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May 1 (Reuters) - Archer Daniels Midland Co:
* ADM REPORTS FIRST QUARTER EARNINGS OF $0.70 PER SHARE, $0.68 PER SHARE ON AN ADJUSTED BASIS
* Q1 EARNINGS PER SHARE $0.70 * Q1 EARNINGS PER SHARE VIEW $0.50 — THOMSON REUTERS I/B/E/S
* ARCHER DANIELS MIDLAND - QTRLY REVENUES $15,526 MILLION VERSUS $14,988 MILLION REPORTED LAST YEAR
* Q1 REVENUE VIEW $15.06 BILLION — THOMSON REUTERS I/B/E/S * QTRLY ADJUSTED OPERATING PROFIT FOR OILSEEDS $350 MILLION VERSUS $313 MILLION
* ARCHER DANIELS MIDLAND - QTRLY EPS INCLUDES $0.02 PER SHARE CHARGE RELATED TO ASSET IMPAIRMENT AND RESTRUCTURING ACTIVITIES
* ARCHER DANIELS MIDLAND SAYS GLOBAL MARKET DYNAMICS CONTINUED TO PUSH SOYBEAN CRUSH MARGINS HIGHER IN QUARTER
* MADE CHANGES TO ITS SEGMENT REPORTING IN Q1 OF 2018 TO REFLECT COMPANY’S NEW OPERATING STRUCTURE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-adm-reports-q1-adjusted-earnings-p/brief-adm-reports-q1-adjusted-earnings-per-share-0-68-idUSASC09YIU |
TORONTO--(BUSINESS WIRE)-- May 2018 Cash Dividend - $0.06 per share
Superior Plus Corp. (“Superior”) (TSX:SPB) today announced its cash dividend for the month of May 2018 of $0.06 per share payable on June 15, 2018. The record date is May 31, 2018 and the ex-dividend date will be May 30, 2018. Superior’s annualized cash dividend rate is currently $0.72 per share. This dividend is an eligible dividend for Canadian income tax purposes.
Superior Plus 2018 Annual and Special Meeting of Shareholders
Superior’s Annual and Special Meeting of shareholders will be held at the TMX Broadcast Centre, The Exchange Tower, 130 King Street West, Toronto, Ontario, Canada on Tuesday, May 8, 2018 at 4:00 PM EDT. A live audio webcast of the meeting, including a corporate presentation will be accessible from Superior's website at www.superiorplus.com under the webcasts section. Additionally, the meeting can be accessed by phone through the following line: 1-844-389-8661. Superior’s Management Information Circular and 2017 Annual Report are available for download on Superior’s website at www.superiorplus.com or Superior’s profile on SEDAR at www.sedar.com .
Upcoming Release of 2018 First Quarter Results and Conference Call
Superior expects to release its 2018 first quarter results later today. A conference call and webcast for investors, analysts, brokers and media representatives to discuss the 2018 first quarter results is scheduled for 10:30 AM EDT on Wednesday, May 9, 2018. To participate in the call, dial: 1-844-389-8661. Internet users can listen to the call live, or as an archived call, on Superior's website at: www.superiorplus.com under the Events section.
Superior Plus 2018 Investor Day
Superior will be hosting an Investor Day on Friday, June 1, 2018 at One King West in Toronto. A detailed update on Superior’s current operations, integration of Canwest Propane, Evolution 2020 goals and financial position will be presented. The formal presentation will commence at 9:00 AM EDT, and a light breakfast and lunch will be served. Members of the professional investment community are invited to attend. To confirm your participation, please RSVP by emailing your contact information to [email protected] .
About the Corporation
Superior consists of two primary operating businesses: Energy Distribution includes the distribution of propane and distillates, and supply portfolio management; and Specialty Chemicals includes the manufacture and sale of specialty chemicals.
For further information about Superior, please visit our website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: [email protected] , Toll Free: 1-866-490-PLUS (7587).
Forward Looking Information
This news release contains certain forward-looking information and statements that are based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as "to be", "expects", "annualized", and similar expressions.
In particular, this news release contains forward-looking statements and information relating to: future dividends which may be declared on Superior’s common shares, the dividend payment, the tax treatment thereof, and the receipt of cash dividends. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release, regarding, among other things: the success of Superior’s operations; prevailing commodity prices, margins, volumes and exchange rates; that Superior’s future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital at attractive prices to fund future capital requirements; future operating costs; that any required commercial agreements can be reached; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: the regulatory environment and decisions; non-performance of agreements in accordance with their terms; the impact of competitive entities and pricing; reliance on key industry partners and agreements; actions by governmental or regulatory authorities including changes in tax laws and treatment, or increased environmental regulation; adverse general economic and market conditions in Canada, North America and elsewhere; fluctuations in operating results; labour and material shortages; and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Superior’s management's discussion and analysis and annual information form for the year ended December 31, 2017, which can be found at www.sedar.com .
Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward looking statements or information contained herein, except as required by applicable laws.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508005979/en/
Superior Plus
Beth Summers, (416) 340-6015
Executive Vice President and Chief Financial Officer
or
Rob Dorran, (416) 340-6003
Vice President, Investor Relations and Treasurer
[email protected]
Toll Free: 1-866-490-PLUS (7587)
Source: Superior Plus | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-superior-plus-announces-may-2018-cash-dividend-and-upcoming-events.html |
HOUSTON, May 01, 2018 (GLOBE NEWSWIRE) -- Era Group Inc. (NYSE:ERA) today reported a net loss attributable to the Company of $1.2 million, or $0.06 per diluted share, for its first quarter ended March 31, 2018 (“current quarter”) on operating revenues of $57.3 million compared to net income attributable to the Company of $61.7 million, or $2.89 per diluted share, for the quarter ended December 31, 2017 (“preceding quarter”) on operating revenues of $57.5 million. The preceding quarter results included an income tax benefit of approximately $70 million due to changes in U.S. tax legislation.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) was $12.7 million in the current quarter compared to $2.0 million in the preceding quarter. EBITDA adjusted to exclude gains on asset dispositions and special items was $8.1 million in the current quarter compared to $4.7 million in the preceding quarter. Gains on asset dispositions were $4.4 million in the current quarter compared to losses of $0.5 million in the preceding quarter. Special items in the current quarter consisted of a $0.2 million gain on debt extinguishment on the early repayment of certain debt in Brazil. Special items in the preceding quarter consisted of $2.0 million in non-cash charges related to the Company's Brazil subsidiary entering the Tax Special Regularization Program (the "PERT" program) and $0.2 million of other non-cash items.
“The positive momentum in offshore oil and gas customer activity, which began in mid-2017, further accelerated in the first quarter of 2018, with oil and gas revenues 2% higher on a sequential quarter basis and 10% higher on a year-over-year basis,” said Chris Bradshaw, President and Chief Executive Officer of Era Group Inc. “The improvements in the U.S. Gulf of Mexico market were even more pronounced, up 4% on a sequential quarter basis and 21% higher on a year-over-year basis.”
“Profitability in the first quarter was adversely impacted by $3.9 million of non-routine professional services fees. We continue to prioritize the protection of our strong balance sheet. We generated $19.5 million of cash from asset sales in the first quarter, and net debt was reduced by $14.0 million.”
Sequential Quarter Results
Operating revenues in the current quarter were comparable to the preceding quarter, as higher oil and gas revenues were offset by lower dry-leasing revenues.
Operating expenses were $6.7 million lower in the current quarter primarily due to decreased repairs and maintenance costs related to the timing of repairs and the recognition of power-by-the-hour (“PBH”) credits resulting from the removal of helicopters from PBH programs following their sale. In addition, the preceding quarter included the adverse accounting impact for the PERT program in Brazil.
Administrative and general expenses were $1.2 million higher in the current quarter primarily due to an increase in professional services fees.
In the current quarter, the Company sold its flightseeing assets in Alaska (which consisted of eight single engine helicopters, two operating facilities, and related property and equipment), two additional single engine helicopters, two light twin helicopters and other equipment for proceeds of $19.5 million, resulting in net gains of $4.4 million. In the preceding quarter, we sold or otherwise disposed of one helicopter and other equipment, resulting in a loss of $0.5 million.
Interest expense was $0.6 million lower in the current quarter primarily due to accrued interest recognized in the preceding quarter resulting from the correction of immaterial accounting errors, partially offset by the write-off of deferred debt issuance costs related to the amendment of the Company’s Amended and Restated Senior Secured Revolving Credit Facility (the “Facility”) in the current quarter.
Income tax benefit was $73.9 million lower primarily due to the impact of changes in U.S. tax legislation in the preceding quarter.
Calendar Quarter Results
Operating revenues in the current quarter were $2.8 million higher compared to the quarter ended March 31, 2017 (“prior year quarter”) primarily due to higher utilization of medium and heavy helicopters servicing oil and gas activities. These increases were partially offset by lower emergency response and dry-leasing revenues due to the end of contracts.
Operating expenses were comparable to the prior year quarter, as lower personnel and other operating expenses were offset by higher fuel and repairs and maintenance expenses.
Administrative and general expenses were $1.7 million higher in the current quarter primarily due to increased professional services fees, partially offset by lower compensation costs.
Depreciation expense was $1.2 million lower in the current quarter primarily due to lower depreciation on the Company’s H225 helicopters following their impairment subsequent to the prior year quarter.
Interest expense was $1.0 million higher in the current quarter primarily due to the capitalization of interest in the prior year quarter and the write-off of deferred debt issuance costs related to the amendment of the Facility in the current quarter.
Income tax benefit was $1.4 million lower in the current quarter primarily due to lower pre-tax loss and a lower effective tax rate following changes in U.S. tax legislation.
Net loss attributable to the Company was $1.2 million in the current quarter compared to $5.6 million in the prior year quarter. EBITDA was $5.7 million higher in the current quarter compared to the prior year quarter. EBITDA adjusted to exclude gains on asset dispositions and special items was $1.2 million higher in the current quarter. Gains on asset dispositions were $4.4 million in the current quarter compared to $0.1 million in the prior year quarter.
Capital Commitments
The Company had unfunded capital commitments of $87.1 million as of March 31, 2018. The Company may terminate all of its commitments without further liability other than aggregate liquidated damages of $2.2 million.
Included in these capital commitments are agreements to purchase three AW189 heavy helicopters and five AW169 light twin helicopters. The AW189 helicopters are scheduled to be delivered in 2019. Delivery dates for the AW169 helicopters have yet to be determined. In addition, we had outstanding options to purchase up to ten additional AW189 helicopters. If these options are exercised, the helicopters would be scheduled for delivery in 2019 and 2020.
Liquidity
As of March 31, 2018, we had $16.6 million in cash balances and $96.7 million of remaining availability under the Facility for total liquidity of $113.2 million. As of March 31, 2018, our senior secured leverage ratio, as defined in the Facility, was 0.8x compared to the covenant requirement of not more than 3.25x, and our interest coverage ratio was 2.5x compared to the covenant requirement of not less than 1.75x.
Conference Call
Management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Wednesday, May 2, 2018, to review the results for the first quarter ended March 31, 2018. The conference call can be accessed as follows:
All callers will need to reference the access code 3536639.
Within the U.S.: Operator Assisted Toll-Free Dial-In Number: (800) 263-0877
Outside the U.S.: Operator Assisted International Dial-In Number: (646) 828-8143
Replay
A telephone replay will be available through May 16, 2018 by utilizing the above numbers and access code. An audio replay will also be available on the Company’s website at www.erahelicopters.com shortly after the call and will be accessible through May 16, 2018. The accompanying investor presentation will be available on May 2, 2018 on Era’s website at www.erahelicopters.com .
For additional information concerning Era, contact Jennifer Whalen at (713) 369-4636 or visit Era Group’s website at www.erahelicopters.com .
About Era Group
Era is one of the largest helicopter operators in the world and the longest serving helicopter transport operator in the U.S. In addition to servicing its U.S. customers, Era provides helicopters and related services to customers and third-party helicopter operators in other countries, including Argentina, Brazil, Colombia, the Dominican Republic and India. Era’s helicopters are primarily used to transport personnel to, from and between offshore oil and gas production platforms, drilling rigs and other installations. In addition, Era’s helicopters are used to perform emergency response services, firefighting, utility, and other services. Era also provides a variety of operating lease solutions and technical fleet support to third party operators.
Forward-Looking Statements Disclosure
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements concerning management's expectations, strategic objectives, business prospects, anticipated performance and financial condition and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others, the Company’s dependence on, and the cyclical and volatile nature of, offshore oil and gas exploration, development and production activity, and the impact of general economic conditions and fluctuations in worldwide prices of and demand for oil and natural gas on such activity levels; the Company’s reliance on a small number of customers and the reduction of its customer base resulting from bankruptcies or consolidation; risks that the Company’s customers reduce or cancel contracted services or tender processes; cost savings initiatives implemented by the Company’s customers; risks inherent in operating helicopters; the Company’s ability to maintain an acceptable safety record; the impact of increased United States (“U.S.”) and foreign government regulation and legislation, including potential government implemented moratoriums on drilling activities; the impact of a grounding of all or a portion of the Company’s fleet for extended periods of time or indefinitely on the Company’s business, including its operations and ability to service customers, results of operations or financial condition and/or the market value of the affected helicopter(s); the Company’s ability to successfully expand into other geographic and aviation service markets; risks associated with political instability, governmental action, war, acts of terrorism and changes in the economic condition in any foreign country where the Company does business, which may result in expropriation, nationalization, confiscation or deprivation of the Company’s assets or result in claims of a force majeure situation; the impact of declines in the global economy and financial markets; the impact of fluctuations in foreign currency exchange rates on the Company’s asset values and cost to purchase helicopters, spare parts and related services; risks related to investing in new lines of service without realizing the expected benefits; risks of engaging in competitive processes or expending significant resources for strategic opportunities, with no guaranty of recoupment; the Company’s reliance on a small number of helicopter manufacturers and suppliers; the Company’s ongoing need to replace aging helicopters; the Company’s reliance on the secondary helicopter market to dispose of older helicopters; the Company’s reliance on information technology; the impact of allocation of risk between the Company and its customers; the liability, legal fees and costs in connection with providing emergency response services; adverse weather conditions and seasonality; risks associated with the Company’s debt structure; the Company’s counterparty credit risk exposure; the impact of operational and financial difficulties of the Company’s joint ventures and partners and the risks associated with identifying and securing joint venture partners when needed; conflict with the other owners of the Company’s non-wholly owned subsidiaries and other equity investees; adverse results of legal proceedings, including the risks related to the Company’s ability to recover damages from the manufacturer of the H225 model helicopter; the incurrence of significant costs in connection with the Company’s pursuit of legal remedies, including those against the manufacturer of the H225 model helicopter; the Company’s ability to obtain insurance coverage and the adequacy and availability of such coverage; the Company’s ability to remediate the material weaknesses it has identified in its internal controls over financial reporting described in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018 and in its Annual Report on Form 10-K for the year ended December 31, 2017; the possibility of labor problems; the attraction and retention of qualified personnel; restrictions on the amount of foreign ownership of the Company’s common stock; and various other matters and factors, many of which are beyond the Company’s control. In addition, these statements constitute Era Group's cautionary statements under the Private Securities Litigation Reform Act of 1995. It is not possible to predict or identify all such factors. Consequently, the foregoing should not be considered a complete discussion of all potential risks or uncertainties. The words "estimate," "project," "intend," "believe," "plan" and similar expressions are intended to identify forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. Era Group disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in Era Group's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect the Company's businesses, particularly those mentioned under "Risk Factors" in Era Group's Annual Report on Form 10-K for the year ended December 31, 2017, in Era Group's subsequent Quarterly Reports on Form 10-Q and in Era Group's periodic reporting on Form 8-K (if any), which are incorporated by reference.
ERA GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except share and per share amounts) Three Months Ended Mar 31,
2018 Dec 31,
2017 Sep 30,
2017 Jun 30,
2017 Mar 31,
2017 Total revenues $ 57,322 $ 57,531 $ 61,385 $ 57,878 $ 54,527 Costs and expenses: Operating 37,660 44,367 43,987 41,335 37,757 Administrative and general 12,071 10,881 10,928 9,902 10,381 Depreciation and amortization 10,354 10,101 12,103 11,978 11,554 Total costs and expenses 60,085 65,349 67,018 63,215 59,692 Gains (losses) on asset dispositions, net 4,414 (541 ) (122 ) 5,061 109 Loss on impairment — — (117,018 ) — — Operating income (loss) 1,651 (8,359 ) (122,773 ) (276 ) (5,056 ) Other income (expense): Interest income 146 119 206 185 250 Interest expense (4,576 ) (5,143 ) (4,097 ) (3,934 ) (3,589 ) Foreign currency gains (losses), net 74 (130 ) 12 (136 ) 28 Gain on debt extinguishment 175 — — — — Other, net (8 ) 17 (33 ) (8 ) 12 Total other income (expense) (4,189 ) (5,137 ) (3,912 ) (3,893 ) (3,299 ) Loss before income taxes and equity earnings (2,538 ) (13,496 ) (126,685 ) (4,169 ) (8,355 ) Income tax benefit (738 ) (74,599 ) (45,237 ) (726 ) (2,103 ) Income (loss) before equity earnings (1,800 ) 61,103 (81,448 ) (3,443 ) (6,252 ) Equity earnings, net of tax 443 356 233 371 465 Net income (loss) (1,357 ) 61,459 (81,215 ) (3,072 ) (5,787 ) Net loss (income) attributable to noncontrolling interest in subsidiary 163 235 (233 ) 285 167 Net income (loss) attributable to Era Group Inc. $ (1,194 ) $ 61,694 $ (81,448 ) $ (2,787 ) $ (5,620 ) Basic earnings (loss) per common share $ (0.06 ) $ 2.89 $ (3.91 ) $ (0.13 ) $ (0.27 ) Diluted earnings (loss) per common share $ (0.06 ) $ 2.89 $ (3.91 ) $ (0.13 ) $ (0.27 ) Weighted average common shares outstanding: Basic 21,003,777 20,893,600 20,844,376 20,789,537 20,509,463 Weighted average common shares outstanding, diluted 21,003,777 20,905,020 20,844,376 20,789,537 20,509,463 EBITDA $ 12,689 $ 1,985 $ (110,458 ) $ 11,929 $ 7,003 Adjusted EBITDA $ 12,514 $ 4,168 $ 6,560 $ 12,544 $ 7,003 Adjusted EBITDA excluding gains $ 8,100 $ 4,709 $ 6,682 $ 7,483 $ 6,894
ERA GROUP INC.
REVENUES BY LINE OF SERVICE
(unaudited, in thousands) Three Months Ended Mar 31,
2018 Dec 31,
2017 Sep 30,
2017 Jun 30,
2017 Mar 31,
2017 Oil and gas: (1) U.S. $ 36,536 $ 35,063 $ 36,566 $ 32,060 $ 30,287 International 15,617 16,163 16,764 14,284 17,167 Total oil and gas 52,153 51,226 53,330 46,344 47,454 Dry-leasing (2) 2,572 3,680 2,632 6,688 3,393 Emergency Response (3) 2,597 2,625 2,488 2,710 3,680 Flightseeing — — 2,935 2,136 — $ 57,322 $ 57,531 $ 61,385 $ 57,878 $ 54,527
FLIGHT HOURS BY LINE OF SERVICE (4)
(unaudited) Three Months Ended Mar 31,
2018 Dec 31,
2017 Sep 30,
2017 Jun 30,
2017 Mar 31,
2017 Oil and gas: (1) U.S. 5,705 5,967 6,732 5,693 5,219 International 2,296 2,218 2,754 2,205 2,636 Total oil and gas 8,001 8,185 9,486 7,898 7,855 Emergency Response (3) 100 110 90 131 481 Flightseeing — — 906 673 — 8,101 8,295 10,482 8,702 8,336
Primarily oil and gas services, but also includes revenues and flight hours from utility services, such as firefighting, and VIP transport.
Includes certain property rental income that was previously in emergency response services and oil and gas lines of service. Includes revenues and flight hours from SAR and air medical services. Does not include hours flown by helicopters in our dry-leasing line of service.
ERA GROUP INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands) Mar 31,
2018 Dec 31,
2017 Sep 30,
2017 Jun 30,
2017 Mar 31,
2017 ASSETS (unaudited) (unaudited) (unaudited) (unaudited) Current assets: Cash and cash equivalents $ 16,553 $ 13,583 $ 26,896 $ 28,878 $ 26,339 Receivables: Trade, net of allowance for doubtful accounts 38,700 38,964 38,608 32,824 34,840 Tax receivables 3,466 2,829 2,811 3,000 3,166 Other 4,168 1,623 2,486 3,172 2,396 Inventories, net 20,830 21,112 21,985 24,296 25,232 Prepaid expenses 2,804 1,203 2,439 2,518 2,535 Other current assets — 3,250 — — 3,779 Total current assets 86,521 82,564 95,225 94,688 98,287 Property and equipment 949,064 972,942 983,798 1,164,048 1,154,835 Accumulated depreciation (297,341 ) (299,028 ) (299,294 ) (353,830 ) (343,659 ) Net property and equipment 651,723 673,914 684,504 810,218 811,176 Equity investments and advances 30,445 30,056 29,894 29,852 29,727 Intangible assets 1,118 1,122 1,126 1,129 1,133 Other assets 4,798 4,441 5,021 5,593 6,096 Total assets $ 774,605 $ 792,097 $ 815,770 $ 941,480 $ 946,419 LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued expenses $ 11,084 $ 16,421 $ 15,326 $ 12,884 $ 9,032 Accrued wages and benefits 6,530 8,264 8,350 8,708 6,881 Accrued interest 3,485 606 3,325 527 3,365 Accrued income taxes 46 28 38 291 689 Current portion of long-term debt 2,296 2,736 2,098 2,161 2,199 Accrued other taxes 1,856 1,810 1,288 1,145 1,447 Accrued contingencies 892 859 2,191 1,334 1,189 Other current liabilities 3,166 1,720 2,406 2,590 2,846 Total current liabilities 29,355 32,444 35,022 29,640 27,648 Long-term debt 188,470 202,174 215,025 221,354 225,946 Deferred income taxes 105,865 106,598 177,704 222,724 223,442 Deferred gains and other liabilities 1,596 1,434 1,069 944 924 Total liabilities 325,286 342,650 428,820 474,662 477,960 Redeemable noncontrolling interest 3,603 3,766 4,002 3,769 4,054 Equity: Era Group Inc. stockholders’ equity: Common stock 219 215 215 215 215 Additional paid-in capital 445,174 443,944 442,948 441,595 440,164 Retained earnings 3,169 4,363 (57,331 ) 24,117 26,904 Treasury shares, at cost (2,951 ) (2,951 ) (2,974 ) (2,968 ) (2,968 ) Accumulated other comprehensive income, net of tax 105 110 90 90 90 Total equity 445,716 445,681 382,948 463,049 464,405 Total liabilities, redeemable noncontrolling interest and stockholders’ equity $ 774,605 $ 792,097 $ 815,770 $ 941,480 $ 946,419
Our management uses EBITDA and Adjusted EBITDA to assess the performance and operating results of our business. EBITDA is defined as Earnings before Interest (includes interest income and interest expense), Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for certain items noted in the reconciliation below that occur during the reported period. We include EBITDA and Adjusted EBITDA to provide investors with a supplemental measure of our operating performance. Neither EBITDA nor Adjusted EBITDA is a recognized term under generally accepted accounting principles in the U.S. (“GAAP”). Accordingly, they should not be used as an indicator of, or an alternative to, net income as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management’s discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definitions of EBITDA and Adjusted EBITDA (or similar measures) may vary among companies and industries, they may not be comparable to other similarly titled measures used by other companies. Each of these non-GAAP measures has limitations and therefore should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP.
The following table provides a reconciliation of Net Income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (in thousands).
Three Months Ended Mar 31,
2018 Dec 31,
2017 Sep 30,
2017 Jun 30,
2017 Mar 31,
2017 Net loss $ (1,357 ) $ 61,459 $ (81,215 ) $ (3,072 ) $ (5,787 ) Depreciation and amortization 10,354 10,101 12,103 11,978 11,554 Interest income (146 ) (119 ) (206 ) (185 ) (250 ) Interest expense 4,576 5,143 4,097 3,934 3,589 Income tax benefit (738 ) (74,599 ) (45,237 ) (726 ) (2,103 ) EBITDA $ 12,689 $ 1,985 $ (110,458 ) $ 11,929 $ 7,003 Special items (1) (175 ) 2,183 117,018 615 — Adjusted EBITDA $ 12,514 $ 4,168 $ 6,560 $ 12,544 $ 7,003 Gains on asset dispositions, net (“Gains”) (4,414 ) 541 122 (5,061 ) (109 ) Adjusted EBITDA excluding gains $ 8,100 $ 4,709 $ 6,682 $ 7,483 $ 6,894
Special items include the following: In the three months ended March 31, 2018, a $0.2 million gain on the extinguishment of debt related to a previously settled tax dispute in Brazil. In the three months ended December 31, 2017, $2.0 million in non-cash charges related to our Brazil subsidiary entering the PERT program and $0.2 million of other non-cash items. In the three months ended September 30, 2017, non-cash impairment charges of $117.0 million primarily related to the impairment of the Company’s H225 model helicopters; and In the three months ended June 30, 2017, $0.6 million of severance-related expenses due to changes in senior management.
The Facility requires that the Company maintain certain financial ratios on a rolling four-quarter basis. The interest coverage ratio is a trailing four-quarter quotient of (i) EBITDA (as defined in the Facility) less dividends and distributions divided by (ii) interest expense. The interest coverage ratio is not a measure of operating performance or liquidity defined by GAAP and may not be comparable to similarly titled measures presented by other companies. The senior secured leverage ratio is calculated by dividing (i) the sum of secured debt for borrowed money, capital lease obligations and guaranties of obligations of non-consolidated entities by (ii) EBITDA (as defined in the Facility). The senior secured leverage ratio is not a measure of operating performance or liquidity defined by GAAP and may not be comparable to similarly titled measures presented by other companies. EBITDA is calculated differently under the Facility than as presented elsewhere in this release.
ERA GROUP INC.
