* was $136 million, a 19% increase from first quarter 2017.
EPS: GAAP EPS was $0.31 per diluted share, a 28% decrease from first quarter 2017 and a 33% decrease when adjusted for foreign exchange.* Non-GAAP EPS was $0.79 per diluted share, a 22% increase from first quarter 2017 and a 17% increase when adjusted for foreign exchange.*
Adjusted EBITDA*: Adjusted EBITDA was $256 million, an 11% increase from first quarter 2017. Adjusted EBITDA margin* was 38%, flat compared to the first quarter of 2017.
Other first quarter 2018 results:
Cash from operations was $192 million, or 29% of revenue Cash, cash equivalents and marketable securities was $1.3 billion as of March 31, 2018 The Company spent $20 million to repurchase 0.3 million shares of its common stock at an average price of $67.38 per share The Company had approximately 171 million shares of common stock outstanding as of March 31, 2018
Adoption of new revenue recognition standard: Prior period results have been revised for the adoption of the new revenue recognition standard. Under this standard, the way revenue is recognized changed for some of Akamai's customers and primarily impacts the revenue timing of a small number of licensed software customers. The way Akamai recognizes revenue for its core Web and Media products is substantially unchanged. Akamai will also begin capitalizing certain commission and incentive payments. The revisions as a result of the new standard did not have a material impact on Akamai's annual revenue or results of operations, but did cause quarter-to-quarter fluctuations. For more information, see the posted revisions to the consolidated statements of income and other key disaggregated revenue amounts in the Investor Relations section of Akamai's website at www.akamai.com .
* See Use of Non-GAAP Financial Measures below for definitions
(1)
Revenue by Division – A customer-focused reporting view that reflects revenue from customers that are managed by the division. As of January 1, 2018, Akamai now reports its revenue in two divisions compared to the three divisions reported in 2017; the Media Division and Enterprise and Carrier Division were combined to form the new Media and Carrier Division. In addition, as the purchasing patterns and required account expertise of customers changes over time, Akamai may reassign a customer's division from one to another. In 2018 Akamai reassigned some of its customers from the Media and Carrier Division to the Web Division and revised historical results in order to reflect the most recent categorization and to provide a comparable view for all periods presented.
(2)
Revenue from Cloud Security Solutions – A product-focused reporting view that illustrates revenue from Cloud Security Solutions separately from all other solution categories. During 2018, Akamai updated its methodology for allocating revenue to specific solutions when solutions are sold as a bundle. During 2018, Akamai reassigned amounts from CDN and other solutions revenue to Cloud Security Solutions revenue and revised historical results in order to reflect the most recent allocation methodologies and to provide a comparable view for all periods presented.
(3)
Revenue from Internet Platform Customers – Revenue from six customers that are large Internet platform companies: Amazon, Apple, Facebook, Google, Microsoft and Netflix.
Quarterly Conference Call
Akamai will host a conference call today at 4:30 p.m. ET that can be accessed through 1-844-578-9671 (or 1-508-637-5655 for international calls) and using passcode 4695086. A live webcast of the call may be accessed at www.akamai.com in the Investor section. In addition, a replay of the call will be available for two weeks following the conference by calling 1-855-859-2056 (or 1-404-537-3406 for international calls) and using passcode 4695086. The archived webcast of this event may be accessed through the Akamai website.
About Akamai
As the world's largest and most trusted cloud delivery platform, Akamai makes it easier for its customers to provide the best and most secure digital experiences on any device, anytime, anywhere. Akamai's massively distributed platform is unparalleled in scale with over 200,000 servers across 130 countries, giving customers superior performance and threat protection. Akamai's portfolio of web and mobile performance, cloud security, enterprise access, and video delivery solutions are supported by exceptional customer service and 24/7 monitoring. To learn why the top financial institutions, e-commerce leaders, media & entertainment providers, and government organizations trust Akamai please visit www.akamai.com, blogs.akamai.com, or @Akamai on Twitter.
AKAMAI TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31,
2018
December 31,
2017 (1)
ASSETS
Current assets:
Cash and cash equivalents
$
363,703
$
313,382
Marketable securities
447,850
398,554
Accounts receivable, net
484,617
461,457
Prepaid expenses and other current assets
163,556
172,853
Total current assets
1,459,726
1,346,246
Property and equipment, net
845,118
862,535
Marketable securities
512,270
567,592
Goodwill
1,498,906
1,498,688
Acquired intangible assets, net
193,228
201,259
Deferred income tax assets
44,490
36,231
Other assets
133,166
136,365
Total assets
$
4,686,904
$
4,648,916
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
81,239
$
80,278
Accrued expenses
253,075
283,743
Deferred revenue
95,490
70,495
Convertible senior notes
668,745
—
Other current liabilities
32,046
22,178
Total current liabilities
1,130,595
456,694
Deferred revenue
7,049
6,062
Deferred income tax liabilities
17,675
17,823
Convertible senior notes
—
662,913
Other liabilities
145,328
142,955
Total liabilities
1,300,647
1,286,447
Total stockholders' equity
3,386,257
3,362,469
Total liabilities and stockholders' equity
$
4,686,904
$
4,648,916
(1)
Prior period information has been restated for the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, which Akamai adopted retrospectively on January 1, 2018. Under this standard, the way revenue is recognized changed for some of Akamai's contracts with customers. Akamai will also begin capitalizing costs associated with obtaining customer contracts, specifically commission and incentive payments. For more information, see the posted revisions to the consolidated statements of income and other key disaggregated revenue amounts in the Investor Relations section of Akamai's website at www.akamai.com .
AKAMAI TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
(in thousands, except per share data)
March 31,
2018
December 31,
2017 (1)
March 31,
2017 (1)
Revenue
$
668,724
$
658,470
$
600,293
Costs and operating expenses:
Cost of revenue (2) (3)
234,825
229,940
205,727
Research and development (2)
65,065
59,673
52,162
Sales and marketing (2)
122,553
131,223
114,492
General and administrative (2) (3)
154,385
146,115
115,009
Amortization of acquired intangible assets
8,431
7,829
7,569
Restructuring charges
14,908
51,581
—
Total costs and operating expenses
600,167
626,361
494,959
Income from operations
68,557
32,109
105,334
Interest income
3,965
4,487
4,624
Interest expense
(4,850)
(4,850)
(4,597)
Other income (expense), net
21
473
(684)
Income before provision for income taxes
67,693
32,219
104,677
Provision for income taxes
13,979
4,699
30,094
Net income
$
53,714
$
27,520
$
74,583
Net income per share:
Basic
$
0.32
$
0.16
$
0.43
Diluted
$
0.31
$
0.16
$
0.43
Shares used in per share calculations:
Basic
170,116
169,429
173,158
Diluted
172,004
170,727
175,171
(1)
Prior period information has been restated for the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, which Akamai adopted retrospectively on January 1, 2018. Under this standard, the way revenue is recognized changed for some of Akamai's contracts with customers. Akamai will also begin capitalizing costs associated with obtaining customer contracts, specifically commission and incentive payments. For more information, see the posted revisions to the consolidated statements of income and other key disaggregated revenue amounts in the Investor Relations section of Akamai's website at www.akamai.com .
