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DALLAS, April 30, 2018 /PRNewswire/ -- Naya Ventures announced today that Don Goin, a former CIO for Capital One and Santander Consumer USA has joined the Naya platform as an EIR. Don's deep domain knowledge in financial services augments Naya's capabilities as a leading venture capital fund doing early-stage B2B investments in AI, IoT, and Blockchain. The EIR program at Naya serves to provide business leaders with a platform to source investments, support portfolio companies through engaging in an executive role, provide thought-leadership, and to potentially start their own company.
Don is a veteran CIO and digital leader, having held CIO positions in banking and financial services over the past 15 years. Most recently, he was CIO of Santander Consumer USA, CIO of Capital One Auto Financing and Digital Operations Officer for Capital One Financial Services. Prior to this, Mr. Goin held engineering and technology leadership positions at Southwest Airlines Co., IONA Technologies and Raytheon Defense Systems.
According to Don Goin, "this role with Naya will help us identify new market entrants for businesses and align engineering talent with high potential products. We are seeing a lot of activity and the emergence of new products in artificial intelligence, machine learning and blockchain that can be differentiators for many industries. We can help companies isolate disruptor risk and execute on their most challenging endeavors to ensure competitiveness in the digital age."
At Capital One, Don co-led the Capital One Garage innovation center and helped bring new products to market with focus on product, design and engineering and through the implementation of Lean principles and Design Thinking. As a Chief Information Officer, he led teams that drove turnarounds and transformation to resolve complex business problems, strengthen and mature information security, ensure regulatory compliance, develop lean, well managed operations and build new capabilities to create and enhance customer experiences through business agility.
"We are very excited to have Don join our team. When I first met Don, I was extremely impressed with his ability to understand technology and business from a multi-faceted viewpoint. Don's experience in both startups and large corporations is a big asset for our platform and portfolio companies. We are keen to make this a successful start for both Don and Naya," said Dayakar Puskoor, Founder and Managing Director at Naya Ventures.
About Naya Ventures
Founded in 2011, Naya Ventures invests in early stage B2B companies where its product development expertise, emerging market channel relationships and go-to-market strategies can efficiently increase enterprise value. Led by serial entrepreneurs with multiple exits, Naya Ventures' principals work alongside a global network of C-level executives at influential F500 companies. To date, Naya has invested in 18 companies, and its global network of advisors help accelerate value creation.
Contacts
Naya Ventures
Manu Sharma
[email protected]
View original content: http://www.prnewswire.com/news-releases/former-capital-one-tech-exec-joins-naya-ventures-as-entrepreneur-in-residence-300639365.html
SOURCE Naya Ventures | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/pr-newswire-former-capital-one-tech-exec-joins-naya-ventures-as-entrepreneur-in-residence.html |
Bahrain minister: Saudi opening and liberalization benefits the region 3 Hours Ago "We all stand to benefit," Zayed R. Alzayani, Bahrain's minister of industry, commerce and tourism, told CNBC of the prospect of a more liberal and accessible Saudi Arabia. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/bahrain-minister-saudi-opening-and-liberalization-benefits-the-region.html |
ZURICH, May 29 (Reuters) - Nestle plans to eliminate up to 500 information technology jobs at its Swiss headquarters as its shifts work to countries including Spain, Portugal and Italy, the food and beverage giant said on Tuesday.
None of the group’s Swiss production sites are affected by the plan, which is being presented to staff for consultation, it said in a statement.
Reporting by Michael Shields Editing by David Goodman
| ashraq/financial-news-articles | https://www.reuters.com/article/nestle-jobs/nestle-plans-to-cut-up-to-500-it-jobs-in-switzerland-idUSZ8N1LE01O |
May 26, 2018 / 11:15 AM / Updated 31 minutes ago South Korean president met North Korea's Kim Jong Un Saturday: Seoul Reuters Staff 1 Min Read
SEOUL (Reuters) - South Korean President Moon Jae-in met North Korean leader Kim Jong Un on Saturday to discuss Kim’s possible upcoming summit with U.S. President Donald Trump, the South said, the second inter-Korean summit in as many months. South Korean President Moon Jae-in shakes hands with North Korean leader Kim Jong Un during their summit at the truce village of Panmunjom, North Korea, in this handout picture provided by the Presidential Blue House on May 26, 2018. The Presidential Blue House /Handout via REUTERS
Moon and Kim met just north of the heavily militarised border in the afternoon to exchange views to pave way for a summit between North Korea and the United States, South Korea’s presidential office said.
Moon will announce the outcome of his two-hour meeting with Kim on Sunday morning, officials aid. Reporting by Hyunjoo Jin and Soyoung Kim; Editing by Alison Williams | ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-southkorea/south-korean-president-met-north-koreas-kim-jong-un-saturday-seoul-idUSKCN1IR0BE |
May 31, 2018 / 5:18 PM / in 3 hours Matt Le Blanc to step down as BBC 'Top Gear' host Reuters Staff 2 Min Read
LONDON (Reuters) - Matt LeBlanc, former star of 1990s U.S. hit comedy “Friends”, said on Thursday he will step down as co-host of the BBC motoring program “Top Gear” after the next series. Cast member Matt LeBlanc speaks at a panel for the television series "Man with a Plan" during the TCA CBS Summer Press Tour in Beverly Hills, California U.S., August 10, 2016. REUTERS/Mario Anzuoni
The American actor, who achieved global fame as Joey Tribbiani in the NBC sitcom, was the first non-British host of the show when he started in 2016.
The BBC said Le Blanc, 50, was finding the travel demands of the show too taxing.
“The time commitment and extensive travel ... takes me away from my family and friends more than I’m comfortable with,” LeBlanc said in a statement.
“It’s unfortunate, but for these reasons I will not be continuing my involvement with the show. I will forever be a Top Gear fan and I wish the team continued success. Thanks for a great drive.”
Top Gear, one of the BBC’s most successful and profitable shows, was taken off air in 2015 after its then star Jeremy Clarkson physically attacked a member of production staff.
Clarkson and his co-stars Richard Hammond and James May now present a car show for Amazon, “The Grand Tour.” Reporting by Stephen Addison; editing by Costas Pitas | ashraq/financial-news-articles | https://www.reuters.com/article/us-people-leblanc-topgear/matt-le-blanc-to-step-down-as-bbc-top-gear-host-idUSKCN1IW2J3 |
OAKVILLE, ON, May 17, 2018 /PRNewswire/ - Concordia International Corp. ("Concordia" or the "Company") (NASDAQ: CXRX) (TSX: CXR), an international specialty pharmaceutical company focused on becoming a leader in European specialty, off-patent medicines, is today publicly posting and commencing the distribution of its information circular (the "Circular") for the meetings (the "Debtholders' Meetings") of holders of certain secured debt of Concordia (the "Secured Debtholders") and holders of certain unsecured debt of Concordia (the "Unsecured Debtholders") and for the annual and special meeting of shareholders of Concordia (the "Shareholders' Meeting", and collectively with the Debtholders' Meetings, the "Meetings").
The Company announced on May 2, 2018 (the "Recapitalization Transaction Announcement") a proposed transaction to realign its capital structure (the "Recapitalization Transaction") to be implemented pursuant to a plan of arrangement (the "CBCA Plan") under the Canada Business Corporations Act ("CBCA"). As of the date hereof, the Recapitalization Transaction is supported by debtholders holding in aggregate approximately 77% of the Company's affected secured debt and approximately 64% of the Company's affected unsecured debt.
On May 2, 2018, the Company also announced the granting of an interim order (the "Interim Order") by the Ontario Superior Court of Justice in the Company's previously announced CBCA proceedings (the "CBCA Proceedings"), which Interim Order authorizes, among other things, the holding and conduct of the Meetings in respect of the CBCA Plan and the distribution of the Circular and related forms of proxies and applicable election forms (collectively, the "Meeting Packages") to the Secured Debtholders, Unsecured Debtholders and shareholders of Concordia.
The Recapitalization Transaction Announcement, the Interim Order and certain other key materials relating to the Recapitalization Transaction are available on the Company's website and/or on the Company's SEDAR and EDGAR profiles.
The Meetings are scheduled to be held on June 19, 2018 at the offices of Goodmans LLP at 333 Bay Street, Suite 3400, Toronto, Ontario M5H 2S7. The meeting of the Secured Debtholders is scheduled to begin at 10:00 a.m. (Toronto time), the meeting of Unsecured Debtholders is scheduled to begin at 10:30 a.m. (Toronto time) and the Shareholders' Meeting is scheduled to begin at 11:00 a.m. (Toronto time). Pursuant to the Interim Order, the record date for the Meetings was 5:00 p.m. (Toronto time) on May 9, 2018.
At the Debtholders' Meetings, the applicable debtholders will be asked to consider and approve the CBCA Plan, and such other matters as may be properly brought before such Debtholders' Meetings. At the Shareholders' Meeting, shareholders will be asked to consider and approve the CBCA Plan, as well as certain other matters set out in the Circular relating to the Recapitalization Transaction and relating to Concordia's annual meeting of shareholders, and such other matters as may be properly brought before such Shareholders' Meeting.
Debtholders of the Company are reminded that the early consent date for voting in favour of the CBCA Plan in order to be eligible to receive certain early consent consideration, as set out in further detail in the Interim Order, the Circular and the CBCA Plan, is 5:00 p.m. (Toronto time) on June 6, 2018.
Further information on the Recapitalization Transaction and the Meetings was set out in the Recapitalization Transaction Announcement and is described in detail in the Circular. The Circular contains, among other things: a copy of the proposed CBCA Plan; a copy of the opinion issued by MPA Morrison Park Advisors Inc. to Concordia's Board of Directors in respect of the Recapitalization Transaction; information regarding procedures for voting on the CBCA Plan, eligibility for early consent consideration and elections in respect of the new secured debt to be issued to certain debtholders pursuant to the terms of the Recapitalization Transaction; a description of certain governance arrangements which will be implemented by Concordia upon implementation of the Recapitalization Transaction; other background and material information regarding the Recapitalization Transaction, including, without limitation, information relating to the permanent waiver to be sought with respect to all defaults resulting from the commencement of the CBCA Proceedings, and third party change of control provisions that may be triggered by the implementation of the Recapitalization Transaction; and information relating to the annual meeting of shareholders. The Circular and the other items in the Meeting Packages, as applicable, will also be available as follows:
on Concordia's website at www.concordiarx.com ;
under Concordia's SEDAR profile at www.sedar.com and EDGAR profile at www.sec.gov/edgar.shtml ; and/or
through Kingsdale Advisors by calling toll free at 1-866-581-0506 or 416-867-2272, by email at [email protected] or on Kingsdale Advisors' website at
http://www.kingsdaleadvisors.com/concordiadocuments.html
Any questions or requests for further information regarding voting at the Meetings, eligibility for early consent consideration or the applicable elections in respect of the types and currency of new secured debt to be issued pursuant to the Recapitalization Transaction should be directed to Kingsdale Advisors per the contact information set out above.
The Company's legal advisors in connection with the Recapitalization Transaction are Goodmans LLP and Skadden, Arps, Slate, Meagher & Flom LLP and its financial advisor is Perella Weinberg Partners LP.
The legal advisors to the initial consenting Secured Debtholders in connection with the Recapitalization Transaction are Osler, Hoskin & Harcourt LLP and White & Case LLP and their financial advisor is Houlihan Lokey Capital, Inc. The legal advisors to the initial consenting Unsecured Debtholders in connection with the Recapitalization Transaction are Bennett Jones LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP and Ashurst LLP and their financial advisor is Greenhill & Co., LLC.
This press release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent an exemption from registration under the Securities Act of 1933.
Alternative Implementation Process
The Recapitalization Transaction is being implemented pursuant to the CBCA Plan. In order to be in the best position to advance the Recapitalization Transaction pursuant to insolvency proceedings under Chapter 11 of the United States Bankruptcy Code (a "Chapter 11 Process"), if applicable, Concordia is soliciting votes in respect of the CBCA Plan contemporaneously with soliciting votes in respect of a Chapter 11 Process. Concordia intends to complete and implement the CBCA Plan pursuant to the CBCA Proceedings. Contemporaneous solicitation of votes in respect of a Chapter 11 Process ensures that the Company has the future ability to also complete the Recapitalization Transaction under such an alternative implementation process if the Company elects to do so in the future, subject to certain conditions and consent requirements as provided for in the support agreement entered into by Concordia and certain supporting Secured Debtholders and Unsecured Debthlders as of May 1, 2018 (the "Support Agreement"). In addition, in accordance with the terms of the Interim Order, a vote cast in favour of the CBCA Plan at the Meetings may also be counted in favour of implementing a plan of arrangement on substantially similar terms in any insolvency proceedings under the Companies' Creditors Arrangement Act (Canada) that may be commenced by the Company, subject to the terms of the Support Agreement and the Interim Order.
About Concordia
Concordia is an international specialty pharmaceutical company with a diversified portfolio of more than 200 patented and off-patent products, and sales in more than 90 countries. Going forward, the Company is focused on becoming a leader in European specialty, off-patent medicines.
Concordia operates out of facilities in Oakville, Ontario and, through its subsidiaries, operates out of facilities in Bridgetown, Barbados; London, England and Mumbai, India.
Notice regarding and information:
Capitalized terms used in the below section but not otherwise defined in this press release shall have the meanings given to such terms in the Company's press release issued on May 2, 2018.
This press release includes within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of Canadian securities laws, regarding Concordia and its business, which may include, but are not limited to statements with respect to: the terms of the Recapitalization Transaction including, but not limited to, with respect to raising new equity capital, the exchange of Secured Debt for cash and New Secured Debt, the exchange of Unsecured Debt for new common shares, the aggregate consideration payable to Secured Debtholders and Unsecured Debtholders, and the percentage of the common shares outstanding to be retained by existing Shareholders; the Company's ability to operate its business and satisfy its obligations in the ordinary course while pursuing the implementation of the Recapitalization Transaction; the Recapitalization Transaction resulting in a strong financial foundation for the long-term benefit of the Company and its stakeholders; the intended use of proceeds from the Private Placement; governance terms and registrations rights to be agreed to by the Company and the Private Placement Parties; the events of termination under the Subscription Agreement; the consolidation of existing common shares; dilution of existing Shareholders as a result of the Recapitalization Transaction; dilution of Shareholders following completion of the Recapitalization Transaction pursuant to the issuance of new common shares under the Management Incentive Plan; the cancellation of all other equity interests in Concordia; the release of all equity claims other than existing equity class action claims (and recovery in respect of existing equity class action claims being limited to recovery as against applicable insurance policies); the scheduling of the Meetings; the date of the Meetings; the Continuance; building a stronger Concordia and optimism about the path forward; potential alternatives available to the Company and the Recapitalization Transaction representing the best available alternative to realign the Company's capital structure and position the business for long-term growth; the opinions provided by MPA; the Recapitalization Transaction being in the best interests of the Company and its stakeholders; the Company receiving additional support from its stakeholders as the Recapitalization Transaction process advances; the eligibility of Secured Debtholders and Unsecured Debtholders to receive the Secured Debtholder Early Consent Cash Consideration or the Unsecured Debtholder Early Consent Shares (respectively); the deadline for submitting proxies and voting instructions; the Company seeking Court approval of the CBCA Plan even if it is not approved by Shareholders; matters to be considered and voted on at the Meetings; the timeline for seeking Court approval of the CBCA Plan; the effect of the CBCA Plan on holders of the Secured Debt and the Unsecured Debt and the Shareholders upon implementation; the Company seeking a permanent waiver of any and all defaults resulting from the commencement of the CBCA Proceedings and third party change of control provisions that may be triggered by the implementation of the Recapitalization Transaction; the mailing of the Circular and the availability and location of documents referred to in this press release; the Company soliciting votes in respect of the CBCA Plan contemporaneously with soliciting votes in respect of a Chapter 11 Process; the Company's ability to complete the Recapitalization Transaction under an alternative implementation process; the Company counting votes cast at the Meetings in favour of the CBCA Plan as being cast in favour of implementing a plan of arrangement under the Companies Creditors' Arrangement Act; the completion of the proposed Recapitalization Transaction including obtaining any necessary approvals, satisfying any conditions and the expected timing thereof; reducing the Company's existing debt and interest expense (including the amounts thereof); positioning the Company for long-term growth; executing the Company's DELIVER strategy; the Company's available liquidity to operate its business and meet its financial commitments (including commitments to employees, customers, suppliers and business partners); the benefits of the CBCA process; proceedings under the CBCA including with respect to CBCA proceedings compared to proceedings under bankruptcy and insolvency statutes; the ability of the CBCA process to protect the Company's business and preserve Concordia's cash; optimism about the ability to implement the Recapitalization Transaction that would enable Concordia to move forward with all of the pillars of the Company's DELIVER strategy in order to maximize the potential of Concordia; Concordia's intention to make scheduled interest and amortization payments; maximizing Concordia's potential; the expected value of the Company's existing common shares following the completion of the Recapitalization Transaction; protection for the Company and its subsidiaries against defaults and any related steps or actions under CBCA proceedings; the focus on becoming a leader in European specialty, off-patent medicines; the listing of Concordia's common shares on Nasdaq and the Toronto Stock Exchange; the bid price of such shares; Concordia regaining compliance with certain Nasdaq listing requirements; the Company's liquidity; prioritizing a sustainable capital structure for the Company, initiatives to optimize the Company's capital structure; creating a financial foundation that will be able to support the Company's long-term growth, achieving the Company's financial goals including any goals with respect to the nature of agreements with lenders, the amount of any reduction of the Company's debt obligations, executing the DELIVER strategy, prioritizing a sustainable capital structure that will allow Concordia to execute its long term strategy and position it for success, financial forecasts; projections for revenue (including expected revenue by geography), gross profits, adjusted gross profits, EBITDA, adjusted EBITDA, margins and cash flow; assumptions made in developing financial forecasts; the Company's top molecules and the revenue therefrom; liabilities related to the termination of the Company's foreign-exchange hedges; capital structure objectives; anticipated sales and gross profits; the Company's commercial and regulatory capabilities; the Company's diverse commercial portfolio; the Company's pipeline of products; development costs; the number of molecules in the pipeline; the timeline for pipeline products; the possible revenues for pipeline products and the estimated market value for those products; the Company's ability to source products and its partnership capabilities; the Company's efficient and variable cost structure; expected gross margin contributions; strategies employed by Concordia's segments; the Company's acquisition strategy including with regard to filler acquisitions and strategic acquisitions; anticipated revenue from certain product categories; the Company's asset-light business model and its strategy for manufacturing and sales/distribution; certain of the Company's products having no or limited sales or marketing expenses; the potential additional revenue from new orphan drug indications; the Company's broad geographic footprint and commercial/regulatory capabilities; the Company's strong and experienced management team; the Company's ability to acquire, license and develop off-patent prescription medicines; expected competitive, financial and political forces that will affect the Company's business and the anticipated impacts of those forces; key drivers affecting the Company's business in the United Kingdom and the United States; regulatory investigations and the status and timing thereof; the status of investigations by the United Kingdom's Competition and Markets Authority; the expected impact of the U.K. Health Service Medical Supplies (Costs) Act and the anticipated next steps in the implementation thereof; seeking to become a leading European specialty "off-patent" medicines player; the Company's go-forward strategy including the expected timing for each aspect thereof; driving growth in the United Kingdom; expanding into key European markets; level-setting the Company's United States business; increasing the Company's product pipeline; the Company's approach to non-core markets; extending the Company's lean operating model and building on its existing talent; maximizing the Company's core competencies (including the Company's global commercial footprint, the Company's network of development partners, and its lean cost and tax efficient operating model); the Company's ability to service its debt obligations and meet its earn-out obligations in 2018 and beyond; the Company's ability to optimize and expand its portfolio; entering into in-licensing and development agreements; the Company's ability to expand globally, including building out into target markets; products awaiting regulatory approval; the ability to develop products with the Company's network of external partners; the Company's ability to find partners and expand into new markets; the intention to launch products; success of product launches; expected debt levels and leverage; free cash flows; the Company's debt structure (including its flexibility) and the ability to pay down debt; expected sources of funds (including expected levels of cash on hand); future growth of the Company (including the Company's expansion globally); the ability to use the Company's expected cash flow to pay certain future obligations (including earn-out and debt obligations); cash on hand after satisfying obligations during 2018 and beyond; the performance of the Company's products and segments; the revenue generating capabilities and/or potential of the Company's assets; the Company's financial strength; the ability of the Company's products and/or business divisions to generate a stable revenue stream for the development of products and/or acquisition and/or in-licensing opportunities; the continued and/or expected profitability of the Company's products and/or services; the sales and/or demand for the Company's products; the Company's ability to evaluate growth opportunities on a global scale (and the availability of such opportunities); the ability to expand existing sales of the Company's products in certain markets; market opportunities for the Company's products; the Company's ability to provide patients with safe and efficacious medicines; the safety and efficacy of the Company's products; the Company's products being niche, hard-to-make products; the Company's ability to offer quality niche medicines; the Company's ability to produce new forms and new strengths of niche generics; the Company's ability to bring unique forms and strengths to market; the ability to obtain necessary approvals; the approval and development of Photofrin® as a new treatment for certain forms of cancer; the ability of Photofrin® to combat certain forms of cancer; and other factors.
Often, but not always, and forward-looking information can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of Concordia's management, and are based on assumptions and subject to risks and uncertainties. Although Concordia's management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this press release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Concordia, including risks relating to the Company's inability to complete the Recapitalization Transaction on the terms described in this press release, the Company's inability to operate its business and satisfy its obligations in the ordinary course as it implements the Recapitalization Transaction, the Recapitalization Transaction not resulting in a strong financial foundation for long-term growth, risks relating to the dilution of existing Shareholders as a result of Recapitalization Transaction and dilution pursuant to the issuance of new common shares under the Management Incentive Plan, risks related to the Company's inability to complete the Private Placement (including risks related to the termination of the Subscription Agreement if the Private Placement Parties are unable to agree to governance terms and registrations rights), risks relating to the cancellation of all equity interests other than the common shares, the inability of the Company to secure the release of all equity claims other than the existing equity class action claims, the inability of the Company to secure that recovery in respect of the existing equity class action claims will be limited to recovery as against any applicable insurance policies, risks related to the matters to be considered and voted on at the Meetings, a delay in the holding of the Meetings, the inability to achieve the required level support from the Company's stakeholders at the Meetings in respect of the Recapitalization Transaction and other matters to be voted on at the Meeting, risks related to the Continuance, risks related to the Recapitalization Transaction not representing the best available alternative to realign the Company's capital structure, the Company not receiving additional stakeholder support, risks related to seeking Court approval of the CBCA Plan if it is not approved by Shareholders, the inability of the Company to obtain permanent waivers of any and all defaults resulting from the commencement of the CBCA Proceedings and third party change of control provisions that may be triggered by the implementation of the Recapitalization Transaction, risks related to the Company pursuing an alternative implementation process to complete the Recapitalization Transaction, the inability of the Company to obtain the necessary approvals and satisfy conditions to complete the Recapitalization Transaction, the inability to realize financial forecasts or projections, the inability to realize projections for revenue (including expected revenue by geography or product), the inability to achieve revenues and gross margins for certain products and other initiatives, increased competition on the Company's products resulting in an impact on potential revenues and margins, EBITDA, adjusted EBITDA, gross profit, adjusted gross profit, and cash flow, risks associated with the assumptions used to develop financial forecasts, Concordia's top molecules not producing expected levels of revenue, risks associated with Concordia's commercial and regulatory capabilities, risks associated with Concordia's commercial portfolio, risks associated with Concordia's pipeline of products, the number of molecules in the pipeline, the timeline for the development and launch of pipeline products, development costs, the possible revenues for pipeline products and the markets for those products, the inability to achieve the forecasted revenues for pipeline products and the inability to launch pipeline products in the markets for those products, the inability to source products or enter into partnerships, the inability to maintain Concordia's efficient and variable cost structure, the inability to achieve projected gross margins, the inability to implement the Company's strategies for its segments, the Company's products not producing anticipated revenues, the inability to maintain Concordia's asset-light business model and strategy for manufacturing and sales/distribution, the inability to realize potential additional revenue from new orphan drug indications, the inability to acquire, license or develop off-patent prescription medicines, the impact of competitive, financial and political forces on the business, risks associated with working with, or finding, development partners, the inability to maintain a tax efficient operating model, the Company's inability to become a leading European specialty "off-patent" medicines player, the inability to implement the Company's go-forward strategy or to implement such strategy within the expected timeline, the Company's inability to drive growth in the United Kingdom, the Company's inability to expand into certain markets, the Company's inability to level-set its United States business, the Company's inability to increase its pipeline of products, the Company's inability to vary its approach to non-core markets, the Company's inability to extend its lean operating model and build on its existing talent, potential liabilities related to the termination of the Company's foreign-exchange hedges, the Company's inability to realign its capital structure, the Company's inability to reduce debt (which could result in the Company having to file for bankruptcy or insolvency proceedings), the CBCA process not affording the protection sought by Concordia, third parties not complying with a CBCA order and taking steps against Concordia and its subsidiaries, the inability of the Company to obtain the required level of approval from the Secured Debtholders, the Unsecured Debtholders and Shareholders for the Recapitalization Transaction, the CBCA process not adequately addressing the Company's realignment of its capital structure and not benefiting all stakeholders, discussions with the Company's lenders no longer being constructive, Concordia's securities, risks associated with developing new product indications, increased indebtedness and leverage, the inability to generate cash flows, revenues and/or stable margins, the inability to grow organically, the inability to repay debt and/or satisfy future obligations (including, without limitation, earn-out obligations), risks associated with Concordia's outstanding debt, risks associated with the geographic markets in which Concordia operates and/or distributes its products, risks associated with expanding into new markets, risks associated with fluctuations in exchange rates (including, without limitation, fluctuations in currencies), risks associated with the use of Concordia's products to treat certain diseases, the pharmaceutical industry and the regulation thereof, regulatory investigations including the investigations by the United Kingdom's Competition and Markets Authority, risks associated with the failure to comply with applicable laws, risks associated with litigation including the class action lawsuits that the Company is currently subject to and the potential significant damages and costs that are associated therewith, legislative changes (including, without limitation, the U.K. Health Service Medical Supplies (Costs) Act), risks associated with regulatory and/or government intervention on the prices of the Company's products, risks relating to supply, distribution and in-licensing arrangements, possible failure to realize the anticipated benefits of acquisitions, in-licensing arrangements and/or product launches, risks associated with the integration of assets and businesses into Concordia's business, risks associated with acquisitions (including the failure to uncover or appreciate material liabilities associated therewith), product launches (including, without limitation, unsuccessful product launches), the inability to launch products, the inability to in-license products, the inability to procure active pharmaceutical ingredients and maintain supply of the Company's products to meet market demands, the fact that historical and projected financial information may not be representative of Concordia's future results, the failure to obtain regulatory approvals, economic factors, market conditions, acquisition opportunities, in-licensing opportunities, risks associated with the acquisition, in-licensing and/or launch of pharmaceutical products, the equity and debt markets generally, risks associated with growth and competition (including, without limitation, with respect to Concordia's niche, hard-to-make products), the impact of increased competition on the volume and price of the Company's products, risks associated with the loss of hospital tenders, formulary exclusions, and/or de-prescribing guidelines issued by applicable prescribing groups, the inability to grow product sales through marketing and/or promotion, risks associated with customers deferring purchase orders for the Company's products, risks associated with working with external partners, risks associated with the inability to supply products due to, without limitation, stock-outs and/or product recalls and/or rejections, risks associated with slower uptake of the Company's products, higher than expected erosion of the volume of sales of Concordia's products, the impact of non-FDA approved products on the sales of Concordia's products, including Donnatal®, general economic and stock market conditions, risks associated with the United Kingdom's exit from the European Union (including, without limitation, risks associated with legislative changes, regulatory changes in the pharmaceutical industry, changes in cross-border tariff and cost structures and the loss of access to the European Union global trade markets), risks related to patent infringement actions, the loss of intellectual property rights, risks and uncertainties detailed from time to time in Concordia's filings with the Securities and Exchange Commission and the Canadian Securities Administrators, and many other factors beyond the control of Concordia.
Although Concordia has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward‐looking statements and information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward‐looking statement or information can be guaranteed. Except as required by applicable securities laws, forward‐looking statements and information speak only as of the date on which they are made and Concordia undertakes no obligation to publicly update or revise any forward‐looking statement or information, whether as a result of new information, future events, or otherwise.
All subsequent oral or written and information attributable to Concordia or any of its directors, officers or employees, or any persons acting on their behalf are expressly qualified in their entirety by the cautionary statement above.
View original content: http://www.prnewswire.com/news-releases/concordia-international-corp-announces-filing-of-its-information-circular-in-connection-with-its-recapitalization-transaction-and-its-annual-meeting-of-shareholders-300650696.html
SOURCE Concordia International Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-concordia-international-corp-announces-filing-of-its-information-circular-in-connection-with-its-recapitalization-transaction.html |
(Corrects portfolio manager’s name in 8th paragraph)
By Yun Li
NEW YORK, May 31 (LPC) - The rise in oil prices has come at an opportune time for oil and gas borrowers, which are facing US$400bn of maturing debt over the next 18 months and are preparing to engage in refinancing talks with lenders.
There is approximately US$833.3bn of loans outstanding in the oil and gas sector, with about US$399.5bn scheduled to mature by the end of 2019 and US$138.4bn by the end of 2018, according to Thomson Reuters LPC data. As higher oil prices boost the credit quality of oil companies, issuers are likely to get more favorable terms when they negotiate refinancing terms.
“There’s an awful lot of debt maturing by 2019 and 2020,” said Thomas Watters, managing director in the oil and gas ratings group at S&P Global. “Back between the years of 2012 and 2014, there was an irrational exuberance going on where oil prices were high and interest rates were low and there were a lot of deals getting done. A lot of high-yield credits came out first-time financing and they issued five- to seven-year papers. Higher oil prices will no doubt help them refinance.”
The thriving oil market is supporting a steady recovery in the US oil and gas loans as the secondary prices have slowly climbed to a three-year high. The average bid of oil and gas loans has climbed 135bp so far this year to 97.33 in tandem with higher oil prices. About 80% of oil and gas loans are bid above 90 cents of the dollar, compared to 72% at the end of 2017 and only 32% in June 2016.
There are signs that borrowers from the energy sector are already enjoying strong investor demand. Oilfield services firm Keane Group successfully cut pricing on its US$350m seven-year term loan in May and the loan broke above par in the secondary market and was Quote: d at 100.125-100.5 on Wednesday.
Natural gas and crude oil midstream company Brazos Midstream launched a US$950m loan backing its acquisition by Morgan Stanley Infrastructure Partners in early May. The loan pays lenders 400bp over Libor with a 0% floor. It opened in the secondary market above the issue price of 99.5 and was Quote: d at 99.75-100.375 on Wednesday.
HIGHER PRICES The expected growth in oil production and the improving cash flow for oil producers will further support loan prices in the secondary markets. Oil and natural gas production will increase by about 10% in 2018, while Ebitda for the exploration and production sector will grow by 18% to 22%, according to Amol Joshi, Moody’s vice president of oil and gas.