FLEET COUNTS (1)
(unaudited) Mar 31,
2018 Dec 31,
2017 Sep 30,
2017 Jun 30,
2017 Mar 31,
2017 Heavy: S92 4 3 3 3 2 H225 9 9 9 9 9 AW189 4 4 4 4 2 17 16 16 16 13 Medium: AW139 36 36 36 36 36 S76 C+/C++ 5 5 5 5 5 B212 6 6 6 6 7 47 47 47 47 48 Light—twin engine: A109 7 7 7 7 7 EC135 15 15 15 15 15 EC145 — 2 3 3 4 BK117 2 2 2 2 2 BO105 3 3 3 3 3 27 29 30 30 31 Light—single engine: A119 13 14 14 14 14 AS350 17 26 26 26 27 30 40 40 40 41 Total Helicopters 121 132 133 133 133 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-era-group-inc-reports-first-quarter-2018-results.html |
May 7 (Reuters) - Spire Inc:
* SPIRE INC FILES PROSPECTUS SUPPLEMENT RELATED TO OFFERING 2 MILLION SHARES OF CO'S COMMON STOCK, PAR VALUE $1.00 PER SHARE - SEC FILING Source text: ( bit.ly/2KJS1Ub )
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-spire-inc-files-prospectus-supplem/brief-spire-inc-files-prospectus-supplement-related-to-offering-2-mln-shares-of-common-stock-par-value-1-00-share-idUSFWN1SE0Z8 |
May 25, 2018 / 5:44 PM / Updated 21 minutes ago FACTBOX-Tennis-List of French Open men's singles champions Reuters Staff 9 Min Read May 18 (Reuters) - List of men's singles champions at the French Open: French Open champions: 2017 Rafa Nadal (Spain) beat Stanislas Wawrinka (Switzerland) 6-2 6-3 6-1 2016 Novak Djokovic (Serbia) beat Andy Murray (Britain) 3-6 6-1 6-2 6-4 2015 Stanislas Wawrinka (Switzerland) beat Novak Djokovic (Serbia) 4-6 6-4 6-3 6-4 2014 Rafa Nadal (Spain) beat Novak Djokovic (Serbia) 3-6 7-5 6-2 6-4 2013 Rafa Nadal (Spain) beat David Ferrer (Spain) 6-3 6-2 6-3 2012 Rafa Nadal (Spain) beat Novak Djokovic (Serbia) 6-4 6-3 2-6 7-5 2011 Rafa Nadal (Spain) beat Roger Federer (Switzerland) 7-5 7-6 5-7 6-1 2010 Rafa Nadal (Spain) beat Robin Soderling (Sweden) 6-4 6-2 6-4 2009 Roger Federer (Switzerland) beat Robin Soderling (Sweden) 6-1 7-6 6-4 2008 Rafa Nadal (Spain) beat Roger Federer (Switzerland) 6-1 6-3 6-0 2007 Rafa Nadal (Spain) beat Roger Federer (Switzerland) 6-3 4-6 6-3 6-4 2006 Rafa Nadal (Spain) beat Roger Federer (Switzerland) 1-6 6-1 6-4 7-6 2005 Rafa Nadal (Spain) beat Mariano Puerta (Argentina) 6-7 6-3 6-1 7-5 2004 Gaston Gaudio (Argentina) beat Guillermo Coria (Argentina) 0-6 3-6 6-4 6-1 8-6 2003 Juan Carlos Ferrero (Spain) beat Martin Verkerk (Netherlands) 6-1 6-3 6-2 2002 Albert Costa (Spain) beat Juan Carlos Ferrero (Spain) 6-1 6-0 4-6 6-3 2001 Gustavo Kuerten (Brazil) beat Alex Corretja (Spain) 6-7 7-5 6-2 6-0 2000 Gustavo Kuerten (Brazil) beat Magnus Norman (Sweden) 6-2 6-3 2-6 7-6 1999 Andre Agassi (U.S.) beat Andrei Medvedev (Ukraine) 1-6 2-6 6-4 6-3 6-4 1998 Carlos Moya (Spain) beat Alex Corretja (Spain) 6-3 7-5 6-3 1997 Gustavo Kuerten (Brazil) beat Sergi Bruguera (Spain) 6-3 6-4 6-2 1996 Yevgeny Kafelnikov (Russia) beat Michael Stich (Germany) 7-6 7-5 7-6 1995 Thomas Muster (Austria) beat Michael Chang (U.S.) 7-5 6-2 6-4 1994 Sergi Bruguera (Spain) beat Alberto Berasategui (Spain) 6-3 7-5 2-6 6-1 1993 Sergi Bruguera (Spain) beat Jim Courier (U.S.) 6-4 2-6 6-2 3-6 6-3 1992 Jim Courier (U.S.) beat Petr Korda (Czechoslovakia) 7-5 6-2 6-1 1991 Jim Courier (U.S.) beat Andre Agassi (U.S.) 3-6 6-4 2-6 6-1 6-4 1990 Andres Gomez (Ecuador) beat Andre Agassi (U.S.) 6-3 2-6 6-4 6-4 1989 Michael Chang (U.S.) beat Stefan Edberg (Sweden) 6-1 3-6 4-6 6-4 6-2 1988 Mats Wilander (Sweden) beat Henri Leconte (France) 7-5 6-2 6-1 1987 Ivan Lendl (Czechoslovakia) beat Mats Wilander (Sweden) 7-5 6-2 3-6 7-6 1986 Ivan Lendl (Czechoslovakia) beat Mikael Pernfors (Sweden) 6-3 6-2 6-4 1985 Mats Wilander (Sweden) beat Ivan Lendl (Czechoslovakia) 3-6 6-4 6-2 6-2 1984 Ivan Lendl (Czechoslovakia) beat John McEnroe (U.S.) 3-6 2-6 6-4 7-5 7-5 1983 Yannick Noah (France) beat Mats Wilander (Sweden) 6-2 7-5 7-6 1982 Mats Wilander (Sweden) beat Guillermo Vilas (Argentina) 1-6 7-6 6-0 6-4 1981 Bjorn Borg (Sweden) beat Ivan Lendl (Czechoslovakia) 6-1 4-6 6-2 3-6 6-1 1980 Bjorn Borg (Sweden) beat Vitas Gerulaitis (U.S.) 6-4 6-1 6-2 1979 Bjorn Borg (Sweden) beat Victor Pecci (Paraguay) 6-3 6-1 6-7 6-4 1978 Bjorn Borg (Sweden) beat Guillermo Vilas (Argentina) 6-1 6-1 6-3 1977 Guillermo Vilas (Argentina) beat Brian Gottfried (U.S.) 6-0 6-3 6-0 1976 Adriano Panatta (Italy) beat Harold Solomon (U.S.) 6-1 6-4 4-6 7-6 1975 Bjorn Borg (Sweden) beat Guillermo Vilas (Argentina) 6-2 6-3 6-4 1974 Bjorn Borg (Sweden) beat Manuel Orantes (Spain) 6-7 6-0 6-1 6-1 1973 Ilie Nastase (Romania) beat Niki Pilic (Yugoslavia) 6-3 6-3 6-0 1972 Andres Gimeno (Spain) beat Patrick Proisy (France) 4-6 6-3 6-1 6-1 1971 Jan Kodes (Czechoslovakia) beat Ilie Nastase (Romania) 8-6 6-2 2-6 7-5 1970 Jan Kodes (Czechoslovakia) beat Zelijko Franulovic (Yugoslavia) 6-2 6-4 6-0 1969 Rod Laver (Australia) beat Ken Rosewall (Australia) 6-4 6-3 6-4 1968 Ken Rosewall (Australia) beat Rod Laver (Australia) 6-3 6-1 2-6 6-2 French Internationals winners (1925-1967): 1967 Roy Emerson (Australia) beat Tony Roche (Australia) 6-1 6-4 2-6 6-2 1966 Tony Roche (Australia) beat Istvan Gulyas (Hungary) 6-1 6-4 7-5 1965 Fred Stolle (Australia) beat Tony Roche (Australia) 3-6 6-0 6-2 6-3 1964 Manuel Santana (Spain) beat Nicola Pietrangeli (Italy) 6-3 6-1 4-6 7-5 1963 Roy Emerson (Australia) beat Pierre Darmon (France) 3-6 6-1 6-4 6-4 1962 Rod Laver (Australia) beat Roy Emerson (Australia) 3-6 2-6 6-3 9-7 6-2 1961 Manuel Santana (Spain) beat Nicola Pietrangeli (Italy) 4-6 6-1 3-6 6-0 6-2 1960 Nicola Pietrangeli (Italy) beat Luis Ayala (Chile) 3-6 6-3 6-4 4-6 6-3 1959 Nicola Pietrangeli (Italy) beat Ian Vermaak (South Africa) 3-6 6-3 6-4 6-1 1958 Mervyn Rose (Australia) beat Luis Ayala (Chile) 6-3 6-4 6-4 1957 Sven Davidson (Sweden) beat Herbert Flam (U.S.) 6-3 6-4 6-4 1956 Lew Hoad (Australia) beat Sven Davidson (Sweden) 6-4 8-6 6-3 1955 Tony Trabert (U.S.) beat Sven Davidson (Sweden) 2-6 6-1 6-4 6-2 1954 Tony Trabert (U.S.) beat Arthur Larsen (U.S.) 6-4 7-5 6-1 1953 Ken Rosewall (Australia) beat Vic Seixas (U.S.) 6-3 6-4 1-6 6-2 1952 Jaroslav Drobny (Egypt) beat Frank Sedgman (Australia) 6-2 6-0 3-6 6-4 1951 Jaroslav Drobny (Egypt) beat Eric Sturgess (South Africa) 6-3 6-3 6-3 1950 Budge Patty (U.S.) beat Jaroslav Drobny (Egypt) 6-1 6-2 3-6 5-7 7-5 1949 Frank Parker (U.S.) beat Budge Patty (U.S.) 6-3 1-6 6-1 6-4 1948 Frank Parker (U.S.) beat Jaroslav Drobny (Czechoslovakia) 6-4 7-5 5-7 8-6 1947 Joseph Asboth (Hungary) beat Eric Sturgess (South Africa) 8-6 7-5 6-4 1946 Marcel Bernard (France) beat Jaroslav Drobny (Czechoslovakia) 3-6 2-6 6-1 6-4 6-3 1940-45 No competition 1939 W. Donald McNeill (U.S.) beat Bobby Riggs (U.S.) 7-5 6-0 6-3 1938 J. Donald Budge (U.S.) beat Roderik Menzel (Czechoslovakia) 6-3 6-2 6-4 1937 Henner Henkel (Germany) beat Henry Austin (Britain) 6-1 6-4 6-3 1936 Gottfried von Cramm (Germany) beat Fred Perry (Britain) 6-0 2-6 6-2 2-6 6-0 1935 Fred Perry (Britain) beat Gottfried von Cramm (Germany) 6-3 3-6 6-1 6-3 1934 Gottfried von Cramm (Germany) beat John. H Crawford (Australia) 6-4 7-9 3-6 7-5 6-3 1933 John. H Crawford (Australia) beat Henri Cochet (France) 8-6 6-1 6-3 1932 Henri Cochet (France) beat Giorgio de Stefani (Italy) 6-0 6-4 4-6 6-3 1931 Jean Borotra (France) beat Claude Boussus (France) 2-6 6-4 7-5 6-4 1930 Henri Cochet (France) beat William T. Tilden (U.S.) 3-6 8-6 6-3 6-1 1929 Rene Lacoste (France) beat Jean Borotra (France) 6-3 2-6 6-0 2-6 8-6 1928 Henri Cochet (France) beat Rene Lacoste (France) 5-7 6-3 6-1 6-3 1927 Rene Lacoste (France) beat William T. Tilden (U.S.) 6-4 4-6 5-7 6-3 11-9 1926 Henri Cochet (France) beat Rene Lacoste (France) 6-2 6-4 6-3 1925 Rene Lacoste (France) beat Jean Borotra (France) 7-5 6-1 6-4 French Championships (French unless stated): 1924 Jean Borotra beat Rene Lacoste* 1923 Francois Blanchy beat Max Decugis 1922 Henri Cochet beat Jean Samazeuilh 1921 Jean Samazeuilh beat Andre Gobert 1920 Andre Gobert beat Max Decugis 1915-1919 No competition 1914 Max Decugis beat Jean Samazeuilh 1913 Max Decugis beat Georges Gault 1912 Max Decugis beat Andre Gobert 1911 Andre Gobert beat Maurice Germot 1910 Maurice Germot beat Francois Blanchy 1909 Max Decugis beat Maurice Germot 1908 Max Decugis beat Maurice Germot 1907 Max Decugis beat Robert Wallet 1906 Maurice Germot beat Max Decugis 1905 Maurice Germot beat Andre Vacherot 1904 Max Decugis beat Andre Vacherot 1903 Max Decugis beat Andre Vacherot 1902 Marcel Vacherot beat Max Decugis 1901 Andre Vacherot beat Paul Lebreton 1900 Paul Ayme beat Andre Prevost 1899 Paul Ayme beat Paul Lebreton 1898 Paul Ayme beat Paul Lebreton 1897 Paul Ayme beat Francky Wardan (Britain) 1896 Andre Vacherot beat Gerard Brosselin 1895 Andre Vacherot beat Laurent Riboulet 1894 Andre Vacherot beat Gerard Brosselin 1893 Laurent Riboulet beat Jean Schopfer 1892 Jean Schopfer beat Francis Louis Fassitt (U.S.) 1891 H. Briggs (Britain) beat P. Baigneres3 *Scores not published until after 1924 (Compiled by Aditi Prakash in Bengaluru) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-frenchopen-men-champions/factbox-tennis-list-of-french-open-mens-singles-champions-idUKL3N1SP3OZ |
This 'Shark Tank' company backed by Kevin O’Leary raised another $12 million to sell 3D wedding invites 1 Hour Ago LovePop co-founders John Wise and Wombi Rose were ship designers before stumbling upon 3D card designs in Vietnam that spawned a multimillion-dollar idea. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/shark-tank-company-lovepop-raised-12m-to-sell-3d-wedding-invites.html |
May 14, 2018 / 4:27 AM / Updated 15 minutes ago Norway cenbank gov says time soon right for rate hike - op-ed Reuters Staff 1 Min Read
OSLO, May 14 (Reuters) - Conditions will soon be right for Norway’s central bank to begin raising interest rates with growth improving, unemployment falling and the global economy recovering, its governor wrote in an op-ed in financial daily Dagens Naeringsliv on Monday.
“The outlook shows that it will soon be right to raise the key policy interest rate. That’s a good sign,” Governor Oeystein Olsen wrote.
Norges Bank has previously said that a rate hike from the current record low of 0.5 percent may come later this year, possibly in September. (Reporting by Terje Solsvik; Editing by Sam Holmes) | ashraq/financial-news-articles | https://www.reuters.com/article/norway-cenbank/norway-cenbank-gov-says-time-soon-right-for-rate-hike-op-ed-idUSL5N1SL09U |
TOKYO (Reuters) - Saudi Arabian Energy Minister Khalid al-Falih said on Monday he was concerned about possible shortages of spare crude oil output capacity, although he believes the market is in better shape after the OPEC-led production cuts that started in 2016.
Saudi Arabia Energy Minister Khalid al-Falih speaks with the media during the International Energy Forum (IEF) in New Delhi, India, April 11, 2018. REUTERS/Altaf Hussain/Files Oil prices have surged as the output cut agreement by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, has held. The main global oil benchmarks on Monday hit their highest since late 2014.
The recent upswing in prices - which has nearly tripled crude values from lows hit in early 2016 - has led to speculation that the output curbs will soon be lifted as countries reliant on oil revenue seek to boost their coffers by raising their exports.
“We are concerned about tight spare capacity nowadays ... But we feel the industry is in better shape than when we started in 2016, and although we are seeing that improvement, we certainly don’t feel we are where we need to be with complete market stability,” Falih told Reuters in Tokyo after meeting Japan’s trade minister.
Spare output capacity will be among the topics discussed when OPEC and non-OPEC energy and oil ministers meet next month in Vienna, he said.
Falih said Saudi Arabia is not targeting a specific price for oil, discounting a May 4 report in The Wall Street Journal that Riyadh wants to oil to hit at least $80 a barrel this year.
“For sure we are not targeting a price. Our objective all along has been to bring stability, rebalancing and equilibrium back to the oil markets,” he said.
Nor was the aim to get storage levels back to the five-year average, “certainly not the rolling five-year average, because the rolling five-year average has been inflated by the glut that’s been around since 2014,” Falih said.
Reporting by Osamu Tsukimori and Aaron Sheldrick; Editing by Tom Hogue
| ashraq/financial-news-articles | https://in.reuters.com/article/japan-saudi/saudi-energy-minister-says-concerned-about-tight-spare-oil-capacity-idINKBN1I810O |
May 21, 2018 / 2:49 AM / Updated 9 minutes ago China relieved, U.S. business ambivalent over easing of trade tensions Ben Blanchard , Michael Martina , Susan Heavey 7 Min Read
BEIJING (Reuters) - China’s government on Monday praised a significant cooling of trade tensions with the United States, saying agreement was in both nations’ interests while state media trumpeted what it saw as Beijing’s refusal to surrender to U.S. economic threats.
China’s relief, coming after talks last week between the world’s two largest economies, elicited mixed reactions from U.S. business leaders, with some happy to see the prospect of tariffs fade and others saying it would be hard for the Trump administration to regain momentum to address what they see as troubling Chinese policies.
A trade war was “on hold” after the United States and China agreed to drop their tariff threats while they worked on a wider trade agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday.
U.S. Commerce Secretary Wilbur Ross will travel to China next week to help finalize a trade agreement, Mnuchin told reporters at the White House on Monday.
In an interview earlier with CNBC, Mnuchin characterized the U.S. tariff plan as suspended. “If these things aren’t fixed and we don’t get what we want, the president can always put tariffs back on,” Mnuchin said.
Beijing and Washington said they have agreed to keep talking about measures under which China would import more U.S. energy and agricultural commodities to narrow the $335 billion annual U.S. goods and services trade deficit with China.
On Monday, President Donald Trump said on Twitter that China had pledged to buy “massive amounts” of U.S. agricultural products. He gave no specifics on China’s planned commitments in the wake of the talks on Thursday and Friday in Washington.
Speaking at a daily briefing, Chinese foreign ministry spokesman Lu Kang said both countries had clearly recognized that the reaching of a consensus was good for all.
“China has never hoped for any tensions between China and the United States, in the trade or other arenas,” Lu said.
But Chinese media was also quick to point out how the country had successfully defended its interests.
Mei Xinyu, a commerce ministry researcher, wrote on the WeChat account of the overseas edition of the ruling Communist Party’s official People’s Daily that the agreement preserved China’s right to develop its economy as it sees fit, including moving up the value chain. Related Coverage
The deal also focused on China’s “positive position” to increase imports rather than a “negative position” of getting it to cut exports, Mei said. ‘QUIET GLEE’
The official China Daily said everyone could heave a sigh of relief at the ratcheting down of the rhetoric, and cited China’s chief negotiator, Vice Premier Liu He, as saying the talks had proved to be “positive, pragmatic, constructive and productive”.
“Despite all the pressure, China didn’t ‘fold’, as U.S. President Donald Trump observed. Instead, it stood firm and continually expressed its willingness to talk,” the English-language newspaper said in an editorial.
“That the U.S. finally shared this willingness, means the two sides have successfully averted the head-on confrontation that at one point seemed inevitable”, it said.
During an initial round of talks this month in Beijing, the United States demanded that China reduce its trade surplus by $200 billion. No dollar figure was cited in the countries’ joint statement on Saturday.
Some in U.S. business groups who had been pushing for tougher measures to pressure China to ease long-standing market barriers on U.S. companies expressed disappointment.
James Zimmerman, a Beijing-based lawyer and a former chairman of the American Chamber of Commerce in China, said the Trump administration’s move to walk back its threatened trade actions was premature, and a “lost opportunity” for American companies, workers and consumers.
“The Chinese are in a state of quiet glee knowing that Trump’s trade team backed off on sanctions without getting any real and meaningful concessions out of Beijing,” Zimmerman said. FILE PHOTO: Containers are seen at the Yangshan Deep Water Port in Shanghai, China April 24, 2018. REUTERS/Aly Song
But Jacob Parker, vice president of China operations at the U.S.-China Business Council, called the apparent de-escalation in trade tension “a great bit of progress”.
“We were never supportive of tariffs, so any actions that can be taken to stop those from being implemented are positive from our view,” Parker told Reuters. ‘NO WINNERS’
Goldman Sachs noted the lack of specifics in statements by U.S. and Chinese officials, which it viewed mainly as evidence that both sides wanted to continue talking.
“We do not rule out the possibility that the Chinese team offered some tangible concessions which helped the progress of the talks, but as other aspects of an agreement are still in flux, has avoided stating these offers in public,” Goldman Sachs wrote in a research note.
Some analysts in Beijing warned that trade tensions would persist, and that China should prepare for more action on trade from the Trump administration.
“We should not be blindly optimistic,” Shi Yinhong, an expert on China-U.S. relations at Renmin University, said at a forum on Sunday after the trade agreement was announced.
“Blind optimism (could lead to) China losing at this crossroads.”
Shi, who has advised the government on diplomatic issues, said China could accept a lower trade surplus and reduce its market entry barriers, but would not compromise on its industrial policy.
The People’s Daily said that in the energy and agriculture sectors the two countries had obvious synergies, with the United States having the capacity to satisfy the massive Chinese market.
“The ballast stone of Sino-U.S. ties are an equal and mutually beneficial trade and business relationship. Its essence is win-win cooperation,” it said. FILE PHOTO: Containers are seen at the Yangshan Deep Water Port in Shanghai, China April 24, 2018. REUTERS/Aly Song/File Photo
But China was not being forced to increase imports as a way to ward off the trade tensions or because the country had submitted to outside pressure, the newspaper said in a commentary.
China will naturally need to import more to satisfy demand from its increasingly affluent consumers, the newspaper wrote.
“Trade wars have no winners,” it added in the commentary, published under the pen name “Zhong Sheng”, meaning “Voice of China”, used to give the paper’s view on foreign policy issues. Reporting by Ben Blanchard, Michael Martina and Elias Glenn, Additional reporting by Susan Heavey in Washington; Editing by Darren Schuettler, Robert Birsel and Paul Simao | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-trade-china/china-praises-positive-steps-in-u-s-trade-spat-says-didnt-give-in-idUKKCN1IM06R |
May 2 (Reuters) - Genetic testing specialist Qiagen NV beat expectations for quarterly sales and profit growth on Wednesday, buoyed by strong demand for its tuberculosis test and companion diagnostics, which match patients with the most effective drugs.
The company, which has its main operations in Germany but is headquartered in the Netherlands, said first-quarter sales rose 12 percent to $343.6 million, topping the highest forecast in a Reuters poll of analysts for $341 million.
Adjusted net income jumped 17 percent to $59.6 million, also beating the consensus forecast for $55.8 million.
Qiagen is benefiting from a shift in global healthcare towards personalized medicine where companion diagnostic tests are used to help identify cancer patients most likely to benefit from different treatments.
Sales in its molecular diagnostics business - which accounts for roughly half of sales - rose 9 percent, boosted by its test to detect latent tuberculosis and companion diagnostics.
The company is also banking on its automated platform for testing dozens of samples at the same time and its recent acquisition of STAT-Dx, which it hopes will help it capitalize on the shift to take tests out of the lab and onto the hospital floor.
Qiagen reaffirmed its 2018 guidance for net sales growth of 6-7 percent and adjusted diluted earnings per share of about $1.31-1.33, excluding the impact of currencies. (Reporting by Caroline Copley; Editing by Arun Koyyur)
| ashraq/financial-news-articles | https://www.reuters.com/article/qiagen-results/qiagen-beats-expectations-for-q1-sales-and-profit-growth-idUSL3N1S94QK |
LOS ANGELES (Variety.com) - “Avengers: Infinity War” can check off yet another record: The second-highest second weekend of all time.
Premiere of “Avengers: Infinity War” - Arrivals - Los Angeles, California, U.S., 23/04/2018 - Actor Robert Downey Jr. poses with fans. REUTERS/Mario Anzuoni Disney and Marvel’s latest collaboration earned $112.5 million from 4,474 locations in its second frame. The 56 percent decline was just enough to top the record previously held by fellow Marvel title “Black Panther,” which made $111.6 million in its second weekend. “Star Wars: The Force Awakens” holds the prize for biggest second weekend, with a mighty $149 million in 2015. Only five films have ever hit the $100 million-mark in their second weekends.
In just North America, the superhero mashup has made $450.8 million. Among “Infinity War’s” numerous accomplishments is being the fastest film to gross $1 billion, in just 11 days. And the film has yet to open in China.
One of three weekend releases opening in “Infinity War’s” almighty wake is “Overboard,” anchoring in the second spot with a solid $14 million in 1,623 theaters. The MGM and Lionsgate Pantelion remake of Goldie Hawn-Kurt Russell’s classic romcom of the same name now stars Anna Faris and Eugenio Derbez. That three-day estimate washes in slightly ahead of Derbez’s last leading role, “How to be a Latin Lover,” which bowed with $12 million in 2017. “Overboard” is currently averaging a bleak 30 percent on Rotten Tomatoes. The audience score, however, is faring better with a 76 percent.
Slipping to No. 3 in its fifth weekend is Paramount Picture’s “A Quiet Place.” John Krasinski’s horror thriller made $7.5 million in 3,413 locations, bringing its domestic total to an impressive $159.8 million. The third weekend of Amy Schumer’s “I Feel Pretty” secured the fourth slot with $4.9 million from 3,232 theaters. Its North American tally currently sits at $37.8 million. Rounding out the top five is Dwayne Johnson’s “Rampage.” The Warner Bros. film grossed $4.6 million in 3,151 locations. In four weeks, its domestic total is $84.7 million.
Premiere of “Avengers: Infinity War” - Arrivals - Los Angeles, California, U.S., 23/04/2018 - Actress Elizabeth Olsen. REUTERS/Mario Anzuoni “Black Panther” likely saw another boost from “Infinity War.” The Chadwick Boseman-starrer landed in sixth place, taking in $3.2 million from 1,641 locations in its 12th weekend. To date, “Black Panther” has made $693 million in North America.
Focus Features’ “Tully,” with Charlize Theron, Mackenzie Davis, Mark Duplass, and Ron Livingston, debuted with $3 million in 1,353 theaters. The comedy-drama directed by Jason Reitman and written by Diablo Cody has garnered a solid 89% certified rating on Rotten Tomatoes.
The final weekend opener, Electric Entertainment’s “Bad Samaritan” launched with $1.6 million from 2,007 locations. Dean Delvin’s thriller starring David Tennant, Robert Sheehan, and Kerry Condon has a B- CinemaScore, along with a 56% critical rating on Rotten Tomatoes.
Premiere of “Avengers: Infinity War” - Arrivals - Los Angeles, California, U.S., 23/04/2018 - Actress Evangeline Lilly poses with fans. REUTERS/Mario Anzuoni Thanks primarily to “Infinity War,” the year to date box office is up 5.2 percent, according to comScore.
| ashraq/financial-news-articles | https://in.reuters.com/article/usa-boxoffice/box-office-avengers-infinity-war-scores-second-biggest-second-weekend-ever-idINKBN1I70OO |
* SSEC -0.4 pct, CSI300 -0.7 pct
* Hong Kong stock markets closed for public holiday
* FTSE China A50 -1.1 pct, BNY Mellon ADR China Select Index -0.3 pct
SHANGHAI, May 22 (Reuters) - China stocks slipped on Tuesday, weighed down by real estate and banking firms, despite renewed optimism about global growth as the United States and China agreed to drop their tariff threats.
** Beijing and Washington both claimed victory on Monday as the world’s two largest economies stepped back from the brink of a global trade war and agreed to hold further talks to boost U.S. exports to China. ** The CSI300 index fell 0.7 percent to 3,892.89 points at the end of the morning session, while the Shanghai Composite Index lost 0.4 percent to 3,201.11. ** The smaller Shenzhen index slipped 0.1 percent and the start-up board ChiNext Composite index climbed 0.23 percent.
** Hong Kong’s financial markets will be closed on Tuesday for the birthday of the Buddha. Markets will resume trading on Wednesday.
** On the mainland, losses were led by banking and real estate stocks. An index tracking major developers dropped 2.2 percent by midday break, led by Future Land tumbling 6 percent to its lowest in more than three months. ** A slew of lower-tier cities have rolled out fresh tightening measures against speculation in the housing sector in May, while China’s housing ministry said it would step up checks on local governments’ efforts to rein in property prices.
** Bucking the broader weakness, China’s baby care-related stocks surged on reports China is considering scrapping birth limits by 2019. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.10 percent, while Japan’s Nikkei index dipped 0.08 percent. ** The yuan was Quote: d at 6.3749 per U.S. dollar, 0.09 percent firmer than the previous close of 6.3809. ** The largest percentage gainers in the main Shanghai Composite index were Suzhou Douson Drilling & Production Equipment Co Ltd up 10.02 percent, followed by Tibet Weixinkang Medicine Co Ltd gaining 10.02 percent and Shanghai Aiyingshi Co Ltd up by 10.01 percent. ** The largest percentage losses in the Shanghai index were Future Land Holdings Co Ltd down 6 percent, followed by Qian Jiang Water Resources Development Co Ltd losing 5.78 percent and Shandong Tyan Home Co Ltd down by 5.03 percent. ** About 8.06 billion shares have traded so far on the Shanghai exchange, roughly 57.1 percent of the market’s 30-day moving average of 14.11 billion shares a day. The volume traded was 16.45 billion, as of previous trading session. ** The Shanghai stock index is above its 50-day moving average and below its 200-day moving average. ** The price-to-earnings ratio of the Shanghai index was 13.82 as of the last full trading day, while the dividend yield was 2.2 percent. ** So far this week, the market capitalisation of the Shanghai stock index climbed 0.65 percent to 33.15 trillion yuan.
Reporting by Luoyan Liu and John Ruwitch, Editing by Sherry Jacob-Phillips
| ashraq/financial-news-articles | https://www.reuters.com/article/china-stocks-midday/china-stocks-slip-as-banking-real-estate-shares-weigh-idUSL3N1ST1WI |
DUBAI, May 23 (Reuters) - The government of Pakistan is raising a $200 million syndicated loan with three United Arab Emirates (UAE) banks, banking sources familiar with the matter said, as Islamabad clings to external funding to stave off the pressure of balance payments.
The loan, with a one-year maturity, is being arranged by Commercial Bank of Dubai, Emirates NBD, and Noor Bank, said the sources.
Pakistan needs to raise funds to offset a drop in international reserves and to fill a fiscal deficit which the International Monetary Fund estimates at 5.5 percent of gross domestic product this year.
Pakistan’s Finance Minister Miftah Ismail confirmed Pakistan was borrowing $200 million and said it would help the country’s debt repayments.
“We are raising this money to boost our reserves,” he told Reuters. “As we pay out money to different institutions, we need to rebuild our reserves.”
Ismail added that the loan may rise to $350 million in coming weeks, and that Pakistan would retire an equivalent amount in local-currency borrowing.
“This will change our debt profile but it will not increase our overall debt,” he added.
The three UAE banks are now syndicating the debt facility to other lenders, said the sources.
Pakistan’s economic growth has surged to above 5 percent, but many analysts expect the country to seek a new IMF bailout this year because of a ballooning current account deficit and a significant decline in foreign currency reserves.
Pakistan raised a $2.5 billion bond late last year through a $1 billion sukuk and a $1.5 billion conventional bond.
The country has been very active in the loan market recently, as balance of payment pressure mount. It raised a $700 million 10-year loan late last year with a partial guarantee from the International Bank for Reconstruction and Development, a unit of the World Bank.
It was once again in the market earlier this year for a $450 million one-year loan led by Credit Suisse and Industrial and Commercial Bank of China. (Reporting by Davide Barbuscia in Dubai and Drazen Jorgic in Islamabad Editing by Peter Graff)
| ashraq/financial-news-articles | https://www.reuters.com/article/pakistan-loan/pakistan-hires-uae-banks-to-raise-200-million-loan-idUSL5N1SU4LW |
Shari Redstone jockeyed for years to succeed her father atop a media empire that includes CBS Corp. and Viacom Inc. Having reached that summit, the newly minted media mogul believes merging those companies is the best way to preserve her family’s legacy and wealth.
Leslie Moonves, a former actor and TV programming wizard, has a record as CBS’s chief executive that has earned him a reservoir of support on Wall Street. He believes the deal would be a huge mistake and could tarnish his legacy late in his career.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/once-allies-two-media-chiefs-go-to-war-over-the-future-of-cbs-1527530599 |
May 14, 2018 / 9:28 AM / Updated 10 minutes ago Iraqi air force destroys Islamic State command center in Syria: State TV Reuters Staff 2 Min Read
BAGHDAD (Reuters) - The Iraqi air force carried out a strike on an Islamic State (IS) position inside Syria, state television reported on Monday citing a military statement.
The strike, ordered by Prime Minister Haider al-Abadi, destroyed a building used as a command and logistics support center by the group, it said.