(2)
Includes stock-based compensation (see supplemental table for figures)
(3)
Includes depreciation and amortization (see supplemental table for figures)
AKAMAI TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
(in thousands)
March 31,
2018
December 31,
2017 (1)
March 31,
2017 (1)
Cash flows from operating activities:
Net income
$
53,714
$
27,520
$
74,583
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
104,095
99,396
86,533
Stock-based compensation
44,686
42,205
38,986
(Benefit) provision for deferred income taxes
(7,814)
(30,378)
28,425
Amortization of debt discount and issuance costs
4,850
4,850
4,597
Restructuring-related software charges
2,818
31,965
—
Other non-cash reconciling items, net
4,379
6,413
(129)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable
(18,419)
(40,631)
(19,876)
Prepaid expenses and other current assets
(4,927)
7,612
(47,172)
Accounts payable and accrued expenses
(31,312)
11,082
(23,940)
Deferred revenue
25,243
1,410
10,043
Other current liabilities
13,701
12,727
3,516
Other non-current assets and liabilities
996
23,270
(12,948)
Net cash provided by operating activities
192,010
197,441
142,618
Cash flows from investing activities:
Cash paid for acquired businesses, net of cash acquired
(79)
(171,872)
(10)
Purchases of property and equipment and capitalization of internal-use software development costs
(113,075)
(106,852)
(91,181)
Purchases of short- and long-term marketable securities
(73,352)
(77,399)
(92,306)
Proceeds from sales and maturities of short- and long-term marketable securities
75,736
154,390
324,138
Other non-current assets and liabilities
(715)
(420)
(335)
Net cash used in (provided by) investing activities
(111,485)
(202,153)
140,306
Cash flows from financing activities:
Proceeds from the issuance of common stock under stock plans
22,738
13,940
17,530
Employee taxes paid related to net share settlement of stock-based awards
(29,714)
(10,273)
(33,921)
Repurchases of common stock
(19,785)
(54,565)
(72,467)
Other non-current assets and liabilities
(3,900)
—
—
Net cash used in financing activities
(30,661)
(50,898)
(88,858)
Effects of exchange rate changes on cash, cash equivalents and restricted cash
1,165
631
5,019
Net increase (decrease) in cash, cash equivalents and restricted cash
51,029
(54,979)
199,085
Cash, cash equivalents and restricted cash at beginning of period
314,429
369,408
324,626
Cash, cash equivalents and restricted cash at end of period
$
365,458
$
314,429
$
523,711
(1)
Prior period information has been restated for the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, which Akamai adopted retrospectively on January 1, 2018. Under this standard, the way revenue is recognized changed for some of Akamai's contracts with customers. Akamai will also begin capitalizing costs associated with obtaining customer contracts, specifically commission and incentive payments. For more information, see the posted revisions to the consolidated statements of income and other key disaggregated revenue amounts in the Investor Relations section of Akamai's website at www.akamai.com .
On January 1, 2018, Akamai also adopted Accounting Standards Update No. 2016-18, Statement of Cash Flows. Under this standard, restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period cash on the statement of cash flows. Akamai retrospectively adopted this standard and revised cash flows from investing activities by ($0.2) million and $0.8 million December 31, 2017 and March 31, 2017, respectively, with a corresponding revision to total cash, cash equivalents and restricted cash.
AKAMAI TECHNOLOGIES, INC.
SUPPLEMENTAL REVENUE DATA – REVENUE BY DIVISION
Three Months Ended
(in thousands)
March 31,
2018
December 31,
2017 (1)
March 31,
2017 (1)
Web Division
$
352,837
$
354,821
$
303,488
Media and Carrier Division
315,887
303,649
296,805
Total revenue
$
668,724
$
658,470
$
600,293
Revenue growth rates year-over-year:
Web Division
16
%
16
%
13
%
Media and Carrier Division
6
—
(2)
Total revenue
11
%
8
%
5
%
Revenue growth rates year-over-year, adjusted for the impact of foreign exchange rates (2) :
Web Division
13
%
15
%
14
%
Media and Carrier Division
4
(1)
(1)
Total revenue
9
%
7
%
6
%
AKAMAI TECHNOLOGIES, INC.
SUPPLEMENTAL REVENUE DATA – REVENUE FROM CLOUD SECURITY SOLUTIONS
Three Months Ended
(in thousands)
March 31,
2018
December 31,
2017 (1)
March 31,
2017 (1)
Cloud Security Solutions
$
149,205
$
135,842
$
110,006
CDN and other solutions
519,519
522,628
490,287
Total revenue
$
668,724
$
658,470
$
600,293
Revenue growth rates year-over-year:
Cloud Security Solutions
36
%
34
%
34
%
CDN and other solutions
6
3
—
Total revenue
11
%
8
%
5
%
Revenue growth rates year-over-year, adjusted for the impact of foreign exchange rates (2) :
Cloud Security Solutions
32
%
33
%
36
%
CDN and other solutions
3
2
1
Total revenue
9
%
7
%
6
%
(1)
Prior period information has been restated for the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, which Akamai adopted retrospectively on January 1, 2018. Under this standard, the way revenue is recognized changed for some of Akamai's contracts with customers. For more information, see the posted revisions to the consolidated statements of income and other key disaggregated revenue amounts in the Investor Relations section of Akamai's website at www.akamai.com .
(2)
See Use of Non-GAAP Financial Measures below for a definition
AKAMAI TECHNOLOGIES, INC.
SUPPLEMENTAL REVENUE DATA – REVENUE FROM INTERNET PLATFORM CUSTOMERS
Three Months Ended
(in thousands)
March 31,
2018
December 31,
2017 (1)
March 31,
2017 (1)
Revenue from Internet Platform Customers
$
44,391
$
49,992
$
51,391
Revenue excluding Internet Platform Customers
624,333
608,478
548,902
Total revenue
$
668,724
$
658,470
$
600,293
Revenue growth rates year-over-year:
Revenue from Internet Platform Customers
(14)
%
(14)
%
(29)
%
Revenue excluding Internet Platform Customers
14
10
10
Total revenue
11
%
8
%
5
%
Revenue growth rates year-over-year, adjusted for the impact of foreign exchange rates (2) :
Revenue from Internet Platform Customers
(14)
%
(14)
%
(29)
%
Revenue excluding Internet Platform Customers
11
9
11
Total revenue
9
%
7
%
6
%
AKAMAI TECHNOLOGIES, INC.