“Exploration and production companies have become more cost efficient coming out of the 2016 downturn, resulting in improved profitability as prices rise,” said Matt Kennedy, senior portfolio manager of Angel Oak Capital Advisors.
Oil and gas loan prices have rebounded to the 97 area from the lows of 75 in 2016 when a plunge in crude left oil and gas assets reeling. But they have more room to run as the issuer base is largely made up of oilfield service providers, which normally recover slower than upstream oil and gas producers.
“When prices fall, there’s no need for oil companies to spend capex to drill new oil so the service sector gets hit the hardest and when it recovers, it recovers the latest,” said John Yovanovic, head of high yield portfolio management at PineBridge Investments.
Brent, the international benchmark for oil prices, surprised the market when it hit a four-year high above US$80 per barrel on May 17 after the US pulled out of the Iran deal. Prices since have retreated to the US$70 area recently on Saudi Arabia and Russia’s plan to pump more crude to compensate for a potential supply shortfall. The stabilization of oil prices is no doubt credit positive for the energy sector.
“Frankly, the credit market ought to be thrilled with any WTI price above US$60 per barrel,” Yovanovic said. “What the market should really be focused on is increased default risk if oil prices fall below US$45 to US$50, not day to day swings at current prices. I believe that WTI is not going sub-US$60 any time in the near future.” (Reporting by Yun Li Editing by Michelle Sierra and Chris Mangham)
| ashraq/financial-news-articles | https://www.reuters.com/article/energy-refi/refi-wave-lurks-for-energy-borrowers-on-back-of-higher-oil-prices-idUSL2N1T20NG |
May 7 (Reuters) - Hydro One Ltd:
* HYDRO ONE SAYS CO AND AVISTA RECEIVE FEDERAL COMMUNICATIONS COMMISSION APPROVAL FOR PROPOSED MERGER
* HYDRO ONE - CO AND AVISTA CONTINUE TO ANTICIPATE CLOSING TRANSACTION IN SECOND HALF OF 2018 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-hydro-one-says-co-avista-receive-f/brief-hydro-one-says-co-avista-receive-fcc-approval-for-proposed-merger-idUSFWN1SE13F |
A question interrupted a government lawyer as he made his radical argument before the Supreme Court. “In other words,” posed a voice from the bench, “can Congress act to make the dime a dollar?” Although the government, even then, was more adept at turning a dollar into a dime, the lawyer replied in the affirmative.
That exchange took place in 1935, in the midst of the famous cases concerning the government’s power to repudiate contracts known as “gold clauses.” Sebastian Edwards’s “American Default: The Untold Story of FDR,... | ashraq/financial-news-articles | https://www.wsj.com/articles/american-default-review-a-new-deal-for-gold-1527532960 |
May 3 (Reuters) - Sabina Gold & Silver Corp:
* SABINA GOLD & SILVER ANNOUNCES NON-BROKERED PRIVATE PLACEMENT FLOW THROUGH FINANCING TO RAISE APPROXIMATELY C$6 MILLION
* SABINA GOLD & SILVER - WILL SELL ABOUT 2 MILLION FLOW THROUGH COMMON SHARES AT $2.00 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sabina-gold-silver-announces-non-b/brief-sabina-gold-silver-announces-non-brokered-private-placement-flow-through-financing-to-raise-approximately-c6-mln-idUSASC09ZHT |
SARASOTA, Fla., May 8, 2018 /PRNewswire/ -- xG Technology, Inc. ("xG" or the "Company") (Nasdaq: XGTI, XGTIW), whose IMT and Vislink brands are recognized as the global leaders in live video communications in the broadcast, law enforcement and defense markets, announced today that it will release its first quarter 2018 financial results after the market close on Tuesday, May 15, 2018. xG management will hold a conference call to discuss the results and provide a corporate update on Wednesday, May 16, 2018 at 5:00 p.m. Eastern Time. To participate in the conference call, please call 1-844-825-9789 (toll free) or 1-412-317-5169 (international call-in) and ask to join the xG Technology call. The call will also be simultaneously webcast. Listeners can access the webcast live through the Company's website at http://www.xgtechnology.com/about-xg-technology/investor-information/ . For those who cannot participate in the call, an audio replay will be made available on xG's website.
About xG Technology, Inc.
xG Technology's IMT and Vislink brands are recognized as the global leaders in live video communications and are trusted suppliers to tier-1 customers in broadcast/sports/entertainment, and law enforcement/public safety/defense markets. Their products are recognized for outstanding performance, reliability and build quality, extended operating ranges and compact form factors. In the broadcast, sports and entertainment sectors, IMT and Vislink provide high-definition communication links to reliably capture, transmit and manage live event footage. In the law enforcement, public safety & defense markets, IMT and Vislink provide secure video communications and mission-critical solutions to local, national and international agencies and organizations. More information can be found at www.imt-solutions.com and www.vislink.com .
xG is also the developer of xMax, a secure, rapid-deploy mobile broadband system that delivers mission-assured wireless connectivity in demanding operating environments. xMax was specifically designed to serve as an expeditionary and critical communications network for use in unpredictable scenarios and during fluid situations. This makes it a compelling solution for disaster response, emergency communications, and defense applications. More information about xMax can be found at http://www.xgtechnology.com/system-overview/ . In addition to the above business lines, xG has a dedicated Federal Sector Group (xG Federal) focused on providing next-generation spectrum sharing solutions to national defense, scientific research and other federal organizations. Additional information about xG Federal can be found at http://www.xgtechnology.com/technology/xg-federal/ .
Based in Sarasota, Florida, xG Technology has over 100 patents and pending patent applications. xG is a publicly traded company listed on the NASDAQ Capital Market (symbol: XGTI) For more information, please visit www.xgtechnology.com .
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to xG Technology, Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
FOR MORE INFORMATION
xG Technology:
Daniel Carpini
941-953-9035
[email protected]
Investor Relations:
John Marco
CORE IR
516-222-2560
[email protected]
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SOURCE xG Technology, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-xg-technology-to-announce-first-quarter-2018-financial-results-tuesday-may-15-2018-conference-call-to-be-held-wednesday-may-16.html |
Trinity Industries Inc:
* TRINITY INDUSTRIES, INC. INTRODUCES THE SPIN-OFF COMPANY NAME OF ARCOSA, INC. AND ANNOUNCES FILING OF INITIAL FORM 10 REGISTRATION STATEMENT FOR THE PLANNED SPIN-OFF
* TRINITY INDUSTRIES INC - SEPARATION REMAINS ON TRACK FOR COMPLETION IN Q4 OF 2018
* TRINITY INDUSTRIES INC - SEPARATION IS EXPECTED TO BE COMPLETED IN Q4 OF 2018
* TRINITY INDUSTRIES INC - WILL MAINTAIN OWNERSHIP AND STATUS QUO OF HIGHWAY PRODUCTS BUSINESS Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-trinity-industries-inc-introduces/brief-trinity-industries-inc-introduces-the-spin-off-company-name-of-arcosa-inc-and-announces-filing-of-initial-form-10-registration-statement-for-the-planned-spin-off-idUSFWN1SM1E3 |
May 4, 2018 / 3:58 PM / in 27 minutes UPDATE 2-Greece's National Bank CEO Fragiadakis steps down Reuters Staff 2 Min Read
(Adds National Bank statement)
ATHENS, May 4 (Reuters) - The chief executive of Greece’s National Bank (NBG) Leonidas Fragiadakis resigned on Friday after completing his three-year term in the post, the bank said.
Greece’s second-largest lender by assets said in a filing to the Athens bourse that the end of Fragiadakis’ term coincided with the completion of the main part of the restructuring plan he has overseen.
With the bank now planning to redesign its business strategy, Fragiadakis decided to step down, it said, adding it would now start looking for a successor.
NBG said deputy Chief Executive Paul Mylonas would act as CEO until a shareholders meeting approved a new board. It did not say when that meeting would take place.
NBG said last week it would press on with plans to sell its wholly-owned insurance subsidiary Ethniki Insurance, after a deal to sell 75 percent of the business turned sour earlier this year.
NBG put the insurance unit up for sale as part of a restructuring plan approved by the European Union to exit non-banking operations.
The European Central Bank is due to issue the results of stress tests - a financial check up - of Greece’s four systemic banks on Saturday, which includes NBG. (Reporting by George Georgiopoulos and Angeliki Koutantou; Editing by Jane Merriman and Mark Potter) | ashraq/financial-news-articles | https://www.reuters.com/article/nbg-ceo-resignation/update-1-greeces-national-bank-ceo-fragiadakis-submits-resignation-source-idUSL8N1SB5X4 |
May 24, 2018 / 4:20 PM / Updated 17 minutes ago Trump signs bill easing U.S. bank rules into law Reuters Staff 1 Min Read
WASHINGTON, May 24 (Reuters) - U.S. President Donald Trump signed into law on Thursday a bill that would ease rules on most banks for the first time since the 2007-2009 financial crisis.
The legislation eases regulations on all but a handful of the nation’s largest banks, and marks a significant victory in Trump’s efforts to cut rules in a bid to spur economic growth.
The legislation eases oversight of all banks below $250 billion in assets, and exempts small community banks from a host of stricter rules and oversight established by the 2010 Dodd-Frank financial reform law. (Reporting by Pete Schroeder; Editing by Meredith Mazzilli) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-trump-dodd-frank/trump-signs-bill-easing-u-s-bank-rules-into-law-idUSL2N1SV18D |
A new heavyweight is preparing to enter the world of podcasting.
Luminary Media LLC, a venture-backed company, has raised $40 million to join the rapidly expanding realm of podcasting and audio.
Unlike most of its competitors, which support their businesses primarily through advertising, Luminary Media’s business plan includes signing users... | ashraq/financial-news-articles | https://www.wsj.com/articles/with-40-million-podcast-upstart-luminary-media-builds-a-platform-1526062328 |
May 8 (Reuters) - Telenet Group Holding’s minority owner Lucerne Capital Management said in a letter that it strongly questioned the Belgian media and telecommunications group’s capital allocation strategy and its potential acquisition of Belgian cable company VOO.
“The current shareholder position and resulting corporate governance are long term unsustainable in our view and therefore we urge you to explore a take out of the minority shareholders or a scenario to position Telenet as an independent company governed at arms’ length from Liberty Global”, Lucerne said in the letter seen by Reuters.
Liberty Global is a majority owner in Telenet owning about 56.4 per cent in the company. It was not immediately available to comment on Telenet’s letter.
Telenet’s total shareholder return has declined from 25 percent under previous management to 4 percent under the current CEO and there is a conflict of interest between minority holders and Liberty Global in terms of cash flow leakage to minority holders, Lucerne said in a presentation seen by Reuters.
“Liberty Global is causing a negative impact on minority shareholder returns and prevents independent directors from safeguarding economic interest of the minority holders,” Lucerne said.
In February, Telenet and Nethys signed a five-year partnership agreement to deliver Voomobile offering.
“If Telenet is not able to allocate incremental capital at attractive returns, the company should lower capex to boost”, Lucerne said in the presentation.
Cable and mobile operators across Europe are joining forces to offer TV, mobile and internet services as one big bundle, which makes customers less likely to switch. (Reporting by Mekhla Raina in Bengaluru Editing by Hugh Lawson)
| ashraq/financial-news-articles | https://www.reuters.com/article/telenet-grp-hldg-lucerne/telenet-shareholder-lucerne-capital-questions-capital-strategy-idUSL3N1SF5VD |
May 2 (Reuters) - Leagold Mining Corp:
* LEAGOLD ARRANGES FINANCINGS TO CLOSE WITH THE BRIO ACQUISITION
* LEAGOLD MINING CORP - EXISTING $150 MILLION SENIOR SECURED CREDIT FACILITY HAS BEEN AMENDED TO PROVIDE AN ADDITIONAL $100 MILLION TRANCHE OF FUNDING
* LEAGOLD - ORION RESOURCE PARTNERS, THROUGH FUND IT MANAGES, AGREED TO SUBSCRIBE FOR $45 MILLION WORTH OF LEAGOLD COMMON SHARES AT C$2.7143/SHARE
* LEAGOLD MINING - ORION INVESTMENT EXPECTED TO RESULT IN ORION’S CURRENT OWNERSHIP IN CO BEING MAINTAINED, ON PRO FORMA BASIS, AT ABOUT 16% Source text for Eikon: Further company coverage:
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* U.S. ADP report shows job gains of 204,000 * U.S. 2-year yields hit 9-1/2-year peak * U.S. Treasury to raise debt auction size (Recasts, adds comment, updates prices, table) By Gertrude Chavez-Dreyfuss NEW YORK, May 2 (Reuters) - U.S. Treasury yields fell on Wednesday as a quarterly refunding program that aims to finance the country's massive fiscal deficit came in short of expectations, reducing the pressure on prices caused by the increase in debt supply. Treasury yields had risen overnight in the run-up to the refunding announcement. While the U.S. Treasury did increase the size of the auctions, analysts said the overall outcome was somewhat underwhelming. Treasury announced a $73-billion refunding package for May, up from the $66 billion in February, with bulk of the increase coming from short-end maturities. Treasury will sell $31 billion in 3-year notes, $25 billion in 10-year notes, and $17 billion in 30-year bonds. Treasury will raise the size of the 2- and 3-year note auctions by just $1 billion per month in the second quarter, compared with the $2 billion increases in the first. "The rally was mostly due to the refunding," said Jim Vogel, interest rates strategist, at FTN Financial in Memphis, Tennessee. "There are no TIPS (Treasury Inflation Protected Security) increases, which tends to reduce the effective duration of the forward auctions. Second, the increases from the 5s through 30s were modest compared to the upper band of expectations," he added. The yield curve flattened a bit after the Treasury announcement, with the spread between U.S. 5-year notes and 30-year bonds tightening to 31.0 basis points. The refunding announcement overshadowed a U.S. private-sector payrolls for April that came roughly in line with forecasts, cementing expectations of a rate increase in June. Before release of the payrolls data, yields on the U.S. two-year note, the maturity most sensitive to the rate increase outlook, hit their highest in more than nine years. Payrolls processor ADP said U.S. private sector employment grew by 204,000 last month, slightly exceeding expectations of 200,000 jobs. "The data are slightly stronger than seems consistent with consensus expectations for payrolls in the BLS (Bureau of Labor Statistics) report on Friday," said Jim O'Sullivan, chief economist, at High Frequency Economics. "However, the usual caveat: ADP is far from infallible for signaling the BLS data." The U.S. non-farm payrolls data is due out on Friday, with the market expecting an addition of 192,000 jobs, according to a Reuters poll. In midday trading, U.S. 10-year yields were at 2.973 percent , slightly down from 2.976 percent late on Tuesday. U.S. 30-year yields fell to 3.133 percent, from Tuesday's 3.137 percent. On the front-end of the curve, U.S. two-year yields hit a 9-1/2-year high of 2.521 percent. They were last at 2.512 percent. May 2 Wednesday 11:25AM New York / 1525 GMT Price US T BONDS JUN8 143-9/32 0-4/32 10YR TNotes JUN8 119-108/256 0-12/256 Price Current Net Yield % Change (bps) Three-month bills 1.815 1.8487 -0.005 Six-month bills 1.985 2.033 -0.003 Two-year note 99-188/256 2.5125 0.000 Three-year note 99-54/256 2.6546 0.003 Five-year note 99-176/256 2.8175 -0.003 Seven-year note 99-168/256 2.9297 -0.007 10-year note 98-32/256 2.9719 -0.004 30-year bond 97-112/256 3.1328 -0.004 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 26.25 1.25 spread U.S. 3-year dollar swap 21.75 0.50 spread U.S. 5-year dollar swap 11.75 0.75 spread U.S. 10-year dollar swap 3.00 0.25 spread U.S. 30-year dollar swap -11.50 0.00 spread (Reporting by Gertrude Chavez-Dreyfuss; Editing by Chizu Nomiyama and David Gregorio)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds/treasuries-u-s-yields-slip-after-quarterly-refunding-plan-idUSL1N1S90U4 |
(Reuters Health) - Although smoking has long been associated with being thin, a recent genetic study suggests that a tendency to have excess body fat, especially around the waist, is also tied to a person’s odds of being a smoker.
FILE PHOTO: A woman lights a cigarette in this illustration picture taken in Paris, October 8, 2014. . REUTERS/Christian Hartmann The findings might indicate that extra body fat influences the likelihood of taking up smoking and how heavily a person smokes, or that the urges to overeat and to smoke may share some genetic origins, the authors note in The BMJ.
“These results highlight the role of obesity in influencing smoking initiation and cessation, which could have implications for public health interventions aiming to reduce the prevalence of these important risk factors,” writes the study team, led by Robert Carreras-Torres at the International Agency for Research on Cancer in Lyon, France.
The authors did not respond to a request for comments.
The researchers analyzed data from the UK Biobank and the TAG Consortium on more than 450,000 people of European descent. These databases contain genetic, medical and lifestyle information for their volunteer participants.
Past studies, the authors note, have already linked genetic variations known as SNPs to both obesity and smoking, suggesting that particular SNPs increase a person’s vulnerability to both forms of “addictive behavior” - overeating and smoking. It’s not clear, however, if people who smoke stay thinner because smoking curbs appetite, or even if smokers really do stay thin.
To avoid the confusing influence of smoking’s effect on appetite, the researchers didn’t just look at participants’ actual body mass and other body fat measurements. They also created a genetic profile of predicted body traits based on a person’s SNPs. Using both real measurements and this genetic profile, the team then analyzed each person’s smoking history.
For actual body mass index (BMI), a measure of weight relative to height, the researchers found that every additional 4.6 kilograms/meter squared was associated with a 5 percent lower risk of being a current smoker but also a 12 percent higher risk of ever having been a smoker, compared to never-smokers.
The same real-BMI increment was also linked to a smoking-intensity increase of 1.75 cigarettes per day for current and former smokers combined.
When researchers looked at the genetic body fat profile, however, they found that each incremental increase in projected BMI based on SNPs was linked to 24 percent higher odds of being a current smoker and an 18 percent increase in odds of being a former smoker.
Projected increases in waist circumference and body fat percentage based on genetic profile were similarly linked with increases in the odds of ever having smoked and increased smoking intensity.
Genetic body type was not linked with odds of smoking cessation, though. This detail and others lead the authors to suggest that rather than genetic predisposition to addictive behavior, excess body fat itself might influence cravings for nicotine.
Whatever the relationship between excess body fat and smoking, interventions to help people avoid these health risks need to take both into account, the authors conclude.
People may be tempted to start smoking to help them lose weight, said Lucy Popova, a researcher at the Georgia State University School of Public Health in Atlanta who wasn’t involved in the research. Smoking decreases appetite because nicotine, the primary addictive chemical in tobacco, activates various receptors in the brain, and some of these receptors are on the nerve cells that regulate appetite and eating behavior, she said.
“Starting smoking in order to lose weight is a really bad idea. On one hand, you might weigh a couple of pounds less, but this weight reduction might come from lean muscles and not fat,” Popova said.
Also, research shows that smokers, while having lower BMI, tend to have more fat around their abdomens than non-smokers, which is worse for health than simply having a high BMI, she said.
“On the other hand, smoking causes cancers, heart diseases, stroke, bad breath, yellow teeth, and all sorts of other negative consequences, including death. Smokers also have a harder time exercising due to the shortness of breath, so this makes losing weight even more difficult,” Popova noted.
SOURCE: bit.ly/2KAirHd The BMJ, online May 16, 2018.
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May 2 (Reuters) - Investment Technology Group Inc:
* INVESTMENT TECHNOLOGY GROUP Q1 GAAP SHR $0.13 * INVESTMENT TECHNOLOGY GROUP Q1 REVENUE $131.5 MLN VS I/B/E/S VIEW $130.5 MLN
* INVESTMENT TECHNOLOGY GROUP Q1 SHR VIEW $0.16 — THOMSON REUTERS I/B/E/S
* INVESTMENT TECHNOLOGY GROUP INC - QTRLY AVERAGE DAILY TRADING VOLUME IN U.S. WAS 137 MLN SHARES VERSUS 151 MLN SHARES
* INC - THE NEW ACCOUNTING RULE EXPECTED TO RESULT IN ADDITIONAL DEFERRAL OF ABOUT $2 MILLION IN Q2 OF 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-itg-reports-q1-adjusted-eps-028/brief-itg-reports-q1-adjusted-eps-0-28-idUSASC09YX5 |
May 3 (Reuters) - Logitech International SA:
* LOGITECH CEO TELLS REUTERS COMPANY COULD RAISE GROSS MARGIN TARGET RANGE IN FUTURE
* LOGITECH CEO SAYS COMPANY MAINLY AIMING AT SALES GROWTH AT MOMENT
* LOGITECH SAYS CURRENT GROWTH CAN BE MAINTAINED DUE TO LONG-TERM TREND IN GAMING, VIDEO CONFERENCING SEGMENTS Source text for Eikon: (Reporting by John Revill)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-logitech-ceo-tells-reuters-company/brief-logitech-ceo-tells-reuters-company-could-raise-gross-margin-target-range-in-future-idUSZ8N1OC00G |
NEW ALBANY, Ohio, May 3, 2018 /PRNewswire/ -- Commercial Vehicle Group, Inc. (the "Company") (NASDAQ: CVGI) today reported financial results .
First Quarter
($ in millions except EPS)
2018
2017
Revenues
$215.7
$173.4
Operating Income
$15.5
$4.6
Net Income
$9.9
$0.6
Basic EPS
$0.33
$0.02
Diluted EPS
$0.32
$0.02
Patrick Miller, President and CEO, stated, "We are pleased with our strong year over year revenue growth that continues to trend favorably. Heavy- and medium-duty truck production in North America is forecast to be at the highest levels since 2006 and we are well positioned for strong top line performance throughout the year. Importantly, we are delivering improved earnings on the higher sales."
Tim Trenary, Chief Financial Officer, stated, "Revenues 2018 were $216 million, 24 percent higher than the prior year period, and operating income rose to $15.5 million, a margin of 7.2% for the quarter. On a sequential basis, the first quarter of 2018 compared to the fourth quarter of 2017, revenues were up 15 percent and pull through of operating income on this improvement in revenues was 25 percent. These improved results include the benefit of the higher sales and the actions taken to address the labor shortage in our North American wire harness business, and the absence of the facility restructuring and litigation settlement costs incurred in 2017. Additionally, these improvements were achieved notwithstanding continuing pressure from rising commodity prices, tightening labor markets and costs associated with the accelerating build rates."
Consolidated Results
First Quarter 2018 Results
First quarter 2018 revenues were $215.7 million compared to $173.4 million in the prior year period, an increase of 24.4 percent. The increase in revenues period-over-period reflects higher heavy-duty truck production in North America and improvement in the global construction markets we serve. Foreign currency translation favorably impacted first quarter 2018 revenues by $7.1 million, or by 4.1 percent when compared to the same period in the prior year. Operating income 2018 was $15.5 million compared to operating income of $4.6 million in the prior year period. The increase in operating income period-over-period is primarily attributable to the increase in sales volume and actions taken to address the labor shortage in our North American wire harness business. These gains were partially offset by costs associated with rising commodity prices and tighter labor markets, and costs associated with accelerating build rates. The first quarter 2017 results included $1.1 million in charges relating to facility restructuring and other related costs, and $2.4 million associated with litigation settlement costs. Net income was $9.9 million 2018, or $0.32 per diluted share, compared to net income of $0.6 million in the prior year period, or $0.02 per diluted share.
At March 31, 2018, the Company had liquidity of $94 million: $38 million of cash and $56 million of availability from our asset based revolver. Borrowings under our asset based revolver, at March 31, 2018, were $7.5 million.
Segment Results
Global Truck and Bus Segment
First Quarter 2018 Results
Revenues for the Global Truck and Bus Segment in the first quarter 2018 were $128.3 million compared to $102.1 million for the prior year period, an increase of 25.7 percent primarily resulting from higher North American heavy-duty truck production. Foreign currency translation favorably impacted first quarter 2018 revenue by $0.8 million, or by 0.7 percent when compared to the same period in the prior year. Operating income 2018 was $13.2 million compared to operating income of $8.3 million in the prior year period. The increase in operating income period-over-period is primarily attributable to the increase in sales volume and the absence of the 2017 costs associated with the now completed facility restructuring. The first quarter of 2017 results included charges of $1.0 million relating to facility restructuring and other related costs.
Global Construction and Agriculture Segment
First Quarter 2018 Results
Revenues for the Global Construction and Agriculture Segment in the first quarter 2018 were $91.2 million compared to $73.5 million in the prior year period, an increase of 24.1 percent primarily as a result of improvement in the global construction markets we serve. Foreign currency translation favorably impacted first quarter 2018 revenues by $6.7 million, or by 9.1 percent when compared to the same period in the prior year. Operating income 2018 was $8.2 million compared to operating income of $3.3 million in the prior year period. The increase in operating income period-over-period is primarily attributable to the increase in sales volume and actions taken to address the labor shortage in our North American wire harness business.
2018 End Market Outlook
Management estimates that the 2018 North American Class 8 truck production will be in the range of 300,000 to 325,000 units, as compared to 256,000 units in 2017; North American Class 5-7 production is expected to be up slightly year-over-year. We believe the construction markets we serve in Europe, Asia, and North America have improved.
CONFERENCE CALL
A conference call to discuss this press release is scheduled for Friday, May 4, 2018, at 10:00 a.m. ET. To participate, dial (844) 743-2497 using conference code 9692779.
This call is being webcast by NASDAQ and can be accessed at Commercial Vehicle Group's Web site at www.cvgrp.com , where it will be archived for one year.
A telephonic replay of the conference call will be available for a period of two weeks following the call. To access the replay, dial (855) 859-2056 using access code 9692779.
About Commercial Vehicle Group, Inc.
Commercial Vehicle Group, Inc. (and its subsidiaries) is a leading supplier of a full range of cab related products and systems for the global commercial vehicle market, including the medium- and heavy-duty truck market, the medium-and heavy-construction vehicle markets, the military, bus, agriculture, specialty transportation, mining, industrial equipment and off-road recreational markets. Information about the Company and its products is available on the internet at www.cvgrp.com .
Forward-Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as "believe", "expect", "anticipate", "intend", "plan", "estimate", or similar expressions. In particular, this press release may contain forward-looking statements about Company expectations for future periods with respect to its plans to improve financial results and to enhance the Company, the future of the Company's end markets, Class 8 and Class 5-7 North America build rates, performance of the global construction and agriculture equipment business, expected cost savings, the Company's initiatives to address customer needs, organic growth, the Company's economic growth plans to focus on certain segments and markets and the Company's financial position or other financial information. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including but not limited to: (i) general economic or business conditions affecting the markets in which the Company serves or intends to serve; (ii) the Company's ability to develop or successfully introduce new products; (iii) risks associated with conducting business in foreign countries and currencies; (iv) increased competition in the medium- and heavy-duty truck, construction, agriculture, aftermarket, military, bus and other markets; (v) the Company's failure to complete or successfully integrate strategic acquisitions; (vi) the impact of changes in governmental regulations on the Company's customers or on the Company's business; (vii) the loss of business from a major customer, a collection of smaller customers or the discontinuation of particular commercial vehicle platforms; (viii) security breaches and other disruptions to our information systems and/or our business; (ix) the Company's ability to obtain future financing due to changes in the capital markets or Company's financial position; (x) the Company's ability to comply with the financial covenants in its debt facilities; (xi) fluctuation in interest rates relating to the Company's debt facilities; (xii) the Company's ability to realize the benefits of its cost reduction and strategic initiatives; (xiii) a material weakness in our internal control over financial reporting which could, if not remediated, result in material misstatements in our financial statements; (xiv) volatility and cyclicality in the commercial vehicle market adversely affecting us; (xv) the geographic profile of our taxable income and changes in valuation of our deferred tax assets and liabilities impacting our effective tax rate; (xvi) changes to domestic manufacturing initiatives; (xvii) implementation of tax or other changes, by the United States or other international jurisdictions, related to products manufactured in one or more jurisdictions where we do business; and (xviii) various other risks as outlined under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for fiscal year ending December 31, 2017. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements.
COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Amounts in thousands, except per share amounts)
Three Months Ended March 31,
2018
2017
Revenues
$
215,734
$
173,416
Cost of Revenues
184,613
151,913
Gross Profit
31,121
21,503
Selling, General and Administrative Expenses
15,304
16,619
Amortization Expense
332
327
Operating Income
15,485
4,557
Interest and Other Expense
1,959
4,565
Income (Loss) Before Provision for Income Taxes
13,526
(8)
Provision (Benefit) for Income Taxes
3,673
(636)
Net Income
$
9,853
$
628
Earnings per Common Share:
Basic
$
0.33
$
0.02
Diluted
$
0.32
$
0.02
Weighted Average Shares Outstanding:
Basic
30,219
29,872
Diluted
30,574
30,194
COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in thousands)
March 31, 2018
December 31, 2017
ASSETS
Current Assets:
Cash
$
37,908
$
52,244
Accounts receivable, net of allowances of $6,236 and $5,242, respectively
141,823
108,595
Inventories
94,637
99,015
Other current assets
18,385
14,792
Total current assets
292,753
274,646
Property, plant and equipment, net of accumulated depreciation of $151,502 and $147,553, respectively
63,400
64,630
Goodwill
7,941
8,045
Intangible assets, net of accumulated amortization of $8,808 and $8,533, respectively
14,121
14,548
Deferred income taxes, net
18,240
20,273
Other assets
3,187
2,246
Total assets
$
399,642
$
384,388
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable
$
85,602
$
86,608
Accrued liabilities and other
31,761
33,944
Current portion of long-term debt
3,199
3,191
Total current liabilities
120,562
123,743
Long-term debt
162,951
163,758
Revolving credit facility
7,500
—
Pension and other post-retirement benefits
15,367
15,450
Other long-term liabilities
6,862
6,695
Total liabilities
313,242
309,646
Stockholders' Equity:
Preferred stock, $0.01 par value (5,000,000 shares authorized; no shares issued and outstanding)
—
—
Common stock, $0.01 par value (60,000,000 shares authorized; 30,219,278 shares issued and outstanding, as of March 2018 and December 2017)
304
304
Treasury stock, at cost: 1,175,795 shares, as of March 2018 and December 2017
(9,114)
(9,114)
Additional paid-in capital
240,543
239,870
Retained deficit
(105,230)
(115,083)
Accumulated other comprehensive loss
(40,103)
(41,235)
Total stockholders' equity
86,400
74,742
Total liabilities and stockholders' equity
$
399,642
$
384,388
COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
BUSINESS SEGMENT FINANCIAL INFORMATION
(Unaudited)
(Amounts in thousands)
Three Months Ended March 31,
Global Truck & Bus
Global Construction & Agriculture
Corporate / Other
Total
2018
2017
2018
2017
2018
2017
2018
2017
Revenues
External Revenues
$
127,492
$
101,864
$
88,242
$
71,552
$
—
$
—
$
215,734
$
173,416
Intersegment Revenues
812
225
2,923
1,953
(3,735)
(2,178)
—
—
Total Revenues
$
128,304
$
102,089
$
91,165
$
73,505
$
(3,735)
$
(2,178)
$
215,734
$
173,416
Gross Profit
$
18,971
$
14,038
$
12,535
$
7,822
$
(385)
$
(357)
$
31,121
$
21,503
Selling, General & Administrative Expenses
$
5,512
$
5,453
$
4,266
$
4,483
$
5,526
$
6,683
$
15,304
$
16,619
Operating Income
$
13,162
$
8,293
$
8,234
$
3,305
$
(5,911)
$
(7,041)
$
15,485
$
4,557
View original content: http://www.prnewswire.com/news-releases/commercial-vehicle-group-announces-first-quarter-2018-results-300642477.html
SOURCE Commercial Vehicle Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-commercial-vehicle-group-announces-first-quarter-2018-results.html |
BEIJING, May 7, 2018 /PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), which operates a social networking service (SNS) business, used auto business and SaaS business, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2017.