The Iraqi air force has already carried out several air strikes against Islamic State in Syria since last year, with the approval of the Syrian government of President Bashar al-Assad and the U.S.-led coalition fighting Islamic State.
Abadi last month said he would “take all necessary measures if they threaten the security of Iraq,” referring to the militants who just three years ago overran a third of Iraq.
The prime minister declared final victory over the ultra hardline group in December but it still poses a threat from pockets along the border with Syria and has continued to carry out ambushes, assassinations and bombings across Iraq.
Iraq has good relations with Iran and Russia, Assad’s main backers in the seven-year-old Syrian civil war, while also enjoying strong support from the U.S.-led coalition fighting Islamic State. Reporting by Maher Chmaytelli; Editing by Richard Balmforth | ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-iraq-syria/iraqi-air-force-destroys-islamic-state-command-center-in-syria-state-tv-idUSKCN1IF112 |
NOVI, Mich., - Cooper-Standard Holdings Inc. (NYSE: CPS) today reported results for the first quarter 2018.
First Quarter 2018 Highlights
Sales increased 7.2 percent to a record $967.4 million Net income reached a first quarter record $56.8 million or $3.07 per diluted share Adjusted EBITDA increased to a first quarter record $122.6 million or 12.7 percent of sales Adjusted net income increased 14.2 percent to a first quarter record $63.8 million or $3.45 per diluted share Net new business awards totaled $140 million for the quarter
During the first quarter of 2018, the Company generated net income of $56.8 million, or $3.07 per diluted share, and adjusted EBITDA of $122.6 million on sales of $967.4 million. These results compare to net income of $41.7 million, or $2.20 per diluted share, and adjusted EBITDA of $111.0 million on sales of $902.1 million in the first quarter of 2017. The Company's adjusted EBITDA as a percent of sales ("Adjusted EBITDA Margin") for the first quarter of 2018 was 12.7 percent compared to 12.3 percent in the first quarter of 2017.
"We are pleased to have started the year with solid operating performance and strong financial results," stated Jeffrey Edwards, chairman and CEO of Cooper Standard. "Our sales growth continues to outpace global light vehicle production and our team's further advancements toward world-class operations are helping to reduce costs and expand margins."
The Company's first quarter net income, excluding restructuring and other special items ("adjusted net income"), totaled $63.8 million, or $3.45 per diluted share, compared to $55.9 million, or $2.95 per diluted share in the first quarter of 2017. The increase in adjusted net income was driven primarily by improvements in operating efficiency and lower selling, general administrative and engineering ("SGA&E") expense. These were partially offset by customer price reductions and inflation. Higher material costs were offset by purchasing lean initiatives and supply chain optimization.
Adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted earnings per share are non-GAAP measures. Definitions of these measures and reconciliations to the most directly comparable financial measures, calculated and presented in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"), are provided in the attached supplemental schedules.
Notable Developments
During the first quarter, Cooper Standard launched 50 new customer programs and was awarded $140 million in annual net new business.
New contract awards for the Company's recent product innovations, including both new and replacement business, totaled $70 million in the quarter. Cooper Standard's expanding portfolio of commercialized innovation products includes: MagAlloy™; ArmorHose™; ArmorHose™ TPV; Gen III Posi-Lock; TP Microdense; and Fortrex™.
Subsequent to the end of the quarter, Cooper Standard received an Automotive News PACE Award for its Fortrex™ lightweight elastomeric material in automotive sealing applications. The annual PACE (Premier Automotive Suppliers' Contribution to Excellence) Awards honor supplier innovations that have entered the market and are delivering measurable customer benefits.
Consolidated Results
First quarter 2018 sales increased by $65.3 million or 7.2 percent compared to the first quarter of 2017. The year-over-year increase was largely attributable to $53.0 million of favorable exchange rate fluctuations, primarily in Europe and Asia, and favorable volume and mix, net of customer price reductions.
First quarter adjusted EBITDA increased by $11.7 million or 10.5 percent compared to the first quarter of 2017. The year-over-year increase was primarily attributable to net operational efficiencies of $25.0 million, purchasing efficiencies and lower SGA&E expense, partially offset by customer price reductions and commodity price pressure.
The Company has adopted a new accounting standard related to Compensation - Retirement Benefits (ASU 2017-07) that reclassifies the presentation of the components of net periodic benefit costs in the statements of net income. As a result, prior period data have been recast.
Segment Results
North America
The Company's North America segment reported sales of $499.2 million in the first quarter, an increase of 3.1 percent when compared to $484.2 million in sales reported in the first quarter 2017. The year-over-year improvement was largely attributable to favorable volume and mix, partially offset by customer price reductions.
North America segment profit was $64.7 million, or 13.0 percent of sales, in the first quarter. This compared to segment profit of $62.3 million or 12.9 percent of sales in the first quarter 2017. The year-over-year change in segment profit was driven primarily by net operational efficiencies and favorable volume and mix, partially offset by customer price reductions and inflation.
Europe
The Company's Europe segment reported sales of $292.4 million in the first quarter, an increase of 11.8 percent when compared to sales of $261.5 million in the first quarter 2017. The year-over-year improvement was primarily attributable to favorable foreign exchange, partially offset by unfavorable volume and mix net of customer price reductions.
The Europe segment reported a profit of $2.6 million in the first quarter compared to segment loss of $8.6 million in the first quarter of 2017. The year-over-year improvement was largely attributable to net operational efficiencies, including savings from restructuring, lower restructuring expense, the non-recurrence of a prior period fixed asset impairment, favorable foreign exchange and lower SGA&E expense, partially offset by unfavorable volume and mix, customer price reductions, commodity price pressure and inflation.
Asia Pacific
The Company's Asia Pacific segment reported sales of $149.2 million in the first quarter, an increase of 12.5 percent when compared to sales of $132.6 million in the first quarter 2017. The year-over-year increase was largely attributable to favorable foreign exchange and favorable volume and mix, net of customer price reductions.
Asia Pacific segment profit was $3.6 million in the first quarter, compared to $3.5 million in the first quarter 2017. The year-over-year improvement was largely attributable to net operational efficiencies and lower SGA&E expense offset by lower volume and mix, and customer price reductions.
South America
The Company's South America segment reported sales of $26.6 million in the first quarter, an increase of 12.3 percent when compared to sales of $23.7 million in the first quarter of 2017. The increase was largely attributable to improved volume and mix, partially offset by foreign exchange.
The South America segment reported a loss of $1.5 million in the first quarter, compared to a segment loss of $2.8 million in the first quarter of 2017. The year-over-year improvement was due primarily to improved volume and mix, and purchasing efficiencies, partially offset by foreign exchange.
Liquidity and Cash Flow
At March 31, 2018, Cooper Standard had cash and cash equivalents totaling $420.2 million. Net cash used in operating activities in the first quarter 2018 was $10.6 million and free cash flow for the quarter (defined as net cash used/provided by operating activities minus capital expenditures) was an outflow of $78.4 million. Free cash flow was negatively impacted by the timing of certain customer payments and lower utilization of the Company's accounts receivable factoring program during the quarter.
In addition to cash and cash equivalents, the Company had $200.0 million available under its amended senior asset-based revolving credit facility ("ABL") for total liquidity of $620.2 million at March 31, 2018.
Total debt at March 31, 2018 was $758.2 million. Net debt (defined as total debt minus cash and cash equivalents) was $338.0 million. Cooper Standard's net leverage ratio (defined as net debt divided by trailing 12 months adjusted EBITDA) at March 31, 2018 was 0.7 times.
During the first quarter, the Company entered into a third amendment to its Term Loan Facility to reduce the interest rate. The lower rate will reduce cash interest expense by approximately $0.8 million annually through the remaining term of the loan.
Outlook
Based on the results achieved in the first quarter and the market outlook for the rest of the year, the Company is maintaining its previous guidance for the full year 2018 as summarized below:
Previous Guidance
(2/15/2018)
Current Guidance
Sales
$3.55 - $3.60 billion
Unchanged
Adjusted EBITDA Margin 1
12.7% - 13.3%
Unchanged
Capital Expenditures as a percent of sales
5.5% - 5.9%
Unchanged
Cash Restructuring
$25 - $35 million
Unchanged
Effective Tax Rate
20% - 24%
Unchanged
1 Adjusted EBITDA Margin is a non-GAAP financial measure. We have not provided a reconciliation of projected adjusted EBITDA margin range to projected net income margin range because full-year net income will include special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end. Due to this uncertainty, we cannot reconcile projected adjusted EBITDA margin range to a comparable US GAAP net income margin range without unreasonable effort.
Conference Call Details
Cooper Standard management will host a conference call and webcast on May 2, 2018 at 9 a.m. ET to discuss its first quarter 2018 results, provide a general business update and respond to investor questions. A link to the live webcast of the call (listen only) and presentation materials will be available on Cooper Standard's Investor Relations website at www.ir.cooperstandard.com/events.cfm .
To participate by phone, callers in the United States and Canada should dial toll-free 800-949-4315 (international callers dial 678-825-8315) and provide the conference ID 95008497 or ask to be connected to the Cooper Standard conference call. Representatives of the investment community will have the opportunity to ask questions after the presentation. Callers should dial in at least five minutes prior to the start of the call.
Individuals unable to participate during the live call may visit the investors' portion of the Cooper Standard website ( www.ir.cooperstandard.com ) for a replay of the webcast.
About Cooper Standard
Cooper Standard, headquartered in Novi, Mich., is a leading global supplier of systems and components for the automotive industry. Products include rubber and plastic sealing, fuel and brake lines, fluid transfer hoses and anti-vibration systems. Cooper Standard employs more than 32,000 people globally and operates in 20 countries around the world. For more information, please visit www.cooperstandard.com .
Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of U.S. federal securities laws, and we intend that such forward-looking statements be subject to the safe harbor created thereby. Our use of words "estimate," "expect," "anticipate," "project," "plan," "intend," "believe," "forecast," or future or conditional verbs, such as "will," "should," "could," "would," or "may," and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, we cannot assure you that these expectations, beliefs and projections will be achieved. Forward-looking statements are not guarantees of future performance and are subject to significant risks and uncertainties that may cause actual results or achievements to be materially different from the future results or achievements expressed or implied by the forward-looking statements. Among other items, such factors may include: prolonged or material contractions in automotive sales and production volumes; our inability to realize sales represented by awarded business; escalating pricing pressures; loss of large customers or significant platforms; our ability to successfully compete in the automotive parts industry; availability and increasing volatility in costs of manufactured components and raw materials; disruption in our supply base; entering new markets; possible variability of our working capital requirements; risks associated with our international operations; foreign currency exchange rate fluctuations; our ability to control the operations of our joint ventures for our sole benefit; our substantial amount of indebtedness; our ability to obtain adequate financing sources in the future; operating and financial restrictions imposed on us under our debt instruments; the underfunding of our pension plans; significant changes in discount rates and the actual return on pension assets; effectiveness of continuous improvement programs and other cost savings plans; manufacturing facility closings or consolidation; our ability to execute new program launches; our ability to meet customers' needs for new and improved products; the possibility that our acquisitions and divestitures may not be successful; product liability, warranty and recall claims brought against us; laws and regulations, including environmental, health and safety laws and regulations; legal proceedings, claims or investigations against us; work stoppages or other labor disruptions; the ability of our intellectual property to withstand legal challenges; cyber-attacks or other disruptions in our information technology systems; the possible volatility of our annual effective tax rate; changes in our assumptions used for evaluation of deemed repatriation tax and the remeasurement of our deferred tax assets and liabilities, including as a result of IRS issuing guidance on the Tax Cuts and Jobs Act that may change our assumptions; the possibility of future impairment charges to our goodwill and long-lived assets; and our dependence on our subsidiaries for cash to satisfy our obligations.
You should not place undue reliance on these forward-looking statements. We undertake no obligation to publicly update or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except where we are expressly required to do so by law.
This press release also contains estimates and other information that is based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information.
CPS_F
Contact for Analysts:
Contact for Media:
Roger Hendriksen
Sharon Wenzl
Cooper Standard
Cooper Standard
(248) 596-6465
(248) 596-6211
[email protected]
[email protected]
Financial statements and related notes follow:
COOPER-STANDARD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME
(Unaudited)
(Dollar amounts in thousands except per share amounts)
Three Months Ended March 31,
2018
2017
Sales
$
967,391
$
902,051
Cost of products sold
796,511
732,049
Gross profit
170,880
170,002
Selling, administration & engineering expenses
80,440
87,054
Amortization of intangibles
3,406
3,595
Impairment charges
—
4,270
Restructuring charges
7,125
9,988
Operating profit
79,909
65,095
Interest expense, net of interest income
(9,800)
(11,239)
Equity in earnings of affiliates
1,687
1,675
Loss on refinancing and extinguishment of debt
(770)
—
Other expense, net
(1,719)
(1,137)
Income before income taxes
69,307
54,394
Income tax expense
11,891
11,890
Net income
57,416
42,504
Net income attributable to noncontrolling interests
(624)
(798)
Net income attributable to Cooper-Standard Holdings Inc.
$
56,792
$
41,706
Weighted average shares outstanding
Basic
17,991,488
17,742,994
Diluted
18,511,113
18,972,550
Earnings per share:
Basic
$
3.16
$
2.35
Diluted
$
3.07
$
2.20
COOPER-STANDARD HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands)
March 31, 2018
December 31, 2017
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
420,172
$
515,952
Accounts receivable, net
570,548
494,049
Tooling receivable
107,274
112,561
Inventories
185,960
170,196
Prepaid expenses
38,610
33,205
Other current assets
115,273
100,778
Total current assets
1,437,837
1,426,741
Property, plant and equipment, net
977,514
952,178
Goodwill
173,370
171,852
Intangible assets, net
65,904
69,091
Other assets
106,534
105,786
Total assets
$
2,761,159
$
2,725,648
Liabilities and Equity
Current liabilities:
Debt payable within one year
$
34,626
$
34,921
Accounts payable
523,962
523,296
Payroll liabilities
119,405
123,090
Accrued liabilities
115,595
145,650
Total current liabilities
793,588
826,957
Long-term debt
723,587
723,325
Pension benefits
181,059
180,173
Postretirement benefits other than pensions
61,643
61,921
Other liabilities
78,323
78,183
Total liabilities
1,838,200
1,870,559
7% Cumulative participating convertible preferred stock
—
—
Equity:
Common stock
18
18
Additional paid-in capital
510,060
512,815
Retained earnings
572,084
511,367
Accumulated other comprehensive loss
(189,608)
(197,631)
Total Cooper-Standard Holdings Inc. equity
892,554
826,569
Noncontrolling interests
30,405
28,520
Total equity
922,959
855,089
Total liabilities and equity
$
2,761,159
$
2,725,648
COOPER-STANDARD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollar amounts in thousands)
Three Months Ended March 31,
2018
2017
Operating Activities:
Net income
$
57,416
$
42,504
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation
32,853
28,262
Amortization of intangibles
3,406
3,595
Impairment charges
—
4,270
Share-based compensation expense
3,875
6,804
Equity in earnings of affiliates, net of dividends related to earnings
2,821
965
Loss on refinancing and extinguishment of debt
770
—
Other
1,242
7,661
Changes in operating assets and liabilities
(112,939)
(90,372)
Net cash (used in) provided by operating activities
(10,556)
3,689
Investing activities:
Capital expenditures
(67,858)
(58,270)
Acquisition of businesses, net of cash acquired
(3,223)
—
Proceeds from sale of fixed assets and other
889
33
Net cash used in investing activities
(70,192)
(58,237)
Financing activities:
Principal payments on long-term debt
(887)
(1,836)
(Decrease) increase in short-term debt, net
(1,123)
142
Purchase of noncontrolling interests
(2,450)
—
Proceeds from exercise of warrants
—
580
Taxes withheld and paid on employees' share based payment awards
(9,621)
(10,740)
Other
(881)
(117)
Net cash used in financing activities
(14,962)
(11,971)
Effects of exchange rate changes on cash, cash equivalents and restricted cash
(69)
(6,510)
Changes in cash, cash equivalents and restricted cash
(95,779)
(73,029)
Cash, cash equivalents and restricted cash at beginning of period
518,461
482,979
Cash, cash equivalents and restricted cash at end of period
$
422,682
$
409,950
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet:
Balance as of
March 31, 2018
December 31, 2017
Cash and cash equivalents
$
420,172
$
515,952
Restricted cash included in other current assets
45
88
Restricted cash included in other assets
2,465
2,421
Total cash, cash equivalents and restricted cash shown in the statement of cash flows
$
422,682
$
518,461
Non-GAAP Measures
EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, net debt and free cash flow are measures not recognized under U.S. GAAP and which exclude certain non-cash and special items that may obscure trends and operating performance not indicative of the Company's core financial activities. Management considers EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, net debt and free cash flow to be key indicators of the Company's operating performance and believes that these and similar measures are widely used by investors, securities analysts and other interested parties in evaluating the Company's performance. In addition, similar measures are utilized in the calculation of the financial covenants and ratios contained in the Company's financing arrangements and management uses these measures for developing internal budgets and forecasting purposes. EBITDA is defined as net income adjusted to reflect income tax expense, interest expense net of interest income, depreciation and amortization, and adjusted EBITDA is defined as EBITDA further adjusted to reflect certain items that management does not consider to be reflective of the Company's core operating performance. Adjusted EBITDA margin is defined as adjusted EBITDA divided by sales. Adjusted net income is defined as net income adjusted to reflect certain items that management does not consider to be reflective of the Company's core operating performance. Adjusted basic and diluted earnings per share is defined as adjusted net income divided by the weighted average number of basic and diluted shares, respectively, outstanding during the period. Net debt is defined as total debt minus cash and cash equivalents. Free cash flow is defined as net cash provided by operating activities minus capital expenditures and is useful to both management and investors in evaluating the Company's ability to service and repay its debt.
When analyzing the Company's operating performance, investors should use EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, net debt and free cash flow as supplements to, and not as alternatives for, net income, operating income, or any other performance measure derived in accordance with U.S. GAAP, and not as an alternative to cash flow from operating activities as a measure of the Company's liquidity. EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, net debt and free cash flow have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of the Company's results of operations as reported under U.S. GAAP. Other companies may report EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, net debt and free cash flow differently and therefore the Company's results may not be comparable to other similarly titled measures of other companies. In addition, in evaluating adjusted EBITDA and adjusted net income, it should be noted that in the future the Company may incur expenses similar to or in excess of the adjustments in the below presentation. This presentation of adjusted EBITDA and adjusted net income should not be construed as an inference that the Company's future results will be unaffected by special items. Reconciliations of EBITDA, adjusted EBITDA, adjusted net income and free cash flow follow.
Reconciliation of Non-GAAP Measures
EBITDA and Adjusted EBITDA
The following table provides reconciliation of EBITDA and adjusted EBITDA from net income:
(Unaudited; Dollar amounts in thousands)
Three Months Ended March 31,
2018
2017
Net income attributable to Cooper-Standard Holdings Inc.
$
56,792
$
41,706
Income tax expense
11,891
11,890
Interest expense, net of interest income
9,800
11,239
Depreciation and amortization
36,259
31,857
EBITDA
$
114,742
$
96,692
Restructuring charges
7,125
9,988
Loss on refinancing and extinguishment of debt (1)
770
—
Impairment charges (2)
—
4,270
Adjusted EBITDA
$
122,637
$
110,950
Sales
$
967,391
$
902,051
Adjusted EBITDA Margin
12.7
%
12.3
%
(1) Loss on refinancing and extinguishment of debt related to the amendment of the Term Loan Facility.
(2) Non-cash impairment charges related to fixed assets.
Adjusted Net Income and Adjusted Earnings Per Share
The following table provides reconciliation of net income to adjusted net income and the respective earnings per share amounts:
(Unaudited; Dollar amounts in thousands, except per share amounts)
Three Months Ended March 31,
2018
2017
Net income attributable to Cooper-Standard Holdings Inc.
$
56,792
$
41,706
Restructuring charges
7,125
9,988
Loss on refinancing and extinguishment of debt (1)
770
—
Impairment charges (2)
—
4,270
Tax impact of adjusting items (3)
(901)
(95)
Adjusted net income
$
63,786
$
55,869
Weighted average shares outstanding:
Basic
17,991,488
17,742,994
Diluted
18,511,113
18,972,550
Earnings per share:
Basic
$
3.16
$
2.35
Diluted
$
3.07
$
2.20
Adjusted earnings per share:
Basic
$
3.55
$
3.15
Diluted
$
3.45
$
2.95
(1) Loss on refinancing and extinguishment of debt related to the amendment of the Term Loan Facility.
(2) Non-cash impairment charges related to fixed assets.
(3) Represents the elimination of the income tax impact of the above adjustments by calculating the income tax impact of
these adjusting items using the appropriate tax rate for the jurisdiction where the charges were incurred.
Free Cash Flow
The following table defines free cash flow:
(Unaudited; Dollar amounts in thousands)
Three Months Ended March 31,
2018
2017
Net cash (used in) provided by operating activities
$
(10,556)
$
3,689
Capital expenditures
(67,858)
(58,270)
Free cash flow
$
(78,414)
$
(54,581)
releases/cooper-standard-reports-record-first-quarter-results-300640506.html
SOURCE Cooper-Standard Holdings Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-cooper-standard-reports-record-first-quarter-results.html |
May 9, 2018 / 5:30 AM / Updated 4 hours ago Foreign reporters quit newspaper in Cambodia en masse after sale Prak Chan Thul 3 Min Read
PHNOM PENH (Reuters) - As many as 13 foreign journalists have resigned en masse from a Cambodian newspaper, the Phnom Penh Post, in protest at what they called editorial interference following its sale to a Malaysian businessman. Phnom Penh Post newspapers are see on a desk, in this picture illustration taken May 7, 2018. REUTERS/Samrang Pring/Illustration
The sale of the English-language newspaper, announced at the weekend, came amid increasing concern about a crackdown by long-serving Prime Minister Hun Sen against his critics ahead of a general election set for July 29.
The resignations followed the announcement of the sale of the paper by Australian mining magnate Bill Clough, who has owned it since 2008, to Malaysian investor Sivakumar Ganapathy, whose public relations firm lists Hun Sen as a client.
The resignations of as many as 13 editors and reporters leave no foreign journalists at the paper, which has built a reputation for independent reporting that can be critical of the government on issues such as illegal logging and corruption.
“We did what we felt we had to do to maintain our journalistic integrity,” one of the journalists who resigned, Andrew Nachemson, an American, told Reuters.
“It was a difficult and very personal decision, and I wish all my Cambodian colleagues the best.” A man reads the Phnom Penh Post newspaper at a coffee shop in Phnom Penh, Cambodia, May 8, 2018. REUTERS/Samrang Pring
Ganapathy did not immediately respond to telephone calls from Reuters on Wednesday to seek comment.
Erin Handley, a sub-editor, said she was filled with admiration for the staff remaining at the paper.
“Can’t say how much admiration I have for Khmer reporters who are staying, despite everything,” Handley said on social network Twitter.
Representatives of Ganapathy ordered the removal from the newspaper’s website on Monday of an article critical of the sale, several reporters at the paper said. Slideshow (2 Images)
The incident led to the firing of the editor-in-chief, Kay Kimsong, a Cambodian, after he refused to take down the article, Kimsong told Reuters.
In a statement on Monday, Ganapathy said the article, since removed from the website, was a “disgrace and an insult to the independence claim of the newspaper.”
International rights groups and journalism bodies have said they fear the sale of the paper, founded in 1992, could signal the end of independent media in Cambodia ahead of the July vote.
Another English-language paper, the Cambodia Daily, shut down last year after the government gave its a month to settle a $6.3-million tax bill.
A third English-language paper, the Khmer Times, is owned by another Malaysian. It takes a pro-government stance.
Ganapathy is the managing director of Asia Public Relations Consultants Sdn Bhd, headquartered in Kuala Lumpur, whose website referred to “Cambodia and Hun Sen’s entry into the government seat” as one of its projects.
When a Reuters journalist visited the firm’s office in Kuala Lumpur, the Malaysian capital, on Tuesday, the door was locked and nobody responded to several rings on the doorbell.
A representative for the firm declined on Tuesday to comment to Reuters on the sale, adding that Ganapathy was travelling abroad for the next two weeks. Additional reporting by Rozanna Latiff in Kuala Lumpur; Writing by Amy Sawitta Lefevre; Editing by Clarence Fernandez | ashraq/financial-news-articles | https://uk.reuters.com/article/cambodia-politics-media/foreign-reporters-quit-newspaper-in-cambodia-en-masse-after-sale-idUKKBN1IA0J1 |
DALLAS, May 25 (Reuters) - Dallas Federal Reserve Bank President Robert Kaplan on Friday said he is “hopeful” that an adjustment to a key Fed interest-rate target the next time it raises rates will take care of the issue.
“It’s an adjustment that will help us better set the Fed funds rate, and I’d be hopeful that this adjustment will address that issue,” Kaplan told reporters on the sidelines of a conference here.
In minutes of its last meeting, Fed officials indicated they are prepared to leave one of its key interest rates 0.05 of a percentage point lower than usual when it next decides to tighten policy, likely in June. (Reporting by Ann Saphir Editing by Chizu Nomiyama)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-fed-kaplan/feds-kaplan-hopeful-rate-setting-tweak-will-address-issue-idUSC3N1R300P |
Investigators have yet to issue their final report on a Southwest Airlines Co. flight last month that ended in an emergency landing and a passenger’s death. But one thing is clear: Regulators had been weighing enhanced inspection requirements covering a suspect engine part for nearly two years—an unusually long time—after warnings about it first emerged.
Questions about the time it took regulators to mandate more comprehensive inspections—and whether an alternate response would have made a difference in uncovering what emerged... RELATED VIDEO Southwest Flight 1380: What Happened Onboard The Wall Street Journal used video shared on social media and other reporting to piece together how the engine on Southwest Airlines flight 1380 broke apart, ultimately killing a passenger and forcing an emergency landing. Photo: Marty Martinez | ashraq/financial-news-articles | https://www.wsj.com/articles/faa-moved-slower-than-usual-on-engine-warning-ahead-of-southwest-fatality-1526814000 |
May 1 (Reuters) - Gibson Brands Inc:
* GIBSON BRANDS REACHES RESTRUCTURING SUPPORT AGREEMENT TO REORGANIZE AROUND CORE BUSINESSES
* GIBSON BRANDS INC - TRANSACTIONS TO BE EFFECTUATED THROUGH PRE-NEGOTIATED CHAPTER 11 FILINGS
* GIBSON BRANDS INC - SECURED $135 MILLION IN DEBTOR IN POSSESSION FINANCING
* GIBSON BRANDS - REACHED “RESTRUCTURING SUPPORT AGREEMENT” WITH HOLDERS OF MORE THAN 69.0% IN PRINCIPAL AMOUNT OF 8.875% SENIOR SECURED NOTES DUE 2018
* GIBSON BRANDS INC - GIBSON INNOVATIONS BUSINESS, WHICH IS LARGELY OUTSIDE OF U.S. AND INDEPENDENT OF MUSICAL INSTRUMENTS BUSINESS, WILL BE WOUND DOWN
* GIBSON BRANDS - WIND-DOWN OF GI BUSINESS IS NOT EXPECTED TO IMPACT REORGANIZATION AROUND ITS CORE MUSICAL INSTRUMENTS/PRO AUDIO BUSINESS
* GIBSON BRANDS - ALVAREZ AND MARSAL IS SERVING AS GIBSON’S CHIEF RESTRUCTURING OFFICER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-gibson-brands-reaches-restructurin/brief-gibson-brands-reaches-restructuring-support-agreement-to-reorganize-around-core-businesses-idUSASC09YH1 |
April 30(Reuters) - GITI Tire Corp
* Says it names Qian Beifen as new general manager, effective May 1
Source text in Chinese: goo.gl/3acBTu
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-giti-tire-names-qian-beifen-as-new/brief-giti-tire-names-qian-beifen-as-new-general-manager-idUSL3N1S745J |
For 7-Eleven, Big Gulps and Slurpees are no longer enough.
The convenience-store pioneer is falling behind rivals that are gleaning more sales from healthier snacks and freshly cooked meals.
The 155,000 convenience stores in the U.S. sold $53.3 billion worth of prepared food and drinks, like hot dogs and slushies, last year, a 31% increase... | ashraq/financial-news-articles | https://www.wsj.com/articles/a-big-gulp-of-kale-juice-7-eleven-struggles-to-catch-fresh-food-wave-1525253400 |
BRUSSELS (Reuters) - EU regulators will settle their antitrust case with Gazprom ( GAZP.MM ) by next week, people close to the matter said on Monday, after the Russian energy giant pledged to change its pricing structure and allow rivals a foothold in eastern Europe.
FILE PHOTO: The logo of Russian gas giant Gazprom is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. Picture taken June 1, 2017. REUTERS/Sergei Karpukhin The European Commission is due to announce the deal on May 24, one source said, ending one of its longest running competition cases that began with dawn raids at 20 offices in 10 countries in 2011 when investigators seized over 150,000 documents.
Two other sources said the EU decision on Gazprom, the EU’s biggest gas supplier, could come this week or next. The EU antitrust authority declined to comment.
Reuters was the first to report on April 3 that Gazprom, which supplies a third of the EU’s gas, and the EU competition enforcer would reach a deal, staving off a fine of as much as 10 percent of the company’s global turnover.
EU-Russia relations have been frosty since Moscow’s annexation of Ukraine’s Crimea region in 2014, sinking further over a nerve toxin attack against a former Russian spy in England in March that the British government blamed on Moscow.
Gazprom, which contributes some 9 percent of Russian gross domestic product, wants smoother ties to help it beat last year’s record sales to Europe.
