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Opening Bell, May 30, 2018 54 Mins Ago Timothy Duncan, Talos Energy president and CEO, at the NYSE, and Michael Gregoire, CA Technologies CEO, at the Nasdaq, ring today's opening bells. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/opening-bell-may-30-2018.html |
Young people are far more likely than senior citizens to report being lonely and in poor health, a surprising survey of 20,000 American s released Tuesday shows.
The overall national loneliness score was alarmingly high at 44 on a 20-to-80 scale, but the prevalence of social isolation among those ages 18 to 22 raises even more concern. The younger people, part of Generation Z, had loneliness scores of about 48 compared with nearly 39 for those 72 and older.
The study was sponsored by the global insurer and health services company Cigna, which is concerned about loneliness as a societal problem but also because it's not just making us sad: It can literally make us sick.
More from USA Today:
Teen suicide is soaring. Do spotty mental health and addiction treatment share blame?
Whether it's art and music therapy or art and music as therapy, it calms traumatized teens
Music and art is a natural medicine to the 'mind and soul' of teen
Loneliness actually has the same effect on mortality as smoking 15 cigarettes a day , which makes it even more dangerous than obesity, says Cigna, citing a 2010 report. And while the new findings don't draw any direct links to increased rates of suicide among teens or the opioid epidemic , Cigna CEO David Cordani says it's clear addressing loneliness will help solve other problems.
show chapters Millennials get scammed more often than any other age group 10:12 AM ET Wed, 7 March 2018 | 00:50 "If their sense of health and well-being is more positive, then less destructive activities transpire," Cordani says.
The market research firm Ipsos posed questions online between Feb. 21 to March 6 to more than 20,000 people 18 and older in the U.S. The questions were based on UCLA's Loneliness Scale and used to create the Cigna Loneliness Index.
Also surprising: Young people with the highest rates of social media use reported very similar feelings of loneliness to those who barely use it, Still, Cordani says, "meaningful social interaction" was seen as key to reducing isolation so more face-to-face conversations are needed.
While some people may compensate by finding connections on social media, that can provide a false sense of relief, says Jagdish Khubchandani, a health science professor at Ball State University in Muncie, Ind. This type of socialization often leads people to spend time alone on computers in their homes, leading them to gain weight and shun face-to-face interaction, he said.
"I have students who tell me they have 500 'friends,' but when they're in need, there's no one," Khubchandani says.
Isolation is of such concern that young people 16 to 24 who are neither employed nor in school are now tracked and classified as "disconnected youth." The former surgeon general, physician Vivek Murthy, made emotional well-being and loneliness a focus while he was in office and is now writing a book and setting up an institute focused on the problem.
"Stress from loneliness is an insidious type of stress," Murthy says.
It creates a biological response, Murthy says, that leads to chronic inflammation, damaged tissue and blood vessels, and an increased risk of heart disease, arthritis and diabetes.
The Robert Wood Johnson Foundation has worked with the non-profit project Measure of America to publicize the problem because disconnection in young people is such a predictor of poor health and early death.
When people are disconnected at 16 or 18, it's "not a spontaneously occurring event," says Sarah Burd-Sharps, Measure of America's co-director. "It's an accumulation of all the events in teens' lifetimes, experiences in your family, any trauma you faced."
There's considerable research on the 10 traumatic "adverse childhood experiences" (ACEs) that contribute to the poor mental and physical health associated with "disconnected youth" — and | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/young-americans-are-the-loneliest-surprising-study-from-cigna-shows.html |
May 17 (Reuters) - Marin Software Inc:
* ROBERT ASHTON - ON MAY 17, SENT A LETTER TO MARIN SOFTWARE INC - SEC FILING
* ROBERT ASHTON REPORTS 5.1 PERCENT STAKE IN MARIN SOFTWARE INC AS OF MAY 10
* ROBERT ASHTON, IN MAY 17 LETTER TO MARIN SOFTWARE, SAYS “BELIEVE THE BEST COURSE OF ACTION IS TO SELL THE COMPANY”
* ROBERT ASHTON - IF MARIN SOFTWARE BOARD DOES NOT WISH TO PURSUE SALES, BOARD SHOULD RECONSTITUTE WITH REPRESENTATIVES OF OUTSIDE SHAREHOLDERS Source text : ( bit.ly/2IpFpEx ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-robert-ashton-on-may-17-sent-a-let/brief-robert-ashton-on-may-17-sent-a-letter-to-marin-software-idUSFWN1SO0XW |
(Reuters Health) - Nearly 88 percent of online reviews of U.S. plastic surgeons who provide breast augmentation were found to be positive in a recent study, but that snapshot of customer satisfaction is not necessarily reliable, researchers say.
The reviews tend to be polarized at five stars or one star, and some are written by people who consulted a doctor but never had the surgery, the study authors note in the journal Plastic and Reconstructive Surgery.
“The interface between patients and physicians continues to evolve in surprising ways as the internet and social media take hold of our everyday lives,” said senior author Dr. John Kim of Northwestern University Feinberg School of Medicine in Chicago.
Recent studies have found that about 60 percent of Americans view online reviews as important when choosing a doctor, and one-third say they are affected by these reviews, Kim and his team note.
“Online reviews have become the new word-of-mouth referral for physicians,” Kim told Reuters Health by email. “But patients need to be wary of equating online reviews with actual skill and experience.”
The researchers analyzed more than 1,077 breast augmentation reviews on Google, Yelp and RealSelf for the top 10 to 20 most-reviewed plastic surgeons in six metropolitan areas: New York, Los Angeles, Chicago, Houston, Philadelphia and Miami. The first five cities represent the five most populous metro areas, and Miami has the most plastic surgeons per capita.
The study team considered a review to be positive if it had four or five stars on Google or Yelp, or a “Worth It” rating on RealSelf. One or two stars or a “Not Worth It” rating were considered negative reviews.
Positive reviews tended to cite good aesthetic outcome, good bedside manner, friendly staff and expertise as the top reasons for patient satisfaction. Only 37 reviews listed reasonable cost as a positive factor. On the other hand, the top reasons for negative reviews were poor aesthetic outcome, surgeon non-competence, the surgeon not acknowledging or taking responsibility for poor outcomes and the procedure being too expensive.
“There is a stark difference between a surgeon who has thousands of surgeries and years of experience and a limited online or social media presence and an internet-savvy surgeon with a plethora of reviews who just started a practice,” Kim said.
On average, ratings were higher on Google than on Yelp. For unknown reasons, about 37 percent of negative Yelp reviews were from people who didn’t receive surgery from the surgeon they reviewed.
Negative reviews tended to have higher word counts and were more visible, the authors note. These reviews are difficult for surgeons to contest, they write, in part because healthcare privacy rules prevent discussing details of the case.
“As reviews have become more relevant, the strategy is often to flood out negative reviews with good ones,” said Dr. Terence Myckatyn of Washington University School of Medicine in St. Louis, Missouri, who wasn’t involved in the study.
In a recent study of patient-reported outcomes for breast augmentation surgery that either did or did not use 3D computer simulation, Myckatyn and colleagues found that the majority of patients who underwent surgery were happy with their results, and the 3D simulation didn’t seem to make a difference in their patient satisfaction scores.
“Patients should interpret online reviews in a broad context and take into consideration experience, training, word-of-mouth and in-person consultations,” Myckatyn said in an email. “Make sure you’re comfortable with the interaction, surgery plan and compatibility of personalities.”
SOURCE: bit.ly/2I49uFb Plastic and Reconstructive Surgery, online May 1, 2018.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-plasticsurgeons-reviews/online-reviews-for-breast-surgery-are-mostly-positive-idUSKBN1I92LV |
May 14, 2018 / 7:29 AM / in 6 hours Thor Explorations aims to lead Nigeria's new mining pack Barbara Lewis 3 Min Read
LONDON (Reuters) - Canada-listed junior miner Thor Explorations ( THX.V ) aims to bring Nigeria’s first large-scale gold mine online in early 2020, its CEO said, as the West African country seeks to diversify its economy away from oil and gas.
Following the commodity price crash of 2015-16, the World Bank in April 2017 said it was providing funds to help the Nigerian government develop its neglected mining sector.
Projects under way include Thor Explorations’ Segilola Gold Project, located in Osun State, which CEO Segun Lawson says aims to produce gold in the first quarter of 2020 and has probable gold reserves of around 500,000 ounces.
“Thor is currently developing the country’s most advanced gold mine,” Lawson said in a telephone interview. He says he has a mining and exploration license and is considering his options for raising $72 million to get the mine into production.
Lawson bought the Segilola project in 2016 for $3.1 million in cash plus 6 million Thor shares.
He promises rapid payback on the investment once production starts. Thor Exploration’s stock has climbed 50 percent this year while gold prices XAU= have only risen around 1 percent.
The World Bank has provided around $150 million to the Nigerian government to kickstart non-oil sectors after the economy was hit by a fall in oil prices, which are now recovering.
The Bank’s funding is meant to help the government formalize the artisanal mining sector, improve environmental practices and support infrastructure improvements for larger scale mines.
Mining provides only around 0.5 percent of GDP, according to World Bank figures, as the sector has struggled to attract foreign investment and to meet domestic needs, forcing costly imports.
The oil sector accounts for an estimated 8.7 percent of GDP and is critical for foreign exchange and fiscal revenue.
The World Bank in emailed comments said gold “offers good prospects” although many miners say other metals, such as iron ore, are more useful.
Martin Wood, CEO of Australian-listed Kogi Iron ( KFE.AX ), would not put a date on when the company could begin production in Nigeria, but said it was looking for investors to provide around $350 million.
The company plans to build a steel plant using local iron ore and coal.
While a project in land-locked Kogi state, is not well-positioned to export, it has the infrastructure to sell domestically and could envisage 100 percent profit margins, while reducing Nigeria’s import dependency, Wood said. Editing by Jason Neely | ashraq/financial-news-articles | https://www.reuters.com/article/us-thor-exploration-nigeria/thor-explorations-aims-to-lead-nigerias-new-mining-pack-idUSKCN1IF0QH |
May 4 (Reuters) - TOMO Holdings Ltd:
* QTRLY REVENUE S$3.9 MILLION, UP 38.8 PERCENT * Q1 PROFIT AND TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE S$387,937 VERSUS LOSS OF S$970,632 Source ( bit.ly/2rl1wjU ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tomo-holdings-posts-qtrly-revenue/brief-tomo-holdings-posts-qtrly-revenue-s3-9-million-up-38-8-percent-idUSFWN1SB13C |
May 15 (Reuters) - AT&T Inc:
* AT&T CHIEF EXECUTIVE OFFICER PROVIDES AN UPDATE AT JP MORGAN CONFERENCE
* AT&T INC - EXPECTS A RULING ON JUNE 12 IN SUIT BROUGHT AGAINST CO, TIME WARNER BY U.S. DEPARTMENT OF JUSTICE
* AT&T INC - EXPECTS TO LAUNCH PREMIUM STREAMING EXPERIENCE THAT WILL COMPETE WITH TRADITIONAL LINEAR TV PRODUCTS FOR IN-HOME USE
* AT&T INC - EXPECTS ITS MEXICO OPERATIONS TO BE PROFITABLE BY END OF 2018.
* AT&T INC - EXPECTS TO LAUNCH PREMIUM VIDEO STREAMING SERVICE BY END OF 2018
* AT&T INC - IS HOPEFUL CO CAN RETURN TO WIRELESS SERVICE REVENUE GROWTH ON A COMPARABLE BASIS IN SECOND HALF OF 2018
* AT&T INC - BELIEVES CO WILL ADD POSTPAID PHONE SUBSCRIBERS FOR FULL-YEAR 2018
* AT&T INC - CO’S NETWORK-RELATED COSTS HAVE TRENDED DOWN AS IT HAS MOVED TO SOFTWARE-DEFINED NETWORK
* AT&T INC - PLANS TO REACH 500 MARKETS WITH 5G EVOLUTION BY END OF 2018
* AT&T INC - FOLLOWING TIME WARNER DEAL CLOSE, PLANS TO INTRODUCE WATCHTV, A PACKAGE WITHOUT LOCAL PROGRAMMING OR SPORTS-ONLY CHANNELS
* AT&T INC - WATCHTV WILL BE PRICED AT $15/MONTH BUT WILL BE OFFERED FOR NO ADDITIONAL CHARGE FOR SOME UNLIMITED WIRELESS SUBSCRIBERS Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-att-ceo-says-expects-a-ruling-on-j/brief-att-ceo-says-expects-a-ruling-on-june-12-in-suit-brought-against-co-idUSASC0A2H2 |
* Ricciardo wins in Monaco from pole
* Australian suffered power unit problems from early on
* Vettel second, Hamilton third
* Red Bull celebrating 250th race start
* Verstappen goes from last to ninth (Adds detail, Quote: s, placings)
By Alan Baldwin
MONACO, May 27 (Reuters) - Daniel Ricciardo brought back memories of Formula One great Michael Schumacher in his prime on Sunday as the Australian nursed a wounded Red Bull to Monaco Grand Prix victory in the team’s 250th race.
Winning from pole position for the first time in his career, Ricciardo drove for nearly two thirds of the race — some 50 laps — with a car down on power due to problems that emerged on lap 28.
Ferrari’s Sebastian Vettel, last year’s race winner, finished second — easing off towards the finish to save the tyres — to cut Lewis Hamilton’s overall lead to 14 points after six of 21 rounds.
Hamilton, the reigning world champion, was third for Mercedes.
“You have done an amazing job today,” team boss Christian Horner said after Ricciardo took the chequered flag 7.3 seconds clear of Vettel for his second win of the season and seventh of his career.
“That is right up there with what Schumacher did in 1995 and this is payback for 2016.”
Ricciardo’s only previous pole had been in Monaco two years ago, when he lost out to Hamilton on strategy and finished runner-up. Schumacher won in Belgium in 1995 with a famously defensive drive on dry tyres in the wet.
“I had half the power it seemed and I felt like it was going to come to a stop,” said Ricciardo. “For a few seconds I just wanted to close my eyes and start crying.”
LOSS OF POWER Ricciardo had made a clean start and, controlling the race, looked as much of a nailed-on certainty for victory as ever exists on Monaco’s treacherous metal-fenced streets.
And then he reported a loss of power.
“OK mate, we can see what’s going on,” his race engineer replied after a pause. “You just need to keep it smooth, keep focused.”
“Will it get better?” enquired the Australian. “Negative,” came the reply.
From then on, Ricciardo — with Vettel looming in his rearview mirrors — was a model of consistency on a track where overtaking is a challenge for even the greatest of talents. For lap after lap, he kept the gap.
“Absolutely amazing, I don’t know how you did that, Daniel,” said engineer Simon Rennie.
“We had problems. We had a lot to deal with during the race. I felt a loss of power and I thought the race was done. I got home just using six gears,” Ricciardo told reporters later. “Thanks to the team. We got it back. I’m stoked.
“From two years ago I feel we got some redemption now, we can put 2016 behind us,” he added.
Vettel said it had been a tricky race and “Daniel had the answer at all times.”
A largely processional race — “boring” according to Hamilton, who said he would “have been asleep on the couch” if watching at home — saw a virtual safety car needed in the closing laps.
That was triggered by Sauber’s Monegasque driver Charles Leclerc, the first local F1 driver in 24 years to compete on his home streets, having piled into the back of New Zealander Brendon Hartley’s Toro Rosso at the tunnel exit.
Ferrari’s Kimi Raikkonen finished fourth, ahead of fellow Finn Valtteri Bottas for Mercedes.
French driver Esteban Ocon took his Force India to sixth place, ahead of compatriot Pierre Gasly in a Toro Rosso and Renault’s Nico Hulkenberg.
Ricciardo’s Dutch team mate Max Verstappen, who started last after crashing in Saturday’s final practice, stayed out of trouble and stood out for the right reasons with impressive overtakes to finish ninth.
Verstappen also set a race lap record with a one minute 14.260 second effort on lap 60, improving on Mexican Sergio Perez’s 2017 best of 1:14.820.
Ricciardo had already smashed the all-time track record repeatedly in practice before qualifying in 1:10.810.
Spaniard Carlos Sainz took the final point for Renault. (Reporting by Alan Baldwin, editing by Christian Radnedge and Neil Robinson)
| ashraq/financial-news-articles | https://www.reuters.com/article/motor-f1-monaco/update-1-motor-racing-ricciardo-takes-tense-monaco-win-on-red-bulls-250th-idUSL3N1SY0E1 |
A Florida-based private-equity firm is doubling down on an investment strategy focusing on the graying of America.
Last week, Kayne Anderson Real Estate closed a $1.85 billion real-estate fund, its fifth and largest yet, largely targeting senior housing and medical office buildings along with student housing. The investment vehicle, called the Kayne Anderson Real Estate Partners V, raised funds from a range of global investors, including pension funds, family offices and endowments.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/real-estate-firm-targets-aging-baby-boomers-1527623796 |
May 15 (Reuters) - SOROS FUND MANAGEMENT :
* SOROS FUND MANAGEMENT LLC REPORTS SHARE STAKE IN EBAY OF 125,000 SHARES - SEC FILING
* SOROS FUND MANAGEMENT LLC DISSOLVES SHARE STAKE IN SOUTHWEST AIRLINES - SEC FILING
* SOROS FUND MANAGEMENT REPORTS SHARE STAKE IN INTEL OF 58,000 SHARES - SEC FILING
* SOROS FUND MANAGEMENT - CHANGE IN HOLDINGS ARE AS OF MARCH 31, 2018 AND COMPARED WITH THE PREVIOUS QUARTER ENDED AS OF DEC 31, 2017 Source For the quarter ended Mar 31, 2018: bit.ly/2L5ptEX Source For the quarter ended Dec 31, 2017: bit.ly/2C2PHH3
Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-soros-fund-management-reports-shar/brief-soros-fund-management-reports-share-stake-in-ebay-intel-idUSFWN1SM1CM |
SHANGHAI (Reuters) - The inclusion of Chinese stocks in closely tracked MSCI share indexes is widely expected to draw tens of billions of dollars into the mainland market next month, but active fund managers’ conservative positions could mean inflows are much smaller.
FILE PHOTO: A man is seen against an electronic board showing stock information at a brokerage house in Jiujiang, Jiangxi province, China March 23, 2018. China Daily via REUTERS/File Photo Brokerages including JPMorgan, Sinolink and Shenwan Hongyuan predict around $17 billion of foreign money will flow into China stocks during MSCI’s two-stage inclusion process, on June 1 and Sept. 3, roughly in line with MSCI’s own estimates.
Goldman Sachs, BNP Paribas and Hong Kong-based asset manager CSOP forecast inflows of about $20 billion.
Such forecasts have stoked fears that a sudden gush of foreign money into China’s roughly 230 big-caps via Hong Kong, the main channel for foreign investment in mainland shares, could sap a limited pool of offshore yuan in the city.
Underpinning these projections, however, is an expectation that active fund managers will look to immediately rebalance their portfolios to match the re-weighting of the benchmarks - a highly speculative assumption, according to some market participants.
“Those so-called educated guesses may not be accurate. Truth often rests with the minority,” said Wang Qi, a former head of China Index Research at MSCI who led consultation on the A-share inclusion at the U.S. index publisher.
Wang, now CEO of China-focused asset manager MegaTrust Investment (HK), forecasts the June 1 inclusion would bring in a mere $1 billion of inflows, equivalent to “several minutes of trading” in China’s stock market.
Active fund managers account for over 80 percent of the money tracking its indexes, according to MSCI.
Unlike passive index-tracking funds, which are obliged to buy China stocks to avoid tracking errors, active funds benchmarked against the indexes can stand pat as China’s weighting is so tiny, Wang said.
According to MSCI, $1.9 trillion of assets track its emerging market benchmark. Mainland China stocks, or A-shares, will represent a 0.78 percent weighting of this index after their initial inclusion. A-shares will also account for 0.1 percent of ACWI, MSCI’s flagship global equity index followed by $3.8 trillion of assets.
Caroline Yu Maurer, head of Greater China Equities at BNP Paribas Asset Management, says she has no plans to make big moves around inclusion day.
“Our funds are relatively China-focused, with (Hong Kong-listed) H-shares and A-shares already exceeding 10 percent of our portfolio last year,” she said.
Research house TS Lombard said in a note that fund managers could easily adjust their portfolios by buying Hong Kong-listed stocks, meaning they would not need increased mainland exposure. Of the 230 or so A-shares being added to the index, 49 have H-share listings.
Lyndon Chao, managing director of the Hong Kong-based Asia Securities Industry & Financial Markets Association (ASIFMA), also flags external risks such as North Korea and movements in U.S. bond yields as potential fund flow factors next month.
Despite the difficulties around forecasting inflows, regulators are leaving nothing to chance amid evidence brokerages in Hong Kong are hoarding offshore yuan ahead of an anticipated jam in the stock connect schemes linking China and Hong Kong.
The Hong Kong Monetary Authority has been preparing for months to ensure adequate yuan supply, while China’s central bank announced a series of measures this month to support the offshore yuan market, after quadrupling the Stock Connect daily quota last month.
ASIFMA had been lobbying to increase the daily quota and improve foreign access to A-shares ahead of the MSCI inclusion.
“Why bother to take the risk of potential embarrassment to China, to HK and to MSCI?” said ASIFMA’s Chao.
Reporting by Samuel Shen and John Ruwitch; Editing by Vidya Ranganathan and Sam Holmes
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-msci-flows/flood-or-dud-inflows-from-china-msci-entry-are-anybodys-guess-idUSKCN1IT0DV |
MOSCOW (Reuters) - Russian President Vladimir Putin on Tuesday congratulated Armenian protest leader Nikol Pashinyan on becoming prime minister, the Kremlin said in a statement.
The Kremlin expressed hope that close relations between Russia and Armenia would grow stronger still.
Reporting by Polina Ivanova; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/us-armenia-politics-kremlin/putin-congratulates-armenian-protest-leader-pashinyan-on-becoming-pm-kremlin-idUSKBN1I91CL |
Cramer: T-Mobile's John Legere could be the ticket to Sprint merger approval 21 Hours Ago Jim Cramer explains why the T-Mobile-Sprint merger winning regulatory approval isn't as ridiculous as some might think. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/30/cramer-t-mobile-sprint-could-pass-thanks-to-anti-ceo-john-legere.html |
Oil prices retreated below multi-year highs hit early in the day on Tuesday, supported by concerns that U.S. sanctions on Iran that are likely to restrict crude oil exports from one of the biggest producers in the Middle East.
Prices remained capped a stronger dollar and by concerns that China's economic growth may be slowing after the major oil consumer reported weaker-than-expected monthly data.
U.S. light crude up 35 cents to $71.31 a barrel, after briefly spiking to $71.92, the highest level since Nov. 28, 2014.
Brent crude oil reached $79.47 a barrel, its highest since Nov. 25, 2014. By 2:29 p.m. ET, Brent was up 19 cents at $78.42.
show chapters Middle East tensions weigh on oil markets 8 Hours Ago | 05:08 "You had a series of weak economic data points overnight," said John Kilduff, a partner at Again Capital Management in New York.
China reported weaker-than-expected investment and retail sales in April and a drop in home sales, clouding its economic outlook even as policymakers try to navigate debt risks and defuse a heated trade dispute with the United States.
The data poses worries that near-record high refinery runs may be short-lived. China's refinery runs rose nearly 12 percent in April from a year earlier, to around 12.06 million barrels per day, marking the second-highest level on record on a daily basis, data showed.
Additionally, the market retreated as the U.S. dollar strengthened against other currencies to the highest since December. As the dollar strengthens, investors can retreat from dollar-denominated commodities like oil.
Despite these downward forces, the market retains support from OPEC and other producers' production cuts and U.S. sanctions on Iran.
World oil prices have surged by more than 70 percent over the last year as demand has risen sharply while production has been restricted by the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and other producers, including Russia.
show chapters OPEC and Russia relationship is built to last, says strategist 14 Hours Ago | 03:37 The United States has announced it will impose sanctions on Iran over its nuclear program, raising fears that markets will face shortages later this year when trade restrictions take effect.
The tightening market has all but eliminated a global supply overhang that depressed crude prices between late 2014 and early 2017.
OPEC figures published on Monday showed oil inventories in OECD industrialized nations in March fell to 9 million barrels above the five-year average, from 340 million barrels above the average in January 2017.
U.S. crude is trading at a hefty discount to Brent, the international marker, thanks to sharp rises in U.S. production to 10.7 million bpd, which has left the American domestic oil market well supplied.
U.S. shale oil production is expected to rise by about 145,000 bpd to a record 7.18 million bpd in June, the U.S. Energy Information Administration said on Monday. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/oil-opec-cuts-iran-sanctions-tighten-markets.html |
WeWork Cos.’s first bonds have dropped sharply in price since they were issued last week, raising new questions about the willingness of debt investors to support cash-burning startups.
A New York City-based office-space provider that is privately valued at $20 billion, WeWork scored a victory on April 25 when it raised $702 million by selling new seven-year bonds at par with a 7.875% coupon. Those bonds, however, started falling in the secondary market almost as soon as they were issued, suggesting that demand for the debt... | ashraq/financial-news-articles | https://www.wsj.com/articles/wework-bonds-fall-as-debt-investors-question-startup-stories-1525298920 |
Underwriter’s Option to Purchase Additional Securities Exercised in Full
NEWTOWN, Pa., May 01, 2018 (GLOBE NEWSWIRE) -- Onconova Therapeutics, Inc. (NASDAQ:ONTX) (“Onconova” or “we”), a Phase 3 stage biopharmaceutical company focused on discovering and developing small molecule drug candidates to treat cancer, with a primary focus on Myelodysplastic Syndromes, today announced the closing of its previously announced underwritten public offering (the “Offering”) of 67,647,058 shares of its common stock (“Common Stock”) (or Common Stock equivalent) and warrants to purchase an aggregate of 1,691,176.450 shares of Onconova’s Series B convertible preferred stock (“Preferred Stock Warrants”), including 8,823,529 shares of Common Stock and Preferred Stock Warrants to purchase 220,588.225 shares of Series B convertible preferred stock issued pursuant to the underwriter’s full exercise of its option to purchase additional securities, at the public offering price of $0.425 per share and accompanying Preferred Stock Warrant.
H.C. Wainwright & Co. acted as the sole book-running manager for the Offering.
The gross proceeds of the Offering were approximately $28.75 million and, after deducting underwriting discounts and commissions and offering expenses, the net proceeds of the Offering were approximately $25.6 million. In addition, in the event the Preferred Stock Warrants are exercised in full, Onconova expects to receive approximately $28.75 million in additional proceeds. However, there is no assurance that all or a portion of the Preferred Stock Warrants will be exercised prior to their expiration.
The Preferred Stock Warrants are exercisable immediately at an exercise price of $0.425 per 0.025 share of Series B Preferred Stock (convertible into one share of Common Stock) and will expire on the 18-month anniversary of the date on which Onconova publicly announces through the filing of a Current Report on Form 8-K that an amendment to its certificate of incorporation to increase its authorized shares of Common Stock has been filed with the Secretary of State of the State of Delaware. The shares of Common Stock (or Common Stock equivalents) and the accompanying Preferred Stock Warrants were purchased together in this Offering but were issued separately.
Onconova intends to use the net proceeds from this Offering to fund the development of its clinical and preclinical programs, for other research and development activities and for general corporate purposes, which may include capital expenditures and funding working capital needs.
A registration statement on Form S-1 (File No. 333-224315) relating to these securities was declared effective by the U.S. Securities and Exchange Commission (“SEC”) on April 26, 2018. This Offering was made only by means of a prospectus forming part of the effective registration statement. A final prospectus relating to and describing the terms of the Offering has been filed with the SEC. Copies of the final prospectus relating to the Offering may be obtained for free by visiting the SEC’s website at www.sec.gov or by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, New York 10022, by email at [email protected] or by telephone at 646-975-6996.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Onconova Therapeutics, Inc.
Onconova Therapeutics, Inc. is a Phase 3-stage biopharmaceutical company focused on discovering and developing novel small molecule drug candidates to treat cancer, with a primary focus on Myelodysplastic Syndromes (“MDS”). Rigosertib, Onconova’s lead candidate, is a proprietary Phase 3 small molecule agent, which Onconova believes blocks cellular signaling by targeting RAS effector pathways. Using a proprietary chemistry platform, Onconova has created a pipeline of targeted agents designed to work against specific cellular pathways that are important in cancer cells. Onconova has three product candidates in the clinical stage and several pre-clinical programs. Advanced clinical trials with Onconova’s lead compound, rigosertib, are aimed at what Onconova believes are unmet medical needs of patients with MDS. For more information, please visit http://www.onconova.com .
Forward-Looking Statements
Some of the statements in this release are forward-looking statements Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. These statements relate to future events and include, without limitation, Onconova’s expectations regarding the amount and use of proceeds of the Offering and the exercise of the Preferred Stock Warrants. Although Onconova believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Onconova has attempted to identify forward-looking statements by terminology including “believes,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” “approximately” or other words that convey uncertainty of future events or outcomes. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including Onconova’s need for additional financing and current plans and future needs to scale back operations if adequate financing is not obtained, the success and timing of Onconova’s clinical trials and regulatory approval of protocols, market conditions and those discussed under the heading “Risk Factors” in Onconova’s registration statement on Form S-1, as amended (File No. 333-224315) and its most recent Annual Report on Form 10-K.
Any forward-looking statements contained in this release speak only as of its date. Onconova undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.
GENERAL CONTACT:
http://www.onconova.com/contact/
INVESTOR RELATIONS CONTACT:
Katja Buhrer, Affinity Growth Advisors on behalf of Onconova Therapeutics
[email protected] / (212) 661-7004
Source:Onconova Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-onconova-therapeutics-announces-closing-of-28-point-75-million-upsized-underwritten-public-offering.html |
Tesla call sparks chaos on ETFs 1 Hour Ago CNBC's Dominic Chu discusses the latest fallout on ETFs exposed to Tesla after Elon Musk's contentious earnings call. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/tesla-call-sparks-chaos-on-etfs.html |
(Reuters Health) - Temporary hearing loss after a concert may be more likely in people who drink, use drugs and avoid earplugs, a small Dutch experiment suggests.
Researchers studied 51 people at an outdoor music festival in Amsterdam, asking half of them to wear earplugs. All but two of the participants drank alcohol during the show, and 11 of them, or 22 percent, reported drug use.
Earplugs, as expected, appeared to minimize the risk of hearing loss in tests done after the 4.5-hour show. But alcohol and drug use were independently associated with temporary hearing difficulties, even when people used earplugs.
People who wore earplugs were also more likely to drink alcohol than people who didn’t wear hearing protection during the show.
“Use of earplugs will prevent damage to cells in the inner ear, and prevent temporary changes in hearing,” said Colleen Le Prell, a researcher at the University of Texas at Dallas who wasn’t involved in the study.
“The repetition of loud sound exposures and repeated injury to the inner ear can ultimately result in permanent damage, and permanent hearing loss, for which there is no cure,” Le Prell said by email.
Concertgoers should consider wearing “musicians earplugs” that result in less sound distortion than foam earplugs, Le Prell advised.
So-called acquired hearing loss - the temporary kind people can get at concerts - has become much more common in recent decades, researchers note in JAMA Otolaryngology-Head & Neck Surgery. Repeated episodes of temporary damage, like the kind that happens at a live show, can eventually lead to permanent hearing loss.
Sounds louder than about 85 decibels can lead to permanent hearing loss with repeated exposure. Concert attendees are typically exposed to sounds around 100 to 110 decibels, about as loud as a chain saw. Typical conversations happen around 60 decibels.
Age-related hearing loss happens naturally over time, affecting half of adults over 65. But younger people can avoid further damage to their ears by steering clear of loud noise and wearing proper protection when they spend long periods of time exposed to noises at for work or leisure pursuits.
The current study wasn’t a controlled experiment designed to prove whether or how earplugs, drugs or alcohol might directly impact the risk of temporary hearing loss at concerts. Lead study author Dr. Veronique Kraaijenga of the University Medical Center Utrecht in the Netherlands didn’t respond to emails seeking comment.
It’s also unclear from the study how far people were from the stage and any speakers, which could alter their level of noise exposure during the show, said Dr. Wilko Grolman, a researcher at the University Medical Center Utrecht who wasn’t involved in the study.
“At festival grounds, the sound exposure differs greatly and thereby the subject’s sound exposure,” Grolman said by email.
No matter how close people are to the speakers or the stage, earplugs and other precautions can help protect hearing, said Dr. Jennifer Derebery of the House Ear Clinic and House Ear Institute in Los Angeles.
“Properly fitted ear plugs make the sound that enters the inner ear less loud,” Derebery, who wasn’t involved in the study, said by email. “If we can get the sound loudness down to a softer level, then there is less likely to be damage.”
SOURCE: bit.ly/2HXbqza JAMA Otolaryngology-Head & Neck Surgery, online April 19, 2018.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-hearing-concerts/booze-drugs-skipping-earplugs-linked-to-hearing-loss-at-concerts-idUSKBN1I52LK |
Trump discusses fuel rules with automakers 01:25
Major U.S. and foreign automakers met with U.S. President Donald Trump as his administration considers loosening federal fuel efficiency and pollution standards implemented under Democratic former President Barack Obama. Aleksandra Michalska reports.