Fourth Quarter 2017 Highlights
Total net revenues were US$97.1 million, compared to US$20.3 million in the corresponding period in 2016.
Internet Value-Added Services (IVAS) and others net revenues were US$14.5 million, a 34.7% increase from the corresponding period in 2016.
Financing income was US$4.8 million, a 50.4% decrease from the corresponding period in 2016.
Used car sales revenue was US$77.8 million. We initiated a used car retail business through one of our subsidiaries in the second quarter of 2017. As of December 31, 2017, we had a presence in 14 cities in China for this business.
Gross profit was US$0.2 million, compared to US$4.4 million in the corresponding period of 2016. Operating loss was US$27.4 million, compared to an operating loss of US$16.4 million in the corresponding period in 2016. Net loss attributable to the Company was US$54.3 million, compared to a net loss of US$93.3 million in the corresponding period in 2016. Adjusted net loss (1) (non-GAAP) was US$48.8 million, compared to an adjusted net loss of US$87.9 million in the corresponding period in 2016.
Fiscal Year 2017 Highlights
Total net revenues were US$202.1 million, compared to US$63.4 million in the corresponding period in 2016.
IVAS and others net revenues were US$51.7 million, a 52.0% increase from 2016.
Financing income net revenues were US$29.3million, a 0.2% decrease from 2016.
Used car sales revenue was US$121.1million.
(1) Adjusted net loss is defined as loss excluding share-based compensation expenses and amortization of intangible assets. See
"About Non-GAAP Financial Measures" below.
Gross profit was US$17.7 million, compared to US$11.6 million in 2016, a 52.7% increase from 2016. Operating loss was US$87.9 million, compared to an operating loss of US$73.0 million in 2016. Net loss attributable to the Company was US$110.4 million, compared to a net loss attributable to the Company of US$185.4 million in 2016. Adjusted net loss (1) (non-GAAP) was US$82.4 million, compared to an adjusted net loss of US$161.8 million in 2016.
Fourth Quarter 2017 Results
Total net revenues for the fourth quarter of 2017 were US$97.1 million, compared to US$20.3 million in the corresponding period in 2016.
IVAS and others net revenues were US$14.5 million, representing a 34.7% increase from the corresponding period of 2016. The increase was mainly due to the revenue from our Renren mobile live streaming service. Monthly unique log-in users of the Renren SNS platform decreased from approximately 35 million in December 2016 to approximately 32 million in December 2017.
Financing income was US$4.8 million for the fourth quarter of 2017, compared to US$9.5 million in the corresponding period of 2016. The decrease was in line with the decrease of financing receivable from US$301.8 million as of December 31, 2016 to US$125.5 million as of December 31 2017.
Used car sales revenue of US$77.8 million was generated through one of our subsidiaries conducting a used car retail business, which is a new business that we initiated in the second quarter of 2017.
Cost of revenues was US$96.9 million, compared to US$15.9 million in the corresponding period of 2016. The increase was primarily due to the cost of used car sales.
Operating expenses were US$27.6 million, a 32.5% increase from the corresponding period of 2016.
Selling and marketing expenses were US$8.4 million, a 53.7% increase from the corresponding period of 2016. The increase was primarily due to an increase in advertising and promotion expenses.
Research and development expenses were US$7.0 million, a 31.4% increase from the corresponding period in 2016. The increase was primarily due to personnel related expense increases.
General and administrative expenses were US$12.2 million, a 21.5% increase from the corresponding period in 2016. The increase was primarily due to the increase in the related professional fees for the transaction we announced on April 30, 2018.
Share-based compensation expenses, which were all included in operating expenses, were US$5.5 million, compared to US$5.4 million in the corresponding period in 2016.
Operating loss was US$27.4 million, compared to an operating loss of US$16.4 million in the corresponding period in 2016.
Non-operating loss was US$20.6 million, compared to a loss of US$69.6 million in the corresponding period in 2016.
Loss in equity method investments were US$4.2 million, compared to loss of US$6.4 million in the corresponding period in 2016.
Net loss attributable to the Company was US$54.3 million, compared to a net loss of US$93.3 million in the corresponding period in 2016.
Adjusted net loss (non-GAAP) was US$48.8 million, compared to an adjusted net loss of US$87.9 million in the corresponding period in 2016. Adjusted net loss is defined as loss excluding share-based compensation expenses and amortization of intangible assets.
Fiscal Year 2017 Results
Total net revenues in 2017 were US$202.1 million, compared to US$63.4 million in the corresponding period in 2016.
IVAS and others net revenues were US$51.7 million, representing a 52.0% increase from 2016. The increase was mainly due to the revenue from our Renren mobile live streaming service.
Financing income was US$29.3 million, compared to US$29.4 million in 2016.
Used car sales revenue was US$121.1 million in 2017. There is no comparable figure for 2016 because this was a new business that we initiated in the second quarter of 2017.
Cost of revenues in 2017 was US$184.4 million, compared to US$51.8 million in the corresponding period of 2016. The increase was primarily due to the cost of used car sales.
Gross profit in 2017 was US$17.7 million, a 52.7% increase from US$11.6 million in 2016. Gross margin in 2017 was 8.8%, compared to 18.3% in 2016.
Operating expenses in 2017 were US$105.6 million, a 24.8% increase from 2016.
Selling and marketing expenses in 2017 were US$29.0 million, a 36.1% increase from 2016, primarily due to an increase in advertising and promotion expenses.
Research and development expenses in 2017 were US$23.7 million, a 14.1% increase from 2016, primarily due to personnel related expense increases.
General and administrative expenses in 2017 were US$52.9 million, a 24.3% increase from 2016. The increase was primarily due to the increase in share-based compensation expenses and the related professional fees for the transaction we announced on April 30, 2018.
Share-based compensation expenses in 2017, which were all included in operating expenses, were US$28.0 million, compared to US$23.5 million in 2016. The increase was mainly due to a modification which repriced the exercise price with respect to options.
Operating loss in 2017 was US$87.9 million, compared to US$73.0 million operating loss in 2016.
Non-operating loss was US$85.4 million in 2017, compared to a loss of US$100.4 million in 2016. The non-operating loss in 2017 was mainly due to a US$113.1 million impairment on long-term investments.
Earnings in equity method investments were US$67.2 million, compared to a loss of US$18.2 million in 2016. The increase was mainly due to a US$58.3 million gain on disposal of certain shares of Social Finance Inc.
Net loss attributable to the Company in 2017 was US$110.4 million, compared to a net loss of US$185.4 million in 2016.
Adjusted net loss (non-GAAP) in 2017 was US$82.4 million, compared to an adjusted net loss of US$161.8 million in 2016. Adjusted net loss is defined as net loss excluding share-based compensation expenses and amortization of intangible assets.
Business Outlook
The Company expects to generate revenues in an amount ranging from US$136 million to US$141 million in the first quarter of 2018, representing a 549% to 573% year-over-year increase. This forecast reflects Renren's current and preliminary view, which is subject to change.
Potential Financial Impact on Renren by the Transaction Announced on April 30, 2018
As previously updated in the Company's prior quarterly earnings releases, the Company has, as planned, announced a series of transactions that include a cash dividend by the Company and a private placement by its subsidiary Oak Pacific Investment ('the Transaction') on April 30, 2018. The Transaction is intended to address concerns that Renren may be deemed to be an investment company within the meaning of the Investment Company Act. The Transaction will have a significant impact on the Company's financial statements. Please refer to the Form 6-K filed with the SEC on April 30, 2018 for unaudited pro forma condensed consolidated financial statements, based on the unaudited pro forma condensed consolidated balance sheet as though the Transaction occurred on September 30, 2017, total Renren Inc. shareholders' equity value following the Transaction is currently estimated to range from US$209 million to US$340 million (2) . The Company will update the pro forma condensed consolidated financial statements, which includes the pro forma shareholder's equity value, as though the Transaction occurred on December 31, 2017, at the time when it files its annual report on Form 20-F with the SEC, which is expected to be on or before May 15, 2018.
(2) The Transaction is structured in a manner that leads to significant different results for Renren which are depended on the
percentage of the Renren shareholders that are the Eligible Shareholders who validly accept the Offer. Accordingly, the
Company has presented two separate pro forma balance sheets in Form 6-K illustrating the following:
The aggregate dollar amount of the cash dividend to be paid by Renren in the Transaction amounting to $0 assuming all
shareholders of Renren are eligible shareholders and validly elect to waive the cash dividend
The aggregate dollar amount of the cash dividend to be paid by Renren in the Transaction amounting to $131 million if no
additional shareholders beyond the committed shareholders elect to waive the cash Dividend in respect of any of their shares in
Renren.
Refer to Form 6-K filed on April 30, 2018 for additional information including assumptions used in the pro forma calculation.
Conference Call Information
The Company will not host a conference call. Please contact our Investor Relations Department if you have any questions.
About Renren Inc.
Renren Inc. (NYSE: RENN) operates a social networking service (SNS) business, used car business and SaaS business. Renren's American depositary shares, each of which represents fifteen Class A ordinary shares, trade on the NYSE under the symbol "RENN".
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook for the first quarter of 2018 and quotations from management in this announcement, as well as Renren's strategic and operational plans, contain forward-looking statements. Renren may also make written or oral forward-looking statements in its filings with the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Renren's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: our goals and strategies; our future business development, financial condition and results of operations; the expected growth of the social networking site market in China; our expectations regarding demand for and market acceptance of our services; our expectations regarding the retention and strengthening of our relationships with key advertisers and customers; our plans to enhance user experience, infrastructure and service offerings; competition in our industry in China; and relevant government policies and regulations relating to our industry. Further information regarding these and other risks is included in our annual report on Form 20-F and other documents filed with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Renren does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
About Non-GAAP Financial Measures
To supplement Renren's consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Renren uses "adjusted net income (loss)" which is defined as "a non-GAAP financial measure" by the SEC, in evaluating its business. We define adjusted net income (loss) as net income (loss) excluding share-based compensation expenses and amortization of intangible assets. We present adjusted net income (loss) because it is used by our management to evaluate our operating performance. We also believe that this non-GAAP financial measure provide useful information to investors and others in understanding and evaluating our consolidated results of operations in the same manner as our management and in comparing financial results across accounting periods and to those of our peer companies.
The presentation of this non-GAAP financial measure is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliation of non-GAAP results of operations measures to the comparable GAAP financial measures" at the end of this release.
For more information, please contact:
Investor Relations Department
Renren Inc.
Tel: (86 10) 8448 1818 ext. 1300
Email: [email protected]
RENREN INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in US dollars, in thousands, except shares,
December 31,
2016
December 31,
2017
per share, ADS, and per ADS data)
ASSETS
Current assets:
Cash and cash equivalents
$
79,370
$
128,595
Restricted Cash
30,390
72,983
Short-term investments
410
-
Accounts receivable, net
4,702
6,260
Financing receivable, net
301,773
125,478
Prepaid expenses and other current assets
20,749
50,183
Amounts due from related parties
13,419
15,224
Inventory
-
95,012
Total current assets
450,813
493,735
Non-current assets:
Long-term financing receivable, net
330
8
Property and equipment, net
28,666
29,532
Goodwill and intangible assets, net
-
104,197
Long-term investments
695,348
565,366
Other non-current assets
1,687
1,326
Total non-current assets
726,031
700,429
TOTAL ASSETS
$
1,176,844
$
1,194,164
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
5,561
$
20,046
Short-term debt
37,202
81,479
Accrued expenses and other current liabilities
19,781
45,898
Payable to investors
182,951
142,689
Amounts due to related parties
10,914
17,746
Deferred revenue and advance from customers
5,954
11,489
Income tax payable
7,860
12,652
Contingent consideration
-
5,944
Long-term debt current
-
52,604
Total current liabilities
270,223
390,547
Non-current liabilities:
Long-term debt
95,390
27,665
Long-term payable to investors
59,916
-
Long-term Contingent consideration
-
60,850
Other non-current liabilities
12,849
6,356
Total non-current liabilities
168,155
94,871
TOTAL LIABILITIES
$
438,378
$
485,418
Shareholders' Equity:
Class A ordinary shares
720
727
Class B ordinary shares
305
305
Additional paid-in capital
1,266,592
1,303,117
Statutory reserves
6,712
6,712
Accumulated deficit
(542,746)
(653,173)
Accumulated other comprehensive income
6,883
17,116
Total Renren Inc. shareholders' equity
738,466
674,804
Noncontrolling Interests
-
33,942
TOTAL EQUITY
738,466
708,746
TOAL LIABILITIES AND EQUITY
$
1,176,844
$
1,194,164
RENREN INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
For the Three Months Ended
For the Twelve Months Ended
(Amounts in US dollars, in thousands, except shares,
December 31,
2016
September 30,
2017
December 31,
2017
December 31,
December 31,
per shares, ADS, and per ADS data)
2016
2017
Net revenues
IVAS and others
10,788
$
12,888
$
14,531
$
34,047
$
51,749
Financing income
9,536
6,630
4,733
29,317
29,269
Used car sales
-
42,245
77,797
-
121,084
Total net revenues
20,324
61,763
97,061
63,364
202,102
Cost of revenues
(15,883)
(55,645)
(96,878)
(51,767)
(184,398)
Gross profit
4,441
6,118
183
11,597
17,704
Operating expenses:
Selling and marketing
(5,464)
(8,390)
(8,399)
(21,276)
(28,954)
Research and development
(5,323)
(6,290)
(6,993)
(20,750)
(23,678)
General and administrative
(10,069)
(18,820)
(12,233)
(42,584)
(52,949)
Total operating expenses
(20,856)
(33,500)
(27,625)
(84,610)
(105,581)
Loss from operations
(16,415)
(27,382)
(27,442)
(73,013)
(87,877)
Other income (expenses)
1,151
4,157
(5,997)
12,888
(1,369)
Interest income
328
720
623
919
2,029
Interest expenses
(3,793)
(2,741)
(2,760)
(12,439)
(10,185)
Realized gain (loss) on short-term investments
42
1
-
552
(100)
Realized gain on disposal of long-term investments
-
32,726
4,585
-
37,311
Impairment of long term investments
(67,307)
(35,000)
(17,052)
(102,307)
(113,073)
Total non-operating loss
(69,579)
(137)
(20,601)
(100,387)
(85,387)
Loss before provision of income tax and loss in
equity method investments, net of tax
(85,994)
(27,519)
(48,043)
(173,400)
(173,264)
Income tax expenses
(898)
(1,075)
(1,936)
(2,470)
(4,479)
Loss before (loss) income earnings in equity method
investments, net of tax
(86,892)
(28,594)
(49,979)
(175,870)
(177,743)
(Loss) earnings in equity method investments, net of
tax
(6,402)
5,654
(4,211)
(18,183)
67,240
Loss from continuing operations
(93,294)
(22,940)
(54,190)
(194,053)
(110,503)
Net loss (income) attributable to noncontrolling interests
-
175
(99)
-
76
Net loss attributable to Renren Inc.
(93,294)
$
(22,765)
$
(54,289)
(185,352)
(110,427)
Net loss per share attributable to Renren Inc.
shareholders:
Basic
(0.09)
$
(0.02)
$
(0.05)
$
(0.18)
$
(0.11)
Diluted
(0.09)
$
(0.02)
$
(0.05)
$
(0.18)
$
(0.11)
Net loss attributable to Renren Inc. shareholders per
ADS*:
Basic
(1.37)
$
(0.33)
$
(0.79)
$
(2.72)
$
(1.61)
Diluted
(1.37)
$
(0.33)
$
(0.79)
$
(2.72)
$
(1.61)
Weighted average number of shares used in
calculating net loss per ordinary share attributable to
Renren Inc. shareholders:
Basic
1,024,521,024
1,029,120,470
1,028,537,406
1,022,664,396
1,028,537,406
Diluted
1,024,521,024
1,029,120,470
1,028,537,406
1,022,664,396
1,028,537,406
* Each ADS represents 15 Class A ordinary shares.
Reconciliation of Non-GAAP results of operations measures to the comparable GAAP financial measures
Adjusted net loss
For the Three Months Ended
For the Twelve Months Ended
(Amounts in US dollars, in thousands)
December 31,
September 30,
December 31,
December 31,
December 31,
2016
2017
2017
2016
2017
Net loss
(93,294)
$
(22,765)
$
(54,289)
$
(185,352)
$
(110,427)
Add back: Shared-based compensation expenses
5,372
12,210
5,494
23,544
28,016
Add back: Amortization of intangible assets
-
20
35
21
55
Adjusted net loss
(87,922)
$
(10,535)
$
(48,760)
$
(161,787)
$
(82,356)
View original content: http://www.prnewswire.com/news-releases/renren-announces-unaudited-fourth-quarter-and-fiscal-year-2017-financial-results-300643494.html
SOURCE Renren Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-renren-announces-unaudited-fourth-quarter-and-fiscal-year-2017-financial-results.html |
Check out the companies making headlines before the bell:
Comcast – The NBCUniversal and CNBC parent is making preparations for a possible all-cash bid for 21st Century Fox's entertainment assets, according to sources. Fox has an agreement in place to sell those assets to Walt Disney for $52.4 billion in stock.
Dean Foods – The milk and dairy producer earned an adjusted 14 cents per share for its latest quarter, 4 cents a share above estimates. Revenue beat forecasts and the company said its ongoing effort to reduce costs is going well.
Dish Network – The satellite TV provider matched forecasts with quarterly earnings of 70 cents per share, but revenue missed consensus estimates. Subscriber growth for Dish's Sling TV service was not enough to offset losses in its pay-TV subscriptions.
Gartner – The information technology services company earned an adjusted 72 cents per share for its latest quarter, compared with a 58 cents a share consensus estimate. Revenue was also well above forecasts, but Gartner cut its full-year outlook.
Valeant Pharmaceuticals – The drugmaker reported better-than-expected revenue for its first quarter, and also raised its full-year forecast. It did not provide an earnings per share number that is comparable to consensus estimates.
SeaWorld Entertainment – The theme park operator posted a quarterly loss of 73 cents per share, 5 cents a share smaller than anticipated. Revenue beat forecasts as attendance increased by 14 percent compared to a year earlier.
Aramark – The food services company reported adjusted quarterly profit of 48 cents per share, 2 cents a share above estimates. Revenue topped forecasts and the company raised its full-year forecast due to productivity improvements.
Zillow – Zillow reported quarterly earnings of 7 cents per share , beating estimates by a penny a share. The real estate website operator's revenue was also slightly above Street forecasts, however the company did give a current-quarter revenue projection that falls below forecasts. Zillow also announced that CFO Kathleen Phillips is stepping down at the end of May.
Hertz Global – Hertz lost $1.58 per share for its latest quarter, wider than the $1.26 per share loss that analysts were anticipating. The car rental company's revenue did beat forecasts, but it said it still "had work to do."
AMC Entertainment – AMC beat estimates by 5 cents a share, with quarterly profit of 14 cents per share . The movie theater operator's revenue was above forecasts, as well. AMC said it benefited from higher box office revenue and from the acquisition of Nordic Cinema.
Snap – Snap Chief Financial Officer Andrew Vollero is stepping down , and will be replaced by former Amazon.com executive Tim Stone. Stone had led Amazon's integration of Whole Foods after the acquisition of the supermarket chain last year.
Citigroup – Activist investor ValueAct has acquired a $1.2 billion stake in Citigroup. A letter to investors said the ValueAct continues to boost its Citi stake "opportunistically" and that it supports CEO Michael Corbat.
Shire – The UK-based drugmaker has agreed to be bought by Japan's Takeda Pharmaceutical for $62.4 billion in cash and stock, after rejecting several prior offers.
Advance Auto Parts – The auto parts retailer was upgraded to "overweight" from "neutral" at Atlantic Equities, which cites valuation among other factors.
Mosaic – Mosaic earned an adjusted 20 cents per share for the first quarter, missing estimates by 8 cents a share. The fertilizer producer's revenue beat forecasts, though sales of phosphates and potash fell due to transportation delays in Canada. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/stocks-making-the-biggest-moves-premarket-cmcsa-foxa-dis-df-dish-it-more.html |
SAN CARLOS, Calif., May 21, 2018 /PRNewswire/ -- Prescient Surgical announced publication of clinical data in the World Journal of Surgery on CleanCision, its novel wound retraction and protection system, which received FDA clearance in October of 2017.
Colorectal surgery is known to have high rates of surgical site infection (SSI). Due to the nature of the procedure, there is high likelihood of contamination of the surgical incision site. It has been shown that up to 50% of all abdominal incisions may be contaminated during colon surgery. 1
The study demonstrated that use of the CleanCision device resulted in a 66% reduction in overall wound edge contamination from 34.5% to 11.9% (P<0.001). Enteric contamination was also shown to be reduced by 71% (P<0.001). The incisional SSI rate was 2.3% in the primary analysis and 1.2% in those that completed the protocol. There were no adverse events attributed to the device, confirming its safe use.
"We have to continue to explore new technologies and tools that protect patients from infection-causing contamination during surgery," said Dr. Harry Papaconstantinou, MD, Chair, Department of Surgery at Temple, Texas-based Scott & White Medical Center, colorectal surgeon, and lead author and principal investigator in the trial. "This study helps us understand that preventing exposure to bacterial contamination in colorectal surgery can reduce risk of infection. It also spotlights the role of combining irrigation and barrier protection as a new way to continue to lower risk across all of our colorectal surgeries," he added.
"Advancing SSI prevention technique is as important as advancing surgical technique," said Dr. Elisa Birnbaum, MD, Professor of Surgery, University of Colorado Anschultz Medical Campus, colorectal surgeon, and top-enroller in the study. "Even with our rapidly evolving technologies for minimally invasive surgery, the threat of infection, while lessened with these approaches, is still a primary concern. With an advanced, easy to use device such as CleanCision, we can exert more control over the wound site, clearing away bacteria while protecting the wound from exposure. These results are promising and could indicate that this approach has an important role in an enhanced SSI infection prevention bundle," she added.
The study was a prospective, multi-center clinical study in a cohort of elective colorectal surgery patients undergoing a resection. The study was conducted at seven centers in the United States. There were a total of 86 subjects eligible for analysis. Contamination was evaluated by comparing bacterial contamination present on the exposed incision edge compared to the incision edge protected by the device at the time of device removal. Patients were followed for 30 days for evaluation of SSI using the CDC definitions.
1 Fa-Si-Oen PR, Kroeze F, Verhoef LH, Verwaest C, Roumen RM. Bacteriology of abdominal wounds in elective open colon surgery: a prospective study of 100 surgical wounds. Clin Microbiol Infect. 2005;11(2):155-157.
About Prescient Surgical
Based in San Carlos, Calif., Prescient Surgical, Inc. is a medical device innovator that makes advanced tools and technologies to fight and defend against the sources of surgical site infection.
http://prescientsurgical.com
View original content with multimedia: http://www.prnewswire.com/news-releases/novel-cleancision-system-reduces-incisional-contamination-in-colorectal-surgery-300652038.html
SOURCE Prescient Surgical | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-novel-cleancision-system-reduces-incisional-contamination-in-colorectal-surgery.html |
May 24, 2018 / 9:23 AM / in 9 hours Russia to carry out checks on Facebook, Whatsapp: TASS Reuters Staff 1 Min Read
MOSCOW (Reuters) - Russian state telecommunications watchdog Roskomnadzor will check by December whether Facebook and possibly Whatsapp are complying with Russian laws, TASS news agency reported on Thursday, citing the head of the watchdog. FILE PHOTO: Silhouettes of mobile users are seen next to a screen projection of Facebook logo in this picture illustration taken March 28, 2018. REUTERS/Dado Ruvic/File Photo
Russia has said it would block access to Facebook unless the social network complies with legislation requiring websites which store the personal data of Russian citizens to do so on Russian servers. [nL8N1M73C6]
“We will take a decision based on the result of these checks,” Alexander Zharov, Rokomnadzor’s chief, was quoted as saying by TASS. Reporting by Vladimir Soldatkin; Writing by Tom Balmforth; Editing by Gareth Jones | ashraq/financial-news-articles | https://www.reuters.com/article/us-facebook-russia-checks/russia-to-carry-out-checks-on-facebook-whatsapp-tass-idUSKCN1IP1BM |
May 30, 2018 / 8:59 PM / Updated 11 minutes ago Buffett proposed to invest $3 billion in Uber, but talks failed: Bloomberg Reuters Staff 1 Min Read
(Reuters) - Billionaire investor Warren Buffett had proposed to invest $3 billion in Uber Technologies Inc [UBER.UL] earlier this year, but the talks failed following disagreements over the terms and size of the deal, Bloomberg reported on Wednesday, citing people familiar with the matter. FILE PHOTO - Investor Warren Buffet arrives for the premiere of the film "Wall Street: Money Never Sleeps" in New York, U.S. on September 20, 2010. REUTERS/Lucas Jackson/File Photo
Both Uber and a representative for Buffett did not immediately respond to a request for comment.
(This version of the story Corrects to “Buffett” from “Buffet” in paragraph 1) Reporting by Shubham Kalia in Bengaluru; Editing by Anil D'Silva | ashraq/financial-news-articles | https://uk.reuters.com/article/us-uber-investment-buffett/buffett-proposed-to-invest-3-billion-in-uber-but-talks-failed-bloomberg-idUKKCN1IV2RH |
HUNTINGTON, W.Va., May 22, 2018 /PRNewswire/ -- PREMIER FINANCIAL BANCORP, INC. (PREMIER), (NASDAQ/GMS: PFBI) a $1.5 billion community financial holding company with two community bank subsidiaries announced today that the board of directors has declared a 5 for 4 stock split payable to shareholders of record on June 4, 2018 and a $0.15 cash dividend payable to shareholders of record on June 15, 2018.
President and CEO, Robert W. Walker stated, "We are pleased to reward our shareholders with both the stock split and the cash dividend. The board reflected on the positive earnings performance of the company in 2017 and the first quarter of 2018, as well as the positive impact of the lower corporate income tax rate resulting from the 2017 Tax Cut and Jobs Act, and their desire to provide shareholders with increased value. The declared stock split will result in shareholders receiving 1 additional share of common stock for every 4 shares of common stock they already own on June 4, 2018 (the record date). The shares will be added to their ownership record automatically on the payable date, June 8, 2018, with any resulting fractions of a share paid in cash at the rate of $21.23 per whole share. Since the record date of the cash dividend is after the issuance of the 5 for 4 stock split, shareholders will receive the $0.15 per share cash dividend on those additional shares, effectively increasing the cash dividend by 25% as well."
At its regularly scheduled May meeting, the board of directors resolved to issue the 5 for 4 stock split to common shareholders of record on June 4, 2018, payable to shareholders on June 8, 2018, and declared the $0.15 per share cash dividend to common shareholders of record on June 15, 2018. The cash dividend will be paid to shareholders on June 29, 2018, the last business day of the quarter.
Certain Statements contained in this news release, including without limitation, statements including the word "believes," "anticipates," "intends," "expects" or words of similar import, constitute "forward-looking statements" within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Premier to be materially different from any future results, performance or achievements of Premier expressed or implied by such forward-looking statements. Such factors include, among others, general economic and business conditions, changes in business strategy or development plans and other factors referenced in this press release. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. Premier disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.
View original content: http://www.prnewswire.com/news-releases/premier-financial-bancorp-inc-announces-5-for-4-stock-split-and-second-quarter-cash-dividend-300652185.html
SOURCE Premier Financial Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-premier-financial-bancorp-inc-announces-5-for-4-stock-split-and-second-quarter-cash-dividend.html |
DENVER, May 8, 2018 /PRNewswire/ -- YES! Communities ("YES!"), one of the nation's largest owners and operators of manufactured home communities, today announced that it had acquired a portfolio of 24 manufactured home communities, comprising over 6,800 residential home sites in the states of Michigan, Indiana, Illinois and Texas, from affiliates of Four Leaf Properties. As a result of the acquisition, YES!'s portfolio now includes 213 manufactured home communities, comprising over 54,000 home sites, in 18 states. While terms of the acquisition were not disclosed, YES! announced that it has completed a total of approximately $450 million in acquisitions so far in 2018, and is continuing to seek opportunities across the nation.
YES! further announced that, at the April convention of the Manufactured Housing Institute, the industry's primary trade group, it was awarded the group's manufactured home community "Operator of the Year" award for the ninth consecutive year. YES! celebrated its 10 th anniversary in January, and has won "Operator of the Year" honors in all but one of those years.
Commenting on the Four Leaf acquisition, Steven Schaub, Chief Executive Officer of YES!, said, "This acquisition of family-oriented properties in solid Midwest markets fits exceptionally well into our portfolio and offers considerable upside potential through the leasing of presently vacant home sites. Consistent with our operating strategy, we intend to add new homes on open sites across the portfolio and invite new residents, both prospective homeowners and home renters, to enjoy the community and resident-focused YES! experience."
Commenting on the "Operator of the Year" honor, Karen Hamilton, Chief Operating Officer of YES!, said, "We are proud of our YES! team members nationwide, who have once again been honored by their peers for the exceptional service they provide. Their commitment to resident satisfaction and true community building are what make YES! special and we congratulate them on another successful year."
Debt financing for the Four Leaf transaction included a credit facility from Freddie Mac, arranged by KeyBank. KeyBanc Capital Markets also served as Financial Advisor to YES! in connection with the transaction.
About YES! Communities
YES! Communities is one of the nation's largest owners and operators of manufactured home communities, with 213 communities across 18 states containing over 54,000 residential home sites. Based in Denver, YES! is a recognized industry leader and winner of the Manufactured Housing Institute's community "Operator of the Year" award for the last nine consecutive years. For more information about YES!, please visit www.yescommunities.com .
View original content: http://www.prnewswire.com/news-releases/yes-communities-announces-acquisition-of-24-manufactured-home-communities-and-ninth-consecutive-operator-of-the-year-honor-300644682.html
SOURCE YES! Communities | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-yes-communities-announces-acquisition-of-24-manufactured-home-communities-and-ninth-consecutive-operator-of-the-year-honor.html |
SAN DIEGO, May 11, 2018 /PRNewswire/ -- Qualcomm Incorporated (NASDAQ: QCOM) today announced that Qualcomm River Holdings B.V., an indirect wholly owned subsidiary of Qualcomm, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors N.V. (NASDAQ: NXPI). The tender offer is being made pursuant to the Purchase Agreement, dated as of October 27, 2016, by and between Qualcomm River Holdings B.V. and NXP, as amended (the "Purchase Agreement"). The tender offer is now scheduled to expire at 5:00 p.m., New York City time, on May 25, 2018, unless extended or earlier terminated, in either case pursuant to the terms of the Purchase Agreement.