In 2015, the bloc charged Gazprom, run by Alexei Miller, an ally of Russian President Vladimir Putin, with abusing its dominance in eight central and eastern European member states by charging excessive gas prices in some countries and blocking rivals in others. Gazprom denies the charges.
Gazprom’s concessions consist of linking prices to benchmarks such as western European gas market hubs and border prices in France, Germany and Italy, and allowing price reviews every two years, according to a recent draft seen by Reuters.
It will also drop all contractual constraints which bar clients from reselling its gas and let the Bulgarian transmission network operator take charge of the Balkan country’s gas flows to Greece.
The concessions are expected to be valid for eight years. The EU will not impose any financial penalty on Gazprom, but if the company fails to abide by the terms of the settlement, the EU can still impose fines.
Despite the move to smooth business ties, mutual distrust between the EU and the Kremlin-backed company remains high and many in the bloc still want to see Gazprom punished with fines.
Critics say European Competition Commissioner Margrethe Vestager’s decision to settle with Gazprom with no admission of wrongdoing by the company contrasts with her hefty fines against U.S. tech giants Google ( GOOGL.O ) and Qualcomm ( QCOM.O ) for anti-competitive practices.
Gazprom foes such as Polish state-run oil and gas company PGNiG ( PGN.WA ) has urged Europe’s antitrust chief to take a tough line and penalise the company but to no avail.
EU regulators say a deal could help the bloc resolve disputes on gas supplies to and through Ukraine. It could also help liberalise the gas market in southeastern Europe, for example by allowing reverse flows and giving rivals access to pipelines.
Reporting by Foo Yun Chee; Editing by Adrian Croft
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-eu-gazprom-antitrust/eu-antitrust-regulators-to-announce-deal-with-gazprom-by-next-week-sources-idUSKCN1IF2BW |
Billionaire Warren Buffett 's big bet on Apple is a telling sign for investors, closely followed trader Art Cashin told CNBC.
That's because the legendary investor stayed away from tech companies for a long time, saying he doesn't buy anything he can't understand, Cashin said.
"For him to double down on Apple , that's more of an all-clear signal than anybody's seen," the UBS director of floor operations at the New York Stock Exchange said on " Closing Bell ."
Apple surged Friday after Buffet announced his Berkshire Hathaway bought 75 million shares in the first quarter. The stock closed at $183.83, a record high, and is now roughly $20 per share short of a $1 trillion market cap.
"The idea that you're going to spend loads of time trying to guess how many iPhone X ... are going to be sold in a three-month period totally misses the point," Buffett told CNBC's Becky Quick on Thursday evening just ahead of Berkshire Hathaway's annual shareholders meeting in Omaha, Nebraska.
"It's like worrying about the number of BlackBerrys 10 years ago," he added.
Apple's rally helped push the Dow Jones industrial average higher on Friday. The blue-chip index closed up 332.36 points at 24,262.51.
Meanwhile, the S&P 500 closed 1.3 percent higher to finish at 2,663.42 and the Nasdaq composite rose 1.7 percent to close at 7,209.62
Cashin expects the market to keep seesawing. On Thursday stocks saw big declines before turning around by the close. He called it a "minor trapdoor sell-off" that turned around after equities didn't cross the lower low.
"The game's not over. We're going to keep testing. This is kind of like someone who's had a minor heart attack and they want to know, 'how strong do I feel. Can I make it to the end of the block or after that?'" Cashin said.
"The market is basically taking its own pulse and its own temperature, testing these levels to see where they want to go," he added.
— CNBC's Thomas Franck and Sara Salinas contributed to this report.
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/warren-buffetts-apple-bet-an-all-clear-signal-trader-art-cashin.html |
Europe markets open lower amid geopolitical risks, oil prices near multi-year highs 1:52 AM ET Tue, 15 May 2018 European markets opened lower on Tuesday morning, as investors monitor key political and economic risks while oil prices hover close to multi-year highs. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/europe-markets-seen-lower-amid-geopolitical-risks-oil-prices-near-multi-year-highs.html |
PRAGUE, May 16 (Reuters) - Here are news stories, press reports and events to watch which may affect Czech financial markets on Wednesday. ALL TIMES GMT (Czech Republic: GMT + 2 hours) ECONOMIC DATA Real-time economic data releases Summary of economic data and forecasts Recently released economic data Previous stories on Czech data **For a schedule of corporate and economic events: here #/2E/events-overview NEWS/EVENTS IMF: An IMF team finishes a regular mission to the Czech Republic. News conference with the Finance Ministry to present its concluding statement scheduled for 0700 GMT. Related news: PEGAS: Artificial textile maker Pegas Nonwovens' board proposes transferring 2017 profit to retained earnings KOFOLA: Czech soft drinks maker Kofola Ceskoslovensko is ready to quit the tough Polish market unless it can find an acquisition in the coming months to expand its portfolio, the company said on Tuesday. BOURSE: A new Czech market for small company listings had a mixed start on Tuesday, with one firm selling all the stock it had planned, but a second only finding buyers for a third of its offering and another abandoning its listing altogether. The Prague Stock Exchange (PSE), owned by the Vienna bourse, is hoping the START market, where stock will trade in quarterly auctions, will boost activity amid a dearth of listings. GDP: Central Europe's economies steamed ahead in the first quarter as rising wages in tightening labour markets propelled household spending, leading to faster-than-expected growth in Poland and Hungary and still strong expansion in the Czech Republic. SKODA: VW's Skoda Auto deliveries rise 10.1 percent in April SLOVAKIA: Slovakia's President Andrej Kiska said on Tuesday he would not seek a second term in a presidential election in 2019 because of the "burden" posed by his involvement in political crisis which erupted after the murder of an investigative journalist. CEE MARKETS: The forint hit a 22-month low against the euro on Tuesday as a rebound of the dollar and U.S. debt yields caused a renewed sell-off in Central European markets, even as first-quarter data confirmed strong economic growth in the region. MARKET SNAPSHOT Index/Crown Currency Latest Prev Pct change Pct change close on day in 2018 vs Euro 25.555 25.551 -0.02 -0.11 vs Dollar 21.571 21.565 -0.03 -1.38 Czech Equities 1,106.3 1,106.3 0.18 2.61 U.S. Equities 24,706.41 24,899.41 -0.78 -0.05 Pvs close or current levels vs prior domestic close at 1500 GMT PRESS DIGEST | ashraq/financial-news-articles | https://www.reuters.com/article/czech-factors/czech-republic-factors-to-watch-on-may-16-idUSL5N1SN1AU |
May 14, 2018 / 2:09 PM / Updated 3 minutes ago WHO gets approval to use Ebola vaccine in Democratic Republic of Congo Reuters Staff 3 Min Read
GENEVA (Reuters) - The World Health Organization has been given the go-ahead by officials in the Democratic Republic of Congo to import and use an experimental Ebola vaccine in the country, WHO Director-General Tedros Adhanom Ghebreyesus said on Monday.
“We have agreement, registration, plus import permit, everything formally agreed already,” Tedros told reporters. “All is ready now to really use it.”
Vaccinations could begin by next Monday, he said.
The vaccine, developed by Merck in 2016, has proven safe and effective in human trials, but it is still experimental as it does not yet have a licence. It must be kept at -60 to -80 degrees Celsius (-76°F to -112°F), creating huge logistical challenges.
The shot, which was tested in Guinea in 2015 at the end of a vast Ebola outbreak in West Africa, is designed for use in a so-called “ring vaccination” approach.
This would mean that when a new Ebola case is diagnosed, all people who might have been in recent contact with them are traced and vaccinated to try and prevent the disease’s spread.
The WHO said earlier on Monday that the Democratic Republic of Congo had reported 39 suspected, probable or confirmed cases of Ebola between April 4 and May 13, including 19 deaths.
It said 393 people who identified as contacts of Ebola patients were being followed up.
Tedros travelled to Congo over the weekend and flew to the remote area, still only accessible by motorbike or helicopter, where the deadly haemorrhagic disease has broken out.
“Being there is very, very important. If a general cannot be with its troops in the front line it’s not a general,” he said.
“And the second thing is, associated with Ebola there is stigma. We have to go and show that that should really stop. And if there is risk, my life is not better than anyone.”
He praised the Congolese government, including President Joseph Kabila whom he met during his trip.
Information about the outbreak in Bikoro, Iboko and Wangata in Equateur province was still limited, the WHO said, but at present the outbreak does not meet the criteria for declaring a “public health event of international concern”, which would trigger the formation of an emergency WHO committee. Director-General of the World Health Organization (WHO) Tedros Adhanom Ghebreyesus briefs the media on the Ebola outbreak at their headquarters in Geneva, Switzerland, May 14, 2018. REUTERS/Denis Balibouse Reporting by Tom Miles in Geneva, Additional reporting by Kate Kelland in London, Editing by Catherine Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-health-ebola-who/who-gets-approval-to-use-ebola-vaccine-in-democratic-republic-of-congo-idUKKCN1IF1VU |
May 1 (Reuters) - ALRAI MEDIA GROUP CO:
* Q1 NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS 262,940 DINARS VERSUS 449,760 DINARS YEAR AGO
* Q1 TOTAL OPERATING REVENUE 2.7 MILLION DINARS VERSUS 3.3 MILLION DINARS YEAR AGO Source:( bit.ly/2HEZBSb ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-alrai-media-group-q1-profit-falls/brief-alrai-media-group-q1-profit-falls-idUSFWN1S808K |
May 1 (Reuters) - SEDCO CAPITAL CO:
* SIGNS 5-YEAR, 600 MILLION RIYALS SHARIAH COMPLIANT FACILITY WITH AL RAJHI BANK Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sedco-capital-signs-600-mln-riyals/brief-sedco-capital-signs-600-mln-riyals-facility-with-al-rajhi-bank-idUSFWN1S71GJ |
VW’s ex-CEO charged in U.S. over diesel scandal 7:37pm IST - 01:12
The U.S. Justice Department on Thursday disclosed the filing of criminal charges against former Volkswagen CEO Martin Winterkorn, accusing him of conspiring to cover up the German automaker's diesel emissions cheating. Michelle Hennessy reports.
The U.S. Justice Department on Thursday disclosed the filing of criminal charges against former Volkswagen CEO Martin Winterkorn, accusing him of conspiring to cover up the German automaker's diesel emissions cheating. Michelle Hennessy reports. //reut.rs/2KzAn5D | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/04/vws-ex-ceo-charged-in-us-over-diesel-sca?videoId=423823918 |
SANTA CLARA, Calif., May 1, 2018 /PRNewswire/ -- Coherent, Inc. (NASDAQ: COHR), one of the world's leading providers of lasers, laser-based technologies and laser-based system solutions in a broad range of scientific, commercial and industrial applications, today announced financial results for its second fiscal quarter ended March 31, 2018.
FINANCIAL HIGHLIGHTS
Three Months Ended
Six Months Ended
March 31,
December 30,
April 1,
March 31,
April 1,
2018
2017
2017
2018
2017
GAAP Results
(in millions except per share data)
Net sales
$
481.1
$
477.6
$
422.8
$
958.7
$
768.9
Net income
$
65.3
$
41.9
$
41.8
$
107.2
$
72.3
Diluted EPS
$
2.61
$
1.67
$
1.69
$
4.29
$
2.93
Non-GAAP Results
(in millions except per share data)
Net income
$
84.3
$
88.6
$
72.1
$
172.9
$
135.5
Diluted EPS
$
3.37
$
3.54
$
2.91
$
6.91
$
5.49
2018 SECOND FISCAL QUARTER DETAILS
For the second fiscal quarter ended March 31, 2018, Coherent announced net sales of $481.1 million and net income, on a U.S. generally accepted accounting principles (GAAP) basis, of $65.3 million, or $2.61 per diluted share. These results compare to net sales of $422.8 million and net income of $41.8 million, or $1.69 per diluted share, for the second quarter of fiscal 2017.
Non-GAAP net income for the second quarter of fiscal 2018 was $84.3 million, or $3.37 per diluted share. Non-GAAP net income for the second quarter of fiscal 2017 was $72.1 million, or $2.91 per diluted share. Reconciliations of GAAP to non-GAAP financial measures for the three months ended March 31, 2018, December 30, 2017 and April 1, 2017 and six months ended March 31, 2018 and April 1, 2017 appear in the financial statements portion of this release under the heading "Reconciliation of GAAP to Non-GAAP net income."
Net sales of fiscal 2018 were $477.6 million and net income, on a GAAP basis, was $41.9 million, or $1.67 per diluted share. These results include additional income tax expense of $41.7 million, or $1.67 per diluted share due to the provisions under the Tax Cuts and Jobs Act as well as a benefit of $12.5 million, or $0.50 per diluted share from the adoption of new rules for accounting for excess tax benefits and deficiencies for employee stock-based compensation. The Securities and Exchange Commission has issued rules that allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. Coherent currently anticipates finalizing and recording any resulting adjustments by the end of the quarter ending September 29, 2018. Non-GAAP net income of fiscal 2018 was $88.6 million, or $3.54 per diluted share.
As previously announced, on November 7, 2016, Coherent completed its acquisition of Rofin-Sinar Technologies, Inc. ("Rofin"), one of the world's leading developers and manufacturers of high-performance industrial laser sources and laser-based solutions and components. As a result, Rofin's operating results were consolidated for the period from November 7, 2016 through April 1, 2017 in Coherent's six months results ended April 1, 2017. Subsequent to the first quarter of fiscal 2017, Rofin's operating results are consolidated in Coherent's results for the full quarter and year-to-date.
"We experienced a surge in demand across a number of end markets during our second fiscal quarter. Orders for high power fiber lasers were up significantly from metal cutting OEMs in China, Tier 1 automotive component suppliers and EV battery manufacturers. Semiconductor capital equipment orders benefitted from high fab utilization rates and Chinese IC investments as part of Made in China 2025. Bookings across the OEM component and instrumentation space were up due to annual buys in bioinstrumentation, strength from medical OEMs and increasing opportunities in defense and aerospace.
Our Fiscal 2018 outlook on the FPD business is largely unchanged and the supply chain issue discussed last quarter has been resolved. FPD service demand was similar to last quarter and is expected to accelerate into the second half of the year," said John Ambroseo, Coherent's President and Chief Executive Officer.
"We also made our first investment in the metal additive manufacturing market with the acquisition of privately-held OR Laser, which has developed a compact tool to enable process development across multiple markets, as well as provide production capability for the dental, medical and jewelry markets. OR also developed proprietary software that is intuitive to use and does not require third party add-ons to go from CAD modeling to printed parts. Future projects will be directed towards the automotive and aerospace markets. In addition to the OR investment, we have continued making voluntary prepayments on our debt. The most recent prepayment of €60 million brings the total voluntary reduction to €285 million," Ambroseo added.
CONFERENCE CALL REMINDER
The Company will host a conference call today to discuss its financial results at 1:30 P.M. Pacific (4:30 P.M. Eastern). A listen-only broadcast of the conference call and a transcript of management's prepared remarks can be accessed on the Company's website at http://www.coherent.com/Investors/ . For those who are not able to listen to the live broadcast, the call will be archived for approximately three months on the Company's website.
Summarized statement of operations information is as follows (unaudited, in thousands except per share data):
Three Months Ended
Six Months Ended
March 31,
December 30,
April 1,
March 31,
April 1,
2018
2017
2017
2018
2017
Net sales
$
481,118
$
477,565
$
422,833
$
958,683
$
768,906
Cost of sales (A)(B)(D)(E)(F)
265,688
260,542
243,318
526,230
447,877
Gross profit
215,430
217,023
179,515
432,453
321,029
Operating expenses:
Research & development (A)(B)(F)
34,783
31,392
30,536
66,175
57,620
Selling, general & administrative (A)(B)(E)(F)(G)
77,146
73,437
72,451
150,583
146,219
Gain from business combination (C)
—
—
—
—
(5,416)
Other impairment charges(recoveries) (I)
(110)
265
—
155
—
Amortization of intangible assets (D)
2,950
2,606
5,439
5,556
9,317
Total operating expenses
114,769
107,700
108,426
222,469
207,740
Income from operations
100,661
109,323
71,089
209,984
113,289
Other income (expense), net (B) (H)
(9,510)
(8,500)
(10,255)
(18,010)
(5,083)
Income from continuing operations, before income taxes
91,151
100,823
60,834
191,974
108,206
Provision for income taxes (J)
25,849
58,920
18,646
84,769
35,320
Net income from continuing operations
65,302
41,903
42,188
107,205
72,886
Income (loss) from discontinued operations, net of income taxes
—
(2)
(343)
(2)
(633)
Net income
$
65,302
$
41,901
$
41,845
$
107,203
$
72,253
Net income (loss) per share:
Basic from continuing operations
2.64
1.70
1.72
4.34
2.98
Basic from discontinued operations
—
—
(0.01)
—
(0.03)
Basic earnings per share
$
2.64
$
1.70
$
1.71
$
4.34
$
2.96
Diluted from continuing operations
2.61
1.67
1.70
4.29
2.95
Diluted from discontinued operations
—
—
(0.01)
—
0.03
Diluted earnings per share
$
2.61
$
1.67
$
1.69
$
4.29
$
2.93
Shares used in computations:
Basic
24,761
24,635
24,496
24,698
24,422
Diluted
25,010
25,025
24,757
25,018
24,700
(A)
Stock-based compensation expense included in operating results is summarized below (all footnote amounts are unaudited, in thousands, except per share data):
Stock-based compensation expense
Three Months Ended
Six Months Ended
March 31,
December 30,
April 1,
March 31,
April 1,
2018
2017
2017
2018
2017
Cost of sales
$
1,018
$
988
$
778
$
2,006
$
1,738
Research & development
872
668
597
1,540
1,650
Selling, general & administrative
6,520
5,420
5,308
11,940
12,950
Impact on income from operations
$
8,410
$
7,076
$
6,683
$
15,486
$
16,338
For the quarters ended March 31, 2018, December 30, 2017 and April 1, 2017, the impact on net income, net of tax was $7,235 ($0.29 per diluted share), $5,467 ($0.22 per diluted share) and $4,868 ($0.20 per diluted share), respectively. For the six months ended March 31, 2018 and April 1, 2017, the impact on net income, net of tax was $12,702 ($0.51 per diluted share) and $13,034 ($0.53 per diluted share), respectively.
(B)
Changes in deferred compensation plan liabilities are included in cost of sales and operating expenses while gains and losses on deferred compensation plan assets are included in other income (expense), net. Deferred compensation expense (benefit) included in operating results is summarized below:
Deferred compensation expense (benefit)
Three Months Ended
Six Months Ended
March 31,
December 30,
April 1,
March 31,
April 1,
2018
2017
2017
2018
2017
Cost of sales
$
28
$
78
$
69
$
106
$
70
Research & development
128
359
308
487
333
Selling, general & administrative
602
1,627
1,430
2,229
1,368
Impact on income from operations
$
758
$
2,064
$
1,807
$
2,822
$
1,771
For the quarters ended March 31, 2018, December 30, 2017 and April 1, 2017, the impact on other income (expense), net from gains or losses on deferred compensation plan assets was income of $768, $1,906 and $1,812, respectively. For the six months ended March 31, 2018 and April 1, 2017, the impact on other income (expense) net from gains or losses on deferred compensation plan assets was income of $2,674 and $1,822, respectively.
(C)
For the six months ended April 1, 2017, the gain from business combination was $5,416 ($3,426 net of tax ($0.14 per diluted share)).
(D)
For the quarters ended March 31, 2018, December 30, 2017 and April 1, 2017, the impact of amortization of intangibles expense was $15,329 ($10,931 net of tax ($0.44 per diluted share)), $15,100 ($10,773 net of tax ($0.43 per diluted share)) and $16,763 ($12,573 net of tax ($0.51 per diluted share)), respectively. For the six months ended March 31, 2018 and April 1, 2017, the impact of amortization of intangible expense was $30,429 ($21,704 net of tax ($0.87 per diluted share)) and $28,851 ($20,299 net of tax ($0.82 per diluted share)), respectively.
(E)
For the quarter ended March 31, 2018 and April 1, 2017, the impact of inventory and favorable lease step-up costs related to acquisitions was $411 ($293 net of tax ($0.01 per diluted share)) and $13,019 ($9,401 net of tax ($0.38 per diluted share)). For six months ended March 31, 2018 and April 1, 2017, the impact of inventory and favorable lease step-up costs related to acquisitions was $411 ($293 net of tax ($0.01 per diluted share)) and $22,323 ($15,870 net of tax ($0.64 per diluted share)).
(F)
For the quarters ended March 31, 2018, December 30, 2017 and April 1, 2017, the impact of restructuring charges was $726 ($555 net of tax ($0.02 per diluted share)), $1,160 ($850 net of tax ($0.04 per diluted share)) and $557 ($378 net of tax ($0.02 per diluted share)) respectively. For the six months ended March 31, 2018 and April 1, 2017, the impact of restructuring charges was $1,886 ($1,405 net of tax ($0.05 per diluted share)) and $7,619 ($4,978 net of tax ($0.20 per diluted share)).
(G)
For the quarters ended March 31, 2018 and April 1, 2017, the impact of costs related to acquisitions included $400 ($400 net of tax ($0.01 per diluted share) and $2,933 ($2,664 net of tax ($0.11 per diluted share)). For the six months ended March 31, 2018 and April 1, 2017, it included $400 ($400 net of tax ($0.01 per diluted share)) and $17,161 ($17,156 net of tax ($0.69 per diluted share)) of costs related to the acquisition of Rofin.
(H)
For the six months ended April 1, 2017, the gain on our hedge of the debt commitment and issuance of the debt was $11,298 ($7,147 net of tax ($0.29 per diluted share)) and interest expense on the debt commitment was $2,665 ($1,844 net of tax ($0.07 per diluted share)).
(I)
For the quarters ended March 31, 2018 and December 30, 2017, other impairment charges (recoveries) was a recovery of $110 ($110 net of tax ($0.00 per diluted share)) and a charge of $265 ($265 net of tax ($0.01 per diluted share)), respectively. For the six months ended March 31, 2018, other impairment charges (recoveries) was a charge of $155 ($155 net of tax ($0.01 per diluted share)).
(J)
The six months ended March 31, 2018 and the quarter ended December 30, 2017 included $41,745 ($1.67 per diluted share) non-recurring tax expense due to the U.S. Tax Cuts and Jobs Act transition tax and deferred tax remeasurement. The quarter ended March 31, 2018 and December 30, 2017 included $299 ($0.01 per diluted share) and $12,451 ($0.50 per diluted share) tax benefit from the adoption of new rules for accounting for excess tax benefits and tax deficiencies for employee stock-based compensation. The six months ended March 31, 2018 included $12,750 ($0.51 per diluted share) tax benefit from the adoption of new rules for accounting for excess tax benefits and tax deficiencies for employee stock-based compensation.
Summarized balance sheet information is as follows (unaudited, in thousands):
March 31,
September 30,
2018
2017
ASSETS
Current assets:
Cash, cash equivalents, restricted cash and short-term investments
$
347,258
$
476,673
Accounts receivable, net
312,938
305,668
Inventories
492,686
414,807
Prepaid expenses and other assets
85,446
70,268
Assets held-for-sale
9,079
44,248
Total current assets
1,247,407
1,311,664
Property and equipment, net
307,330
278,850
Other assets
781,848
747,286
Total assets
$
2,336,585
$
2,337,800
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term borrowings
$
7,422
$
5,078
Accounts payable
93,309
75,860
Other current liabilities
301,237
338,207
Total current liabilities
401,968
419,145
Other long-term liabilities
644,936
755,391
Total stockholders' equity
1,289,681
1,163,264
stockholders' equity
$
2,336,585
$
2,337,800
Reconciliation of GAAP to Non-GAAP net income (unaudited, in thousands (other than per share data), net of tax):
Three Months Ended
Six Months Ended
March 31,
December 30,
April 1,
March 31,
April 1,
2018
2017
2017
2018
2017
GAAP net income from continuing operations
$
65,302
$
41,903
$
42,188
$
107,205
$
72,886
Stock-based compensation expense
7,235
5,467
4,868
12,702
13,034
Amortization of intangible assets
10,931
10,773
12,573
21,704
20,299
Restructuring charges
555
850
378
1,405
4,978
Gain on business combination
—
—
—
—
(3,426)
Non-recurring tax expense (benefit)
—
41,745
—
41,745
—
Tax benefit from stock-based compensation expense
(299)
(12,451)
—
(12,750)
—
Interest expense on debt commitment
—
—
—
—
1,844
Gain on hedge of debt and debt commitment
—
—
—
—
(7,147)
Other impairment charges (recoveries)
(110)
265
—
155
—
Acquisition-related costs
400
—
2,664
400
17,156
Purchase accounting step-up
293
—
9,401
293
15,870
Non-GAAP net income
$
84,307
$
88,552
$
72,072
$
172,859
$
135,494
Non-GAAP net income per diluted share
$
3.37
$
3.54
$
2.91
$
6.91
$
5.49
RISKS AND UNCERTAINTIES
This press release contains , as defined under the Federal securities laws. These include the statements in this press release that relate to the Company's fiscal 2018 outlook for its FPD business, the Company's FPD service business and the expectation for it to accelerate into the second half of this year and any future products directed towards the automotive and aerospace markets. These are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. The Company and its business, including the aforementioned , are subject to risks and uncertainties, including, but not limited to, risks associated with growth in demand for our products, customer acceptance and adoption of our products, the worldwide demand for flat panel displays and adoption of OLED for mobile displays, the demand for and use of our products in commercial applications, our ability to generate sufficient cash to fund capital spending or debt repayment, our successful implementation of our customer design wins, our and our customers' exposure to risks associated with worldwide economic conditions, our customers' ability to cancel long-term purchase orders, the ability of our customers to forecast their own end markets, our ability to accurately forecast future periods, continued timely availability of products and materials from our suppliers, our ability to timely ship our products and our customers' ability to accept such shipments, our ability to have our customers qualify our product offerings, worldwide government economic policies, our ability to integrate the business of Rofin and other acquisitions successfully, manage our expanded operations and achieve anticipated synergies, and other risks identified in the Company's SEC filings. Readers are encouraged to refer to the risk disclosures and critical accounting policies described in the Company's reports on Forms 10-K, 10-Q and 8-K, including the risks identified in today's financial press release, as applicable and as filed from time-to-time by the Company.
Founded in 1966, Coherent, Inc. is one of the world's leading providers of lasers, laser-based technologies and laser-based system solutions for scientific, commercial and industrial customers. Our common stock is listed on the Nasdaq Global Select Market and is part of the Russell 1000 and Standard & Poor's MidCap 400 Index. For more information about Coherent, visit the company's website at www.coherent.com for product and financial updates.
View original content with multimedia: http://www.prnewswire.com/news-releases/coherent-inc-reports-second-fiscal-quarter-results-300640388.html
SOURCE Coherent, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-coherent-inc-reports-second-fiscal-quarter-results.html |
TOKYO (Reuters) - Bank of Japan Governor Haruhiko Kuroda said the central bank could debate conditions for exiting from ultra-easy policy if prospects for achieving its inflation target improve, reminding markets his radical stimulus program won’t last forever.
Bank of Japan Governor Haruhiko Kuroda attends a news conference in Tokyo, Japan, April 9, 2018. REUTERS/Kim Kyung-Hoon But he refrained from dropping hints on the timing of an exit and warned that it could take more time than expected to drive up inflation, suggesting the BOJ was in no rush to follow in the footsteps of its U.S. peer in dialing back stimulus.
“When the possibility of achieving our price target heightens, conditions for an exit would fall into place,” Kuroda told a seminar on Thursday.
“The BOJ’s policy board could then discuss conditions for an exit,” he said, giving the strongest signal yet on the chances of beginning a debate over how to end the bank’s crisis-mode policies.
A summary of the BOJ’s rate review in April showed on Friday the bank was working to prepare markets for a future withdrawal of its stimulus, with some policymakers calling for more scrutiny of the rising cost of prolonged easing.
In a speech delivered at the seminar, Kuroda pointed to risks that could delay achievement of its price target, such as the chance inflation expectations may not increase smoothly.
With the economy in good shape and the labor market tightening, the key to achieving 2 percent inflation was to change public perceptions that prices won’t rise much, he said.
“If there is strong uncertainty about future growth, firms will hesitate to raise wages,” he said. “We need to keep in mind that it might take a fair amount of time” before actual rises in prices heighten inflation expectations.”
The remarks, which came in the wake of the BOJ’s decision last month to drop any timeframe for meeting its price goal, underscore its waning conviction its stimulus program would boost inflation expectations - key to meeting its price goal.
Kuroda rejected views the cost of easing exceeded its merits, saying he did not see the BOJ’s policy nearing a limit.
Once inflation expectations heighten, the stimulative effect of the current policy will increase as real interest rates, or inflation-adjusted borrowing costs, will fall, Kuroda said.
“When assessing the extent to which interest rates stimulate economic activity and prices, it’s essential to consider the level of real interest rates,” he said.
Reporting by Leika Kihara; Editing by Simon Cameron-Moore & Sam Holmes
| ashraq/financial-news-articles | https://www.reuters.com/article/us-japan-economy-boj-kuroda/bojs-kuroda-warns-inflation-expectations-may-not-rise-smoothly-idUSKBN1IB0C3 |
SASKATOON, Saskatchewan, Cameco (TSX:CCO) (NYSE:CCJ) has announced the election of 10 board members at its annual meeting held on May 16, 2018.
Shareholders elected board members Ian Bruce, Daniel Camus, John Clappison, Donald Deranger, Catherine Gignac, Tim Gitzel, Jim Gowans, Kathryn Jackson, Don Kayne and Anne McLellan. (Voting results are available below)
As announced in February, Ian Bruce will succeed Neil McMillan as chair of Cameco’s board of directors. McMillan retired from the board after five years as chair and 16 years as a Cameco director.