Major U.S. and foreign automakers met with U.S. President Donald Trump as his administration considers loosening federal fuel efficiency and pollution standards implemented under Democratic former President Barack Obama. Aleksandra Michalska reports. //reut.rs/2KS5idA | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/11/trump-discusses-fuel-rules-with-automake?videoId=426006776 |
TPG Capital’s growth investment arm has increased its stake in cybersecurity startup Tanium Inc. with a fresh $175 million investment, according to a person familiar with the matter.
The funding brings the company’s valuation to about $5 billion, one of the highest private valuations fetched by a private cybersecurity company, the person said. TPG is buying the stock of some early employees as part of the deal.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/tpg-builds-stake-in-tanium-as-valuation-nears-5-billion-1526511896 |
May 8 (Reuters) - INSYS Therapeutics Inc:
* Q1 REVENUE VIEW $25.7 MILLION — THOMSON REUTERS I/B/E/S * Q1 EARNINGS PER SHARE VIEW $-0.18 — THOMSON REUTERS I/B/E/S
* Q1 ADJUSTED LOSS PER SHARE $0.19 * NET REVENUE IN Q1 WAS $23.9 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-insys-therapeutics-reports-first-q/brief-insys-therapeutics-reports-first-quarter-2018-results-idUSASC0A0KR |
CHICAGO, May 8 (Reuters) - Chicago Mercantile Exchange live cattle settled higher on Tuesday, helped by short-covering and fund buying that halted the market's two-session slide, traders said. In a trading strategy known as bull spreads, some investors bought June futures and simultaneously sold deferred months in anticipation of this week's cash prices. Bull spreads offset CME livestock market funds that track the Standard & Poor's Goldman Sachs Commodity Index that sold, or rolled, June futures mainly into August. Tuesday was the second of five days for the "roll" process. June live cattle closed 1.125 cents per pound higher at 106.300 cents. August ended up 0.375 cent at 104.475 cents. Market bulls look for packers to pay more for cattle this week given their higher margins and recent robust wholesale beef demand for spring grilling and Memorial Day barbecues. Bearish investors believe packers purchased enough cattle in advance of a forecasted supply growth in the weeks ahead. "We look for the packer to be patient this week thinking that by Friday, the cattle feeder will feel the pressure of unsold fed supplies and turn into a willing seller," David Hales said in his newsletter to clients. Fed cattle are animals in feedlots available for sale to processors. Packers in Kansas posted bids of $120 per cwt for slaughter-ready, or cash, cattle versus $127 to $128 asking prices. No bids or offers were reported elsewhere in the U.S. Plains where cattle last week fetched $118 to $128. Investors await the sale of 2,380 animals at Wednesday's Fed Cattle Exchange. Livestock there last week on average brought $122.50 per cwt. Higher CME live cattle futures underpinned the exchange's front-month feeder cattle contracts. May closed up 0.100 cent per pound at 137.725 cents. HIGHER HOGS SETTLEMENT Strong cash prices and technical buying boosted CME lean hog futures, traders said. Sporadic fund rolling contributed to deferred-month hog market gains, traders said. May closed up 0.125 cent per pound at 66.200 cents. Most actively traded June ended 2.125 cents higher at 76.300 cents, and July closed up 1.825 cents at 77.725 cents. China has ramped up inspections of U.S. pork, importers and industry sources said. China has not been a major U.S. pork importer for several months because of increased hog production there, said independent livestock futures trader Dan Norcini, regarding possible impact on subsequent U.S. pork exports. (Reporting by Theopolis Waters Editing by Leslie Adler and Phil Berlowitz )
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-livestock/livestock-cme-live-cattle-turn-up-on-short-covering-fund-buying-idUSL1N1SF2JD |
China to cut import tariffs on autos 1 Hour Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/china-to-cut-import-tariffs-on-autos.html |
Draft plans by the U.S. government to freeze rules on fuel efficiency are likely to be met with resistance by top automakers today.
Executives from Ford, General Motors and Fiat Chrysler, along with the U.S. heads of Daimler and Volkswagen, are set to attend a meeting with President Donald Trump at the White House.
The Trump administration is facing lawsuits from California and several other states after it proposed freezing fuel efficiency rules at 2020 levels until 2026. Environmentalists and Democrats want the Environmental Protection Agency (EPA) to stick to the continuous increase in standards that the Obama administration put in place.
show chapters Fiat Chrysler most exposed to NAFTA changes: Pro 9 Hours Ago | 02:59 And while U.S. auto firms have questioned the feasibility of reaching efficiency standards planned for 2025, they do not support a complete freeze.
Arndt Ellinghorst, head of global automotive research at Evercore ISI Group, told CNBC on Friday that auto bosses will tell Trump that sticking fast to 2020 standards will mean a huge waste of investment.
"They are spending a lot of money on electric vehicles. It is something that consumers want. If you now put targets in place that, let's say, kill the electric vehicle from a regulatory perspective, I think that makes the U.S. industry less competitive on a global scale," he said.
Ellinghorst said the auto industry has been spending more than any other on research and design and seeks a reliable and consistent regulatory framework.
"There is nothing worse than inconsistencies and changing of the targets because companies commit huge capital for a very long term," he added.
The autos analyst said freezing targets on fuel efficiency in the U.S. would disconnect the country from other global automakers, putting it at a competitive disadvantage. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/auto-makers-dont-want-trumps-plan-to-freeze-fuel-efficiency-rules.html |
May 31, 2018 / 7:40 PM / Updated an hour ago Wondrous dunes on Pluto are made of grains of frozen methane Will Dunham 3 Min Read
WASHINGTON (Reuters) - Scientists have detected another exotic feature on one of the solar system’s most wondrous worlds, a large field of dunes on the surface of the distant, frigid dwarf planet Pluto apparently composed of wind-swept, sand-sized grains of frozen methane. The planet Pluto is pictured in a handout image made up of four images from New Horizons' Long Range Reconnaissance Imager (LORRI) taken in July 2015 combined with color data from the Ralph instrument to create this enhanced color global view. NASA/JHUAPL/SwRI/Handout via REUTERS
The dunes, spotted on images taken by NASA’s New Horizons spacecraft during its 2015 flyby, sit at the boundary between a heart-shaped nitrogen glacier about the size of France called Sputnik Planitia and the Al Idrisi Montes mountain range made of frozen water, scientists said on Thursday.
“Pluto, even though it’s so far away from Earth and so very cold, has a riot of processes we never expected to see. It is far more interesting than any of us dreamed, and tells us that these very distant bodies are well worth visiting,” Brigham Young University planetary scientist Jani Radebaugh said.
The dunes cover about 775 square miles (2,000 square km), roughly the size of Tokyo. Their existence came as a surprise. There was some doubt about whether Pluto’s extremely thin atmosphere, mainly nitrogen with minor amounts of methane and carbon monoxide, could muster the wind needed to form such features.
Pluto, smaller than Earth’s moon with a diameter of about 1,400 miles (2,380 km), orbits roughly 3.6 billion miles (5.8 billion km) away from the sun, almost 40 times farther than Earth’s orbit, with a surface marked by plains, mountains, craters and valleys. A mountain range on the edge of Pluto's Sputnik Planitia ice plain - with dune formations clearly visible in the bottom half of the picture - is shown in this handout image taken during the July 2015 New Horizons mission. NASA/Johns Hopkins University Applied Physics Laboratory/Southwest Research Institute/Handout via REUTERS
Methane, carbon monoxide, carbon dioxide and nitrogen, all gaseous on Earth, are rendered solid with Pluto’s temperatures near absolute zero. Pluto’s dunes were shaped by moderate winds reaching around 22 mph (35 kph) apparently blowing fine-grained frozen methane bits from mountaintops.
Pluto’s dunes resemble some on Earth like those in California’s Death Valley and China’s Taklamakan desert, though their composition differs, Radebaugh said.
Dunes have been detected elsewhere in the solar system including planets Mars and Venus, Saturn’s moon Titan and Neptune’s moon Triton, University of Cologne physicist and geoscientist Eric Parteli said. Pluto’s dunes probably formed within the past 500,000 years, and potentially more recently, Parteli added.
“Given we have dunes on the scorching surface of Venus under a dense atmosphere, and out in the distant reaches of the solar system at minus 230 degrees Celsius (minus 382 Fahrenheit) under a thin atmosphere, yes, dunes do have a habit of cropping up in a lot of surprising places,” University of Plymouth planetary scientist Matt Telfer said.
The research was published in the journal Science. Reporting by Will Dunham; Editing by Sandra Maler | ashraq/financial-news-articles | https://uk.reuters.com/article/us-space-pluto/wondrous-dunes-on-pluto-are-made-of-grains-of-frozen-methane-idUKKCN1IW2VE |
White House proceeds with North Korea plan Thursday, May 17, 2018 - 01:35
The White House said on Thursday that it was moving forward with plans for a summit meeting between President Donald Trump and North Korean leader Kim Jong Un in Singapore on June 12, despite North Korea's threat to pull out of the summit if the U.S. insists it give up its nuclear program. ▲ Hide Transcript ▶ View Transcript
The White House said on Thursday that it was moving forward with plans for a summit meeting between President Donald Trump and North Korean leader Kim Jong Un in Singapore on June 12, despite North Korea's threat to pull out of the summit if the U.S. insists it give up its nuclear program. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2Gut1NE | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/17/white-house-proceeds-with-north-korea-pl?videoId=427864620 |
First Quarter Earnings Announcement, Delayed Until After Voting Deadline, Further Evidence that Current Board is a Rubber Stamp for Flawed Strategy
CALGARY, Alberta--(BUSINESS WIRE)-- Cation Capital Inc. (together with its affiliates and associates, “Cation Capital” or “Cation”), a private investment firm and shareholder of Crescent Point Energy Corp (TSX/NYSE: CPG) (“Crescent Point” or “Company”), today commented on Crescent Point’s surprise first quarter 2018 earnings loss, announced this morning.
The Company’s disappointing results – below analysts’ expectations – were driven by rising operating costs and G&A expense, successive quarters of high share-based compensation, increased debt due to continued spending well above cash flow and continued operational challenges.
Shareholders should be concerned regarding the following disclosures in Crescent Point’s first quarter results:
Q1 payout ratio of 184%, with net debt increasing 10% Operating expenses increased 3.3% and G&A increased 4.1% quarter over quarter on a boe basis After a late increase in CapEx budget in 2017, an overspend on that budget to barely exceed year end exit rate production, to then disclose spending $739 million in Q1 2018 to achieve production lower than the 2017 exit rate Share-based compensation costs of $28.8 million, an increase of 155 percent from the same period in 2017, which according to the Company were “driven by the upwardly revised estimate of non-market performance conditions and improved total shareholder return performance relative to peers” Premature disclosure of an agreement to sell assets, potentially harming the Company’s ability to extract full price during negotiations
In a deviation from the Company’s prior practice, this morning’s first quarter earnings announcement occurred a day after the deadline for shareholders to submit their proxies for this year’s annual meeting.
Sandy L. Edmonstone, President of Cation Capital, said, “Crescent Point’s continued dismal results this morning add urgency to our call for change. They are further proof that the Company’s ‘strategy’ is fundamentally flawed and that the current board is unable to set a new course or reign in the current CEO. And by withholding this morning’s announcement until after yesterday’s proxy deadline, Crescent Point’s entrenched board members demonstrate once again that they believe they shouldn’t be held accountable to shareholders for another quarter – or five years’ worth – of value destruction.
“Cation’s board nominees have already garnered tremendous support and while the proxy voting deadline has passed, it is not too late for shareholders to join the move for constructive change and hold the Company’s entrenched incumbent directors accountable.
“You have the right to revoke your proxy any time before the morning of the annual meeting, or if you are a registered shareholder, revote your shares in person at the meeting. If you submitted the Company’s white proxy card, we urge you to revoke your proxy and withhold your votes now. By doing so, you will add your voice to the significant call for change at Crescent Point.”
IT’S NOT TOO LATE TO HOLD THE CRESCENT POINT BOARD ACCOUNTABLE:
REVOKE YOUR WHITE PROXY CARD NOW
A non-registered holder (meaning your shares are held with a broker, bank or other intermediary) is entitled to revoke a form of proxy or voting instruction form (VIF) given to an intermediary at any time leading up to the Crescent Point annual meeting. Simply contact your broker and instruct them to work with their Broadridge representative to execute a “manual revocation”. By instructing your broker to complete the manual process, this will ensure previous votes cast on the Company’s WHITE form of proxy will automatically be revoked. For assistance revoking your shares please dial 647-351-3085 x7156.
Of significance, British Columbia Investment Management (“BCIM”), a major shareholder of Crescent Point, recently disclosed its vote for Cation nominees Dallas Howe and Herbert Pinder, consistent with the recommendation previously published by Institutional Shareholder Services, the leading independent proxy advisory firm. With their vote, BCIM noted,
“We believe that the existing company board has overseen a business strategy that is not aligned with long-term shareholder interests, a sustained period of poor financial performance and sub-optimal governance practices, notably in relation to executive compensation.”
SUPPORT THE MOMENTUM FOR CHANGE AT CRESCENT POINT:
WITHHOLD YOUR VOTE FOR THE COMPANY’S SLATE
A copy of Cation Capital’s information circular is available on Crescent Point Energy Corp.’s SEDAR profile at www.sedar.com .
About Cation Capital Inc.
Cation Capital Inc., together with its affiliates and associates, is a private investment firm headquartered in Alberta, Canada. Cation invests in situations where it is able to influence operational, financial and strategic direction. Cation seeks value in companies that are experiencing financial or operational challenges, are in out of favour sectors or are otherwise in need of change to drive significant long-term value for stakeholders.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006245/en/
Investors:
D.F. King & Co
1-800-835-0437 toll-free in North America
1-201-806-7301 outside of North America (collect calls accepted).
or
Media:
Gagnier Communications
Dan Gagnier / Jeffrey Mathews / Patrick Reynolds
1-646-569-5897
Source: Cation Capital Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-cation-capital-calls-on-crescent-point-shareholders-to-join-the-momentum-for-change-following-another-disappointing-quarter.html |
May 21, 2018 / 9:13 AM / Updated 19 minutes ago FTSE 100 hits fresh record high, Ryanair recovers after results Reuters Staff
(For a live blog on European stocks, type LIVE/ in an Eikon news window)
* FTSE 100 up 0.8 pct at record high
* FTSE 250 also hits new record
* Ryanair recovers from opening fall, up 3 pct
* Financials, energy lead gains on U.S.-Sino trade detente
By Helen Reid
LONDON, May 21 (Reuters) - Britain’s FTSE 100 notched up a fresh record high on Monday, rising strongly as an easing in Sino-U.S. trade tensions and a strengthening dollar gave more fuel to the internationally-exposed index.
The index of Britain’s biggest companies was up 0.8 percent at 0850 GMT, hitting a new record high at 7,838.55 points. The mid-cap FTSE 250 also hit a record in early trading at 21,092.72 points, up 0.5 percent.
UK equities enjoyed a broad-based rally, with all sectors making gains, while financials and energy provided the strongest boosts. The FTSE 100 has gained 7 percent in the past month.
“I don’t think sentiment has changed towards the UK stock market dramatically over the last 2 to 6 months,” said James Illsley, UK equity portfolio manager at JP Morgan Asset Management, saying the FTSE 100’s exposure to international growth was instead the most likely driver.
“This morning news of the easing of trade tensions for China and the U.S. has been driving stocks up,” he added.
On a calmer day for corporate updates, Ryanair stole the spotlight. Its shares had a strong swing back into positive territory, up 2.9 percent, having fallen as much as 3 percent at the open.
The budget airline said higher fuel and staff costs would hurt profits in its new financial year, but investors focused on Ryanair’s record earnings for 2017-2018.
“We believe Ryanair’s industry-leading competitive advantage remains and thus see no reason to change our 12-month ‘outperform’ rating,” said Davy Research analysts.
Banks HSBC and Barclays, and insurance company Prudential, provided the biggest boosts, up 1 to 1.4 percent. Oil majors Royal Dutch Shell and BP also climbed as crude prices gained after China and the United States put a looming trade war “on hold”.
“We are overweight financials with some of the banks and insurers, reflecting a cyclical exposure in terms of global growth continuing to do well,” said Illsley.
Despite the index reaching new highs, analysts continue to downgrade earnings for the FTSE 100. The recent strengthening of sterling is likely to blame for this.
“You could see some of that technical FX downgrade reverse,” said Illsley. “When you actually talk to companies by and large they are positive.”
Overall year-to-date, earnings for the FTSE 350 have been revised up 2.9 percent, according to Goldman Sachs analysts, though they say all of this is attributable to commodity-related sectors. Reporting by Helen Reid; Editing by Mark Potter | ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks/ftse-100-hits-fresh-record-high-ryanair-recovers-after-results-idUSL5N1SS1HV |
FRANKFURT (Reuters) - Deutsche Telekom ( DTEGn.DE ), Europe’s largest telecoms firm, nudged up its forecast for core earnings this year on a strong showing by its T-Mobile US ( TMUS.O ) unit, which has agreed to take over Sprint Corp ( S.N ).
FILE PHOTO: A Deutsche Telekom logo is seen at the Mobile World Congress in Barcelona, Spain, February 26, 2018. REUTERS/Yves Herman/File Photo Bonn-based Deutsche Telekom said on Wednesday it now expected adjusted earnings before interest, taxation depreciation and amortization (EBITDA) of 23.3 billion euros ($27.6 billion), just up from its prior expectation of 23.2 billion.
“We remain on course for success in 2018,” CEO Tim Hoettges said in a statement as Telekom published first-quarter results that were broadly in line with market expectations but reflected the impact of the weak U.S. dollar.
Adjusted EBITDA was flat in the quarter at 5.55 billion euros, in line with the expectations of 21 analysts in a poll commissioned by Deutsche Telekom. Reported revenues slipped by 3.9 percent to 17.92 billion euros.
Organically, that is adjusting for currency effects, revenues rose by 3.1 percent in the first quarter while EBITDA gained 6.6 percent, the company said.
Deutsche Telekom reiterated its forecast for free cash flow of 6.2 billion euros in 2018. Free cash flow rose by 12.5 percent in the first quarter to 1.38 billion euros.
Reporting by Douglas Busvine; Editing by Maria Sheahan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-deutsche-telekom-results/deutsche-telekom-raises-ebitda-guidance-as-t-mobile-us-performs-idUSKBN1IA0HR |
MOSCOW (Reuters) - The Russian Foreign ministry said on Wednesday it was happy Russian journalist Arkady Babchenko had turned out to be alive after all, but said Ukraine has used his story as propaganda.
Babchenko, a dissident Russian journalist who was reported murdered in Kiev, dramatically reappeared alive on Wednesday in the middle of a briefing about his own killing by the Ukrainian state security service.
Reporting by Gabrielle Tétrault-Farber; Writing by Tom Balmforth; Editing by Christian Lowe
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-ukraine-russia-journalist-zakharova/russian-says-ukraine-used-journalist-for-propaganda-idUSKCN1IV20H |
May 9 (Reuters) - Twenty-First Century Fox Inc:
* 21ST CENTURY FOX TO ACQUIRE SEVEN STATIONS FROM SINCLAIR BROADCAST GROUP
* SAYS DEAL FOR APPROXIMATELY $910 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-21st-century-fox-to-acquire-seven/brief-21st-century-fox-to-acquire-seven-stations-from-sinclair-broadcast-group-idUSL8N1SG5EJ |
Below is the transcript of an interview with VTB's President, Andrey Kostin, and CNBC's Geoff Cutmore.
GEOFF: Mr. Kostin I'd like to start by asking you about the results. Clearly the first quarter was very strong, given that we've now seen sanctions imposed upon you and fresh sanctions on the economy here, can VTB continue to generate similar earnings for the rest of the year?
KOSTIN: I do believe so because, as you quite correctly pointed out, we had a very strong first quarter with nearly 1 billion dollar net profit, to be precise fifty five point five billion roubles. And I think forecast for the second quarter is also good. So, we believe that we can even exceed our targets for this year which was 150 billion, which is 2.5 billion dollars for a year. The first quarter we showed the return on equity of 16 percent which is I think think quite high for any financial institution. So yes, we're quite comfortable I think with the results and in spite the fact actually that the loan book is growing very slow in all across the banking sector, including VTB, but of course there's a less provisions, there's a more stable financing and more stable lending. So, I think we are quite comfortable, yes.
GEOFF: So will the sanctions that have been imposed have any impact at all across the year as far as you're concerned?
KOSTIN: You know the business with sanctioned, newly sanctioned institutions, represents less than 2 percent of our assets. So of course it will affect to a certain extent. We still have to see what's going to happen with the sanctions because there is some discussion that they could be lifted for Rusal or and some other companies. So we shall see. But it doesn't at the moment represent a huge problem for us.
GEOFF: What about you personally? Does it now affect the way you're able to run the bank?
KOSTIN: At the moment I haven't seen any specific problems. Some people saying that the reason why I was on the list is because I was giving too many interviews to leading American television channels like yourself. And I think that was of course unfair. For example, I am listed as the senior government official. Which I'm not of course, I'm the chairman of the one of the leading commercial international listed bank and the malign activity which was mentioned and included Ukraine, hacking Syria, or undermining American democracy, which has nothing to do with this of course, and all the banking community all around the world knows me as a banker and I think respect me and I would be working for more than 20 years in this capacity. But, you know what's happened has happened. Maybe not enough time passed since the sanctions, only little bit more than a month to say what effect it will have. Maybe the American bankers or representative will be more restricted in dealing directly with me. But otherwise I think we have business as usual with the rest of the world.
GEOFF: The UK Foreign Affairs Committee in the Houses of Parliament put out a very strong report this week suggesting that there is, Quote: "dirty Russian money running through the UK economy". Do you get the sense that you and other Russian business leaders are no longer welcome in the UK?
KOSTIN: You know, to a certain extent I might agree with the committee but I think they chose the wrong targets because they mentioned the companies which come to the London Stock Exchange for example, raising money through IPO or placing Eurobond. And this is probably the cleanest possible money because they are going through the procedure of due diligence and all the necessary disclosures. And that is actually the internationally recognized process. There are dirty money in London and I should say there are some people who actually left Russia with dirty money and enjoy staying in London. And I think from this point of view we would probably more cooperation between London and Moscow on trying to identify this money and we never, Russia never had for example offshore zones. So you know the money went to the west and that was a problem for the Russian economy. If the British government want to reduce this I think that could be be welcomed but not definitely in the area which the committee I think mentioned. I think again it is unfortunate, a level of misunderstanding, maybe the lack of communication. I think I identified one of the most, the worst problem we have. Lack of communication between MPs, lack of communication between politicians maybe. The only good communication we have between businessmen. That's why we normally have a good context and I think most of the businessmen are against any sanctions.
GEOFF: So if I understand you correctly what you're saying is before the UK government starts pointing a finger in the direction of Moscow it should focus on how it's treated offshore tax havens that have come under the remit of the UK?
KOSTIN: Maybe because you know the outflow of money, capital, capital flight from from Russia was always the problem for the Russian economy. And I think partly the Western government's responsible for this because they didn't take, undertake enough measures against this. But I think we should cooperate, Russia is ready to cooperate on this area. We, I don't think we have hostility here. That's the task. And it is happening all around the world. Russia is a part of the whole mechanism how to make it more transparent, you know, how to exchange information on taxation. But, in the manner it is now presented to us is some evil country, Russia is trying to do something wrongly in the London Stock Exchange is the wrong approach. I think, I think British government and parliament should be very cautious because if they want to keep London as a major financial centre in Europe, after particular Brexit , I think they should be very cautious in taking political decision on this issue because London I think is still one of the best platform for business to work for for financial market to work. But I think one should be careful in not trying to use it for political reasons with all the sanctions otherwise, otherwise we'll move to to Frankfurt.
GEOFF: Roman Abramovich couldn't get home to, or back to the UK to watch the FA Cup. His own team was was playing. He's got visa problems. We've seen Oleg Deripaska, someone that you know very well and have close business contacts with, forced out of his position in his own companies, if I can use that terminology. Do you feel that increasingly Russian business people are unwelcome in the United States, unwelcome in the United Kingdom and ultimately are going to find it harder to do business in the West?
KOSTIN: Probably yes, but I think again, I think Russian businessmen were always like, acted like a bridge between between Russia and the West for example. And I think they they did a lot of good things, like Mr. Abramovich by buying Chelsea and improving its performance. I think that so many fans in England who who are fans of Chelsea. I don't know what if Mr Abramovich tomorrow come and say look I'm closing Chelsea because I can't get a visa what is going to happen. I mean I think there would be very much disappointment in the British society and I see nothing wrong in this as recently, I mean last weekend the Times, Sunday Times wrote an article that VTB Capital sponsored the Chelsea for a flower show and they said 'oh this is Putin's crony Krostin is trying to do something wrong.' I mean first of all I am not a crony of Mr Putin but secondly, what what's wrong in supporting the Chelsea Flower Show? I've been there many times. I think it's one of the best best flower show in the world. But you know too much politicised the issue. I think Russian businessmen they are not politically involved. They even if they meet President and the prime minister quite often they're doing it for their business purposes both political and that's the practice in Russia. But I think it's the wrong decision. I think if the West will start to create specific problems, an obstacle for Russian business, I think will be no good for for both sides. My personal opinion. But we have what we have, we were that's we should more focus on Russia, I think that's what we did for example in VTB when we found the national environment is not very favourable we started to work more domestically and that's why probably we achieved better results.
GEOFF: Does it concern you that the American treasury has been able to force Oleg Deripaska out of these company positions they might come after you next?
KOSTIN: I'm not a donor, so if they decided to do something similar to to VTB they'll have to deal with the 40 percent of the foreign investors and 60 percent of the Russian government. I own nothing in VTB, I'm a very very small part. So that's a different case. Of course, Mr. Deripaska is facing the problem when he has to somehow step down not only as a executive or whatever but as a shareholder, as owner of the company. But I don't think that the end of the world if they find a solution because as far as I understand, Mr. Deripaska agreed not to be the major shareholder for the sake of the company, and I think the company, I mean the American minister of or treasurer made a statement that they are not against the company. So hopefully the issue will be resolved and the Rusal is a well-known international company with a substantial share of the aluminium market, will continue to work to the benefit of everybody because as a result of this situation with Rusal you saw how the prices for aluminium grew and that probably still no good for consumers.
GEOFF: Do you feel you need to review the bank's position in his businesses as a consequence of this?
KOSTIN: Of course we are not lending any new money to him, we are not having any operations with him, with Rusal and other. We are waiting for fucka decisions. That's what we should do. But again we very much hope that the issue will be resolved because we are a big creditor to him so we need to return our money and that we should do somehow.
GEOFF: So ultimately you are going to restrain any further business activity with Mr. Deripaska as a result of what the American Treasury has done?
KOSTIN: Of course, and with the company unless the sanctions are removed.
GEOFF: Do you look around other oligarchs who are subject to sanctions and take the same view that you cannot afford to do business with them because of the potential consequences for VTB?
KOSTIN: You know, potentially. It's a very very difficult to assess because the selection of people like Deripaska and Vekselberg they have not very much logic. I don't know why Vekselberg is on the list but not any other person. I think there are 200 or 300 people which could be on the list instead of Mr Vekselberg or Deripaska. So we can't stop to work with all the large businesses you know in Russia. So we'll continue unless there are certain decisions.
GEOFF: It's extraordinary it seems at times that President Trump says that he wants to improve the relationship with Russia and that he wants to get on a firm footing in discussions with President Putin. And yet at the same time it feels as though the environment is becoming more difficult, more unpleasant and harder for Russians, do you get that sense as well and why do you think that's the case?
KOSTIN: Yeah, but you know what concerns me, I don't know it's all the domestic policy of course, politics in America. You know, the fighting between Trump. Trump is under great pressure himself. You know the day after day where there's a new discovered new problems. Maybe, I mean, Mueller promised by the first of September he will close this so-called Russian investigation. Maybe it will help Trump to feel stronger and maybe to conduct certain policy more constructive towards Russia, maybe not. We don't know. We don't know what is on his mind because I can't [inaudible] to agree with you that one thing that Trump is all we were saying and the American ambassador in Moscow was saying that Trump is interested in more constructive relations, on the other hand we have not only on economic sanctions we call on disarmament and other issues that the conflict is growing. One thing I should say, what concerns me more than any economic sanctions that for the first time may be since, since Caribbean crisis, people, at least in Russia probably in America also, started to feel that there is more danger of World War Three and there is a recent public opinion poll Russia showed that 55 percent of Russians now believe or think that World War Three is possible because of the aggressive policy of the United States. It never was for the last two decades, you know it's very very serious and very and I think to a certain extent reflecting what's happening in the national affairs. The world is becoming much more dangerous place to live. And that's that's a great concern. On the other hand sanctions maybe weakens our economy but it definitely strengthens the unity and the spirit of Russian people, and unfortunately they strengthen the the anti-American feelings inside the Russian society. The Russians strongly believe that a truth with us and they think truth even more powerful than dollar.
GEOFF: Having said that we did see a very positive meeting it appears between President Putin and Chancellor Merkel. The French leader will be here, Mr. Macron at the St. Petersburg International Economic Forum. Is there a sense here that maybe relations between Russia and Western Europe can improve because of the difference they have with President Trump over Iran and the nuclear issue in Iran?
KOSTIN: I think it would be silly to believe that the relationship with America and Europe is so easy for example to world because there's a long term relationship, there is a net organization, many other things which which brings them, United States maybe and Europe together for many many years. But I think we want to improve our relationship with Europe. And I think it's we have more reason to believe that it's possible because Europe is very close to Russia because Europeans might feel much better that the deterioration of political relationship or relation between Russia and the West is more dangerous for Europe than America. America is too far away, a thousand miles away from European continent and I think we have much more in common here in Europe and you know more common problems and other things. And I think we should work together persistently on trying to improve it. I think there is, the very disappointing thing that we don't have any specific reason to be in conflict either with both from Europe or America. We don't want to conquer anybody, we don't want to undermine any democracy and that's unfortunately a very high level of misunderstanding, problem both sides, and which led to such a grave situation.
GEOFF: Let me bring you back to Russia and the outlook for the economy here. Politically nothing seems to have changed with the new government. Most of the ministers have been reconfirmed in the positions that they had before the last presidential election. Does that ultimately mean nothing changes here with the economy, you're still very reliant on the high energy price and ultimately the reforms that keep being talked about are just not going to happen. New government but same old government.
KOSTIN: I don't believe actually that you can conduct certain policy and all the sudden started to do new reforms which is quite different to what you were doing before. Particularly we have the same president, we have the same prime minister and as you correctly pointed out we have more or less, no I mean there was a change of by 50 percent approximately the change of members of the government…
GEOFF: Although the key ministers remain in place…
KOSTIN: Key ministers, and they're they're quite efficient. I think if you look at the people like minister of economy, minister of finance, I think quite liberal minded actually people. And I think that the government did a very good job over the last years. You cannot maybe not saying that something which is very impressive was striking but everyday activity and everyday activity on improving legislations on improving standards on, even even putting the focusing on new technologies, that's what the government was doing and I think despite the fact that the growth we don't expect a very high growth this year probably a one and a half, two percent, but the inflation, our forecast for this year inflation will be between three and three and a half percent. Russia you correctly pointed because of the high oil prices, which is supported by the situation around Iran and maybe very poor performance of Venezuela. The we might expect may on average about 70 dollar per barrel. We we expect that there will be surplus budget in Russia. So macroeconomic stability and the reasonable growth I think will allow us to to have quite a stable economic forecast, though we have some problems. One of the major problems is a lack of workforce. You know we have a low inflation, low unemployment rate and we don't have any potential for growing for growing a number of people in the workforce. And one of the answers for this in my opinion would be to liberalize the immigration regime and citizen citizenship status for Russians living abroad, maybe in Ukraine and other ex-Soviet Union republics. I think we can bring more Russian people, train people even with higher education into a Russian economy that would be…There are some other reasons I agree with you. Maybe not enough. We still have a very big dependence on imports. That of course affects our trade balance and a low level of loans over the growth of loan book of Russian banks. Maybe partly the high interest rate is responsible for this.
GEOFF: When you think about the current price for oil, it's obviously been beneficial for the economy here, but is it your working assumption for the year ahead that we will continue to see oil in the 70 to 80 dollars a barrel area?
KOSTIN: You know there's a certain factors which affect this. On the one hand there's OPEC the OPEC agreement which helps to stabilize the prices. On the other side there is a very fast growth of the production of oil in America which compensated probably this agreement, then we have two factors: one is Iran, and of course the withdrawal of United States from Iranian deal and the I think inevitable new sanctions on Iran, including the oil industry, and secondly a very bad state of affairs in Venezuela in the very inefficient production in Venezuela of oil. These two factors very much depend on political situation. If, so, in the short term or medium term I think the answer is yes we can expect higher oil prices but if for one another reason there will be no effect of Iran restrictions and Venezuela for no reason I don't know will start to produce more, we might have a different situation the prices can go back to 50 or even lower.
GEOFF: You are involved in a bid in India for Essar steel. How does that bid fit in with your broad approach towards the Indian market and the Indian economy at the moment?
KOSTIN: You know we had a quite successful transaction of supporting companies including the Rosneft for acquisition or [inaudible] Essar Oil, a substantial 49 percent stake there and we develop relationships with the Essar group. So we agreed to support the contenders for Essar Steel. It's quite complicated issue, still not clear who will be the winner but of course the Asian market for us is a big market, you can't ignore it. There is more than a billion people. Very protective protective market of course, in Beijing particularly, we we effectively had to close our bank there for this reason. We used to have big institutions but now we only rep office. But it's interesting market and there is a very good political relations. Maybe not so much a big trade but definitely we can expect the growing relationship between India and Russia. And you know just Mr Modi spend the whole day with Mr. Putin in Sochi recently I think you just showed the level of atmosphere of trust and cooperation between the two countries.