American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, has advised Qualcomm River Holdings B.V. that as of 5:00 p.m., New York City time, on May 10, 2018, the last business day prior to the announcement of the extension of the offer, 45,135,726 NXP common shares (excluding 71,739 shares tendered pursuant to guaranteed delivery procedures that have not yet been delivered in settlement or satisfaction of such guarantee), representing approximately 13.1% of the outstanding NXP common shares, have been validly tendered pursuant to the tender offer and not properly withdrawn. Shareholders who have already tendered their common shares of NXP do not have to re-tender their shares or take any other action as a result of the extension of the expiration date of the tender offer.
Completion of the tender offer remains subject to additional conditions described in the tender offer statement on Schedule TO filed by Qualcomm River Holdings B.V. with the U.S. Securities and Exchange Commission on November 18, 2016, as amended (the "Schedule TO"). The tender offer will continue to be extended until all conditions are satisfied or waived, or until the tender offer is terminated, in either case pursuant to the terms of the Purchase Agreement by and between Qualcomm River Holdings B.V. and NXP and as described in the Schedule TO.
Innisfree M&A Incorporated is acting as information agent for Qualcomm River Holdings B.V. in the tender offer. Requests for documents and questions regarding the tender offer may be directed to Innisfree M&A Incorporated by telephone, toll-free at (888) 750-5834 for shareholders, or collect at (212) 750-5833 for banks and brokers.
About Qualcomm
Qualcomm invents breakthrough technologies that transform how the world connects and communicates. When we connected the phone to the Internet, the mobile revolution was born. Today, our inventions are the foundation for life-changing products, experiences, and industries. As we lead the world to 5G, we envision this next big change in cellular technology spurring a new era of intelligent, connected devices and enabling new opportunities in connected cars, remote delivery of health care services, and the IoT — including smart cities, smart homes, and wearables. Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, all of our engineering, research and development functions, and all of our products and services businesses, including, the QCT semiconductor business. For more information, visit Qualcomm's website, OnQ blog, Twitter and Facebook pages.
Additional Information and Where to Find It
This document is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any common shares of NXP Semiconductors N.V. ("NXP") or any other securities. Qualcomm River Holdings B.V. ("Buyer"), an indirect, wholly owned subsidiary of Qualcomm Incorporated ("Qualcomm"), has filed a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal, and related documents with the United States Securities and Exchange Commission (the "SEC") and NXP has filed a solicitation/recommendation statement on Schedule 14D-9 with the SEC with respect to the tender offer. The offer to purchase common shares of NXP is only being made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of the Schedule TO, in each case as amended from time to time. THE TENDER OFFER MATERIALS (INCLUDING THE OFFER TO PURCHASE, THE RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 CONTAIN IMPORTANT INFORMATION. SHAREHOLDERS OF NXP ARE URGED TO READ THESE DOCUMENTS, AS FILED AND AS MAY BE AMENDED FROM TIME TO TIME, CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT SUCH HOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES. Investors and security holders may obtain a free copy of these statements and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov . In addition, free copies of these documents may be obtained by contacting Innisfree M&A Incorporated, the information agent for the tender offer, toll free at (888) 750-5834 (for shareholders) or collect at (212) 750-5833 (for banks and brokers).
Cautionary Note Regarding Forward-Looking Statements
Any statements contained in this document that are not historical facts are as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate", "believe", "estimate", "expect", "forecast", "intend", "may", "plan", "project", "predict", "should" and "'will" and similar expressions as they relate to Qualcomm, Buyer or NXP are intended to identify such . These involve risks and uncertainties concerning the parties' ability to complete the tender offer and close the proposed transaction, the expected closing date of the transaction, the financing of the transaction, the anticipated benefits and synergies of the transaction, anticipated future combined businesses, operations, products and services, and liquidity, debt repayment and capital return expectations. Actual events or results may differ materially from those described in this document due to a number of important factors. These factors include, among others, the outcome of regulatory reviews of the proposed transaction; the ability of the parties to complete the transaction; the ability of Qualcomm to successfully integrate NXP's businesses, operations (including manufacturing and supply operations), sales and distribution channels, business and financial systems and infrastructures, research and development, technologies, products, services and employees; the ability of the parties to retain their customers and suppliers; the ability of the parties to minimize the diversion of their managements' attention from ongoing business matters; Qualcomm's ability to manage the increased scale, complexity and globalization of its business, operations and employee base post-closing; and other risks detailed in Qualcomm's and NXP's filings with the SEC, including those discussed in Qualcomm's most recent Annual Report on Form 10-K and in any subsequent periodic reports on Form 10-Q and Form 8-K and NXP's most recent Annual Report on Form 20-F and in any subsequent reports on Form 6-K, each of which is on file with the SEC and available at the SEC's website at www.sec.gov . SEC filings for Qualcomm are also available in the Investor Relations section of Qualcomm's website at www.qualcomm.com , and SEC filings for NXP are available in the Investor Relations section of NXP's website at www.nxp.com . Qualcomm is not obligated to update these to reflect events or circumstances after the date of this document. Readers are cautioned not to place undue reliance on these , which speak only as of their dates.
Qualcomm Contacts:
Pete Lancia, Corporate Communications
Phone: 1-858-845-5959
Email: [email protected]
John Sinnott, Investor Relations
Phone: 1-858-658-4813
Email: [email protected]
View original content: http://www.prnewswire.com/news-releases/qualcomm-extends-cash-tender-offer-for-all-outstanding-shares-of-nxp-300646877.html
SOURCE Qualcomm Incorporated | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-qualcomm-extends-cash-tender-offer-for-all-outstanding-shares-of-nxp.html |
Starbucks will temporarily shut 8,000 stores for four hours Tuesday afternoon to conduct racial bias training for its employees. It follows an incident in Philadelphia last month in which two black men were arrested simply for waiting in a store.
What would seem like a positive step forward is already, perhaps predictably, being criticized.
Starbucks's bias training, according to T.J. Legacy-Cole, a political organizer in Orlando , is "a self-righteous and disingenuous public-relations stunt to glorify a white-owned corporation for making a feeble attempt to combat systemic racism without investing in the communities or people most affected by its oppression."
Robert L. Woodson Sr. of the Woodson Center, a community development organization, wrote that the effort was a form of virtue signaling: "It's easy to see who benefits from this kind of response: The consultants who devise and conduct sensitivity-training sessions."
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And the griping goes on, with some going so far as to speculate that the training program could even be counterproductive.
There is undoubtedly a public relations aspect to this. Starbucks wants to polish its image as an inclusive, progressive company.
But what other American company do you know that is spending tens of millions of dollars to try to begin a discussion about race at such a scale and in such a public way?
Having spoken with senior executives at many large American companies, I found it hard to find one that has taken on the issue of race so directly, with so many employees. Other corporations have programs to improve race relations and have spent money on diversity programs, especially for those in the senior ranks. Some, including Facebook and Google , have included implicit bias training. But few, if any, have taken as sweeping an approach as Starbucks will on Tuesday.
The National Football League, for example, took the opposite approach : It set rules last week aimed at keeping any conversation about race or social justice far from its fields.
Walmart has some form of racial bias training for its managers, but you've never seen it close its stores to work on that training or take such a public stance, despite racial bias incidents caught on video.
Will Starbucks' effort work? The critics say it's laughable to think that racial bias will end after a four-hour afternoon training session.
They're right. But that's not the way to measure it.
The training program, if it is effective, will start a dialogue among some 175,000 employees. The hope is that they will continue the conversation in stores, at home and among their family and friends for days, weeks and months, multiplying the impact.
That's called a start. And if the program is well received, it could give license to other companies to wade into a historically sensitive issue.
Starbucks has tried to have this conversation before: In 2015, it encouraged baristas to write "Race Together" on coffee cups and to talk with customers about race. The effort failed before it ever got off the ground. It was criticized as being everything from too superficial to too deep. "Honest to God, if you start to engage me in a race conversation before I've had my morning coffee, it will not end well," the late PBS NewsHour anchor Gwen Ifill wrote on Twitter.
Gwen Ifill tweet
The Philadelphia debacle — in which a Starbucks manager called the police on two African-American men who were waiting in the store — reflects a broader problem that exists all over the country. The sociologist Elijah Anderson has written about places he calls " white spaces ," which African-Americans perceive "to be informally 'off limits' for people like them."
The incident clearly rattled Starbucks' leadership. If nothing else, it was an ugly public image for a company that prides itself on showcasing its inclusive values.
Howard Schultz, the company's chairman, and Kevin Johnson, its chief executive, soon went on an apology tour. Some waved it off as a desperate attempt to defuse a P.R. nightmare. Others applauded it as a textbook example of how to handle a corporate crisis.
Mr. Schultz and Mr. Johnson decided they needed to do more than apologize. Starbucks devised the training program with input from an assortment of leaders: Sherrilyn Ifill, president and director-counsel of the NAACP Legal Defense and Education Fund (and a cousin of Gwen's); Heather C. McGhee, president of the public policy organization Demos; and former Attorney General Eric H. Holder, among others. Starbucks' initiative could take a small but noticeable bite out of the company's fiscal third-quarter profit, which last year came in at just over $1 billion.
The seminars will involve groups of about four employees being guided by an interactive iPad workbook, featuring videos from Mr. Johnson, Mr. Schultz and the rapper Common. Staff will also watch a documentary short by Stanley Nelson Jr., the Emmy-winning filmmaker. A series of conversation-starters are included in separate worksheets.
Starbucks also changed its policy, announcing that "any customer is welcome to use Starbucks spaces, including our restrooms, cafes and patios, regardless of whether they make a purchase."
Mr. Schultz has always talked about Starbucks as the "third place" — a cultural meeting ground between home and work. The company promotes itself as having an identity defined by inclusion, so much so that, after President Trump's executive order barring immigrants and refugees from seven Muslim-majority countries from entering the United States, Starbucks announced that it would hire 10,000 refugees at it stores around the world by 2022.
Of course, it is possible that Starbuck's training program could lead to bruised feelings, tears and fighting among employees.
But whatever happens, someone always has to go first.
In 1953, a year before Brown v. Board of Education, I.B.M.'s chief executive, Thomas Watson Jr., wrote a letter describing a commitment to nondiscrimination. He was in the process of building factories in North Carolina and Kentucky, and he wanted to integrate the work force. "It is the policy of this organization to hire people who have the personality, talent and background necessary to fill a given job, regardless of race, color or creed," he wrote.
The document has become known as IBM Policy Letter #4.
Corporate America has come a long way since that letter was written. Clearly, there's a lot more to be done. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/why-starbuckss-bias-training-despite-skepticism-is-an-important-start.html |
May 10, 2018 / 5:10 PM / Updated 16 minutes ago Trump, Abe discuss North Korean issues, including alliance with South Korea: White House Reuters Staff 1 Min Read
WASHINGTON (Reuters) - U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe discussed North Korea on Wednesday, including Trump’s upcoming meeting with Pyongyang’s Kim Jong Un, the White House said in a statement released on Thursday. FILE PHOTO - U.S. President Donald Trump (R) looks on as Japan's Prime Minister Shinzo Abe speaks while dining at Trump's Mar-a-Lago estate in Palm Beach, Florida, U.S., April 18, 2018. REUTERS/Kevin Lamarque
They also said they remained committed to cooperating with South Korea and “affirmed the shared goal of North Korea abandoning its illicit weapons of mass destruction and ballistic missile programs,” the statement said. Reporting by Susan Heavey and Tim Ahmann | ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-usa-japan/trump-abe-discuss-north-korean-issues-including-alliance-with-south-korea-white-house-idUSKBN1IB2J7 |
CONAKRY (Reuters) - Opposition lawmakers in Guinea on Wednesday called for a parliamentary inquiry into billionaire tycoon Vincent Bollore’s dealings in the West African nation, which are under investigation in France.
FILE PHOTO: Vincent Bollore, Chairman of the Supervisory Board of media group Vivendi, attends the company's shareholders meeting in Paris, France, April 19, 2018. REUTERS/Charles Platiau/File Photo French authorities are looking into allegations that a unit of his company Groupe Bollore undercharged for work on behalf of presidential candidates in Guinea and Togo in return for port contracts.
Guinea’s Justice Minister Cheick Sako told Reuters last week that it would cooperate with the French investigation.
Guinea’s opposition holds just 37 of a total of 114 seats in parliament so will require support from at least some of Conde’s allies in order to move forward with an inquiry, but the call shows the risk of a public backlash in West Africa to the news.
“We demand the creation of a parliamentary commission of inquiry to shine light on the Bollore affair,” Ousmane Gaoual Diallo, an MP from opposition leader Cellou Dalein Diallo’s Union of Democratic Forces of Guinea (UFDG), told Reuters.
“We made a proposal for this and it will be before the office of the speaker of the National Assembly tomorrow morning,” he said.
Bollore’s lawyer, Olivier Baratelli, has denied any wrongdoing by his client, who is under formal investigation for allegations including corrupting foreign public officials and complicity in breach of trust, forgery and use of forgery, according to a French judicial source.
Groupe Bollore, whose Chief Executive Gilles Alix, is also a target of the investigation, has denied the allegations as well.
The sprawling company has confirmed that its African business interests were being investigated over the billing of work by its communications business Havas Worldwide in Guinea and Togo between 2009 and 2010.
Allegations in Guinea center on a concession to manage and expand the container terminal in the capital Conakry.
France’s Getma International won the contract in a 2008 tender, beating rivals including Bollore - the dominant port and rail operator across French-speaking West and Central Africa.
Guinea’s current President Alpha Conde came to power after narrowly defeating Diallo in a 2010 election and canceled the agreement with Getma in March of the following year. Bollore took over the concession the same month.
Former transport minister Alpha Ibrahima Keira said last week that Havas’ work during the election had nothing to do with the decision, which the government says was the result of a legal tendering process. Bollore Group has also denied any link between the communications consultancy and the port business.
“As with all the proposals made by the opposition since the start of this legislature, we know that this could be abandoned in a desk drawer, but we are committed to clarifying this matter,” opposition MP Gaoual Diallo said.
Writing by Joe Bavier; Editing by Tim Cocks
| ashraq/financial-news-articles | https://www.reuters.com/article/us-france-bollore-guinea/guinea-opposition-calls-for-parliamentary-inquiry-into-bollore-idUSKBN1I32PC |
May 2 (Reuters) - China Financial Leasing Group Ltd :
* MA CHAO APPOINTED CHAIRMAN Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-china-financial-leasing-group-appo/brief-china-financial-leasing-group-appoints-ma-chao-as-chairman-idUSFWN1S90OT |
May 3, 2018 / 6:05 PM / Updated 2 hours ago Germany's far-right AfD helping make anti-Semitism 'presentable' - official Reuters Staff 3 Min Read
BERLIN (Reuters) - A senior German government official accused the opposition far-right Alternative for Germany (AfD) party of helping make anti-Semitism “presentable” again in Germany by challenging a longtime consensus about how to deal with its Nazi past. FILE PHOTO: Alexander Gauland attends the anti-immigration party Alternative for Germany (AfD) congress in Hanover, Germany, December 2, 2017. REUTERS/Hannibal Hanschke/File Photo
Felix Klein, who holds a newly created government post tasked with fighting anti-Semitism, said in remarks to online news site watson.de on Thursday that the AfD tolerated party members calling for a new “culture of remembrance”.
“I don’t want to say the AfD is anti-Semitic, per se, but it tolerates representatives who are demanding a new policy of remembrance,” he said. “They initiated this discussion about drawing a line (under the Holocaust) and that is very dangerous because it helps make anti-Semitism presentable again.”
The AfD had no immediate comment on Klein’s comments. The party has denied being anti-Semitic or racist but has drawn sharp criticism for not sanctioning a key party figure after he called for a “180 degree turnaround” in the way Germany seeks to atone for Nazi crimes.
The AfD swept into the lower house of parliament for the first time after September elections, tapping into widespread frustration about Chancellor Angela Merkel’s 2015 decision to open the borders to over 1 million mostly Muslim migrants.
Klein’s post was created by Merkel’s conservatives and the centre-left Social Democrats as part of their coalition pact amid reports from Germany’s small Jewish community about what they see as rising levels of prejudice and hatred.
Anti-Semitism is a highly sensitive issue in Germany, whose 1933-45 Nazi regime murdered 6 million Jews in the Holocaust.
Klein said last month anti-Semitism was still rooted largely in extreme right-wing ideology and was not only being driven by Germany’s growing Muslim population.
German schools have long taught about the Holocaust, but rights groups say the rise of the AfD and other far-right parties has frayed taboos against anti-Semitic utterances and other hate speech.
Klein has also called for a national database to record anti-Semitic incidents, including by Muslims, that are not included in crime statistics.
He told watson.de that he would raise the issue with the German Conference on Islam, and encourage Muslim groups across Germany to take on the fight against anti-Semitism.
“This would not only send an important signal, but would allow Muslim groups to ask for solidarity when a mosque or a woman wearing a head covering are attacked,” he said. Reporting by Andrea Shalal; Editing by Mark Heinrich | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-germany-antisemitism/germanys-far-right-afd-helping-make-anti-semitism-presentable-official-idUKKBN1I42BN |
BRENTWOOD, Tenn., May 10, 2018 (GLOBE NEWSWIRE) -- Shareholders of Tractor Supply Company (NASDAQ:TSCO), the largest rural lifestyle retail store chain in the United States, today elected Denise L. Jackson to its Board of Directors at the Company’s Annual Meeting of Shareholders. The Company’s shareholders also re-elected directors Cynthia T. Jamison, Peter D. Bewley, Thomas A. Kingsbury, Ramkumar Krishnan, George MacKenzie, Edna K. Morris, Mark J. Weikel and Gregory A. Sandfort (Chief Executive Officer and Director).
Denise L. Jackson
“Tractor Supply is excited to welcome Denise to our Board of Directors. The Board will benefit from Denise’s considerable expertise in corporate governance, legal compliance, risk management and government affairs. Her cross-functional knowledge will help to broaden our Board’s collective capabilities,” said Cynthia Jamison, Tractor Supply Company’s Chairman of the Board.
“It is an honor to join the Tractor Supply Board of Directors during the Company’s 80 th year of operations. I look forward to contributing to the Tractor Supply team as they execute the Company’s ONETractor strategy to provide a seamless shopping experience for its customers,” said Ms. Jackson.
With the election of Ms. Jackson to the Board, Johnston C. Adams has retired from the Board. He did not stand for re-election. The total number of directors remains at nine members.
Ms. Jamison commented, “John has been a committed and impactful member of our Board for more than a decade. On behalf of the entire Tractor Supply team, we thank John for his many contributions and wish him all the best in the future.”
About Denise L. Jackson
Ms. Jackson has more than 17 years of leadership experience in her role as general counsel and corporate secretary of a publicly traded company and has considerable expertise in corporate governance, legal, compliance, risk management and government affairs. Ms. Jackson also has experience in strategy, mergers and acquisitions and executive compensation. Currently, Ms. Jackson serves as the Chief Legal Officer and Corporate Secretary for AMN Healthcare Services, Inc. (NYSE:AMN), the nation’s largest healthcare workforce solutions and staffing company. At AMN Healthcare, she also serves on the Information Security Committee and as an executive sponsor of both the Innovation Program and the Diversity and Inclusion Program. Additionally, Ms. Jackson oversees AMN Healthcare’s corporate social responsibility efforts.
Prior to her current role at AMN Healthcare, Ms. Jackson served as Vice President and Senior Counsel of The Mills Corporation between 1995 and 2000. She holds a Juris Doctorate degree from the University of Arizona and is licensed as an attorney in the states of Arizona, California and New York, as well as the District of Columbia.
About Tractor Supply Company
Tractor Supply Company (NASDAQ:TSCO) is in its 80 th year of operation and, since being founded in 1938, has grown to become the largest rural lifestyle retail store chain in the United States. With more than 28,000 team members, over 1,700 stores in 49 states and an e-commerce website, Tractor Supply is passionate about serving its unique niche, as a one-stop shop for recreational farmers, ranchers and all those who enjoy living the rural lifestyle. Tractor Supply offers an extensive mix of products necessary to care for home, land, pets and animals with a focus on product localization, exclusive brands and legendary customer service that addresses the needs of the Out Here lifestyle. The Company leverages its physical store assets with digital capabilities to offer customers the convenience of purchasing products they need anytime, anywhere and any way they choose at the everyday prices they deserve. At March 31, 2018, the Company operated 1,700 Tractor Supply stores in 49 states and an e-commerce website at www.TractorSupply.com .
Tractor Supply Company also owns and operates Petsense, a small-box pet specialty supply retailer focused on meeting the needs of pet owners, primarily in small and mid-size communities, and offering a variety of pet products and services. At March 31, 2018, the Company operated 172 Petsense stores in 27 states. For more information on Petsense, visit www.Petsense.com .
Tractor Supply Company
Investor Contacts:
Mary Winn Pilkington (615) 440-4212
Beth Thompson (615) 440-4102
Media Contacts:
Alecia Pulman/Brittany Rae Fraser, ICR (203) 682-8200
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/dbf9340f-1230-44a1-ac41-6c20e117cc4b
Source:Tractor Supply Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-tractor-supply-company-shareholders-elect-denise-l-jackson-to-its-board-of-directors.html |
CLEVELAND, May 10, 2018 /PRNewswire/ -- KeyCorp (NYSE: KEY) today held its annual meeting in Cleveland, OH, where it highlighted a strong year in 2017 for the nearly 200-year-old institution. Shareholders heard about how KeyBank is helping clients and communities thrive and how the company is growing and continuing to deliver on its commitment to create shareholder value.
"Key had a strong year in 2017. We delivered on our commitments with a step change in performance including improved profitability and returns. We are growing our business by adding and expanding client relationships while investing for the future. And, most important, we continued to help our clients and communities thrive," said Beth Mooney, Chairman and Chief Executive Officer, KeyCorp.
During the annual meeting, shareholders elected 15 nominees to KeyCorp's Board of Directors, each with executive leadership experience within a variety of national and international organizations, across a number of industries. Board elections were one of four proposals put before shareholders at the company's annual meeting, held at One Cleveland Center in Cleveland, OH. As announced on May 9, 2018, the KeyCorp Board of Directors also increased the dividend 14% to $.12 per common share from $.105 per share. This represents the third dividend increase in the last 12 months and a 26% increase since the second quarter 2017.
Other proposals presented and approved by shareholders included the appointment of Ernst & Young LLP as the company's independent auditor for the 2018 fiscal year and an advisory proposal on compensation of KeyCorp's named executive officers. A shareholder proposal seeking to reduce the ownership threshold to call a special shareholder meeting was presented but not approved.
About KeyCorp
KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $137.0 billion at March 31, 2018.Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,200 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/ . KeyBank is Member FDIC.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "outlook," "goal," "objective," "plan," "expect," "anticipate," "intend," "project," "believe," "estimate" and other words of similar meaning. Forward-looking statements represent management's current expectations and forecasts regarding future events. If underlying assumptions prove to be inaccurate or unknown risks or uncertainties arise, actual results could vary materially from these projections or expectations. Factors that could cause Key's actual results to differ from those described in the forward-looking statements can be found in KeyCorp's Form 10-K for the year ended December 31, 2017, as well as in KeyCorp's subsequent SEC filings, all of which have been filed with the Securities and Exchange Commission and are available on Key's website ( www.key.com/ir ) and on the Securities and Exchange Commission's website ( www.sec.gov ). Forward-looking statements speak only as of the date they are made and Key does not undertake any obligation to update the forward-looking statements to reflect new information or future events.
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SOURCE KeyCorp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-keycorp-holds-2018-annual-meeting.html |
May 21, 2018 / 9:18 AM / Updated 21 minutes ago FTSE hits fresh record high, Ryanair recovers after results Helen Reid 3 Min Read
LONDON (Reuters) - The FTSE hit another record high on Monday as an easing in U.S.-Chinese trade tensions and a strengthening dollar gave more fuel to the internationally-exposed index. FILE PHOTO: Pedestrians leave and enter the London Stock Exchange in London, Britain August 15, 2017. REUTERS/Neil Hall/File Photo
The index of Britain's biggest companies .FTSE ended the session up 1 percent, hitting a new record high of 7,868.12 points. The mid-cap FTSE 250 .FTMC also hit a record of 21,151.32 points, up 0.7 percent.
UK equities enjoyed a broad-based rally, with all sectors making gains, while financials and energy provided the strongest boost. The FTSE 100 has gained nearly 5 percent so far this month.
“I don’t think sentiment has changed towards the UK stock market dramatically over the last two to six months,” said James Illsley, UK equity portfolio manager at JP Morgan Asset Management, saying the FTSE 100’s exposure to international growth was instead the most likely driver.
“This morning news of the easing of trade tensions for China and the U.S. has been driving stocks up,” he added.
On a calmer day for corporate updates, Ryanair ( RYA.I ) stole the spotlight. Its shares had a strong swing back into positive territory, up 5.1 percent, having fallen as much as 3 percent at the open.
The budget airline said higher fuel and staff costs would hurt profits in its new financial year, but investors focused on Ryanair’s record earnings for 2017-2018.
“We believe Ryanair’s industry-leading competitive advantage remains and thus see no reason to change our 12-month ‘outperform’ rating,” said Davy Research analysts. BANKS RISE
Banks HSBC ( HSBA.L ) and Barclays ( BARC.L ), and insurance company Prudential ( PRU.L ), provided the big boosts, up 0.7 to 1.1 percent. Oil majors Royal Dutch Shell ( RDSa.L ) and BP ( BP.L ) also climbed as crude prices gained after China and the United States put a looming trade war “on hold”.
“We are overweight financials with some of the banks and insurers, reflecting a cyclical exposure in terms of global growth continuing to do well,” said Illsley.
Despite the index reaching new highs, analysts continue to downgrade earnings for the FTSE 100. The recent strengthening of sterling is likely to blame for this.
“You could see some of that technical FX downgrade reverse,” said Illsley. “When you actually talk to companies by and large they are positive.”
Overall year-to-date, earnings for the FTSE 350 have been revised up 2.9 percent, according to Goldman Sachs analysts, though they say all of this is attributable to commodity-related sectors. Reporting by Helen Reid and Kit Rees | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-stocks/ftse-100-hits-fresh-record-high-ryanair-recovers-after-results-idUKKCN1IM0TH |
NASHVILLE, Tenn., May 15, 2018 /PRNewswire/ -- Bridgestone Americas, Inc. (Bridgestone) today announced Andy Sobotta has been named Chief Information Security Officer (CISO) for Bridgestone Americas, effective May 21. Sobotta will be based in Nashville and will report to Stefano Mezzabotta , Chief Information Officer, Bridgestone Americas, with dotted-line reporting to Chris Karbowiak , Chief Administrative Officer, Chief Risk Officer and Executive Vice President, Bridgestone Americas.
In his new role, Sobotta will oversee the protection of the company's information technology assets, ensuring robust IT security architecture, operations and compliance throughout the Americas.
"In today's globally connected society, cybersecurity is more critical than ever," said Mezzabotta. "We are thrilled to have Andy join Bridgestone to lead our information security team in the Americas. His expertise and leadership will help ensure we have the right cybersecurity strategy and the right standards in place that are necessary to prevent and mitigate risks."
Sobotta joins Bridgestone with more than 20 years of experience as an information security executive, including nearly 10 years in the automotive industry. He most recently served as Chief Information Security Officer at Sensata Technologies, Inc., after four years as Associate Executive Director of Global Information Security with Procter & Gamble. Sobotta also served as Chief Information Security Officer for Elavon/US Bank and was Chief Information Security Officer for Volkswagen of America.
Sobotta earned his bachelor's degree in computer science from East Tennessee State University and his master's degree in information science from Penn State University. He also served in the United States Army.
For more company news, visit BridgestoneAmericas.com .
About Bridgestone Americas, Inc.:
Nashville, Tennessee-based Bridgestone Americas, Inc. (BSAM) is the U.S. subsidiary of Bridgestone Corporation, the world's largest tire and rubber company. BSAM and its subsidiaries develop, manufacture and market a wide range of Bridgestone, Firestone and associate brand tires to address the needs of a broad range of customers, including consumers, automotive and commercial vehicle original equipment manufacturers, and those in the agricultural, forestry and mining industries. The companies are also engaged in retreading operations throughout the Western Hemisphere and produce air springs, roofing materials, and industrial fibers and textiles. The BSAM family of companies also operates the world's largest chain of automotive tire and service centers. Guided by its One Team, One Planet message, the company is dedicated to achieving a positive environmental impact in all of the communities it calls home.
View original content with multimedia: http://www.prnewswire.com/news-releases/andy-sobotta-named-chief-information-security-officer-ciso-for-bridgestone-americas-300648873.html
SOURCE Bridgestone Americas, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-andy-sobotta-named-chief-information-security-officer-ciso-for-bridgestone-americas.html |
Private-equity firm Lantern Capital is the winning bidder for substantially all the assets of The Weinstein Company, the TV and film studio that filed for bankruptcy after co-founder Harvey Weinstein was accused of sexual assault, The Weinstein Company said on Tuesday.
"Lantern's bid clearly achieves the highest and best value for the estate and its creditors," Ivona Smith, a member of The Weinstein Company board of representatives, said in a statement.
The company did not disclose terms of the offer.
Dallas-based Lantern is a buyout firm founded by Andy Mitchell, the former head of Ally Financial's global special assets group.
The sale is subject to approval by a U.S. bankruptcy court judge.
Lantern Entertainment, an affiliate of Lantern Capital, said it is "honored" by The Weinstein Company's board's acceptance of Lantern's bid.
"Lantern Entertainment remains committed to providing premier content with a diverse workforce in a safe environment founded on a culture of respect and creativity."
The Weinstein Company said it had received a letter of interest from Inclusion Media, a potential bidder backed by Broadway producer Howard Kagan, after the bid deadline.
The company said the letter "was a conditional indication of interest that contemplated substantially less value to the estate, and did not include a purchase agreement, a financing commitment, a deposit, or a number of other requirements for a qualified bid."
It said "the Debtors concluded after discussions with Mr. Kagan that the Inclusion letter was not a bona fide offer. Thus, in furtherance of its fiduciary duty, the Board selected the bid that offered, with certainty, the most overall value to the estate."
According to documents provided to Reuters by Lorna Brett, a spokeswoman for a law firm suing Weinstein and The Weinstein Company, Inclusion Media submitted a bid of $315 million in cash.
Brett does not represent Kagan or Inclusion, neither of which immediately responded to requests for comment.
The Inclusion bid topped an initial bid by Lantern Capital worth $310 million. Inclusion also provided a compensation fund for those with harassment claims against Weinstein.
The company has been trying to line up a buyer for months.
When the allegations against Harvey Weinstein became public in October, the company's board fired him, and Hollywood heavyweights distanced themselves from the studio.
Combined with lawsuits filed by Harvey Weinstein's alleged victims, the company was an unappealing acquisition target.