“We thank Neil for his many contributions to Cameco and to our team,” said Bruce. “I look forward to the work we have ahead and the many opportunities we see for the company.”
Voting Results for Cameco Directors
Nominee Votes For % Votes For Withheld % Votes Withheld Ian Bruce 117,893,795 96.34 % 4,475,873 3.66 % Daniel Camus 117,873,480 96.33 % 4,496,188 3.67 % John Clappison 120,565,491 98.53 % 1,804,177 1.47 % Donald Deranger 121,640,676 99.40 % 728,992 0.60 % Catherine Gignac 121,584,529 99.36 % 785,139 0.64 % Tim Gitzel 121,666,938 99.43 % 702,730 0.57 % Jim Gowans 121,519,837 99.31 % 849,831 0.69 % Kathryn Jackson 117,970,738 96.41 % 4,398,930 3.59 % Don Kayne 114,645,004 93.69 % 7,724,664 6.31 % Anne McLellan 117,366,458 95.91 % 5,003,210 4.09 %
Profile
Cameco is one of the world’s largest uranium producers, a significant supplier of conversion services and one of two Candu fuel manufacturers in Canada. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations. Our uranium products are used to generate clean electricity in nuclear power plants around the world. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.
Investor inquiries: Rachelle Girard 306-956-6403 Media inquiries: Carey Hyndman 306-956-6317
Source:Cameco Corp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-cameco-announces-election-of-directors.html |
April 30 (Reuters) - Allison Transmission Holdings Inc :
* ALLISON TRANSMISSION ANNOUNCES FIRST QUARTER 2018 RESULTS
* SEES FY 2018 SALES UP 10 TO 14 PERCENT * SEES 2018 CAPITAL EXPENDITURES TO BE IN THE RANGE OF $85 MILLION TO $95 MILLION
* SEES 2018 NET INCOME IN THE RANGE OF $515 MILLION TO $550 MILLION
* SEES 2018 ADJUSTED EBITDA IN THE RANGE OF $975 MILLION TO $1,025 MILLION Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-allison-transmission-announces-fir/brief-allison-transmission-announces-first-quarter-2018-results-idUSASC09YB8 |
May 1, 2018 / 3:27 PM / Updated 4 minutes ago BRIEF-Pfizer Has Not Received Acceptable Offer For Consumer Health Reuters Staff 1 Min Read
May 1 (Reuters) - Pfizer Inc:
* PFIZER CEO SAYS HAS NOT YET RECEIVED AN ACCEPTABLE OFFER FOR CONSUMER HEALTH BUSINESS, MAY DECIDE TO RETAIN IT
* PFIZER CEO SAYS THROUGH 2022 HAS 15 POTENTIAL BLOCKBUSTER DRUGS IN DEVELOPMENTAL PIPELINE
* PFIZER CEO SAYS DON’T SEE NEED FOR TRANSFORMATIVE DEAL OR SEE ONE AT APPROPRIATE VALUE Source text for Eikon: Further company coverage: (Reporting By Bill Berkrot) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-pfizer-has-not-received-acceptable/brief-pfizer-has-not-received-acceptable-offer-for-consumer-health-idUSL1N1S80LS |
By Valentina Zarya 8:00 AM EDT
After reaching an all-time high of 32 in 2017, the number of female Fortune 500 chiefs has slid back down to 24. That’s a one-year decline of 25%.
The drop is due primarily to a number of powerful women leaving their corner offices. In the past year alone, more than a third of those women (12) have left their CEO jobs, including a few long-time veterans of the ranking.
As the Fortune 500 list went to print last week, Campbell Soup Co. CEO Denise Morrison announced she was retiring, effective immediately (thus, while Morrison appears on the June 2018 ranking, she is no longer in office). The company did not explain her abrupt departure and did not take questions from analysts on the matter. The 64-year-old had been at the helm since 2011; she was with the company for 15 years.
Another veteran who recently stepped down is Hewlett Packard Enterprise CEO Meg Whitman—the only woman to have run two Fortune 500 companies, the other being eBay . She announced in November that she would be handing over the reigns of HPE to president Antonio Neri. “The next CEO needs to be a deeper technologist,” Whitman said on a call with analysts. “That is exactly what Antonio is.” Whitman has since been tapped to run NewTV , Disney veteran Jeffrey Katzenberg’s new mobile media startup.
Irene Rosenfeld, CEO of Mondelez, announced her retirement last August . She had run the snack food giant for six years, during which time she engaged in high-profile skirmishes with activist investors, including Bill Ackman and Nelson Peltz. She has not announced her next move, telling Fortune last August, “I would simply say the intensity of being on 24/7 is something I will not miss.”
Avon CEO Sheri McCoy also stepped down last August after years of pressure to do so from activist investors Barington Capital Group LP and partner NuOrion Partners; she helmed the company for five years.
Some women have departed after much shorter tenures. Shari Goodman, the only woman to have led Staples , was in the corner office for just over a year. Margo Georgiadis also had a brief tenure as CEO of Mattel , announcing last month that she would be leaving to head the parent company of Ancestry.com .
Other names from our 2017 list that are missing this year: Yahoo’s Marissa Mayer, CST Brands’ Kim Lubel, CH2M Hill’s Jackie Hinman, Ingredion’s Ilene Gordon, Sempra Energy’s Debra Reed, and Reynolds American’s Debra Crew.
Happily, there were also some newcomers to the—far too exclusive—club this year: Ulta Beauty’s Mary Dillon, Kohl’s Michelle Gass, Yum China’s Joey Wat, and Anthem’s Gail Boudreaux. Dillon, who appeared on Fortune ‘s list of Most Powerful Women for the first time last year at No. 48 , has been running the cosmetics company since July 2013, though this is the first time that Ulta has appeared on the Fortune 500. The other three CEOs have been appointed in the past year.
For a complete list of female CEOs in the Fortune 500, click here .
For daily content on Fortune ‘s Most Powerful Women, subscribe to the Broadsheet . SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/21/women-fortune-500-2018/ |
DOTHAN, Ala., May 3, 2018 /PRNewswire/ -- Construction Partners, Inc. (Construction Partners), specializing in the construction and maintenance of roadways across five southeastern states, today announced the pricing of its initial public offering of 11,250,000 shares of its Class A common stock at $12.00 per share. Construction Partners is selling 9,000,000 shares, and certain selling stockholders are selling 2,250,000 shares. The shares are expected to begin trading on The Nasdaq Global Select Market on May 4, 2018 under the ticker symbol "ROAD," and the offering is scheduled to close on May 8, 2018, subject to customary closing conditions.
Construction Partners will receive net proceeds of approximately $100 million after deducting underwriting discounts and commissions. Construction Partners intends to use the net proceeds to provide growth capital, to fund acquisitions and for general corporate purposes, which may include the repayment of debt from time to time. Construction Partners will not receive any proceeds from the sale of shares by the selling stockholders.
Construction Partners and certain selling stockholders have granted the underwriters of the offering a 30-day option to purchase up to an additional 1,687,500 shares of Class A common stock at the initial public offering price.
Baird, Raymond James and Stephens Inc. are serving as joint book-running managers for the offering. Imperial Capital and D.A. Davidson & Co. are serving as co-managers.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission and was declared effective on May 3, 2018. The offering is being made only by means of a prospectus, copies of which may be obtained from:
Robert W. Baird & Co. Incorporated
Attn: Syndicate Department
777 E. Wisconsin Avenue
Milwaukee, WI 53202
[email protected]
Telephone: (800) 792-2473
Raymond James & Associates, Inc.
Attn: Syndicate
880 Carillon Parkway
St. Petersburg, FL 33716
[email protected]
Telephone: (800) 248-8863
Stephens Inc.
Attn: Syndicate Desk
111 Center Street
Little Rock, AR 72201
[email protected]
Telephone: (800) 643-9691
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of U.S. federal securities laws. Forward-looking statements are often, but not always, identified by the use of words such as "expect," "may," "will" and similar expressions or their negative. Forward-looking statements involve risks and uncertainties, many of which are beyond Construction Partners' control. Important factors could cause actual results to differ materially from those expressed in the forward-looking statements, including, among others, the risks, uncertainties and factors set forth under "Risk Factors" in Construction Partners' registration statement on Form S-1. Forward-looking statements speak only as of the date they are made. Construction Partners assumes no obligation to update forward-looking statements to reflect actual results, subsequent events, or circumstances or other changes affecting such statements expect to the extent required by applicable law.
Construction Partners, Inc.
Construction Partners, Inc. is a civil infrastructure company operating across five southeastern states. Publicly funded projects make up the majority of our business and include local and state roadways, interstate highways, airport runways and bridges. Private sector projects include paving and sitework for residential subdivisions, office and industrial parks, shopping centers and local businesses.
Contact:
Rick Black/Ken Dennard
Dennard Lascar Investor Relations
[email protected]
Telephone: (713) 529-6600
View original content: http://www.prnewswire.com/news-releases/construction-partners-inc-announces-pricing-of-its-initial-public-offering-300642694.html
SOURCE Construction Partners, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-construction-partners-inc-announces-pricing-of-its-initial-public-offering.html |
At least two dead in school bus highway accident Friday, May 18, 2018 - 00:58
At least two people, one student and one teacher, were killed in a highway collision between a school bus and a dump truck. More than forty others were injured.
At least two people, one student and one teacher, were killed in a highway collision between a school bus and a dump truck. More than forty others were injured. //reut.rs/2KyV80n | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/18/at-least-two-dead-in-school-bus-highway?videoId=427984981 |
April 30 (Reuters) - IS YATIRIM MENKUL DEGERLER:
* REPORTED ON FRIDAY PRICE RANGE FOR IPO OF DEFACTO IS SET BETWEEN 12.5 AND 15.0 LIRA PER SHARE
* 59.5 MILLION LIRA NOMINAL VALUE SHARES WILL BE OFFERED TO PUBLIC ON MAY 3 AND MAY 4
* SHARE CAPITAL OF IS YATIRIM WILL INCREASE TO 229.7 MILLION LIRA FROM 212.6 MILLION LIRA
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S70P3 |
May 27, 2018 / 6:04 AM / Updated 12 hours ago Tencent chairman pledges to advance China chip industry after ZTE "wake-up" call - reports Reuters Staff 3 Min Read
HONG KONG (Reuters) - Tencent Holdings chairman pledged to advance China’s semiconductor industry, saying the blow to ZTE Corp from Washington’s ban on U.S. firms supplying telecommunications company was a “wake-up” call, local media reported. FILE PHOTO: A sign of Tencent is seen during the third annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China November 16, 2016. REUTERS/Aly Song/File Photo
China’s No.2 telecom equipment maker ZTE was banned in April from buying U.S. technology components for seven years for breaking an agreement reached after it violated U.S. sanctions against Iran and North Korea. American firms are estimated to provide 25-30 percent of the components used in ZTE’s equipment.
While the U.S. administration said on Friday it had reached a deal to put ZTE back in business after the company pays a $1.3 billion fine and makes management changes, the plan has run into resistance in Congress, indicating ZTE was still far from out of the woods. Also, ZTE is yet to confirm the deal.
“The recent ZTE incident made everyone more clearly realise that however advanced one may be in mobile payment, without the mobile, the chips and the operating system, you still cannot compete,” Chinese media reports cited Tecent’s Pony Ma as saying at a forum in Shenzhen on Saturday.
Tencent, which alternates with Alibaba Group to be Asia’s most-valuable listed company, is the largest social media and gaming company in China and operates the popular WeChat app.
Ma said “even though the ZTE situation was in the process of being resolved, we must not lose vigilance at this time and should pay more attention to fundamental scientific research”.
Tencent is looking into ways it could help advance China’s domestic chip industry, which could include leveraging its huge data demand to urge domestic chip suppliers to come up with better solutions, or using its WeChat platform to support application developments based on Chinese chips, Ma said.
“It would probably be better if we could get in to support semiconductor R&D, but that is perhaps admittedly not our strong suit and may need the help of others in the supply chain.”
China has been looking to accelerate plans to develop its semiconductor market to reduce its heavy reliance on imports and has invited overseas investors to invest in the country’s top state-backed chip fund. Reporting by Sijia Jiang; Editing by Himani Sarkar | ashraq/financial-news-articles | https://in.reuters.com/article/zte-tencent-chairman/tencent-chairman-pledges-to-advance-china-chip-industry-after-zte-wake-up-call-reports-idINKCN1IS03M |
ALEXANDRIA, Va., May 24, 2018 /PRNewswire/ -- IAP is pleased to announce the appointment of three new members to its Board of Directors: General John Campbell, USA (Ret); General Herbert "Hawk" Carlisle, USAF (Ret); and the Honorable Mike Rogers.
Chairman of the IAP Board of Directors Chris Parker: "On behalf of IAP, I am honored to welcome General Campbell, General Carlisle and former Congressman Rogers to the Board of Directors. As IAP continues to strengthen its global presence and expand its scope, we welcome the invaluable insight of these distinguished new Directors." Chief Executive Officer Terry DeRosa added, "While each brings an extraordinary and unique set of skills to IAP, all three have a common bond – they have dedicated their careers to serving our Country. Their combined breadth of experience, business acumen and military leadership will be essential in guiding the overall direction and strategy of IAP."
General John F. Campbell retired from the U.S. Army in April 2016 after 37 years of service. His last assignment was Commander, Resolute Support and United States Forces-Afghanistan. Prior to that position, Campbell served as the U.S. Army Vice Chief of Staff; Commanding General, 101st Airborne Division (Air Assault); and led the division as Combined Joint Task Force 101 during Operation Enduring Freedom. General Campbell holds a bachelor's degree from West Point and a master's degree from Golden Gate University.
General Herbert "Hawk" Carlisle served 39 years in the U.S. Air Force, retiring in March 2017. His last assignment was commander, Air Combat Command at Langley Air Force Base. Before that, Carlisle was the commander of Pacific Air Forces; the air component commander for U.S. Pacific Command; and executive director of Pacific Air Combat Operations staff, Joint Base Pearl Harbor in Hawaii. Carlisle graduated from the U.S. Air Force Academy in 1978 and earned his master's degree from Golden Gate University.
The Honorable Mike Rogers is a former member of Congress, where he represented Michigan's Eighth Congressional District, and previously served as an officer in the U.S. Army and as an FBI special agent. In the U.S. House he chaired the Intelligence Committee, becoming a leader on cybersecurity and national security policy, and overseeing the 17 intelligence agencies' $70 billion budget. Today, he is a national security commentator and hosts and produces "Declassified." Mike graduated from Adrian College in 1985.
IAP Worldwide Services, Inc. is a leading provider of global-scale logistics, management and technical services, with core capabilities in IT & Communications; Aviation & Engineering Solutions; Power; and Infrastructure & Logistics. For more than 65 years, IAP has been providing solutions to U.S. and multi-national government agencies and organizations, delivering mission-critical support around the globe. Learn more at www.iapws.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/three-new-members-join-iaps-board-of-directors-300653727.html
SOURCE IAP Worldwide Services, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-three-new-members-join-iaps-board-of-directors.html |
May 14 (Reuters) - Youngevity International Inc:
* YOUNGEVITY INTERNATIONAL, INC. ANNOUNCES FIRST QUARTER RESULTS
* Q1 REVENUE ROSE 11 PERCENT TO $43 MILLION * QTRLY LOSS PER SHARE $0.13 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-youngevity-international-reports-q/brief-youngevity-international-reports-q1-loss-per-share-of-0-13-idUSASC0A1YM |
WASHINGTON, May 23 (Reuters) - A U.S. Senate Committee plans to hold a hearing on June 27 on the proposed $26.5 billion merger of T-Mobile US and Sprint Corp.
The Senate Judiciary Committee’s subcommittee that oversees antitrust issues will hold a hearing on the merger, the committee announced. No witnesses have been announced for the hearing, but T-Mobile Chief Executive John Legere and Sprint CEO Marcelo Claure met with the U.S. Justice Department and the Federal Communications Commission earlier this month to tout the proposed tie-up and are likely to testify, officials said. (Reporting by David Shepardson)
| ashraq/financial-news-articles | https://www.reuters.com/article/sprint-corp-ma-t-mobile-us/u-s-senate-panel-to-hold-hearing-on-sprint-t-mobile-merger-idUSL2N1SU153 |
Results Reuters Staff 1 Results 2nd Round .. Malek Jaziri (TUN) beat 1-Marin Cilic (CRO) 6-4 6-2 7-Jiri Vesely (CZE) beat Jeremy Chardy (FRA) beat Dusan Lajovic (SRB) 4-6 7-6(3) 6-2 beat 2-Damir Dzumhur (BIH) 6-2 0-6 6-2 | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-results-mens-singles/atp-world-tour-250-istanbul-mens-singles-results-idUKMTZXEE53616TZQ |
May 8 (Reuters) - NeoPhotonics Corp:
* NEOPHOTONICS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 NON-GAAP LOSS PER SHARE $0.33
* Q1 LOSS PER SHARE $0.41 * Q1 REVENUE $68.6 MILLION VERSUS I/B/E/S VIEW $69.7 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.26 — THOMSON REUTERS I/B/E/S
* SEES Q2 GAAP REVENUE $70 TO $76 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-neophotonics-reports-q1-non-gaap-l/brief-neophotonics-reports-q1-non-gaap-loss-per-share-0-33-idUSASC0A0OT |
May 28 (Reuters) - CREATIVEFORGE GAMES SA:
* SAID ON FRIDAY THAT ROCKBRIDGE TFI SA ACQUIRED 6.19% STAKE IN COMPANY
* BEFORE TRANSACTION ROCKBRIDGE FUND DID NOT OWN ANY SHARES OF COMPANY
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SZ1OD |
(Reuters) - U.S. regulators said on Wednesday that Mylan NV’s EpiPen products are in shortage due to manufacturing delays that are creating intermittent supply constraints of the emergency allergy treatment.
The drugmaker also reported weaker-than-expected first-quarter revenue as sales of the allergy shot declined and the company faced intensifying competition in North America.
Still, the company said it remained on track to launch several important products this year. Its shares rose 5 percent in afternoon trading, after falling 7.5 percent since May 1.
Mylan warned U.S. customers on Tuesday that they may have trouble getting EpiPen prescriptions filled due to problems at a factory.
On Wednesday morning, the U.S. Food and Drug Administration added EpiPen, a lower-dose version called EpiPen Jr, and Mylan’s own generic versions of those products to its list of drugs in shortage. It said they were currently available, but that “supply levels may vary across wholesalers and pharmacies.”
Mylan, which had declined to comment for nearly a month about possible U.S. EpiPen shortages, on Tuesday said it notified the FDA a few months ago of supply issues due to delays at manufacturing partner Pfizer Inc.
This was Mylan’s first acknowledgment of possible U.S. supply issues following reports of EpiPen shortages in Canada and Britain last month.
Erin Fox, senior director of drug information at University of Utah Health, said the FDA is in a tough spot because it relies on drug companies to provide information about shortages.
“If the intent of that notification is that the FDA can work on prevention and mitigation strategies before a shortage even happens, the FDA needs to know all the details,” Fox said. “The FDA is not getting that from the pharma companies.”
Mylan said it is receiving “continual” supply from Pfizer unit Meridian Medical Technologies, which produces all EpiPens sold globally at a single plant near St. Louis.
Meridian Medical has been hit by a series of manufacturing problems. In March 2017, Mylan recalled tens of thousands of devices after complaints that some had failed to activate and in September it received a warning letter from the FDA.
EpiPen autoinjectors deliver a dose of epinephrine in the event of severe allergic reaction, such as to bee stings or exposure to peanuts.
EARNINGS IN LINE, BUT SALES DIP Mylan said its net income rose 31 percent to $87.1 million, or 17 cents per share, in the first quarter.
Excluding onetime items, Mylan earned 96 cents per share, matching analysts’ expectations.
The drugmaker told investors it was still on track for product launches this year including the generic version of asthma drug Advair.
The company’s revenue fell 1.3 percent to $2.68 billion in the three months ended March 31, missing analysts’ average expectation of $2.75 billion, according to Thomson Reuters I/B/E/S.
North America sales of Mylan’s branded products, including EpiPen, fell $108.7 million. Mylan’s revenue from EpiPen dropped sharply over the last year due to increased competition, the launch of its own cheaper generic and higher rebates that it has had to pay to as a result of a settlement for overcharging the U.S. government.
The shortages are “definitely something we’re concerned about, but as of now it doesn’t seem material,” said Gabelli Funds portfolio manager Jeff Jonas.
He said the impact would have been more severe a year or two ago when Mylan was charging more for the devices.
Shares of Mylan rose $1.46 to $36.83 in early afternoon trading on the New York Stock Exchange.
EpiPen auto-injection epinephrine pens manufactured by Mylan NV pharmaceutical company for use by severe allergy sufferers are seen in Washington, U.S. August 24, 2016. REUTERS/Jim Bourg/File Photo | ashraq/financial-news-articles | https://www.reuters.com/article/us-mylan-nl-results/mylans-quarterly-profit-rises-31-percent-idUSKBN1IA1N2 |
May 14 (Reuters) - OHA Investment Corp:
* OHA INVESTMENT CORPORATION ANNOUNCES FIRST QUARTER 2018 RESULTS
* OHA INVESTMENT CORP QTRLY TOTAL INVESTMENT INCOME OF $0.11 PER SHARE
* OHA INVESTMENT CORP QTRLY NET INVESTMENT LOSS $0.01 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-oha-investment-corp-q1-net-investm/brief-oha-investment-corp-q1-net-investment-loss-0-01-per-share-idUSASC0A24K |
May 24, 2018 / 7:44 AM / Updated 2 hours ago Trump versus Rwanda in trade battle over used clothes Clement Uwiringiyimana , Joe Bavier 9 Min Read
KIGALI/ABIDJAN (Reuters) - Early last year, weeks after Donald Trump was sworn in as president, a little known American trade association filed a petition with the U.S. Trade Representative. A worker prepares thread at the the Utexrwa garment factory in Kigali, Rwanda April 17, 2018. Picture taken April 17, 2018. REUTERS/Jean Bizimana
That seven-page letter set Africa in the cross-hairs of the new administration’s ‘America First’ trade ideology, pitting the world’s largest economy against tiny Rwanda over an unlikely U.S. export: cast-off clothes.
In March, the USTR warned Rwanda it would lose some benefits under the African Growth and Opportunity Act (AGOA), America’s flagship trade legislation for Africa, in 60 days after it increased tariffs on second-hand clothes to support its local garment industry.
“The president’s determinations underscore his commitment to enforcing our trade laws and ensuring fairness in our trade relationships,” Deputy U.S. Trade Representative C.J. Mahoney said, announcing the decision.
The 60-day grace period expires on May 28.
But no matter the outcome, the row is further straining Washington’s relations with Africa at a time when it is being aggressively courted by America’s global competitors, not least China.
Beijing has invested tens of billions of dollars in the continent, most recently as part of its huge Belt and Road foreign trade strategy.
Under AGOA, enacted in 2000 with the aim of using trade to boost development, qualifying African countries are granted duty-free access to the U.S. market for 6,500 exported products.
The current dispute, which also initially involved Kenya, Tanzania and Uganda, has received none of the attention of Trump’s trade war with China or his haggling with North American neighbours.
Yet critics – including former U.S. trade officials – see in it a worrying indication of how Washington will approach trade relations with Africa.
“It delegitimises so much of what we’ve worked for for so many years,” said Gail Strickler, who served as the top U.S. trade official on textiles until 2015. “I think it’s horrible. I think it’s sad. I think it’s pathetic and I think it’s obscene.” MADE IN RWANDA
Since her husband was murdered in Rwanda’s 1994 genocide, Devotha Mukankusi has relied heavily on the UTEXRWA garment factory in the capital Kigali.
“I survived the genocide together with my kids. But it’s thanks to this job that they have grown up,” she said, her voiced raised above the drone of sewing machines as she supervised a group of women assembling police uniforms.
Some 800,000 people - 10 percent of Rwanda’s population - were killed in the genocide. The economy was crushed.
Rwanda has bounced back in the past decade or so. As part of a drive to become a middle-income country by 2020, it is nurturing a garment sector it hopes can create 25,000 jobs. Ritesh Patel, Managing Director of the Utexrwa garment factory speaks during a Reuters interview in Kigali, Rwanda April 17, 2018. Picture taken April 17, 2018. REUTERS/Jean Bizimana
But domestic demand for locally produced clothes has been stifled, east African governments say, by the ubiquity of cheap, second-hand garments imported from Europe and the United States.
The manager of the factory where Mukankusi works says the facility is only running at 40 percent capacity and second-hand garments, which can sell at well below his production costs, are at least partly to blame.
In response, East African Community (EAC) members Kenya, Tanzania, Rwanda and Uganda increased tariffs on used clothing in July 2016. Rwanda hiked import duties from 20 cents to $2.50 per kilogram.
At Kigali’s Biryogo market, where shoppers pick through bales of used garments, the downside of the increase in duties was immediate.
“Before, even with a little money, you could buy enough second-hand clothes for a child. But some children in my neighbourhood are now naked,” Fillette Umugwaneza, 24, a mother of two told Reuters. “It is a disgrace to our country.”
Rwanda’s government argues such hardships will be short-lived. Opening new factories will create more, better paid jobs, while expanding domestic consumption will cut its external trade deficit, it says.
That will take time, admits Clare Akamanzi, CEO of the Rwanda Development Board, but early results are encouraging.
“Just in the last two or three years ... we’ve seen almost three times growth in production of garments and textiles for the economy,” she said.
The government is also seeking to attract companies targeting the export market, like U.S. designer Kate Spade which assembles high-end handbags in Rwanda. It’s a strategy that has flourished elsewhere in Africa under AGOA, with duty-free exports from the continent to the U.S. market almost quadrupling to over $1 billion since the law was enacted.
The ultimatum from the office of the USTR, however, has thrown up a potential roadblock to further growth.
It acted after receiving a complaint in March last year from the Secondary Materials and Recycled Textiles Association (SMART), a U.S.-based organisation which represents companies that collect and resell Americans’ used clothing.
Selling America’s used clothing - much of it donated to charities and the bulk of it originally made outside the United States - is a nearly $1 billion industry. Exports typically end up in poor nations. Africa is a key destination.
SMART said the EAC duty increase violated AGOA.
“It basically was a shutdown in the market for my members,” SMART Executive Director Jackie King told Reuters. “When Rwanda particularly wanted the duties increased by 1,100 percent, it just wasn’t possible to do business there.” Slideshow (5 Images)
The USTR agreed to review the AGOA status of all four countries. That decision shocked some veteran trade officials in Washington.
“AGOA clearly has a criterion that the beneficiary countries must be eliminating barriers to U.S. trade,” said Florie Liser, former Assistant U.S. Trade Representative for Africa under Presidents George W. Bush and Barack Obama.
“That’s kind of always been there, but no one was looking to go after the AGOA countries.”
SELF-RELIANT
The mere prospect of losing AGOA benefits was enough to push Kenya, which in 2017 exported nearly $340 million worth of apparel duty-free to the United States, to back down.
The remaining east African nations initially tried to defend their position at a USTR hearing in July, rejecting SMART’s assertion that the new tariffs had cost 24,000 American jobs in the first nine months. Using U.S. trade data, they pointed out that the decline in exports to the EAC that SMART blamed for the job losses had already begun four years before the 2016 duty increase.
Data compiled by agoa.info, an online information portal about AGOA run by the South Africa-based Trade Law Centre, indicates that U.S. used clothing exports to Rwanda in particular actually increased slightly in 2016.
SMART has not publicly disclosed the survey of its members used to calculate the job losses, saying it contains proprietary information.
The EAC also accused SMART of inflating the importance of the east African market to the industry. Trade data showed the United States shipped around $24 million worth of used clothing to the EAC in 2016.
SMART, however, added another $100 million in exports it said were shipped to third countries for processing before being re-exported. By its calculation the EAC represented over a fifth of the U.S. industry’s global market.
After the July 2017 hearing, Uganda and Tanzania followed Kenya’s example and capitulated, agreeing to roll back tariffs to pre-2016 levels.
Rwanda has held out. If it does not concede by the end of this month it faces losing duty-free access for its garment exports.
“The United States has been explicit about what Rwanda must do to adhere to the AGOA eligibility criteria,” a U.S. official told Reuters. “It is up to Rwanda to make a decision.”
The dispute has provoked dismay in Washington and Africa.
“(Africans) are watching. They’re shocked and they’re livid,” said Rosa Whitaker, who was appointed by President Bill Clinton as the United States’ first Assistant Trade Representative for Africa and helped draft the original AGOA legislation.
She called the Trump administration’s actions bullying and predicted they would backfire.
“African countries, from what they’re telling me, are feeling abandoned. We’ve just ceded it to China.”
Devotha Mukankusi is more matter of fact about the trade tiff. She’s survived genocide and the Trump administration doesn’t worry her, she said.
“My message for Trump is that it won’t affect us. We are determined to be self-reliant. We’ll make our own clothes.” Writing by Joe Bavier; Editing by Giles Elgood | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rwanda-usa-trade-insight/trump-versus-rwanda-in-trade-battle-over-used-clothes-idUKKCN1IP0W5 |
Cramer: Market panic will turn out to be buying opportunity 18 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/cramer-market-panic-will-turn-out-to-be-buying-opportunity.html |
'The clock is ticking', EU tells Brexit Britain 4:39pm BST - 01:56
As European Affairs ministers discuss the EU's future relationship with Britain, Britain faces warnings that next month's EU summit is the 'ultimate deadline' for progress on issues related to Northern Ireland's border. As Kate King reports, a deepening row in the UK government over EU customs arrangements could make any progress hard to achieve.