GEOFF: Are you looking at buying any other distressed assets in the Indian economy?
KOSTIN: Well not buying anything, we're just financing. We help the companies to buy it. We know if we buy a small stake we would normally then we'll be selling it. That's not our business to produce steel or oil. It's a nightmare for us.
GEOFF: Indeed, are you interested…
KOSTIN: Even oil...
GEOFF: Are you interested in owning or having stakes in other businesses in India at the moment? Are there any other targets for you?
KOSTIN: Only for a short period of time. You know I, for example we might have, we will look for the stock market particular because some companies are very fast growing but it's mainly that speculative you know transactions or for a short or mid-term period of time like a private equity. You know in in Russia the largest bank is quite active in private equity but we don't have any private equity funds effectively so that's why the bank is sometime filling in this niche like we were the major shareholder in Pulkovo airport until we sold the majority stake and then some other transaction like this.
GEOFF: And you're also I believe talking to the Qatari's about extending some financing to them, is this part of a growing strategy to focus on the Middle East and Asia and other markets away from the U.S. and UK?
KOSTIN: You know we have a very long term relationship with Qatar, very close, because in 2013 they bought stake in our bank. They invested half a billion dollars in our bank, stocks, so they're one of our largest shareholder. Maybe after the, maybe third or fourth largest shareholder so we have a good relationship, we help them with certain acquisitions in Russia, we sold them 25 percent of Pulkovo. We sometimes finance their operations in Russia. So we'll continue to do that they're a big investors.
GEOFF: I just want to circle back if I might to the personal sanctions on you. In what way has it changed how you're leading your life since the sanctions on you were imposed a month or so ago?
KOSTIN: Well I like to ski in Colorado. I will not be able to do it. Which is very unfortunate in the best snow in Colorado, a very good mountain, a very good people very friendly people you know. But I won't be able probably to attend, not this year because this year in Bali the IMF meetings, I've been attending the IMF meetings for more than 20 years. Of course that's a good platform for relationship with all world bankers from all around the world. Otherwise I don't know I haven't I haven't felt yet but maybe in the future I'll feel no more consequences of these. I'll definitely be missing New York because I love the city. But I hope one day will come back.
GEOFF : Are you actively lobbying, lobbying at the moment to get the sanctions removed?
KOSTIN : I'm not at the moment. Not at the moment. I think householder let the dust you know fell down you know I fall down. I'm not sure whether I should but I think situation is now very acute. Let's wait and see what's going to happen with the sanctions. I think we should stop the sanctions. I think we we should we should reverse the process. That's why I'm not I don't have any revenge. I'm not I'm telling my government, actually advising my government not to take any tit for tat actions frankly speaking because I think somewhere we should stop this tit for tat. You know that that's no good. But I can't of course guarantee the development in such a positive way. But one day we believe that the American elite or American establishment understand that Russia is not an enemy to America at all and only with cooperation we can become, we can provide a better world for our peoples. So I hope for this.
ENDS
For more information contact Jonathan Millman, EMEA Communications Executive: [email protected] / +44 7788 307 996
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ROCKVILLE, Md., May 07, 2018 (GLOBE NEWSWIRE) -- Rexahn Pharmaceuticals, Inc. (NYSE American:RNN), a clinical stage biopharmaceutical company developing innovative, targeted therapeutics for the treatment of cancer, announced financial results for the first quarter ended March 31, 2018.
“Rexahn had a strong start to 2018, with the presentation of encouraging data on RX-3117 in metastatic pancreatic cancer and advanced bladder cancer and the announced collaboration with Haichang to develop RX-0201 for hepatocellular carcinoma,” said Peter D. Suzdak, Ph.D., chief executive officer of Rexahn. “We look forward to the continued clinical advancement of RX-3117 and RX-5902 and we will be presenting data on these programs in June at the 2018 American Society of Clinical Oncology (ASCO) Annual Meeting. These data will include interim data from the Phase 2a trials of RX-3117 in advanced bladder cancer patients and of RX-5902 in patients with triple-negative breast cancer. We also look forward to presenting data later this year on the ongoing Phase 2a trial of RX-3117 in combination with Abraxane ® in newly diagnosed metastatic pancreatic cancer patients.”
Recent Highlights:
The European Commission granted Orphan Drug Designation for RX-3117 in pancreatic cancer in January 2018. Presented data from the Phase 2a clinical trial of RX-3117 in metastatic pancreatic cancer at the ASCO Gastrointestinal Cancers 2018 Annual Meeting. Of the 43 patients included in the efficacy analysis, 31% had disease stabilization for two months or more and 12% had disease stabilization for greater than four months. Presented data from the Phase 2a clinical trial of RX-3117 in advanced bladder cancer at the ASCO Genitourinary Cancers 2018 Annual Meeting. Encouraging progression-free survival and evidence of tumor shrinkage (including one patient with a partial response) were observed in patients with advanced bladder cancer who had failed on multiple prior treatments including immunotherapy and gemcitabine. Received notice of allowance from the U.S. Patent and Trademark Office in January 2018 for a new U.S. patent covering the Use of RX-5902. The allowed Patent Application No. 15/255,901, “Quinoxalinyl Piperazinamide Methods of Use,” covers the use of RX-5902 for the treatment of cancers including triple-negative breast cancer either as monotherapy or in combination with other anti-tumor agents such as cytotoxic agents or immune checkpoint inhibitors. The allowed application will extend the patent protection for uses claimed under this patent until 2036. Entered into a research and development collaboration with Zhejiang Haichang Biotechnology Co., Ltd. (Haichang) for the development of RX-0201. Under the agreement, Haichang will develop a nano-liposomal formulation of RX-0201 using its proprietary QTsome™ technology and conduct certain preclinical and clinical activities through completion of a Phase 2 proof-of-concept clinical trial for the treatment of hepatocellular carcinoma. Presented preclinical data at the American Association of Cancer Research Annual Meeting 2018 demonstrating that RX-3117 promotes epigenetic effects in cancer cells through enhanced degradation of DNA methyltransferase 1. Enhanced leadership team by appointing Douglas J. Swirsky as President, Chief Financial Officer and Corporate Secretary in January 2018. As of May 4, 2018, had $19.3 million in cash, cash equivalents and investments (unaudited). Rexahn expects that its cash, cash equivalents and investments will be sufficient to fund the company’s currently expected cash flow requirements for its activities into mid-2019.
Q1 2018 Financial Results:
R&D Expenses: Research and development expenses were $4.1 million for the three months ended March 31, 2018, compared to $2.3 million for the three months ended March 31, 2017. The increase in research and development is primarily attributable to increases in drug manufacturing costs and clinical trial costs from the advancement of our clinical trials.
G&A Expenses: General and administrative expenses for the three months ended March 31, 2018 were approximately $1.8 million, compared to $1.7 million for the three months ended March 31, 2017. The year-over-year increase is primarily attributable to an increase in personnel expenses.
Net Loss: Rexahn’s loss from operations was $5.9 million and $4.0 million for the three months ended March 31, 2018 and 2017, respectively. Rexahn's net loss was $2.1 million, or $0.07 per share, for the three months ended March 31, 2018, compared to a net loss of $21.6 million, or $0.91 per share, for the three months ended March 31, 2017. Included in the net loss for the three months ended March 31, 2017 is a non-cash charge of $17.7 million due to an adjustment to the fair value of outstanding warrants primarily resulting from the increased stock price of the underlying common stock, as compared to a non-cash gain of $3.4 million for the three months ended March 31, 2018.
About Rexahn Pharmaceuticals, Inc.
Rexahn Pharmaceuticals Inc. (NYSE American:RNN) is a clinical stage biopharmaceutical company dedicated to developing novel, targeted therapeutics for the treatment of cancer. The company's mission is to improve the lives of cancer patients by developing next-generation cancer therapies that are designed to maximize efficacy while minimizing the toxicity and side effects traditionally associated with cancer treatment. Rexahn's product candidates work by targeting and neutralizing specific proteins believed to be involved in the complex biological cascade that leads to cancer cell growth. Preclinical studies show that certain of Rexahn's product candidates may be effective against multiple types of cancer, including drug resistant cancers, and difficult-to-treat cancers, and others may augment the effectiveness of current FDA-approved cancer treatments. The Company has two oncology product candidates, RX-3117 and RX-5902, in Phase 2 clinical development and additional compounds in preclinical development including RX-0201. For more information about the Company and its oncology programs, please visit www.rexahn.com .
Safe Harbor
To the extent any statements made in this press release deal with information that is not historical, these are forward-looking statements under the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about Rexahn’s plans, objectives, expectations and intentions with respect to cash flow requirements, future operations and products, enrollments in clinical trials, the path of clinical trials and development activities, and other statements identified by words such as “will,” “potential,” “could,” “can,” “believe,” “intends,” “continue,” “plans,” “expects,” “anticipates,” “estimates,” “may,” and other words of similar meaning or the use of future dates. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Uncertainties and risks may cause Rexahn’s actual results to be materially different than those expressed in or implied by Rexahn’s forward-looking statements. For Rexahn, particular uncertainties and risks include, among others, understandings and beliefs regarding the role of certain biological mechanisms and processes in cancer; drug candidates being in early stages of development, including clinical development; the ability to initially develop drug candidates for orphan indications to reduce the time-to-market and take advantage of certain incentives provided by the U.S. Food and Drug Administration; the ability to transition from our initial focus on developing drug candidates for orphan indications to candidates for more highly prevalent indications; and the expected timing of results from our clinical trials. More detailed information on these and additional factors that could affect Rexahn’s actual results are described in Rexahn’s filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and the subsequent quarterly report on Form 10-Q. All forward-looking statements in this news release speak only as of the date of this news release. Rexahn undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Media Contact:
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Susan Forman or Laura Radocaj
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(Tables to follow)
Rexahn Pharmaceuticals, Inc.
Condensed Statement of Operations
(unaudited)
For the Three Months Ended
March 31, 2018 2017 Revenues: $ - $ - Expenses: General and administrative 1,827,322 1,690,846 Research and development 4,058,533 2,262,395 Total Expenses 5,885,855 3,953,241 Loss from Operations (5,885,855 ) (3,953,241 ) Other Income (Expense) Interest income 75,736 31,797 Other income 368,750 - Unrealized gain (loss) on fair value of warrants 3,366,496 (17,689,580 ) Total Other Income (Expense) 3,810,982 (17,657,783 ) Net Loss Before Provision for Income Taxes (2,074,873 ) (21,611,024 ) Provision for income taxes - - Net Loss $ (2,074,873 ) $ (21,611,024 ) Net loss per share, basic and diluted $ (0.07 ) $ (0.91 ) Weighted average number of shares outstanding, basic and diluted 31,731,485 23,851,734 Rexahn Pharmaceuticals, Inc.
Selected Balance Sheet Information
(unaudited)
March 31, December 31, 2018 2017 Cash, Cash Equivalents and Marketable Securities $ 21,182,840 $ 26,831,905 Working Capital (1) $ 19,365,084 $ 24,901,710 Total Assets $ 22,554,270 $ 28,287,881 Total Liabilities $ 7,584,310 $ 11,519,285 Stockholders’ Equity $ 14,969,960 $ 16,768,596 Working Capital defined as current assets less current liabilities
Source:Rexahn Pharmaceuticals | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-rexahn-reports-first-quarter-2018-financial-results.html |
May 9, 2018 / 9:22 AM / Updated 19 minutes ago Walmart to pay $16 billion for control of India's Flipkart, shares slide Sankalp Phartiyal , Nandita Bose 5 Min Read
MUMBAI/NEW YORK (Reuters) - Walmart Inc ( WMT.N ) said on Wednesday it will pay $16 billion (11.8 billion pounds) for a roughly 77 percent stake in Indian e-commerce firm Flipkart, and shares of the U.S. retailer tumbled 4 percent on news of its largest-ever deal, an effort to compete with rival Amazon.com Inc ( AMZN.O ) in an important growth market. FILE PHOTO: The logo of India's e-commerce firm Flipkart is seen on the company's office in Bengaluru, India April 12, 2018. REUTERS/Abhishek N. Chinnappa/File Photo
Shares of Walmart fell 4 percent in afternoon trade after opening at a seven-month low as the company warned it expects the deal to shave fiscal 2019 earnings by 25-30 cents per share if it closes before the end of the second quarter. It also expects Indian investments to shave 60 cents per share from earnings in fiscal 2020.
For Walmart, the acquisition opens a new front in its battle with Amazon, which had expressed interest in making a competing offer for a stake. Amazon now holds about 27 percent of India’s burgeoning e-commerce market, according to Euromonitor, where Walmart only operates 21 cash-and-carry wholesale stores in the country that sell to businesses.
“We will not know for five to 10 years whether this transaction is successful strategically or financially,” said Steven Roorda, portfolio manager with Minnesota-based Stonebridge Capital Advisors. “Walmart has a very poor track record operating outside North America,” he said.
Jason Benowitz, senior portfolio manager at the Roosevelt Investment Group, said the deal probably will not do much to change market share between Flipkart and Amazon in India. Related Coverage Factbox - Walmart notches biggest foreign investment with $16 billion Flipkart deal
Sources had told Reuters they thought Amazon’s approach to Flipkart was likely a ploy to complicate Walmart’s bid.
“It would have been out of character for Amazon to write a check of that size to consolidate its market share in India, where it is already growing at a fast clip,” Roosevelt’s Benowitz said.
Flipkart sells consumer goods ranging from soaps to smartphones and clothes, and gives Walmart access to an e-commerce market that could be worth $200 billion a year within a decade, according to Morgan Stanley. The Walmart logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 1, 2018. REUTERS/Brendan McDermid
Walmart expects the deal will play a part in “setting the company up for growth and profits in the future,” Chief Executive Officer Doug McMillon said on a call with investors. McMillon has led Walmart’s efforts to boost international business.
Walmart said Flipkart’s logistics, payments and apparel businesses offer new areas of growth. FOCUS ON INTERNATIONAL BUSINESS
Walmart has renewed its focus on catching up with rivals in key international markets.
The company retreated from Britain, selling a controlling stake in its British arm ASDA to J Sainsbury Plc ( SBRY.L ). Walmart is also trying to offload a majority stake in its Brazilian operations to private equity firm Advent International.
S&P Global downgraded its credit rating for Walmart to “negative” from “stable”, citing risk from the large investments the retailer is making to fix its global operations and its ongoing technology investments in the United States.
Walmart said it plans to fund the India deal through a combination of newly-issued debt and cash on hand. The investment will include $2 billion of new equity funding and Walmart said it remains in talks with other potential investors to join the funding round.
A new investor could lower Walmart’s stake, but the company plans to retain majority control of Flipkart. Reuters previously reported Google-parent Alphabet ( GOOGL.O ) may buy a roughly 15-percent stake in Flipkart for $3 billion.
The remainder will be held by existing shareholders, including Flipkart co-founder Binny Bansal, China’s Tencent Holdings Ltd ( 0700.HK ), Tiger Global Management and Microsoft Corp ( MSFT.O ), the company said.
The Walmart statement made no reference to the exit of Flipkart co-founder Sachin Bansal or SoftBank Group ( 9984.T ), which was one of the largest investors in Flipkart through its Vision Fund.
Reuters had previously reported that Bansal and SoftBank would sell their entire stakes in Flipkart.
Other investors like Naspers and eBay said they sold their holdings in Flipkart.
“The deal reaffirms that there is big opportunity in Indian retail,” said Arvind Singhal, Managing Director of retail consultancy Technopak, adding it would attract more global investment into the sector. Additional reporting by Harry Brumpton and Melissa Fares in New York, Siddharth Cavale, Nivedita Bhattacharjee and Abhirup Roy in Bengaluru, Swati Bhat and Devidutta Tripathy in Mumbai and Sam Nussey in Tokyo; Editing by Euan Rocha, Bernard Orr and Nick Zieminski | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-flipkart-m-a-walmart/softbanks-son-confirms-walmart-to-acquire-indias-flipkart-idUKKBN1IA14S |
May 21 (Reuters) - Australia’s oOh!media Ltd said on Monday it had submitted an improved bid for media and entertainment firm HT&E Ltd’s Adshel division.
The improved indicative offer for the outdoor advertising division was submitted on April 30 and values Adshel at A$470 million ($355 million), the billboard firm said in a statement.
oOh!media added it remains ready to undertake due diligence on Adshel which could result in a binding offer.
The details of the initial offer made in April were not disclosed, with HT&E’s board saying only that the offer did not “adequately reflect” Adshel’s value to its shareholders.
$1 = 1.3294 Australian dollars Reporting by Aaron Saldanha in Bengaluru; Editing by Edwina Gibbs
| ashraq/financial-news-articles | https://www.reuters.com/article/hte-adshel-oohmedia/australias-oohmedia-offers-355-mln-for-htes-adshel-division-idUSL3N1SS01W |
NHK: Japan plans retaliatory tariffs against U.S. Thursday, May 17, 2018 - 01:25
Japan is considering tariffs on U.S. exports worth $409 million in retaliation against steel and aluminum import tariffs imposed by President Donald Trump, according to NHK. Grace Lee reports.
Japan is considering tariffs on U.S. exports worth $409 million in retaliation against steel and aluminum import tariffs imposed by President Donald Trump, according to NHK. Grace Lee reports. //reut.rs/2L5uJs6 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/17/nhk-japan-plans-retaliatory-tariffs-agai?videoId=427721775 |
May 3, 2018 / 11:47 AM / Updated 10 minutes ago BRIEF-Minerva Neurosciences Q1 Loss Per Share $0.32 Reuters Staff
May 3 (Reuters) - Minerva Neurosciences Inc:
* MINERVA NEUROSCIENCES REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND BUSINESS UPDATES
* Q1 LOSS PER SHARE $0.32 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-minerva-neurosciences-q1-loss-per/brief-minerva-neurosciences-q1-loss-per-share-0-32-idUSASC09ZHN |
May 7 (Reuters) - Hubei Wuchangyu Co Ltd:
* SAYS SHARE TRADE TO HALT ON MAY 8 AS IT WILL WITHDRAW DELISTING RISK WARNING, TRADING THEN TO RESUME ON MAY 9 Source text in Chinese: bit.ly/2wkaMKL (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-hubei-wuchangyu-to-withdraw-delist/brief-hubei-wuchangyu-to-withdraw-delisting-risk-warning-from-may-9-idUSH9N1SA00S |
The higher dose of CMB305 was deemed safe and cleared for the pivotal Phase 3
The 20ug dose of G100 shows a two-fold increase in TILs, higher than that seen at the 10ug dose Conference call at 1:30 pm Pacific today
SEATTLE and SOUTH SAN FRANCISCO, Calif., May 02, 2018 (GLOBE NEWSWIRE) -- Immune Design (Nasdaq:IMDZ), an immunotherapy company focused on next-generation therapies in oncology, today reported financial results and a corporate update for the first quarter ended March 31, 2018.
“The plan to start patient enrollment by mid-year in our pivotal Phase 3 of CMB305 in synovial sarcoma is on track. Moreover, G100 is emerging as an exciting, active immunotherapeutic molecule with great potential,” said Carlos Paya, M.D., Ph.D., President and Chief Executive Officer of Immune Design. “The continued progress in our programs increases our confidence in Immune Design’s strategies, differentiation and potential in an underserved immuno-oncology space.”
Recent Highlights
CMB305: novel prime-boost targeting NY-ESO-1 + cancers
-- The higher dose of CMB305 (4x the vector component compared to earlier clinical studies) was found to be safe by a data monitoring committee and cleared to move forward into the planned pivotal Phase 3 trial in frontline maintenance in synovial sarcoma patients.
G100: novel, synthetic TLR4 agonist for intratumoral therapy
-- Updated data in follicular lymphoma patients show that a higher dose of G100 (20ug, 2x the dose studied in the ongoing randomized study with pembrolizumab) has increased activity, as defined by a two-fold increase in tumor infiltrating lymphocytes (TILs) pre- vs. post-G100 treatment.
-- Immune Design is planning to interact with the FDA regarding next steps for development of G100.
Financial Results
First Quarter
Immune Design ended the first quarter of 2018 with $131.0 million in cash and cash equivalents, short-term investments, and other receivables compared to $144.2 million as of December 31, 2017. Net cash used in operations for the three months ended March 31, 2018 was $16.4 million.
Net loss and net loss per share for the first quarter of 2018 were $13.3 million and $0.28, respectively, compared to 12.6 million and $0.50, respectively, for the first quarter of 2017.
Revenue for the first quarter of 2018 was $0.5 million and was primarily attributable to the Sanofi G103 HSV2 vaccine collaboration. Revenue for the first quarter of 2017 was $5.5 million and was primarily attributable to $5.2 million in collaboration revenue associated with the Sanofi G103 collaboration and $0.3 million in product sales to other third parties.
Research and development expenses for the first quarter of 2018 were $10.3 $14.0 million for the same period in 2017. The $3.7 million decrease was primarily attributable to a decrease of $4.8 million in contract manufacturing costs related both internal and collaboration programs. Offsetting this decrease was an increase of $1.1 million in personnel-related and other research and development expenses.
General and administrative expenses for the first quarter of 2018 were $4.0 million, relatively consistent with general and administrative expenses of $4.1 million recorded in the first quarter of 2017.
Cash Guidance
Based on current expectations, Immune Design expects to have cash to fund operations into the second half of 2020.
Conference Call Information
Immune Design will host a conference call and live audio webcast this afternoon at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time to discuss first quarter 2018 financial results and provide a corporate update.
The live call may be accessed by dialing 844-266-9538 for domestic callers and 216-562-0391 for international callers. A live webcast of the call will be available online from the investor relations section of the Immune Design website at http://ir.immunedesign.com/events.cfm and will be archived there for 30 days. A telephone replay of the call will be available for five days by dialing 855-859-2056 for domestic callers or 404-537-3406 for international callers and entering the conference code 1088768.
An archived copy of the webcast will be available on Immune Design's website beginning approximately two hours after the conference call. Immune Design will maintain an archived replay of the webcast on its website for at least 30 days after the conference call.
About Immune Design
Immune Design is a late-stage immunotherapy company employing next-generation in vivo approaches to enable the body's immune system to fight disease. The company's technologies are engineered to activate the immune system's natural ability to generate and/or expand antigen-specific cytotoxic immune cells to fight cancer and other chronic diseases. CMB305 and G100, the leading product candidates with broad potential in oncology, are based on the company’s two technology platforms that are potent stimulators of the immune system – ZVex ® and GLAAS ® - the fundamental technologies of which were licensed from the California Institute of technology and the Infectious Disease Research Institute (IDRI), respectively. Both ZVex and GLAAS also have potential applications in infectious disease and allergy indications, which are being developed through ongoing pharmaceutical collaborations. Immune Design has offices in Seattle and South San Francisco. For more information, please visit www.immunedesign.com .
Cautionary Note on Forward-looking Statements
This press release contains within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “expect,” “plan,” “anticipate,” “target,” “estimate,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify . These are based on Immune Design’s expectations and assumptions as of the date of this press release. Each of these involves risks and uncertainties that could cause Immune Design’s clinical development programs, future results or performance to differ significantly from those expressed or implied by the . Forward-looking statements contained in this press release include, but are not limited to, statements about the progress, timing, scope and results of clinical trials, the association of data with treatment outcomes, the timing and likelihood of obtaining regulatory approval of Immune Design’s product candidates and timing estimates of cash remaining to fund operations. Many factors may cause differences between current expectations and actual results, including unexpected safety or efficacy data observed during preclinical or clinical studies, clinical trial site activation or enrolment rates that are lower than expected, changes in expected or existing competition, changes in the regulatory environment, the uncertainties and timing of the regulatory approval process, and unexpected litigation or other disputes. Other factors that may cause Immune Design’s actual results to differ from those expressed or implied in the in this press release are discussed in Immune Design’s filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” sections contained therein. Except as required by law, Immune Design assumes no obligation to update any contained herein to reflect any change in expectations, even as new information becomes available.
Immune Design Corp. Selected Balance Sheet Data (In Thousands) March 31,
2018 December 31,
2017 (unaudited) Cash and cash equivalents $ 72,172 $ 72,454 Short-term investments 58,706 68,653 Other receivables 97 3,134 Total assets 135,314 153,834 Total current liabilities 6,351 14,520 Total stockholders' equity 128,858 139,212
Immune Design Corp. Condensed Consolidated Statements of Operations and Comprehensive Loss Data (In Thousands Except Share and Per Share Amounts) Three Months Ended March 31, 2018 2017 (unaudited) Revenues: Collaborative revenue $ 496 $ 5,204 Product sales 7 261 Total revenues 503 5,465 Operating expenses: Cost of product sales 7 37 Research and development 10,311 14,038 General and administrative 3,995 4,135 Total operating expenses 14,313 18,210 Loss from operations (13,810 ) (12,745 ) Interest and other income 510 125 Net loss $ (13,300 ) $ (12,620 ) Other comprehensive loss: Unrealized loss on investments (18 ) (23 ) Comprehensive loss: $ (13,318 ) $ (12,643 ) Basic and diluted net loss per share $ (0.28 ) $ (0.50 ) Weighted-average shares used to compute basic and diluted net loss per share 48,122,396 25,463,202
Media Contact
Julie Rathbun
[email protected]
206-769-9219
Investor Contact
Sylvia Wheeler
[email protected]
650-392-8318
Source:Immune Design Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-immune-design-reports-first-quarter-2018-financial-results-and-provides-corporate-update.html |
– President Donald Trump signs the “Right to Try Act” at 12:15 p.m. The president Reasons Republicans Are More Optimistic About the Midterms | ashraq/financial-news-articles | https://blogs.wsj.com/washwire/2018/05/30/capital-journal-196-newsletter-draft/ |
May 2, 2018 / 12:23 PM / Updated 14 minutes ago BRIEF-Payment Data Systems Says Total Dollars Processed During Q1 Increased 305 Pct Over Same Period In 2017 Reuters Staff
May 2 (Reuters) - Payment Data Systems Inc:
* PAYMENT DATA SYSTEMS ANNOUNCES RECORD TRANSACTION PROCESSING RESULTS FOR THE FIRST QUARTER OF 2018
* PAYMENT DATA SYSTEMS INC - TOTAL DOLLARS PROCESSED DURING Q1 INCREASED 305% OVER SAME PERIOD IN 2017
* PAYMENT DATA SYSTEMS INC - CREDIT CARD TRANSACTIONS PROCESSED DURING Q1 OF 2018 WERE UP 307% OVER SAME PERIOD IN 2017
* PAYMENT DATA SYSTEMS INC - CREDIT CARD DOLLARS PROCESSED DURING Q1 OF 2018 WERE UP 5% OVER Q4 OF 2017
* PAYMENT DATA SYSTEMS INC - TOTAL DOLLARS PROCESSED FOR Q1 OF 2018 EXCEEDED $782.9 MILLION
* PAYMENT DATA SYSTEMS INC - ELECTRONIC CHECK TRANSACTION VOLUMES DURING Q1 OF 2018 WERE UP 5% OVER Q4 OF 2017 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-payment-data-systems-says-total-do/brief-payment-data-systems-says-total-dollars-processed-during-q1-increased-305-pct-over-same-period-in-2017-idUSASC09YZO |
This $150,000 Prius has a Dodge Hellcat engine inside 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/this-150000-prius-has-a-dodge-hellcat-engine-inside.html |
5 Hours Ago | 01:21
In March of 2006, Elon Musk sat down with CNBC just days after SpaceX's first demo launch. Musk talked about the future of his rocket company even after its first demonstration failed.
"We got a lot of data from this first flight even though it didn't get all the way to orbit," Musk said.
SpaceX was founded by Musk in 2002, with the goal of creating a new kind of privatized space industry. While his company became the first privatized space company to return a spacecraft to Earth from low orbit; it had some bumps in the road. Including, the initial flight of its first rocket, the Falcon 1.
Musk personally invested $100 million of his own money into SpaceX. But it wasn't long before it started to pull in money from clients. SpaceX secured several contracts totaling close to $200 million, including a deal with Washington. Musk broke down the cost of its first launch saying, "The launch cost us about $7 million, it's about $1 million worth of extras that [the government] bought." Even though the first demonstration of its rocket failed, Musk said the government was "reasonably happy" with the launch.
Musk said he would be prepared to fund SpaceX all the way "until SpaceX was the top launch company." Darren Geeter News Associate for CNBC.com Playing | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/elon-musk-promised-that-spacex-would-be-the-top-rocket-company.html |
GUANGZHOU, China, May 17, 2018 /PRNewswire/ -- HUYA Inc. ("Huya" or the "Company") (NYSE: HUYA), a leading game live streaming platform in China, today announced that underwriters of the Company's initial public offering (the "IPO") have exercised their over-allotment option in full to purchase an additional 2,250,000 American Depositary Shares ("ADSs") from the Company at the IPO price of US$12.00 per ADS.
The closing of the over-allotment option exercise happened concurrently with the closing of the initial public offering on May 15, 2018.
Credit Suisse Securities (USA) LLC, Goldman Sachs (Asia) L.L.C., and UBS Securities LLC are acting as joint bookrunners for the offering, and Needham & Company, LLC is acting as co-manager.
A registration statement related to these securities has been filed with, and declared effective by, the United States Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This offering is being made only by means of a prospectus forming part of the effective registration statement. A copy of the final prospectus relating to the offering may be obtained, when available, by contacting the prospectus department at Credit Suisse Securities (USA) LLC at Eleven Madison Avenue, New York, NY 10010, United States, attention: Prospectus Department, by telephone at +1-800-221-1037 or by emailing [email protected] ; Goldman Sachs & Co. L.L.C., 200 West Street, New York, New York 10282-2198, Attention: Prospectus Department, telephone: +1 (212) 902 1171, email: [email protected] ; UBS Securities LLC, Attention: Prospectus Department, 1285 Ave of the Americas, New York, NY, 10019, by telephone at +1-888-827-7275 or by emailing [email protected] ; or Needham & Company, LLC, Attention: Syndicate Prospectus Department, 250 Park Avenue, 10th Floor, New York, New York 10177, or by telephone at 1-800-903-3268, or by email at [email protected] .
About HUYA Inc.
HUYA Inc. ("Huya" or the "Company") is a leading game live streaming platform in China with a large and active game live streaming community. The Company cooperates with e-sports event organizers, as well as major game developers and publishers, and has developed e-sports live streaming as one of the most popular content genres on its platform. The Company has created an engaged, interactive and immersive community for game enthusiasts of China's young generation. Building on its success in game live streaming, Huya has also extended its content to other entertainment content genres. Huya's open platform also functions as a marketplace for broadcasters and talent agencies to congregate and closely collaborate with the Company.
For more information, please visit: http://ir.huya.com .
For investor and media inquiries, please contact:
In China:
HUYA Inc.
Investor Relations
Tel: +86-20-8212-0565
E-mail: [email protected]
The Piacente Group, Inc.
Ross Warner
Tel: +86-10-5730-6201
E-mail: [email protected]
In the United States:
The Piacente Group, Inc.
Alan Wang
Tel: +1-212-481-2050
E-mail: [email protected]
View original content: http://www.prnewswire.com/news-releases/huya-inc-announces-full-exercise-of-over-allotment-option-in-initial-public-offering-300650252.html
SOURCE HUYA Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-huya-inc-announces-full-exercise-of-over-allotment-option-in-initial-public-offering.html |
* Move would reduce over-compliance with agreed production cuts
* Oil price up almost 20 percent since end of last year
* Talks among Saudi Arabia, Russia, UAE in St. Petersburg (Adds Novak Quote: , details on supply curbs)
By Katya Golubkova, Dmitry Zhdannikov and Rania El Gamal
ST PETERSBURG/DUBAI, May 25 (Reuters) - Saudi Arabia and Russia are discussing raising OPEC and non-OPEC oil production by some 1 million barrels a day, sources said, while OPEC’s chief said a complaint from U.S. President Donald Trump over high prices had triggered the idea of upping output.
Riyadh and Moscow are prepared to ease output cuts to calm consumer worries about supply adequacy, their energy ministers said on Friday, with Saudi Arabia’s Khalid al-Falih adding that any such move would be gradual so as not to shock the market.
Raising production would ease 17 months of strict supply curbs amid concerns that a price rally has gone too far, with oil having hit its highest since late 2014 at $80.50 a barrel this month.
OPEC began a discussion about easing production cuts following a critical tweet from Trump, OPEC’s Secretary-General Mohammad Barkindo said. Trump tweeted last month that OPEC had “artificially” boosted oil prices.
“We pride ourselves as friends of the United States,” Barkindo told a panel with the Saudi and Russian energy ministers in St. Petersburg at Russia’s main economic forum.
The Organization of the Petroleum Exporting Countries and allies led by Russia have agreed to curb output by about 1.8 million barrels per day (bpd) through 2018 to reduce global stocks, but the inventory overhang is now near OPEC’s target.
In April, pact participants cut production by 52 percent more than required, with falling output from crisis-hit Venezuela helping OPEC deliver a bigger reduction than intended. Sources familiar with the matter said an increase of about 1 million bpd would lower compliance to 100 percent of the agreed level.
Barkindo also said it was not unusual for the United States to put pressure on OPEC as some U.S. energy secretaries had asked the producer group to help lower prices in the past.