Harvey Weinstein, once one of Hollywood's most influential men, has been accused of sexual misconduct, including rape, by more than 70 women.
He has denied having non-consensual sex with anyone. It is unclear how much money his alleged victims will receive should a deal with Lantern go through.
Co-founded with Bob Weinstein, Harvey's brother, The Weinstein Company produced and distributed critically acclaimed hits including "The King's Speech" and "Silver Linings Playbook," as well as TV's fashion reality competition "Project Runway."
With its bankruptcy filing, The Weinstein Company said it released anyone "who suffered or witnessed any form of sexual misconduct by Harvey Weinstein" from nondisclosure agreements, contracts that prevented victims from speaking out.
The Weinstein Company's prized asset is its library of 277 feature films that have generated over $2 billion in aggregate box office receipts worldwide. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/weinstein-company-selects-lantern-capital-as-winning-bidder.html |
May 11, 2018 / 7:31 AM / Updated 18 minutes ago Exclusive: North Korean traders offering cheap coal on hopes sanctions will ease - Chinese traders Sue-Lin Wong 5 Min Read
BEIJING (Reuters) - Some North Korean traders are offering cheap coal to Chinese buyers who are stockpiling it at ports inside the isolated country, hoping recent diplomatic moves lead to an easing of sanctions barring purchases of North Korean coal, three Chinese traders told Reuters. FILE PHOTO: An employee walks between front-end loaders which are used to move coal imported from North Korea at Dandong port in Liaoning province, China December 7, 2010. REUTERS/Stringer/File Photo
Official data shows China has not imported any coal from North Korea since October last year, after the United Nations banned Pyongyang from exporting coal in September.
In 2016, China, Pyongyang’s main trading partner, bought 22.5 million tonnes of coal from North Korea worth almost $2 billion.
But the Chinese traders said offers of coal had surged after North Korean leader Kim Jong Un made a surprise visit to Beijing in March, and ahead of a planned meeting with U.S. President Donald Trump.
“The day Kim Jong Un visited Beijing, I was approached by a North Korean trader asking if I wanted inventory at Nampo port,” one coal trader based in northern China told Reuters, referring to North Korea’s main west coast port.
The North Korean trader had a couple thousand tonnes of anthracite coal which he was willing to sell at around $30-$40 per tonne, the trader said, less than a quarter of the price of similar Chinese coal.
The two other Chinese traders confirmed that price range. All three requested anonymity because of the sensitivity of the situation.
Prices were even lower during the Lunar New Year period in February, hovering at less than $15 per tonne, said another of the traders, who is based in northeastern China.
The Chinese traders Reuters spoke to said they had not personally purchased North Korean coal, but all said they were aware of stockpiling in the hope of sanctions being eased.
“Over the past few weeks, more and more people have been stockpiling coal,” one trader told Reuters. HUGE DISCOUNT
North Korean coal producers and coal trading houses are allowed to decide prices and volumes for export, even though they are owned by the state and don’t operate in a fully liberalized market, one trader said. The North Korean trading houses also pay hefty export taxes, a major source of income for the regime.
If UN sanctions were lifted, the coal could be sold on to steel mills in China. Anthracite produced in China’s Shanxi province currently sells at around 1,020-1,100 yuan ($160-$172) per tonne, data provided by China Sublime Information Group shows.
“The price is exceptionally good but I decided not to buy because I am worried the cargo will be seized back by the North Korean government,” one trader said.
Buyers had to pay in full up-front, instead of the 20 to 30 percent deposit required before sanctions were imposed, he said.
Chinese traders who accepted the terms were required by the North Korean sellers to send money to accounts in banks held by Dandong-based Chinese agents who were in contact with North Korean firms, the trader added. He said he could not track if and how the money left China, and Reuters was unable to verify any transfers between the two countries.
Catherine Dill, a senior research associate at the James Martin Centre for Nonproliferation Studies said any completed deals were likely to violate UN sanctions, which cover a wide range of North Korean exports and are aimed at cutting off up to 90 percent of its foreign exchange earnings.
Although the coal is still in North Korea, the phrasing of the UN resolution - that North Korea cannot “supply, sell or transfer” its coal to other countries - suggests the intent of the resolution is to prohibit any transaction that would financially benefit North Korea, Dill said.
Independent U.N. experts monitoring the implementation of sanctions believe North Korea earned nearly $200 million in 2017 from banned commodity exports including coal.
The United Nations and China’s Commerce Ministry did not immediately respond to requests for comment.
Calls to the North Korean embassy in Beijing went unanswered.
The United States has repeatedly said it will not relax sanctions on North Korea until it denuclearizes. The White House said Trump and Chinese President Xi Jinping had “agreed on the importance of continued implementation of sanctions on North Korea until it permanently dismantles its nuclear and missile programs” during a phone conversation this week.
The three sources said they expect North Korean coal prices to rise significantly if the UN ban is lifted.
Traders were expecting Chinese customs to allow in new cargoes from North Korea as early as this month, said Zhang Min, a senior coal analyst with China Sublime Information Group.
The Chinese trader based in northeastern China said he was heading to North Korea this week to meet his contacts.
“The situation with North Korea is improving so I want to touch base with my business partners as soon as possible.” Reporting by Sue-Lin Wong and Beijing newsroom. Additional reporting by Matt Spetalknick in WASHINGTON and Michelle Nichols at the UNITED NATIONS.; Editing by Raju Gopalakrishnan and Lincoln Feast. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-china-northkorea-coal/exclusive-north-korean-traders-offering-cheap-coal-on-hopes-sanctions-will-ease-chinese-traders-idUKKBN1IC0M1 |
KUALA LUMPUR (Reuters) - Former Malaysian Prime Minister Najib Razak said on Twitter that he would take a short break to spend time with his family, hours after reports that his names was on the flight manifest of a private jet scheduled to leave for Jakarta on Saturday morning.
FILE PHOTO: Malaysia's Prime Minister Najib Razak and his wife Rosmah Mansor arrive at the Bali Nusa Dua Convention Center before the opening ceremony of the Association of South East Asian Nations (ASEAN) Summit in Nusa Dua, Bali November 17, 2011. REUTERS/Stephen Morrison/Pool/File Photo The manifest of the jet, which is scheduled to fly from an airport near Kuala Lumpur to the Indonesian capital at 10:00 a.m. (0200 GMT), names Najib and his wife as passengers, two sources and two media reports said earlier.
“After over four decades in politics and the recent election campaign, which was regrettably personal and perhaps the most intense in Malaysian history, I will take a short break to spend time with my family whom I have not seen enough of in recent years,” Najib said on Twitter.
Slideshow (2 Images) Najib lost to former prime minister Mahathir Mohamad in this week’s elections. The new prime minister has vowed to investigate a multi-billion-dollar graft scandal at state fund 1Malaysia Development Berhad (1MDB), which was founded by Najib.
Najib has consistently denied any wrongdoing in connection with 1MDB.
Reporting by A. Ananthalakshmi; Editing by John Chalmers
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-election-najib-response/malaysias-najib-says-to-take-short-break-follows-reports-he-may-leave-for-jakarta-idUSKBN1ID009 |
Starbucks to close 8,000 stores for anti-bias training 8:51am EDT - 01:29
Starbucks is closing 8,000 company-owned U.S. stores at around 2 pm local time on Tuesday as a first step in training 175,000 employees on racial tolerance.
Starbucks is closing 8,000 company-owned U.S. stores at around 2 pm local time on Tuesday as a first step in training 175,000 employees on racial tolerance. //reut.rs/2ITrJl9 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/29/starbucks-to-close-8000-stores-for-anti?videoId=431416383 |
May 4, 2018 / 2:52 PM / in 11 minutes Online donations for French rail strikers top one million euros Reuters Staff 2 Min Read
PARIS (Reuters) - Online donations to help French rail workers topped one million euros on Friday, a month after they began rolling strikes over President Emmanuel Macron’s drive to transform the heavily indebted state rail monopoly into a profit-making company.
Opinion polls show a majority of French people support the SNCF reform plan and the scale of response to a web-based petition for funds has surprised those who launched it.
“Who would have dreamed a month ago that it would reach a million? Nobody, and certainly not me,” said Jean-Marc Salmon, a university sociologist who teamed up with like-minded academics, authors and artists to launch the petition.
Train services were disrupted for a 14th day since early April on Friday by stoppages that are taking place for two out of every five days.
The capacity of the unions to maintain the strike will depend as much on the durability of their and their workers’ finances as on accumulating political capital.
The reform of the SNCF is the biggest since France’s nationalization of the railways in 1937; it will phase out the SNCF monopoly in domestic passenger rail and end hiring on more protective contracts than in other sectors.
SNCF management said the share of staff striking had dropped to 17 percent this week from more than 30 percent when stoppages began on April 3.
Prime Minister Edouard Philippe is set to meet union chiefs on Monday. Analysts believe the government may try to win over the more moderate unions and break the united front that the four main unions have maintained so far.
SNCF debt tops 46 billion euros, much of it blamed on heavy investment in France’s much-admired TGV high-speed train network at the expense of a far bigger secondary rail network which the company admits neglecting over recent years.
Losses due to the current wave of strikes total about 250 million euros, according to the SNCF. Reporting by Brian Love; editing by Richard Lough/Mark Heinrich | ashraq/financial-news-articles | https://www.reuters.com/article/us-france-reform-sncf/online-donations-for-french-rail-strikers-top-one-million-euros-idUSKBN1I51TP |
May 17 (Reuters) - Caesarstone Ltd:
* TENE GROWTH CAPITAL III (G.P.) COMPANY LTD. REPORTS 37.2 PERCENT STAKE IN CAESARSTONE LTD AS OF MAY 14, 2018 - SEC FILING
* TENE GROWTH CAPITAL III (G.P.) COMPANY LTD. SAYS ACQUIRED CAESARSTONE LTD’S SECURITIES FOR INVESTMENT PURPOSES
* TENE GROWTH CAPITAL III (G.P.) CO SAYS MAY ENGAGE IN DISCUSSIONS WITH CAESARSTONE FOR IT TO CONSIDER TRANSACTIONS SUCH AS A MERGER/TAKE-PRIVATE TRANSACTION Source text: ( bit.ly/2rOzrT0 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tene-growth-capital-iii-reports-37/brief-tene-growth-capital-iii-reports-37-2-pct-stake-in-caesarstone-ltd-as-of-may-14-2018-idUSFWN1SO10C |
Sergei Skripal, a former Russian spy poisoned by a nerve agent in Britain in March, has been discharged from hospital, England's health service said on Friday.
Skripal was found collapsed on a bench on March 4 in the southern English city of Salisbury along with his daughter, who was discharged from hospital last month.
"It is fantastic news that Sergei Skripal is well enough to leave Salisbury District Hospital," the hospital's Chief Executive Cara Charles-Barks said in a statement.
Britain has accused Russia of being behind the nerve agent attack and Western governments including the United States have expelled over 100 Russian diplomats. Russia has denied any involvement in the poisoning and has retaliated in kind. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/skripal-ex-russian-spy-discharged-from-uk-hospital.html |
May 15 (Reuters) - Northern Power Systems Corp:
* NORTHERN POWER SYSTEMS REPORTS FIRST QUARTER 2018 RESULTS
* NORTHERN POWER SYSTEMS CORP - REVENUE FOR Q1 WAS $1.6 MILLION, A 75 PERCENT DECREASE OVER REVENUE OF $6.2 MILLION REPORTED IN PRIOR YEAR PERIOD
* NORTHERN POWER SYSTEMS - EXPECTING DECREASE IN WEG RELATED ROYALTIES IN 2018 AS COMPARED TO FULL YEAR 2017 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-northern-power-systems-q1-revenue/brief-northern-power-systems-q1-revenue-1-6-million-idUSASC0A2HR |
Airbnb CEO: Will be ready to IPO next year but don't know if we will 1 Hour Ago CNBC's Julia Boorstin reports on newsworthy comments from Airbnb CEO Brian Chesky onstage at the Code Conference. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/airbnb-ipo-next-year-dont-know-we-will.html |
May 4, 2018 / 1:08 AM / Updated 18 hours ago Thin rough for May finale at next week's Players Championship golf Andrew Both 3 Min Read
(Reuters) - The Players Championship will bid farewell to its May date in the calendar with the thinnest rough in a decade, according to the PGA Tour rules official overseeing the course set-up at the famous TPC Sawgrass Stadium course.
Cool weather over the last month or so in Ponte Vedra, Florida has prevented the rough from growing to the density desired by the Tour for next week’s tournament, Stephen Cox told Reuters on Thursday.
“With this date and location, we have a very short growing window for Bermuda grass,” Cox said in a telephone interview.
“It’s been quite cool for the last four-to-six weeks so the rough hasn’t really materialized. This year we’ve got thinner rough than I can remember in the last 10 years. Unfortunately we’re going to be down in that two-and-a-quarter inch range.”
The wispy rough could perhaps encourage players to wield their drivers more frequently on a course that over time has become more of a strategic test than a bomber’s paradise.
However, the absence of punishing rough is only one of the considerations players will have to take into account when deciding their weapon of choice off the tee, with numerous water hazards also uppermost in their minds.
“We don’t want mega-rough,” Cox said. “Yes, I’d like it a little bit more dense and punishing but unfortunately we can’t control the weather.”
Cox also said only one hole — the driveable par-four 12th — had been modified since last year, with a few minor changes there designed to encourage more players to go for the green with their tee shots.
Also, some parts of the course will have a more open look after a hurricane last September knocked down hundreds of trees.
“We’ve lost an awful lot of trees,” Cox said. “We’ve embarked on a fairly aggressive tree-replacement programme.”
Widely regarded as the most prestigious event outside the four major championships, the Players invariably boasts one of the strongest fields of the year.
The tournament will move back to its original March date next year after a 12-year run in May.
The earlier date will make way for the PGA Championship to move from August to May, which will compact the majors from early April (U.S. Masters) to mid July (British Open). Reporting by Andrew Both in Cary, North Carolina; Editing by Nick Mulvenney | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-golf-players/thin-rough-for-may-finale-at-next-weeks-players-championship-golf-idUKKBN1I5031 |
Roberta Riga couldn’t figure out what to do with a 20-foot-high wall in the central atrium of a new home she was designing for herself in the San Francisco Bay Area. So she decided to add some green: a 150-square-foot vertical garden of ferns, sedge grass and philodendrons.
“I wanted something different—not just a typical big piece of artwork,” said Ms. Riga, an executive coach and leadership consultant who spent more than $20,000 to create the living wall in 2013. “You feel more in nature when you are inside. It helps ground... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/planted-walls-take-root-in-homes-1527172460 |
May 21, 2018 / 9:00 PM / Updated 10 hours ago English Domestic One-Day Competition Scoreboard Reuters Staff 3 Min Read May 21 (OPTA) - Scoreboard at close of play of between Hampshire and Surrey on Monday at Southampton, England Hampshire win by 4 wickets (DLS Method) Surrey 1st innings Will Jacks c Jimmy Adams b Gareth Berg 28 Dean Elgar b Gareth Berg 91 Rory Burns lbw Mason Crane 46 Ollie Pope lbw Mason Crane 4 Ben Foakes st Lewis McManus b Mason Crane 4 Sam Curran c Lewis McManus b Fidel Edwards 15 Scott Borthwick Not Out 46 Rikki Clarke lbw Fidel Edwards 22 Extras 0b 3lb 0nb 0pen 3w 6 Total (44.0 overs) 262-7 Fall of Wickets : 1-34 Jacks, 2-127 Burns, 3-139 Pope, 4-153 Foakes, 5-176 Curran, 6-198 Elgar, 7-254 Clarke Did Not Bat : Batty, Meaker, Dernbach Bowling Ov Md Rn Wk Econ Ex Reece Topley 8 0 45 0 5.62 1w Fidel Edwards 9 0 68 2 7.56 1w Gareth Berg 9 0 58 2 6.44 1w Brad Taylor 10 0 43 0 4.30 Mason Crane 8 0 45 3 5.62 Hampshire 1st innings Rilee Rossouw b Rikki Clarke 90 Hashim Amla lbw Rikki Clarke 28 James Vince b Gareth Batty 14 Joe Weatherley Not Out 46 Jimmy Adams c Ben Foakes b Jade Dernbach 6 Brad Taylor c Stuart Meaker b Rikki Clarke 0 Gareth Berg b Rikki Clarke 4 Lewis McManus Not Out 22 Extras 1b 6lb 2nb 0pen 8w 17 Total (32.5 overs) 227-6 Fall of Wickets : 1-52 Amla, 2-115 Vince, 3-167 Rossouw, 4-183 Adams, 5-187 Taylor, 6-191 Berg Did Not Bat : Crane, Topley, Edwards Bowling Ov Md Rn Wk Econ Ex Jade Dernbach 6.5 0 45 1 6.59 5w 1nb Sam Curran 6 0 46 0 7.67 Rikki Clarke 7 0 48 4 6.86 Gareth Batty 7 0 33 1 4.71 1w Will Jacks 3 0 22 0 7.33 Stuart Meaker 3 0 26 0 8.67 2w Umpire Jeffrey Evans Umpire Michael Gough Video Robert Robinson Home Scorer Kevin Baker Away Scorer Philip Makepeace | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idUKMTZXEE5L3JOANC |
Want constructive dialogue between Rome and Brussels: Moscovici 1 Hour Ago CNBC's Joumanna Bercetche reports from Brussels, Belgium, from the latest meeting of European finance ministers, with comment from Pierre Moscovici, the European commissioner for economic and financial affairs. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/want-constructive-dialogue-between-rome-and-brussels-moscovici.html |
ADEN (Reuters) - Five people were killed and at least 40 missing on the Yemeni island of Socotra on Friday as Cyclone Mekunu pummeled the area before making its way to the Arabian Peninsula’s southern coast.
The dead were four Yemenis and one Indian national, residents and medical sources told Reuters, while the missing included Yemenis, Indians and Sudanese.
Among those missing were three local sailors lost when their ship capsized off the coast of the island.
Yemen declared a state of emergency on Thursday for Socotra, which lies between southern Yemen and the Horn of Africa and is renowned for its unique animal and plant life.
Largely untouched by Yemen’s three-year-old war, it is under the control of the internationally-recognized government whose president, Abdu Rabbu Mansour Hadi, is in exile in Saudi Arabia.
The storm flooded Socotra’s villages and capsized boats, leaving much of the island without access to communications.
Authorities in neighboring Oman said they expected the cyclone to pass over the city of Salalah on Friday night. As wind and rain began to pummel southern Oman during the day, they extended the closure of the city’s airport until Saturday.
Oman’s transport ministry warned residents throughout the southern province of Dhofar to stay in their homes, with run-off from river valleys flooding most main roads. A child in Salalah was hospitalized for injuries caused by the severe winds.
Mekunu was expected to weaken to a tropical storm before reaching southeastern Saudi Arabia on Saturday, according to the kingdom’s meteorological authority.
Yemen is already grappling with one of the world’s worst humanitarian crises. The war has killed more than 10,000 people, displaced three million others, triggered a cholera outbreak and pushed the impoverished country to the verge of starvation, according to the United Nations.
Reporting by Mohammed Mukhashaf, Writing by Katie Paul, Editing by Angus MacSwan and David Stamp
| ashraq/financial-news-articles | https://www.reuters.com/article/us-yemen-security-cyclone/five-people-dead-40-missing-in-yemens-socotra-after-cyclone-idUSKCN1IQ2BV |
May 21 (Reuters) - Ardelyx Inc:
* ARDELYX ANNOUNCES PROPOSED PUBLIC OFFERING OF COMMON STOCK
* ARDELYX INC - STARTED UNDERWRITTEN PUBLIC OFFERING OF UP TO $50 MLN OF SHARES OF ITS COMMON STOCK Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ardelyx-announces-proposed-public/brief-ardelyx-announces-proposed-public-offering-of-common-stock-idUSASC0A33L |
When it came to saving for retirement, Mary Koster was killing it.
She was young, just starting her career and managing to save around 12 percent a year.
Then, in 2007, she returned to school in the hopes of advancing her career as a graphic designer. She took out federal and private loans to do so.
Getty Images When she graduated, she was eager to wipe out her education debt. She decided to withdraw $10,000 from her 401(k) plan.
After struggling to find a high-paying job, she wasn't able to free herself from her student loans as fast as she had hoped. Meanwhile, the balance kept growing , thanks to interest. When she did find work, any extra money went toward her debt.
Her attitude about her golden years has since soured.
"I can't ever retire," Koster, 44, said. "The student debt just compounds and will be with me until I die."
Already, many Americans are financially unprepared to exit their working lives. As the outstanding student debt balance in the country swells – with more people holding more debt —retirement is just further at risk.
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Recent research shows how student loans can force people to forgo saving for their later decades.
For example, by the time college graduates reach 30, the ones without student loans are predicted to have double the amount saved for retirement as those with them, according to a study by the Center for Retirement Research at Boston College.
Further, people with education debt have lower 401(k) balances than those without it, according to data out this month from the Employee Benefits Research Institute.
"Student loan payments are crowding out retirement," said Maggie Thompson, executive director of Generation Progress at liberal think tank the Center for American Progress. "The magic of compound interest is working on the side of the lender."
"I can't ever retire. " -Mary Koster, student loan borrower Here's what you can do.
1. Save what you can. Even if your monthly student loan bill leaves you stretched, don't assume you can't save something for your golden years.
In fact, starting earlier means you won't need to save as much on a monthly basis, said David John, co-director of The Retirement Security Project at Brookings Institution and an advisor with the AARP Public Policy Institute.
"For every 10 years you delay saving for retirement, the amount you need to save monthly roughly doubles," John said.
For instance, if you started saving in your 20s, you might need to put away just 5 percent of your income to build up a healthy retirement savings. But if you start saving in your 30s, you'll likely need to save closer to 10 percent of your earnings, John said.
That means you definitely don't want to wait until your student loan is paid off to start saving —particularly since many repayment plans are a decade in length or longer.
2. Use a retirement-specific fund. If your workplace offers a 401(k) or if you save in a traditional individual retirement account, your contributions will typically be tax-deductible. Therefore, you should opt to save through one of these avenues over a regular savings account.
"You're getting the tax benefit so the hit to your bottom line will be less," John said.
If your employer offers matching contributions on your 401(k), try to put away as much as you can, said Greg Hammer, president of Hammer Financial Group.
If you don't contribute when you can, Hammer said, "you can no longer get those matching dollars back."
"The magic of compound interest is working on the side of the lender." -Maggie Thompson, executive director of Generation Progress 3. Consider lifestyle changes. Create a personal cash flow statement to see where you can redirect money to your retirement savings, said Barry Bigelow, the lead advisor for Great Waters Financial.
"Sit down with a bank statement and go line by line for at least two months in a row," Bigelow said, adding that you might find that "oh my gosh, I spent $150 on coffee and I didn't realize that."
Other people might have to pursue different work to pay off their loan or move to another place, where the cost of living is lower, he said.
"There are cities that aren't going to be great for your nightlife, but they might be great for your pocket book," added Bigelow.
4. Pay your student loan first. If your budget is so tight that you can't save for retirement and pay off your student loan, you should, of course, focus on wiping out your debt.
"To really successfully save for retirement you need to get your current finances in order," said Craig Copeland, a senior associate with the Employee Benefit Research Institute. "Otherwise, there will be a strong likelihood you will end up dipping into the retirement savings to pay off debt." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/how-your-student-loans-can-hurt-you-later-on-.html |
BEIRUT (Reuters) - More than half of Lebanon’s MPs nominated Sunni politician Saad al-Hariri as prime minister on Thursday during consultations with President Michel Aoun, al-Jadeed TV reported, confirming that he is set to be designated premier for a third time.
Aoun is obliged to designate the candidate with the greatest support among the 128 members of parliament. Hariri was widely expected to be designated prime minister as Lebanon’s leading Sunni politician. The post is reserved for a Sunni in Lebanon’s sectarian system.
The consultations continue into the afternoon.
Writing by Tom Perry; Editing by Gareth Jones
| ashraq/financial-news-articles | https://www.reuters.com/article/us-lebanon-election-hariri/lebanons-hariri-wins-majority-support-to-be-pm-jadeed-idUSKCN1IP1C3 |
May 22, 2018 / 10:04 AM / in 7 hours Report: Warriors' appeal of Green technical denied Reuters Staff 2 Min Read
Despite the Golden State Warriors’ desire for the NBA to rescind a technical foul assessed on Draymond Green in Game 3, the league will not change the ruling, ESPN’s Chris Haynes reports. May 20, 2018; Oakland, CA, USA; The referees and teammates step in between Houston Rockets forward Trevor Ariza (1) and Golden State Warriors forward Draymond Green (23) after an altercation during the fourth quarter of game three of the Western conference finals of the 2018 NBA Playoffs at Oracle Arena. Mandatory Credit: Kelley L Cox-USA TODAY Sports
The technical foul, committed during the fourth quarter of Golden State’s 126-85 win over the Houston Rockets on Sunday, marked the third for Green during this postseason.
The incident occurred about midway through the final quarter in Game 3 as Green fouled Houston’s Trevor Ariza on a layup attempt. Ariza seemingly reacted to the hard contact on the play, and after a minor altercation, a double technical was called.
“I thought it was unfair, but we’ll take it up with the league,” Warriors coach Steve Kerr said. “He (Green) committed a hard foul, but he held Ariza up and didn’t allow him to get hurt. And then Ariza shoved him.
“It didn’t seem like a double-technical to me. So we’ll take it up with the league and we’ll see what happens.”
The technical was Green’s third of this year’s playoffs, which will cost him a $3,000 fine per league rules. Any player being called for a total of seven technical fouls during one postseason will be suspended for one game.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-gsw-green-technical/report-warriors-appeal-of-green-technical-denied-idUSKCN1IN14K |
The UK citizen test awaiting Meghan Markle 5:11am EDT - 01:55
After marrying Prince Harry, Meghan Markle intends to become a British citizen, but that includes a complicated multiple choice test.
After marrying Prince Harry, Meghan Markle intends to become a British citizen, but that includes a complicated multiple choice test. //reut.rs/2KrFsNp | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/01/the-uk-citizen-test-awaiting-meghan-mark?videoId=422837978 |
CNBC.com Tom Williams | CQ Roll Call | Getty Images Don Blankenship, right, who is running for the Republican nomination for Senate in West Virginia, talks with James Pendry after a town hall meeting at Macado's restaurant in Bluefield, W.Va., on May 3, 2018.
A string of 2018 primary elections take place Tuesday, shaping elections that will help to determine which party holds the House and Senate after November's midterms.
Indiana , North Carolina , Ohio and West Virginia will hold primaries Tuesday. Both West Virginia and Indiana will hold critical Senate elections, while intriguing House and governor races will play out in Ohio and North Carolina.
West Virginia and Indiana have become top battlegrounds in the fight for the Senate, which Republicans currently control. Meanwhile, House races in both Ohio and North Carolina will factor into whether Democrats can win enough seats to take control of the chamber.
Here are some of the races to watch Tuesday: West Virginia GOP Senate primary
West Virginia voters will select a Republican nominee to challenge Democratic Sen. Joe Manchin , one of the most vulnerable senators running for re-election this year. Trump won the state by about 40 percentage points in 2016, making it a prime pickup opportunity for Republicans.
The party sees trouble in one potential outcome. Republicans fear former coal executive Don Blankenship will struggle to defeat Manchin in November. The ex-Massey Energy CEO served jail time for his role in a mine explosion that killed 29 people. show chapters 8:10 AM ET Fri, 19 Jan 2018 | 04:50
He also has earned the ire of Republican leaders with racially charged attacks on Senate Majority Leader Mitch McConnell and Transportation Secretary Elaine Chao , the Kentucky Republican's wife. The GOP prefers either Rep. Evan Jenkins or West Virginia Attorney General Patrick Morrisey.
On Monday, President Donald Trump urged West Virginia voters not to support Blankenship, arguing that he cannot beat Manchin. In his tweet, Trump did not criticize Blankenship's character or ads, but focused on the political implications of him winning the primary. Trump tweet
Public polling has been scarce: one Fox News poll last month found Jenkins garnering 25 percent support, followed by Morrisey and Blankenship with 21 percent and 16 percent, respectively. A Weekly Standard report says internal polls found Blankenship winning more support and taking a narrow lead ahead of Tuesday's primary.
Read more about the West Virginia Senate primary race here. Indiana GOP Senate primary
In Indiana, Republicans are fighting for the chance to take on Democratic Sen. Joe Donnelly, another one of the chamber's most endangered members. Trump won the state by about 20 percentage points, buoying the GOP's hopes that it can flip Donnelly's seat. show chapters 10:46 AM ET Sat, 5 May 2018 | 01:51
Since Trump has strong support in the state, Republicans running in the primary have tried to emulate the president. Reps. Todd Rokita and Luke Messer, and Mike Braun, a businessman and former state representative, have all tried to channel Trump in their own ways.
The only public poll taken in the race last month found a 10-point advantage for Braun. However, nearly half of those surveyed were undecided, suggesting no clear front-runner with only days to go.
Read more on the Indiana primary race here. Ohio Senate
Like Manchin and Donnelly, Sen. Sherrod Brown is among the 10 Democrats running this year in states Trump won in 2016. The Ohio Democrat, up for re-election in a purple state that Trump carried by about 8 points, appears safer this year than his colleagues in West Virginia and Indiana.
On the Republican side, Trump-backed Rep. Jim Renacci appears to have the advantage in the race to take on Brown. He faces businessman Mike Gibbons in Tuesday's GOP primary.
Brown, who has preached populist policies that sometimes align with Trump, has held the seat since 2006. The House races to watch
In Ohio and North Carolina, voters will choose nominees for a few seats that have a chance to be competitive in November. In Indiana and West Virginia, the primaries will determine candidates for seats largely considered safe for one party. Ohio will hold a primary for the state's 12th District, which was vacated by GOP Rep. Pat Tiberi's resignation. Tuesday's winners will face off in a special election in August to fill the remainder of Tiberi's term. The seat is typically considered safe for Republicans, but recent Democratic improvement in multiple special elections signals it could become more competitive than usual. Democrats will determine challengers to GOP congressmen in other Ohio districts that could prove important later this year. The party will choose challengers to Rep. Steve Chabot in the 1st District, Rep. Mike Turner in the 10th District, Rep. Dave Joyce in the 14th District and Rep. Steve Stivers in the 15th District. In North Carolina's 9th District, GOP Rep. Robert Pittenger faces both a Republican primary challenger and a well-funded potential Democratic opponent. The state's 13th District, represented by Republican Ted Budd, could also be in play this year. Rokita and Messer in Indiana, as well as Jenkins in West Virginia, vacated safe Republican districts to run for Senate. The winner of the GOP primary for those seats — Indiana's 4th and 6th Districts and West Virginia's 3rd District — will likely go on to win the general election. Vice President Mike Pence 's brother, Greg, is considered the front-runner to succeed Messer in Indiana's 6th District. Ohio governor primary
A bitter primary process has played out in the race to succeed Ohio Gov. John Kasich .