As European Affairs ministers discuss the EU's future relationship with Britain, Britain faces warnings that next month's EU summit is the 'ultimate deadline' for progress on issues related to Northern Ireland's border. As Kate King reports, a deepening row in the UK government over EU customs arrangements could make any progress hard to achieve. //reut.rs/2rIu7zV | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/14/the-clock-is-ticking-eu-tells-brexit-bri?videoId=426869164 |
May 19, 2018 / 5:21 PM / Updated 37 minutes ago English Domestic One-Day Competition Scoreboard Reuters Staff 3 Min Read May 19 (OPTA) - Scoreboard at close of play of between Sussex and Hampshire on Saturday at Hove, England Hampshire win by 2 wickets Sussex 1st innings Luke Wells lbw Reece Topley 6 Luke Wright c Hashim Amla b Mason Crane 56 Harry Finch b Gareth Berg 108 Ben Brown c Jimmy Adams b Fidel Edwards 0 Laurie Evans c James Vince b Reece Topley 12 Michael Burgess b Gareth Berg 11 Delray Rawlins c Lewis McManus b Gareth Berg 0 David Wiese b Fidel Edwards 29 Oliver Robinson Run Out Mason Crane 16 Danny Briggs Run Out Rilee Rossouw 0 Ishant Sharma Not Out 7 Extras 0b 0lb 0nb 0pen 5w 5 Total (49.3 overs) 250 all out Fall of Wickets : 1-6 Wells, 2-111 Wright, 3-113 Brown, 4-144 Evans, 5-186 Burgess, 6-186 Rawlins, 7-213 Finch, 8-236 Wiese, 9-236 Briggs, 10-250 Robinson Bowling Ov Md Rn Wk Econ Ex Reece Topley 9.3 1 47 2 4.95 1w Fidel Edwards 10 0 56 2 5.60 Gareth Berg 10 0 51 3 5.10 1w Brad Taylor 10 0 44 0 4.40 1w Mason Crane 10 0 52 1 5.20 1w Hampshire 1st innings Hashim Amla c Ben Brown b David Wiese 63 Rilee Rossouw c Ben Brown b Oliver Robinson 0 James Vince lbw Oliver Robinson 9 Joe Weatherley c Michael Burgess b David Wiese 11 Jimmy Adams lbw Danny Briggs 17 Brad Taylor b Ishant Sharma 6 Lewis McManus c Danny Briggs b David Wiese 41 Gareth Berg c (Sub) b Oliver Robinson 65 Mason Crane Not Out 21 Reece Topley Not Out 5 Extras 0b 9lb 0nb 0pen 6w 15 Total (49.2 overs) 253-8 Fall of Wickets : 1-1 Rossouw, 2-19 Vince, 3-48 Weatherley, 4-88 Adams, 5-102 Taylor, 6-133 Amla, 7-194 McManus, 8-236 Berg Did Not Bat : Edwards Bowling Ov Md Rn Wk Econ Ex Oliver Robinson 10 1 57 3 5.70 Ishant Sharma 9.2 1 37 1 3.96 David Wiese 10 0 46 3 4.60 Danny Briggs 9 0 37 1 4.11 1w Luke Wells 7 0 41 0 5.86 1w Delray Rawlins 4 0 26 0 6.50 1w Umpire Benjamin Debenham Umpire Robert Robinson Home Scorer Mike Charman Away Scorer Kevin Baker | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idUKMTZXEE5JZK5KBF |
Graham: White House should condemn McCain 'joke' 12:58pm EDT - 00:47
Senator Lindsey Graham has urged the White House to condemn an aide who made 'disgusting' comments about Senator John McCain's brain cancer during an internal meeting.
Senator Lindsey Graham has urged the White House to condemn an aide who made 'disgusting' comments about Senator John McCain's brain cancer during an internal meeting. //reut.rs/2GcpeV4 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/13/graham-white-house-should-condemn-mccain?videoId=426576368 |
WINNIPEG, Manitoba, May 23, 2018 (GLOBE NEWSWIRE) -- People Corporation (TSX-V:PEO) (the “Company”) announced today the completion of the acquisition of Lane Quinn Benefit Consultants Ltd. (“Lane Quinn”), one of the leading group benefits consulting firms in the Alberta market (the “Transaction”).
Founded in 2001, Lane Quinn is based in Calgary, Alberta, and has over 500 clients in Alberta and British Columbia. With a strong focus on value-added consulting advice, supported by first-rate client service, Lane Quinn has demonstrated a strong track record of growth, and developed an exceptional reputation in the market. Lane Quinn’s owners, Jay Quinn and Blaine McGillivray, as well as its management team and staff, bring significant experience in the group benefits market, and will continue to grow Lane Quinn as part of the People Corporation group of companies.
Laurie Goldberg, Chairman and CEO of People Corporation, commented, “We are very excited to announce the acquisition of Lane Quinn, which is among the leading firms in the Alberta market, and an outstanding complement to our existing Hamilton+Partners operations.” Mr. Goldberg continued, “We are very pleased to welcome Jay, Blaine and the rest of the Lane Quinn team into the People Corporation family. This transaction enhances our position in the region, as we look to continue to grow the People Corporation business in Western Canada.”
Jay Quinn added, “I am very excited that Lane Quinn is joining with People Corporation. Our industry continues to evolve, and clients’ expectations continue to increase with respect to their employee benefit programs. Partnering with People Corporation, with its national footprint and significant scale, creates an opportunity to enhance the solutions we provide to our client base with access to a broader suite of products and services. Also, after getting to know People Corporation over many years, I see a very strong fit for our clients, suppliers, employees and all other stakeholders.”
Highlights of the Transaction include:
Lane Quinn is among the leaders in the Alberta market, with a large and diversified client base, and a track record of growth. Lane Quinn’s legacy of extraordinary service and client-focused solutions will continue as part of People Corporation, with opportunities for future growth through accessing the broad and deep portfolio of products and solutions of a large, national platform. The Transaction significantly enhances the Company’s market position in the Alberta market by adding a business that is highly complementary to the Company’s existing operations in the region.
People Corporation has agreed to purchase the shares of Lane Quinn and related entities for $20 million, subject to post-closing adjustments. Of the total purchase price, $14 million will be paid in cash on closing of the Transaction, $1.75 million will be satisfied through the issuance of 235,001 shares of People Corporation to the Vendors, and the remaining $4.25 million will be paid by way of deferred payments following the first and second anniversaries of the closing. The cash portion of the purchase price will be funded through drawing on the Acquisition Revolver component of the Company’s existing credit facilities with its senior lenders. The deferred payments are subject to potential adjustment related to the financial performance of the business over that period. In addition, the Vendors may be eligible to receive a potential additional payment after three years following closing of the Transaction should the Lane Quinn business exceed certain financial performance thresholds.
Mr. Goldberg concluded, “This acquisition is strategically significant for our group benefits consulting business overall, and particularly given our growth aspirations in Western Canada. Partnering with firms that are a strong cultural fit, and that share the same relentless pursuit of client-focused solutions, will continue to be a focus for our firm. With strong access to capital, and a reputation for working with partners to achieve synergistic outcomes, we are well-positioned for ongoing growth.”
About People Corporation
People Corporation is a national provider of group benefits, group retirement and human resource services. The Company has offices across Canada; each led by a team of experts and backed by the resources of a national company that is traded on the TSX-V. The Company's industry experts provide uniquely valuable insight while customizing an innovative suite of services to the specific needs of its clients. Whatever your sector, whatever your scale, putting People Corporation's expertise and proven track record to work will make a difference to your people and your bottom line. Further information is available at www.peoplecorporation.com .
Forward-Looking Information
This news release contains “forward-looking statements” within the meaning of applicable securities laws, such as statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Use of words such as “may”, “will”, “expect”, “believe”, "intends", "likely", or other words of similar effect may indicate a “forward-looking” statement. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those described in the Company's publicly filed documents (available on SEDAR at www.sedar.com ). Those risks and uncertainties include the ability to maintain profitability and manage organic or acquisition growth, reliance on information systems and technology, reputation risk, dependence on key clients, reliance on key professionals and general economic conditions. Many of these risks and uncertainties can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statement made by the Company or on its behalf. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. All forward-looking statements in this news release are qualified by these cautionary statements. These statements are made as of the date of this news release and, except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities.
Investor Relations Inquiries:
Contact - Dennis Stewner, CPA, CA
CFO and COO - People Corporation
(204) 940-3988
[email protected]
www.peoplecorporation.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Source:People Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-people-corporation-announces-acquisition-of-lane-quinn-benefit-consultants-a.html |
CAIRO (Reuters) - Egypt’s Beltone Financial ( BTFH.CA ) is seeking a controlling stake in Oragroup, which owns banks in 12 African countries, as the company looks to expand its financial services on the African continent, Beltone said in a statement late on Saturday.
Beltone Financial, listed on the Cairo exchange and one of the country’s largest asset managers and financial services companies, said its board had agreed to sign a non-binding offer to set out indicative terms for the transaction.
It did not disclose the exact size of the stake it is looking to acquire or the potential terms.
Oragroup has 143 branches serving more than 400,000 clients in 12 African countries in western and central Africa, the Beltone statement said.
Reporting by Ehab Farouk; Writing by Eric Knecht; Editing by Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/us-oragroup-m-a-beltone/beltone-financial-seeks-controlling-stake-in-oragroup-idUSKCN1IL06J |
May 23, 2018 / 11:10 PM / Updated an hour ago UK pay awards hold at 2.5 percent in busiest month for wage deals - XpertHR Reuters Staff 2 Major British employers agreed pay rises averaging 2.5 percent last month, offering a more generous increase than in 2017 during the busiest month of the year for wage negotiations, industry data showed on Thursday. People walk through the financial district of Canary Wharf, London, Britain 28 September 2017. REUTERS/Afolabi Sotunde
The Bank of England is keeping a close eye on wage growth, which has been slowly increasing this year, as it looks to see whether the economy is strong enough to sustain an interest rate increase later in 2018.
XpertHR, a company that monitors wage deals, said the median pay deal offered by employers in April was 2.5 percent, matching the typical increase offered since the start of 2018 and up from 2.0 percent in April 2017.
“Recruitment and retention pressures, and therefore salaries in competitor organisations, are helping to drive up settlement levels,” XpertHR pay and benefits editor Sheila Attwood said.
Two in three employers are offering bigger pay rises this year than in 2017, XpertHR added.
Britain’s unemployment rate is at its lowest since 1975, employment rates are at record highs and businesses regularly report difficulty finding staff, especially as immigration from the European Union has slowed since June 2016’s Brexit vote.
Some 40 percent of pay deals in Britain take effect in April, normally rising to 60 percent for public-sector employers. XpertHR said pay bargaining in the public sector has been slower to start this year, however.
Chancellor Philip Hammond has loosened public pay restraints for some workers, such as prison guards, nurses and hospital staff. Pay guidance for civil servants and other public-sector employees has yet to be published. Reporting by David Milliken; Editing by William Schomberg | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-wages-xperthr/uk-pay-awards-hold-at-2-5-percent-in-busiest-month-for-wage-deals-xperthr-idUKKCN1IO3H1 |
West Virginia Attorney General Patrick Morrisey won his state’s Republican Senate primary Tuesday, an outcome welcomed by President Donald Trump and GOP leaders who warned that a victory by at least one of his rivals would have hurt their chances of defeating Democratic Sen. Joe Manchin.
Mr. Morrisey beat Rep. Evan Jenkins and Don Blankenship, a recently imprisoned coal magnate who peppered his campaign with incendiary comments about national GOP leaders. Both of Mr. Morrisey’s challengers conceded the race before it was... | ashraq/financial-news-articles | https://www.wsj.com/articles/attorney-general-morrisey-wins-gop-senate-primary-in-west-virginia-1525832471 |
Iran, Europe try to save nuclear deal, but options limited Tuesday, May 15, 2018 - 01:47
Europe and Iran sought a united front at talks in Brussels on Tuesday to save the nuclear deal U.S. President Donald Trump abandoned last week. But as David Pollard reports, the EU appears to have few options at its disposal.
Europe and Iran sought a united front at talks in Brussels on Tuesday to save the nuclear deal U.S. President Donald Trump abandoned last week. But as David Pollard reports, the EU appears to have few options at its disposal. //reut.rs/2L0Cgse | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/15/iran-europe-try-to-save-nuclear-deal-but?videoId=427167389 |
May 23 (Reuters) - Lem Holding SA:
* Q4 SALES INCREASED BY 14.2% TO CHF 76.2 MILLION (CHF 66.8 MILLION)
* Q4 EBIT INCREASED BY 8.1% TO CHF 15.3 MILLION (CHF 14.1 MILLION)
* INCREASED DIVIDEND OF CHF 40 PER SHARE PROPOSED * Q4 NET PROFIT FOR PERIOD ROSE BY 28.3% TO CHF 15.3 MILLION (CHF 11.9 MILLION)
* MANAGEMENT EXPECTS A ROBUST FINANCIAL YEAR FOR LEM Source text: bit.ly/2ICKIAl Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-lem-holding-q4-net-profit-up-283-p/brief-lem-holding-q4-net-profit-up-28-3-pct-to-chf-15-3-million-idUSFWN1SU08H |
DALLAS, May 24, 2018 /PRNewswire/ -- Cien Inc, the leading provider of AI-powered sales productivity solutions, today launched its Data Enhancement Services to help companies clean up and, more significantly, augment their CRM data for more effective planning, analysis, and decision-making. Research by the company suggests that data quality remains the biggest challenge facing technology businesses for the third successive year. Over 83% of sales leaders surveyed claim that improving their visibility in their sales data is their top priority for 2018.
Cien's Data Enhancement Services helps companies manage inaccurate, incomplete, or inconsistent CRM records. Using machine learning and natural language processing, Cien is able to contextually understand the semantics of CRM data and align entries according to changing business definitions and processes.
In addition, the company announced that senior CRM expert and professional services executive Matt Rodgers is joining Cien's Strategic Advisory Board. A Stanford University graduate with over 25 years of management experience at companies such as Salesforce.com, Lithium Technologies, Slalom Consulting, and Accenture, Rodgers brings to the board an extensive background in professional services, as well as expertise in the delivery of CRM products and services.
"I'm deeply impressed by the possibilities offered by Cien's technology and am delighted to be joining their Advisory Board. Cien allows companies to easily enhance their CRM data in ways that were previously impossible, then use that augmented data to drive sales productivity," says Rodgers.
"CRM data quality is a huge issue for most organizations and we have been working on this problem for several years. I am very pleased that we can now offer Data Enhancement as a stand-alone service. With Matt on the team, we have a true CRM thought leader, who can help our customers get more out of their existing Salesforce implementations," says Cien CEO, Rob Käll.
About Cien
Cien gives sales leaders an edge by using the power of AI to enhance the quality of their data and increase the productivity of their teams. Available on the Salesforce AppExchange, Cien's app takes into account human and behavioral elements to detect problems, predict outcomes and recommend the shortest path to success. Cien is currently available for Salesforce customers. For more information about Cien, visit www.cien.ai .
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SOURCE Cien, Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-cien-helps-businesses-deal-with-messy-crm-data-using-ai.html |
LONDON (Thomson Reuters Foundation) - Sitting in straight rows on the floor, supping on bowls of soup made from foraged nettles and home-grown vegetable stew, a group of London Muslims are breaking with Ramadan tradition.
Plates of ethically sourced, seasonal food is served during a "green" Ramadan iftar in London, Britain, 25 May 2018. Thomson Reuters Foundation/Adela Suliman The evening meal known as iftar breaks the fast during the Muslim holy month of Ramadan and is often associated with environmentally-unfriendly excess, with tables groaning under the weight of heavy meat dishes.
Here though, the emphasis is on ethically-sourced, seasonal food - no meat and no dairy - while plastic forks and straws and disposable plates are nowhere to be seen.
“This ethical iftar is about looking particularly at key issues around meat consumption during Ramadan, food waste during Ramadan and plastic waste ... We wanted to do an iftar plan that had none of those things,” said organizer Jumana Moon.
“It’s about trying to reconnect our responsibility to nature as part of our worship not a separate hobby or interest,” she told the Thomson Reuters Foundation.
People chat while attending a "green" iftar Ramadan meal in London, Britain, May 25, 2018. Thomson Reuters Foundation/Adela Suliman Participants in the event at Rumi’s Cave, a London venue that hosts courses for millennial Muslims and open-mic nights, had to bring their own cutlery and crockery, as well as containers for leftovers.
Wherever possible, the food was locally sourced - including the nettles used to make the classic British soup, which grow in the wild, and the home-grown vegetables.
There were readings from the Quran that focused on the importance of caring for the environment, while the seeds from the dates that are traditionally used to break the fast were collected for replanting or composting.
People chat while attending a "green" iftar Ramadan meal in London, Britain, May 25, 2018. Thomson Reuters Foundation/Adela Suliman Participant Sohaib Elnahla said the green iftar underscored the importance in Islam of eating food that was sustainable and wholesome.
“If mosques all did a green iftar it would have a massive impact on the practices,” said Elnahla, a prayer leader and teacher.
John Parry, a Christian minister who attended the iftar event, said it offered a vital message for people of all faiths.
“We have thought of ourselves as human beings that can do what we want with creation when in fact, we’re given god-given responsibilities to look after creation and not to abuse it,” he said.
“It’s a message that is absolutely vital in this day and age.”
Piles of left-over food and plastic plates often spill out of bins at the end of iftar meals, said Moon who organized the event with The Rabbani Project, a creative collective, who hoped the event would also raise awareness about limiting food waste.
Traditional practices such as eating from shared plates or with hands to using clay cups and wooden spoons could all be revived, she said.
“I’d love to see us as individuals, families and organizations doing a kind of ‘green audit’ in our personal lives as well as our public lives.”
Reporting by Adela Suliman, Editing by Claire Cozens. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-ramadan-food/londons-muslims-take-a-green-bite-out-of-ramadan-idUSKCN1IU26D |
LONDON (Reuters) - The legislation underpinning Britain’s exit from the European Union will return to the House of Commons for more debate next month, British media reported on Wednesday, after the government suffered a series of defeats on plans to leave the trading bloc.
An anti-Brexit protester carries flags opposite the Houses of Parliament in London, Britain, May 10, 2018. REUTERS/Hannah McKay Britain’s upper house of parliament, the House of Lords, has inflicted 15 defeats on the legislation, including on core Brexit issues such as whether Britain should leave the EU’s single market and customs union.
A journalist for the Sun newspaper said the legislation will return to the Commons in “early to mid June” and members of the ruling Conservative party will be instructed to oppose remaining in the single market and customs union.
Reporting By Andrew MacAskill; editing by Stephen Addison
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-eu-parliament/brexit-legislation-to-return-to-house-of-commons-next-month-idUSKCN1IO2MK |
* U.S. 10-year debt yield touches fresh 7-year highs
* Oil nears $80 a barrel
* Dollar rally pauses, Euro edges up from 5-month low
* MSCI’s gauge of world shares creeps up
* Italian bond yields grind higher amid political strife
* By Marc Jones
LONDON, May 17 (Reuters) - The dollar took a breather at a five-month high on Thursday, though government borrowing costs continued to grind upwards as oil prices hit their highest since 2014 at almost $80 a barrel.
Ten-year U.S. government Treasury yields, which are a key driver of global borrowing costs, neared a 7-year high of 3.12 percent as higher oil pointed to higher inflation and followed Wednesday’s upbeat U.S. retail sales numbers.
Europe’s FX traders nursed dollar index positions after its latest surge, but euro/dollar was struggling to keep a foothold back above $1.18 and dollar/yen hit its highest level since late January at 110.57.
“The big turnaround was the Japanese yen, there is clearly big time (U.S. vs Japan) rate sensitivity there,” said Saxo Bank’s head of FX strategy John Hardy.
“The correlation (between moves in yields and yen) is likely to one-to-one almost, and without any risk appetite meltdown that should continue.”
World and European shares did creep higher but other two big macro market spotlights stayed on Italy and Turkey.
Turkey’s lira was on the slide again as concerns persisted about what an expansion of President Tayyip Erdogan’s powers could mean if he wins elections in the country next month as widely expected.
It came despite the central bank saying on Wednesday that it would take action against a sell-off in the currency.
Benchmark Italian government bond yields nudged higher after a 16 basis point jump on Wednesday following reports, subsequently denied, that the prospective Five Star/League coalition government had drafted an economic plan that would seek 250 billion euros of debt forgiveness from the European Central Bank.
While few people see that as either a realistic proposal or one that would remain in the coalition’s agenda, the tone of the new government’s stance toward euro zone rules was seen as confrontational and spooked some investors.
Markets are now eagerly awaiting the final agreement to see what details remain. Two-year Italian government yields are now back in positive territory for the first time in almost a year – the only other positive yielding two-year euro zone government bond is Greece.
“I’m still sceptical on the euro, there is a lot of headline risk,” Saxo bank’s Hardy said, adding the worry for lira was that investors will bolt even before they know Erdogan’s post- election plans.
BACK TO THE FUTURES The other major mover was oil which was nearing the $80 a barrel threshold for first time since late 2014.
With the global economy running at healthy clip demand remains strong, while U.S. President Donald Trump’s plans to re-impose sanctions on Iran could soon cut global supply by a million barrels a day.
Brent crude futures were last at $79.47 per barrel, up 0.12 percent from their last close, while U.S. crude was at $71.67 a barrel, up 18 cents. Both are now up almost 30 percent since February and 80 percent since June last year.
ANZ bank said on Thursday that Brent was “now threatening to break through $80 per barrel ... (as) geopolitical risks continue to support prices, (and as) an unexpected fall in inventories in the U.S. got investors excited.”
U.S. bank Morgan Stanley meanwhile raised its Brent price forecast to $90 per barrel by 2020 due to a steady increase in demand.
Back in the currency markets, sterling rallied against both the dollar and the euro after a UK newspaper reported that Prime Minister Theresa May would tell Brussels that Britain was prepared to stay in the European Union’s customs union after a transitional arrangement beyond 2021.
Pressure on Mexico’s peso returned as hopes for a new-look NAFTA trade deal with the U.S. and Canada were pushed back and as the country’s central bank said its systems had been hit by a 300 million pesos ($15.33 million) cyber attack.
Additional reporting by Henning Gloystein in Singapore
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-government-borrowing-costs-rise-as-oil-heads-back-to-the-80s-idUSL5N1SO2EI |
LAKE OSWEGO, Ore.--(BUSINESS WIRE)-- Bates Group LLC, a leading provider of end-to-end solutions in legal, regulatory, and compliance matters for financial services firms and their counsel, announced today that William (Bill) A. Johnstone, the immediate past Chairman of D.A. Davidson Companies, has joined the Bates Group Board of Directors.
“We are very excited that Bill has joined our Board,” said Bates Group Chairman Rob Lee. “His leadership and success at growing and managing world-class financial services companies and law firms makes him an ideal Board member for Bates.”
Mr. Johnstone served as D.A. Davidson’s Chief Executive Officer for 11 years after serving as company President. During his tenure at Davidson, the firm grew by more than threefold and extended its reach across the United States. It currently employs almost 1,350 professionals in 26 states and is parent company of four firms: D.A. Davidson & Co., D.A. Davidson Trust Company, Davidson Investment Advisors, and Davidson Fixed Income Management.
“I am honored to be joining Bates Group’s Board of Directors,” said Mr. Johnstone. “In Bates, I see a firm committed to supporting the Financial Services Industry with high-quality consulting and service. I look forward to sharing my experiences and providing guidance to help them achieve their vision of growth and success. ”
Before joining D.A. Davidson in 2000, Mr. Johnstone was Managing Partner at Dorsey & Whitney LLP, an international law firm headquartered in Minneapolis, where he began his career as an attorney and helped grow the Minneapolis-based firm into a global law firm with approximately 700 lawyers.
During the late 1990s, Mr. Johnstone served as President and CEO of Rauscher, Pierce & Refsnes Inc., where he was instrumental in merging that regional broker-dealer with its sister company to create Dain Rauscher (now RBC Wealth Management).
Mr. Johnstone is a past Chairman and Board member of the Securities Industry and Financial Markets Association (SIFMA) and a past Board member of the affiliated international organization. He also served as Chairman and member of the Regional Firms Committee and was a member of SIFMA’s Private Client Committee. He is a recent past member of the Montana Board of Regents (the governing body of the Montana University System) and the Montana State University Honors College Advisory Board, and he was appointed by the Governor of Montana as Co-Chairman of the State’s economic development initiative, the Main Street Montana Project.
About Bates:
Bates Group has been a trusted partner to our financial services clients and their counsel for over 30 years, delivering superior quality and results on a cost-effective basis. Voted a Best Securities Litigation Consulting Firm by readers of the New York Law Journal and a 2017 NYLJ Hall of Fame service provider, Bates Group provides end-to-end solutions to clients and their counsel throughout the lifecycle of their legal, regulatory, and compliance matters. With a roster of over 125 financial industry and regulatory experts, Bates offers services in litigation consultation and testimony, regulatory and internal investigations, compliance solutions, AML and financial crimes investigations, and damages consulting. Bates is also proud to offer Arbitrator Evaluator™ , a brand-new generation of intelligent analytics for identifying and selecting the best arbitrators for your customer and intra-industry cases.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005300/en/
Bates Group LLC
Don Goncalves, 781-793-9380
[email protected]
Source: Bates Group LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-william-a-johnstone-former-d-a-davidson-chairman-joins-bates-groupas-board-of-directors.html |
Drug-fuelled dance trip in Noe's film "Climax" at Cannes 10:22pm IST - 01:22
Argentine director Gaspar Noe's latest film 'Climax' took audiences in Cannes on an LSD infused dance trip into violence and horror. Rough cut (No reporter narration). ▲ Hide Transcript ▶ View Transcript
Argentine director Gaspar Noe's latest film 'Climax' took audiences in Cannes on an LSD infused dance trip into violence and horror. Rough cut (No reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2L0Ky3v | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/16/drug-fuelled-dance-trip-in-noes-film-cli?videoId=427466444 |
* Over half of Flipkart's minority investors could seek IPO - filing
* IPO should not be at lower valuation than Walmart investment
* Walmart to initially appoint five directors to Flipkart's board (Updates to add detail, potential Google investment)
e-commerce
The deal now awaits clearance from India's anti-trust regulator and is expected to close later this year.
As part of the deal, Walmart will initially appoint five directors to Flipkart's board, two directors will be named by minority shareholders while Bansal will take one board seat, according to the filing.
Walmart said it may, in future, appoint a sixth board member with the approval of the majority of the Flipkart directors.
It also said it could appoint or replace Flipkart's chief executive and other key executives of group companies in consultation with Bansal and the board.
Walmart or its units could ask Flipkart to issue new ordinary shares of up to $3 billion before the close of the "transactions and on or before the first anniversary of the closing", it said.
Reuters previously reported that Google-parent Alphabet was in talks to invest about $3 billion for a roughly 15 percent stake in Flipkart.
That deal could be sealed before the close of the Walmart-Flipkart transaction or immediately after, a source told Reuters, declining to be named as the talks are private.
Walmart also said no party would be liable to pay a termination fee if a share issuance or purchase agreement with Flipkart were terminated.
The Economic Times newspaper reported on Friday, citing unnamed sources, that Japan's SoftBank Group, which owns a roughly 20 percent stake in Flipkart, was rethinking its exit due to tax liabilities and because it saw further value in Flipkart.
SoftBank Chief Executive Masayoshi Son has said that their investment in Flipkart had grown to almost $4 billion. That growth came just 9 months after SoftBank used its Vision Fund to invest about $2.5 billion in Flipkart.
A spokeswoman for SoftBank in India declined comment.
Former Amazon employees Sachin and Binny Bansal founded Flipkart in 2007 and, just like Amazon, began by selling books. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/12/reuters-america-update-1-walmart-may-launch-ipo-for-flipkart-in-as-early-as-four-years.html |
May 17 (Reuters) -
* MOTIVEAI INC FILES TO SAY IT HAS RAISED $10 MILLION IN EQUITY FINANCING - SEC FILING Source text: [ bit.ly/2L92lWd ]
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-motiveai-raises-10-mln-in-equity-f/brief-motiveai-raises-10-mln-in-equity-financing-idUSFWN1SO0VC |
WASHINGTON—During his first year in office, President Donald Trump often acceded to the advice of cautious national security aides. At their urging, he added troops to the war in Afghanistan, delayed plans to move the U.S. Embassy in Israel to Jerusalem and preserved a nuclear-containment deal with Iran even though he reviled it.
Now, Mr. Trump has come to trust that his own efforts to prod, cajole and intimidate global rivals can do what his predecessors couldn’t, according to people familiar with his thinking. With a new... | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-stretches-foreign-policys-boundaries-1525858203 |
GENEVA (Reuters) - The United Nations human rights investigator on North Korea called on Thursday for six South Korean nationals in custody there to be freed, voicing concern over conditions of their detention.
Special rapporteur Tomas Ojea Quintana issued a statement hours after three U.S. prisoners released by Pyongyang arrived back home.
He hoped that “important decision” would lead to Pyongyang addressing wider concerns over human rights and the humanitarian situation.
Ojea Quintana urged North Korea to release the six South Korean prisoners, who include three pastors.
“I remain concerned by reports that the foreign detainees have not received due legal process and may be held in inhumane conditions without consular access,” he said.
“Moreover, as peace talks progress, a comprehensive assessment of the overall penitentiary system in North Korea will become unavoidable.”
As international relations with isolated North Korea have thawed, Ojea Quintana has called for negotiations on its nuclear program to be accompanied by talks to address alleged torture and political prisoner camps.