SUPPLEMENTAL REVENUE DATA – REVENUE BY GEOGRAPHY
Three Months Ended
(in thousands)
March 31,
2018
December 31,
2017 (1)
March 31,
2017 (1)
U.S.
$
423,339
$
425,744
$
398,870
International
245,385
232,726
201,423
Total revenue
$
668,724
$
658,470
$
600,293
Revenue growth rates year-over-year:
U.S.
6
%
2
%
—
%
International
22
22
19
Total revenue
11
%
8
%
5
%
Revenue growth rates year-over-year, adjusted for the impact of foreign exchange rates (2) :
U.S.
6
%
2
%
—
%
International
14
18
21
Total revenue
9
%
7
%
6
%
(1)
Prior period information has been restated for the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, which Akamai adopted retrospectively on January 1, 2018. Under this standard, the way revenue is recognized changed for some of Akamai's contracts with customers. For more information, see the posted revisions to the consolidated statements of income and other key disaggregated revenue amounts in the Investor Relations section of Akamai's website at www.akamai.com .
(2)
See Use of Non-GAAP Financial Measures below for a definition
AKAMAI TECHNOLOGIES, INC.
SUPPLEMENTAL OPERATING EXPENSE DATA
Three Months Ended
(in thousands)
March 31,
2018
December 31,
2017
March 31,
2017
General and administrative expenses:
Payroll and related costs
$
51,894
$
50,187
$
44,891
Stock-based compensation
12,922
11,359
10,115
Depreciation and amortization
19,888
19,845
18,528
Facilities-related costs
21,795
21,071
18,798
Provision for doubtful accounts
521
805
153
Acquisition-related costs
1,143
19,995
(209)
Legal and stockholder matter costs
23,091
—
—
License of patent
(4,215)
(4,169)
(4,035)
Professional and other expenses
27,346
27,022
26,768
Total general and administrative expenses
$
154,385
$
146,115
$
115,009
General and administrative expenses–functional (1) :
Global functions
$
55,653
$
52,818
$
48,727
As a percentage of revenue
8
%
8
%
8
%
Infrastructure
78,192
76,666
70,373
As a percentage of revenue
12
%
12
%
12
%
Other
20,540
16,631
(4,091)
Total general and administrative expenses
$
154,385
$
146,115
$
115,009
As a percentage of revenue
23
%
22
%
19
%
Stock-based compensation:
Cost of revenue
$
5,296
$
5,259
$
4,685
Research and development
10,509
10,121
9,029
Sales and marketing
15,959
15,466
15,157
General and administrative
12,922
11,359
10,115
Total stock-based compensation
$
44,686
$
42,205
$
38,986
(1)
Global functions expense includes payroll, stock-based compensation and other employee-related costs for administrative functions, including finance, purchasing, order entry, human resources, legal, information technology and executive personnel, as well as third-party professional service fees. Infrastructure expense includes payroll, stock-based compensation and other employee-related costs for our network infrastructure functions, as well as facility rent expense, depreciation and amortization of facility and IT-related assets, software and software-related costs, business insurance and taxes. Our network infrastructure function is responsible for network planning, sourcing, architecture evaluation and platform security. Other expenses includes acquisition-related costs, provision for doubtful accounts, the license of a patent and legal and stockholder matter costs.
AKAMAI TECHNOLOGIES, INC.
OTHER SUPPLEMENTAL DATA
Three Months Ended
(in thousands, except end of period statistics)
March 31,
2018
December 31,
2017
March 31,
2017
Depreciation and amortization:
Network-related depreciation
$
38,235
$
37,223
$
35,255
Capitalized internal-use software development amortization
31,668
29,096
21,589
Other depreciation and amortization
19,498
19,498
18,209
Depreciation of property and equipment
89,401
85,817
75,053
Capitalized stock-based compensation amortization
5,569
5,029
3,471
Capitalized interest expense amortization
694
721
440
Amortization of acquired intangible assets
8,431
7,829
7,569
Total depreciation and amortization
$
104,095
$
99,396
$
86,533
Capital expenditures, excluding stock-based compensation and interest expense (1)(2) :
Purchases of property and equipment
$
26,597
$
50,716
$
56,500
Capitalized internal-use software development costs
49,257
43,074
37,085
Total capital expenditures, excluding stock-based compensation and interest expense
$
75,854
$
93,790
$
93,585
End of period statistics:
Number of employees
7,454
7,650
6,672
(1)
Capital expenditures presented in this table are reported on an accrual basis, which differs from the cash-basis presentation in the statements of cash flows. The primary difference between the two is the change in purchases of property and equipment and capitalization of internal-use software development costs accrued for, but not paid, at period end.
(2)
See Use of Non-GAAP Financial Measures below for a definition
AKAMAI TECHNOLOGIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS, NET INCOME AND NET INCOME PER DILUTED SHARE
Three Months Ended
(in thousands, except per share data)
March 31,
2018
December 31,
2017 (1)
March 31,
2017 (1)
Income from operations
$
68,557
$
32,109
$
105,334
GAAP operating margin
10
%
5
%
18
%
Amortization of acquired intangible assets
8,431
7,829
7,569
Stock-based compensation
44,686
42,205
38,986
Amortization of capitalized stock-based compensation and capitalized interest expense
6,263
5,750
3,911
Restructuring charges
14,908
51,581
—
Acquisition-related costs
1,143
19,995
(208)
Legal and stockholder matter costs
23,091
—
—
Operating adjustments
98,522
127,360
50,258
Non-GAAP income from operations
$
167,079
$
159,469
$
155,592
Non-GAAP operating margin
25
%
24
%
26
%
Net income
$
53,714
$
27,520
$
74,583
Operating adjustments (from above)
98,522
127,360
50,258
Amortization of debt discount and issuance costs
4,850
4,850
4,597
Gain on investments
—
(450)
—
Income tax-effect of above non-GAAP adjustments and certain discrete tax items
(21,283)
(38,574)
(15,467)
Non-GAAP net income
$
135,803
$
120,706
$
113,971
GAAP net income per diluted share
$
0.31
$
0.16
$
0.43
Amortization of acquired intangible assets
0.05
0.05
0.04
Stock-based compensation
0.25
0.25
0.22
Amortization of capitalized stock-based compensation and capitalized interest expense
0.04
0.03
0.02
Restructuring charges
0.09
0.30
—
Acquisition-related costs
0.01
0.12
—
Legal and stockholder matter costs
0.13
—
—
Amortization of debt discount and issuance costs
0.03
0.03
0.03
Gain on investments
—
—
—
Income tax effect of above non-GAAP adjustments and certain discrete tax items
(0.12)
(0.23)
(0.09)
Non-GAAP net income per diluted share
$
0.79
$
0.71
$
0.65
Shares used in diluted per share calculations
172,004
170,727
175,171
(1)
Prior period information has been restated for the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, which Akamai adopted retrospectively on January 1, 2018. Under this standard, the way revenue is recognized changed for some of Akamai's contracts with customers. Akamai will also begin capitalizing costs associated with obtaining customer contracts, specifically commission and incentive payments. For more information, see the posted revisions to the consolidated statements of income and other key disaggregated revenue amounts in the Investor Relations section of Akamai's website at www.akamai.com .