Oil prices fell more than 2 percent towards $77 a barrel on Friday as Saudi Arabia and Russia said they were ready to ease supply curbs.
NEAR TARGET Russian Energy Minister Alexander Novak said current cuts were in reality 2.7 million bpd due to a drop in Venezuelan production - somewhere around 1 million bpd higher than the initially agreed reductions.
Novak declined to say, however, whether OPEC and Russia would decide to boost output by 1 million bpd at their next meeting in June.
“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.
Initial talks are being led by the energy ministers of OPEC kingpin Saudi Arabia and Russia at St. Petersburg this week along with their counterpart from the United Arab Emirates, which holds the OPEC presidency this year, the sources said.
OPEC and non-OPEC ministers meet in Vienna on June 22-23, and the final decision will be taken there.
Current discussions are aimed at relaxing record-high compliance with the production cuts, the sources said, in an effort to cool the market after oil hit $80 a barrel on concerns over a supply shortage.
China has also raised concerns about whether enough oil is being pumped, according to a Saudi statement issued after Energy Minister Falih called China’s energy chief on Friday to discuss cooperation between their countries and to review the oil market.
Nur Bekri, administrator of China’s National Energy Administration, told Falih he hopes Saudi Arabia “can take further substantial actions to guarantee adequate supply” in the crude oil market, the Saudi Energy Ministry statement said.
While Russia and OPEC benefit from higher oil prices, up almost 20 percent since the end of last year, their voluntary output cuts have opened the door to other producers, such as the U.S. shale sector, to ramp up production and gain market share.
The final production number is not set yet as dividing up the extra barrels among deal participants could be tricky, the sources said.
“The talks now are to bring compliance down to the 100 percent level, more for OPEC rather than for non-OPEC,” one source said.
RALLY CONCERNS OPEC may decide to raise oil output as soon as June due to worries over Iranian and Venezuelan supply and after Washington raised concerns the oil rally was going too far, OPEC and oil industry sources told Reuters on Tuesday.
However, it is unclear which countries have the capacity to raise output and fill any supply gap other than Gulf oil producers, led by Saudi Arabia, and Russia, the sources said.
“Only a few members have the capability to increase production, so implementation will be complicated,” one OPEC source said.
So far, OPEC had said it saw no need to ease output restrictions despite concerns among consuming nations that the price rally could undermine demand.
The rapid decline in oil inventories and worries about supplies after the U.S. decision to withdraw from the international nuclear deal with Iran, as well as Venezuela’s collapsing output, were behind the change in OPEC’s thinking.
Additional reporting by Olesya Astakhova, Alex Lawler and Katie Paul; Writing by Dale Hudson; Editing by Adrian Croft
| ashraq/financial-news-articles | https://www.reuters.com/article/oil-opec/wrapup-1-opec-russia-prepared-to-raise-oil-output-under-u-s-pressure-idUSL5N1SW357 |
May 3, 2018 / 4:20 PM / Updated 13 minutes ago Tailor climate insurance to needs of poorest: experts Alex Whiting 4 Min Read
ROME (Thomson Reuters Foundation) - Billions of dollars are being poured into insurance schemes to help farmers recover from worsening impacts of climate change, but as yet there is little evidence to show that such programs work for the poorest, experts say.
About 75 percent of the world’s poorest people live in rural areas, and are particularly vulnerable to worsening drought, floods or other changes in climate, according to the U.N. International Fund for Agricultural Development (IFAD).
With climate change threatening to slow or roll back development advances in some countries, donors and aid agencies see insurance as one way to help farmers recover quickly, especially if it is offered alongside access to credit and training, the U.N. agency said.
But, as yet, there have been very few studies on the impact of insurance on small-scale farmers and their families - those most vulnerable to wild weather and with the fewest resources to cope.
“There’s a lack of evidence generally in agricultural insurance and in particular for vulnerable people, especially women and children,” said Bidisha Barooah, an evaluation specialist at the International Initiative for Impact Evaluation.
One reason is that many of them have not yet taken out insurance, Barooah said on the sidelines of a two-day conference on rural poverty at IFAD’s headquarters in Rome.
Often that is because they cannot afford the insurance premiums, or the products are not suited to their needs, Barooah told the Thomson Reuters Foundation.
Providers have not invested enough in determining “what farmers want”, she said.
Developing a good insurance product depends on having quality data on crops and weather - which are often lacking in developing countries, said Francesco Rispoli, a specialist in rural financial services at IFAD.
“This has a big impact on the quality of the product and the willingness of clients to pay for that product,” he said.
Even so, insurance can protect farmers’ assets and transfer risk away from individuals, businesses, microfinance institutions and governments, he said.
Most insurance schemes for poor farmers are subsidized by governments, and are designed to cover severe weather events that have a major impact but only occur every few years.
But “if a farmer is exposed to risks that can happen every year”, spending additional money on insurance for a climate shock that may not happen for several years becomes harder, Rispoli said. “PRECARIOUS” DEVELOPMENT GAINS
U.N. agencies warned last year that global hunger levels had risen for the first time in more than a decade, mainly because of conflict and climate change.
Although developing countries have been getting richer - and the poor are benefiting from that - many of those living above the extreme poverty line of $1.90 a day are at risk of tipping below it, IFAD said.
“We have to ask ourselves if development is really succeeding if so many are living precariously,” said Cornelia Richter, IFAD’s vice president.
“The only way to eliminate rural poverty and hunger is to address their root causes, which include inequality,” she added.
Inequalities within developing countries have increased as those nations have become wealthier - and this is most stark in rural areas, Richter said.
Unni Karunakara, president of Médecins Sans Frontières Holland, a medical relief charity, said inequality is the result of deliberate economic and political choices made at the top.
“I believe it’s very difficult to impose development from the outside,” he said. “It’s a contract between citizens and their governments.”
The type of healthcare provided in a country, for example, depends on the type of government that has been elected by its people, Karunakara said.
In some cases, improving healthcare “is a political decision, not a technical fix”, he said.
Ultimately, “development will happen when the majority of people in a country have a say in the functioning of the country”, he added. Reporting by Alex Whiting @Alexwhi, Editing by Zoe Tabary. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, climate change, resilience, women's rights, trafficking and property rights. Visit news.trust.org/climate | ashraq/financial-news-articles | https://www.reuters.com/article/us-weather-insurance-farming/tailor-climate-insurance-to-needs-of-poorest-experts-idUSKBN1I424N |
May 29, 2018 / 4:47 PM / Updated 23 minutes ago Congo ruling party shows all signs of seeking Kabila third term Issa Sikiti da Silva 4 Min Read
KINSHASA (Reuters) - From the sprawling capital Kinshasa to villages deep in the equatorial forests, Congo’s ruling PPRD is in full-on election campaign mode - and President Joseph Kabila’s face is everywhere. Democratic Republic of Congo's President Joseph Kabila addresses a news conference at the State House in Kinshasa, Democratic Republic of Congo January 26, 2018. REUTERS/Kenny Katombe
The deadline for declaring candidates for Democratic Republic of Congo’s scheduled Dec. 23 poll is just over two months away, and Kabila, 46, is officially not allowed to run again.
But his bearded portrait smiles down from billboards and T-shirts being printed by his People’s Party for Reconstruction and Democracy (PPRD), while there is no sign of a successor.
After a reshuffle this month of Congo’s Constitutional Court and provocative comments from members of his inner circle, suspicion is rife that Kabila - in power since the death of his father, Laurent, in 2001 - intends to bypass the constitution and run for a third term.
Any such move would likely ignite chaos across the vast, mineral-rich country, which has never seen a peaceful change of power in the 58 years since independence from Belgium.
“We were with Kabila, we are still with Kabila and we will still be with Kabila,” PPRD permanent secretary Emmanuel Ramazani Shadari said on May 5 in an address aired on radio.
The deadline for declaring candidates is Aug. 8.
A spokesman for Shadari did not respond to a request for clarification, Kabila has repeatedly dodged the question and government spokesman Lambert Mende told reporters on Monday he was “not aware of a plan to change the constitution”.
Kabila is unpopular in the capital Kinshasa and many parts of the country. A rare poll released in March showed that eight in 10 Congolese have an unfavourable opinion of him. Scores have died in protests since he refused to step down when his mandate expired 18 months ago.
Militias have proliferated, killing and displacing villagers, kidnapping foreigners and shutting down eco-tourist spots. The violence has hit mining operations in Africa’s top copper producer and the world’s leading miner of cobalt, prized for batteries for electric vehicles. “LEGAL BASIS”
Earlier this month, Kabila appointed three new judges to the Constitutional Court, including two close allies.
His opponents fear the court will legitimise running again on a legal technicality - the fact that electoral procedure in the constitution has changed since Kabila was first elected in 2006, although the two-term limit was there before.
“The legal basis that legislated the 2006 elections was different from the one of the 2011 elections,” legal expert Jean-Cyrus Mirindi, a Kabila ally, told a debating forum in Kinshasa late last month.
Long before the changes, the court had ruled when Kabila’s mandate expired in 2016 that he could stay on until the poll.
Another option for Kabila is to hold a referendum, as his allies have sometimes suggested and as the presidents of neighbouring Rwanda and Congo Republic did.
Resistance could come from Congo’s Catholic church, which has slowly transformed from a mediator for peace to lightning rod for dissatisfaction with Kabila.
Donatien Nshole, spokesman for the church council, told a news conference this week “the bishops will never support” a Kabila third term.
It would also set Congo on a collision course with Western powers and its neighbours - both of which have a history of meddling in its affairs. Wars between 1996 and 2003 sucked in nine African armies and killed millions.
French President Emmanuel Macron met with Rwandan President Paul Kagame last week and Angolan leader Joao Lourenco on Monday to discuss Congo, infuriating Congolese authorities.
Rwanda and Angola fought on opposite sides during a 1998-2003 war, but both are increasingly alarmed at Congo’s slide towards instability.
“Congo ... will not let any person, state or interest group ... substitute itself for the Congolese people in deciding its future,” government spokesman Mende said on Monday. Additional reporting by David Lewis in Nairobi and Tim Cocks in Dakar; Writing by Tim Cocks; Editing by Aaron Ross and Andrew Roche | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-congo-politics/congo-ruling-party-shows-all-signs-of-seeking-kabila-third-term-idUKKCN1IU27M |
Discussing the intent of reforms in China's financial sector 14 Hours Ago Chantal Grinderslev of Z-Ben Advisors says reforms in China's financial sector are intended to allow foreign firms to enter the country to adapt and grow with the market "alongside" domestic competitors. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/discussing-the-intent-of-reforms-in-chinas-financial-sector.html |
U.S. Treasury yields whipsawed on Wednesday after the Federal Reserve kept interest rates unchanged, as was largely expected.
The yield on the benchmark 10-year Treasury note traded at 2.959 percent at 2:09 p.m. ET, while the yield on the two-year note yield climbed to 2.500 percent. Initially, both yields rose on the news.
Symbol Yield Change %Change US 3-MO --- US 1-YR --- US 2-YR --- US 5-YR --- US 10-YR --- US 30-YR --- On Wednesday, the U.S. central bank did not raise interest rates, but did point to higher inflation ahead.
The committee noted that "overall inflation and inflation for items other than food and energy have moved close to 2 percent." That was an upgrade from the March meeting in which the FOMC said the indicators "have continued to run below 2 percent."
The change is key as Fed officials consider 2 percent to be a healthy level of inflation and a key for continuing to push rates higher.
"The rise in inflation to basically 2 percent is what the Fed has been hoping for and forecasting and therefore they don't yet feel the need to alter the pace of their tightening path," said Peter Boockvar, chief investment officer at Bleakley Advisory Group.
In economic data, mortgage applications dropped 2.5 percent as rates reached their highest levels in nearly five years. ADP and Moody's Analytics also found that private payrolls grew by 204,000 in April, more than the expected 200,000.
"Even though payrolls came in pretty much in line with expectations, it's encouraging to see this type of growth in the face of geopolitical tensions, trade negotiations, and pronounced market volatility. It suggests the economy is holding its own in one of the most important segments of our economy," said Mike Loewengart, vice president of investment strategy at E-Trade.
—CNBC's Jeff Cox contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/data-and-fed-decision-eyed-in-bond-markets.html |
May 17 (Reuters) - Teekay LNG Partners LP:
* TEEKAY LNG PARTNERS REPORTS FIRST QUARTER 2018 RESULTS * QTRLY GAAP VOYAGE REVENUES $115.3 MILLION VERSUS $101.2 MILLION
* QTRLY REPORTED GAAP NET LOSS OF $6.9 MILLION VERSUS PROFIT OF $29.1 MILLION LAST YEAR Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-teekay-lng-partners-qtrly-reported/brief-teekay-lng-partners-qtrly-reported-gaap-net-loss-of-6-9-mln-idUSASC0A2Q3 |
May 23, 2018 / 4:24 PM / Updated an hour ago Viviani takes fourth Giro stage win as Yates stays in front Reuters Staff 2 Min Read
(Reuters) - Italy’s Elia Viviani claimed his fourth win of the Giro d’Italia on Friday after edging a bunch sprint on the 17th stage at Iseo as the rained poured down, with Britain’s Simon Yates retaining the overall lead. Cycling - the 101st Giro d'Italia cycling race - The 229-km Stage 3 from Beersheba to Eilat, Israel - May 6, 2018 - Team Quick-Step rider Elia Viviani of Italy stands on the podium after the 3rd stage in Eilat, Israel. REUTERS/Nir Keidar
Quick-Step Floors rider Viviani held off a strong late surge from Irishman Sam Bennett in a frenzied finish, with another Italian, Niccolo Bonifazio, coming third.
Yates, who began the day 56 seconds ahead of defending champion Tom Dumoulin, finished the 155km course from Riva da Garda in the main bunch to keep his lead intact. FILE PHOTO: Cycling - The 104th Tour de France cycling race - The 189.5-km Stage 15 from Laissac-Severac l'Eglise to Le Puy-en-Velay, France - July 16, 2017 - Orica-Scott rider Simon Yates of Britain, wearing the white jersey for best young rider before the start. REUTERS/Benoit Tessier
Viviani, who opened his Giro campaign with back-to-back stage wins and also won stage 13, is the first Italian to win four stages at a Giro since Ivan Basso in 2006, and extended his points classification lead over Bennett to 58 points.
Yates is in a strong position to become the first Briton to win the Giro, with the race heading back into the mountains on Thursday where the 25-year-old Bury native will look to take more time away from time trial specialist Dumoulin.
Italy’s Domenico Pozzovivo is in third place in the general classification, three minutes and 11 seconds behind Yates, while four-times Tour de France champion Chris Froome is fourth overall, three minutes 50 seconds behind the leader. Reporting by Simon Jennings in Bengaluru; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cycling-giro/viviani-takes-fourth-giro-stage-win-as-yates-stays-in-front-idUKKCN1IO2JM |
May 25, 2018
Cash is king when it comes to getting employees to quit smoking, according to a new study.
“The very best way to help them quit is to offer them money,” Dr. Scott Halpern, associate professor at the University of Pennsylvania and lead author of the study told CBS News.
The study, published by The New England Journal of Medicine , looked at 6,006 smokers at 54 U.S. companies.
Of those, the researchers classified 1,191 as “willing to quit,” according to Reuters, then gave them different tools to help.
One group received literature about the benefits of quitting along with positive encouragement to quit smoking (less than 1% of those quit for six months). Another group was given free stop-smoking aids like gum, patches, and lozenges (2.9% of those quit). A third group received free e-cigarettes — electronic devices that vaporize nicotine — of the flavor of their choice (4.8% of those stopped smoking).
Two other groups received an added bonus: cash.
One group received both stop-smoking items and a cash reward: $100 after the first month, a $200 bonus at the three month mark, and $300 more at the six month mark. In the end 9.5% of them quit.
The other was given any stop-smoking product they wanted, and the threat that $600 in an account would be taken away if they smoked. A whopping 12.7% made it to the six month mark.
Half of those who reached the six month mark continued to abstain from smoking for a year.
“People are much more motivated to avoid losing $100 than they are to gain $100, even though, economically, they are flip sides of the same coin,” Halpern told Reuters.
The study comes at a time when the effectiveness of e-cigarettes in helping people quite smoking is being debated. While the Centers for Disease Control and Prevention say that e-cigarettes are less harmful than traditional cigarettes, it warns that there are still risks associated with them because they contain “cancer-causing agents.”
“E-cigarettes are not currently approved by the FDA as a quit smoking aid,” according to the CDC . “The U.S. Preventive Services Task Force, a group of health experts that makes recommendations about preventive health care, has concluded that evidence is insufficient to recommend e-cigarettes for smoking cessation in adults, including pregnant women.”
In Halpern’s view, the results of the study show that “we cannot detect any evidence that [e-cigarettes] are better than offering free conventional smoking cessation aids or just providing information.”
Critics of the study told CBS News that the study didn’t actually show that e-cigarettes weren’t useful, but just compared it to other methods.
The results also gives employees a better sense of how much it would cost to get employees to stop smoking.
“The best estimates are, it costs $3,000 to $6,000 more per year to employ a smoker rather than a non-smoker,” Halpern told Reuters. “So even if these programs cost $800 to $1000, they would be highly cost-saving from the standpoint of the employer and the insurer.”
The study was sponsored by employee wellness company Vitality Group. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/25/money-best-motivator-quit-smoking-new-study/ |
Updated: May 15, 2018 3:47 PM ET
Amazon shrugged, then blinked.
Less than a week after the company decided to oppose a shareholder proposal aimed to increase board diversity, the company relented to a drum beat of pressure.
My colleague Hallie Detrick picks up the story :
After outcry from employees, shareholders, and even Congress, Amazon’s board has reversed an earlier decision against the adoption of the “Rooney Rule,” as proposed by CtW Investment Group. The rule would require the board to interview at least one woman or minority for each opening. Named after Dan Rooney, the former owner of the Pittsburgh Steelers and the former chairman of the NFL’s diversity committee, the rule has succeeded in changing the culture of the league, if not necessarily achieving full representation among its coaches and managers.
The company confirmed the move in an SEC filing on Monday , although with an odd caveat.
“The Amazon Board of Directors has adopted a policy that the Nominating and Corporate Governance Committee include a slate of diverse candidates, including women and minorities, for all director openings. This policy formalizes a practice already in place.”
With an all-white board of seven men and three women, the informal version of the rule “already in place,” clearly needed a boost.
On Friday, Congress did just that, with letters from the Congressional Hispanic Caucus and members of the Congressional Black Caucus, asking Amazon to do better. From the CBC’s letter :
“Amazon leadership’s flat rejection of a shareholder proposal supporting the ‘Rooney rule’ in the hiring process for new management and directors is astounding,” wrote the CBC members. “Our astonishment is compounded when you consider the fact that your ‘customer-centric’ company — with over 300 million active users — has zero people of color on your 10-person Board of Directors.”
Brian Husman, Amazon’s VP of public policy, responded to the CBC , to let them know the company’s thinking behind the change.
“We reached this decision after listening to your feedback as well as that from Amazon employees, shareholders, and other stakeholders about the Board diversity proposal. These conversations led us to reconsider both our decision on the shareholder proposal and how we explained our initial recommendation.”
But I give it up to the employees, who first challenged Amazon leadership in an email thread shared with Recode .
“What exactly is the complex process that we currently use to find and vet talent that we are so proud of?” one employee asked. “[H]ow is it successful, if we aren’t diverse at all, and notably last amongst top tech companies?” said another.
Another drove her point home with flair and a fist bump, taking the time to acknowledge the hard work of the diversity professionals inside the company.
“I know there are many people internally working really hard on these issues (both FT D&I staff and all the unpaid diversity laborers in our affinity group leadership teams!) who I know are reading stuff like this and feeling like their efforts are being detracted,” she wrote.
“We don’t need more effort, we need COURAGE.” On Point Google employees resign after raising concerns about a secret military project Speaking of employees raising a fuss, about a dozen Googlers have resigned, concerned about the company’s participation in a controversial military program called Project Maven, which will speed up the analysis of images used by drones. Their reasons range from ethical concerns about how the artificial intelligence will be used to the more general worries that this sort of political action will erode user trust. Some of the employees, who spoke exclusively with Gizmodo, said that Google executives have become less transparent in their thinking about controversial business decisions. Gizmodo Affirmative action and diversity programs in Brazil show promise, reveal a troubled history Brazil has long had its own complicated history with slavery, race, bias and hierarchy, and it shows. Despite being the vast majority of the population, black Brazilians earn 44 percent less than whites, and hold just 6.3 percent of management positions and 4.7 per cent of executive posts in Brazil’s 500 largest companies. But affirmative action programs, a strategy that triggers spasms in the U.S., are starting to find favor in Brazil. Companies like John Deere, McKinsey, JPMorgan and the Brazilian bank Itaú, have all instituted programs but are having trouble finding candidates, there are very few black students at universities, so attracting candidates is the next challenge. “The invisible hand did not work, so we need to have a visible hand,” says the McKinsey lead in the country. Financial Times Spike Lee is Killing it at Kannes His new film, Black Kkklansman , based on a true story about a black police officer who infiltrates the klan in the 1970s, marks the iconic director’s sixth time in the official festival line-up. But Lee and Cannes have had a difficult relationship. In 1989, Lee was overlooked for the festival’s grand prize for Do The Right Thing , and has nursed a grudge with that year’s jury president ever since. His current film, starring John David Washington, Adam Driver, and Topher Grace wowed the crowed and garnered a ten-minute standing ovation. Lee opted out of an opening statement but did evoke the image of Radio Raheem in all the press pictures. Click through for more and the trailer. Hollywood Reporter Adminstration cuts to a visa “guest worker” program are threatening small businesses Advocates for the U.S. Labor Department’s H2-B “guest worker” program have long warned that new restrictions would imperil small business owners who cannot find workers any other way. This dispatch from Kentucky shows the price. One local business owner, who runs a landscape company that tends cemeteries and shopping centers, says it’s been years since he could find enough “dependable, drug-free American workers” to take the $12-an-hour jobs. He relies on seasonal workers from Guatemala, who cost him about $18,000 in processing fees paid to the Labor Department. Low unemployment isn’t helping the situation. Certain restrictions began under the Obama administration but have been scaled up in the last year. “We live and die by these visas,” said a local roofer. | ashraq/financial-news-articles | http://fortune.com/2018/05/15/amazon-rooney-rule/ |
Home / Health / Fewer African-Americans admitted to ICU for coronary heart failure obtain heart specialist care Fewer African-Americans admitted to ICU for coronary heart failure obtain heart specialist care 2 hours ago Health
(Reuters Health) – African-Americans admitted to the intensive care unit (ICU) for coronary heart failure are much less seemingly than white sufferers to obtain care by a heart specialist.
“It is important to realize that there are racial disparities in American healthcare,” Dr. Khadijah Breathett from the University of Arizona in Tucson informed Reuters Health. “In order to receive equal access to care by a cardiologist, African-Americans need greater patient advocacy.”
African-Americans have the next threat of coronary heart failure and usually tend to die from coronary heart failure than different races, however they’re much less more likely to obtain superior therapies for coronary heart failure.
Previous research have proven that care by a heart specialist throughout hospital admissions for coronary heart failure is related to higher outcomes, together with increased survival charges, but it surely’s not clear whether or not this is applicable to sufferers within the ICU, too.
Breathett’s group used a nationwide database to check practically 105,000 sufferers admitted to an ICU with coronary heart failure. One in 5 had been African-American; the remainder had been Caucasian. Most had some type of healthcare insurance coverage.
Overall, the chances of being cared for primarily by a heart specialist had been 42 p.c increased for Caucasians than for African-Americans, the authors reported in JACC: Heart Failure.
After accounting for variations in coronary heart failure severity and hospital traits, care from a heart specialist was related to 20 p.c increased survival charges, no matter whether or not the affected person was Caucasian or African-American.
“I hoped that this would be a negative study, demonstrating no racial differences in receipt of cardiology care based upon race,” Breathett stated. “However, I suspected that racial differences would be present in this contemporary cohort since racial disparities persist in the incidence of heart failure, treatment of heart failure, and survival after developing heart failure.”
“I hope that this study motivates patients and healthcare providers to change our healthcare system, to focus on methods that may reduce racial and ethnic healthcare disparities in America,” she stated.
Dr. Matthew Dupre from Duke Clinical Research Institute, Durham, North Carolina, who has additionally studied racial disparities in coronary heart failure care however wasn’t concerned in Breathett’s analysis, informed Reuters Health, “On the one hand, it’s discouraging to see the persistence of racial differences in the receipt of specialized cardiovascular care, particularly in an intensive care setting. On the other hand, however, there is some encouraging news – that the racial gap in care has diminished in the last two decades, particularly in recent years after changes in health care policy.”
“Demonstrating these disparities is an important step to raise awareness of this issue,” he stated by e-mail. “However, more research is needed to understand the reasons for these disparities, why they’ve persisted, and how best to address them.”
SOURCE: bit.ly/2rb5YSq Journal of the American College of Cardiology: Heart Failure, on-line April 30, 2018. Share this: | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-heart-failure-race/fewer-african-americans-admitted-to-icu-for-heart-failure-receive-cardiologist-care-idUSKBN1I11YP/ |
May 3 (Reuters) - Olympic Steel Inc:
* OLYMPIC STEEL REPORTS STRONG 2018 FIRST-QUARTER RESULTS
* OLYMPIC STEEL INC Q1 SALES ROSE 12 PCT TO $376 MLN * OLYMPIC STEEL INC Q1 ADJUSTED SHR $0.70 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-olympic-steel-reports-q1-adjusted/brief-olympic-steel-reports-q1-adjusted-eps-0-70-idUSASC09ZDL |
MELVILLE, N.Y., May 10, 2018 /PRNewswire/ -- P&F Industries, Inc. (NASDAQ: PFIN) announced today that its Board of Directors has declared a quarterly cash dividend of $0.05 per share of its Class A Common Stock, payable on May 25, 2018 to all stockholders of record as of the close of business on May 21, 2018.
About P&F Industries, Inc.
P&F Industries, Inc., through its wholly owned subsidiaries, is a leading manufacturer and importer of air-powered tools and accessories sold principally to the retail, industrial, automotive and aerospace markets. P&F's products are sold under its own trade names, as well as under the private labels of major manufacturers and retailers.
View original content: http://www.prnewswire.com/news-releases/pf-industries-announces-quarterly-dividend-300645975.html
SOURCE P&F Industries, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-pf-industries-announces-quarterly-dividend.html |
May 2 (Reuters) - Marketing Group PLC:
* Q1 TURNOVER OF EUR 5.4M * Q1 OPERATING EBITDA OF EUR 402,000 Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-marketing-group-q1-operating-ebitd/brief-marketing-group-q1-operating-ebitda-at-eur-402000-idUSFWN1S80RK |
MISSION VIEJO, Calif., May 02, 2018 (GLOBE NEWSWIRE) -- The Ensign Group, Inc. (Nasdaq:ENSG), the parent company of the Ensign™ group of skilled nursing, rehabilitative care services, home health, home care, hospice care and assisted living companies, today announced its operating results for the first quarter of 2018, reporting GAAP diluted earnings per share of $0.43 for the quarter with adjusted earnings per share of $0.45 for the quarter (1) .
Highlights Include :
GAAP earnings for the quarter was $0.43 per diluted share, and adjusted earnings per share was up 32.4% over the prior year quarter to a record $0.45 per diluted share (1)(2) ; Consolidated GAAP Net Income for the quarter was $23.1 million, and consolidated adjusted Net Income was $24.1 million, an increase of 34.7% over the prior year quarter (1)(2) ; Total Transitional and Skilled Services segment income was $46.2 million for the quarter, an increase of 45.3% over the prior year quarter and an increase of 15.7% sequentially over the fourth quarter; Same-store occupancy was 79.2%, an increase of 82 basis points over the prior year quarter; Transitioning skilled occupancy was 76.0%, an increase of 415 basis points over the prior year quarter; Transitioning skilled managed care revenue was up 16.0% and same-store skilled managed care revenue was up 5.9%, both over the prior year quarter; and Total Home Health and Hospice Services segment revenue was up 23.7% to $39.8 million and segment income was up 41.1% to $6.1 million, both over the prior year quarter.
(1) See "Reconciliation of GAAP to Non-GAAP Financial Information". (2) Adjusted earnings per share and Consolidated Adjusted Net Income increased by 15.4% and 15.8%, respectively, over the prior year quarter if we applied a 25% tax rate to both periods. Operating Results
“We are pleased to report that we achieved a record quarter as the improvements we experienced in the fourth quarter continued into the first quarter,” said Ensign’s President and Chief Executive Officer Christopher Christensen. “We are excited about the progress we’ve made as the ramp in many of our transitioning operations is now materializing, including significant growth in occupancy in Utah and Texas,” he said. Mr. Christensen added that the Company has seen positive momentum in skilled revenue and managed care revenues in both same-store and transitioning facilities as each of these operations continue to gain the trust of the healthcare communities they serve. “These results are only possible because of outstanding local leaders that work tirelessly to customize their care and services to the needs of the unique healthcare markets they serve,” he emphasized. “We are encouraged by the progress we’re making in our more mature operations, but we are especially excited about the enormous potential we have in our 62 newer operations, most of which haven’t begun to contribute what we expect they will in the future,” he added.
Pointing to the underlying value being created in Ensign’s owned real estate, Mr. Christensen said, “As we announced again yesterday, we continue to methodically add value to our real estate portfolio by acquiring additional real estate assets and improving their clinical outcomes. We will always be an operationally-driven organization first, but we also believe it’s important to recognize the growing underlying value in our owned real estate and the flexibility that ownership gives us in the future,” he said.
“We are also pleased to report that our home health and hospice and assisted living businesses continue to achieve outstanding results,” Christensen stated. He noted that Cornerstone Healthcare, Inc., Ensign’s home health and hospice portfolio subsidiary, grew its segment revenue and income by 23.7% and 41.1%, respectively, over the prior year quarter. Similarly, he noted that Bridgestone Living LLC, Ensign’s assisted living and independent living portfolio company, which now consists of 51 stand-alone operations and 22 campuses in 12 states, grew its segment revenue and income by 11.6% and 5.0%, respectively, over the prior year quarter. “While these two business segments and our skilled nursing operations both benefit from certain synergies that come from their affiliation with Ensign, each of the independent leadership teams drive their respective operations with little to no dependence on one another. As they do so, we continue to evaluate ways in which we can enhance those operational synergies while also ensuring that all of our affiliated operations are receiving credit for the value they have and continue to create,” Christensen added.
Mr. Christensen also commented on some recent announcements made by Centers for Medicare & Medicaid Services (CMS), indicating that he was very pleased with a proposed net market basket increase of 2.4% starting in October 2018 for our affiliated skilled nursing operations. He also mentioned that he was encouraged by CMS’s newest payment reform proposal called Patient-Driven Payment Model (PDPM), which could be implemented as soon as October 1, 2019. “While there is much to learn about this new proposed payment system, we are very pleased that CMS is working so closely with operators across the country to develop a predictable and sustainable reimbursement system,” he said. “But regardless of how the changes ultimately play out, we are confident that our relentless focus on quality and efficient outcomes will serve us well in any number of new reimbursement systems, including this latest iteration,” he concluded.
Chief Financial Officer Suzanne Snapper reported that, “Our liquidity remains strong with approximately $195 million of availability as of today on Ensign’s $450 million credit facility, which also has a built-in expansion option, and 47 unlevered real estate assets that add additional borrowing capacity.” She also noted that the Company’s net-debt-to-EBITDAR ratio went down to 4.1x as of quarter end as the EBITDAR from transitioning and newly acquired operations continues to grow, but indicated that this number could be impacted by future acquisitions. She also indicated that cash generated from operations was $40.4 million in the three months ended March 31, 2018, which was primarily driven by an increase in operating results and stronger collections.
A discussion of the company's use of non-GAAP financial measures is set forth below. A reconciliation of net income to EBITDA, adjusted EBITDAR and adjusted EBITDA, as well as a reconciliation of GAAP earnings per share, net income to adjusted net earnings per share and adjusted net income, appear in the financial data portion of this release. More complete information is contained in the company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, which is expected to be filed with the SEC today and can be viewed on the company’s website at http://www.ensigngroup.net .
Quarter Highlights
During the quarter, Ensign announced that Bridgestone Living LLC, the Company’s assisted living portfolio subsidiary, acquired the real estate and operations of Cedar Hills Senior Living , a 37-unit assisted living facility in Cedar Hill, Texas, and Deer Creek Senior Living , a 37-unit assisted living facility in DeSoto, Texas.
Ensign also recently announced that Bandera Healthcare, Inc., the Company’s Arizona-based portfolio company, acquired the real estate and operations of Peoria Post Acute and Rehabilitation , a 128-bed skilled nursing facility located in Peoria, Arizona. The acquisition was effective April 1, 2018 and included an adjacent 50-bed long-term acute care hospital that is currently operated by a third party under a lease arrangement. “Our operational and clinical leaders in Arizona are singularly focused on becoming the best-in-class post-acute care provider in their respective markets,” said Christensen. “This new operation is in good hands as it joins a group of Bandera-owned operations that are truly achieving remarkable clinical and financial results,” he added.