On the Democratic side, former Ohio Attorney General and Consumer Financial Protection Bureau Director Richard Cordray is competing against former congressman and presidential candidate Dennis Kucinich, who has billed himself as more progressive than Cordray. Kucinich is also a former mayor of Cleveland.
A major policy fight has played out on gun control. Cordray has tried to appeal to the swing state with a more centrist position on firearms regulation, while Kucinich has proudly flaunted an "F" rating from the National Rifle Association .
In the Republican primary, Ohio Attorney General Mike DeWine and Lt. Gov. Mary Taylor are fighting for the nomination. While both candidates aligned with centrist Trump critic Kasich in the past, they have touted their pro-Trump and conservative credentials during the primary. WATCH: Trump's 'fake news' fight a boon for media companies show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/indiana-ohio-west-virginia-and-north-carolina-hold-midterm-primary-elections.html |
May 11, 2018 / 8:07 AM / Updated an hour ago Wenger predicts 'inevitable' European super league Reuters Staff 2 Min Read
(Reuters) - Outgoing Arsenal manager Arsene Wenger says a new European competition will revolutionise the sport in the next few years and force Premier League matches to be played midweek instead. Soccer Football - Premier League - Arsenal vs Burnley - Emirates Stadium, London, Britain - May 6, 2018 Arsenal manager Arsene Wenger waves to the fans after the match Action Images via Reuters/Matthew Childs
The Frenchman has guided Arsenal through a fair share of changes throughout his almost 22-year reign in north London and believes that a European super league will be the next major development.
“The next evolution... in a few years you will have a European league over the weekends,” Wenger told British media.
“A domestic league will play Tuesday-Wednesday. That is the next step. It will happen and it will be soon because it is a way for other clubs to fight against the Premier League.”
The 68-year-old said that a new elite competition was imminent as big clubs across Europe were unhappy with the current distribution of revenue from domestic TV income with their smaller counterparts.
“It is inevitable... Why? Because the big clubs will say that if two smaller clubs are playing each other nobody wants to watch it. People want to watch quality. So we have to share the money but nobody is interested in you,” Wenger added.
“If you want to make it (Premier League) more attractive you have to go down to 16 (teams) and make a real competition of it. It will be smaller if it (the big teams) goes to Europe.”
Wenger, a member of the UEFA Elite Coaches Forum, says the change will also help European soccer’s governing body tackle the issue of shrinking Champions League audiences.
“It will be soon because it is a way for other clubs to fight against the Premier League,” Wenger said. “There’s a contrast there because if you look at the audiences of the Champions League it is not fantastic.
“But if you have Real Madrid v Barcelona, or Real Madrid v Arsenal, or Manchester United v Bayern Munich every week the audiences will be good.”
Wenger will lead Arsenal for the final time in Sunday’s league match against Huddersfield Town. Reporting by Aditi Prakash in Bengaluru | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-ars-wenger/wenger-predicts-inevitable-european-super-league-idUKKBN1IC0PC |
* MSCI Asia-Pacific index down 0.65 pct, Nikkei shade lower
* Brent crude hovers just below 3-1/2-yr highs
* Dollar mildly supported after bouncing on Fed Mester’s comments
By Shinichi Saoshiro
TOKYO, May 15 (Reuters) - Asian stocks pulled back on Tuesday, brushing off a firmer Wall Street lead and pausing a recent rally, as investors remained cautious about key economic and political risks, while supply concerns kept crude oil prices near 3-1/2-year highs.
MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.65 percent after rising the previous day to its highest since late March. The index had rallied for three straight sessions prior to Tuesday.
“The markets appear to be taking a breather after their recent surge, awaiting fresh developments in matters such as U.S.-China trade issues and Washington’s upcoming summit with North Korea,” said Yoshinori Shigemi, global markets strategist at JP Morgan Asset Management in Tokyo.
Australian stocks were down 0.35 percent after briefly touching a four-month high and South Korea’s KOSPI shed 0.55 percent. Japan’s Nikkei was a shade lower, its surge to a three-month peak bogging down.
Hong Kong’s Hang Seng lost 0.5 percent, pulling back from a two-month peak to snap a five-day winning run and Shanghai inched up 0.05 percent.
Investors in Chinese equities will likely re-jig their exposure after MSCI, the U.S. index publisher, published its latest index weighting.
MSCI said on Tuesday that 234 Chinese large caps will be partially included in its global and regional indexes on June 1, following an index review ahead of China’s inclusion in MSCI’s widely tracked equity benchmarks.
Wall Street scraped out gains on Monday after weakness in defensive stocks offset optimism following U.S. President Donald Trump’s conciliatory remarks toward China’s ZTE Corp that helped calm U.S.-China trade tensions.
While higher oil prices sometimes raise inflation concerns, the recent crude oil surge - Brent has risen 17 percent so far in 2018 - was seen to be generally supportive for equities.
“The recent rise in prices of crude oil won’t have a broadly negative impact on equity markets if it continues at the current pace,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo.
“The rise in oil prices is boding well for certain stock sectors like energy shares.”
Brent crude added 4 cents to $78.27 a barrel and in close reach of $78.53, the 3-1/2-year high marked on Monday. U.S. crude oil futures advanced 0.4 cents to $71.00 a barrel and in reach of $71.89, the highest since November 2014 scaled on Thursday.
Oil prices received their latest lift as OPEC reported that the global oil glut has been virtually eliminated. Tensions in the Middle East and uncertainty about output from Iran amid renewed U.S. sanctions have contributed to the recent rise in oil prices.
“The commitment of Saudi Arabia and the rest of OPEC to the production cuts is a major factor in supporting the price at the moment as well as the possibility of reduced exports from Iran due to sanctions,” said William O’Loughlin, investment analyst at Rivkin Securities.
In currencies, the dollar index against a basket of six major currencies nudged up 0.05 percent to 92.643.
The greenback took a knock against the euro earlier on Monday after European Central Bank policymaker Francois Villeroy de Galhau said the ECB could give fresh timing guidance of its first rate hike as the end of its exceptional bond purchases approaches.
The U.S. currency managed to bounce back, however, after Cleveland Federal Reserve President Loretta Mester reiterated support for gradual interest rate increases.
The euro stood little changed at $1.1933 after pulling back sharply from the previous day’s high of $1.1996.
The dollar was a shade higher at 109.745 yen, adding to the previous day’s gains.
The currency drew support as U.S. Treasury yields rose amid the easing of U.S.-China trade tensions.
The 10-year Treasury note yield was at 2.998 percent after rising about 2.5 basis points overnight. (Reporting by Shinichi Saoshiro Additional reporting by Henning Gloystein in Singapore Editing by Shri Navaratnam and Sam Holmes)
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WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- PennyMac Financial Services, Inc. (NYSE: PFSI) today reported net income of $66.9 million 2018, on revenue of $238.2 million. Net income attributable to PFSI common stockholders was $16.6 million, or $0.67 per diluted share. Book value per share increased to $20.74, from $19.95 at December 31, 2017.
First Quarter 2018 Highlights
Pretax income was $73.0 million, down from $121.8 million in the prior quarter; the prior quarter’s results included a $32.0 million benefit related to remeasurement of tax-related items that did not recur First quarter results reflect higher mortgage rates which drove an increased earnings contribution from the servicing segment and a decrease from the production segment driven by lower production margins Production segment pretax income was $17.2 million, down 69 percent from the prior quarter and 64 percent from the first quarter of 2017 Total loan acquisitions and originations were $14.3 billion in unpaid principal balance (UPB), down 16 percent from the prior quarter and 4 percent from the first quarter of 2017 Correspondent government and direct lending interest rate lock commitments (IRLCs) totaled $10.9 billion in UPB, down 8 percent from the prior quarter and 2 percent from the first quarter of 2017 Servicing segment pretax income was $54.9 million, up 71 percent from the prior quarter and 309 percent from the first quarter of 2017 Servicing segment pretax income excluding valuation-related changes was $36.3 million, up 29 percent from the prior quarter and 63 percent from the first quarter of 2017 1 Completed previously announced acquisition of a bulk portfolio of Ginnie Mae and conventional conforming mortgage servicing rights (MSRs) with UPB of $3.2 billion Servicing portfolio grew to $255.3 billion in UPB, up 4 percent from December 31, 2017, and 26 percent from March 31, 2017 Investment Management segment pretax income was $1.0 million, down from $1.5 million in the prior quarter and $1.1 million in the first quarter of 2017 Net assets under management were $1.5 billion, down 2 percent from December 31, 2017, and 1 percent from March 31, 2017 Issued $650 million of 5-year term notes at attractive rates under Ginnie Mae MSR financing structure, refinancing $400 million of 3-year term notes issued in February 2017
“We had good results in a challenging market environment,” said President and CEO David Spector. “Our earnings were driven by strong performance in our servicing segment. We expect this segment to continue to be a larger contributor to PennyMac Financial’s earnings and to benefit from higher interest rates and the continued growth of our loan servicing portfolio. The earnings contribution of our production segment decreased significantly, driven by heightened competition among originators and aggregators as market participants lowered margins to fill their existing operational capacity. Another influencing factor was our desire to deploy capital into additional investments in mortgage servicing rights.”
1 Excludes changes in the fair value of MSRs, the ESS liability, and gains (losses) on hedging which were $127.8 million, $(6.9) million, and $(103.6) million, respectively, and a $1.3 million reversal of provision for credit losses on active loans in the first quarter of 2018. The following table presents the contribution of PennyMac Financial’s Production, Servicing and Investment Management segments to pretax income:
Quarter ended March 31, 2018 Mortgage Banking
Investment
Production
Servicing
Total
Management
Total
(in thousands) Revenue Net gains on mortgage loans held for sale at fair value $ 36,198 $ 35,216 $ 71,414 $ - $ 71,414 Loan origination fees 24,563 - 24,563 - 24,563 Fulfillment fees from PMT 11,944 - 11,944 - 11,944 Net servicing fees - 116,789 116,789 - 116,789 Management fees - - - 5,775 5,775 Carried Interest from Investment Funds - - - (180 ) (180 ) Net interest income (expense): Interest income 14,248 28,367 42,615 - 42,615 Interest expense 2,102 34,627 36,729 16 36,745 12,146 (6,260 ) 5,886 (16 ) 5,870 Other 316 395 711 1,315 2,026 Total net revenue 85,167 146,140 231,307 6,894 238,201 Expenses 67,997 91,265 159,262 5,943 165,205 Pretax income $ 17,170 $ 54,875 $ 72,045 $ 951 $ 72,996 Production Segment
Production includes the correspondent acquisition of newly originated government-insured mortgage loans for PennyMac Financial’s own account, fulfillment services on behalf of PennyMac Mortgage Investment Trust (NYSE: PMT) and direct lending through the consumer direct and broker direct channels.
PennyMac Financial’s loan production activity for the quarter totaled $14.3 billion in UPB, of which $10.1 billion in UPB was for its own account, and $4.2 billion in UPB was fee-based fulfillment activity for PMT. Correspondent government and direct lending IRLCs totaled $10.9 billion in UPB.
Production segment pretax income was $17.2 million, a decrease of 69 percent from the prior quarter and 64 percent from the first quarter of 2017. Production revenue totaled $85.2 million, a decrease of 35 percent from the prior quarter and 23 percent from the first quarter of 2017. The quarter-over-quarter change resulted from a $32.5 million decrease in net gains on mortgage loans held for sale, driven by lower margins from higher mortgage rates and heightened competition among industry participants.
The components of net gains on mortgage loans held for sale are detailed in the following table:
Quarter ended March 31, December 31, March 31, 2018 2017 2017 (in thousands) Receipt of MSRs in loan sale transactions $ 141,873 $ 143,904 $ 132,143 Mortgage servicing rights recapture payable to PennyMac Mortgage Investment Trust
(1,425 ) (1,553 ) (1,695 ) Provision for representations and warranties, net (379 ) (381 ) (530 ) Cash investment (1)
(63,594 ) (69,001 ) (57,574 ) Fair value changes of pipeline, inventory and hedges
(5,061 ) 25,652 14,612 Net gains on mortgage loans held for sale $ 71,414 $ 98,621 $ 86,956 Net gains on mortgage loans held for sale by segment:
Production $ 36,198 $ 68,716 $ 62,837 Servicing $ 35,216 $ 29,905 $ 24,119 (1) Net of cash hedge expense PennyMac Financial performs fulfillment services for conventional conforming loans acquired by PMT in its correspondent production business. These services include, but are not limited to: marketing; relationship management; the approval of correspondent sellers and the ongoing monitoring of their performance; reviewing loan data, documentation and appraisals to assess loan quality and risk; pricing; hedging and activities related to the subsequent sale and securitization of loans in the secondary mortgage markets for PMT. Fees earned from the fulfillment of correspondent loans on behalf of PMT totaled $11.9 million in the first quarter, down 38 percent from the prior quarter and 28 percent from the first quarter of 2017. The decrease in fulfillment fee revenue was driven by lower acquisition volumes by PMT and a reduction in the weighted average fulfillment fee, reflective of the more competitive market environment. For the first quarter, the weighted average fulfillment fee rate was 28 basis points, down from 33 basis points in the prior quarter.
Production segment expenses were $68.0 million, a 10 percent decrease from the prior quarter and a 9 percent increase from the first quarter of 2017. The quarter-over-quarter decrease was primarily driven by reductions in incentive-based compensation and corporate overhead, which is allocated across segments based upon their relative profitability.
Servicing Segment
Servicing includes income from owned MSRs, subservicing and special servicing activities. Servicing segment pretax income was $54.9 million compared with $32.0 million in the prior quarter and $13.4 million in the first quarter of 2017. Servicing segment revenues totaled $146.1 million, an increase of 13 percent from the prior quarter and 64 percent from the first quarter of 2017. The quarter-over-quarter increase was primarily due to an increase in net loan servicing fees, driven by MSR fair value gains resulting from the sharp rise in interest rates during the first quarter, net of hedge results, and an elevated level of revenue related to the reperformance of government-insured and guaranteed loans bought out of Ginnie Mae pools in prior periods.
Net loan servicing fees totaled $116.8 million and included $160.7 million in servicing fees reduced by $61.2 million in realization of MSR cash flows. Valuation-related gains totaled $17.3 million, which includes MSR fair value gains of $127.8 million, associated hedging losses of $103.6 million and changes in fair value of the excess servicing spread (ESS) liability resulting in a $6.9 million loss. The MSR fair value gains resulted from expectations for lower prepayment activity in the future due to higher mortgage rates. Before January 1, 2018, PennyMac Financial carried the majority of its MSRs at the lower of amortized cost or fair value. Beginning January 1, 2018, the Company elected to account for all MSRs at fair value prospectively.
The following table presents a breakdown of net loan servicing fees:
Quarter ended March 31, December 31, March 31, 2018 2017 2017 (in thousands) Servicing fees (1) $ 160,673 $ 162,008 $ 129,315 Effect of MSRs: Amortization and realization of cash flows (61,176 ) (66,891 ) (48,460 ) Change in fair value and provision for/reversal of impairment of MSRs carried at lower of amortized cost or fair value 127,806 28,029 12,701 Change in fair value of excess servicing spread financing
(6,921 ) 4,593 2,773 Hedging gains (losses) (103,593 ) (20,837 ) (22,166 ) Total amortization, impairment and change in fair value of MSRs
(43,884 ) (55,106 ) (55,152 ) Net loan servicing fees $ 116,789 $ 106,902 $ 74,163 (1) Includes contractually-specified servicing fees Servicing segment revenue also included $35.2 million in net gains on mortgage loans held for sale from the securitization of reperforming government-insured and guaranteed loans, compared with $29.9 million in the prior quarter and $24.1 million in the first quarter of 2017. These loans were previously purchased out of Ginnie Mae securitizations as early buyout loans (EBO) and brought back to performing status through PennyMac Financial’s successful servicing efforts, primarily with the use of loan modifications. Net interest expense totaled $6.3 million, a decrease of 24 percent from the prior quarter and 36 percent from the first quarter of 2017. Interest income increased by $3.8 million from the prior quarter, driven by growth in capitalized interest resulting from higher modifications of EBO loans during the quarter. Interest expense increased by $1.8 million from the prior quarter, driven by the accelerated recognition of costs related to the refinancing of MSR-backed term notes.
Servicing segment expenses totaled $91.3 million, a 6 percent decrease from the prior quarter and a 21 percent increase from the first quarter of 2017. The quarter-over-quarter decrease was driven by a reduction in expenses related to the buyout of defaulted government loans from securitizations and a reversal in the provision for credit losses from improved loan performance.
The total servicing portfolio reached $255.3 billion in UPB at March 31, 2018, an increase of 4 percent from the prior quarter end and 26 percent from a year earlier. Servicing portfolio growth during the quarter was driven by the Company’s loan production activities, supplemented by a $3.2 billion UPB bulk portfolio acquisition. Of the total servicing portfolio, prime servicing was $254.4 billion in UPB and special servicing was $0.9 billion in UPB. PennyMac Financial subservices and conducts special servicing for $77.5 billion in UPB, an increase of 3 percent from December 31, 2017. PennyMac Financial’s owned MSR portfolio grew to $173.5 billion in UPB, an increase of 4 percent from the prior quarter end.
The table below details PennyMac Financial’s servicing portfolio UPB:
March 31, December 31, March 31, 2018 2017 2017 (in thousands) Loans serviced at period end: Prime servicing: Owned Mortgage servicing rights Originated $ 125,643,312 $ 119,673,403 $ 97,505,384 Acquisitions 47,843,853 46,575,834 37,843,903 173,487,165 166,249,237 135,349,287 Mortgage servicing liabilities 1,766,722 1,620,609 1,900,493 Mortgage loans held for sale 2,512,546 2,998,377 2,180,760 177,766,433 170,868,223 139,430,540 Subserviced for Advised Entities 76,636,300 73,651,608 61,144,328 Total prime servicing 254,402,733 244,519,831 200,574,868 Special servicing: Subserviced for Advised Entities 903,138 1,328,660 2,308,468 Total special servicing 903,138 1,328,660 2,308,468 Total loans serviced $ 255,305,871 $ 245,848,491 $ 202,883,336 Mortgage loans serviced: Owned Mortgage servicing rights $ 173,487,165 $ 166,249,237 $ 135,349,287 Mortgage servicing liabilities 1,766,722 1,620,609 1,900,493 Mortgage loans held for sale 2,512,546 2,998,377 2,180,760 177,766,433 170,868,223 139,430,540 Subserviced 77,539,438 74,980,268 63,452,796 Total mortgage loans serviced $ 255,305,871 $ 245,848,491 $ 202,883,336 Investment Management Segment
PennyMac Financial manages PMT and two private Investment Funds for which it earns base management fees and may earn incentive compensation. Net assets under management were $1.5 billion as of March 31, 2018, down 2 percent from December 31, 2017, and 1 percent from March 31, 2017.
Pretax income for the Investment Management segment was $1.0 million, compared with $1.5 million in the prior quarter and $1.1 million in the first quarter of 2017. Management fees, which include base management fees from PMT and the private Investment Funds, decreased 4 percent from the prior quarter and increased 7 percent from the first quarter of 2017. No incentive fee was paid by PMT during the quarter, consistent with the prior quarter and the first quarter of 2017.
The following table presents a breakdown of management fees and carried interest:
Quarter ended March 31, December 31, March 31, 2018 2017 2017 (in thousands) Management fees: PennyMac Mortgage Investment Trust Base $ 5,696 $ 5,900 $ 5,008 Performance incentive - - - 5,696 5,900 5,008 Investment Funds 79 88 366 Total management fees 5,775 5,988 5,374 Carried Interest (180 ) 5 (128 ) Total management fees and Carried Interest $ 5,595 $ 5,993 $ 5,246 Net assets of Advised Entities: PennyMac Mortgage Investment Trust $ 1,542,258 $ 1,544,585 $ 1,458,590 Investment Funds 2,668 29,329 97,551 $ 1,544,926 $ 1,573,914 $ 1,556,141 Investment Management segment expenses totaled $5.9 million, an increase of 34 percent from the prior quarter and 39 percent from the first quarter of 2017, primarily due to a change in accounting for expenses reimbursed by PMT under the Company’s management agreement with PMT. Beginning January 1, 2018, PennyMac Financial is required to include such expense reimbursements in its net revenue and the expenses reimbursed in its expenses. Previously, PennyMac Financial accounted for such reimbursements as reductions to its expenses.
Consolidated Expenses
Total expenses for the first quarter were $165.2 million, a 7 percent decrease from the prior quarter and a 16 percent increase from the first quarter of 2017. The quarter-over-quarter decrease was driven by lower total expenses in the production and servicing segments.
***
Executive Chairman Stanford L. Kurland concluded, “The mortgage origination market is in a period of significant transition, with interest rates increasing meaningfully from the end of last year, resulting in a reduction of refinancing volumes. As the market continues to normalize, we believe PennyMac Financial is positioned to perform well as a result of our comprehensive mortgage banking platform and leading production and servicing businesses. We continue to pursue opportunities that are expected to help us grow. These include growth in our consumer direct channel and our recently launched broker channel. We also are focused on the expansion of our product menu to better serve our customers and drive additional volume, including a re-emphasis on jumbo loans and developing loan products to help borrowers access home equity. Technology is the foundation for these initiatives. We are investing in technology to drive greater efficiencies, while at the same time focusing on continually improving interaction with our customers to ensure the successful execution of our growth strategies and our ability to deliver strong profitability into the future.”
Management’s slide presentation will be available in the Investor Relations section of the Company’s website at www.ir.pennymacfinancial.com beginning at 1:30 p.m. (Pacific Daylight Time) on Thursday, May 3, 2018.
About PennyMac Financial Services, Inc.
PennyMac Financial Services, Inc. is a specialty financial services firm with a comprehensive mortgage platform and integrated business focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. PennyMac Financial Services, Inc. trades on the New York Stock Exchange under the symbol “PFSI.” Additional information about PennyMac Financial Services, Inc. is available at www.ir.pennymacfinancial.com .
This press release contains within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections and assumptions with respect to, among other things, the Company’s financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words like “believe,” “expect,” “anticipate,” “promise,” “plan,” and other expressions or words of similar meanings, as well as future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” are generally intended to identify . Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: the continually changing federal, state and local laws and regulations applicable to the highly regulated industry in which we operate; lawsuits or governmental actions that may result from any noncompliance with the laws and regulations applicable to our businesses; the mortgage lending and servicing-related regulations promulgated by the Consumer Financial Protection Bureau and its enforcement of these regulations; our dependence on U.S. government-sponsored entities and changes in their current roles or their guarantees or guidelines; changes to government mortgage modification programs; the licensing and operational requirements of states and other jurisdictions applicable to the Company’s businesses, to which our bank competitors are not subject; foreclosure delays and changes in foreclosure practices; certain banking regulations that may limit our business activities; our dependence on the multifamily and commercial real estate sectors for future originations of commercial mortgage loans and other commercial real estate related loans; changes in macroeconomic and U.S. real estate market conditions; difficulties inherent in growing loan production volume; difficulties inherent in adjusting the size of our operations to reflect changes in business levels; purchase opportunities for mortgage servicing rights and our success in winning bids; changes in prevailing interest rates; increases in loan delinquencies and defaults; our reliance on PennyMac Mortgage Investment Trust (NYSE: PMT) as a significant source of financing for, and revenue related to, our mortgage banking business; any required additional capital and liquidity to support business growth that may not be available on acceptable terms, if at all; our obligation to indemnify third-party purchasers or repurchase loans if loans that we originate, acquire, service or assist in the fulfillment of, fail to meet certain criteria or characteristics or under other circumstances; our obligation to indemnify PMT and the Investment Funds if its services fail to meet certain criteria or characteristics or under other circumstances; decreases in the returns on the assets that we select and manage for our clients, and our resulting management and incentive fees; the extensive amount of regulation applicable to our investment management segment; conflicts of interest in allocating our services and investment opportunities among us and our advised entities; the effect of public opinion on our reputation; our recent growth; our ability to effectively identify, manage, monitor and mitigate financial risks; our initiation of new business activities or investment strategies or expansion of existing business activities or investment strategies; our ability to detect misconduct and fraud; our ability to mitigate cybersecurity risks and cyber incidents; our exposure to risks of loss with real estate investments resulting from adverse weather conditions and man-made or natural disasters; and our organizational structure and certain requirements in our charter documents. You should not place undue reliance on any forward- looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any or any other information contained herein, and the statements made in this press release are current as of the date of this release only.
PENNYMAC FINANCIAL SERVICES, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, December 31, March 31, 2018 2017 2017 (in thousands, except share amounts) ASSETS Cash $ 137,863 $ 37,725 $ 72,767 Short-term investments at fair value 105,890 170,080 116,334 Mortgage loans held for sale at fair value 2,584,236 3,099,103 2,277,751 Derivative assets 89,469 78,179 82,001 Servicing advances, net 284,145 318,066 317,513 Carried Interest due from Investment Funds 538 8,552 70,778 Investment in PennyMac Mortgage Investment Trust at fair value 1,352 1,205 1,331 Mortgage servicing rights 2,354,489 2,119,588 1,725,061 Real estate acquired in settlement of loans 2,338 2,447 1,014 Furniture, fixtures, equipment and building improvements, net 30,172 29,453 31,568 Capitalized software, net 28,919 25,729 15,453 Financing receivable from PennyMac Mortgage Investment Trust 142,938 144,128 150,000 Receivable from Investment Funds 460 417 998 Receivable from PennyMac Mortgage Investment Trust 27,356 27,119 20,756 Loans eligible for repurchase 1,018,488 1,208,195 318,378 Other 94,238 98,107 49,674 Total assets $ 6,902,891 $ 7,368,093 $ 5,251,377 LIABILITIES Assets sold under agreements to repurchase $ 1,814,282 $ 2,381,538 $ 2,034,808 Mortgage loan participation and sale agreements 510,443 527,395 241,638 Notes payable 1,140,022 891,505 436,725 Obligations under capital lease 16,435 20,971 31,178 Excess servicing spread financing payable to PennyMac Mortgage Investment Trust at fair value 236,002 236,534 277,484 Derivative liabilities 4,476 5,796 15,873 Mortgage servicing liabilities at fair value 12,063 14,120 15,994 Accounts payable and accrued expenses 113,046 106,716 108,489 Payable to Investment Funds 26 2,427 18,356 Payable to PennyMac Mortgage Investment Trust 117,987 136,998 164,743 Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement
46,037 44,011 78,712 Income taxes payable 58,956 52,160 31,968 Liability for loans eligible for repurchase 1,018,488 1,208,195 318,378 Liability for losses under representations and warranties 20,429 20,053 19,436 Total liabilities 5,108,692 5,648,419 3,793,782 STOCKHOLDERS' EQUITY Class A common stock---authorized 200,000,000 shares of $0.0001 par value; issued and outstanding, 24,277,768, 23,529,970 and 22,917,545 shares, respectively
2 2 2 Class B common stock---authorized 1,000 shares of $0.0001 par value; issued and outstanding, 45, 46 and 49 shares, respectively
- - - Additional paid-in capital 221,495 204,103 191,514 Retained earnings 282,114 265,306 175,428 Total stockholders' equity attributable to PennyMac Financial Services, Inc. common stockholders
503,611 469,411 366,944 Noncontrolling interests in Private National Mortgage Acceptance Company, LLC
1,290,588 1,250,263 1,090,651 Total stockholders' equity 1,794,199 1,719,674 1,457,595 Total liabilities and stockholders’ equity $ 6,902,891 $ 7,368,093 $ 5,251,377 PENNYMAC FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Quarter ended March 31, December 31, March 31, 2018 2017 2017 (in thousands, except earnings per share) Revenue Net gains on mortgage loans held for sale at fair value $ 71,414 $ 98,621 $ 86,956 Mortgage loan origination fees 24,563 30,267 25,574 Fulfillment fees from PennyMac Mortgage Investment Trust 11,944 19,175 16,570 Net mortgage loan servicing fees: Mortgage loan servicing fees From non-affiliates 135,483 130,617 106,467 From PennyMac Mortgage Investment Trust 11,019 11,077 10,486 From Investment Funds - 6 496 Ancillary and other fees 14,171 20,308 11,866 160,673 162,008 129,315 Amortization, impairment and change in estimated fair value of mortgage servicing rights and excess servicing spread
(43,884 ) (55,106 ) (55,152 ) Net mortgage loan servicing fees 116,789 106,902 74,163 Management fees: From PennyMac Mortgage Investment Trust 5,696 5,900 5,008 From Investment Funds 79 88 366 5,775 5,988 5,374 Carried Interest from Investment Funds (180 ) 5 (128 ) Net interest income (expense): Interest income 42,615 39,905 23,859 Interest expense 36,745 35,677 29,474 5,870 4,228 (5,615 ) Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust
182 (63 ) 139 Results of real estate acquired in settlement of loans (28 ) (43 ) (25 ) Revaluation of payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement - 32,940 - Other 1,872 614 1,465 Total net revenue 238,201 298,634 204,473 Expenses Compensation 102,013 97,097 85,240 Servicing 26,299 41,183 26,843 Technology 14,620 13,993 11,356 Occupancy and equipment 6,377 5,675 5,319 Loan origination 2,115 5,599 4,133 Professional services 5,738 4,868 3,818 Marketing 2,161 2,524 1,736 Other 5,882 5,922 3,996 Total expenses 165,205 176,861 142,441 Income before provision for income taxes 72,996 121,773 62,032 Provision for (benefit from) income taxes 6,070 (2,125 ) 7,646 Net income 66,926 123,898 54,386 Less: Net income attributable to noncontrolling interest 50,307 61,580 43,507 Net income attributable to PennyMac Financial Services, Inc. common stockholders
$ 16,619 $ 62,318 $ 10,879 Earnings per share Basic $ 0.70 $ 2.67 $ 0.48 Diluted $ 0.67 $ 2.44 $ 0.47 Weighted-average common shares outstanding Basic 23,832 23,354 22,619 Diluted 79,461 25,565 77,143
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006661/en/
PennyMac Financial Services, Inc.
Media
Stephen Hagey
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Christopher Oltmann
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Source: PennyMac Financial Services, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-pennymac-financial-services-inc-reports-first-quarter-2018-results.html |
Warren Buffett may be known as one of the world's greatest investors, but his influence reaches far beyond finance. In an upcoming documentary titled " Warren Buffett: Investor. Teacher. Icon., " CNBC gets an intimate look not only at the "Oracle of Omaha" but at the lives of those he has influenced and changed.
Buffett has long been admired for his dogged work ethic, staying close to his Nebraska roots and for maintaining a relatively modest lifestyle – at least for someone with a net worth exceeding $80 billion. He started out delivering newspapers seven decades ago in Washington, D.C., where he lived as a teenager for several years while his father served in the U.S. House. Today, Buffett lives in the same Omaha home he purchased in 1958. His emphasis on frugality and philanthropy has served as life lessons to those who follow him, every bit as much as the principles of value investing he has preached for decades as chairman and CEO of Berkshire Hathaway .
Buffett's devoted fans can be found across the country and around the world. More than 75 books have been written about him, his longtime business partner Charlie Munger , and their investment principles. Buffett's admirers run the gamut, from NFL star Ndamukong Suh , to a group of kids in Detroit studying financial literacy, to an entrepreneur in Alabama with a booming cleaning business. CNBC even profiles a young man who says Buffett's own sense of integrity served as an example that helped him overcome a drug addiction.