AKAMAI TECHNOLOGIES, INC.
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA
Three Months Ended
(in thousands, except per share data)
March 31,
2018
December 31,
2017 (1)
March 31,
2017 (1)
Net income
$
53,714
$
27,520
$
74,583
Interest income
(3,965)
(4,487)
(4,624)
Provision for income taxes
13,979
4,699
30,094
Depreciation and amortization
89,401
85,817
75,053
Amortization of capitalized stock-based compensation and capitalized interest expense
6,263
5,750
3,911
Amortization of acquired intangible assets
8,431
7,829
7,569
Stock-based compensation
44,686
42,205
38,986
Restructuring charges
14,908
51,581
—
Acquisition-related costs
1,143
19,995
(208)
Legal and stockholder matter costs
23,091
—
—
Amortization of debt discount and issuance costs
4,850
4,850
4,597
Gain on investments
—
(450)
—
Other (income) expense, net
(21)
(23)
684
Adjusted EBITDA
$
256,480
$
245,286
$
230,645
Adjusted EBITDA margin
38
%
37
%
38
%
(1)
Prior period information has been restated for the adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, which Akamai adopted retrospectively on January 1, 2018. Under this standard, the way revenue is recognized changed for some of Akamai's contracts with customers. Akamai will also begin capitalizing costs associated with obtaining customer contracts, specifically commission and incentive payments. For more information, see the posted revisions to the consolidated statements of income and other key disaggregated revenue amounts in the Investor Relations section of Akamai's website at www.akamai.com .
Use of Non-GAAP Financial Measures
In addition to providing financial measurements based on generally accepted accounting principles in the United States of America (GAAP), Akamai provides additional financial metrics that are not prepared in accordance with GAAP (non-GAAP). Management uses non-GAAP financial measures, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes, to measure executive compensation and to evaluate Akamai's financial performance. These non-GAAP financial measures are non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income, non-GAAP net income per share, Adjusted EBITDA, Adjusted EBITDA margin, capital expenditures and impact of foreign currency exchange rates, as discussed below.
Management believes that these non-GAAP financial measures reflect Akamai's ongoing business in a manner that allows for meaningful comparisons and analysis of trends in the business, as they facilitate comparing financial results across accounting periods and to those of peer companies. Management also believes that these non-GAAP financial measures enable investors to evaluate Akamai's operating results and future prospects in the same manner as management. These non-GAAP financial measures may exclude expenses and gains that may be unusual in nature, infrequent or not reflective of Akamai's ongoing operating results.
The non-GAAP financial measures do not replace the presentation of Akamai's GAAP financial results and should only be used as a supplement to, not as a substitute for, Akamai's financial results presented in accordance with GAAP. Akamai has provided a reconciliation of each non-GAAP financial measure used in its financial reporting and investor presentations to the most directly comparable GAAP financial measure. This reconciliation captioned "Reconciliation of GAAP to Non-GAAP Financial Measures" can be found on the Investor Relations section of Akamai's website.
The non-GAAP adjustments, and Akamai's basis for excluding them from non-GAAP financial measures, are outlined below:
Amortization of acquired intangible assets – Akamai has incurred amortization of intangible assets, included in its GAAP financial statements, related to various acquisitions Akamai has made. The amount of an acquisition's purchase price allocated to intangible assets and term of its related amortization can vary significantly and is unique to each acquisition; therefore, Akamai excludes amortization of acquired intangible assets from its non-GAAP financial measures to provide investors with a consistent basis for comparing pre- and post-acquisition operating results.
Stock-based compensation and amortization of capitalized stock-based compensation – Although stock-based compensation is an important aspect of the compensation paid to Akamai's employees, the grant date fair value varies based on the stock price at the time of grant, varying valuation methodologies, subjective assumptions and the variety of award types. This makes the comparison of Akamai's current financial results to previous and future periods difficult to interpret; therefore, Akamai believes it is useful to exclude stock-based compensation and amortization of capitalized stock-based compensation from its non-GAAP financial measures in order to highlight the performance of Akamai's core business and to be consistent with the way many investors evaluate its performance and compare its operating results to peer companies.
Acquisition-related costs – Acquisition-related costs include transaction fees, advisory fees, due diligence costs and other direct costs associated with strategic activities. In addition, subsequent adjustments to Akamai's initial estimated amounts of contingent consideration and indemnification associated with specific acquisitions are included within acquisition-related costs. These amounts are impacted by the timing and size of the acquisitions. Akamai excludes acquisition-related costs from its non-GAAP financial measures to provide a useful comparison of Akamai's operating results to prior periods and to its peer companies because such amounts vary significantly based on the magnitude of the acquisition transactions and do not reflect Akamai's core operations.
Restructuring charges – Akamai has incurred restructuring charges that are included in its GAAP financial statements, primarily related to workforce reductions and estimated costs of exiting facility lease commitments. Akamai excludes these items from its non-GAAP financial measures when evaluating its continuing business performance as such items vary significantly based on the magnitude of the restructuring action and do not reflect expected future operating expenses. In addition, these charges do not necessarily provide meaningful insight into the fundamentals of current or past operations of its business.
Amortization of debt discount and issuance costs and amortization of capitalized interest expense – In February 2014, Akamai issued $690 million of convertible senior notes due 2019 with a coupon interest rate of 0%. The imputed interest rate of the convertible senior notes was approximately 3.2%. This is a result of the debt discount recorded for the conversion feature that is required to be separately accounted for as equity under GAAP, thereby reducing the carrying value of the convertible debt instrument. The debt discount is amortized as interest expense together with the issuance costs of the debt. All of Akamai's interest expense is comprised of these non-cash components and is excluded from management's assessment of the company's operating performance because management believes the non-cash expense is not representative of ongoing operating performance.