Yesterday, Ensign announced that Keystone Care LLC, its Texas-based portfolio subsidiary, acquired the real estate and operations of Grace Presbyterian Village , a 26-acre post-acute care and retirement campus located in Dallas, Texas. Grace Presbyterian Village, which will be known as The Villages of Dallas , is a full-service senior care campus with 125 skilled nursing beds, 81 independent living units, 36 assisted living units, and 26 memory care units. “This acquisition adds to our expanding footprint in the Dallas area and adds to our ability to accelerate the quality of care we can provide to our patients and their loved ones,” said Barry Port, President of Keystone Care LLC. He continued, “We are being very selective with each potential acquisition opportunity, and we have carefully chosen this campus because of the potential we see to enhance the outstanding foundation that has been established there.”
These additions bring Ensign's growing portfolio to 183 skilled nursing operations, 22 of which also include assisted living operations, 51 assisted and independent living operations, 22 hospice agencies, 20 home health agencies and four home care businesses across fifteen states. Ensign owns the real estate at 67 of its 234 healthcare facilities. Mr. Christensen reaffirmed that Ensign continues to actively seek transactions to acquire real estate and to lease both well-performing and struggling skilled nursing, assisted living and other healthcare related businesses in new and existing markets.
Ensign paid a quarterly cash dividend of $0.045 per share of its common stock during the quarter. Ensign has been a dividend-paying company since 2002 and has increased its dividend every year for 16 years.
Conference Call
A live webcast will be held Thursday, May 3, 2018 at 10:00 a.m. Pacific time (1:00 p.m. Eastern time) to discuss Ensign’s first quarter financial results. To listen to the webcast, or to view any financial or statistical information required by SEC Regulation G, please visit the Investors Relations section of Ensign’s website at http://investor.ensigngroup.net . The webcast will be recorded, and will be available for replay via the website until 5:00 p.m. Pacific time on Friday, May 25, 2018.
About Ensign ™
The Ensign Group, Inc.'s independent operating subsidiaries provide a broad spectrum of skilled nursing and assisted living services, physical, occupational and speech therapies, home health and hospice services and other rehabilitative and healthcare services at 234 healthcare facilities, 22 hospice agencies, 20 home health agencies and four home care businesses in California, Arizona, Texas, Washington, Utah, Idaho, Colorado, Nevada, Iowa, Nebraska, Oregon, Wisconsin, Kansas, South Carolina, and Oklahoma. Each of these operations is operated by a separate, independent operating subsidiary that has its own management, employees and assets. References herein to the consolidated “company” and “its” assets and activities, as well as the use of the terms “we,” “us,” “its” and similar terms, are not meant to imply that The Ensign Group, Inc. has direct operating assets, employees or revenue, or that any of the operations, the home health and hospice businesses, the Service Center or the captive insurance subsidiary are operated by the same entity. More information about Ensign is available at http://www.ensigngroup.net .
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release contains, and the related conference call and webcast will include, forward-looking statements that are based on management’s current expectations, assumptions and beliefs about its business, financial performance, operating results, the industry in which it operates and other future events. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding growth prospects, future operating and financial performance, and acquisition activities. They are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to materially and adversely differ from those expressed in any forward-looking statement.
These risks and uncertainties relate to the company’s business, its industry and its common stock and include: reduced prices and reimbursement rates for its services; its ability to acquire, develop, manage or improve operations, its ability to manage its increasing borrowing costs as it incurs additional indebtedness to fund the acquisition and development of operations; its ability to access capital on a cost-effective basis to continue to successfully implement its growth strategy; its operating margins and profitability could suffer if it is unable to grow and manage effectively its increasing number of operations; competition from other companies in the acquisition, development and operation of facilities; its ability to defend claims and lawsuits, including professional liability claims alleging that our services resulted in personal injury, and other regulatory-related claims; and the application of existing or proposed government regulations, or the adoption of new laws and regulations, that could limit its business operations, require it to incur significant expenditures or limit its ability to relocate its operations if necessary. Readers should not place undue reliance on any forward-looking statements and are encouraged to review the company’s periodic filings with the Securities and Exchange Commission, including its Form 10-Q, for a more complete discussion of the risks and other factors that could affect Ensign’s business, prospects and any forward-looking statements. Except as required by the federal securities laws, Ensign does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release.
Contact Information
Investor/Media Relations, The Ensign Group, Inc., (949) 487-9500, [email protected].
SOURCE: The Ensign Group, Inc.
THE ENSIGN GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
Three Months Ended March 31, 2018 2018
Pro forma (1) 2017 Revenue Service revenue 456,021 464,825 409,393 Assisted and independent living revenue 36,113 36,113 32,346 Total revenue $ 492,134 $ 500,938 $ 441,739 Expense Cost of services 390,243 399,047 355,486 (Return of unclaimed class action settlement)/charges related to class action lawsuit (1,664 ) (1,664 ) 11,000 Losses related to divestitures — — 4,017 Rent—cost of services 33,850 33,850 31,900 General and administrative expense 25,104 25,104 21,270 Depreciation and amortization 11,622 11,622 10,514 Total expenses 459,155 467,959 434,187 Income from operations 32,979 32,979 7,552 Other income (expense): Interest expense (3,613 ) (3,613 ) (3,445 ) Interest income 448 448 290 Other expense, net (3,165 ) (3,165 ) (3,155 ) Income before provision for income taxes 29,814 29,814 4,397 Provision for income taxes 6,521 6,521 1,441 Net income 23,293 23,293 2,956 Less: net income attributable to noncontrolling interests 161 161 116 Net income attributable to The Ensign Group, Inc. $ 23,132 $ 23,132 $ 2,840 Net income per share attributable to The Ensign Group, Inc.: Basic $ 0.45 $ 0.45 $ 0.06 Diluted $ 0.43 $ 0.43 $ 0.05 Weighted average common shares outstanding: Basic 51,585 51,585 50,767 Diluted 53,518 53,518 52,633 Dividends per share $ 0.0450 $ 0.0450 $ 0.0425 (1) The proforma amounts in the table demonstrate the impact of adopting Accounting Standards Codification Topic 606, Revenue from Customers with Customers (ASC 606), for the three months ended March 31, 2018 by presenting the dollars as of the previous accounting guidance was still in effect.
THE ENSIGN GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
March 31, 2018 December 31, 2017 Assets Current assets: Cash and cash equivalents $ 35,057 $ 42,337 Accounts receivable—less allowance for doubtful accounts of $1,762 and $43,961 at March 31, 2018
and December 31, 2017, respectively 258,509 265,068 Investments—current 13,631 13,092 Prepaid income taxes 12,794 19,447 Prepaid expenses and other current assets 24,735 28,132 Total current assets 344,726 368,076 Property and equipment, net 541,019 537,084 Insurance subsidiary deposits and investments 28,065 28,685 Escrow deposits 10,025 228 Deferred tax assets 12,731 12,745 Restricted and other assets 17,695 16,501 Intangible assets, net 32,236 32,803 Goodwill 80,963 81,062 Other indefinite-lived intangibles 25,249 25,249 Total assets $ 1,092,709 $ 1,102,433 Liabilities and equity Current liabilities: Accounts payable $ 31,977 $ 39,043 Accrued wages and related liabilities 84,018 90,508 Accrued self-insurance liabilities—current 22,163 22,516 Other accrued liabilities 63,088 63,815 Current maturities of long-term debt 10,035 9,939 Total current liabilities 211,281 225,821 Long-term debt—less current maturities 280,449 302,990 Accrued self-insurance liabilities—less current portion 51,518 50,220 Deferred rent and other long-term liabilities 11,608 11,268 Deferred gain related to sale-leaseback 11,910 12,075 Total equity 525,943 500,059 Total liabilities and equity $ 1,092,709 $ 1,102,433 THE ENSIGN GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
The following table presents selected data from our consolidated statements of cash flows for the periods presented: Three Months Ended March 31, 2018 2017 Net cash provided by operating activities 40,395 19,586 Net cash used in investing activities (25,463 ) (21,397 ) Net cash used in financing activities (22,212 ) (24,388 ) Net decrease in cash and cash equivalents (7,280 ) (26,199 ) Cash and cash equivalents beginning of period 42,337 57,706 Cash and cash equivalents end of period $ 35,057 $ 31,507
THE ENSIGN GROUP, INC. REVENUE BY SEGMENT The following table sets forth our total revenue by segment and as a percentage of total revenue for the periods indicated: Three Months Ended March 31, 2018 (As Reported) 2018 (Pro Forma (2) ) 2017 $ % $ % $ % (Dollars in thousands) Transitional and skilled services $ 407,016 82.7 % $ 415,221 82.9 % $ 372,339 84.3 % Assisted and independent living services 36,113 7.3 % 36,113 7.2 % 32,346 7.3 % Home health and hospice services: Home health 20,184 4.1 % 20,596 4.1 % 17,050 3.9 % Hospice 19,574 4.0 % 19,761 3.9 % 15,083 3.4 % Total home health and hospice services 39,758 8.1 % 40,357 8.0 % 32,133 7.3 % All other (1) 9,247 1.9 % 9,247 1.9 % 4,921 1.1 % Total revenue $ 492,134 100.0 % $ 500,938 100.0 % $ 441,739 100.0 % (1) Includes revenue from services generated in our other ancillary services. (2) The proforma amounts in the table demonstrate the impact of adopting ASC 606 for the three months ended March 31, 2018 by presenting the dollars and percentages as if the previous accounting guidance was still in effect.
THE ENSIGN GROUP, INC. SELECT PERFORMANCE INDICATORS The following tables summarize our selected performance indicators for our transitional and skilled services segment along with other statistics, for each of the dates or periods indicated: Three Months Ended March 31, 2018 2017 (Dollars in thousands) Change % Change Total Facility Results: Transitional and skilled revenue (As Reported) $ 407,016 $ 372,339 $ 34,677 9.3 % Transitional and skilled revenue (Pro forma (5)) 415,221 372,339 42,882 11.5 % Number of facilities at period end 160 150 10 6.7 % Number of campuses at period end* 21 21 — — % Actual patient days 1,314,970 1,209,264 105,706 8.7 % Occupancy percentage — Operational beds 77.8 % 74.9 % 2.9 % Skilled mix by nursing days 31.6 % 32.0 % (0.4 )% Skilled mix by nursing revenue 52.2 % 53.3 % (1.1 )% Three Months Ended March 31, 2018 2017 (Dollars in thousands) Change % Change Same Facility Results(1): Transitional and skilled revenue (As Reported) $ 280,247 $ 273,730 $ 6,517 2.4 % Transitional and skilled revenue (Pro forma (5)) 285,840 273,730 12,110 4.4 % Number of facilities at period end 108 108 — — % Number of campuses at period end* 11 11 — — % Actual patient days 870,523 862,126 8,397 1.0 % Occupancy percentage — Operational beds 79.2 % 78.4 % 0.8 % Skilled mix by nursing days 32.2 % 31.9 % 0.3 % Skilled mix by nursing revenue 53.1 % 52.9 % 0.2 % Three Months Ended March 31, 2018 2017 (Dollars in thousands) Change % Change Transitioning Facility Results(2): Transitional and skilled revenue (As Reported) $ 101,847 $ 95,730 $ 6,117 6.4 % Transitional and skilled revenue (Pro forma (5)) 103,963 95,730 8,233 8.6 % Number of facilities at period end 40 40 — — % Number of campuses at period end* 9 9 — — % Actual patient days 356,807 337,307 19,500 5.8 % Occupancy percentage — Operational beds 76.0 % 71.9 % 4.1 % Skilled mix by nursing days 32.2 % 32.2 % — % Skilled mix by nursing revenue 52.6 % 54.3 % (1.7 )% Three Months Ended March 31, 2018 2017 (Dollars in thousands) Change % Change Recently Acquired Facility Results(3): Transitional and skilled revenue (As Reported) $ 24,922 $ 1,184 $ 23,738 NM Transitional and skilled revenue (Pro forma (5)) 25,418 1,184 24,234 NM Number of facilities at period end 12 2 10 NM Number of campuses at period end* 1 1 — NM Actual patient days 87,640 4,805 82,835 NM Occupancy percentage — Operational beds 71.6 % 16.0 % NM Skilled mix by nursing days 23.5 % 24.6 % NM Skilled mix by nursing revenue 41.2 % 48.3 % NM Three Months Ended March 31, 2018 2017 (Dollars in thousands) Change % Change Facility Closed Results(4): Skilled nursing revenue $ — $ 1,695 $ (1,695 ) NM Actual patient days — 5,026 (5,026 ) NM Occupancy percentage — Operational beds — % 33.2 % NM Skilled mix by nursing days — % 50.3 % NM Skilled mix by nursing revenue — % 74.6 % NM * Campus represents a facility that offers both skilled nursing assisted and/or independently living services. Revenue and expenses related to skilled nursing, assisted and independent living services have been allocated and recorded in the respective reportable segment. (1) Same Facility results represent all facilities purchased prior to January 1, 2015. (2) Transitioning Facility results represents all facilities purchased from January 1, 2015 to December 31, 2016. (3) Recently Acquired Facility (Acquisitions) results represent all facilities purchased on or subsequent to January 1, 2017.
(4) Facility Closed results represents closed operations during the three months ended March 31, 2017, which were excluded from Same Store and Transitioning results for three months ended March 31, 2017, for comparison purposes. (5) The proforma amounts in the table demonstrate the impact of adopting ASC 606 for the three months ended March 31, 2018 by presenting the dollars and percentages as if the previous accounting guidance was still in effect.
THE ENSIGN GROUP, INC. SKILLED NURSING AVERAGE DAILY REVENUE RATES AND PERCENT OF SKILLED NURSING REVENUE AND DAYS BY PAYOR The following table reflects the change in skilled nursing average daily revenue rates by payor source, excluding services that are not covered by the daily rate, and revenue associated with these metrics are generated based on contractually agreed-upon amounts or rate, excluding the estimates of variable consideration under ASC 606: Three Months Ended March 31, Same Facility Transitioning Acquisitions Total 2018 2017 2018 2017 2018 2017 2018 2017 Skilled Nursing Average Daily Revenue Rates: Medicare $ 610.47 $ 597.31 $ 514.77 $ 503.32 $ 520.54 $ 479.03 $ 574.68 $ 564.55 Managed care 459.66 442.56 408.92 420.38 419.10 347.98 443.24 436.41 Other skilled 482.53 459.83 365.45 366.97 484.95 — 467.14 445.46 Total skilled revenue 524.69 511.20 457.49 460.55 486.36 463.38 504.22 496.65 Medicaid 221.18 214.83 193.47 179.37 212.76 144.36 213.36 204.87 Private and other payors 225.18 206.66 208.69 202.04 227.94 185.77 220.06 204.88 Total skilled nursing revenue $ 319.84 $ 308.50 $ 280.68 $ 273.02 $ 279.37 $ 235.79 $ 306.49 $ 298.38
The following tables set forth our percentage of skilled nursing patient revenue and days by payor source for the three months ended March 31, 2018 and 2017: Three Months Ended March 31, Same Facility Transitioning Acquisitions Total 2018 2017 2018 2017 2018 2017 2018 2017 Percentage of Skilled Nursing Revenue: Medicare 24.9 % 26.3 % 28.9 % 31.7 % 26.9 % 44.0 % 26.0 % 27.9 % Managed care 19.1 % 18.8 % 20.7 % 19.4 % 10.9 % 4.3 % 19.0 % 18.8 % Other skilled 9.1 % 7.8 % 3.0 % 3.2 % 3.4 % — % 7.2 % 6.6 % Skilled mix 53.1 % 52.9 % 52.6 % 54.3 % 41.2 % 48.3 % 52.2 % 53.3 % Private and other payors 7.4 % 7.6 % 10.1 % 10.1 % 10.1 % 24.8 % 8.3 % 8.3 % Quality mix 60.5 % 60.5 % 62.7 % 64.4 % 51.3 % 73.1 % 60.5 % 61.6 % Medicaid 39.5 % 39.5 % 37.3 % 35.6 % 48.7 % 26.9 % 39.5 % 38.4 % Total skilled nursing 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Three Months Ended March 31, Same Facility Transitioning Acquisitions Total 2018 2017 2018 2017 2018 2017 2018 2017 Percentage of Skilled Nursing Days: Medicare 13.0 % 13.6 % 15.7 % 17.2 % 14.4 % 21.6 % 13.8 % 14.8 % Managed care 13.2 % 13.1 % 14.2 % 12.6 % 7.3 % 3.0 % 13.1 % 12.9 % Other skilled 6.0 % 5.2 % 2.3 % 2.4 % 1.8 % — % 4.7 % 4.3 % Skilled mix 32.2 % 31.9 % 32.2 % 32.2 % 23.5 % 24.6 % 31.6 % 32.0 % Private and other payors 10.9 % 11.4 % 13.8 % 13.6 % 12.9 % 31.4 % 11.8 % 12.1 % Quality mix 43.1 % 43.3 % 46.0 % 45.8 % 36.4 % 56.0 % 43.4 % 44.1 % Medicaid 56.9 % 56.7 % 54.0 % 54.2 % 63.6 % 44.0 % 56.6 % 55.9 % Total skilled nursing 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
THE ENSIGN GROUP, INC. SELECT PERFORMANCE INDICATORS (Unaudited) The following tables summarize our selected performance indicators for our assisted and independent living segment along with other statistics, for each of the periods indicated: Three Months Ended March 31, 2018 2017 Change % Change (Dollars in thousands) Resident fee revenue $ 36,113 $ 32,346 $ 3,767 11.6 % Number of facilities at period end 51 41 10 24.4 % Number of campuses at period end 21 21 — — % Occupancy percentage (units) 75.5 % 76.8 % (1.3 )% Average monthly revenue per unit $ 2,858 $ 2,838 $ 20 0.7 %
THE ENSIGN GROUP, INC. SELECT PERFORMANCE INDICATORS (Unaudited) The following tables summarize our selected performance indicators for our home health and hospice segment along with other statistics, for each of the periods indicated: Three Months Ended March 31, 2018 2017 Change % Change (Dollars in thousands) Home health and hospice revenue Home health services $ 20,184 $ 17,050 $ 3,134 18.4 % Hospice services 19,574 15,083 4,491 29.8 % Total home health and hospice revenue $ 39,758 $ 32,133 $ 7,625 23.7 % Pro-forma (1) Home health and hospice revenue Home health services $ 20,596 $ 17,050 $ 3,546 20.8 % Hospice services 19,761 15,083 4,678 31.0 % Total home health and hospice revenue $ 40,357 $ 32,133 $ 8,224 25.6 % Home health services: Average Medicare Revenue per Completed Episode $ 2,848 $ 2,976 $ (128 ) (4.3 )% Hospice services: Average Daily Census 1,260 1,001 259 25.9 % (1) The proforma amounts in the table demonstrate the impact of adopting ASC 606 for the three months ended March 31, 2018 by presenting the dollars and percentages as if the previous accounting guidance was still in effect.
THE ENSIGN GROUP, INC. REVENUE BY PAYOR SOURCE The following table sets forth our total revenue by payor source and as a percentage of total revenue for the periods indicated: Three Months Ended March 31, 2018 As Reported 2018 Pro forma (2) 2017 $ % $ % $ % (Dollars in thousands) Revenue: Medicaid $ 167,625 34.1 % $ 170,309 34.0 % $ 148,271 33.6 % Medicare 139,314 28.3 % 140,381 28.0 % 129,920 29.4 % Medicaid-skilled 27,042 5.5 % 27,538 5.5 % 23,017 5.2 % Total 333,981 67.9 % 338,228 67.5 % 301,208 68.2 % Managed Care 83,716 17.0 % 85,845 17.1 % 75,562 17.1 % Private and Other (1) 74,437 15.1 % 76,865 15.4 % 64,969 14.7 % Total revenue $ 492,134 100.0 % $ 500,938 100.0 % $ 441,739 100.0 % (1) Private and other payors also includes revenue from all payors generated in our other ancillary services for the three months ended March 31, 2018 and 2017. (2) The 2018 pro forma results reflect balances assuming previous accounting guidance was still in effect.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (In thousands, except per share data) (Unaudited) RECONCILIATION OF GAAP TO NON-GAAP NET INCOME Three Months Ended March 31, 2018 2017 Net income attributable to The Ensign Group, Inc. $ 23,132 $ 2,840 Non-GAAP adjustments Costs incurred for facilities currently being constructed and other start-up operations(a) 1,575 4,542 (Return of unclaimed class action settlement)/charges related to the settlement of the class action lawsuit(b) (1,664 ) 11,000 Share-based compensation expense(c) 2,309 2,224 Results related to closed operations and operations not at full capacity, including continued obligations and closing expense(d) 198 5,587 Depreciation and amortization - Patient base(e) 39 36 General and administrative - Transaction-related costs(f) 28 88 Provision for income taxes on Non-GAAP adjustments(g) (1,553 ) (8,454 ) Non-GAAP Net Income $ 24,064 $ 17,863 Diluted Earnings Per Share As Reported Net Income $ 0.43 $ 0.05 Average number of shares outstanding 53,518 52,633 Adjusted Diluted Earnings Per Share Net Income 0.45 0.34 Average number of shares outstanding 53,518 52,633 Footnotes: (a) Represents operating results for facilities currently being constructed and other start-up operations. Three Months Ended March 31, 2018 2017 Revenue $ (16,224 ) $ (12,967 ) Cost of services 13,972 13,598 Rent 3,583 3,662 Depreciation and amortization 244 249 Total Non-GAAP adjustment $ 1,575 $ 4,542 (b) ( Return of unclaimed class action settlement funds)/charges incurred in connection with the settlement of the class action lawsuit. (c) Represents share-based compensation expense incurred. Three Months Ended March 31, 2018 2017 Cost of services $ 1,257 $ 1,235 General and administrative 1,052 989 Total Non-GAAP adjustment $ 2,309 $ 2,224 (d) Represents results at closed operations and operations not at full capacity, including the fair value of continued obligation under the lease agreement and related closing expenses of $4.0 million for the three months ended March 31, 2017. Three Months Ended March 31, 2018 2017 Revenue $ — $ (2,372 ) (Gains)/Losses related to operational closures — 4,017 Cost of services 116 3,274 Rent 74 611 Depreciation and amortization 8 57 Total Non-GAAP adjustment $ 198 $ 5,587 (e) Included in depreciation and amortization are amortization expenses related to patient base intangible assets at newly acquired skilled nursing and assisted living facilities. (f) Included in general and administrative expense are costs incurred to acquire an operation which are not capitalizable. (g) Represents an adjustment to the provision for income tax to our historical year to date effective tax rate of 25.0%, resulting from adoption of Tax Cuts and Jobs Act, for the three months ended March 31, 2018 and 35.5% for the three months ended March 31, 2017.
THE ENSIGN GROUP, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (In thousands) (Unaudited) The table below reconciles net income to EBITDA, Adjusted EBITDA and Adjusted EBITDAR for the periods presented: Three Months Ended March 31, 2018 2017 Consolidated Statements of Income Data: Net income $ 23,293 $ 2,956 Less: net income attributable to noncontrolling interests 161 116 Interest expense, net 3,165 3,155 Provision for income taxes 6,521 1,441 Depreciation and amortization 11,622 10,514 EBITDA $ 44,440 $ 17,950 Adjustments to EBITDA: (Earnings)/losses related to facilities currently being constructed and other start-up operations(a) (2,252 ) 631 (Return of unclaimed class action settlement)/charges related to the settlement of the class action lawsuit(b) (1,664 ) 11,000 Share-based compensation expense(c) 2,309 2,224 Results related to closed operations and operations not at full capacity, including continued obligations and closing expenses(d) 116 4,919 Transaction-related costs(e) 28 88 Rent related to items(a) and (d) above 3,657 4,273 Adjusted EBITDA $ 46,634 $ 41,085 Rent—cost of services 33,850 31,900 Less: rent related to items(a) and (d) above (3,657 ) (4,273 ) Adjusted EBITDAR $ 76,827 $ 68,712 (a) Represents results related to facilities currently in the start-up phase after construction was completed. This amount excludes rent, depreciation and interest expense. (b) Return of unclaimed class action settlement funds/charges incurred in connection with the settlement of the class action lawsuit. (c) Share-based compensation expense incurred. (d) Represents results at closed operations and operations not at full capacity during the three months ended March 31, 2018 and 2017, including the fair value of continued obligation under the lease agreement and related closing expenses of $4.0 million for the three months ended March 31, 2017. (e) Costs incurred to acquire operations which are not capitalizable.
THE ENSIGN GROUP, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (In thousands) (Unaudited) The table below reconciles net income from operations to EBITDA, Adjusted EBITDA and Adjusted EBITDAR for each reportable segment for the periods presented: Three Months Ended March 31, Transitional and Skilled Services Assisted and Independent Services Home Health and
Hospice 2018 2017 2018 2017 2018 2017 Statements of Income Data: Income from operations, excluding general and administrative expense(a) $ 46,195 $ 31,790 $ 4,662 $ 4,439 $ 6,058 $ 4,294 Less: net income attributable to noncontrolling interests — — — — 89 8 Depreciation and amortization 7,802 6,953 1,597 1,623 245 235 EBITDA $ 53,997 $ 38,743 $ 6,259 $ 6,062 $ 6,214 $ 4,521 Adjustments to EBITDA: (Earnings)/losses related to facilities currently being constructed and other start-up operations(b) (2,383 ) 190 122 346 9 95 Results related to closed operations and operations not at full capacity, including continued obligations and closing expenses(c) 116 4,404 — 2 — 513 Share-based compensation expense(d) 987 1,028 158 90 91 85 Rent related to item(b) and (c) above 2,767 3,180 883 934 7 159 Adjusted EBITDA 55,484 47,545 7,422 7,434 6,321 5,373 Rent—cost of services 26,777 25,946 6,380 5,308 537 551 Less: rent related to items(b) and (c) above (2,767 ) (3,180 ) (883 ) (934 ) (7 ) (159 ) Adjusted EBITDAR 79,494 70,311 12,919 11,808 6,851 5,765 (a) General and administrative expenses are not allocated to any segment for purposes of determining segment profit or loss. (b) (Earnings)/costs incurred for facilities currently being constructed and other start-up operations. This amount excludes rent, depreciation and interest expense. (c) Represents results at closed operations and operations not at full capacity during the three months ended March 31, 2018 and 2017, including the fair value of continued obligation under the lease agreement and related closing expenses of $4.0 million for the three months ended March 31, 2017. (d) Share-based compensation expense incurred. Discussion of Non-GAAP Financial Measures
EBITDA consists of net income before (a) interest expense, net, (b) provisions for income taxes and (c) depreciation and amortization. EBITDAR consists of net income before (a) interest expense, net, (b) provisions for income taxes, (c) depreciation and amortization and (d) rent-cost of services. Adjusted EBITDA consists of net income before (a) interest expense, net, (b) provisions for income taxes, (c) depreciation and amortization, (d) costs incurred for operations currently being constructed and other start-up operations, excluding depreciation, interest and income taxes, (e) results of closed operations and facilities not at full operation, excluding depreciation, interest and income taxes, (f) share-based compensation expense, (g) return of unclaimed class action settlement and charges related to class action lawsuit, and (h) patient base and other transaction-related costs. Adjusted EBITDAR consists of net income before (a) interest expense, net, (b) provisions for income taxes, (c) depreciation and amortization, (d) rent-cost of services, (e) costs incurred for facilities currently being constructed and other start-up operations, excluding rent, depreciation, interest and income taxes, (f) results of closed operation and facilities not at full operation, excluding rent, depreciation, interest and income taxes, (g) share-based compensation expense, (h) return of unclaimed class action settlement and charges related to class action lawsuit, and (i) patient base and other transaction-related costs. The company believes that the presentation of EBITDA, adjusted EBITDA, adjusted EBITDAR, adjusted net income and adjusted earnings per share provides important supplemental information to management and investors to evaluate the company’s operating performance. The company believes disclosure of adjusted net income, adjusted net income per share, EBITDA, adjusted EBITDA and adjusted EBITDAR has economic substance because the excluded revenues and expenses are infrequent in nature and are variable in nature, or do not represent current revenues or cash expenditures. A material limitation associated with the use of these measures as compared to the GAAP measures of net income and diluted earnings per share is that they may not be comparable with the calculation of net income and diluted earnings per share for other companies in the company's industry. These non-GAAP financial measures should not be relied upon to the exclusion of GAAP financial measures. For further information regarding why the company believes that this non-GAAP measure provides useful information to investors, the specific manner in which management uses this measure, and some of the limitations associated with the use of this measure, please refer to the company's periodic filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Report on Form 10-Q. The company’s periodic filings are available on the SEC's website at www.sec.gov or under the "Financial Information" link of the Investor Relations section on Ensign’s website at http://www.ensigngroup.net .
Source:The Ensign Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-the-ensign-group-reports-first-quarter-results.html |
May 4 (Reuters) - cInc :
* Says it completed issuance of 2nd tranche unregistered and unsecured private convertible bonds worth 10 billion won
Source text in Korean : goo.gl/U36Krv
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-melfas-issues-2nd-tranche-converti/brief-melfas-issues-2nd-tranche-convertible-bonds-worth-10-bln-won-idUSL3N1SB2ZV |
SEATTLE (Reuters) - Seattle’s city council on Monday approved a new tax for the city’s biggest companies, including Amazon.com Inc ( AMZN.O ), to combat a housing crisis attributed in part to a local economic boom that has driven up real estate costs at the expense of the working class.
The logo of Amazon is seen on a building in San Jose, Costa Rica March 21, 2018. REUTERS/Juan Carlos Ulate Amazon, the city’s largest employer, said after the vote that it would go ahead with planning for a major downtown office building that it earlier had put on hold over its objections to a much stiffer tax plan originally proposed.
As passed on a 9-0 vote after a boisterous public hearing, the measure would apply to most companies grossing at least $20 million a year, levying a tax of roughly 14 cents per employee per hour worked within the city - about $275 annually for each worker.
That “head tax” formula is designed to raise $45 million to $49 million a year over the five-year life of the tax - down from an original $75 million annually - to build more affordable housing and support services for the homeless. The tax would end after five years unless renewed by the city.
Amazon had led private-sector opposition to the plan, saying earlier this month it was freezing expansion planning for Seattle pending the outcome of Monday’s action. The move by the world’s largest online retailer, owned by billionaire entrepreneur Jeff Bezos, put in question more than 7,000 new jobs.
Following the council vote, Amazon’s vice president, Drew Herdener, said the company has resumed construction planning for its so-called Block 18 project in downtown Seattle, following the pause it announced two weeks ago.
However, he added, “We remain very apprehensive about the future created by the council’s hostile approach and rhetoric toward larger businesses, which forces us to question our growth here.”
Amazon said it is still evaluating whether to sub-lease space in a second future office tower in Seattle, a project called Rainier Square, meaning it may move some planned jobs elsewhere and thus avoid further raising its tax liability.
The tax also would hit such Seattle-based stalwarts as coffee retailer Starbucks and department store chain Nordstrom, as well as California-based tech giants like Apple, Google and Facebook that have enough of a presence in Seattle that they would be subject to the new levy.
The tax is expected to be borne by about 500 companies, accounting for 3 percent of the city’s private sector. Healthcare companies are exempt, as are non-profits.
Sponsors of the tax said Seattle’s biggest-earning businesses should bear some burden for easing a shortage in low-cost housing that they helped create by driving up real estate prices to the point where the working poor and many middle-class families can no longer afford to live in the city.
Supporters cite data showing Seattle’s median home prices have soared to $820,000, and more than 41 percent of renters in the city ranked as “rent-burdened,” meaning they pay at least 30 percent of their income on housing.
The Seattle metropolitan area also is home to the third-largest concentrations of homeless people, nearly 12,000 counted in a January U.S. government survey, and almost half of them were living on the streets or otherwise unsheltered.
Mayor Jenny Durkan, who expressed concern that the original proposal would lead to an economic backlash, said she would sign the new tax ordinance into law.
She had offered an amendment to essentially cut the original $75 million tax proposal in half, but her proposal was rejected last Friday. Council members then negotiated over the weekend to craft a compromise that would gain greater support and was certain to win a veto-proof majority.
On Monday, about 40 elected officials from across the United States, some representing local governments in the running to host Amazon’s second headquarters, published an open letter to Seattle in support of the head tax and expressing concern that Amazon opposed the measure.
“By threatening Seattle over this tax, Amazon is sending a message to all of our cities: we play by our own rules,” the officials wrote.
The head tax approved on Monday is not the first. Denver has enacted a similar tax, and Chicago had one but repealed it. Seattle itself had a head tax in effect from 2006 to 2009 but it was repealed to help businesses in the midst of the recession.
Additional reporting by Jeffrey Dastin in San Francisco; Writing and additional reporting by Steve Gorman in Los Angeles; Editing by Lisa Shumaker
| ashraq/financial-news-articles | https://in.reuters.com/article/us-seattle-tax/seattle-city-council-backs-new-tax-on-largest-companies-including-amazon-idINKCN1IG002 |
May 2 (Reuters) - INDYGOTECH MINERALS SA:
* SAYS HAS RECEIVED TWO ORDERS FOR PAYMENTS OF TOTAL AMOUNT OF 20 MILLION ZLOTYS PLUS INTEREST ISSUED BY THE DISTRICT COURT IN LUBLIN
* BOTH PROMISSORY NOTES REFER TO PAYOUTS BY PZU OF GUARANTEES REGARDING SUBSIDIES FROM POLISH AGENCY FOR ENTERPRISE DEVELOPMENT PARP
* ONE PROMISSORY NOTE IS FOR 10 MILLION ZLOTYS AND IS TO BE PAID JOINTLY BY COMPANY AND ITS PORTFOLIO COMPANIES, PRO CERAMICS SA, BALTIC CERAMICS INVESTMENTS SA
* OTHER PROMISSORY NOTE IS FOR 10 MILLION ZLOTYS AND IS TO BE PAID JOINTLY BY COMPANY AND INDUSTRY TECHNOLOGIES SA, ELECTROCERAMICS SA
* COMPANY PLANS TO BRING CHARGES AGAINST THE PAYMENT ORDERS
Source text for Eikon:,
Further company coverage:,,, (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S94G1 |
BEIRUT, May 9 (Reuters) - Iran’s parliament introduced a motion on Wednesday calling for “proportional and reciprocal” action by the government after the United States withdrew from a nuclear accord Tehran agreed with world powers in 2015, according to Fars News.