There was a time when Buffett was afraid to speak in public, but he's long since overcome that fear, and he's come to see himself as a teacher as much as a CEO. At the annual Berkshire Hathaway shareholders meeting each year, Buffett and Munger field any and all questions from shareholders, for five full hours. The meeting, dubbed the "Woodstock of Capitalism," mainly focuses on finance, but attendees are free to ask whatever is on their minds. When one shareholder asked Buffett what he would have to do to become his successor at Berkshire Hathaway, the answer was simple. "Probably shoot me," Buffett said.
"Warren Buffett: Investor. Teacher. Icon." Premieres May 4 | Friday 10P ET/PT | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/the-warren-buffett-story-as-told-by-those-whose-lives-he-has-changed.html |
(Repeats from Friday, updates chart)
** S&P 500 loses traction, finishes down 0.2 pct for the week
** That said, major averages/futures in cramped stalls , though also proving to be artful dodgers
** Indeed, SPX still in a holding pattern. This, while Nasdaq Composite is carrying some internal baggage
** Nevertheless, small caps try to emerge from big brother’s shadow
** Most sectors lag: telecom and healthcare stumble, while tech captures the roses
** Telecom spills 4.6 pct. Verizon, AT&T stagger while T-Mobile and Sprint plead their merger case to regulators
** Healthcare trips 3 pct. Gilead slides 11 pct as profit misses, competition intensifies. Cardinal Health worst in sector down ~20 pct on Cordis woes, falling generic drug prices
** Financials drop 1.7 pct. Insurers dive after weak profit reports by Unum Group and AIG
** Tech gallops 3.2 pct higher. Apple streaks to record high. This as Buffett takes a bigger bite and iPhone sales show resilience . Apple supplier Qorvo best in group up 18 pct on upbeat qtr
** SPX sector performance over past 12 mths: reut.rs/2K043HU
** Meanwhile, Tesla shares, bonds fall after brusque Musk bites hand of Wall Street , then admits snub “foolish” but defends his behavior
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL1N1SE07W |
(Adds details, background)
ISTANBUL, May 25 (Reuters) - Turkey’s central bank was late to hike interest rates, Deputy Prime Minister Mehmet Simsek said on Friday, adding that it was nonetheless a strong step that showed the bank’s independence and it would continue to do what is necessary.
Simsek, speaking to broadcaster NTV in an interview, also said the bank had the full support of the government. He said the impact of Wednesday’s rate hike was limited by developments a day later, including U.S sanctions on Turkish entities.
The central bank hiked its top interest rate to 16.5 percent from 13.5 percent on Wednesday in an extraordinary meeting of its Monetary Policy Committee. The move was aimed at putting a floor under the lira which has devalued as much as 20 percent this year.
“The central bank took a strong step although it was a late one, and it was effective. I have to emphasise that,” he said.
While the currency initially strengthened against the dollar following the move, it has since lost much of those gains.
The impact of the central bank’s move was mitigated on Thursday by the announcement of U.S. sanctions on Turkish entities related to Iran, and “fabricated” rumours that U.S. authorities could impose a large fine on Turkish lender Halkbank in a separate case related to Iran, he said.
The United States on Thursday imposed sanctions on several Iranian and Turkish companies and a number of aircraft in a move targeting four Iranian airlines.
Halkbank said on Thursday it had not received any notification of penalties and described the talk of considerable fines as “false rumours”.
Simsek said the emergency rate hike proved the central bank’s independence and that it will continue to take necessary measures with the support of the government. (Reporting by Nevzat Devranoglu and Ezgi Erkoyun Writing by Ali Kucukgocmen; Editing by David Dolan)
| ashraq/financial-news-articles | https://www.reuters.com/article/turkey-currency-simsek/update-1-turkeys-central-bank-was-late-to-hike-rates-simsek-says-idUSL5N1SW1SV |
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The logo of French oil giant Total is shown outside Paris in 2016. Associated Press Good morning. Companies that choose to leave Iran because the U.S. exited the nuclear deal are doing so for a number of reasons, sanctions experts say, including a need to stay in the U.S. market, potential banking problems or secondary sanctions.
Companies such as Total SA , A.P. Moller-Maersk and Allianz SE announced last week they were set to walk away from the business they started with Iran following the 2016 nuclear deal, known as the Joint Comprehensive Plan of Action, or JCPOA. President Donald Trump earlier this month said the U.S. would leave the deal and re-impose all of the sanctions lifted as part of the agreement. The phase-in of those sanctions will occur over a six-month period, but some companies are accelerating their departures.
“Many non-U.S. companies who have announced their intention to exit Iran must be experiencing deja-vu,” said Adam M. Smith, a partner at law firm Gibson Dunn Crutcher LLP.
Companies saying they’re leaving Iran decided their market interests in the U.S. outweigh the potential of those in Iran, sanctions observers said.
“They are motivated by preserving their access to the [U.S.] dollar economy,” said Sanjay Mullick, a partner at law firm Kirkland & Ellis LLP.
Companies are afraid of the pain that comes from enforcing secondary sanctions, said Daniel Tannebaum, the leader of PwC’s global financial services sanctions practice. There isn’t much of a history of enforcing them, and there may not need to be. “The threat of secondary sanctions is enough to scare institutions and companies out of the market,” said Mr. Tannebaum.
That threat led Total to halt its work in Iran, said Chairman and Chief Executive Patrick Pouyanne, in an interview at the Center for Strategic and International Studies last week in Washington. “As soon as the U.S. decide to put back in place the secondary sanctions there is no possibility for us to be a major company, a global company,” he said.
Mr. Pouyanne said 90% of Total’s financing is linked to the U.S. financial system and secondary sanctions that block the firm from U.S. banks would make business impossible. “I cannot run a company in 130 countries without any access to any U.S. banks,” he said.
The banking issue is a very large concern, said Janet Kim, partner at the firm Baker McKenzie. Even during the nuclear deal banks were reticent to work in Iran, she said, but the U.S. walking away from the agreement makes them even more so.
A company needs banking services to operate in Iran, she said. “If that infrastructure isn’t there, it’s almost impossible to continue to do business with Iran,” she said.
EXCLUSIVE ON RISK AND COMPLIANCE JOURNAL
Colombian ex-anticorruption director extradited to U.S. The former Colombian national anticorruption director and a Colombian lawyer were extradited to face U.S charges.
Prosecutors said both Luis Gustavo Moreno Rivera, who was the Colombian national director of anticorruption, and Leonardo Luis Pinilla Gomez, an attorney practicing there, arrived Thursday in the U.S to face charges of laundering money related to foreign bribery. They were arrested in Colombia on an Interpol notice, prosecutors said.
Mr. Moreno’s lawyer said his client is glad to be in the U.S. to address the charges filed against him. A lawyer for Mr. Pinilla couldn’t immediately be reached.
The two men allegedly tried to orchestrate a scheme in which they received a fee to obstruct a separate corruption investigation into a Colombian governor who acted a U.S. cooperating source. The then-director of the anticorruption office had allegedly offered to inundate his prosecutors with work so they wouldn’t be able to focus on the investigation, prosecutors said. – Samuel Rubenfeld
COMPLIANCE
China praised a reduction in trade tensions with the U.S. after U.S. Treasury Secretary Steven Mnuchin said Sunday that a trade war was “on hold” as the countries work on a wider trade agreement, Reuters reports.
Treasury Secretary Steven Mnuchin told Fox News on Sunday that the U.S. was ‘putting the trade war on hold.’ PHOTO: ANDREW CABALLERO-REYNOLDS/AGENCE FRANCE-PRESSE/GETTY IMAGES Investigators have yet to issue their final report on a Southwest Airlines flight last month that led to a passenger’s death. But one thing is clear : Despite a warning about a suspect engine part nearly two years earlier, investigators didn’t mandate enhanced inspections for an unusually long time and acted only after the fatality, the WSJ reports.
With former Malaysian Prime Minister Najib Razak under effective house arrest, the focus in the probe of theft from the 1Malaysia Development Bhd. sovereign-wealth fund is turning to Jho Low, whom the U.S. Justice Department alleges was the ringleader, the WSJ reports.
The U.S. Treasury Department on Friday levied sanctions against one of Venezuela’s most powerful men, accusing Diosdado Cabello Rondón of state-aided narco-trafficking and corruption, as the administration escalated its pressure campaign against Caracas, the WSJ reports.
The Trump administration moved toward dismantling Obama-era policies aimed at enforcing the Fair Housing Act. The U.S. Department of Housing and Urban Development is withdrawing a computer tool used to check if local and state governments were properly addressing segregated housing patterns, the WSJ reports.
DATA SECURITY
A cottage industry around privacy technology has sprung up, with firms offering to help companies more efficiently meet the demands of the EU’s General Data Protection Regulation. Some new tools could create additional legal risk for the companies using them, experts say, the WSJ reports.
RISK
Employees allege in lawsuits against American Airlines , Kroger and Montage Hotels & Resorts LLC , among others, that the firms are unfairly subtracting fractions of their hourly wages using time-tracking technology. American said it pays staff for the work they do. Kroger and Montage declined to comment, the WSJ reports.
Iran vowed to uphold the pact curbing its nuclear activities if the European Union can offset renewed U.S. sanctions, senior officials in Tehran said, advocating an approach that would widen a deepening schism between Washington and Brussels, the WSJ reports.
The outlook for containing Ebola is more favorable than during a major outbreak in West Africa in 2014, the head of the Worlkd Health Organization said. The virus has been reported in Mbandaka, a Congo River port city, from where it could spread to the capital, Kinshasa, Reuters reports.
STRATEGY
Blackstone Group is shedding its investment in hotel group Hilton Worldwide Holdings , closing out the most profitable private-equity investment in real estate ever. The hotel chain said Friday that Blackstone would sell 15.8 million of its shares in privately negotiated transactions, the WSJ reports.
Denise Morrison’s abrupt departure as chief executive officer of Campbell Soup Co. indicates the company’s yearslong push into fresh and refrigerated foods has failed. U.S. soup sales and Campbell’s fresh-food business have faltered, suggesting to analysts the firm needs a new plan , the WSJ reports.
Campbell paid high prices to acquire small but growing brands—like its recent $700 million acquisition of organic soup maker Pacific Foods. PHOTO: RICHARD B. LEVINE/NEWSCOM/ZUMA PRESS The U.S.’s Fifth Third Bancor p said it would buy MB Financial in a deal valued at about $4.7 billion, Reuters reports. The price is equivalent to a 24% premium over MB Financial’s most recent closing price.
United Technologies is selling the Taylor Co. , which produces ice-cream and frozen-drink machines, to Middleby for $1 billion in cash, as the industrial conglomerate works to sharpen its focus on its core businesses, the WSJ reports.
The Morning Risk Report from WSJ’s Risk & Compliance Journal cues up the most important news in risk and compliance every weekday morning. Send tips, suggestions and complaints to [email protected] .
Share this: 1MDB Allianz American Airlines Blackstone Campbell China trade Denise Morrison FAA Fifth Third GDPR Hilton Iran Sanctions Jho Low Kroger Maersk MB Financial Middleby Mnuchin Montage Moreno Rivera Najib Razak Pinilla Gomez Rondón Southwest Airlines Taylor time-tracking technology Total United Technologies Venezuela sanctions Previous Corruption Currents: U.S. Special Counsel's Probe Marks First Year Next Corruption Currents: Malaysians Transfixed as Purses, Cash, Jewelery Are Seized | ashraq/financial-news-articles | https://blogs.wsj.com/riskandcompliance/2018/05/21/the-morning-risk-report-companies-walk-away-from-iran/ |
SAN FRANCISCO, May 9, 2018 /PRNewswire/ -- Audentes Therapeutics, Inc. (Nasdaq: BOLD), a biotechnology company focused on developing and commercializing innovative gene therapy products for patients living with serious, life-threatening rare diseases, today reported its first quarter ended March 31, 2018 and provided an update on the company's recent achievements and anticipated upcoming milestones.
"During the first quarter of 2018 we continued to make excellent progress across our product portfolio," stated Matthew R. Patterson, Chief Executive Officer of Audentes. "In particular, we are excited by the positive preliminary results we have observed in our XLMTM program and we look forward to reporting additional interim data from the first dose cohort of ASPIRO patients at the upcoming ASGCT annual meeting. We are also pleased by the preliminary data from the first patient treated in our Crigler-Najjar program, which demonstrated an encouraging early safety profile and initial proof-of-concept for efficacy. We look forward to treating our next patient at a higher dose in the coming weeks."
Mr. Patterson continued, "Finally, we are excited by the growing momentum behind our product candidate AT982, which we believe offers a best-in-class approach for the treatment of Pompe disease. Based on recent discussions with regulatory authorities, we have expanded our clinical vision and plan to conduct two separate Phase 1/2 clinical studies for the infantile and late onset Pompe disease patient populations in parallel. As such, we have expanded the scope of our IND-enabling preclinical program, and now plan to include both studies in the initial IND filing targeted for the fourth quarter of 2018, which will support the initiation of the studies in the first half of 2019."
Recent Achievements & Upcoming Key Events
AT132 for XLMTM: Completed dosing of three additional patients (cohort 1 expansion) in the 1x10 14 vg/kg cohort of ASPIRO, bringing the total number of patients enrolled to date to seven (six AT132-treated and one delayed-treatment control). No significant treatment-related safety signals have been identified to date in cohort 1 expansion patients. Plan to report additional interim data during an oral presentation at ASGCT on May 16, 2018. Presentation to include up to 24-week data for the first four subjects enrolled and up to 4-week data in the cohort 1 expansion patients. Plan to report six-month biopsy data from the first three patients dosed and announce plans with regard to dose escalation in the third quarter of 2018 AT342 for Crigler-Najjar Syndrome: Initial proof of concept established based on 12-week data from first patient enrolled in VALENS study, a 12-year-old male, at a dose of 1.5x10 12 vg/kg AT342 has been well-tolerated with no significant treatment-related safety signals to date Treatment resulted in a rapid decline in total bilirubin levels from approximately 11 mg/dL at baseline to 4 mg/dL at week 2 post-dosing, with a gradual return to baseline by week 12. A similar efficacy result was observed with low doses of AT342 in a dose ranging study in the mouse model of Crigler Najjar, while higher doses demonstrated durable bilirubin reduction. Plan to dose escalate to the 6 x10 12 vg/kg and enroll the next patient in VALENS in the coming weeks Plan to report interim 12-week data in the first patient dosed in VALENS at the 51 st Annual Congress of the European Society for Paediatric Gastroenterology, Hepatology and Nutrition (ESPGHAN) on May 10, 2018 and at ASGCT on May 17, 2018 Plan to report the next interim data update from VALENS in the second half of 2018 AT982 for Pompe Disease: Announced selection of the clinical development candidate, AT982, a novel AAV8 vector designed to express GAA in tissues relevant to Pompe disease, including skeletal muscle, the heart and the nervous system, and in the liver to reduce immunogenicity, thereby addressing the key limitations of existing enzyme replacement therapy for Pompe disease Plan to present additional data from AT982 in a Pompe mouse model at ASGCT on May 16, 2018 Plan to expand the preclinical program to support the filing of an IND to study AT982 in both infantile and late onset Pompe disease patients Plan to file the IND in the fourth quarter of 2018 and initiate both Phase 1/2 clinical studies in the first half of 2019 AT307 for CASQ2-CPVT: IND has been submitted. FDA has completed its initial review and provided a short list of questions to be addressed prior to the IND becoming active. We expect to submit responses in the coming weeks. Received Fast Track designation from the FDA Continuing patient identification activities to better characterize CASQ2-CPVT prevalence. Results from these efforts will inform clinical plans as they relate to the timing of a potential Phase 1/2 study. Key Corporate Milestones: In January 2018, Audentes strengthened its balance sheet with the completion of a follow-on financing, issuing 6,612,500 shares of common stock at an offering price of $35.00 per share, resulting in net proceeds of approximately $217.2 million after the deduction of underwriting discounts, commissions and offering expenses Announced the promotion of Natalie Holles to President and Chief Operating Officer. In this new role, Ms. Holles will oversee the day-to-day operations of the company, including research, development, manufacturing, program management and corporate development.
First Quarter 2018 Financial Results
Cash Position: At March 31, 2018, Audentes had cash, cash equivalents, and short-term investments of $326.1 million. Current cash, cash equivalents and short-term investments are planned to fund operations into the second half of 2020. Research and Development Expenses : Research and development expenses were $19.9 million for the first quarter of 2018 compared to $14.6 million for the same period in 2017, an increase of $5.3 million. The increase in research and development expenses was primarily attributable to an increase in development costs related to our AT982 program, increased headcount and related facility costs, increased internal manufacturing costs and higher stock compensation expense, and is partially offset by a decrease in the estimated fair value of the contingent liability associated with the 2015 acquisition of Cardiogen Sciences, resulting in a $2.3 million reduction in research and development expense during the first quarter of 2018. Research and Development expenses included $2.1 million of non-cash stock-based compensation expense. General and Administrative Expenses: General and administrative expenses were $6.5 million for the first quarter of 2018 compared to $3.6 million for the same period in 2017, an increase of $2.9 million. The increase in general and administrative expenses was primarily attributable to increased headcount and related facility costs, increased professional service fees, higher stock compensation expense and higher costs driven by continued public company regulatory compliance initiatives. General and administrative expense includes $1.3 million of non-cash stock-based compensation expense. Net Loss: Net loss was $25.6 million for the first quarter of 2018 compared to $18.1 million for the same period in 2017.
Conference Call
At 4:30 p.m. Eastern Time today, Audentes management and a simultaneous webcast to discuss its first quarter 2018 financial results and provide a corporate update. To access a live webcast of the conference call, please visit the Events & Presentations page within the Investors + Media section of the Audentes website at www.audentestx.com . Alternatively, please call 1-833-659-8620 (U.S.) or 1-409-767-9247 (international) and dial the conference ID 9789828 to access the call.
A replay of the webcast will be available on the Audentes website for approximately 30 days.
About Audentes Therapeutics, Inc.
Audentes Therapeutics (Nasdaq: BOLD) is a biotechnology company focused on developing and commercializing innovative gene therapy products for patients living with serious, life-threatening rare diseases. We are currently conducting Phase 1/2 clinical studies of our lead product candidates AT132 for the treatment of X-Linked Myotubular Myopathy (XLMTM) and AT342 for the treatment of Crigler-Najjar Syndrome. We have two additional product candidates in development, including AT982 for the treatment of Pompe disease, and AT307 for the treatment of the CASQ2 subtype of Catecholaminergic Polymorphic Ventricular Tachycardia (CASQ2-CPVT). We are a focused, experienced and passionate team committed to forging strong, global relationships with the patient, research and medical communities.
For more information regarding Audentes, please visit www.audentestx.com .
Forward Looking Statements
This press release contains within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to: anticipated clinical milestones, the timing and nature of clinical development activities, the timing of the release of data from ongoing clinical trials, the timing of regulatory filings, the expected benefits of the company's product candidates and the use and adequacy of cash reserves. All statements other than statements of historical fact are statements that could be deemed . Although the company believes that the expectations reflected in such are reasonable, the company cannot guarantee future events, results, actions, levels of activity, performance or achievements, and the timing and results of biotechnology development and potential regulatory approval is inherently uncertain. Forward-looking statements are subject to risks and uncertainties that may cause the company's actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks and uncertainties related to the company's ability to advance its product candidates, obtain regulatory approval of and ultimately commercialize its product candidates, the timing and results of preclinical and clinical trials, fund development activities and achieve development goals, establish and scale-up manufacturing processes that comply with regulatory requirements, protect intellectual property and other risks and uncertainties described under the heading "Risk Factors" in documents the company files from time to time with the Securities and Exchange Commission. These speak only as of the date of this press release, and the company undertakes no obligation to revise or update any to reflect events or circumstances after the date hereof.
Selected Financial Information
Operating Results:
(amounts in thousands, except share and per share data)
Three months ended March 31,
2018
2017
Unaudited
Operating expenses:
Research and development
$ 19,891
$ 14,587
General and administrative
6,519
3,658
Total operating expenses
26,410
18,245
Loss from operations
(26,410)
(18,245)
Interest income, net
859
147
Other expense, net
(20)
(17)
Net loss
$ (25,571)
$ (18,115)
Net loss per share, basic and diluted
$ (0.74)
$ (0.83)
Shares used in computing net loss per share, basic and diluted
34,582,071
21,755,134
Selected Balance Sheet Information:
(amounts in thousands)
March 31,
December 31,
2018
2017
Unaudited
Cash, cash equivalents and short-term investments
$ 326,128
$ 133,605
Total assets
$ 373,089
$ 178,662
Total liabilities
$ 20,647
$ 22,064
Total stockholders' equity
$ 352,442
$ 156,598
Audentes Contacts:
Investor Contact:
Andrew Chang
415.818.1033
[email protected]
Media Contact:
Paul Laland
415.519.6610
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/audentes-therapeutics-reports-first-quarter-2018-financial-results-and-provides-corporate-update-300645746.html
SOURCE Audentes Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-audentes-therapeutics-reports-first-quarter-2018-financial-results-and-provides-corporate-update.html |
MORONI (Reuters) - An ex-president of Comoros, who was put under house arrest on Saturday over his suspected role in a scheme to sell citizenship, has accused the government of putting democracy in danger.
FILE PHOTO: Comoros President Ahmed Abdallah Mohamed Sambi speaks during the Millennium Development Goals Summit at the United Nations headquarters in New York September 20, 2010. REUTERS/Chip East Ahmed Abdallah Mohamed Sambi was questioned by investigators on May 15 over his role in the scheme. He was put under house arrest to stop him from inciting his supporters, the interior ministry said.
In a statement on Sunday, Sambi, who is being investigated along with successor Ikililou Dhoinine and 10 officials from both administrations, accused the government of posting soldiers at his gate to restrict freedom.
Sambi, who has denied all the allegations against him, said the actions risked putting off the country’s partners and shaking the faith of foreign investors in the Indian Ocean archipelago nation.
Comoros launched a program with the United Arab Emirates and Kuwait in 2008 to sell citizenship to stateless people in those countries, known as Bidoon, in return for cash to help develop the country.
However, an investigation by parliament released earlier this year found that thousands of passports were sold outside official channels via “mafia” networks and at least $100 million of revenue went missing.
President Azali Assoumani has said the scheme has since been suspended and promised to hold to account those who broke the law or embezzled money.
Reporting by Ali Amir Ahmed; writing by Duncan Miriri; editing by Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/us-comoros-politics/comoros-ex-president-says-government-actions-endangering-democracy-idUSKCN1IL0GX |
May 30, 2018 / 7:28 AM / Updated an hour ago U.S. says in talks with Turkey on YPG withdrawal from Syria's Manbij Tuvan Gumrukcu , Ece Toksabay 4 Min Read
ANKARA (Reuters) - The U.S. State Department on Wednesday denied media reports that a deal had been reached between the United States and Turkey on a three-step plan for withdrawing the Syrian Kurdish YPG militia from Syria’s Manbij. U.S. forces set up a new base in Manbij, Syria May 8, 2018. Picture Taken May 8, 2018. REUTERS/Rodi Said
“We don’t have any agreements yet with the government of Turkey,” department spokeswoman Heather Nauert said in a statement in Washington.
“We’re continuing to have ongoing conversations regarding Syria and other issues of mutual concern,” she said, adding that American and Turkish officials had met in Ankara last week for talks on the issue.
Turkey’s state-run Anadolu news agency said on Wednesday Ankara and Washington had reached a technical agreement on the withdrawal plan, a move Turkey has long sought from the United States.
The report comes as differences over Syria policy and Washington’s decision in December to move its embassy in Israel to Jerusalem have strained ties between the NATO allies.
Turkey is outraged by U.S. support for the YPG militia, considering them a terrorist organisation. Ankara has threatened to push its offensive in northern Syria’s Afrin region further east to Manbij.
Manbij is a potential flashpoint. The Syrian government, Kurdish militants, Syrian rebel groups, Turkey, and the United States all have a military presence in northern Syria.
Under the terms of the plan to be finalised during a visit by Foreign Minister Mevlut Cavusoglu to Washington on June 4, the YPG will withdraw from Manbij 30 days after the deal is signed, Anadolu said, quoting sources who attended meetings at which the decisions were made.
Turkish and U.S. military forces will start joint supervision in Manbij 45 days after the agreement is signed and a local administration will be formed 60 days after June 4, Anadolu said.
Earlier on Wednesday, Cavusoglu told broadcaster AHaber that a timetable for the Manbij plans could be set during talks with U.S. Secretary of State Mike Pompeo in Washington, and that it could be implemented before the end of the summer.
Cavusoglu was also quoted by media on his return flight from Germany saying that, if finalised, the plan for Manbij could be applied throughout northern Syria.
However, a local Manbij official later told Reuters that Cavusoglu’s assertions that U.S. and Turkish forces would temporarily control the region were “premature” and lacked credibility.
Relations between Ankara and Washington have hit a low-point due to factors such as the sentencing this month in New York of a former Turkish state bank executive to 32 months in prison for taking part in an Iran sanctions-busting scheme, a case Turkey has called a political attack. DEFENCE PROCUREMENT
Turkey has also caused unease in Washington with its decision to buy S-400 surface-to-air missiles from Russia and drew criticism over its detention of a U.S. Christian pastor, Andrew Brunson, on terrorism charges.
Brunson faces up to 35 years in prison on charges of links to the network Ankara blames for a 2016 coup attempt. The pastor denied the charges in a Turkish court this month.
A U.S. Senate committee last week passed its version of a $716 billion defence policy bill, including a measure to prevent Turkey from buying Lockheed Martin F-35 jets, citing Brunson and the Russian missile deal.
Cavusoglu, however, said that if the United States blocked Turkey from buying the jets, Ankara would go elsewhere to meet its needs, adding that it was unlikely Washington would be able to back out of the deal.
Turkey has plans to buy more than 100 of the F-35 jets and the Pentagon last year awarded Lockheed $3.7 billion in an interim payment for the production of 50 of the aircraft earmarked for non-U.S. customers, including Ankara. Additional reporting by Lesley Wroughton in Washington; Editing by Matthew Mpoke Bigg and Tom Brown | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-turkey/turkey-says-to-go-elsewhere-if-u-s-wont-sell-it-f-35-jets-media-idUKKCN1IV0PI |
May 13, 2018 / 10:21 AM / Updated 8 hours ago MLB roundup: Yankees rally to beat A's in extras Reuters Staff 12 Min Read
Neil Walker hit a single with two outs in the bottom of the 11th inning, lifting the New York Yankees to a 7-6 victory over the Oakland Athletics on Saturday afternoon. May 12, 2018; Bronx, NY, USA; New York Yankees catcher Gary Sanchez (24) scores the game winning run during the eleventh inning against the Oakland Athletics at Yankee Stadium. Mandatory Credit: Gregory J. Fisher-USA TODAY Sports
With runners on first and second, Walker won it when he blooped a first-pitch fastball from Chris Hatcher (3-1) into center field. After Gary Sanchez scored the winning run, Walker was mobbed by his teammates at first base and the celebration continued into right field.
Walker’s hit occurred after A.J. Cole (1-0) fanned four in two scoreless innings after starting his outing with two walks. It also occurred after left fielder Brett Gardner and catcher Sanchez teamed up to complete an inning-ending double play in the ninth in a play the Yankees successfully challenged.
Before the Yankees won for the 18th time in 21 games, Sanchez and Hicks hit back-to-back solo homers off Andrew Triggs in the second inning and Judge hit a two-run drive in the sixth off Triggs. Khris Davis hit a three-run homer (his 11th of the season) and Mark Canha added a two-run single during a five-run fourth for Oakland.
Braves 10, Marlins 5
Freddie Freeman slugged two homers and Tyler Flowers drew the go-ahead walk in the eighth inning as Atlanta defeated Miami at Marlins Park.
Freeman, who had his first career five-hit game on Thursday, finished 3-for-4 with three runs scored and three RBIs.
Jose Bautista drilled his first homer as a member of the Braves, tying the score 5-5 with a solo blast in the sixth inning. He has 332 career homers, most of them with the Toronto Blue Jays. Ender Inciarte also homered for the Braves. Derek Dietrich knocked in three of Miami’s five runs with a bases-loaded double in the fifth that had put the Marlins in front.
Cubs 8, White Sox 4
The Cubs and Willson Contreras had to wait an extra few hours, but they picked up where they left off on Friday, jumping on their intracity rivals early in a win over the visiting White Sox at Wrigley Field.
The Cubs won their fifth straight game on the heels of a five-game losing streak. The White Sox have lost seven straight and 11 of 12 and, at 9-27, are the only major league team not to have reached 10 wins.
Cubs starter Jon Lester (3-1) gave up only one run in 5 2/3 innings to earn the win. James Shields fell to 1-4, throwing six innings and allowing five runs on seven hits, with three walks and four strikeouts.
Astros 6, Rangers 1
Charlie Morton recorded a career-high 14 strikeouts while Brian McCann, Evan Gattis and Carlos Correa slugged home runs in support as Houston evened its three-game, weekend series with Texas at Minute Maid Park.
Morton (5-0) posted double-digits in strikeouts for the third time this season. He did not walk a batter and allowed just four hits over seven innings, with Rangers first baseman Ronald Guzman accounting for the lone run with a solo homer to right field in the third inning. Choo, left fielder Joey Gallo and second baseman Rougned Odor were a combined 0-for-10 with nine strikeouts against Morton, who fanned 12 batters over six innings against Texas on April 14.
Houston played without outfielder George Springer for the first time this season. Springer remains sidelined after being hit by a pitch on the left elbow in the third inning on Friday night.
Indians 6, Royals 2
Francisco Lindor went 4-for-4 with two solo homers and two doubles as Cleveland waited out a 75-minute rain delay before beating Kansas City at Progressive Field in Cleveland.
Lindor scored four runs for the Indians, while Mike Clevinger (3-0) lasted 7 2/3 innings, scattering eight hits and yielding two runs with no walks and five strikeouts. Michael Brantley also enjoyed a big day for Cleveland, going 3-for-4 with two runs and two RBIs.
Jakob Junis (4-3) toiled 5 2/3 innings in a losing cause for Kansas City, ceding six hits and four runs while walking two and fanning seven. The Royals fell to 13-26 and have been outscored by a whopping 60 runs on the season.
Nationals 2, Diamondbacks 1
Bryce Harper had two hits and an RBI and Stephen Strasburg won his third straight start as Washington became the first team to win a series against Arizona this season with a victory at Chase Field. May 12, 2018; Chicago, IL, USA; Chicago Cubs catcher Willson Contreras (40) hits a two run home run against the Chicago White Sox in the seventh inning at Wrigley Field. Mandatory Credit: Matt Marton-USA TODAY Sports
Harper doubled in a run in the third inning and walked to load the bases before the Nationals scored the final run of the game in the fourth. Washington has won 12 of its last 14. Stephen Strasburg (5-3) gave up five hits and one run in 6 2/3 innings, with nine strikeouts and one walk.