Legal and stockholder matter costs –Akamai has incurred losses related to the settlement of legal matters, costs from professional service providers related to a non-routine stockholder matter and costs with respect to its internal U.S. Foreign Corrupt Practices Act ("FCPA") investigation. Akamai believes excluding these amounts from its non-GAAP financial measures is useful to investors as the types of events giving rise to them are not representative of Akamai's core business operations.
Income tax effect of non-GAAP adjustments and certain discrete tax items – The non-GAAP adjustments described above are reported on a pre-tax basis. The income tax effect of non-GAAP adjustments is the difference between GAAP and non-GAAP income tax expense. Non-GAAP income tax expense is computed on non-GAAP pre-tax income (GAAP pre-tax income adjusted for non-GAAP adjustments) and excludes certain discrete tax items (such as recording or releasing of valuation allowances), if any. Akamai believes that applying the non GAAP adjustments and their related income tax effect allows Akamai to highlight income attributable to its core operations.
Akamai's definitions of its non-GAAP financial measures are outlined below:
Non-GAAP income from operations – GAAP income from operations adjusted for the following items: amortization of acquired intangible assets; stock-based compensation; amortization of capitalized stock-based compensation; amortization of capitalized interest expense; acquisition-related costs; restructuring charges; benefit from adoption of software development activities; gains and other activity related to divestiture of a business; gains and losses on legal settlements; costs from professional service providers related to a non-routine stockholder matter; costs incurred with respect to Akamai's internal FCPA investigation; and other non-recurring or unusual items that may arise from time to time.
Non-GAAP operating margin – Non-GAAP income from operations stated as a percentage of revenue.
Non-GAAP net income – GAAP net income adjusted for the following tax-affected items: amortization of acquired intangible assets; stock-based compensation; amortization of capitalized stock-based compensation; acquisition-related costs; restructuring charges; benefit from adoption of software development activities; gains and other activity related to divestiture of a business; gains and losses on legal settlements; costs from professional service providers related to a non-routine stockholder matter; costs incurred with respect to Akamai's internal FCPA investigation; loss on early extinguishment of debt; amortization of debt discount and issuance costs; amortization of capitalized interest expense; certain gains and losses on investments; and other non-recurring or unusual items that may arise from time to time.
Non-GAAP net income per share – Non-GAAP net income divided by basic weighted average or diluted common shares outstanding. Basic weighted average shares outstanding are those used in GAAP net income per share calculations. Diluted weighted average shares outstanding are adjusted in non-GAAP per share calculations for the shares that would be delivered to Akamai pursuant to the note hedge transaction entered into in connection with the issuance of $690 million of convertible senior notes due 2019. Under GAAP, shares delivered under hedge transactions are not considered offsetting shares in the fully-diluted share calculation until they are delivered. However, the company would receive a benefit from the note hedge transaction and would not allow the dilution to occur, so management believes that adjusting for this benefit provides a meaningful view of operating performance. Unless and until Akamai's weighted average stock price is greater than $89.56, the initial conversion price, there will be no difference between GAAP and non-GAAP diluted weighted average common shares outstanding.
Adjusted EBITDA – GAAP net income excluding the following items: interest income; income taxes; depreciation and amortization of tangible and intangible assets; stock-based compensation; amortization of capitalized stock-based compensation; acquisition-related costs; restructuring charges; benefit from adoption of software development activities; gains and other activity related to divestiture of a business; gains and losses on legal settlements; costs from professional service providers related to a non-routine stockholder matter; costs incurred with respect to Akamai's internal FCPA investigation; foreign exchange gains and losses; loss on early extinguishment of debt; amortization of debt discount and issuance costs; amortization of capitalized interest expense; certain gains and losses on investments; and other non-recurring or unusual items that may arise from time to time.
Adjusted EBITDA margin – Adjusted EBITDA stated as a percentage of revenue.
Capital expenditures, or capex, excluding stock-based compensation and interest expense – Purchases of property and equipment and capitalization of internal-use software development costs presented on an accrual basis, which differs from the cash-basis presentation included in the statements of cash flows. The primary difference between the two is the change in purchases of property and equipment and capitalization of internal-use software development costs accrued for, but not paid, at period end.
Impact of Foreign Currency Exchange Rates – Revenue and earnings from international operations have historically been an important contributor to Akamai's financial results. Consequently, Akamai's financial results have been impacted, and management expects they will continue to be impacted, by fluctuations in foreign currency exchange rates. For example, when the local currencies of our foreign subsidiaries weaken, our consolidated results stated in U.S. dollars are negatively impacted.
Because exchange rates are a meaningful factor in understanding period-to-period comparisons, management believes the presentation of the impact of foreign currency exchange rates on revenue and earnings enhances the understanding of our financial results and evaluation of performance in comparison to prior periods. The dollar impact of changes in foreign currency exchange rates presented is calculated by translating current period results using monthly average foreign currency exchange rates from the comparative period and comparing them to the reported amount. The percentage change at constant currency presented is calculated by comparing the prior period amounts as reported and the current period amounts translated using the same monthly average foreign currency exchange rates from the comparative period.
Akamai Statement Under the Private Securities Litigation Reform Act
This release and/or our quarterly earnings conference call scheduled for later today contain information about future expectations, plans and prospects of Akamai's management that constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995, including statements about expected revenue growth and future profitability levels. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including, but not limited to, failure of our investments in innovation to generate solutions that are accepted in the market; inability to increase our revenue at the same rate as in the past and keep our expenses from increasing at a greater rate than our revenues; delay in developing or failure to develop new service offerings or functionalities, and if developed, lack of market acceptance of such service offerings and functionalities or failure of such solutions to operate as expected, and other factors that are discussed in the Company's Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other documents periodically filed with the SEC.
In addition, the statements in this press release and on such call represent Akamai's expectations and beliefs as of the date of this press release. Akamai anticipates that subsequent events and developments may cause these expectations and beliefs to change. However, while Akamai may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Akamai's expectations or beliefs as of any date subsequent to the date of this press release.
Contacts:
Chris Nicholson
Tom Barth
Media Relations
Investor Relations
Akamai Technologies
Akamai Technologies
617-444-2987
617-274-7130
[email protected]
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/akamai-reports-first-quarter-2018-financial-results-300639296.html
SOURCE Akamai Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/pr-newswire-akamai-reports-first-quarter-2018-financial-results.html |
Adds 15 Year Insurance Veteran to Leadership Team
DENVER--(BUSINESS WIRE)-- Valen Analytics ®, an Insurity company, and provider of proprietary data, analytics and predictive modeling for P/C insurers, today announced the appointment of Donald Seibert as Executive Vice President of Applied Analytics. In this role, Seibert will oversee the services and analytics team, providing strong leadership and experience and delivering consulting services to Valen’s customers to more effectively implement and utilize analytics across their organizations.