Hojatoleslam Mojtaba Zulnouri, who heads the nuclear committee in parliament, said the motion asks President Hassan Rouhani’s government to secure “necessary guarantees” from the remaining signatories to the nuclear deal. They include Germany, France, Britain, Russia and China.
Zulnouri, a lawmaker from the city of Qom, did not specify what guarantees should be sought, but said if they are not met then Iran should resume high level uranium enrichment.
Ali Mottahari, a lawmaker from Tehran, said there was a “limited opportunity” for European powers to “bring a solid guarantee” that would allow Iran to stick with the deal. “But if this doesn’t happen then it’s possible that we will exit the nuclear deal or take other steps,” he told news agency IRNA. (Reporting by Babak Dehghanpisheh Editing by Catherine Evans)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear/iranian-lawmakers-call-for-proportional-response-after-u-s-quits-nuclear-deal-idUSL8N1SG2N1 |
A federal judge has dismissed a lawsuit claiming long-term care pharmacy provider PharMerica Corp filed hundreds of millions of dollars in Medicaid drug reimbursements after accepting kickbacks from the drugmaker Organon.
U.S. District Judge Rya Zobel in Boston ruled on Monday that the two former Organon employees could not overcome a bar on pursuing whistleblower lawsuits involving allegations that were already publicly disclosed.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2HFnEk4
| ashraq/financial-news-articles | https://www.reuters.com/article/health-pharmerica/pharmerica-defeats-lawsuit-alleging-drug-kickback-scheme-idUSL1N1S81HX |
For nearly 20 years, as a fundraiser for anti-poverty non-profit The Glide Foundation, billionaire and investing legend Warren Buffett has been auctioning off a lunch date with himself.
The bids for breaking bread with Buffett have soared in price: Last year's winner shelled out $2,679,001. In total, the coveted meals have raised over $26 million for the organization and given Buffett disciples the chance to glean wisdom from the 87-year-old over a steak, an order of hash browns and a cherry coke .
But for one former Virginia hedge-fund manager, winning the auction proved much more valuable than just scoring a chance to exchange ideas with Buffett.
After winning two years in a row, Ted Weschler landed a job offer from the Oracle of Omaha.
Bloomberg | Getty Image Berkshire Hathaway's Ted Weschler in 2014. Weschler, who is now a money manager at Berkshire Hathaway, first discovered Buffett's investing philosophies in 1979 while studying at the University of Pennsylvania's Wharton School of Business, The Omaha World Herald reports .
"From then on, I kept my eye open for anything that had to do with [Buffett]," Weschler tells the paper. "It was on my list that at some point I wanted to meet the guy."
Weschler studied Buffett's techniques, and employed them at his Charlottesville, Virginia, hedge-fund, Peninsula Capital Advisors. The fund held roughly $2 billion in assets in 2011 and far outperformed the S&P 500 that year, according to The Wall Street Journal .
For one, Weschler read constantly.
"Ted will spend months quietly in the corner trying to understand a particular issue, then he emerges like a quiet reporter of what he's learned," a colleague told the Journal. Weschler tells The World Herald that his office "was really more of a library."
The idea to run his business out of a smaller city (instead of New York) came from Buffett too. "One of the real takeaways for me in all of the reading that I did over the years about Warren, was how important it was to stay away from the noise," Weschler explains.
Given his fascination with Buffett's teachings, Weschler was interested when he heard about the auctions for Glide. Before bidding, he made an appointment to meet with the organization.
"They were terrific. They invited me in and I ended up spending half a day at Glide," Weschler says. "That gave me the comfort that this was not only an opportunity to potentially visit with Warren but also, in many ways more significantly, to help out a really worthwhile charity."
After winning the 2010 auction anonymously with a $2,626,311 bid, he flew to Omaha to meet Buffett for a dinner at Piccolo's. The following year he upped his bid by $100 to $2,626,411, and won again.
At the dinners, Buffett was curious about Weschler's hedge-fund success, Fortune's former editor-at-large Carol Loomis reported in 2011 . Investors who backed Peninsula in early 2000 saw a 1236 percent gain by 2011.
"It was very natural and conversational," Weschler tells The World Herald. "We've got similar backgrounds, both liked business as kids, had done all sorts of active investing in companies."
At the second dinner, Buffett extended a job offer.
"I very much wanted him to do it, but I didn't expect to get very far with the idea," Buffett told Fortune in 2011. "Ted will no doubt make a lot of money at Berkshire. But he was already making a lot of money with his fund — you can get an idea of that from the size of his Glide bids — so money wasn't a reason for him to come."
Weschler took the job.
Today he manages billions at Berkshire Hathaway. And, he's still reading — just like Buffett.
"I spend the vast majority of my day reading," Weschler tells Yahoo Finance. "I try to make about half of that reading random. Things like newspapers and trade periodicals."
This year's Glide auction will take place on eBay, starting May 27 and ending at 9:30 p.m. central time on June 1.
Don't miss: Here's how much grad school cost when Warren Buffett graduated in 1951, compared to today
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BEIJING (Reuters) - China’s LGBT advocates cautiously organized awareness-raising events across the country to celebrate International Anti-Homophobia Day on Thursday amid concern of growing intolerance towards LGBT causes.
People take part in a 5.17 km run to mark International Day Against Homophobia in a park in Beijing, China, May 17, 2018. REUTERS/Thomas Peter/Pool One of the events was a 5.17 km run to raise awareness and celebrate the May 17 anniversary of the day in 1990 when the World Health Organization removed homosexuality from a list of diseases.
But organizers told participants to run on their own and not en masse.
An organizer of the runs held in Beijing, Liu Yifu, told Reuters that they did not dare to stage any mass events in the capital this year for fear that proceedings might be interrupted by the authorities.
Many event organizers and volunteers spoken to by Reuters said they had to be wary. Large gatherings and protests without approval are technically illegal in China.
A participant applies rainbow coloured facepaint before a 5.17 km run to mark International Day Against Homophobia in a park in Beijing, China, May 17, 2018. REUTERS/Thomas Peter On Sunday, two women handing out rainbow flag stickers during an event in Beijing’s famous 798 art district were hit by security guards, with one woman falling to the floor during the scuffle, according to videos that circulated online.
The incident sparked widespread outrage amongst China’s LGBT community, with many casting it as just the latest in a series of measures tightening the space for LGBT content to be aired on television and discussed online.
Liu said content on his run posted on Weibo, China’s version of Twitter, had disappeared.
Slideshow (6 Images) “Yesterday, our event already was forwarded and read lots of times, then suddenly lots of Weibo posts disappeared, lots of content was deleted. We were very disappointed.”
Beijing LGBT Center, an advocacy group, organized an event in the capital’s high-tech district of Zhongguancun, where blindfolded volunteers wearing handpainted t-shirts saying “I am gay” stood with arms wide, hoping for hugs from passersby.
Hu Mianlin, a Beijing university student, told Reuters she took part because she thought it would be a more effective way to raise awareness than just writing articles online.
“Even though there are a lot of LGBT people in China, we still don’t have rights to get married and don’t have official approval,” she said.
“Official newspapers won’t do reports on LGBT issues.”
Last week, popular state-backed broadcaster Mango TV was stripped of its license to air the Eurovision Song Contest by the event’s organizers after censoring a semi-final performance that had what Chinese state media described as “LGBT elements”.
The channel’s decision to cut the song, as well as to pixelate rainbow flags in the audience, was considered particularly shocking to LGBT advocates, as it had previously aired shows touching on LGBT issues.
Award-winning gay romance “Call Me By Your Name” was pulled from the Beijing film festival in March, while a blacklist of banned audiovisual online content last year also controversially included homosexuality.
Editing by Nick Macfie
| ashraq/financial-news-articles | https://www.reuters.com/article/us-gay-pride-china/chinas-lgbt-community-treads-cautiously-amid-intolerance-idUSKCN1II1O1 |
SAN DIMAS, Calif. (AP) _ American States Water Co. (AWR) on Monday reported first-quarter profit of $10.8 million.
On a per-share basis, the San Dimas, California-based company said it had net income of 29 cents.
The water and electric utility posted revenue of $94.7 million in the period.
American States Water shares have decreased 3 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $56.10, a climb of 25 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on AWR at https://www.zacks.com/ap/AWR | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/the-associated-press-american-states-water-1q-earnings-snapshot.html |
(Refiles to fix typographical error in first paragraph)
By Terray Sylvester
PAHOA, Hawaii, May 13 (Reuters) - A massive new fissure opened on Hawaii’s Kilauea volcano, hurling bursts of rock and magma on Sunday while threatening nearby homes within a zone where authorities had just ordered an evacuation.
The fissure, a vivid gouge of magma with steam and smoke pouring out both ends, was the 17th to open on the volcano since it began erupting on May 3. Dozens of homes have been destroyed and hundreds of people forced to evacuate in the past 10 days.
As seen from a helicopter, the crack appeared to be about 1,000 feet (300 meters) long and among the largest of those fracturing the side of Kilauea, a 4,000-foot-high (1,200-meter-high) volcano with a lake of lava at its summit.
Civil Defense officials on Sunday ordered people living on Halekamahina Road to evacuate and be on the alert for gas emissions and lava spatter. Nearby vacation rentals were directed to cease operations to conserve water and enable emergency operations to concentrate on year-round residents.
A pair of homes sat about 100 yards (100 meters) beneath the fissure on the hillside.
Meanwhile, other fissures continued to billow smoke over homes in Pahoa, on the western point of the Big Island of Hawaii, the largest of the Hawaiian islands.
The fissures spewed magma and piled lava as high as a four-story building.
“It is a near-constant roar akin to a full-throttle 747 interspersed with deafening, earth-shattering explosions that hurtle 100-pound lava bombs 100 feet into the air,” said Mark Clawson, 64, who lives uphill from the latest fissure.
“We are keeping track of lava bombs. One went through the lanai (porch) roof of a neighbor’s house.”
The U.S. Geological Survey has warned that more outbreaks were likely, given the high level of seismic activity.
Geologists warned on Friday that a steam-driven eruption from the Halemaumau crater could spew ash plumes 20,000 feet (6,100 meters) high and spread ash and debris up to 12 miles (19 km).
Kilauea’s vents have been oozing relatively cool, sluggish magma left over from a similar event in 1955. Fresher magma could now emerge behind it and the volcano is threatening to start a series of explosive eruptions, scientists have said.
Reporting by Terray Sylvester in Pahoa and Jolyn Rosa in Honolulu Editing by Daniel Trotta and Paul Simao
| ashraq/financial-news-articles | https://www.reuters.com/article/hawaii-volcano/huge-fissure-opens-on-hawaiian-volcano-more-eruptions-expected-idUSL2N1SK0CJ |
May 9, 2018 / 12:07 PM / in 10 minutes BRIEF-Deluxe Corp. Acquires Logomix, A Provider Of Custom Marketing Products For Small Businesses Reuters Staff
May 9 (Reuters) - Deluxe Corp:
* DELUXE CORP. ACQUIRES LOGOMIX, A PROVIDER OF CUSTOM MARKETING PRODUCTS FOR SMALL BUSINESSES
* DELUXE CORP - ACQUIRED LOGOMIX FOR $43 MILLION IN AN ALL CASH TRANSACTION.
* DELUXE CORP - LOGOMIX FOUNDER CRAIG BLOEM WILL TAKE A POSITION AS VICE PRESIDENT IN SMALL BUSINESS SERVICES UNIT Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-deluxe-corp-acquires-logomix-a-pro/brief-deluxe-corp-acquires-logomix-a-provider-of-custom-marketing-products-for-small-businesses-idUSASC0A0YD |
May 3 (Reuters) - Shenzhen Kinwong Electronic Co Ltd :
* Says its electronic tech unit passes review of high-tech enterprise recognition, to enjoy a tax preference of 15 percent for three years from 2017 to 2019
Source text in Chinese: goo.gl/j28kv3
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-shenzhen-kinwong-electronic-unit-p/brief-shenzhen-kinwong-electronic-unit-passes-review-of-high-tech-enterprise-recognition-idUSL3N1SA3TT |
MCLEAN, Va., May 14, 2018 /PRNewswire/ -- WidePoint Corporation (NYSE American: WYY) a leading provider of Trusted Mobility Management (TM2) specializing in Telecommunication Lifecycle Management, Identity Management, and Bill Presentment & Analytics solutions, announced financial results for the first quarter
First Quarter 2018 Highlights (Comparisons versus First Quarter 2017)
Revenue grew 8% to $20.1 million Operating expenses declined 13% to $4.0 million Net loss reduced to $0.5 million from $1.2 million Adjusted EBITDA was $0.1 million as compared to ($0.7) million
"I'm pleased with the progress we've made on cost savings initiatives. Over the past year, we've reduced our operating expenses by over $0.6 million. Meanwhile on the top line, we witnessed one of the strongest quarters we've seen since 2016, bolstered in part by a large, new award from U.S. Armed Forces valued at more than $1.8 million," stated Jin Kang, WidePoint's Chief Executive Officer. "We have been successful executing follow-on contracts with existing customers to maintain our key customer base and we are working diligently to build our pipeline with both new and existing customers through increased marketing and cross-selling of our leading technology solutions. Our sales and marketing resources are now fully aligned to support our TM2 offering, and we are positioning the company for profitable growth."
Kito Mussa, WidePoint's Chief Financial Officer, added, "We saw revenue growth in the quarter of 8% year-over-year, reduced our GAAP net losses, and continue to be Adjusted EBITDA positive for the first quarter. We remain focused on reducing the costs of delivering and supporting our services to improve profitability."
First Quarter 2018 Financial Summary (Comparisons versus First Quarter 2017)
(in millions, except per share amounts)
March 31, 2018
March 31, 2017
Revenues
$20.1
$18.6
Gross Profit (% of Revenue)
$3.6 (18%)
$3.4 (18%)
Operating Expenses
$4.0
$4.6
Loss from Operations
$(0.4)
$(1.2)
Net Loss
$(0.5)
$(1.2)
Basic and Diluted Earnings per Share (EPS)
$(0.01)
$(0.01)
Adjusted EBITDA
$0.1
$(0.7)
Cash and cash equivalents was approximately $7.4 million as of March 31, 2018. There was no outstanding balance on the credit facility.
Non-GAAP Financial Measures
WidePoint uses a variety of operational and financial metrics, including non-GAAP financial measures such as Adjusted EBITDA, to enable it to analyze its performance and financial condition. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. A reconciliation of GAAP Net loss to Adjusted EBITDA is included on the schedules attached hereto.
Conference Call Information
A conference call and live webcast will take place at 4:30 p.m. Eastern Time, on Monday, May 14, 2018. Anyone interested in listening to our analyst call should call 1-877-451-6152 if calling within the United States or 1-201-389-0879 if calling internationally. There will be a playback available until May 28, 2018. To listen to the playback, please call 1‑844-512-2921 if calling within the United States or 1-412-317-6671 if calling internationally. Please use PIN code 13679932 for the replay. The call will also be accompanied live by webcast over the Internet and accessible at http://public.viavid.com/index.php?id=129749 .
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading provider of technology-based management solutions including telecom management, mobile management, access management and identity management. For more information, visit www.widepoint.com .
WIDEPOINT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
MARCH 31,
DECEMBER 31,
2018
2017
(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$ 7,445,722
$ 5,272,457
Accounts receivable, net of allowance for doubtful accounts of $101,947 and $107,618 in and, respectively
8,656,398
8,131,025
Unbilled accounts receivable
6,157,034
8,131,448
Other current assets
1,034,386
767,944
Total current assets
23,293,540
22,302,874
NONCURRENT ASSETS
Property and equipment, net
1,213,163
1,318,420
Intangibles, net
3,510,393
3,671,506
Goodwill
18,555,578
18,555,578
Other long term assets
121,551
44,553
Total assets
$ 46,694,225
$ 45,892,931
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable
$ 10,530,605
$ 7,266,212
Accrued expenses
7,801,763
9,796,350
Deferred revenue
2,136,669
2,348,578
Current portion of long term debt
103,172
101,591
Current portion of other term obligations
149,669
203,271
Total current liabilities
20,721,878
19,716,002
NONCURRENT LIABILITIES
Long-term debt, net of current portion
207,860
232,109
Other term obligations, net of current portion
65,630
78,336
Deferred revenue
410,983
264,189
Deferred tax liability
390,639
392,229
Total liabilities
21,796,990
20,682,865
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 2,045,714 shares issued and none outstanding
-
-
Common stock, $0.001 par value; 110,000,000 shares authorized; 84,062,446 and 83,081,595 shares issued; 83,081,595 and 83,031,595 shares outstanding, respectively and outstanding, respectively
83,082
83,032
Additional paid-in capital
94,346,591
94,200,237
Accumulated other comprehensive loss
(119,523)
(122,461)
Accumulated deficit
(69,412,915)
(68,950,742)
Total stockholders' equity
24,897,235
25,210,066
Total liabilities and stockholders' equity
$ 46,694,225
$ 45,892,931
WIDEPOINT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED
MARCH 31,
2018
2017
(Unaudited)
REVENUES
$ 20,079,619
$ 18,612,239
COST OF REVENUES (including amortization and depreciation $295,979 and $281,824, respectively)
16,527,612
15,182,635
GROSS PROFIT
3,552,007
3,429,604
OPERATING EXPENSES
Sales and marketing
534,637
548,859
General and administrative expenses (including share-based compensation of $124,404 and $85,017, respectively)
3,353,341
3,832,240
Product development
-
151,373
Depreciation and amortization
97,386
71,750
Total operating expenses
3,985,364
4,604,222
LOSS FROM OPERATIONS
(433,357)
(1,174,618)
OTHER (EXPENSE) INCOME
Interest income
3,326
7,027
Interest expense
(25,950)
(9,568)
Other (expense) income
(2)
4,174
Total other (expense) income
(22,626)
1,633
LOSS BEFORE INCOME TAX PROVISION (BENEFIT)
(455,983)
(1,172,985)
INCOME TAX PROVISION (BENEFIT)
6,190
(18,768)
NET LOSS
$ (462,173)
$ (1,154,217)
BASIC EARNINGS PER SHARE
$ (0.01)
$ (0.01)
BASIC WEIGHTED-AVERAGE SHARES OUTSTANDING
83,041,597
82,841,812
DILUTED EARNINGS PER SHARE
$ (0.01)
$ (0.01)
DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING
83,041,597
82,841,812
WIDEPOINT CORPORATION
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION
THREE MONTHS ENDED
MARCH 31,
2018
2017
(Unaudited)
NET LOSS
$ (462,200)
$ (1,154,200)
Adjustments to GAAP net income (loss):
Depreciation and amortization
393,400
353,600
Amortization of deferred financing costs
7,800
-
Income tax provision (benefit)
6,200
(18,800)
Interest income
(3,300)
(7,000)
Interest expense
26,000
9,600
Other (expense) income
-
(4,200)
Provision for doubtful accounts
(5,800)
14,100
Stock-based compensation expense
124,400
85,000
Adjusted EBITDA
$ 86,500
$ (721,900)
For More Information:
Kim Rogers or Dave Fore
Hayden IR
(646) 419-4300
[email protected]/ [email protected]
View original content: http://www.prnewswire.com/news-releases/widepoint-corporation-reports-first-quarter-2018-results-300647303.html
SOURCE WidePoint Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-widepoint-corporation-reports-first-quarter-2018-results.html |
SAO PAULO, May 14 (Reuters) - Brazil’s JBS SA, the world’s largest meatpacking company, reported on Monday a net income of 506 million reais ($140 million) for the first quarter, 48 percent above analysts expectations of 341 million reais.
Earnings before interest, tax, depreciation and amortization (EBITDA), a gauge of operating profitability, stood at 2.8 billion reais, also higher than a 2.709 billion reais consensus estimate.
$1 = 3.6229 reais Reporting by Tatiana Bautzer; Editing by Sandra Maler
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Announced first-in-human study for an alpha-synuclein PET tracer for Parkinson's disease Selected Tau small molecules (Tau Morphomers) have entered into IND/CTA * enabling studies; Phase 1 to commence by the end of 2018 Increased R&D investment and resources across our key programs Financial position remains strong with CHF 109.7 million in cash, allowing the Company to be fully financed through Q2 2019, excluding potential incoming milestones
Lausanne, Switzerland, May 2, 2018 - AC Immune SA (NASDAQ: ACIU), a Swiss-based, clinical stage biopharmaceutical company with a broad pipeline focused on neurodegenerative diseases, today announced financial results for the first-quarter ended March 31, 2018.
Prof. Andrea Pfeifer, CEO of AC Immune, commented : "During the first quarter we announced plans to start the first in human study of potentially the first selective alpha-synuclein PET tracer for earlier and more accurate diagnosis of Parkinson's disease. Furthermore, our Tau small molecules (Tau Morphomers) demonstrated target-specific reduction of pathological Tau as well as cognitive and functional improvement. We also presented a number of scientific updates on our programs at a prestigious scientific conference, demonstrating progress in our key areas. The Company's financial position remains strong, while we continue to invest in our highly-valued R&D resources as we pursue our mission of being a leader in precision medicine for neurodegenerative diseases."
Key Financial Data - Unaudited (CHF million 1 )
For the three months ended March 31, 2018 2017 Change (in CHF million except per share data) Contract revenue 1.5 2.0 (0.5) R&D expenses (10.1) (7.5) (2.6) G&A expenses (2.7) (2.4) (0.3) IFRS (Loss) for the period (11.6) (9.4) (2.2) IFRS EPS - basic and diluted (0.20) (0.17) (0.03) Non-IFRS (Loss) for the period 1 (10.8) (7.7) (3.1) Non-IFRS EPS - basic and diluted 1 (0.19) (0.14) (0.05)
1 Adjusted (Loss) and Adjusted EPS are non-IFRS measures. See "Non-IFRS Financial Measures" below for further information and reconciliation to the most directly comparable IFRS measures.
* IND: Investigational New Drug; CTA: Clinical Trial Application
As of
March 31, As of
December 31,
2018 2017 Change (in CHF million) Cash and cash equivalents 109.7 124.4 (14.7) Total shareholder's equity 105.8 116.8 (11.0) First Quarter 2018 Company Highlights
First potential PET tracer for Parkinson's disease
We announced the first in human study for potentially the first alpha-synuclein positron emission tomography (PET) tracer for earlier and more accurate diagnosis of Parkinson's disease. This new compound is highly selective for alpha-synuclein aggregates, a recognized and known target for Parkinson's disease and diseases involving alpha-synuclein pathologies. Data was presented at the AAT-AD/PD Focus Meeting 2018 in Torino, Italy on March 15, 2018.
Scientific updates at AAT- AD/PD Focus Meeting
The Company and its partners provided updates at the AAT-AD/PD Focus Meeting in Torino, Italy, in March 2018: Several posters and oral presentations covered the alpha-synuclein PET tracer being developed together with Biogen; the Company's in-house SupraAntigen TM vaccine technology; the anti-amyloid-ß antibody crenezumab currently in Phase 3 development with our collaboration partner Genentech, a member of the Roche Group; and the Tau-PET imaging agent PI-2620 being developed with Piramal Imaging.
Selection of Tau Small Molecules for Clinical Development in Alzheimer's disease
AC Immune has one of the largest Tau pipeline in the industry. Several Tau small molecule candidates, derived from AC Immune's proprietary Morphomer TM platform and designed to cross the blood brain barrier, have demonstrated target-specific reduction of pathological Tau and cognitive and functional improvement in proof-of-concept studies in Alzheimer's disease. IND/CTA enabling studies have started and a Phase 1 study will commence by the end of 2018.
Continue to invest in our key R&D programs and resources
During the quarter we added 7.3 FTEs to our R&D operations, as we continue to invest in our non-Alzheimer's disease research, diagnostics and new discovery programs as we seek to position the Company clearly as a leader in precision medicine for neurodegenerative diseases.
First Quarter 2018 Financial Highlights
Revenues
Our revenues fluctuate as a result of our collaborations with current and potentially new partners, the timing of milestone achievements, and the size of each milestone payment.
AC Immune generated revenues of CHF 1.5 million in the three months ended March 31, 2018, a decrease of CHF 0.5 million over the comparable period in 2017. The decrease in collaboration revenues was principally due to the recognition of a EUR 1 million (CHF 1.1 million) milestone from Piramal for the initiation of the Phase 1 clinical trial in an orphan indication, Progressive Supranuclear Palsy (PSP), which did not reoccur in Q1 2018.
Research & Development (R&D) Expenses
In the first quarter of 2018, AC Immune invested CHF 10.1 million in research and development, compared with CHF 7.5 million for the same period in 2017. The increase in R&D programs is primarily driven by increased investments in our two ACI 24 programs in Alzheimer's disease (AD) and Down syndrome, our Anti-Tau vaccines for the treatment of AD, our Anti-Tau Morphomers small molecules and alpha-synuclein Antibody program.
General and Administrative (G&A) Expenses
General and administrative expenses amounted to CHF 2.7 million in the three months ended March 31, 2018, compared with CHF 2.4 million in the same period in 2017.
IFRS Loss for the period
For the three months ended March 31, 2018, the Company had a net loss of CHF 11.6 million compared with net loss of CHF 9.4 million for the same period in 2017. The decline in profitability is attributable to the decreased revenues for the periods as a result of prior milestone achievements and an increase in R&D and G&A expenses as outlined above.
Cash position
As of March 31, 2018, AC Immune had total cash of CHF 109.7 million compared to CHF 124.4 million as of December 31, 2017. The decrease of CHF 14.7 million is principally due to the net loss of CHF 11.6 million for the three month period. Net cash flows used in operating activities were CHF 13.3 million, due to the higher investments in our major discovery and development programs, and the continued strengthening of the Company's infrastructure, systems and organization as a publicly-traded company.
Non-IFRS Financial Measures
In addition to our operating results, as calculated in accordance with International Financial Reporting Standards, or IFRS, as adopted by the International Accounting Standards Board, we use Adjusted Loss and Adjusted Loss per Share when monitoring and evaluating our operational performance. Adjusted Loss is defined as loss for the relevant period, as adjusted for certain items that we believe are not indicative of our ongoing operating performance. Adjusted Loss per Share is defined as Adjusted Loss for the relevant period divided by the weighted-average number of shares for such period. The following table reconciles net loss to Adjusted Loss and Adjusted Loss per Share for the periods presented:
Reconciliation of Loss to Adjusted Loss and
Loss Per Share to Adjusted Loss Per Share (unaudited)
For the quarter ended
March 31 Change 2018 2017 CHF (in CHF millions except per share data) Net Income/(Loss) (11.6) (9.4) (2.2) Adjustments:
Non-Cash share-based compensation 1
Foreign currency remeasurement (Gains)/Losses 2
0.6
0.2
0.1
1.6
0.5
(1.4) Adjusted Income (Loss) for the period (10.8) (7.7) (3.1) EPS - basic and diluted (0.20) (0.17) (0.03) Adjustment to EPS - basic and diluted 0.01 0.03 (0.02) Adjusted EPS - basic and diluted 2 (0.19) (0.14) (0.05) Weighted-average number of shares used to compute Adjusted Earnings (Loss) per share - basic and diluted 57,368,015 56,855,987 512,028 1 Reflects non-cash expenses associated with share-based compensation for equity awards issued to Directors, Management and employees of the Company. This expense reflects the awards' fair value recognized for the portion of the equity award which is vesting over the period.
2 Reflects foreign currency remeasurement gains and losses for the period, predominantly impacted by the change in the exchange rate between the US Dollar and the Swiss Franc.
Non-IFRS Expenditures
Adjustments for the three ended March 31, 2018 and 2017 were CHF 0.8 million and CHF 1.7 million in net losses, respectively. These were largely due to foreign currency remeasurement losses of CHF 0.2 million and CHF 1.6 million, respectively, predominantly related to the cash balance of the Company as a result of a weakening of the US Dollar against the Swiss Franc for most of the first half of the year offset by gains in the third quarter.
The Company also recorded CHF 0.6 million and CHF 0.1 million for share-based compensation expenses during the three months ended March 31, 2018 and 2017, respectively.
About AC Immune
AC Immune is a clinical stage Swiss-based biopharmaceutical company, listed on Nasdaq, which aims to become a global leader in precision medicine for neurodegenerative diseases. The Company designs, discovers and develops therapeutic as well as diagnostic products intended to prevent and modify diseases caused by misfolding proteins. AC Immune's two proprietary technology platforms create antibodies, small molecules and vaccines designed to address a broad spectrum of neurodegenerative indications, such as Alzheimer's disease (AD). The Company's pipeline features nine therapeutic and three diagnostic product candidates - with five product candidates currently in clinical trials. The most advanced of these is crenezumab, a humanized anti-amyloid-ß monoclonal IgG4 antibody that targets monomeric and aggregated forms of amyloid-ß, with highest affinity for neurotoxic oligomers. Crenezumab is currently in Phase 3 clinical studies for AD, under a global program conducted by the collaboration partner Genentech (a member of the Roche group). Other collaborations include Biogen, Janssen Pharmaceuticals, Nestlé Institute of Health Sciences, Piramal Imaging and Essex Bio-Technology.
Forward looking statements
This press release contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements other than historical fact and may include statements that address future operating, financial or business performance or AC Immune's strategies or expectations. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "projects," "potential," "outlook" or "continue," and other comparable terminology. Forward-looking statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include those described under the captions "Item 3. Key Information - Risk Factors" and "Item 5. Operating and Financial Review and Prospects" in AC Immune's Annual Report on Form 20-F and other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and AC Immune does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law. All forward-looking statements are qualified in their entirety by this cautionary statement.
For further information, please contact:
In Europe
Beatrix Benz
AC Immune Corporate Communications
Phone: +41 21 345 91 34
E-mail: [email protected] In the US
Lisa Sher
AC Immune Investor Relations
Phone: +1 970 987 26 54
E-mail: [email protected] Nick Miles/Toomas Kull
Cabinet Privé de Conseils s.a.
Phone: +41 22 552 46 46
E-mail: [email protected]
[email protected] Ted Agne
The Communications Strategy Group Inc.
Phone: +1 781 631 3117
E-mail: [email protected] Attachment
English.pdf
Source:AC Immune SA | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-ac-immune-reports-first-quarter-2018-financial-results-and-corporate-update.html |
(Reuters) - Factbox on the Costa Rica national team ahead of the 2018 World Cup:
FIFA ranking: 25 (till June 7)
Previous tournaments:
Costa Rica will be appearing in their fifth World Cup four years after their best finish with a run to the quarter-finals in Brazil, where they lost to the Netherlands on penalties.
Few expected Costa Rica to get out of a group featuring three former World Cup winners — England, Italy and Uruguay. However, some spirited and enterprising displays saw the Central Americans top the section and beat Greece on penalties in the last 16 before their heartbreaking defeat by the Dutch.
The first appearance of Los Ticos in a finals was at Italia ‘90 where they upset the odds by beating Scotland and Sweden to qualify from their group but then lost 4-1 to Czechoslovakia.
In 2002 and 2006 they failed to get out of their group.
Coach:
Oscar Ramirez: The 53-year-old took over the national team reins in 2015 when he was promoted from his role as assistant to Paulo Wanchope when the former Manchester City player stood down after he was involved in an altercation with a fan.
Ramirez was a safe choice for the Costa Rican federation, given he had had a previous spell with the national team, as assistant to Hernan Medford, and also had plenty of experience in the domestic league with top clubs Saprissa and Alajuelense.
As a player, midfielder Ramirez made 75 appearances for his country including at the 1990 World Cup in Italy.
During qualification Ramirez stuck largely with his experienced core group of players but he has gradually integrated a younger set of emerging talent.
Key players:
Keylor Navas: The 2014 World Cup changed the goalkeeper’s career when, after a series of outstanding performances, particularly against Greece in the last 16, he was signed by Real Madrid to replace Iker Casillas. While Navas has had to play against a backdrop of constant media reports that Real will replace him with a bigger name, the Costa Rican has kept his place with the European champions and heads into his second World Cup with two Champions League titles to his name.
Bryan Ruiz: The main creative force for Los Ticos, Ruiz has played in Europe since 2006 and the 32-year-old is enjoying something of an Indian summer at Sporting in Portugal. Ruiz can play as an advanced midfielder, support striker or winger.
Joel Campbell: The 25-year-old striker’s career has yet to live up to the expectations generated by his move as a teenager to Arsenal. But while his club career has consisted of a series of loan moves to Spanish clubs (he is currently with Real Betis) Campbell has shown his quality for Costa Rica, with impressive performances in Brazil four years ago and two goals in the 4-0 thrashing of the United States in World Cup qualification.
Form guide:
Since qualification was secured, Ramirez’s side have suffered three defeats in four friendly games with a solitary win against Scotland. Defeats by Tunisia and Hungary hardly inspired confidence, while a 5-0 thrashing by Spain set off alarm bells. Ramirez will be hoping for better signs in June’s friendlies against Northern Ireland, England and Belgium.