North Korea, which does not recognize his mandate from the U.N. Human Rights Council, denies accusations of widespread rights abuses against its people.
A 2014 report by a U.N. commission of inquiry cataloged massive violations including large prison camps, starvation and executions.
Reporting by Stephanie Nebehay; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-usa-prisoners-un/u-n-rights-expert-urges-release-of-6-south-koreans-held-in-north-idUSKBN1IB1RD |
LONDON (Reuters) - The Bank of England is not actively discussing how to reverse the quantitative easing (QE) stimulus plan in which it bought hundreds of billions of pounds of government bonds with new money, Governor Mark Carney said on Thursday.
FILE PHOTO: The Governor of the Bank of England, Mark Carney, speaks at an event at the Bank of England in the City of London, London, Britain April 27, 2018. REUTERS/Toby Melville “The committee has given past guidance on QE, and expressed preference that bank rate would be the marginal tool for effecting monetary policy... in due course, we will revisit that,” Carney said at a news conference after the BoE left interest rates on hold.
“If it were being actively discussed, you’d see it in the minutes (of policy meetings).”
Reporting by Andy Bruce; editing by Stephen Addison
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-boe-carney-qe/bank-of-england-officials-not-talking-of-reversing-qe-carney-idUSKBN1IB1SU |
Lora Kolodny | @lorakolodny Published 9 Hours Ago Some Panasonic executives are cautious about making new battery manufacturing commitments with Tesla, according to the Nikkei Asian Review. The companies were previously expected to invest in a new factory in China for vehicle and battery production under one roof. In the U.S., Panasonic and Tesla are investing up to $5 billion over the next two years in Tesla's Nevada-based Gigafactory 1. David Paul Morris | Bloomberg | Getty Images Elon Musk, chairman and chief executive officer of Tesla Motors
Some Panasonic executives are expressing hesitation about new investments with Tesla in battery manufacturing, according to a report out Thursday in the Nikkei Asian Review.
Tesla and Panasonic were expected to set up a new factory together in China, where they would make cars and lithium ion battery cells under one roof. They have an arrangement like this in the U.S. already at the Tesla Gigafactory 1 in Sparks, Nevada.
Panasonic CEO Kazuhiro Tsuga acknowledged on an earnings call Thursday: "Tesla could in the future launch full-fledged production in China, and we could produce jointly."
However, un-named Panasonic executives painted a different picture, according to Nikkei Asian Review, telling the outlet that plans were "not solidified yet" and "nothing is set in stone." Tesla's delays in making previously expressed production targets for the Model 3 cut about 20 billion yen (about $183 million) from Panasonic's operating profit for the fiscal year ended March 31, the report says. Anonymous Panasonic execs also expressed concern to Nikkei at the way Elon Musk treated Wall Street analysts in a recent earnings call. show chapters 2:31 PM ET Thu, 3 May 2018 | 03:49
When Panasonic became the exclusive supplier of battery cells for Tesla's Model S, Model X and Model 3 electric vehicles, their partnership was seen as a triumph over competitors such as Contemporary Amperex Technology in China and LG in South Korea.
Some other industrial suppliers, including Bosch, have dropped out of the EV battery-production game altogether since Panasonic and Telsa first partnered up on the Gigafactory in 2014 . And Panasonic is now working with Toyota to jointly develop batteries for EVs as well.
Model 3 battery and vehicle production problems have plagued Tesla over the past year.
Tesla declined to comment on its relationship and plans with Panasonic. Panasonic could not be immediately reached for comment. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/panasonic-getting-cold-feet-on-tesla-commitments-nikkei.html |
May 23, 2018 / 12:04 AM / Updated 19 minutes ago "Referendum" result due on France's big railway shake-up Reuters Staff 3 Min Read
PARIS (Reuters) - France’s rail unions will announce on Wednesday the results of a staff ballot on government plans to create a leaner, more efficient public railway company before the monopoly is opened to competition in line with European Union rules. FILE PHOTO: French state-owned SNCF railway company employees and labour union members demonstrate as part of a nationwide strike in Paris, France, May 14, 2018. REUTERS/Benoit Tessier/File Photo
The unions, which called the vote days after Air France ( AIRF.PA ) employees forced the resignation of Air France-KLM’s chief executive, will be hoping to inject fresh energy into rolling strikes and to weaken the government’s negotiating hand.
The strikes have brought disruption but not paralysed the transport network. So far, there has been no sign from President Emmanuel Macron that he will back down on the biggest and most disputed reform proposed.
Transport Minister Elisabeth Borne signalled there would be no turning back, telling Europe 1 radio hours ahead of the vote result: “I don’t think it was very responsible of the unions to have people believe the reform might not happen.”
The unions call it a “referendum”. The state-appointed boss of the SNCF SNCF.UL railways, Guillaume Pepy, says it is nothing more than a “petition” bereft of any legal value, a statement echoed by Borne.
Pepy says the railworkers’ strike could cost the SNCF 350-400 million euros.
The result of the vote marks the beginning of a critical period in the rail reform process. On Friday, Prime Minister Edouard Philippe will meet with the unions and respond to proposed amendments to the draft bill that is with the Senate.
Macron has already stared down the unions over labour law reforms. Backing down over the SNCF would raise questions over his ability to deliver a raft of other social and economic reforms that he argues are vital to modernise France. OPPOSITION
The proposed legislation will gradually end the SNCF’s monopoly of passenger train services in France, and with it the more protective job-for-life contracts that were customary for most of the 150,000 people who work at the railways.
The lower house of parliament, where Macron’s party dominates, has already adopted that legislation and the upper chamber Senate is due to vote on it in the first week of June.
The reform has been opposed by hardline unions including the Communist-linked CGT, but also by the large, reform-minded CFDT union, which is more interested in securing massive debt relief for the railways and guarantees on basic job conditions when the rail market opens up to foreign firms in years ahead.
Polls show that two thirds of voters back an overhaul of the railways, which many users say have suffered from debt-funded investment in the much-admired high-speed TGV network at the expense of a far bigger secondary rail network.
The government plans to absorb about 35 billion euros (30.7 billion pounds) out of the SNCF’s total 47 billion euro debt burden, French business daily Les Echos reported on Monday. A government spokesman declined to comment. Reporting By Brian Love; Editing by Richard Lough, Gareth Jones and Andrew Heavens | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-france-reforms-sncf/referendum-result-due-on-frances-big-railway-shake-up-idUKKCN1IO002 |
UK PM May's customs deal headache 11:28am IST - 01:42
Prime Minister Theresa May’s plan for Britain to leave the EU customs union when it quits the bloc - and not join a similar arrangement - has become a flashpoint in the Brexit process, Reuters Elizabeth Piper reports.
Prime Minister Theresa May’s plan for Britain to leave the EU customs union when it quits the bloc - and not join a similar arrangement - has become a flashpoint in the Brexit process, Reuters Elizabeth Piper reports. //reut.rs/2rkYSL5 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/04/uk-pm-mays-customs-deal-headache?videoId=423716284 |
May 9 (Reuters) - Cable ONE Inc:
* CABLE ONE REPORTS FIRST QUARTER 2018 RESULTS * Q1 REVENUE $265.8 MILLION VERSUS I/B/E/S VIEW $257.3 MILLION
* QUARTERLY NET INCOME PER SHARE $7.08 * Q1 EARNINGS PER SHARE VIEW $6.74 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cable-one-inc-reports-quarterly-ne/brief-cable-one-inc-reports-quarterly-net-income-per-share-of-7-08-idUSASC0A0VM |
May 7, 2018 / 4:22 PM / Updated 27 minutes ago Cape Verde aims for free trade zone with Atlantic islands - PM Axel Bugge 3 Min Read
LISBON (Reuters) - The Atlantic island nation of Cape Verde hopes to create a zone of free circulation for people and goods with the nearby Spanish Canary Islands and Portugal’s Madeira and Azores, Prime Minister Ulisses Correia e Silva said on Monday. FILE PHOTO: Cliffs stand against the ocean on the northern coast of the island of Santo Antao, Cape Verde December 27, 2013. REUTERS/Jean-Francois Huertas/File Photo
Cape Verde, made up of 10 islands off the West African coast, hopes to boost economic growth and tourism with such a deal, which could be helped further by plans to scrap all visa requirements for European travellers from the start of 2019.
“Our objective is to reinforce our links with Macronesia,” Correia e Silva told business leaders and politicians at a conference in the Portuguese coastal resort town of Cascais.
Macronesia is the term used to describe the Atlantic archipelagos that include the Canaries, Cape Verde, Madeira and the Azores, which are all major tourist destinations for Europeans.
“We are very advanced in our efforts to create a legal framework for an area of free circulation, for goods and people,” in Macronesia, he said. “Our economic integration with Europe goes through Macronesia.”
Cape Verde, a windswept, volcanic archipelago, was a Portuguese colony until 1975 and still has close links with Lisbon, where there is a large community of Cape Verdians.
It has seen stronger economic growth than most of the sub-Saharan countries in mainland Africa and in 2008 shed its Least Developed Country (LDC) status.
The International Monetary Fund has put Cape Verde’s 2017 growth at 4 percent and expects it to reach 4.3 percent this year. Correia e Silva, whose government took office in 2016, said he stood by a pledge to deliver annual growth of 7 percent. “NO THREAT TO ANYBODY”
The prime minister said Cape Verde had passed legislation to abolish all visa requirements for Europeans and hopes the European Union will do the same.
“We are a small nation and are no threat to anybody,” he said. Cape Verde has a population of 500,000 but has large emigrant communities in Portugal and elsewhere in Europe.
Correia e Silva said Cape Verde was changing laws to make it easier for foreign investors to invest. Legislation was recently passed to hold foreign exchange accounts and transfer funds without restrictions.
The country links its local currency to the euro, which circulates freely in the economy.
The prime minister said Cape Verde was also working to boost its position as a hub for air travel - between the Americas and Europe and Africa - as well as hoping to become a digital hub for Africa. Reporting By Axel Bugge; Editing by Andrei Khalip and Gareth Jones | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-capeverde-trade-islands/cape-verde-aims-for-free-trade-zone-with-atlantic-islands-pm-idUKKBN1I81UV |
May 28, 2018 / 3:31 AM / Updated 31 minutes ago President readies Italy for snap polls to be fought on EU, euro Steve Scherer , Alberto Sisto 6 Min Read
ROME (Reuters) - Italy’s president set the country on a path to fresh elections on Monday, appointing a former International Monetary Fund official as interim prime minister with the task of planning for snap polls and passing the next budget.
The decision to appoint Carlo Cottarelli to form a stopgap administration sets the stage for elections that are likely to be fought over Italy’s role in the European Union and the euro zone, a prospect that is rattling global financial markets.
The euro zone’s third-largest economy has been seeking a new government since inconclusive March elections, with anti-establishment forces abandoning efforts to form a coalition at the weekend after a standoff with the head of state.
President Sergio Mattarella vetoed the parties’ choice of a eurosceptic as economy minister, prompting the 5-Star Movement and far-right League party to accuse him of betraying voters.
Both parties dropped drop their plan to take power, switched to campaign mode, and 5-Star called for street protests against the president’s rejection of their nominee, 81-year-old Paolo Savona, who has argued for Italy to quit the euro zone.
Cottarelli told reporters after his appointment that elections would be held in the autumn or early next year. He also tried to reassure investors on the Italian economy.
“Speaking as an economist, in the past few days tensions on the financial markets have increased,” said Cottarelli, who had served as a cost-cutting tsar to a previous government.
“Nonetheless the Italian economy is still growing and the public accounts remain under control.”
The prospect of fresh elections raised fears among investors that the vote could become a de facto referendum on Italy’s euro membership. The euro touched a fresh six-month low and yields on Italian debt climbed, increasing the extra borrowing costs or spread that Italy pays in comparison with Germany.
Already Italian politicians are pondering election tactics.
A 5-Star source said it was considering an election alliance with the League. In March, 5-Star ran its own campaign while the League campaigned as part of a right-wing coalition with the party of former prime minister Silvio Berlusconi.
“This is not a democracy, this doesn’t respect the popular vote,” League chief Matteo Salvini said after Cottarelli accepted his appointment by the president.
Salvini characterised the move as the death throes of a political establishment intent on keeping Italy “enslaved”, and afraid of the reaction of financial markets.
“The next elections will be a plebiscite — the population and real life against old political castes and the ‘lords of the spread’,” he said. FAILURE LIKELY
Salvini is tapping into a belief among many Italians that EU fiscal rules are rigged against Italy, even if many voters do not want to exit the euro.
“The euro has to stay, but we have to make our voice heard,” said Roberto D’Amelia, 68, a bar owner in central Rome. Italian President Sergio Mattarella speaks to media after a meeting with Italy's Prime Minister-designate Giuseppe Conte at the Quirinal Palace in Rome, Italy, May 27, 2018. REUTERS/Alessandro Bianchi
At a Rome market, others criticised 5-Star and the League.
“I am a mother of a boy who has to travel the world and so I am convinced an anti-European minister is not the right thing for Italy,” said shopper Irene Teramo.
Cottarelli must try in the coming hours to form a government with majority support from parliament. He seems almost certain to fail, at which point the president would swear in him and his proposed cabinet, to serve until the next election.
He has been tasked with passing the 2019 budget by the end of this year, a challenge that may prove impossible without the confidence of parliament. In those circumstances, elections could be held as soon as September. FUNDAMENTAL CHOICE
In a televised address on Sunday, Mattarella said he had rejected Savona, the coalition’s candidate for the economy portfolio, because he had threatened to pull Italy out of the euro zone.
“The uncertainty over our position has alarmed investors and savers both in Italy and abroad,” Mattarella said, adding: “Membership of the euro is a fundamental choice. If we want to discuss it, then we should do so in a serious fashion.”
The League and 5-Star, which had spent days drawing up a coalition pact aimed at ending a two-month stalemate, responded with fury to Mattarella, accusing him of abusing his office.
The 5-Star leader, Luigi Di Maio, called on parliament to impeach the mild-mannered Mattarella.
“Last night was the darkest Italy’s democracy has ever seen,” Di Maio said. “The truth is they don’t want us to take power.”
The 31-year-old said the anti-establishment group would organise rallies across Italy, including in Rome on June 2.
“Make some noise, it is important that we do so all together,” Di Maio said in a live address on Facebook in which he reiterated the group had never planned for Italy to quit the euro.
League chief Salvini also threatened mass protests.
“If there’s not the OK of Berlin, Paris or Brussels, a government cannot be formed in Italy. It’s madness, and I ask the Italian people to stay close to us because I want to bring democracy back to this country,” he told reporters.
However, Salvini dismissed Di Maio’s impeachment call. Slideshow (7 Images)
“We need to keep cool. Some things cannot be done in the throes of anger ... I don’t want to talk about impeachment,” he told Radio Capital.
($1 = 0.8588 euros) Additional reporting by Massmiliano Di Giorgio, Giulia Segreti, Giuseppe Fonte, Giselda Vagnoni and Stefano Bernabei; Writing by Mark Bendeich; Editing by David Stamp and Robin Pomeroy | ashraq/financial-news-articles | https://in.reuters.com/article/italy-politics/italys-president-calls-in-former-imf-official-amid-political-turmoil-idINKCN1IT072 |
AUSTIN, Texas, May 2, 2018 /PRNewswire/ -- Petros PACE Finance, LLC announced today 10-year commercial real estate veteran Dustin Gabriel has been named Vice President of Originations, strengthening its business development team as the company continues to expand nationally.
In his new role, Mr. Gabriel will join one of the national leaders in commercial real estate lending dedicated to C-PACE (Commercial Property Assessed Clean Energy) financing. He is the newest addition to the originations team and joins Senior Vice President Jake Kelley who joined Petros last year.
"As the PACE market continues its rapid growth in 2018, we are expanding our team accordingly and thrilled to have Dustin on board," said Petros CEO Mansoor Ghori. "His considerable experience in real estate financing makes him a perfect fit for our team and is a great endorsement of our strategy and ambition."
Mr. Gabriel joins Petros from Bank of the Ozarks, where he oversaw the construction and operations of a national loan portfolio for 7.2 million square feet valued at $2.3 billion in commercial real estate.
Prior to Bank of the Ozarks, he worked at Commercial Real Estate Investment Management where he was responsible for commercial real estate asset management, leasing, disposition, finance and operations. He is also a former strategy and research consultant at Cicero Group.
Mr. Gabriel is a graduate of Brigham Young University's Marriott School of Management and holds an MPA with an emphasis in finance from the Romney Institute.
He will be based in Dallas, Texas.
Petros PACE Finance
Austin-based Petros PACE Finance, LLC is solely dedicated to providing long-term PACE financing to U.S. commercial property owners seeking to increase their property values, lower their energy costs and reduce their carbon footprint. The principals of Petros PACE Finance – Mansoor Ghori, Tommy Deavenport and Jim Stanislaus – have substantial experience in structured finance and lending and bring significant value to all parties involved in the transactions in which they participate.
Media Contact: Natalie Groves
Phone: 512-599-9042
View original content with multimedia: http://www.prnewswire.com/news-releases/petros-pace-hires-dustin-gabriel-as-vice-president-of-originations-300641181.html
SOURCE Petros PACE Finance, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-petros-pace-hires-dustin-gabriel-as-vice-president-of-originations.html |
BADDAGANA, Sri Lanka (Thomson Reuters Foundation) - On the surface, Sri Lanka’s capital Colombo looks like any other fast-growing South Asian city, with buildings stretching as far as the eye can see and skyscrapers rearing up along its coast.
But beneath the concrete, Colombo hides a wilder and wetter past.
Before it became the nerve center of Sri Lankan politics and business, the city was a region dotted with wetlands and about 30 km (19 miles) of canals that helped absorb and disperse the massive rains that come in from the Indian Ocean.
In the past four decades, as the island adopted an aggressive development policy, its natural flood protection systems were built over, both by authorized and informal construction.
“Flash flooding is now a frequent thing,” said N. S. Wijayaratne, deputy general manager for wetlands at the Sri Lanka Land Reclamation and Development Corporation, a government body.
Experts say Colombo’s long-neglected wetlands could help alleviate worsening floods - and are set to make a comeback as a key pillar of a major flood prevention program.
Floods occurred in 2016 and 2017 during the monsoon, and smaller deluges have happened this year even before the onset of the monsoon, including in the past few days.
Weather patterns have changed drastically since the 1970s, with rains becoming shorter but more intense, as the planet has warmed. That shift has raised the risk of flooding in the Colombo Metropolitan Area, home to about a quarter of the island nation’s population of 21 million.
In November 2010, heavy rains brought the city to a standstill for a week, causing damage worth as much as $100 million, said World Bank consultant Nadeera Rajapakse Rubaroe.
FAST-SHRINKING WETLANDS
The $321-million Metro Colombo Urban Development Project - about two-thirds of it funded by the World Bank - aims to strengthen flood protection and urban planning.
Under the plan, what is left of the city’s wetlands are being revived to retain excess water.
Two such areas have been developed in the past three years near a lake close to the city’s parliament building in the eastern suburbs of Baddagana and Diyasaru Thalawathugoda.
Wijayaratne said at least 10 more locations around the lake can be developed into similar parkland.
There is no time to lose, say experts.
“In terms of flood protection and mitigation, the wetlands in Colombo play an indispensable role, and are at an absolutely critical threshold,” the World Bank’s Rubaroe said.
The city has been losing its wetlands at an alarming rate, she added.
Only about 17 percent of Colombo’s territory consists of wetlands that have not been encroached on, covering some 20 square km combined.
That surface area can retain close to 40 percent of the rainfall the area receives annually - the equivalent of 27,000 Olympic swimming pools of water.
If Colombo were to lose all its wetlands, flooding would shave off about 1 percent of its annual gross domestic product of some $53 billion, according to a World Bank study.
Projections by the bank and the government show that without the wetlands, major floods like the one in 2010 – which rose as high as 5 meters (16 ft) in some areas - could be 1.8 meters higher.
PEOPLE’S PARKS To be successful, experts say city communities must have a say in - and gain from - the rehabilitation of the wetlands.
“People have to feel part and parcel of the project - they need to experience that these projects make very real changes to their lives,” said Sameera Premarathana, manager at Baddagana Park, which offers a nature trail for the public.
The plan aims to develop the revivable wetlands around the parliament lake so that they offer recreational, tourist and other benefits, rather than leaving the land unused.
Premarathana said that when Baddagana Park first opened, local people showed little interest, and some even blamed the park for adding to floods in the area.
But after the incidence of flooding reduced to almost nothing, they started to grasp the importance of the park, its manager said.
Local residents have also earned money from running the car park and providing refreshments for visitors, who number some 7,000 a month.
The green space has become popular with school children on educational tours, with some joining the park conservation society.
Premarathana noted the full tourist potential of Colombo’s wetlands has been assessed at about 2 billion rupees ($12.7 million) per year.
Wijayaratne of the Land Reclamation and Development Corporation said the wetland restoration projects would incorporate leisure and educational activities while ensuring rainwater run-off can still flow freely through the area.
“The wellbeing of people in Colombo - especially in terms of flood protection - depends on its existing wetlands, and they need to be preserved and used wisely (and) sustainably as part and parcel of city development,” said Rubaroe.
Reporting by Amantha Perera; editing by Megan Rowling. 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-srilanka-colombo-environment-floods/colombos-wetlands-float-to-top-of-flood-prevention-plan-idUSKCN1IN15Q |
May 22, 2018 / 2:11 AM / Updated 33 minutes ago European Tour Byron Nelson Championship Scores Reuters Staff 4 Min Read May 22 (OPTA) - Scores from the European Tour Byron Nelson Championship on Sunday -23 Aaron Wise (USA) 65 63 68 65 -20 Marc Leishman (Australia) 61 66 69 68 -19 Branden Grace (South Africa) 66 68 69 62 Keith Mitchell (USA) 65 68 69 63 J.J. Spaun (USA) 64 69 69 63 -16 Ryan Blaum (USA) 66 69 67 66 Kevin Na (USA) 66 65 69 68 Jimmy Walker (USA) 64 67 70 67 -15 Charles Howell III (USA) 69 69 65 66 Adam Scott (Australia) 67 65 72 65 Kevin Tway (USA) 67 65 70 67 -14 Brian Gay (USA) 67 62 72 69 -13 Matt Jones (Australia) 67 65 68 71 Rory Sabbatini (South Africa) 66 70 69 66 Ethan Tracy (USA) 65 72 67 67 -12 Bronson Burgoon (USA) 69 68 67 68 Joel Dahmen (USA) 67 68 68 69 Derek Fathauer (USA) 70 67 66 69 Russell Knox (Scotland) 69 69 68 66 Hideki Matsuyama (Japan) 72 63 71 66 -11 Robert Garrigus (USA) 66 69 71 67 Billy Horschel (USA) 68 69 69 67 Martin Piller (USA) 69 63 71 70 Jordan Spieth (USA) 69 66 71 67 Peter Uihlein (USA) 65 70 69 69 -10 Tyler Duncan (USA) 65 73 68 68 Martin Flores (USA) 70 67 68 69 Anirban Lahiri (India) 68 67 72 67 Parker McLachlin (USA) 71 67 70 66 J.T. Poston (USA) 68 69 68 69 Shawn Stefani (USA) 68 66 69 71 -9 Fabian Gomez (Argentina) 69 69 73 64 Cody Gribble (USA) 71 67 68 69 Beau Hossler (USA) 70 68 73 64 Nate Lashley (USA) 67 71 73 64 Nicholas Lindheim (USA) 66 69 68 72 Geoff Ogilvy (Australia) 69 67 70 69 Scott Piercy (USA) 70 66 68 71 Nick Taylor (Canada) 69 68 69 69 Cheng Tsung pan (China PR) 67 71 70 67 Johnson Wagner (USA) 67 68 71 69 -8 Abraham Ancer (USA) 65 69 73 69 Eric Axley (USA) 66 65 77 68 Zac Blair (USA) 67 71 68 70 Jonathan Byrd (USA) 65 73 70 68 J.B. Holmes (USA) 69 69 72 66 Sung Kang (Korea Republic) 68 68 67 73 Denny McCarthy (USA) 71 66 69 70 Maverick McNealy (USA) 68 67 71 70 Andrew Putnam (USA) 68 69 74 65 Sam Ryder (USA) 70 68 71 67 Brian Stuard (USA) 71 67 71 67 -7 Corey Conners (Canada) 69 69 73 66 Ben Crane (USA) 68 68 72 69 Troy Merritt (USA) 67 68 70 72 Patrick Rodgers (USA) 67 67 76 67 Robert Streb (USA) 69 69 75 64 Steve Wheatcroft (USA) 70 67 71 69 -6 Ryan Armour (USA) 66 71 71 70 Dominic Bozzelli (USA) 67 71 71 69 Peter Malnati (USA) 69 66 73 70 Adam Schenk (USA) 70 68 71 69 Hudson Swafford (USA) 70 64 76 68 Vaughn Taylor (USA) 68 64 73 73 Michael Thompson (USA) 71 65 74 68 -5 Matt Atkins (USA) 69 67 71 72 Roberto Diaz (Mexico) 70 68 70 71 T.J. Vogel (USA) 66 71 73 69 -4 Sangmoon Bae (Korea Republic) 67 71 70 72 -3 Tom Lovelady (USA) 66 70 74 71 Rod Pampling (Australia) 70 68 73 70 Cameron Percy (Australia) 67 69 75 70 -1 Brian Davis (England) 69 68 73 73 1 Mark Wilson (USA) 68 66 80 71 2 Robert Allenby (Australia) 70 67 75 74 | ashraq/financial-news-articles | https://uk.reuters.com/article/golf-european-scores/european-tour-byron-nelson-championship-scores-idUKMTZXEE5M3Y0YQX |
May 9, 2018 / 12:31 PM / Updated 8 minutes ago BRIEF-TPI And Vestas Expand Relationship In Mexico Reuters Staff
May 9 (Reuters) - TPI Composites Inc: * TPI AND VESTAS EXPAND RELATIONSHIP IN MEXICO
* TPI COMPOSITES - VESTAS WIND SYSTEMS A/S EXERCISED OPTION FOR 2 ADDITIONAL BLADE MANUFACTURING LINES UNDER EXISTING MULTIYEAR SUPPLY AGREEMENT Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-tpi-and-vestas-expand-relationship/brief-tpi-and-vestas-expand-relationship-in-mexico-idUSFWN1SG167 |
Gas prices are the highest they've been in four years , and Uber and Lyft drivers are feeling the pinch.
Ride-share drivers are responsible for operating expenses like car maintenance and gas. CNBC spoke with drivers, who say that higher costs at the pump are an increasing concern.
Fernando Felicio moved to San Francisco from New York a few months ago. He said he's paying much more now, a result of both the rising costs nationally and the fact that prices are higher on the West Coast. He now needs 20 to 25 rides to make the same amount of money that 15 rides would generate for him in New York.
It's already a tough way to make a living. Uber drivers on average make $18 an hour, according to a study co-authored by Uber's chief economist.
While some drivers are working more frequently to make up for the higher costs, others say it's sometimes not worth filling up the tank, so they're driving less.
Jorge Jiron, a Bay Area driver, said he spends $60 per day on gas, and used to be on the road nine hours a day, starting at 5 a.m. Now, he sometimes stops mid-morning because $60 doesn't get him as far and he can't afford another full tank.
Both Uber and Lyft have some ways to help drivers offset the costs.
Getty Images A sign displaying the price of gasoline per gallon is seen at a Mobil gas station in Miami. Uber provides an "Uber Visa Debit Card" from GoBank that offers cash back rewards for gas. Lyft partners with Shell on a "Fuel Rewards" program that gives drivers discounts of 5 to 7 cents a gallon on gas.
But Harry Campbell, who runs a blog and podcast called The Rideshare Guy and published a book on the subject, said that the ride-hailing companies can do more to help their drivers.
"Frankly, I've been a little disappointed by Uber and Lyft's response because they've sort of completely ignored the issue of rising gas prices," Campbell said. They need to "at least acknowledge the fact that, yes we see gas prices are going up and are thinking about ways we can combat this," he said.
Reducing expenses might be one way these companies compete for drivers.
Lyft, for example, recently announced plans to invest about $100 million to build about 30 support centers , where drivers can get oil changes and basic vehicle maintenance at a discount. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/uber-and-lyft-drivers-are-hurting-from-a-four-year-high-in-gas-prices.html |
May 25, 2018 / 1:54 PM / Updated 36 minutes ago Another Cuba plane crash survivor dies, death toll rises to 112 Reuters Staff 2 Min Read
HAVANA (Reuters) - One of the survivors of the plane crash just outside Havana airport last week died early on Friday, state-run media cited the Cuban government as saying, raising the death toll from one of Cuba’s worst air disasters to 112. A view of the site where a Boeing 737 plane crashed after taking off from Havana's main airport, Cuba, May 22, 2018. REUTERS/Alexandre Meneghini
Emiley Sanchez, a 40-year old Cuban from the eastern city of Holguin where the Boeing 737 had been heading, died in a hospital in the capital due to “severe traumatic lesions and burns” suffered in the accident.
“Her state was extremely critical with a unfavourable prognostic and on a progressive downwards path that we could not reverse,” the Health Ministry said in a statement read on state-run radio station Radio Reloj.
Three Cuban women had originally survived when the Boeing 737 crashed shortly after takeoff and burst into flames. Two of them have now died, leaving one survivor fighting for her life.
The plane had been leased by the little-known Mexican company, Damojh, to Cuba’s flagship carrier Cubana, and all but 11 of 113 passengers on board were Cuban.
The foreigners were seven Mexicans including the crew, two Argentine tourists, and two Sahrawis from a disputed area in the Western Sahara who were resident in Cuba.