“Valen has earned a tremendous reputation as a predictive analytics pioneer for the insurance industry by delivering models and implementations that work in the real world,” said Seibert. “We will continue to build on the team’s success by adding subject matter expertise in more areas of the practice of insurance, to help our clients achieve their profitable growth goals.”
Seibert brings more than 15 years of insurance industry experience to Valen, having most recently served as VP Service Line Leader for Underwriting at Genpact. Prior to Genpact, he spent over seven years at Farmers Insurance, where he was responsible for more than half a billion dollars in premium across Commercial Auto, Commercial Multi-Peril, and Workers Compensation lines of business. Seibert has held other previous leadership roles at OneBeacon Insurance, Progressive, and McKinsey.
“Donald brings a broad range of operational and consulting experience to Valen, having previously driven successful analytics programs in both in-house and advisory roles,” said Kirstin Marr, President of Valen Analytics. “We believe his background makes him uniquely qualified to spearhead successful implementations for our clients.”
Seibert holds an MBA from the Yale School of Management, a Master’s Degree in Mathematics from Rensselaer Polytechnic Institute, and a Bachelor’s Degree from Bennington College.
For more information, visit www.valen.com .
About Valen Analytics
Valen Analytics, an Insurity company, provides proprietary data, analytics and predictive modeling for property and casualty insurers. We work with insurers who are actively looking to utilize modern approaches to pricing, risk selection, claims triage, and premium fraud. Our customers are focused on increasing competitive pressures, fighting adverse selection with innovative solutions, and raising awareness for the impending “experience gap” with initiatives such as Insurance Careers Movement . Our customers span many lines of business including Homeowners, Personal Auto, Workers’ Compensation, Commercial Auto, Commercial Package, Commercial Property, and BOP. Learn more about Valen at www.valen.com .
About Insurity
Insurity, Inc. enables property & casualty insurers to modernize their enterprise and achieve their business goals. Insurity’s core processing applications and data integration and analytics solutions are backed by rich insurance expertise and are in production with over 100 insurers, processing billions of dollars of premium each month. Insurity’s solutions address the needs of all carriers – from the Top 20 insurers to small or regional commercial, personal, or specialty lines writers, as well as MGAs. For more information about Insurity, call 860-616-7721 or visit insurity.com . Connect with Insurity on Twitter , LinkedIn and Facebook .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005487/en/
Fusion PR on behalf of Valen Analytics
Ross Blume, 310-481-1431
[email protected]
Source: Valen Analytics | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-valen-analytics-appoints-ex-farmers-insurance-executive-donald-seibert-to-evp-of-applied-analytics.html |
May 14, 2018 / 11:57 AM / Updated 31 minutes ago ECB policymakers stick to upbeat narrative despite slowdown Reuters Staff 3 Min Read
COPENHAGEN/PARIS (Reuters) - Three European Central Bank policymakers stuck with an upbeat assessment of the euro zone economy on Monday, shrugging off signs of a slowdown in inflation and activity. FILE PHOTO: Sabine Lautenschlaeger, executive board member of the European Central bank (ECB), looks on during the Bundesbank Banking Congress "Symposium on Financial Stability and the Role of Central Banks" in Frankfurt, February 28, 2014. REUTERS/Ralph Orlowski
Bank of France governor Francois Villeroy de Galhau and ECB board members Sabine Lautenschlaeger and Peter Praet all said a recent easing of price growth was likely to be temporary, signalling the central bank was still on course to withdraw its monetary stimulus.
Villeroy went as far as saying the ECB could soon clarify the timing of its first increase in interest rates since 2011, which he expects to happen “some quarters” after the end of its bond-buying programme.
Markets broadly expect the stimulus programme to end in December and be followed by a rate hike towards the middle of next year, though some analysts have pushed back their forecasts after a run of subdued data.
So far, the ECB has said rates are to remain at current levels for an “extended period of time, and well past” the conclusion of its the 2.55 trillion euro (2.2 trillion pounds) money-printing scheme.
“As far as the first rate hike is concerned, we could give additional guidance on its timing, ‘well past’ meaning at least some quarters but not years, and additional guidance on its contingency on the inflation outlook,” Villeroy said. Related Coverage Bank of Finland's Rehn sees 'downside' risk to euro area economy
Lautenschlaeger, speaking in Copenhagen, said she was “relaxed” as the euro zone economy was still performing as the ECB expected.
“It (the economic slowdown) is still within our projections and you need to get more data in order to see whether it is only temporary,” Lautenschlaeger said.
Her words were echoed by chief economist Peter Praet, who said in London the ECB still expected price growth to hover around 1.5 percent in coming months, despite a slowdown in April.
“On the basis of current futures prices for oil, inflation is likely to hover around 1.5 percent in the coming months,” Praet said, repeating a speech delivered a week earlier.
Headline inflation slowed to an annual 1.2 percent in April from 1.3 percent while price growth excluding volatile food and energy, the ECB’s preferred measure, came in at 1.1 percent from 1.3 percent a month earlier.
The bank targets an inflation rate of just below 2 percent. Reporting By Stine Jacobsen in Copenhagen and Leigh Thomas in Paris; Writing by Francesco Canepa; editing by John Stonestreet | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ecb-policy/euro-zone-economy-performing-within-ecb-projections-lautenschlaeger-idUKKCN1IF1I0 |
May 29, 2018 / 1:43 PM / Updated 7 hours ago Myanmar lawyer says evidence from Reuters reporters' phones may be 'tainted' Shoon Naing , Yimou Lee 4 Min Read
YANGON (Reuters) - Evidence Myanmar police say they obtained from the mobile phones of two Reuters reporters accused of possessing secret documents might be “tainted”, a defense lawyer said on Tuesday, because at least one phone was used after it was confiscated. Detained Reuters journalist Wa Lone is escorted by police after a court hearing in Yangon, Myanmar May 29, 2018. REUTERS/Ann Wang
A WhatsApp message was sent from the mobile phone of journalist Wa Lone after he and Reuters colleague Kyaw Soe Oo were arrested on Dec. 12 and held incommunicado on suspicion of violating the Official Secrets Act, the defense told the court.
Prosecution witness Police Major Aung Kyaw San, who said he and other police had examined the phones, told the court he was not aware of the exchange on WhatsApp and did not know who else used the phones before their delivery to investigators on Dec 14.