How they qualified:
Los Ticos got off to a flying start in CONCACAF’s final round of qualifying with a 2-0 win away to Trinidad & Tobago and then a 4-0 thrashing of the United States.
A 2-0 win on the road in the U.S. was another impressive display and they finished comfortably in second place despite failing to win in their last three games.
Prospects:
Serbia, Brazil and Switzerland represent a tough challenge in Group E. Costa Rica’s performances in advancing from an arguably tougher group four years ago offers hope but they do not look as sharp or effective as Jorge Luis Pinto’s 2014 side.
Recent form would suggest Costa Rica will need a huge improvement to have any chance of getting out of the group.
Reporting by Simon Evans; Editing by Ken Ferris
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-cri-factbox/soccer-costa-rica-world-cup-factbox-idUSKCN1IO24L |
April 30 (Reuters) - INTELIWISE SA:
* SAID ON FRIDAY THAT IT SIGNED DEAL WITH COMARCH POLSKA SA FOR DELIVERY, IMPLEMENTATION AND MAINTENANCE OF CHATBOT - VIRTUAL ADVISOR AND LIVE CHAT IN PUBLIC ADMINISTRATION
* DEAL TO LAST TILL 2018-END AND ITS VALUE EXCEEDS 15% OF COMPANY’S SHARE CAPITAL
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S73Z6 |
The Late Morning Rundown: May 30, 2018 35 Mins Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/the-late-morning-rundown-may-30-2018.html |
SAN MATEO, Calif., May 24, 2018 (GLOBE NEWSWIRE) -- Adherium (ASX:ADR), an award-winning digital health company that improves medication adherence, patient outcomes and engagement, today announced that David Allinson has joined the Company as Chief Financial Officer, effective immediately.
David Allinson brings 20+ years of executive-level financial leadership to Adherium in Chief Financial Officer role.
“We are delighted to welcome David to our team. His extensive background in finance, corporate development and transaction management, predominantly in the medical technology sector, made him an ideal candidate for this key position in our organization,” said Arik Anderson, CEO. “I am confident in David's ability to guide and implement our financial strategy and high-growth initiatives as we progress towards becoming the global leader in medical adherence.”
Mr. Allinson brings more than 20 years of executive-level financial leadership to Adherium. Most recently, he was Chief Financial Officer of Augmedix, Inc., a technology-enabled documentation service for healthcare providers, where he was instrumental in completing several financial transactions and strengthening the company's overall financial structure. Previously, he served in executive and financial leadership roles at GE Medical Systems - Healthcare Solutions, The Self Health Network, MECON, Inc., and HCORP, Inc. Mr. Allinson began his career with Price Waterhouse, where he completed his CPA license.
“I’m delighted to join Adherium at this truly dynamic stage of its development,” said Allinson. “The Company’s platform-based approach to supporting medication adherence for patients suffering from respiratory disease, as well as delivering critical and timely data to their care-givers and healthcare providers is truly unique in the healthcare industry. I look forward to contributing my expertise to the leadership team and to advance the Company’s vision to expand into the US and drive long-term growth and value.”
Mr. Allinson holds a Bachelor of Science in Accounting from San Jose State University, San Jose, CA
About Adherium
Adherium is a provider of digital health solutions and a global leader in connected respiratory medical devices, with over 100,000 devices distributed globally. The Company develops, manufactures and supplies patients, pharmaceutical companies, healthcare providers and contract research organizations with the broadest range of connected medical devices for respiratory medications. The devices and accompanying technology address sub-optimal medication use and strive to improve health outcomes in chronic disease. Adherium is headquartered in the U.S., and operates globally from bases in the U.S., Europe and Australasia. Learn more at adherium.com .
Inquiries
Vik Panda, Adherium
Email: [email protected]
Media
Chris Gale, Greentarget
Phone: 646.695.2883
Email: [email protected]
Investors
Leigh Salvo, Gilmartin Group
Phone: 415.937.5404
Email: [email protected]
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/34caf2eb-47a3-4a05-9bcd-ab8567ec5f51
Source:Adherium North America Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-adherium-announces-appointment-of-david-allinson-as-chief-financial-officer.html |
May 10, 2018 / 11:05 PM / Updated 16 hours ago Corbyn - give one billion pound navy contract to UK firms Andrew MacAskill 3 Min Read
LONDON (Reuters) - Labour opposition leader Jeremy Corbyn will say on Friday a 1 billion pound contract to build navy ships should be should be awarded to British companies, criticising a decision to allow foreign firms to bid for the work. FILE PHOTO: British opposition Labour Party leader Jeremy Corbyn leaves his home in London, Britain, April 2, 2018. REUTERS/Hannah McKay/File Photo
Corbyn, a socialist who has won over many voters with promises to increase public spending and take a more interventionist approach to the economy, said such a decision would create about 6,500 British jobs and support other industries.
In a speech in Glasgow, a city that once produced around a fifth of the world’s ships, Corbyn will say allowing the ships to be built by foreign companies risks further undermining an industry already suffering a long decline.
The policy of Prime Minister Theresa May’s Conservative government is to build all the navy’s warships in Britain, but foreign companies are being allowed to bid for contracts to build three support ships that will provide new aircraft carriers with supplies while at sea.
“By refusing to help our industry thrive, the Conservatives are continuing their historic trend of hollowing out and closing down British industry,” Corbyn will say, according to extracts of the speech released by his office.
“The next Labour government will use public contracts as part of our bigger plans to upgrade our economy. Don’t listen to anyone who says we can’t build things in Britain and that a casino economy, which produces little but soaring inequality and insecurity, is our only future.”
Shipbuilders from Germany, Italy, the Netherlands, Poland, South Korea and Spain attended a recent Ministry of Defence industry day to discuss the work, according to documents obtained by the GMB union under the Freedom of Information Act.
The government’s decision to allow foreign companies to bid for the work comes soon after controversy over the decision to snub a British manufacturer to produce post-Brexit blue passports.
The defence ministry said in a statement that Britain is currently witnessing a “renaissance in national shipbuilding” and that it encourages British shipyards to bid for the support ships contract.
British shipyards once produced half of the world’s new ships but now account for less than half a percent, Corbyn will say. Editing by Stephen Addison | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-labour-defence/corbyn-give-one-billion-sterling-navy-contract-to-uk-firms-idUKKBN1IB363 |
VANCOUVER, May 10, 2018 /PRNewswire/ - Artizia Inc. ("Aritzia" or the "Company") (TSX: ATZ) today announced that the Toronto Stock Exchange ("TSX") has accepted its notice of intention to proceed with a normal course issuer bid.
Aritzia's Board of Directors believes that a normal course issuer bid represents an appropriate and desirable use of its available cash, after investments in stores and strategic infrastructure, to increase shareholder value and is in the best interest of Aritzia and its shareholders. As at February 25, 2018, the Company had approximately $112.5 million of cash on hand. Any purchases made under the normal course issuer bid will be made by Aritzia subject to favourable market conditions at the prevailing market price at the time of acquisition through the facilities of the TSX and/or alternative Canadian trading systems.
Pursuant to the notice, Aritzia may purchase up to 5,429,658 of its subordinate voting shares ("Shares"), representing approximately 10% of the public float of 54,296,588 Shares, during the twelve month period commencing May 15, 2018 and ending May 14, 2019. As at April 30, 2018 there were 56,402,240 Shares issued and outstanding. Under the normal course issuer bid, other than purchases made under block purchase exemptions, Aritzia may purchase up to 39,160 Shares on the TSX during any trading day, which represents approximately 25% of 156,642, which represents the average daily trading volume on the TSX for the most recently completed six calendar months prior to the TSX's acceptance of the notice of the NCIB. Any Shares purchased under the normal course issuer bid will be cancelled.
Although the Company intends to purchase Shares under its normal course issuer bid, there can be no assurances that any such purchases will be completed. Any purchases made under the normal course issuer bid will be made by Aritzia at the prevailing market price at the time of acquisition and through the facilities of the TSX. The Company may rely on an automatic purchase plan during the NCIB. The automatic purchase plan would allow for purchases by the Company of Shares during certain pre-determined blackout periods, subject to certain parameters and approval of the TSX.
About Aritzia
Aritzia is a vertically integrated, innovative design house of fashion brands. The Company designs apparel and accessories for its collection of exclusive brands. The Company's expansive and diverse range of women's fashion apparel and accessories addresses a broad range of style preferences and lifestyle requirements. Aritzia is well known and deeply loved by its customers in Canada with growing customer awareness and affinity in the United States and outside of North America. Aritzia aims to delight its customers through an aspirational shopping experience and exceptional customer service that extends across its more than 85 retail stores and our eCommerce business, aritzia.com .
Forward-looking statement
Certain information contained in this press release may constitute forward-looking information under applicable securities laws, including statements related to the Company's normal course issuer bid, investments in store and strategic infrastructure and other statements that are not historical facts. This information is based on management's reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. However, we do not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. Actual results and the timing of events may those anticipated in the forward-looking information as a result of various factors, including those described in "Risk Factors" which are described in the Company's annual information form dated May 10, 2018 for the fiscal year ended February 25, 2018 (the "AIF"). The Company cautions that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. See "Forward-looking Information" and "Risk Factors" in the AIF for a discussion of the uncertainties, risks and assumptions associated with these statements.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this statement.
View original content: http://www.prnewswire.com/news-releases/aritzia-announces-normal-course-issuer-bid-300646548.html
SOURCE Aritzia Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-aritzia-announces-normal-course-issuer-bid.html |
PHOENIX--(BUSINESS WIRE)-- Viad Corp (NYSE:VVI) today announced that it has strengthened its leadership team with two key appointments. Derek Linde joined Viad on April 30 as General Counsel and Corporate Secretary, and Jay Altizer will join the company on May 14 as President, North America at GES.
Steve Moster, president and chief executive officer of Viad, said, “I am excited to welcome Derek and Jay to the Viad team. They are both proven leaders who will add important bench strength and expertise to help drive our strategic growth goals. I look forward to working closely with each of them as we work to further scale the Pursuit business and position GES as the preferred global, full-service provider for live events.”
Linde will manage Viad’s legal function and advise the organization on legal, strategic and compliance matters. He brings significant experience with mergers and acquisitions, securities and capital markets, corporate governance and SEC matters, and in providing strategic and legal services to diversified, global businesses. He joins Viad from Illinois Tool Works Inc. (NYSE: ITW), where he was Deputy General Counsel and Assistant Secretary, and he was previously a partner at Winston & Strawn LLP. Linde holds a J.D. from the Vanderbilt School of Law and a B.A. from the University of Missouri-Columbia.
Altizer will lead GES’ exhibition and conference business in the United States and Canada with a focus on accelerating growth and margin improvement. He brings extensive management experience, including a proven ability to drive profitable growth in competitive industries through operational excellence, business development and product innovation. He has successfully led teams at Dean Foods, PepsiCo, and Bain & Company. Altizer holds an MBA from Tuck School of Business at Dartmouth, and a B.S. in both Management and Management Science from Virginia Tech.
About Viad
Viad (NYSE: VVI) generates revenue and shareholder value through two business units: GES and Pursuit. GES is a global, full-service live events company offering a comprehensive range of services to the world's leading brands and event organizers. Pursuit is a collection of iconic travel experiences in Alaska, Montana and Western Canada that showcase the best of Banff, Jasper, Waterton Lakes, Glacier, Denali and Kenai Fjords national parks. Viad is an S&P SmallCap 600 company. For more information about Viad, visit www.viad.com .
Forward-Looking Statements
This press release contains a number of forward-looking statements. Words, and variations of words, such as “will,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,” “target,” “outlook,” and similar expressions are intended to identify our forward-looking statements. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. These forward-looking statements are not historical facts, and are subject to a host of risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those in the forward-looking statements.
Important factors that could cause actual results to differ materially from those described in our forward-looking statements include, but are not limited to, the following:
our ability to successfully integrate and achieve established financial and strategic goals from acquisitions; our dependence on large exhibition event clients; the importance of key members of our account teams to our business relationships; the competitive nature of the industries in which we operate; travel industry disruptions; transportation disruptions and increases in transportation costs; seasonality of our businesses; terrorist attacks, natural disasters and other catastrophic events; fluctuations in general economic conditions; the impact of recent U.S. tax legislation; our exposure to currency exchange rate fluctuations; our multi-employer pension plan funding obligations; our exposure to labor cost increases and work stoppages related to unionized employees; our exposure to cybersecurity attacks and threats; compliance with laws governing the collection, storage, handling and transfer of personal data and our exposure to legal claims and fines for data breaches or improper handling of such data; unanticipated delays and cost overruns of our capital projects, and our ability to achieve established financial and strategic goals of such projects; adverse effects of show rotation on our periodic results and operating margins; the effects of the United Kingdom’s exit from the European Union; liabilities relating to prior and discontinued operations; and those risks discussed in Item IA, “Risk Factors,” included in the 2017 Form 10-K.
Please see our most recent annual report on Form 10-K filed with the SEC. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this news release except as required by applicable law or regulation.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006061/en/
Viad Corp
Sajid Daudi or Carrie Long
Investor Relations
(602) 207-2681
[email protected]
Source: Viad Corp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-viad-corp-strengthens-leadership-team-with-key-appointments.html |
May 10, 2018 / 11:33 AM / in 7 minutes BRIEF-Evoke Pharma Granted Gender Specific Patent For Gimoti In Mexico Reuters Staff 1 Min Read
May 10 (Reuters) - Evoke Pharma Inc:
* EVOKE GRANTED GENDER SPECIFIC PATENT FOR GIMOTI™ IN MEXICO Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-evoke-pharma-granted-gender-specif/brief-evoke-pharma-granted-gender-specific-patent-for-gimoti-in-mexico-idUSFWN1SH0RD |
CHANDLER, Ariz., May 21, 2018 (GLOBE NEWSWIRE) -- Microchip Technology Incorporated (NASDAQ:MCHP) (“Microchip,” “we” or “our”) announced today that it has commenced an unregistered offering of senior secured notes of multiple tranches (the “Notes”). Microchip intends to use a combination of the net proceeds from the offering of the Notes, cash on hand, borrowings under its revolving credit facility and borrowings under a new term loan facility to fund the cash consideration and other amounts payable in respect of its previously announced acquisition of Microsemi Corporation (the “Microsemi Merger”). It is expected that the net proceeds of the offering will be deposited in escrow, with such net proceeds to be released to finance the consummation of the acquisition of Microsemi Corporation, subject to the satisfaction of customary conditions. There can be no assurance that the proposed offering of the Notes will be completed.
The Notes will be guaranteed on a joint and several basis by the Company and its subsidiaries (including, following consummation of the Microsemi Merger, Microsemi Corporation and certain of its subsidiaries) that guarantee obligations under the Company’s revolving credit facility.
The Notes will be sold in the United States only to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States only to non-U.S. persons in accordance with Regulation S under the Securities Act. The Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any of these Notes, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
Forward-Looking Statements
This press release contains certain forward-looking statements that involve risks and uncertainties, including statements regarding the Microsemi Merger and the timing and financing of such transaction. In some cases, you can identify these statements by such forward-looking words as "anticipate," "believe," "plan," "expect," "future," "continue," "intend" and other similar expressions. Actual results could differ materially from the results anticipated in these forward-looking statements as a result of certain factors including those set forth under “Risk Factors,” “Legal Proceedings” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other sections of the Microchip Technology Incorporated Annual Report on Form 10-K for the year ended March 31, 2018. Microchip Technology Incorporated disclaims any obligation to update information contained in any forward-looking statement.
Note: The Microchip name and logo are registered trademarks of Microchip Technology Inc. in the USA and other countries. All other trademarks mentioned herein are the property of their respective companies.
INVESTOR RELATIONS CONTACT:
J. Eric Bjornholt – CFO
(480) 792-7804
Source:Microchip Technology Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-microchip-technology-announces-intention-to-offer-senior-secured-notes-of-multiple-tranches.html |
MONTREAL, May 15, 2018 (GLOBE NEWSWIRE) -- The Board of Directors of Laurentian Bank of Canada declared today the following dividends:
a dividend of $0.26875 on the preferred shares Series 13, payable on June 15, 2018, to shareholders of record at the close of business on June 7, 2018.
a dividend of $0.365625 on the preferred shares Series 15, payable on June 15, 2018, to shareholders of record at the close of business on June 7, 2018.
The above-mentioned dividends are designated as eligible dividends for the purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.
The preferred shares are Eligible Shares under the Bank’s Shareholder Dividend Reinvestment and Share Purchase Plan (the "Plan"). Consequently, the holders of such shares may elect to reinvest their dividends in newly issued common shares of the Bank. Such purchases will be made at the applicable Investment Price under the Plan, less a discount of 2%, and no brokerage commissions or service charges of any kind will apply.
In addition, holders of such shares are entitled to make monthly optional cash payments to purchase additional common shares in accordance with the terms of the Plan.
For more information, please contact Computershare Trust Company of Canada at 1-800-564-6253. Beneficial or non-registered owners of common and preferred shares must contact their financial institution or broker for instructions on how to participate in the Plan.
About Laurentian Bank
Laurentian Bank of Canada is a financial institution whose activities extend mainly across Canada. Founded in 1846, its mission is to help customers improve their financial health and it is guided by values of proximity, simplicity and honesty.
The Bank serves one and a half million clients throughout the country and employs more than 3,700 individuals, which makes it a major player in numerous market segments. The Bank caters to the needs of retail clients via its branch network based in Quebec. The Bank also stands out for its know-how among small and medium-sized enterprises and real estate developers owing to its specialized teams across Canada. Its subsidiary B2B Bank is, for its part, one of the major Canadian leaders in providing banking products and services and investment accounts through financial advisors and brokers. Laurentian Bank Securities offers integrated brokerage services to a clientele of institutional and retail investors.
The Bank has $47 billion in balance sheet assets and $31 billion in assets under administration.
Information:
Hélène Soulard
Assistant Vice President, Communications
514-284-4500, extension 8232
[email protected]
Source: Laurentian Bank of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-laurentian-bank-declares-dividends-on-its-preferred-shares.html |
FRANKFURT (Reuters) - European researchers have found that the popular PGP and S/MIME email encryption standards are vulnerable to being hacked and they urge users to disable and uninstall them immediately.
FILE PHOTO: WhatsApp and Facebook messenger icons are seen on an iPhone in Manchester , Britain March 27, 2017. REUTERS/Phil Noble -/File Photo University researchers from Muenster and Bochum in Germany, and Leuven in Belgium, discovered the flaws in the encryption methods that can be used with popular email applications such as Microsoft Outlook and Apple Mail.
“There are currently no reliable fixes for the vulnerability,” lead researcher Sebastian Schinzel, professor of applied cryptography at the Muenster University of Applied Sciences, said on Monday.
“If you use PGP/GPG or S/MIME for very sensitive communication, you should disable it in your email client for now.”
The team had been due to publish its full findings on Tuesday but rushed them out after the news made waves among the community of encrypted email users that includes activists, whistleblowers and journalists working in hostile environments.
Titling the exploit ‘Efail’, they wrote that they had found two ways in which hackers could effectively coerce an email client into sending the full plaintext of messages to the attacker.
There’s no immediate suggestion that spy agencies or state-sponsored hackers have already used the technique to burrow into people’s emails.
The researchers have informed email providers of their findings, under so-called responsible disclosure, and it now falls to others to establish whether the exploits can be replicated.
DIRECT EXFILTRATION In the first exploit, hackers can ‘exfiltrate’ emails in plaintext by exploiting a weakness inherent in Hypertext Markup Language (HTML), which is used in web design and in formatting emails.
Apple Mail, iOS Mail and Mozilla Thunderbird are all vulnerable to direct exfiltration, they said.
A second attack takes advantage of flaws in OpenPGP and S/MIME to inject malicious text that in turn makes it possible to steal the plaintext of encrypted emails.
The vulnerabilities in PGP and S/MIME standards pose an immediate risk to email communication including the potential exposure of the contents of past messages, said the Electronic Frontier Foundation (EFF), a U.S. digital rights group.
In a blog post, the EFF recommended that PGP users uninstall or disable their PGP email plug-ins while the research community evaluates the seriousness of the flaws reported by the European research team.
It also said that users should switch for the time being to non-email-based secure messaging apps such as Signal for sensitive communications.
Germany’s Federal Office for Information Security (BSI) said in a statement there were risks that attackers could secure access to emails in plaintext once the recipient had decrypted them.
It added, however, that it considered the encryption standards themselves to be safe if correctly implemented and configured.
“Securely encrypted email remains an important and suitable means of increasing information security,” it said in a statement, adding that the flaws which have been discovered can be remedied through patches and proper use.
PGP - short for Pretty Good Privacy - was invented back in 1991 by Phil Zimmermann and has long been viewed as a secure form of end-to-end encryption impossible for outsiders to access. Zimmermann is co-founder and chief scientist of Silent Circle, an encrypted communications firm.
PGP has in the past been endorsed, among others, by Edward Snowden, who blew the whistle on pervasive electronic surveillance at the U.S. National Security Agency before fleeing to Russia.
PGP works using an algorithm to generate a ‘hash’, or mathematical summary, of a user’s name and other information. This is then encrypted with the sender’s private ‘key’ and decrypted by the receiver using a separate public key.
To exploit the weakness, a hacker would need to have access to an email server or the mailbox of a recipient. In addition the mails would need to be in HTML format and have active links to external content to be vulnerable, the BSI said.
It advised users to disable the use of active content, such as HTML code and outside links, and to secure their email servers against external access.
Editing by Matthew Mpoke Bigg
| ashraq/financial-news-articles | https://in.reuters.com/article/cyber-encryption/popular-encrypted-email-standards-are-unsafe-european-researchers-idINKCN1IF1N2 |
ISLAMABAD (Reuters) - Pakistani Prime Minister Shahid Khaqan Abbasi on Tuesday inaugurated the long-delayed new airport in the capital, Islamabad, replacing the cramped Benazir Bhutto airport often criticized by travelers.
A general view of the newly-built Islamabad International Airport building during a media tour ahead of its official opening, Pakistan April 18, 2018. Picture taken April 18, 2018. REUTERS/Faisal Mahmood A Pakistan International Airlines pilot waved a green and white Pakistani flag out of his cockpit window after landing the carrier’s first commercial flight at the New International Islamabad Airport.
With a sleek glass-front entrance, spacious check-in areas and jetway bridges for boarding, the Y-shaped airport promises an end to the congestion that has frustrated air travel in the past.
“This airport rightly reflects what has happened in Pakistan in the last five years,” said Abbasi.
Abbasi’s ruling Pakistan Muslim League-Nawaz (PML-N) party had been eager to open the new airport before national polls, likely in July, as it touts big-ticket infrastructure as sign of economic progress in the South Asian nation of 208 million people.
A general view of the check-in area during a media tour of the newly built Islamabad International Airport Terminal, ahead of its official opening, Pakistan April 18, 2018. Picture taken April 18, 2018. Picture taken April 18, 2018. REUTERS/Faisal Mahmood Abbasi’s government is spending billions of dollars on upgrading Pakistan’s transport infrastructure and ending energy blackouts, with freshly paved motorways as well as dams and power plants popping up across the country.
Abbasi, who has a pilot’s license and is a founder of a Pakistani budget airline, said new airports in the cities of Multan, Faisalabad, Quetta and Peshawar were in the final stages.
The new Islamabad airport, which has the capacity to handle 15 million passengers annually and space for further expansion, was first suggested in the 1980s and has been more than a decade in the making.
Slideshow (2 Images) The delays have become a running joke with many Pakistanis, who mock the frequent announcements that the new airport would open soon and subsequent clarifications of further delays. The airport’s most recent delay was last month.
“Nothing is impossible but this project definitely seemed impossible,” quipped Abbasi, in reference to his government inheriting the project in 2013.
The new airport is about 15 km (nine miles) from the capital. Benazir Bhutto airport was in the nearby city of Rawalpindi and attached to a military base.
International travelers often complained about chaotic scenes at the airport and in 2014 it was voted the worst in the world by the “Guide to Sleeping in Airports” website, prompting widespread criticism of the airport in Pakistani media.
The new airport is due to start full operation on Thursday.
(This story fixes tense to “happened” in paragraph four.)
Reporting by Drazen Jorgic; Editing by Nick Macfie
| ashraq/financial-news-articles | https://www.reuters.com/article/us-pakistan-airport/pakistan-pm-inaugurates-long-delayed-new-airport-in-capital-islamabad-idUSKBN1I23IH |
VANCOUVER, British Columbia, May 02, 2018 (GLOBE NEWSWIRE) -- Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V:SOLR) reports that it has filed its audited consolidated financial statements and related management discussion and analysis for the year ended December 31, 2017. Both are available under the Company’s profile on SEDAR at www.sedar.com .
Key results show a significant increase in revenue from the third quarter to the fourth quarter as the result of construction of several projects in the Company’s expanding commercial project pipeline. The Company recorded $2,110,390 in revenue for the quarter ended December 31, 2017 compared to $574,103 for the previous quarter. The revenue increase is the result of the Company’s increased focus on commercial and industrial (“C&I”) solar projects following the acquisition of a commercial solar company in November 2017 and its first contract with a Fortune Global 500 customer.
“We start 2018 poised to scale our business significantly. We have expanded our technical capabilities and elevated our performance for the sales and installation cycle of larger solar projects. Our expansion into the development and sale of larger solar projects has translated into a significant increase in revenue in just one quarter,” said Chairman and CEO Jason Bak. “We will be allocating more resources to these larger scale solar projects for 2018 as we grow and leverage off a significant pipeline and an excellent track record for our commercial team.”
Solar Alliance expects to announce additional C&I projects in the coming months as pipeline opportunities are converted to revenue.
Jason Bak, Chairman and CEO
For more information:
Solar Alliance
Myke Clark
604-288-9051
[email protected]
About Solar Alliance Energy Inc. ( www.solaralliance.com )
Solar Alliance is an international energy solutions provider focused on residential, commercial and industrial solar installations. The Company is licensed to operate in California, Tennessee, North/South Carolina and Kentucky and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed wind and solar projects that provide enough electricity to power 150,000 homes. Solar Alliance is committed to an exceptional customer experience, effective marketing campaigns and superior lead generation in order to drive sales and generate value for shareholders. Our passion is improving life through ingenuity, simplicity and freedom of choice. We make solar simple and our goal is to install solar on every available rooftop in America.
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
“Neither 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."
Source: Solar Alliance Energy Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-solar-alliance-announces-record-q4-revenue-of-2-point-1-million.html |
tight market@
* Drop in U.S. inventories pushes up WTI crude
* OPEC cuts, looming U.S. sanctions against Iran lift Brent
* But surging U.S. production could meet fall in OPEC supplies (Adds comment, updates prices)
SINGAPORE, May 17 (Reuters) - Oil prices firmed on Thursday, with Brent crude creeping ever closer to $80 per barrel, a level it has not seen since November 2014, as supplies tighten while demand remains strong.
Brent crude futures were at $79.36 per barrel at 0451 GMT, up 8 cents from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $71.71 a barrel, up 22 cents, or 0.3 percent, from their last settlement.
ANZ bank said on Thursday that Brent was "now threatening to break through $80 per barrel ... (as) geopolitical risks continue to support prices, (and) an unexpected fall in inventories in the U.S. got investors excited yesterday."
U.S. crude inventories <C-STK-T-EIA> dropped by 1.4 million barrels in the week to May 11, to 432.34 million barrels.
ANZ said the falling U.S. inventories were "raising concerns of tight markets heading into the U.S. driving season," during which demand typically rises.
Looking beyond seasonal changes, U.S. bank Morgan Stanley said it had raised its Brent price forecast to $90 per barrel by 2020, due to a steady increase in demand.
EVERYTHING BULLISH?
Not all indicators pointed to a tighter market, however.
"A weakening dollar, strong economic growth and low oil price have all supported a tremendous recovery in oil demand over the last few years, clearing the oversupply in the market. With the dollar strengthening, higher oil prices and softening economic growth, we see a threat to demand growth from 2019," BMI Research said on Thursday.
The International Energy Agency (IEA) said on Wednesday that it had lowered its global oil demand growth forecast for 2018 from 1.5 million barrels per day (bpd) to 1.4 million bpd.
The IEA said global oil demand would average 99.2 million bpd in 2018.
And although supplies currently only stand at 98 million bpd due to supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), the IEA said "strong non-OPEC growth ... will grow by 1.87 million bpd in 2018."
Leading production increases is the United States, where crude output <C-OUT-T-EIA> has soared by 27 percent in the last two years, to a record 10.72 million bpd.
That puts the United States within reach of top producer Russia, which pumps around 11 million bpd.
As a result of its surging production, U.S. crude is increasingly appearing on global markets.
Commodity brokerage Marex Spectron said that the surge in U.S. supplies was a "strongly price-bearish development."
It said the economic outlook was also "firmly bearish" as "short-term credit conditions have worsened which ... hasn't been priced correctly by the market."
The brokerage also said that U.S. energy intensity "continues to decrease which is never good news for the future consumption of oil."
(Reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/reuters-america-update-1-oil-markets-firm-as-brent-edges-ever-closer-to-80-per-barrel-on-tight-market.html |
May 29, 2018 / 9:56 AM / Updated 22 minutes ago Somaliland authorities arrest demonstrators, journalists covering protest Abdiqani Hassan 2 Min Read
GAROWE, Somalia (Reuters) - Police in Somalia’s breakaway Somaliland region arrested more than 40 protesters and two journalists at a demonstration in a town whose ownership is disputed by a neighbouring region, a police officer said.
Protesters marched through the town of Las Anod on Monday, shouting in support of rejoining the federal government, based in Mogadishu, residents said.
“We arrested 47 demonstrators including women and youth who were misled,” said Abdirisak Mohamed Faarah, police commander for Somaliland’s Sool region, said at a news conference in Las Anod on Monday. “There are also two reporters in jail for creating chaos. We are also looking for others and we shall arrest them.
“We arrested them because they were destabilising peace and we shall take measures against those who masterminded it.”
Last week, fighting between Somalia’s semi-autonomous Puntland region and breakaway Somaliland killed dozens of soldiers.
The fighting appeared to be a resumption of more than 10 years of periodic conflict between Puntland and Somaliland over the disputed region of Sool.
A week earlier, clashes between the two sides over the ownership of Tukaraq village, taken by Somaliland last month, killed at least 45 people. Forces from Puntland and Somaliland remain stationed on opposite sides of Tukaraq.
“We shall continue fighting till we liberate Las Anod town. We urge Somaliland to stop suppressing the residents,” Abdihakim Abdullahi, deputy president of Puntland, told Reuters on Monday.
Other Somaliland officials could not be reached for comment. Additional reporting by Abdi Sheikh in Mogadishu; writing by George Obulutsa, editing by Larry King | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-somalia-security/somaliland-authorities-arrest-demonstrators-journalists-covering-protest-idUKKCN1IU113 |
May 15 (Reuters) - U.S. stock index futures added to their losses on Tuesday after data showed retail sales increased moderately in April as rising gasoline prices weighed on discretionary spending.
The Commerce Department said retail sales rose 0.3 percent last month, in line with economists’ expectations and an increase of 4.7 percent from a year ago.
At 8:38 a.m. ET, Dow e-minis were down 120 points, or 0.48 percent. S&P 500 e-minis were down 11 points, or 0.4 percent and Nasdaq 100 e-minis were down 44.25 points, or 0.63 percent.
Ahead of the data, Dow e-minis were down 75 points, or 0.3 percent, S&P 500 e-minis were off 6.5 points, or 0.24 percent and Nasdaq 100 e-minis were down 24.75 points, or 0.35 percent.
Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-snapshot-futures-add-to-losses-after-retail-sales-data-idUSL3N1SM5KI |
SEOUL (Reuters) - The United States is committed to working with North Korea to achieve peace on the Korean peninsula, U.S. Secretary of State Mike Pompeo told North Korean officials in Pyongyang on Wednesday.
“I have high expectations the United States will play a very big role in establishing peace on the Korean peninsula,” said Kim Yong Chol, director of the United Front Department responsible for North-South relations. The remarks were provided in a pool report.
In response, Pompeo said the group with him was “equally committed to working with you to achieve exactly” that.
“For decades, we have been adversaries. Now we are hopeful that we can work together to resolve this conflict, take away threats to the world and make your country have all the opportunities your people so richly deserve,” Pompeo added.
Reporting by Christine Kim; Editing by Clarence Fernandez
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-usa/u-s-says-it-is-committed-to-working-with-north-korea-to-achieve-peace-idUSKBN1IA0NB |
Wall Street rises as Apple rallies 9:48pm BST - 01:01
Wall Street climbed on Monday. As Fred Katayama reports, Apple's sixth straight day of gains helped drive the markets higher.
Wall Street climbed on Monday. As Fred Katayama reports, Apple's sixth straight day of gains helped drive the markets higher. //reut.rs/2KIY23v | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/07/wall-street-rises-as-apple-rallies?videoId=424775359 |
(Reuters) - Indian software services exporter HCL Technologies Ltd posted a 9.9 percent fall in its fourth-quarter net profit on Wednesday, hurt by higher expenses.
People walk in front of the HCL Technologies Ltd office at Noida, on the outskirts of New Delhi April 17, 2013. REUTERS/Mansi Thapliyal/File Photo Net profit fell to 22.28 billion rupees ($333.58 million) in the three months ended March 31, from 24.73 billion rupees in the same period a year earlier, HCL said. bit.ly/2FzaCi4
Analysts on average had expected the company to post a net profit of 22.60 billion rupees, according to Thomson Reuters data.