Cuba is leading the probe into the crash, together with Mexican and U.S. investigators, and has retrieved the black box with flight data and voice recordings from the cockpit.
Mexico’s civil aviation authority said on Monday it had suspended Damojh’s operations while it made sure the firm adhered to regulations and gathered information to help investigators find the cause of the crash.
Previous complaints over inadequate maintenance and safety measures have surfaced again in recent days. Reporting by Nelson Acosta; Writing by Sarah Marsh; Editing by Bernadette Baum | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cuba-crash/another-cuba-plane-crash-survivor-dies-death-toll-rises-to-112-idUKKCN1IQ1VZ |
May 29, 2018 / 3:40 PM / Updated 23 minutes ago Puerto Rican death toll from Hurricane Maria 73 times official tally: study Gene Emery 4 Min Read
(Reuters Health) - Hurricane Maria claimed 73 times more lives in Puerto Rico than the official death toll of 64, according to new calculations based on a survey of thousands of residents by a team from Harvard and elsewhere.
The group estimates that 4,645 people died between Sept. 20 and Dec. 31, 2017 as a direct or indirect result of the Category 4 storm, and one-third perished because of delayed or interrupted medical care.
The researchers say even that estimate may be too low and the numbers “underscore the inattention of the U.S. government to the frail infrastructure of Puerto Rico.”
The findings, reported online Tuesday in the New England Journal of Medicine, are likely to be controversial because the tally is far higher than previous independent estimates, the margin of error is wide, and the emergency response to the disaster has become highly politicized after it sparked criticism of President Donald Trump, who promoted a much lower death toll and was faulted when much of the territory remained without power for months.
The chief author of the new study, Caroline Buckee of the Harvard T.H. Chan School of Public Health in Boston, did not respond to repeated emails requesting an interview.
The storm and its winds of close to 150 miles per hour caused an estimated $90 billion in damage to an island that had been struggling economically. Many residents subsequently left.
A closer look at the Buckee calculation shows that while the researchers estimate 4,645 deaths, statistically there’s a 95 percent chance that the actual number could be as low as 793 and as high as 8,498. When the researchers tried to adjust for the fact that people living in single-person households couldn’t report their own death, they estimated 5,740 excess deaths, with a margin of error ranging from 1,506 and 9,889.
The Buckee number is more than four times higher than a December estimate by the New York Times, which reported that the actual death toll was probably about 1,052 excess deaths based on data from the island’s vital statistics bureau and a comparison of deaths during a comparable period in the two previous years. The count included suicides.
At the same time, the Center for Investigative Journalism said it found 985 additional deaths during September and October. A Pennsylvania State University study put the number at 1,085 (which the Buckee team appears to misreport as 1,218). A CNN survey of funeral directors found 499 additional deaths.
To come up with its dramatically-larger estimate, the Buckee team randomly conducted in-person surveys of 3,299 of the estimated 1.1 million Puerto Rican households earlier this year, making sure to include remote areas.
Respondents were not paid and were asked if a household member had died directly or indirectly as a result of the storm. Missing people were not counted as deaths. They were also asked about deaths within a five-minute walking distance. More than 93 percent of the people approached completed the survey
“Increases in post-hurricane death rates were observed across age groups and were not a reflection of the migration of younger persons out of Puerto Rico after the disaster,” the team reported.
The Buckee team also said that households went, on average, 68 days without water, 84 days without electricity and 41 days without cell phone coverage. In the most remote areas, 83 percent of the households were still without power by Dec. 31.
Just over 14 percent said they couldn’t get their medicines.
The Times analysis found spikes in deaths from severe infections, diabetes, pneumonia, and breathing disorders such as emphysema.
The 2018 hurricane season begins June 1.
SOURCE: bit.ly/2L61Hrt The New England Journal of Medicine, online May 29, 2018 | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-hurricane-puertorico/puerto-rican-death-toll-from-hurricane-maria-73-times-official-tally-study-idUSKCN1IU1ZV |
May 9, 2018 / 6:22 PM / Updated 28 minutes ago BRIEF-Mundoro Capital Enters Into An Option Agreement With An Arm's Length Third Party Private Company Reuters Staff 1 Min Read
May 9 (Reuters) - Mundoro Capital Inc:
* MUNDORO CAPITAL INC - ENTERED INTO AN OPTION AGREEMENT WITH AN ARM’S LENGTH THIRD PARTY PRIVATE COMPANY Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-mundoro-capital-enters-into-an-opt/brief-mundoro-capital-enters-into-an-option-agreement-with-an-arms-length-third-party-private-company-idUSFWN1SG1I5 |
Justices allow Arkansas to enforce abortion restrictions The Supreme Court is allowing Arkansas to put in effect restrictions on how abortion pills are administered. Critics say the law could effectively end medication abortions in the state. The law says doctors who provide abortion pills must hold a contract with another physician who has admitting privileges at a hospital and who would agree to handle complications. Published 2 Hours Ago The Associated Press Getty Images Protesters on both sides of the abortion issue rally in front of the U.S. Supreme Court building June 20, 2016 in Washington, DC.
The Supreme Court is allowing Arkansas to put in effect restrictions on how abortion pills are administered. Critics of a challenged state law say it could effectively end medication abortions in the state.
The justices on Tuesday rejected an appeal from the Planned Parenthood affiliate in Arkansas that asked the court to review an appeals court ruling and reinstate a lower court order that had blocked the law from taking effect. The law says doctors who provide abortion pills must hold a contract with another physician who has admitting privileges at a hospital and who would agree to handle complications.
The law is similar to a provision in Texas law that the Supreme Court struck down in 2016. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/justices-allow-arkansas-to-enforce-abortion-restrictions.html |
May 18, 2018 / 7:27 AM / Updated an hour ago Belgium coach Martinez extends contract until 2020 Reuters Staff 1 Min Read
BRUSSELS (Reuters) - The Belgian football association and Roberto Martinez have agreed to extend the contract of the national soccer coach by two years until 2020. Soccer Football - Belgium Press Conference - Belgium Football Centre, Tubize, Belgium - March 26, 2018 Belgium coach Roberto Martinez during the press conference REUTERS/Francois Lenoir
The association said in a statement on Friday that it had confidence in the Spaniard after he steered Belgium to the World Cup with nine wins and one draw.
Martinez, who previously managed English Premier League club Everton, will name his 23-man World Cup squad on Monday.
The football association added that the contract was extended for two years under the same conditions as when signed in 2016, without giving details. Belgian media have said Martinez was earning 1 million euros ($1.18 million) per year.
His assistants, Graeme Jones and Richard Evans, have also signed up for a further two years. There was no news about former France striker Thierry Henry, who has also been working as an assistant to Martinez.
Belgium are drawn in Group G in Russia 2018, where they will play Panama, Tunisia and England. Reporting by Philip Blenkinsop; Editing by Hugh Lawson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-belgium-martinez/belgium-coach-martinez-extends-contract-until-2020-idUKKCN1IJ0NB |
PARIS (Reuters) - Air France ( AIRF.PA ) unions do not intend to renew their strike notice, two union officials said during a meeting on Monday, after the French carrier was plunged into turmoil by the resignation of its top boss.
Shares in parent Air France-KLM closed nearly 10 percent lower on Monday, after striking airline staff rejected a wage deal offered by managers and CEO Jean-Marc Janaillac said on Friday he would step down. [nL8N1SE17N]
Staff walked out again on Monday and were due to press on with planned stoppages on Tuesday, but unions did not intend to call for more strike days following their meeting, the officials said.
Instead, labor representatives will demand to meet with Air France management, they said. [nL8N1SE17N]
Reporting by Cyril Altmeyer; Writing by Sarah White; Editing by Geert De Clercq
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-air-france-klm-unions/air-france-unions-hold-back-on-calling-new-strike-idUSKBN1I81W9 |
BEIJING (Reuters) - China will cut the import duty on passenger cars to 15 percent from 25 percent currently, Bloomberg reported on Tuesday, citing unidentified sources.
A Mitsubishi Eclipse Cross car (in red) is displayed during a media preview at the Auto China 2018 motor show in Beijing, China April 25, 2018. REUTERS/Jason Lee The report said China’s cabinet has decided to cut the levy without elaborating further. Bloomberg previously reported Beijing was considering cutting the tariff rate to as low as 10 percent.
Reporting by Beijing Monitoring Desk; Editing by Christian Schmollinger
| ashraq/financial-news-articles | https://in.reuters.com/article/china-autos-tariff/china-to-cut-import-duty-on-cars-to-15-percent-from-25-percent-bloomberg-idINKCN1IN0QC |
CNBC.com Getty Images Sergio Salgado works at the control center at the end of the digital trunk that links all the homes in the Sunriver housing development in St. George, Utah.
America's Office of Management and Budget was aiming to to save $2.7 billion in technology costs by the end of the year — but amid a sizeable shortfall, agencies are looking at adopting more cloud contracts instead.
Bean-counters have been trying to get the government to cut down for years on investing in new servers for its technology operations. But as of the end of this year, only four government agencies are on track to meet all the goals needed to cut costs, the Government Accountability Office said this week.
That means that while the government was budgeted to save $2.7 billion over the past two years, it could save only about $1.62 billion, the GAO report said.
Although some government agencies use as little as 5 percent of their server space, the government's use of data centers has exploded: the federal government went from 2,094 data centers in July 2010 to 12,062 in August 2017, the report said. Across the federal government, that adds up to about 150,000 servers.
Of the over 12,000 data centers identified last year, about 5,800 were successfully closed and 1,400 were planned for closure. But many remaining agencies have given up on meeting their closure goals — of 81 recommendations established in 2016 and 2017, 74 have not been "fully addressed," the government watchdog said.
"It can cost money to migrate current solutions to new platforms, and it's not always easy to simply turn out the lights in a data center, even if it is slated for closure," IDC analyst Shawn McCarthy wrote of the program.
To make up the difference, the U.S. Agency for International Development said it was exploring new cloud services, which budgeters say are more efficient. The Canadian federal government, for example, has 43 agencies, 700 data centers running roughly 14,000 applications, but is in the process of adopting Amazon's cloud services .
But in the U.S., despite government technology offered by Amazon , Microsoft , IBM and others, it's been a struggle. Federal information officers told Gartner last year that the pressure to optimize costs might be forcing the government to miss other "digital opportunities."
While moving away from data centers will reduce labor and power costs, spending on data centers will still grow, IDC estimates, despite " unprecedented pressure to move quickly " toward digital transformation.
"Investments in big data are increasing because government agencies want ever-more data to analyze, and they have more data gathering resources to do so. That, in turn, is prompting increased investment in data collection, storage, and associated processing," McCarthy wrote . Separately, he added: "We believe it will be highly challenging for agencies to meet their goals with these types of spending patterns, and that will make for an interesting Fiscal Year 2018." show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/the-governments-data-center-spending-is-still-too-high-gao-watchdog-report-says.html |
Investors aren’t feeling too hot on government bonds ahead of Wednesday’s release of minutes from the Federal Reserve’s May policy meeting. After making several unsuccessful runs at 3% earlier in the year, the yield on the benchmark 10-year U.S. Treasury note–used as a reference for everything from mortgages to student debt–has closed above the level Keep Your Eye on Venezuela’s Oil—Energy Journal Next Stocks to Watch: 21st Century Fox, Comcast, Target, Walmart, Hewlett Packard Enterprise, Lowe's, Tiffany | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/23/fed-minutes-might-not-stop-the-bond-selloff/ |
May 3 (Reuters) - Colombo Bank:
* FVCBANKCORP, INC. TO ACQUIRE COLOMBO BANK * FVCBANKCORP - FVCB WILL ACQUIRE COLOMBO IN A CASH AND STOCK TRANSACTION FOR TOTAL CONSIDERATION VALUED AT APPROXIMATELY $33.3 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-fvcbankcorp-inc-to-acquire-colombo/brief-fvcbankcorp-inc-to-acquire-colombo-bank-for-about-33-3-mln-idUSASC09ZNG |
May 1, 2018 / 11:36 AM / Updated 6 minutes ago BRIEF-Babcock & Wilcox Announces Completion Of Rights Offering Reuters Staff
May 1 (Reuters) - Babcock & Wilcox Enterprises Inc:
* B&W ANNOUNCES COMPLETION OF RIGHTS OFFERING Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-babcock-wilcox-announces-completio/brief-babcock-wilcox-announces-completion-of-rights-offering-idUSASC09YJR |
CHANDLER, Ariz., May 23, 2018 (GLOBE NEWSWIRE) -- (NASDAQ:MCHP) – Microchip Technology Incorporated, a leading provider of microcontroller, mixed-signal, analog and Flash-IP solutions, today announced, in connection with its pending acquisition of Microsemi Corporation (NASDAQ:MSCC), that it has obtained antitrust clearance from the Taiwan Fair Trade Commission. Additionally, Microchip announced that the shareholders of Microsemi overwhelmingly approved the merger with 99.5% of the Microsemi shares that voted being in favor of the merger. Microchip currently expects that the merger will close on May 29, 2018.
Forward-Looking Statement
The statement in this release regarding the expected closing date of the merger is a forward-looking statement made pursuant to the safe harbor provisions of 1995. This forward-looking statement is subject to a number of business, economic, legal and other risks that are inherently uncertain and difficult to predict, including, but not limited to: the actual timing of the closing of the acquisition, the satisfaction of the conditions to closing in the acquisition agreement, any termination of the acquisition agreement, the costs and outcome of any current or future litigation involving Microchip, Microsemi or the acquisition transaction; and general economic, industry or political conditions in the United States or internationally. For a detailed discussion of these and other risk factors, please refer to the SEC filings of Microchip and Microsemi including those on Forms 10-K, 10-Q and 8-K.
You can obtain copies of such filings and other relevant documents for free at Microchip's website ( www.microchip.com ) , at Microsemi’s website ( www.microsemi.com ) or the SEC's website ( www.sec.gov ) (as applicable) or from commercial document retrieval services.
Stockholders are cautioned not to place undue reliance on the forward-looking statements in this press release, which speak only as of the date such statements are made. Neither Microchip nor Microsemi undertakes any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this May 23, 2018 press release, or to reflect the occurrence of unanticipated events.
About Microchip Technology
Microchip Technology Inc. (NASDAQ:MCHP) is a leading provider of microcontroller, mixed-signal, analog and Flash-IP solutions, providing low-risk product development, lower total system cost and faster time to market for thousands of diverse customer applications worldwide. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com .
About Microsemi
Microsemi Corporation (Nasdaq:MSCC) offers a comprehensive portfolio of semiconductor and system solutions for aerospace & defense, communications, data center and industrial markets. Products include high-performance and radiation-hardened analog mixed-signal integrated circuits, FPGAs, SoCs and ASICs; power management products; timing and synchronization devices and precise time solutions, setting the world's standard for time; voice processing devices; RF solutions; discrete components; enterprise storage and communication solutions, security technologies and scalable anti-tamper products; Ethernet solutions; Power-over-Ethernet ICs and midspans; as well as custom design capabilities and services. Microsemi is headquartered in Aliso Viejo, California, and has approximately 4,800 employees globally. Learn more at www.microsemi.com.
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/2018/05/23/globe-newswire-microchip-technology-announces-receipt-of-antitrust-clearance-in-taiwan-approval-of-microsemi-shareholders-and-expected.html |
Fed likely to stay on course following the NFP numbers: Strategist 8:56 PM ET Sun, 6 May 2018 The nonfarm payrolls number has "ceased" to become a big driver of the U.S. dollar for "a number of months now," says Kamal Sharma of Bank of America Merrill Lynch. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/06/fed-likely-to-stay-on-course-following-the-nfp-numbers-strategist.html |
ATLANTA, May 22, 2018 /PRNewswire/ -- Atlanta Center for Medical Research (ACMR), a national leader in clinical research solutions, today announced Eric Riesenberg will begin serving as CEO, effective immediately. Riesenberg has been an advisor to ACMR's board of directors since 2001, and he became director of operations in 2008. He succeeds his father, ACMR founder, Dr. Robert Riesenberg, as CEO.
"ACMR has seen great growth throughout the past decade," said Riesenberg, "and I'm grateful for the opportunity to grow with it."
In 2008, Riesenberg joined ACMR full time in an effort to help reinvigorate the business. As Director of Operations, Riesenberg tapped his background in accounting and business to help guide ACMR through notable staff and facility expansions.
This included spearheading ACMR's 2014 move from Midtown to its current location in Southwest Atlanta. ACMR now offers 150,000 square feet of space purposefully designed and dedicated to conducting research studies from small Biotech to large pharmaceutical companies. The Center, which continues to be the crown jewel of Atlanta's medical research industry, offers 200 inpatient beds in 15 separate unit spaces and the latest medical research equipment.
"Our professional staff never fails to impress with their dedication and contributions to medicine and the community," said Riesenberg. "And I couldn't be prouder of our amazing facility and the groundbreaking research taking place within. I'm thrilled at the prospect of ACMR's future."
Riesenberg currently serves on the board of advisors to the Metro Atlanta Chamber of Commerce and works with the Bioscience Leadership Council. He is a member of the American Israel Chamber of Commerce and works with the medical committee. He also serves on the board of several small businesses to advise on growth and challenges. He is a member of the Drug Information Association (DIA) and American Society of Clinical Psychopharmacology (ASCP). He is a Licensed CPA and is a Chartered Global Management Accountant.
Atlanta Center for Medical Research (ACMR) For more than 35 years, ACMR has led the industry by pioneering medical research practices and accelerating approval of new medications. With a focus in safety and service excellence, the dedicated and experienced research team produces reliable and accurate data for pharma worldwide for a wide range of mental health and medical conditions, including Alzheimer's disease and schizophrenia. ACMR's 150,000-square foot, state-of-the-art research center is located in Southwest Atlanta. For more information, visit ACMR.org , and connect with Atlanta Center for Medical Research on Facebook and LinkedIn .
Interviews are available upon request.
Contact: Jon Waterhouse | Lenz, Inc.
404.373.2021
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/atlanta-center-for-medical-research-announces-appointment-of-eric-riesenberg-as-chief-executive-officer-300652800.html
SOURCE Atlanta Center for Medical Research | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-atlanta-center-for-medical-research-announces-appointment-of-eric-riesenberg-as-chief-executive-officer.html |
There are serious consequences to President Donald Trump pulling out of the Iran nuclear deal, Sen. Edward Markey , D-Mass., told CNBC on Tuesday.
Earlier in the day, the president announced the move , as well as the restoration of sanctions aimed at severing Iran from the global financial system.
"I don't see a plan, I don't see a strategy. I see a campaign promise which is going to be fulfilled," Markey said on " Closing Bell ."
"The consequences here are quite serious not just for peace in the Middle East but also long term for the economy because the oil issue is going to loom larger as each day week and month goes by."
Getty Images President Donald Trump announces his decision to withdraw the United States from the 2015 Iran nuclear deal in the Diplomatic Room at the White House May 8, 2018 in Washington, DC. Oil pared its losses after the news but still closed down 2.4 percent for the day . However, analysts anticipate a prolonged crisis could push prices higher. Again Capital founding partner John Kilduff told "Power Lunch" earlier Tuesday that crude could go up to $85 a barrel, and could even hit $100 a barrel if there is an outbreak of hostilities.
The landmark 2015 nuclear agreement lifted sanctions on Iran that crippled its economy and cut its oil exports roughly in half. In exchange for sanctions relief, Iran accepted limits on its nuclear program and allowed international inspectors into its facilities.
"As we exit the Iran deal, we will be working with our allies to find a real, comprehensive and lasting solution to the Iranian threat," Trump said.
Those efforts will target Iran's ballistic missile program and its role in conflicts throughout the Middle East, according to Trump. The president also wants Europe to agree to a deal that would make permanent certain restrictions on Iran's nuclear program that expire in 10-15 years. He also pushed for more intrusive inspections.
Markey said Congress already gave Trump additional sanctions authority to deal with Iran's role in Syria, ballistic missile program and human rights violations.
"If he needs more sanctions authority he should come back to us. What he's doing, however, is he's taking an agreement which is being enforced and he's burning down the house in order to try to remodel the kitchen," Markey said.
"You don't take something that's working and destroy it in order to make some changes that are unrelated to that central deal," he added.
Markey said if Iran does start to pursue industrial enrichment of uranium, it would be thanks to Trump.
"It's a self-fulling prophecy, self-created crisis which Donald Trump by his own actions has created."
Markey thinks the agreement should be honored and the U.S. stay in a collation with allies, as well as deal with any problems identified with Syria or Iran's ballistic missile program.
"We don't have to create a crisis in the Middle East now that can spin out of control," he said. "We should be trying to use peaceful negotiation, building on what we've readily done in Iran in order to accomplish that goal."
— CNBC's Tom DiChristopher contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/president-donald-trump-should-stay-in-iran-deal-sen-edward-markey.html |
NEW YORK/STOCKHOLM (Reuters) - PayPal Holdings Inc has agreed to buy Swedish financial technology startup iZettle for $2.2 billion in the U.S. online payments provider’s biggest ever acquisition.
FILE PHOTO: The PayPal logo is seen at a high-tech park in Beersheba, southern Israel August 28, 2017. REUTERS/Amir Cohen/File Photo The deal will allow the Californian company to expand into the retail payment terminals business in international markets, where it will compete with Silicon Valley firm Square Inc founded by Twitter CEO Jack Dorsey.
Stockholm-based iZettle, which had advanced plans to go public, offers small businesses a miniature credit card reader that turns smartphones or tablets into payment registers.
It is present in 12 countries in Europe and Latin America and offers other services for managing small businesses.
By joining forces with PayPal, which operates in 200 countries, iZettle will be able to accelerate its expansion, including into the United States, the companies said.
Shares of PayPal closed up 1.8 percent on Nasdaq after the deal was announced on Thursday while Square fell 3.1 percent in New York Stock Exchange trading.
In most of the countries where it is active, iZettle drives more traffic through its sites than Square does, data from mobile and web traffic measurement firm SimilarWeb shows.
Since separating from online marketplace eBay in 2015, PayPal has reshaped itself from mostly processing online transactions for its parent company to offering a suite of digital payment services.
These range from lending to small businesses to facilitating money transfers between merchants and customers.
PayPal has been expanding aggressively through acquisitions and partnerships with large banks and technology firms including Bank of America Corp, JPMorgan Chase & Co, Apple Inc and Facebook Inc.
iZettle CEO and co-founder Jacob de Greer and the company’s management team will continue to lead the business. This year the company expects to process $6 billion in payments, resulting in gross revenue of $165 million.
PayPal began to show serious interest in the company late in the run-up to its IPO, although the two companies have talked about different forms of collaboration for years, de Geer said in a statement on Friday.
START-UP HITS FACTORY
Founded in 2010, iZettle is one of the largest fintech startups to emerge from Europe and one of a string of successful venture-backed companies to emerge from Sweden in the past decade or more.
Others include King, the makers of Candy Crush, streaming music leader Spotify and Klarna, a provider of payments and lending services to businesses that was valued at $2.5 billion in a 2017 funding round.
iZettle is the latest in a string of successful Swedish start-ups which have sold out to bigger U.S. tech companies rather than list on the stock market.
These include messaging pioneer Skype and Mojang, makers of hit video game franchise Minecraft, both of which are now owned by Microsoft.
Along with Square and iZettle, Dutch firm Adyen competes in the smartphone-enabled payment terminal business.
The company, which processes payments for Airbnb, Uber, Spotify and others, is eyeing a stock market listing in June that could value it at up to 9 billion euros, sources familiar with the matter told Reuters last month.
Reporting by Anna Irrera in New York and Parikshit Mishra in Bengaluru; additional reporting by Eric Auchard in London and Olof Swahnberg in Stockholm; editing by Chris Reese and Jason Neely
| ashraq/financial-news-articles | https://in.reuters.com/article/izettle-m-a-paypal-hldg/paypal-expands-retail-payments-with-2-2-billion-izettle-buy-idINKCN1IJ21H |
May 7 (Reuters) - AT & S Austria Technologie & Systemtechnik AG:
* INCREASED CONSOLIDATED REVENUE BY 21.7% TO EUR 991.8 MILLION IN FINANCIAL YEAR 2017/18
* RECORDED A 72.6% INCREASE IN EBITDA TO EUR 226.0 MILLION IN FINANCIAL YEAR 2017/18
* FY EBIT INCREASED TO EUR 90.3 MILLION (PREVIOUS YEAR: EUR 6.6 MILLION)
* LOSS OF EUR -22.9 MILLION RECORDED IN PREVIOUS YEAR WAS TURNED INTO A PROFIT FOR YEAR OF EUR 56.5 MILLION IN 2017/18
* DIVIDEND OF EUR 0.36 (PREVIOUS YEAR: EUR 0.10) PROPOSED * OUTLOOK 2018/19: REVENUE GROWTH BY UP TO 6% AND EBITDA MARGIN BETWEEN 20 AND 23% TARGETED Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-at-s-swings-to-profit-of-eur-565-m/brief-at-s-swings-to-profit-of-eur-56-5-million-in-2017-18-idUSFWN1SE10P |
May 11, 2018 / 8:47 PM / Updated 13 hours ago U.S. investigates bloodstream infections for link to heparin syringes Alexandra Harney , Julie Steenhuysen 4 Min Read
SHANGHAI/CHICAGO (Reuters) - Health agencies are investigating an outbreak of bloodstream infections in children from four U.S. states that may be linked to heparin and saline syringes made by Becton Dickinson and Co, the agencies told Reuters. The U.S. Centers for Disease Control and Prevention has confirmed 14 cases of bloodstream infections in children caused by the same strain of the Serratia marcescens bacterium, the agency’s lead investigator on the outbreak said in a telephone interview. A general view of the Centers for Disease Control and Prevention (CDC) headquarters in Atlanta, Georgia September 30, 2014. REUTERS/Tami Chappell
All of the infections occurred in seriously ill children receiving intravenous medications through a catheter or central line, a device used to deliver medications such as chemotherapy. None of the children have died and the number of cases appears to be winding down, the investigator said.
Health officials said they began testing the Becton Dickinson products when their investigation found the syringes had been used to treat several of the infected children. Central lines are often flushed with saline or heparin, a blood thinner, to keep them clear.
So far, none of the Becton Dickinson products have tested positive for the bacterium. Last month, the company recalled 949 lots of its BD PosiFlush Pre-Filled Heparin Lock Flush Syringes and Pre-Filled Normal Saline saline flush syringes sold between February and December 2017 out of “an abundance of caution.” Becton Dickinson said it was cooperating with the U.S. Food and Drug Administration and CDC.
“The company immediately initiated an internal investigation after being notified of a potential connection between catheter-related blood stream infections and the Serratia marcescens bacterium,” BD said in an emailed statement on Friday.
BD spokesman Troy Kirkpatrick said the company had checked records from its sterility testing, environmental testing and clean room validation.
“To date, no BD flush product has ever tested positive for this bacterium,” Kirkpatrick said in an email.
Dr. Kiran Mayi Perkins of the CDC’s Public Health Program, who is leading the investigation, said if there is contamination, it’s “probably a very low amount,” which makes it very hard to test for.
“Although the product tests have been negative to date, again, in an abundance of caution, we continue to take the steps we have,” she said. “That’s probably why BD has done the recall as well.”
Perkins said the confirmed infections occurred in Tennessee, Colorado, Minnesota and Ohio and most of the children were recovering well.
Dr. Amesh Adalja, an infectious disease expert at the Johns Hopkins Center for Health Security, said Serratia marcescens is found in the environment and is a common cause of bloodstream infections in hospitals.
“What’s dangerous is when it’s in something that’s being directly injected into a person,” he said. “That bacteria doesn’t have to go through any kind of barrier. It’s a superhighway into the bloodstream.”
All of the recalled products were made at Becton Dickinson’s facility in Franklin, Wisconsin.
Becton Dickinson also sells the heparin flush and saline syringe products in Canada, Bermuda, and Brazil. The company said it was working with regulators in those countries to issue advisories and recalls. The recalled products make up about 10 percent of the company’s supply of heparin and flush syringes in the countries involved in the recall. Reporting by Alexandra Harney and Julie Steenhuysen; Editing by Michele Gershberg and Tom Brown | ashraq/financial-news-articles | https://uk.reuters.com/article/us-bectondickinson-recall/u-s-investigates-bloodstream-infections-for-link-to-heparin-syringes-idUKKBN1IC2JC |
MEXICO CITY (Reuters) - Mexico’s Economy Minister Ildefonso Guajardo said on Friday that U.S. Trade Representative Robert Lighthizer was right that many issues must still be resolved in current trade negotiations, but added they were not technically complicated.
Mexico's Economy Minister Ildefonso Guajardo speaks to the media during a news conference at Los Pinos presidential residence in Mexico City, Mexico May 1, 2018. REUTERS/Henry Romero Mexico, the United States and Canada are renegotiating the North American Free Trade Agreement (NAFTA), and on Thursday Lighthizer said that the countries where “nowhere near” a deal.
Guajardo said that with “creativity and flexibility,” the issues still on the table could be dealt with quickly.
“There are lots of issues to be resolved, but they’re issues of ‘yes or no’ and don’t need technical sophistication,” he told reporters. “It’s an issue of having the political will.”
Talks to reach a deal on reworking the 24-year-old accord have intensified in recent weeks, pressed by U.S. congressional deadlines and Mexico’s July 1 presidential election.
However, the three countries have yet to broker a compromise on key U.S. demands, including boosting the amount of automotive content sourced from North America, as well as proposed changes to dispute resolution mechanisms in the trade bloc.
Reporting by Sharay Angulo; editing by Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-trade-nafta/mexico-says-many-nafta-issues-remaining-but-not-complex-ones-idUSKCN1IJ2OC |
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