In what has become a landmark press freedom case, the court in Yangon has been holding hearings since January to decide whether Wa Lone, 32, and Kyaw Soe Oo, 28, will be charged under the colonial-era Official Secrets Act, which carries a maximum penalty of 14 years in prison.
Defence lawyer Than Zaw Aung said the one-word text message - “OK” - was sent via WhatsApp in reply to a question from Reuters’ bureau chief in Myanmar at about 10 p.m., after Wa Lone’s phone was taken from him by police shortly after the two reporters were arrested around 9:10 p.m.
“That means anyone could have access to the phones, so anything could happen to the phones,” a second defense lawyer, Khin Maung Zaw, told Reuters after Tuesday’s proceedings. “All those messages they said were found in the phones may not be genuine or the phones may be tainted.” Detained Reuters journalist Kyaw Soe Oo leaves after a court hearing in Yangon, Myanmar May 29, 2018. REUTERS/Ann Wang
Lead prosecutor Kyaw Min Aung declined to comment.
Myanmar government spokesman Zaw Htay was not immediately available for comment. Previously, he has declined to discuss details of the proceedings or the police investigation, saying Myanmar’s courts were independent and the case would be conducted according to the law.
Judge Ye Lwin last week accepted as evidence printed copies of documents that Major Aung Kyaw San, a police IT expert, said were found on the reporters’ phones. The documents included alleged confidential government letters and plans for the development of an island off Myanmar’s west coast for tourism.
Some of the documents came from the Facebook Messenger app, the defense has said. Defence lawyers say this means the documents could have been sent by anyone and it was not clear the reporters themselves had even looked at them. Slideshow (2 Images)
At the time of their arrest, the reporters had been working on an investigation into the killing of 10 Rohingya Muslim men and boys in a village in western Myanmar’s Rakhine state.
The killings took place during a military crackdown that United Nations agencies say sent nearly 700,000 people fleeing to Bangladesh.
The reporters have told relatives they were arrested almost immediately after being handed some rolled up papers at a restaurant in northern Yangon by two policemen they had not met before, having been invited to meet the officers for dinner.
Last month, Police Captain Moe Yan Naing, who Myanmar’s information ministry said was arrested at the same time as the journalists in connection with the case, testified that a senior officer had ordered his subordinates to plant secret documents on Wa Lone to “trap” the reporter.
At a news conference on May 15, Police Director General Aung Win Oo dismissed the testimony as untruthful.
After his court appearance, Moe Yan Naing was sentenced to a year in jail for violating police discipline and his family was evicted from police housing. Police have said the eviction and his sentencing were not related to his testimony.
Global advocates for press freedom, human rights activists, as well the United Nations and several Western countries, have called for the release of the Reuters journalists.
On Tuesday, diplomats from Denmark and the European Union - as well as others - observed the proceedings.
The next hearing in the case is scheduled for Monday. Reporting By Shoon Naing and Yimou Lee; Editing by Alex Richardson | ashraq/financial-news-articles | https://www.reuters.com/article/us-myanmar-journalists/myanmar-lawyer-says-evidence-from-reuters-reporters-phones-may-be-tainted-idUSKCN1IU1P5 |
Welfare beneficiaries would have to work or get job training under legislation approved by a U.S. Congress committee on Thursday, part of a broader Republican effort to impose work rules on Americans getting public assistance.
The Capitol dome is seen amongst blooming flowers in Washington, U.S., April 26, 2018. REUTERS/Aaron P. Bernstein The House of Representatives Ways and Means Committee voted along party lines to approve the changes to the Temporary Assistance for Needy Families (TANF) program, which provides federal block grants to states for cash aid for needy families.
The Republican proposal will go next to the House floor for a vote. If approved there, it would go to the Senate, where its outlook is uncertain because of Democratic opposition.
Republicans control both chambers of Congress, but only have a narrow majority in the Senate.
Last year, the TANF program assisted 1.1 million families. It has an annual budget of about $16.5 billion, which Republican President Donald Trump has proposed cutting.
The legislation aligns with other Trump administration and congressional Republican attempts to rein in spending on social programs. It would require all work-eligible TANF beneficiaries to work or do job training or community service, instead of just 50 percent of them, as is the rule under current law.
“States are going to have to engage everyone who is work eligible with a game plan,” said committee chairman Kevin Brady.
Under the legislation, states failing to meet program targets could be penalized by federal funding cuts. The bill would fund the program for five years at current levels, aides said.
Democrats said childcare provisions and the program overall were insufficient. TANF funding has not increased for two decades, not even for inflation, since it was adjusted under then-president Bill Clinton, a Democrat. It has lost over one-third of its value over time.
“Could it be that Republicans aren’t interested in helping people succeed, but just want to advance an extreme ideological agenda?” asked Democratic Representative Joe Crowley. “That’s what’s really going on here.”
Another piece of Republican legislation pending in the House would impose tighter work requirements on recipients of food stamps under the Supplemental Nutrition Assistance Program (SNAP).
The Trump administration has also taken steps to push public health and house assistance recipients into work. It is allowing states to require that Medicaid recipients work as a condition of receiving health insurance. Last month, Housing and Urban Development Secretary Ben Carson also proposed encouraging those receiving housing subsidies to work.
Reporting by Susan Cornwell; Editing by Kevin Drawbaugh and Rosalba O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-congress-welfare/u-s-house-panel-approves-work-requirement-for-welfare-idUSKCN1IP374 |
WASHINGTON (Reuters) - Some of U.S. President Donald Trump’s closest conservative allies in Congress called for the appointment of a second special counsel on Tuesday to investigate the probe into Trump’s campaign, Russia and the 2016 U.S. election, as Trump ramped up his own criticism of the Department of Justice.
Rep. Mark Meadows (R-NC), Chairman of the House Freedom Caucus, attends a news conference with 10 other Republican members of Congress announcing their introduction of a U.S. House resolution alleging misconduct in the Department of Justice and Federal Bureau of Investigation and requesting the appointment of a second special counsel to investigate the law enforcement probes into the 2016 U.S. presidential campaign at the U.S. Capitol in Washington, U.S., May 22, 2018. REUTERS/Leah Millis At least 18 Republican lawmakers signed onto a resolution calling on U.S. Attorney General Jeff Sessions to appoint a special counsel to investigate the department and the FBI, accusing them of misconduct as Trump campaigned two years ago against Democrat Hillary Clinton.
A spokeswoman for the Department of Justice declined comment.
For months, conservatives have been criticizing the department, the FBI and Special Counsel Robert Mueller’s probe of Russian interference in the election. Their rhetoric intensified after Trump suggested on Friday that the FBI might have planted or recruited an informant in his presidential campaign for political purposes.