Revenue from operations rose 2.2 percent to 131.78 billion rupees.
The company said it expected revenue in the current year to rise 9.5 percent-11.5 percent in constant currency terms.
($1 = 66.7900 Indian rupees)
Reporting by Tanvi Mehta in Bengaluru; Editing by Subhranshu Sahu
| ashraq/financial-news-articles | https://in.reuters.com/article/hcl-techno-results/hcl-tech-fourth-quarter-profit-falls-nearly-10-percent-misses-estimates-idINKBN1I309D |
May 11, 2018 / 11:12 AM / Updated 7 hours ago Motor racing-Mercedes lead the way in Spanish GP practice Alan Baldwin 2 Min Read
BARCELONA, May 11 (Reuters) - Mercedes, with Valtteri Bottas again quicker than reigning world champion Lewis Hamilton, led the way in first Spanish Grand Prix practice on Friday with Ferrari’s Sebastian Vettel the best of the rest.
Bottas put down a marker with a best lap of one minute 18.148 seconds on the soft tyre, 0.849 faster than his four-times champion team mate who won from pole last year.
Vettel, who will be chasing his fourth successive pole position on Saturday, was on the quicker supersofts but 0.950 slower than the Finn around a sunny but windy Circuit de Catalunya.
Hamilton leads the German, also a four-times world champion, by four points after four races.
Red Bull’s Max Verstappen was fourth fastest but Australian team mate Daniel Ricciardo crashed in his first track session since the two drivers collided in the Azerbaijan Grand Prix 12 days ago.
The virtual safety car was deployed briefly, with Ricciardo’s car running across the gravel and into the barriers, with several others also spinning. The Australian was classified seventh.
Home hero Fernando Alonso started the weekend a morale-boosting sixth, behind Ferrari’s Kimi Raikkonen, with his McLaren displaying a heavily-revised three-pronged nose.
Williams had another trying session as Polish reserve Robert Kubica took part in a race weekend for the first time since 2010, three months before he suffered serious injuries in a rally crash.
The former race winner was 19th, in 1:21.510, but faster than teenage Canadian team mate Lance Stroll in last place on the timesheets with a best of 1:22.756 after an off into the gravel.
“Unbelievable how bad the balance is,” Stroll complained over the radio.
Kubica was replacing Russian rookie Sergey Sirotkin, who returns for second practice and the race but has a three-place grid penalty. (Reporting Pritha Sarkar) | ashraq/financial-news-articles | https://uk.reuters.com/article/motor-f1-spain/motor-racing-mercedes-lead-the-way-in-spanish-gp-practice-idUKL3N1SI41O |
TORONTO, May 11, 2018 (GLOBE NEWSWIRE) -- Wilmington Capital Management Inc. (“Wilmington”) (TSX:WCM.A) (TSX:WCM.B) held its Annual Meeting of Shareholders on May 9, 2018 in Calgary, Alberta and all two nominees proposed for election to the board of directors by holders of Class A Shares and all three nominees proposed for election to the board of directors by the holders of Class B Shares were elected. Detailed results of the vote for the election of directors are set out below.
Management received the following proxies from holders of the Corporation’s Class A and B shareholders in regard to the election of the five directors nominated:
Class Director Votes For Proxy % Votes Withheld Proxy % Class A Shareholders Edward C. Kress 5,156,025 100% Nil Nil Timothy W. Casgrain 5,156,025 100% Nil Nil Class B Shareholders Ian G. Cockwell 759,541 100% Nil Nil Joseph F. Killi 759,541 100% Nil Nil Marc D. Sardachuk 759,541 100% Nil Nil Details of votes on all matters of business considered at the meeting are available in the Corporation’s report of voting results filed on SEDAR ( www.sedar.com ).
For further information, please contact:
Executive Officers
(403) 705-8038
Source: Wilmington Capital Management Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-wilmington-reports-on-voting-results.html |
Only Orthopedic Clinic in North Carolina Offering Low-Dose 2D/3D X-Ray System
RALEIGH, N.C.--(BUSINESS WIRE)-- Hey Clinic for Scoliosis & Spine Surgery today announced the acquisition of the revolutionary EOS ® imaging System , the first technology capable of providing full body 2D/3D images of patients using low-dose radiation. Now in a new location on the Duke Raleigh Hospital campus, Hey Clinic is the only orthopedic clinic in North Carolina offering the EOS ® technology.
According to CEO Lloyd Hey, MD, MS, “Hey Clinic is a full service orthopedic clinic dedicated to compassionate, conservative and lifelong care for scoliosis and spine patients at every age and stage. Providing innovative and safe technology such as the EOS ® imaging System is part of our core commitment to offer each patient the highest level of precision medicine possible.”
Developed based on Nobel Prize-winning research, the EOS ® system is a unique combination of low-dose X-ray imaging technology, software and services used throughout treatment for skeletal conditions, particularly those affecting the spine, hip and knee. Patients receive a radiation dose that is two to three times less than a general X-ray and 20 times less than basic CT scans. Reducing radiation exposure reduces the risk of future cancers, particularly in children with deformities that require frequent imaging.
In addition to low-dose radiation, EOS ® technology provides highly accurate images that are consistent in scale, with no magnification or distortion. In less than 20 seconds, an EOS ® exam simultaneously captures two full body, weight-bearing images of the skeletal system that can be processed with the system’s SterEOS ® software to produce a 2D or 3D model of the patient’s spine or lower limbs. These models provide precise anatomical detail to better assist doctors in diagnosing, treating and monitoring patients with spine disorders.
The models also help educate patients and families so they can make informed treatment choices. Dealing with spine deformities and disorders can be challenging, especially for parents making decisions for their children. Hey Clinic offers personalized attention for every patient, including various conservative treatment options, and considers education an essential element of its approach to compassionate, lifelong care. The EOS ® system complements this approach by allowing low-dose scanning and 3D images to review patient progress and determine next steps.
“Each life is precious and deserves access to safe, state-of-the-art medical care,” said Dr. Hey. “The Hey Clinic team is extremely excited to offer the cutting-edge EOS ® technology to patients in our community and throughout the region.”
About Dr. Hey
Dr. Hey is a board-certified orthopedic surgeon with more than 20 years’ experience treating adult and pediatric spinal disorders and deformities. Aspiring to be a surgeon following his own traumatic leg injury as a teenager, he graduated from Harvard Medical School and completed a Pediatric Orthopaedic Fellowship with Boston Children’s Hospital. He also has a degree in mechanical engineering from MIT. Offering a variety of conservative treatment options for scoliosis and kyphosis patients, Dr. Hey has performed more than 6,000 spine surgeries.
About Hey Clinic
Opening in 2005, Hey Clinic is a full service orthopedic clinic offering unmatched experience, safety and compassionate care for scoliosis and spine conditions in one convenient location. The clinic serves patients of all ages with an array of treatments ranging from conservative care with custom 3D-fitted bracing and physical therapy, to surgery when necessary. One of the highest-rated orthopedic clinics in the Raleigh area, Hey Clinic maintains a strong focus on quality improvement and patient safety, utilizing in-house-created checklist software in the operating room and clinical settings to support its commitment to precision medical care. For more information, visit heyclinic.com and follow Hey Clinic on Facebook , YouTube and Instagram .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006353/en/
Hey Clinic for Scoliosis & Spine Surgery
Wendy Welker, 919-457-0181
Source: Hey Clinic for Scoliosis & Spine Surgery | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-hey-clinic-opens-new-office-with-revolutionary-eos-imaging-technology.html |
May 10, 2018 / 6:45 PM / Updated 23 minutes ago UPDATE 1-Hawaii volcano threatens power plant; mass evacuations possible Reuters Staff
(Adds details on new evacuation, USGS report of ash column, resident comment)
By Terray Sylvester
PAHOA, Hawaii, May 10 (Reuters) - Hawaii authorities scrambled to move tens of thousands of gallons of highly flammable chemicals from the path of lava on Thursday, and the state’s governor warned mass evacuations might be needed as the Kilauea volcano’s eruption became more violent.
Geologists have warned that Kilauea may be entering a phase of explosive eruptions, the likes of which Hawaii has not seen in nearly a century, that could hurl “ballistic blocks” and dust towns with volcanic ash and smog.
After a new fissure opened on Wednesday a half mile (0.8 km)from a geothermal power plant, Hawaii Governor David Ige set up a task force to remove pentane fluid used in the plant’s turbines. If the chemical ignites, the resulting explosion could create a blast radius of up to 1 mile (1.6 km), Ige said.
The Puna Geothermal Venture plant sits at the edge of the Leilani Estates residential area on Hawaii’s Big Island where lava from 15 volcanic fissures has so far destroyed 36 structures, most of them homes, and forced the evacuation of about 2,000 residents.
A new area just to the west of the residential area was evacuated on Wednesday after toxic clouds of sulfur dioxide started shooting up through cracks in a road, County of Hawaii Civil Defense reported.
“As more fissures open and toxic gas exposure increases, the potential of a larger scale evacuation increases,” Ige said in a tweet on Wednesday evening.
“A mass evacuation of the lower Puna District would be beyond current county and state capabilities, and would quickly overwhelm our collective resources,” Ige tweeted, saying in a separate post he had requested federal disaster assistance. SURFING IN THE HAZE
The lower part of the Puna District, of which Leilani Gardens is a part, covers dozens of square miles and is home to many thousands of residents. It has the highest possible hazard rating for lava flows, according to the U.S. Geological Survey.
A large explosion in Kilauea sent up a column of ash on Wednesday that blew to the south-southwest, the USGS said.
Surfers bobbing in the ocean off Kona on the west side of the island complained of volcanic smog, known as vog, that could be seen in a haze over the coast.
“Does that hat protect against vog?” one surfer was heard quipping to another about the floppy sun hat he was wearing.
In the village of Pahoa, about 24 miles (39 km) from Kilauea, school closures have added to a sense of disarray and ramped up stress levels, said gallery owner Amedeo Markoff, 49.
“It’s like our version of a snow day - a lava day,” joked Markoff, as his 10-year-old son Kai sat next to him in their business.
Magma is draining out of the volcano’s sinking lava pool and flowing underground tens of miles eastward before bursting to the surface in and around homes on Kilauea’s eastern flank, just a few miles from Pahoa. Reporting by Terray Sylvester; writing and additional reporting by Andrew Hay in New Mexico; editing by Bill Tarrant and Lisa Shumaker | ashraq/financial-news-articles | https://www.reuters.com/article/hawaii-volcano/update-1-hawaii-volcano-threatens-power-plant-mass-evacuations-possible-idUSL1N1SH1N6 |
May 21 (Reuters) - Nabriva Therapeutics PLC:
* NABRIVA THERAPEUTICS ANNOUNCES POSITIVE TOPLINE RESULTS FROM PIVOTAL PHASE 3 CLINICAL TRIAL OF ORAL LEFAMULIN FOR THE TREATMENT OF COMMUNITY-ACQUIRED BACTERIAL PNEUMONIA
* NABRIVA THERAPEUTICS PLC - COMPANY PLANS TO FILE A NEW DRUG APPLICATION WITH U.S. FOOD AND DRUG ADMINISTRATION
* NABRIVA THERAPEUTICS PLC - LEFAMULIN MET ALL FDA AND EMA PRIMARY ENDPOINTS AND WAS SHOWN TO BE GENERALLY WELL TOLERATED
* NABRIVA THERAPEUTICS PLC - PLANS TO FILE A NEW DRUG APPLICATION WITH U.S. FOOD AND DRUG ADMINISTRATION IN Q4 OF 2018 Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nabriva-announces-positive-results/brief-nabriva-announces-positive-results-for-pneumonia-treatment-idUSASC0A30J |
May 25, 2018 / 6:37 AM / Updated 27 minutes ago Sanctioned tycoon Deripaska resigns as director of his firm Rusal Donny Kwok , Katya Golubkova 5 Min Read
HONG KONG/ST PETERSBURG, Russia (Reuters) - Russian metals tycoon Oleg Deripaska stepped down as a director of his aluminium firm Rusal ( 0486.HK ) as part of a choreographed series of steps which he hopes will persuade the U.S. government to rescind sanctions that have crippled his businesses.
Deripaska is now actively preparing the next step: reducing his stake in En+ ( ENPLq.L ), the group which controls Rusal, to a level where Washington would be willing to remove his businesses from its sanctions blacklist, three sources familiar with the discussions said.
Deripaska and the biggest companies in his empire were included on a U.S. Treasury Department sanctions blacklist in April. Washington said he and fellow tycoons were profiting from association with a Kremlin conducting “malign activities” around the globe.
The sanctions paralysed Rusal’s supply chain, scared off many customers, froze Deripaska out of Western debt markets and sent shares in his major companies plummeting.
In an illustration of the damage dealt by the sanctions, Russia’s VTB bank ( VTBR.MM ) said it had become owner of a 9.6 percent stake in En+ after the firm’s stocks sank.
The price slump triggered a margin call, forcing a minority shareholder, Singapore’s AnAn Group, to relinquish the stake to the lender, a VTB executive said.
In a statement issued in Hong Kong, where it is listed, Rusal said Deripaska, a non-executive director of the company, had stepped down as director.
That came a day after the chief executive and seven board members quit, also in a move to distance the firm from Deripaska and his associates.
Deripaska is seeking to persuade Washington to ease the sanctions on his businesses in exchange for him scaling back his association with his companies.
The key element now is for him to reduce his controlling stake. One source familiar with the discussions said Deripaska had been intent on holding on to control, but has now accepted there is no alternative if his businesses are to survive.
The manoeuvre under consideration, according to three sources familiar with the discussions, would mirror steps taken by another sanctioned Russian tycoon, Viktor Vekselberg.
His Swiss-based company Sulzer ( SUN.S ) bought some of Vekselberg’s shares, prompting the U.S. Treasury Department to say that Sulzer was not at risk from sanctions.
Deripaska currently holds a 66 percent stake in En+. The group declined immediate comment when contacted by Reuters.
The three sources, who asked not to be named, said that the share buyback manoeuvre was one of several options under consideration for reducing Deripaska’s stake. TALKING TO WASHINGTON
The sources said Deripaska’s representatives were in discussions with the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), which oversees sanctions, to establish if the manoeuvre would be deemed enough to remove the companies from the sanctions blacklist.
“It’s one of the options being discussed now with OFAC,” said one of the sources.
A U.S. Treasury official, asked about any discussions with Deripaska’s representatives on him reducing his stake, said OFAC does not generally comment on ongoing discussions about sanctions relief.
“OFAC reviews each request based on the facts and circumstances of the case and individual merits,” the official said.
Underlining the depth of the difficulties facing Deripaska’s firms, a Russian government source said that Rusal had asked the Russian government to buy some of its output.
Since sanctions hit, stocks of aluminium ingots have been stacking up at at least one Rusal plant, because buyers have cancelled orders.
The government source, who spoke on condition of anonymity, said Deripaska had also applied for loans for Rusal from Russian lender Promsvyazbank.
The bank is under the control of the Russian central bank and has been earmarked by the Kremlin to provide finance to sanctioned Russian firms, a task most regular banks will not undertake because of the sanctions risk.
Deripaska also sought state support for automaker GAZ ( GAZA.MM ), which is part of his business empire and has also been affected by the sanctions, the government source said.
Russian authorities have approved a loan for GAZ, but no decision has yet been made on the loan request for Rusal, according to the source.
Rusal did not reply to a Reuters request for comment on requests for state help. Additional reporting by Polina Devitt, Tatiana Voronova and Darya Korsunskaya in ST PETERSBURG; Writing by Christian Lowe; Editing by Muralikumar Anantharaman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-russia-sanctions-rusal/sanctioned-tycoon-deripaska-resigns-as-director-of-his-firm-rusal-idUKKCN1IQ0LX |
Artist uses custom-made robots to paint Monday, April 30, 2018 - 02:29
Barnaby Furnas is one of the first painters in the world including robots in his creative process, using them to enhance his works. Elly Park reports.
Barnaby Furnas is one of the first painters in the world including robots in his creative process, using them to enhance his works. Elly Park reports. //reut.rs/2FumYrY | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/04/30/artist-uses-custom-made-robots-to-paint?videoId=422740907 |
NASHVILLE, Tenn., May 10, 2018 /PRNewswire/ -- MedEquities Realty Trust, Inc. (NYSE: MRT) (the "Company") today announced its consolidated financial results for the quarter ended March 31, 2018 and other recent developments.
Highlights – First Quarter and Year to Date
Reported results attributable to common stockholders for the first quarter of 2018 of net income of $0.16 per diluted share, Funds from Operations ("FFO") of $0.29 per diluted share and Adjusted FFO ("AFFO") of $0.30 per diluted share. Invested or committed to invest $29.4 million (up to $73 million if Company purchase options are exercised) in an inpatient psychiatric hospital, an inpatient rehabilitation hospital and a mezzanine loan on an existing skilled nursing/assisted living facility as well as additional fundings on existing investments. Increased 2018 per share guidance for net income attributable to common stockholders of $0.64 to $0.66 and reaffirmed 2018 per share guidance for FFO of $1.17 to $1.21 and AFFO of $1.18 to $1.22. Declared a regular cash dividend of $0.21 per share for the first quarter of 2018.
John W. McRoberts, the Company's Chief Executive Officer and Chairman, noted, "We continued our investment activities at a measured pace while working closely with certain operators to improve their overall profitability and performance. Our investment pipeline is focused on the acute care, behavioral health, post-acute and integrated medical facilities. We have seen strong demand of late from operators in these sectors for mortgage investments that can ultimately be converted into future ownership of the facilities on attractive terms for us, and we will continue to actively pursue the opportunities that present the best use of our capital."
Financial Results for the First Quarter of 2018
Net income attributable to common stockholders for the quarter ended March 31, 2018 was $5.2 million, or $0.16 per diluted common share, compared with $4.5 million, or $0.14 per diluted common share, for the same period in 2017. Consolidated total revenues for the quarter ended March 31, 2018 were $16.7 million, compared with $14.3 million for the same period in 2017. Total revenues for the quarter ended March 31, 2018 increased approximately $2.4 million as a result of the Company's real estate investment activities during and subsequent to the three months ended March 31, 2017 and increases in rents under existing leases.
FFO for the quarter ended March 31, 2018 was $9.3 million, or $0.29 per diluted common share, compared with $8.1 million, or $0.26 per diluted common share, for the same period in 2017. The $1.2 million increase is primarily the result of higher total revenues of $2.4 million, partially offset by an increase in interest expense of $1.0 million and general and administrative expenses of approximately $0.2 million.
AFFO for the quarter ended March 31, 2018 increased to $9.3 million, or $0.30 per diluted common share, compared with $8.6 million, or $0.27 per diluted share, for the same period in 2017, primarily from an increase in total revenues, excluding the effects of straight-line rent, of $2.0 million, partially offset by higher in cash interest expense of $1.1 million.
Investment Activity
As of March 31, 2018, the Company had gross real estate investments totaling approximately $605.6 million, which was comprised of $563.8 million in 32 healthcare facilities and $41.8 million in six mortgage notes receivable collateralized by existing healthcare facilities and redevelopment of healthcare facilities. In addition to these mortgage notes receivable, the Company had approximately $23.3 million of funding commitments and construction mortgage notes as of March 31, 2018 that have yet to be disbursed.
The significant transactions in the first quarter of 2018 are as follows:
On January 8, 2018, the Company agreed to provide a loan of up to $19.0 million at an annual interest rate of 10.0% to Haven Behavioral Healthcare, an operator of inpatient psychiatric hospitals in five states, for a three-year term to fund the purchase and conversion of an existing long-term acute care hospital to a 72-bed, 60,029-square-foot inpatient psychiatric hospital in Boise, Idaho. The loan, of which $7.9 million was outstanding at March 31, 2018, is secured by a first mortgage on the property. Upon completion, the Company has the exclusive right to purchase the facility for a purchase price equal to the outstanding loan balance in a sale-leaseback transaction with a 15-year triple-net lease at an initial lease rate of 9.3%. On January 31, 2018, the Company provided a mezzanine loan of $5.4 million at an annual cash interest rate of 8.5% to Cobalt Medical Development to partially fund the construction of a 42-bed, 57,275-square-foot inpatient rehabilitation hospital to be operated by Cobalt Rehabilitation Hospitals in Clarksville, Indiana, a suburb of Louisville, Kentucky. The three-year loan was fully funded at closing and has an annual accrued interest rate of 9.5%, which has a claw-back feature that would equate to a 15.0% annual interest rate from the inception of the loan should the Company elect not to exercise its option to purchase the new facility upon completion for approximately $26.0 million pursuant to a 20-year triple-net lease at an initial lease rate of 9.0%. On March 29, 2018, the Company originated a $5.0 million mortgage note receivable with a subsidiary real estate entity of GruenePointe Holdings, LLC, which is secured by a second lien on a skilled nursing and assisted living facility (Adora Midtown Park) and a first lien on an additional parcel of land in Dallas, Texas. The loan has a two-year term and accrues interest at an annual interest rate of 10.0% that is payable on the maturity date of March 29, 2020. The Company has an existing purchase option on Adora Midtown Park for a gross purchase price not to exceed approximately $28.0 million, plus an earnout based on the facility's earnings before interest, taxes, depreciation, amortization and rent expense ("EBITDAR") during the three years following the closing date of the acquisition.
Quarterly Distributions to Common Stockholders
On May 8, 2018, the Company's Board of Directors declared a cash dividend of $0.21 per share for the first quarter of 2018, or an annualized rate of $0.84 per share. The dividend will be paid on June 5, 2018 to stockholders of record as of May 22, 2018.
Guidance for 2018
For the year ending December 31, 2018, the Company updated its guidance for net income attributable to common stockholders to $0.64 to $0.66 per diluted common share and reaffirmed guidance for FFO of $1.17 to $1.21 per diluted common share and AFFO of $1.18 to $1.22 per diluted common share. While the FFO and AFFO guidance ranges did not change, guidance for net income attributable to common stockholders and certain other reconciling items changed based on the amount and nature of known investment activities to date.
A reconciliation of projected net income attributable to common stockholders per diluted share to projected FFO and AFFO per diluted share is provided as follows:
Full Year
2018 Range
Low
High
Net income attributable to common stockholders
$
0.64
$
0.66
Add: Real estate depreciation & amortization, net of noncontrolling interest
0.53
0.55
FFO attributable to common stockholders
1.17
1.21
Stock-based compensation expense
0.11
0.11
Deferred financing costs amortization
0.04
0.04
Straight-line rental income, net of noncontrolling interest
(0.16)
(0.16)
Other adjustments (1)
0.02
0.02
AFFO attributable to common stockholders
$
1.18
$
1.22
(1)
Includes adjustments for non-real estate depreciation and straight-line rent expense.
The Company's guidance for net income attributable to common stockholders, FFO and AFFO for 2018 is based on the following assumptions:
Total investment volume of $45 million to $125 million ($45 million of which reflects transactions that have already been announced and are expected to be funded during 2018) Initial cash yields on additional investments, in excess of the $45 million of previously announced transactions, of 8.0% to 9.0% Cash general and administrative expenses of approximately $9.0 million Interest expense of approximately $11.6 million to $13.4 million, including approximately $1.2 million to $1.3 million in amortization of deferred financing costs Weighted average diluted share count of 31.7 million
Portfolio Update
The Company's stabilized, single-tenanted portfolio and its skilled nursing facility ("SNF") portfolio continued to perform as expected for the twelve months ended December 31, 2017 (the most recent reporting period for which information is available for the Company's operators). Overall, and as presented in the Company's Supplemental Data, the portfolio operations experienced a stabilization in SNF facility rent coverage, an improvement in hospital rent coverage and a decline in both stabilized, single-tenanted and SNF portfolio occupancy when compared with the twelve months ended September 30, 2017.
For the reporting period ended December 31, 2017, the results of the tenant (the "Texas Ten Tenant") for the Company's ten skilled nursing facilities in Texas were consistent with the Company's expectations that coverage results would continue to decline throughout 2017, after which no further substantial decreases are expected. The Texas Ten Tenant reported that the rent and fixed charge coverage ratios were 0.73x and 0.66x, respectively, for the reporting period ended December 31, 2017. Rent coverage on an EBITDARM basis (which adds back to EBITDAR the management fees that are contractually subordinated to rent payments) for the same reporting period was 1.00x. While the Texas Ten Tenant has continued to make payments of monthly base rent, the Company expects the Texas Ten Tenant to remain out of compliance with its coverage covenants throughout 2018.
Earnings Conference Call and Webcast
The Company will host a conference call and live audio webcast, both open for the general public to hear, later today at 9:00 a.m. Central Time. The number to call for this interactive teleconference is (412) 542-4116. A replay of the call will be available through May 17, 2018 by dialing (412) 317-0088 and entering the replay access code, 10119109.
The live audio webcast of the Company's quarterly conference call will be available online in the Investor Relations section of the Company's website at ir.medequities.com . The online replay will be available approximately one hour after the end of the call and archived for approximately twelve months.
About MedEquities Realty Trust, Inc.
MedEquities Realty Trust (NYSE: MRT) is a self-managed and self-administered real estate investment trust that invests in a diversified mix of healthcare properties and healthcare-related real estate debt investments. The Company's management team has extensive industry experience in acquiring, owning, developing, financing, operating, leasing and monetizing many types of healthcare properties and portfolios. MedEquities' strategy is to become an integral capital partner with high-quality and growth-oriented facility-based providers of healthcare services on a nationwide basis, primarily through net-leased real estate investment. For more information, please visit www.medequities.com .
Forward-Looking Statements
This press release contains within the meaning of the U.S. federal securities laws. Forward-looking statements provide our current expectations or forecasts of future events and are not statements of historical fact. These include information about the Company's 2018 guidance and related assumptions, strategic plans and objectives, potential property acquisitions and investments, anticipated capital expenditures (and access to capital), amounts of anticipated cash distributions to our stockholders in the future, the ability of the Texas Ten Tenant to improve its operating results and return to compliance with financial covenants under its master lease and other matters. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "will" and variations of these words and other similar expressions are intended to identify These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and/or could cause materially from those expressed or forecasted in the Forward-looking statements involve inherent uncertainty and may ultimately prove to be incorrect or false. For a description of factors that may cause the Company's actual results or performance to differ from its , see the sections entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" included in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC"), and other documents filed by the Company with the SEC from time to time. You are cautioned to not place undue reliance on Except as otherwise may be required by law, we undertake no obligation to update or revise to reflect changed assumptions, the occurrence of unanticipated events or actual operating results.
MedEquities Realty Trust, Inc.
Consolidated Balance Sheets
(in thousands, except per share amounts)
March 31, 2018
December 31, 2017
Assets
(unaudited)
Real estate properties
Land
$ 43,181
$ 43,180
Building and improvements
505,699
505,623
Intangible lease assets
11,387
11,387
Furniture, fixtures, and equipment
3,538
3,538
Less accumulated depreciation and amortization
(46,286)
(41,984)
Total real estate properties, net
517,519
521,744
Mortgage notes receivable, net
41,513
18,557
Cash and cash equivalents
5,917
12,640
Other assets, net
32,729
28,662
Total Assets
$ 597,678
$ 581,603
Liabilities and Equity
Liabilities
Debt, net
$ 232,065
$ 215,523
Accounts payable and accrued liabilities
6,204
6,605
Deferred revenue
1,587
2,722
Total liabilities
239,856
224,850
Commitments and contingencies
Equity
Common stock, $0.01 par value. Authorized 400,000 shares; 31,887 and 31,836
issued and outstanding at March 31, 2018 and December 31, 2017,
respectively
314
314
Additional paid in capital
376,702
375,690
Dividends declared
(74,525)
(67,691)
Retained earnings
49,365
44,196
Accumulated other comprehensive income
3,034
1,247
Total MedEquities Realty Trust, Inc. stockholders' equity
354,890
353,756
Noncontrolling interest
2,932
2,997
Total equity
357,822
356,753
Total Liabilities and Equity
$ 597,678
$ 581,603
MedEquities Realty Trust, Inc.
Consolidated Statements of Income
(in thousands, except per share amounts)
Three months ended March 31,
2018
2017
(unaudited)
(unaudited)
Revenues
Rental income
$ 15,929
$ 13,839
Interest on mortgage notes receivable
787
433
Interest on notes receivable
-
10
Total revenues
16,716
14,282
Expenses
Depreciation and amortization
4,194
3,618
Property related
322
352
Acquisition related
108
66
Franchise, excise and other taxes
71
86
General and administrative
3,316
3,171
Total operating expenses
8,011
7,293
Operating income
8,705
6,989
Other income (expense)
Interest and other income
7
1
Interest expense
(2,558)
(1,515)
(2,551)
(1,514)
Net income
$ 6,154
$ 5,475
Less: Net income attributable to noncontrolling interest
(985)
(944)
Net income attributable to common stockholders
$ 5,169
$ 4,531
Net income attributable to common stockholders per share
Basic and diluted
$ 0.16
$ 0.14
Weighted average shares outstanding
Basic
31,550
31,415
Diluted
31,610
31,415
Dividends declared per common share
$ 0.21
$ 0.21
Non-GAAP Financial Measures
We consider the following non-GAAP financial measures useful to investors as key supplemental measures of our performance: funds from operations attributable to common stockholders ("FFO") and adjusted fund from operations attributable to common stockholders ("AFFO").
Funds from Operations
FFO is a non-GAAP measure used by many investors and analysts that follow the real estate industry. FFO, as defined by the National Association of Real Estate Investment Trusts ("NAREIT"), represents net income (computed in accordance with GAAP), excluding gains (losses) on sales of real estate and impairments of real estate assets, plus real estate-related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. Noncontrolling interest amounts represent adjustments to reflect only our share of depreciation and amortization. We compute FFO in accordance with NAREIT's definition, which may differ from the methodology for calculating FFO, or similarly titled measures, used by other companies.
Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company's operations. We believe that the presentation of FFO provides useful information to investors regarding our operating performance by excluding the effect of real-estate related depreciation and amortization, gains or losses from sales for real estate, including impairments, extraordinary items and the portion of items related to unconsolidated entities, all of which are based on historical cost accounting, and that FFO can facilitate comparisons of operating performance between periods and between REITs, even though FFO does not represent an amount that accrues directly to common stockholders.
Our calculation of FFO may not be comparable to measures calculated by other companies that do not use the NAREIT definition of FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. FFO should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of our financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of our liquidity.
Adjusted Funds from Operations
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. To calculate AFFO, we further adjust FFO for certain items that are not added to net income in NAREIT's definition of FFO, such as acquisition expenses, non-real estate-related depreciation and amortization (including amortization of lease incentives, tenant allowances, and leasing costs), stock-based compensation expenses, and any other non-comparable or non-operating items, that do not relate to the operating performance of our properties. To calculate AFFO, we also adjust FFO to remove the effect of straight-line rent revenue, which represents the recognition of net unbilled rental income expected to be collected in future periods of a lease agreement that exceeds the actual contractual rent due periodically from tenants for their use of the leased real estate under each lease. Noncontrolling interest amounts represent adjustments to reflect only our share of straight-line rent revenue.
Our calculation of AFFO may differ from the methodology used for calculating AFFO by certain other REITs and, accordingly, our AFFO may not be comparable to AFFO reported by other REITs. AFFO should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of our financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of our liquidity.
MedEquities Realty Trust, Inc.
Reconciliations of FFO and AFFO
(in thousands, except per share amounts)
(Unaudited)
Three months ended March 31,
2018
2017
Net income attributable to common stockholders
$ 5,169
$ 4,531
Real estate depreciation and amortization, net of noncontrolling interest
4,112
3,536
FFO attributable to common stockholders
9,281
8,067
Stock-based compensation expense
1,056
956
Deferred financing costs amortization
258
322
Non-real estate depreciation and amortization
133
152
Straight-line rent expense
38
40
Straight-line rent revenue, net of noncontrolling interest
(1,429)
(969)
AFFO attributable to common stockholders
$ 9,337
$ 8,568
Weighted average shares outstanding-
earnings per share
Basic
31,550
31,415
Diluted
31,610
31,415
Net income attributable to common
stockholders per share
Basic and diluted
$ 0.16
$ 0.14
Weighted average common shares
outstanding- FFO and AFFO
Basic
31,550
31,415
Diluted
31,610
31,566
FFO per common share
Basic and diluted
$ 0.29
$ 0.26
AFFO per common share
Basic and diluted
$ 0.30
$ 0.27
View original content with multimedia: http://www.prnewswire.com/news-releases/medequities-realty-trust-reports-first-quarter-2018-results-300645930.html
SOURCE MedEquities Realty Trust, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-medequities-realty-trust-reports-first-quarter-2018-results.html |
Ethiopian Airlines on the up with more deals & jets 9:05am BST - 01:45
Ethiopian Airlines says it will buy more planes to step up its already rapid expansion and pass an earlier target of 120. As Sonia Legg reports, Sub-Sahara's biggest carrier by revenue is also entering a series of deals to revive defunct carriers, as well as starting a new one in Mozambique.
Ethiopian Airlines says it will buy more planes to step up its already rapid expansion and pass an earlier target of 120. As Sonia Legg reports, Sub-Sahara's biggest carrier by revenue is also entering a series of deals to revive defunct carriers, as well as starting a new one in Mozambique. //reut.rs/2FWwBzD | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/09/ethiopian-airlines-on-the-up-with-more-d?videoId=425175482 |
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