Trump discussed the issue again on Tuesday.
“If they had spies in my campaign that would be a disgrace to this country. That would be one of the biggest insults that anyone’s ever seen,” Trump told reporters during a meeting with South Korean President Moon Jae-in, who is visiting Washington ahead of Trump’s planned summit with North Korean leader Kim Jong Un.
Moscow denies election meddling and Trump denies any collusion between Russian officials and his campaign, calling investigations a political witch hunt.
On Monday, the Justice Department agreed to investigate “any irregularities” in FBI tactics related to Trump’s campaign. The agreement was made during a meeting between Trump, U.S. Deputy Attorney General Rod Rosenstein and FBI Director Christopher Wray.
“It is time for transparency and it is time to allow the American people to know the truth,” Representative Mark Meadows, the Republican who leads the conservative Freedom Caucus, told a news conference announcing the resolution.
Representative Lee Zeldin, who led the push for the resolution, said it would be introduced later on Tuesday.
Zeldin, Meadows and about a dozen other Republicans in the House of Representatives insisted at a news conference announcing the resolution that Trump had not requested a new counsel.
They also called for access, for Democrats as well as Republicans, to all documents related to the case.
There was no immediate response from House leadership aides on whether the measure might come up for a vote. House Speaker Paul Ryan has said repeatedly, however, that he believed Mueller should be allowed to continue his work.
Reporting by Patricia Zengerle; Additinoal reporting by Doina Chiacu; editing by Grant McCool
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-russia-congress/republicans-want-special-counsel-to-investigate-trump-russia-probe-misconduct-idUSKCN1IN2E9 |
May 2, 2018 / 11:55 AM / Updated 19 minutes ago Wall Street drops amid trade worries, Fed decision Reuters Staff 1 Min Read
NEW YORK (Reuters) - U.S. stocks dropped on Wednesday as investors remained concerned about worsening trade relations between the United States and China and digested the Federal Reserve’s decision to leave interest rates unchanged. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 2, 2018. REUTERS/Brendan McDermid
The Dow Jones Industrial Average .DJI fell 174.48 points, or 0.72 percent, to 23,924.57, the S&P 500 .SPX lost 19.17 points, or 0.72 percent, to 2,635.63 and the Nasdaq Composite .IXIC dropped 29.81 points, or 0.42 percent, to 7,100.90. Reporting by April Joyner; Editing by James Dalgleish | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-stocks/apple-bumps-up-futures-ahead-of-fed-decision-idUSKBN1I31K2 |
PARIS (Reuters) - Air France expects to cancel one in five flights on Tuesday as staff carry out a fifteenth day of strikes over a pay dispute that has forced the resignation of parent company Air France-KLM’s chief executive.
The empty podium is seen after Jean-Marc Janaillac, Chief Executive Officer of Air France-KLM Group, attended a news conference to announce his resignation in Paris, France, May 4, 2018. REUTERS/Charles Platiau The airline said it anticipated operating 75 percent of medium-haul flights and 95 percent of long-haul services to and from Paris Charles de Gaulle airport, and 82 percent of short-haul flights.
Shares in Air France-KLM tumbled on Monday after CEO Jean-Marc Janaillac’s gamble to put a salary hike offer to employees backfired on Friday, prompting him to announce he would step down.
Reporting by Richard Lough; editing by Luke Baker
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-air-france-klm-ceo-flights/air-france-likely-to-cancel-1-in-5-flights-on-tuesday-over-strike-idUSKBN1I8119 |
PORTLAND, Maine (AP) — Lobster prices are high in the U.S. right now, but members of the industry expect them to come down soon as the Canadian catch creeps up and America's summer haul gets going.
One-pound lobsters, which Mainers call "chicks," are selling for about $12 per pound to consumers, which is a couple of dollars per pound more than six months ago. The U.S. lobster industry, based heavily in Maine, is in a slow mode as fishermen get ready to pull traps in the summer.
The lack of fishing effort and high prices have caused some in the seafood industry to raise the possibility of a shortage, but industry members say quite the opposite is true. Canada's spring fishing season is just starting to heat up, which means prices already are starting to track back down, industry members said.
U.S. lobstermen who were getting $10 per pound for their catch at the dock in March are now getting closer to $6, said Spencer Fuller, a lobster buyer and the president of the Maine Lobster Dealers' Association. Consumers can expect to start seeing that price shift show up at the seafood counter soon.
"You had weather, nothing around, fairly steady demand, it just drives the price crazy," Fuller said. "Now we're heading toward normalcy."
The wholesale price of 1¼-pound lobsters fell from $10.78 per pound in April to $8.51 per pound this month in the New England market, according to business publisher Urner Barry. It's typical for lobster prices to fall from April to May, but the May price is still about $1.50 above average, according to Urner Barry data.
Maine's lobster catch fell to about 111 million pounds last year after setting a record of 132.5 million pounds the previous year. It was the lowest total since 2011, though still much more than the typical catch in the 1990s and early 2000s. More than 80 percent of the nation's catch typically comes to shore in Maine, although Massachusetts, New Hampshire and Rhode Island also have significant lobster fisheries.
Fresh, live lobster is historically a summer food in New England, but the growing globalization of the lobster business is starting to change that. That means demand is sometimes higher in the cooler months once considered the lobster "off season."
Exports to China also have increased, which has resulted in some worry about a potential lobster shortage in the U.S., said Michael King, purchasing director of King's Seafood Co., which operates a distribution center in Santa Ana, California. American catch also appeared to suffer due to bad weather during the already-slow winter season this year, he said.
"It's a double whammy of lower supply plus increase in demand," King said.
But there's every reason to believe there will be plenty of lobster to go around this coming summer, said Kristan Porter, president of the Maine Lobstermen's Association.
"Guys are getting gear ready to set," he said. "It's absolutely a typical spring." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/06/the-associated-press-lobster-prices-high-but-dropping-as-summer-approaches.html |
New data highlights a China reef building boom 3:06am EDT - 02:21
A town built by China in the Spratlys archipelago in the South China Sea may soon be home to China's first troops based in the hotly contested area. Reuters' Greg Torode walks through new data that points to a rapid Chinese military rollout on the water. ▲ Hide Transcript ▶ View Transcript
A town built by China in the Spratlys archipelago in the South China Sea may soon be home to China's first troops based in the hotly contested area. Reuters' Greg Torode walks through new data that points to a rapid Chinese military rollout on the water. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IGFiUX | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/24/new-data-highlights-a-china-reef-buildin?videoId=429803657 |
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