A.J. Pollock had an RBI double for the Diamondbacks, their only extra-base hit. They have lost a season-high four in a row and seven out of 10.
Red Sox 5, Blue Jays 2
Hanley Ramirez hit a two-run homer, David Price pitched into the sixth inning and visiting Boston defeated Toronto.
Price (3-4) allowed two runs, five hits and three walks and struck out six in 5 1/3 innings for his first win since April 17, a span of three winless starts. Price had missed his scheduled start on Wednesday with a mild case of carpal tunnel syndrome.
Toronto’s Marco Estrada (2-3) allowed four runs, seven hits and one walk while striking out five in six innings in his fourth straight start without a win. Justin Smoak homered for the Blue Jays, who won the opener of the three-game series in 12 innings Friday.
Pirates 6, Giants 5
Jordy Mercer got hit by a Tony Watson pitch with the based loaded in the eighth inning to give Pittsburgh its fifth straight win by beating visiting San Francisco.
Pirates starter Chad Kuhl gave up three runs and six hits in six innings, with six strikeouts and four walks. Gregory Polanco and Francisco Cervelli homered for Pittsburgh.
San Francisco has lost a season-worst six straight. Giants starter Jeff Samardzija had his longest outing of the season, allowing five runs and six hits in 5 2/3 innings, with five strikeouts and two walks. Evan Longoria and Alen Hanson hit home runs for San Francisco.
Reds 5, Dodgers 3
Scott Schebler hit a go-ahead three-run home run in the sixth inning as Cincinnati pushed its win streak to five games and clinched its first series win at Dodger Stadium in seven tries going back to 2011 with a victory in Los Angeles.
Reds starter Homer Bailey (1-5) dodged trouble all night, giving up three runs on 10 hits over five innings. Scooter Gennett had three hits, but his run of consecutive games with a home run ended at four, one shy of tying a franchise record.
Dodgers starter Ross Stripling gave up two runs on six hits over 5 1/3 innings, with a career-high seven strikeouts. With Stripling at 79 pitches in the sixth, the Dodgers replaced the spot starter with JT Chargois (1-1), who gave up three runs on four hits while recording just one out. Cody Bellinger hit a solo home run for the Dodgers in the third inning, his fifth of the season and first since May 1.
Rockies 4, Brewers 0
Trevor Story drove in four runs with two home runs and a double, and five pitchers combined on a five-hit shutout, delivering Colorado a victory over Milwaukee in Denver.
Kyle Freeland pitched into the seventh inning, and relievers Bryan Shaw, Mike Dunn, Adam Ottavino and Wade Davis limited the Brewers to one hit over the final 2 2/3 innings, helping the Rockies snap a three-game losing streak.
The shutout was the fifth of the season for the Colorado pitching staff. The Rockies had allowed 24 runs in their previous three games. The Brewers were shut out for the eighth time this season.
Padres 2, Cardinals 1 (13 innings)
Eric Hosmer doubled home pinch runner Jordan Lyles from second with no one out in the bottom of the 13th inning to give San Diego a walk-off victory over St. Louis at Petco Park. Slideshow (5 Images)
The game-winning double into the right field corner — on the first pitch from Cardinals reliever Mike Mayers — was the ninth walk-off hit of Hosmer’s career.
A.J. Ellis and Travis Jankowski drew back-to-back walks to open the 13th from reliever John Brebbia (0-1), who was then replaced by Mayers as the eighth Cardinals pitcher.
Twins 5, Angels 3 (12 innings)
Mitch Garver’s RBI double in the top of the 12th inning snapped a 3-3 tie and helped lift Minnesota to victory over host Los Angeles.
Garver’s game-winner, off Angels right-hander Noe Ramirez, ended a battle of bullpens that saw relievers from both teams put up zeroes after the seventh inning and into the 12th.
Ramirez (1-2), the last of four Angels relievers, had pitched two scoreless innings before being sent out for the 12th. But Eddie Rosario led off with an infield single and then scored on Garver’s double. One out later, Garver scored on a single by Gregorio Petit, who played for the Angels two seasons ago, to make it 5-3.
Tigers 4, Mariners 3 (Game 1)
Grayson Greiner knocked in the first two runs of his career, Jose Iglesias hit a two-run homer and Detroit held off Seattle in the first game of a doubleheader.
Greiner, a rookie catcher, had two run-scoring hits while Iglesias ripped his second homer this season. JaCoby Jones added two hits and a run scored.
Detroit’s Matthew Boyd (2-3) allowed three runs on three hits with six strikeouts in six-plus innings to collect the win. Seattle starter Marco Gonzales (3-3) allowed four runs on 10 hits in six innings.
Mariners 9, Tigers 5 (Game 2)
Robinson Cano hit a three-run homer, Ryon Healy drove in three runs and Seattle salvaged a split of a doubleheader in beating Detroit.
Cano hit his fourth homer and also scored two runs, while Healy blasted his seventh homer and added an RBI double for the Mariners. Kyle Seager had three hits, scored two runs and knocked in two more, while Nelson Cruz supplied three hits, a run scored and an RBI.
John Hicks led the Detroit attack with three hits, including a two-run homer. Pete Kozma had two hits, a run scored and two RBIs, while JaCoby Jones scored two runs, including a first-to-home scamper on a single.
Orioles 6, Rays 3 (Game 1)
Jonathan Schoop homered twice to help starter David Hess win in his major league debut as Baltimore won its fourth straight and defeated Tampa Bay in the first game of a doubleheader at Oriole Park.
Hess was the 26th man on the Orioles’ roster (which is allowed for doubleheaders), and after starting poorly, rebounded strongly. The right-hander gave up three runs on four hits in the first inning and then retired 18 of the final 20 batters he faced. Overall, Hess (1-0) allowed three runs on six hits in six innings. He struck out three without a walk and threw just 78 pitches.
Tampa Baydropped its fifth in a row. Rays starter Chris Archer (2-3) gave up all six runs Baltimore scored in seven innings. He allowed seven hits and couldn’t hold the early 3-0 lead.
Rays 10, Orioles 3 (Game 2)
C.J. Cron and Brad Miller both homered, and Tampa Bay defeated Baltimore to earn a split of the doubleheader at Camden Yards.
The Rays’ victory also snapped their five-game losing skid while Baltimore had won four in a row. There was a 1-hour, 19-minute rain delay in the sixth inning.
The Rays pitched by committee in this game as seven pitchers combined to allow just three runs and four hits, with Sergio Romo (1-0) earning the win by throwing 1 1/3 shutout innings. Baltimore starter Alex Cobb (0-5) lost for the second time this season to his former team. He allowed four runs (three earned) on seven hits in 5 2/3 innings.
Mets-Phillies (ppd.)
The contest between host Philadelphia and New York at Citizens Bank Park was postponed following a roughly one-hour rain delay from the scheduled start time. The game will be made up on Aug. 16 as part of a single-admission doubleheader beginning at 4:05 p.m. ET.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb/mlb-roundup-yankees-rally-to-beat-as-in-extras-idUSKCN1IE0G5 |
A lot of positives in place for new market highs, says CIO 2 Hours Ago Chris Zaccarelli, Independent Advisor Alliance chief investment officer, and Joe Duran, United Capital CEO and founding partner, discuss the state of the markets and what they see going forward as interest rates rise. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/a-lot-of-positives-in-place-for-new-market-highs-says-cio.html |
CALGARY, Alberta, May 01, 2018 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. ("Gran Tierra" or the "Company") (NYSE American:GTE) (NYSE MKT:GTE) (TSX:GTE), a company focused on oil and gas exploration and production in Colombia, is pleased to provide today an operations update. All dollar amounts are in United States (" U.S. ") dollars and all production, reserves and resources volumes are on a working interest before royalties (" WI ") basis, unless otherwise stated. Production in all time periods is on a Colombia-only basis.
Figure 1 - Gran Tierra Production Growth Graph
Highlights
Production
Gran Tierra's production averaged a record high of 35,075 barrels ("bbl") of oil equivalent per day (" BOEPD ") during first quarter 2018, which was 23% higher compared with 28,481 BOEPD in first quarter of 2017 and 2% higher compared with 34,477 BOEPD in fourth quarter of 2017 The Company's first quarter 2018 production was also up 55% from second quarter 2015 when the strategy to refocus Gran Tierra on Colombia began, an annual growth rate of 17%
Middle Magdalena Valley Basin Development and New Drilling
Continued Strong Performance at Acordionero, 100% WI
Record Production: Since acquiring the Acordionero field in the Middle Magdalena Valley Basin (" MMV ") in August 2016, Gran Tierra has increased its production by 266% to a record high average rate during March 2018 of 17,302 barrels of oil per day ( "bopd" ) Free Cash Flow: From the acquisition date of August 23, 2016, until March 31, 2018, the MMV assets have generated $241 million in oil and natural gas sales and $184 million of operating netback 1 , while the Company made capital investments of $140 million; the MMV assets have thus self-funded the active Acordionero development program as well as paid for MMV drilling at the Ayombero-1 and Totumillo-1 wells
Active 2018 Development Program: During first quarter 2018, in terms of development oil wells, the Company drilled 1, spud 1 and brought 2 on production
For the remainder of 2018, the Company plans to drill another 6 development oil wells, 2 water injectors and 1water source well, as well as expand the central processing facilities to a total potential capacity of 30,000 bopd, with $5 million incremental capital investment added in scope to support the better than expected production results to date
An additional $17 million in facilities capital has been added for the construction of a Gran Tierra-owned 22 megawatt ( "MW" ) gas-to-power facility in Acordionero, which is expected to lead to significant operating cost savings and improved production and water injection reliability
Enhanced Oil Recovery: the first phase of water injection is now underway and facilities are progressing for the full development phase Exciting Results from Ayombero-1 Well, 100% WI
La Luna Formation, conventional carbonate oil resource progress: Due to significant overpressure, the Galembo member of the La Luna Formation was cased but not cemented
The well has been producing on natural flow, with no stimulation, from 100 up to 600 bopd (average of 262 bopd over 323 hours from April 14 to 30, 2018) of 19 degree API oil with no formation water and steady flowing tubing head pressure of 1,466 psi, from 70 feet (" ft ") of perforations within 200 to 275 ft of potential net oil pay in the Galembo member
Potential additional perforations, stimulation and pumping options are currently being reviewed to possibly increase the Ayombero-1's productivity
Based on this well's positive results, Gran Tierra is updating the Company's geological mapping and modeling and plans to drill several additional appraisal wells in 2018
This well was drilled in the existing exploitation license as an appraisal of the Ayombero-Chuira structure and is producing from the same zone as the Company's Chuira-1 well, which is located 1.9 km away
An updated assessment by Gran Tierra's independent qualified reserve evaluator McDaniel & Associates Consultants Ltd. (“ McDaniel ”) as of April 30, 2018 indicates that the Ayombero Prospect now has gross WI mean prospective oil resources of 66 million bbl unrisked and 31 million bbl risked
Initial Exploration Results from Totumillo-1 Well, 100% WI
Lisama Formation, conventional sandstone oil play: The well's current average production is approximately 50 bopd of 22 degree API oil with no formation water from several thinner than expected Lisama oil sand intervals, ranging from 10 to 25 ft in thickness
While the individual results have fallen short of pre-drill estimates, the well provided several very positive indicators for future prospectivity in the area:
The well indicates that the lowest known oil within the Lisama play area may be at approximately 10,850 ft subsea, which is more than 1000 ft deeper than currently interpreted at the Acordionero field; this observation may indicate that the Lisama play fairway has a much larger prospective area in the region
An updated geological interpretation indicates that a more prospective well location (Totumillo-2) with better Lisama reservoir sand development may now exist to the east of Totumillo-1
Additional uphole potential was been identified in the La Paz formation, which had significant gas shows and appears to have net gas pay of 147 ft; this upside gas potential may have future value as power generation fuel
Putumayo Development and Exploration
Development in Costayaco, Chaza Block, 100% WI Gran Tierra drilled the fastest well yet in Costayaco, the CYC-31, an infill development well which encountered good oil reservoirs in the N, U and Caballos Sands, as well as the M2 and A-Limestones; production testing of the well in the U and Caballos Sands is currently underway with an electric submersible pump to be installed in second quarter 2018
The CYC-32, originally planned as an infill development well targeting the U, T and Caballos sands, was drilled in March 2018; the well encountered and successfully tested the M2-Limestone for the first time in the Costayaco field; the M2-Limestone produced in a range of 147 to 230 bopd of 29.4 degree API oil over 6 days with water cut of 0.3% and low gas-oil ratio by a combination of natural flow and jet pump artificial lift; the well is currently shut-in for a pressure transient analysis; other M2-Limestone recompletion opportunities in Costayaco are being evaluated; the Company is currently mapping the M2 across Costayaco and throughout its significant landholdings across the basin; the Company did not have any prospective resources related to the M2 included its most recent prospective resource report
The CYC-33, an infill development well targeting N, U, T and Caballos Sands at the top of the Costayaco structure, was spud on April 10, 2018; CYC-33 is the last infill development well planned for 2018; a secondary objective for this well is to evaluate potential A-Limestone resource on the other side of the main fault system that bounds the Costayaco field to the southeast
Ongoing Development and Exploration in Putumayo 7 ("PUT-7") Block, 100% WI
Development/Appraisal: The Cumplidor-2 development oil well was spud on April 3, 2018 to target the N Sand, A-Limestone and U Sand, with production testing expected in second and third quarter 2018
A core of the N Sand is scheduled for use in planning the future waterflood of the Cumplidor field to increase ultimate oil recovery
Planning is also underway for construction of an additional Cumplidor drilling pad in 2019
Exploration: Civil works are underway at the drilling pad for the Pomorroso, Pecari and Northwest multi-zone exploration prospects which are planned to be drilled in second half 2018
These 3 exploration wells are planned to target the A-Limestone and the U and N Sands using the 3D seismic acquired in 2017
Strong A-Limestone Production from Vonu-1 Exploration Well, Putumayo 1 ("PUT-1") Block, 55% WI This important discovery well in the A-Limestone is currently producing 1,849 bopd (100% gross) from the A-Limestone, or 1,017 bopd WI, with less than 1% water cut (first quarter 2018 average)
Vonu-1 is Gran Tierra's strongest A-Limestone well to date in terms of oil production performance and has already produced just over 500,000 bbls of oil (100% gross cumulative) as of mid-April 2018
Ongoing A-Limestone Assessment in Siriri-1 Exploration Well, Putumayo 4 ("PUT-4") Block, 100% WI
During December 2017, 15 feet out of 70 feet of oil pay in the A-Limestone were perforated and stimulated An oil gradient was measured in the wellbore using wireline pressure gauges and samples of oil were recovered; the oil properties tested 29 degree API and fingerprint analysis suggests that the oil is from a similar source as the Vonu-1 well
The well is currently shut-in with a static wellhead pressure of 1,720 pounds per square inch ( "psi" ) and an estimated bottomhole pressure of 6,600 psi
Chemicals used for well control or the stimulation may have damaged the reservoir and remedial action is being considered
Shallower potential net oil pay has also been identified in the M2 Limestone, the N Sand and the Upper Pepino Sand; the Company plans to test the N Sand after full assessment of the A-Limestone is completed over the next several weeks
Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented "Our strategy of focusing on capital efficiency and returns on invested capital is delivering results on many fronts in Colombia. We are very proud of the ongoing excellent results that our technical and operational teams have achieved over the last quarter from the Acordionero field and our MMV appraisal and exploration program. Acordionero continues to be Gran Tierra's growth engine in terms of material economic production increases, with the field's production up 266% since we acquired it in August 2016, to a record high average rate during March 2018 of 17,302 bopd. Since the acquisition and during an active capital program in which we have drilled and brought online 13 oil wells, 2 water injectors and 1 water source well, the Acordionero field has also generated free cash flow and we expect that to continue as we further develop the field.
During first quarter 2018, our MMV drilling program also delivered potentially exciting results at the Ayombero-1 well. With unstimulated production test rates from the La Luna carbonate conventional oil reservoir of up to 600 bopd on natural flow of water-free production, Ayombero-1 may have opened up an exciting new front for appraisal and development in the MMV for Gran Tierra. Production testing of Ayombero-1 is planned to continue throughout second quarter 2018.
With the ongoing ramp up of Acordionero, our average Colombia production increased to a record high of almost 35,100 BOEPD in first quarter 2018, which was 23% higher compared with first quarter 2017 and an increase of 33% per share. We are very pleased that this year-on-year production growth was organic and achieved through the drill bit. The all-time high production that we achieved in first quarter 2018 also represented growth of 55% from second quarter 2015, when our strategy to refocus Gran Tierra on Colombia began.
Our A-Limestone play in the Putumayo Basin continues to deliver strong production results from the Vonu-1 well on the PUT-1 Block and the Costayaco field, with a combined approximate gross recovery to date of 1.5 million bbl of oil. Planning is underway for the drilling of more A-Limestone development wells in Costayaco and PUT-1. We remain very encouraged about the material prospectivity of the A-Limestone and look forward to many more years of drilling in this exciting new play in the Putumayo Basin.
With our large unrisked mean prospective resource base of 1.5 billion BOE 2 , we plan to drill 30 to 35 exploration wells over the next three years throughout Colombia and which are all expected to be funded by cash from operating activities. This exploration campaign is designed to test the vast majority of our large portfolio of prospects within our dominant Putumayo Basin position in the A-Limestone, other carbonate and N Sand oil play fairways, as well as the exciting potential new conventional oil resource play in the La Luna carbonate in the MMV.
With our self-funded, sustainable business model, we believe Gran Tierra is well-positioned for potential profitable organic growth throughout 2018 and beyond."
Gran Tierra Production Growth Since 2015
Gran Tierra's production averaged a record high of 35,075 BOEPD during first quarter 2018, which was 23% higher compared with 28,481 BOEPD in the first quarter of 2017 and 2% higher compared with 34,477 BOEPD in fourth quarter of 2017. Gran Tierra has now grown production for four consecutive quarters. Since second quarter 2015, when the strategy to refocus Gran Tierra on Colombia began, Gran Tierra's production has grown at an average annual rate of 17%.
Figure 1 - Gran Tierra Production Growth Graph is available at http://resource.globenewswire.com/Resource/Download/76f1dade-b5d1-482e-98ae-44eab044c586
Acordionero Field Development (Gran Tierra 100% WI and Operator)
After acquiring the MMV assets in August 2016, Gran Tierra spud its first Acordionero development well as operator in October 2016 and has since drilled, completed and brought on production 13 oil wells, two water injection wells and one water source well. The AC-20 and AC-6 development oil wells were brought on stream during first quarter 2018. The AC-14i and AC-8i wells have also been injecting water continuously into the Lisama A and C Sands since early December 2017 as part of the Acordionero waterflood project. Drilling continues from the AC-6 pad with the AC-23i water injection well and the completion of the AC-22 oil well both in progress.
The table below summarizes the productivity from recent Acordionero development oil wells:
Well IP30 (bopd) 1 Start Date API Gravity (degrees) Producing Zone AC-20 1,660 Feb.26, 2018 16 Lisama A+C AC-6 900 Mar.21, 2018 19 Lisama A+C 1 IP30 represents initial production averaged over first 30 days of production Gran Tierra expects to drill another three potential oil wells and one water injector (AC-23i) by the end of second quarter 2018. The Company also continues to build potential future well inventory with civil works on the Central and Mochuelo pads and archaeological review of the South pad all progressing.
On March 21, 2018, Gran Tierra entered into a new contract for Acordionero crude oil sales. This new contract further increased Acordionero's operating netbacks, which were already the highest in the Company's portfolio.
The Acordionero facilities upgrade continues with $5 million in scope added during first quarter 2018 to support the better than expected production results to date and an additional $17 million allocated for the construction of a Gran Tierra-owned 22 MW gas-to-power facility in Acordionero. The production facility expansion is expected to be completed in third quarter 2018 with a planned total capacity of 30,000 bopd. The addition of the Company's own power generation is expected to:
reduce future operating costs in Acordionero by $8 to $10 million per year
improve the reliability of power generation
support production consistency and water injection reliability
reduce costly artificial lift integrity failures caused by power interruptions
MMV Appraisal and Exploration (Gran Tierra 100% WI and Operator)
The Ayombero-1 well was spud on November 13, 2017, and reached a measured total depth (" MTD ") of 10,700 ft on December 31, 2017. The pre-drill target was a seismically defined structural high targeting the La Luna Formation, a conventional carbonate oil resource play, including three Members: from deepest to shallowest, the Salada, the Pujamana and the Galembo. The Salada Member was put on a short term test and recovered saline formation water and traces of heavy oil.
The completion program next targeted the Galembo Member and testing has been ongoing to date. Petrophysical log data indicates a potential of 200 to 275 ft of net oil pay. To date 70 ft of pay zone has been perforated. The well has been naturally flowing oil, with no pumping or stimulation, at rates of 100 to 600 bopd and has averaged approximately 262 bopd of 19 degree API oil with no formation water. The Galembo Member is the same reservoir as is produced in the Chuira field area and is part of the same structural accumulation. Potential additional perforations, stimulation and pumping options are currently being reviewed to possibly increase the Ayombero-1's productivity.
As a result of Ayombero-1's encouraging results so far, Gran Tierra's independent qualified reserve evaluator McDaniel has updated its prospective resource assessment of the Ayombero Prospect. The following table represents Gran Tierra's Company WI Prospective Resources for Ayombero prepared by McDaniel at April 30, 2018.
Company WI Values Prospective Resources Unrisked Risked Chance of
Discovery Chance of
Development Low Best High Mean Mean Oil Basin Mbbl Mbbl Mbbl Mbbl Mbbl % % % Ayombero Region 1 12,586 31,087 70,817 37,753 21,952 67 90 100 Ayombero Region 2 9,697 23,542 52,866 28,231 9,472 37 90 100 TOTALS 22,283 54,629 123,683 65,984 31,424 The Totumillo-1 exploration well was drilled on a seismically-defined structure south of the Acordionero field. The well was spud on January 28, 2018 and reached 11,760 ft MTD on February 14, 2017. The primary target was the Lisama reservoir, which is the producing reservoir at the Acordionero field. The Lisama has several oil sand intervals which were thinner than expected in Totumillo-1, ranging from 10 to 25 ft in thickness. The completion program perforated several of these sand intervals. The current average production over 30 days since March 26, 2018, is approximately 50 bopd of 22 degree API oil with no formation water.
While the Totumillo-1's individual results have fallen short of pre-drill expectation, this well has still provided several very positive indicators for future prospectivity in the area. First, this well indicates that the lowest known oil within this play area may be at approximately 10,850 ft subsea, which is more than 1000 ft deeper than currently interpreted at the Acordionero field. This observation may indicate that the Lisama play fairway is has a much larger prospective area in the region. Second, an updated geological interpretation indicates that a more prospective well location (Totumillo-2) for the Lisama reservoir may now exist to the east of Totumillo-1. Third, additional uphole potential was identified in the La Paz formation, which had significant gas shows and appears to have net gas pay of 147 ft. Prior to moving uphole to test the La Paz, an attempt to stimulated the Lisama sands is planned to confirm that the 187 ft of perforations are open.
PUT-1 Block (Gran Tierra 55% WI and Operator)
With the success of the A-Limestone in the Vonu-1 exploration well in the PUT-1 Block, Gran Tierra is working to permit a new well to appraise the Vonu-1 discovery during 2019. As Vonu-1 also discovered oil in the U Sand and net oil pay in the N Sand, the Company's evaluation is designed to identify the best drilling location to test the stacked multi-zone potential of the PUT-1 Block.
Gas-to-Power Upgrades, Chaza Block, (Gran Tierra 100% WI and Operator)
Gran Tierra is now in a position to generate all of its electricity needs using associated natural gas production for fuel in the Costayaco field and plans to be in a similar position for the Moqueta field early in second quarter 2018. The Company has a combined generation capability of over 10 MW at Costayaco and plans to increase the existing 1 MW capability to 4 MW at Moqueta. These gas-to-power upgrades are designed to allow full independence from the national electricity grid and provide continuous reliable power supply to Gran Tierra's wells, injection pumps and facilities. Expected operating cost savings from these gas-to-power upgrades are in the range of $5 to $8 million per year and should relieve a significant load from the regional power grid.
Nancy-Burdine-Maxine (“NBM”) Block (Gran Tierra 100% WI and Operator)
Nancy-1 well was successfully reactivated in the N Sand on January 6, 2018 using a jet pump. The well was last produced by the previous operator in June 2015. During March 2018, the well produced at an average rate of 326 bopd. Average water cut during March 2018 was 5.5% while average gas-oil ratio was 96 standard cubic feet per bbl. The well has produced a cumulative 3.4 million bbls of oil since 1976 of 24 degree API oil from 8 feet of net oil pay. Nancy-1's ongoing productivity is an indicator of the N Sand's potential prospectivity throughout the NBM Block.
1 Operating netback is a non-GAAP measure and does not have a standardized meaning under generally accepted accounting principles in the United States of America ("GAAP"). Refer to "Non-GAAP Measures" in this press release for a description of this non-GAAP measure and a reconciliation to the most directly comparable measure (oil and natural gas sales) calculated and presented in accordance with GAAP.
2 All resources values and ancillary information contained in this press release have been calculated in compliance with Canadian National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“ NI 51-101 ”) and the Canadian Oil and Gas Evaluation Handbook (“ COGEH ”) and in respect of Prospective Resources are based on the Company's 2017 year-end estimated prospective resources as evaluated by the Company's independent qualified reserve evaluator McDaniel & Associates Consultants Ltd. (“ McDaniel ”) in reports with an effective date of December 31, 2017 (the " GTE McDaniel Prospective Resources Report "), unless otherwise expressly stated. Refer to “Prospective Resources” in this press release for more information.
Contact Information
For investor and media inquiries please contact:
Gary Guidry
Chief Executive Officer
Ryan Ellson
Chief Financial Officer
Rodger Trimble
Vice President, Investor Relations
403-265-3221
[email protected]
About Gran Tierra Energy Inc.
Gran Tierra Energy Inc. together with its subsidiaries is an independent international energy company focused on oil and natural gas exploration and production in Colombia. The Company is focused on its existing portfolio of assets in Colombia and will pursue new growth opportunities throughout Colombia, leveraging our financial strength. The Company’s common shares trade on the NYSE American and the Toronto Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com . Information on the Company's website does not constitute a part of this press release. Investor inquiries may be directed to [email protected] or (403) 265-3221.
Gran Tierra's Securities and Exchange Commission filings are available on the Securities and Exchange Commission website at http://www.sec.gov , and Gran Tierra’s reports filed with the Canadian Securities Administrators are available on SEDAR at http://www.sedar.com .
Forward Looking Statements and Legal Advisories:
This press release contains opinions, forecasts, projections, guidance, plans and other statements about future events or results that constitute forward-looking statements the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information applicable Canadian securities laws (collectively, “ forward-looking statements ”). Such forward-looking statements include, but are not limited to, the Company’s future operations including planned operations, the exploration and development of the Company's blocks, areas and fields, the Company's expectations regarding certain plays, the Company's business model and the Company’s plans, including completion and testing plans, objectives, expectations, evaluations and intentions regarding production, exploration and exploration upside and development, the Company’s projected and forecasted growth and results, expected allocation of capital and drilling including trends, infrastructure schedules and the expected timing of certain projects.
The forward-looking statements contained in this press release reflect several material factors and expectations and assumptions of Gran Tierra including, without limitation, that Gran Tierra will continue to conduct its operations in a manner consistent with its current expectations, the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates), rig availability, the risk profile of planned exploration activities, the effects of drilling down-dip, the effects of waterflood and high pressure stimulation operations, the extent and effect of delivery disruptions, and the general continuance of current or, where applicable, assumed operational, regulatory and industry conditions including in areas of potential expansion, and the ability of Gran Tierra to execute its current business and operational plans in the manner currently planned. Gran Tierra believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct.
Among the important factors that could cause actual results to indicated by the forward-looking statements in this press release are: prices and markets for oil and natural gas are unpredictable and tend to fluctuate significantly; Gran Tierra’s operations are located in Colombia, and unexpected problems can arise due to guerrilla activity; technical difficulties and operational difficulties may arise which impact the production, transport or sale of the Company's products; geographic, political and weather conditions can impact the production, transport or sale of the Company's products; the ability of Gran Tierra to execute its business plan and its drilling and development plan; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the ability to replace reserves and production, and develop and manage reserves on an economically viable basis; the risk that initial production rates for wells are not indicative of longer term production rates for such wells or wells in similar areas; the timely receipt of regulatory or other required approvals for the Company's operating activities; the failure of exploratory drilling to result in commercial wells; unexpected delays due to the limited availability of drilling equipment and personnel; the risk that current global economic and credit market conditions may impact oil prices and oil consumption more than Gran Tierra currently predicts, which could cause Gran Tierra to further modify its strategy and capital spending program; and the risk factors detailed from time to time in Gran Tierra’s periodic reports filed with the Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in Gran Tierra's Annual Report on Form 10-K filed February 27, 2018 and its subsequently filed Quarterly Reports on Form 10-Q. These filings are available on the Securities and Exchange Commission website at http://www.sec.gov and on SEDAR at www.sedar.com . Although the current guidance, capital spending program and long term strategy of Gran Tierra is based upon the current expectations of the management of Gran Tierra, should any one of a number of issues arise, Gran Tierra may find it necessary to alter its business strategy and/or capital spending program and there can be no assurance as at the date of this press release as to how those funds may be reallocated or strategy changed and how that would impact Gran Tierra's results of operations and financing position.
Statements relating to “resources” are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, including that the resources described can be profitably produced in the future.
All forward-looking statements included in this press release are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable laws. Gran Tierra’s forward-looking statements are expressly qualified in their entirety by this cautionary statement.
Non-GAAP Measures:
Operating netback is a non-GAAP measure which does not have a standardized meaning prescribed under GAAP. Management views this supplemental measure as a performance measure. Investors are cautioned that this measure should not be construed as an alternative to net income or loss or other measures of financial performance as determined in accordance with GAAP. Our method of calculating this measure may differ from other companies and, accordingly, may not be comparable to similar measures used by other companies. Operating netback, as presented, is defined as oil and natural gas sales less operating and transportation expenses. Management believes that operating netback is a useful supplemental measure for management and investors to analyze financial performance and provides an indication of the results generated by our principal business activities prior to the consideration of other income and expenses. A reconciliation from oil and natural gas sales (GAAP) to operating netback is provided in the table below:
Middle Magdalena Valley - acquisition date until March 31, 2018 (Thousands of U.S. Dollars) Oil and natural gas sales $ 241,027 Operating expenses (28,911 ) Transportation expenses (27,864 ) Operating netback $ 184,252 Disclosure of Oil and Gas Information
Gran Tierra's Statement of Reserves Data and Other Oil and Gas Information on Form 51-101F1 dated effective as at December 31, 2017 (the "GTE 51-101F1" ), which includes disclosure of its oil and gas reserves and other oil and gas information in accordance with NI 51-101 forming the basis of this press release, is available on SEDAR at www.sedar.com .
BOEs have been converted on the basis of six thousand cubic feet (“ Mcf ”) natural gas to 1 barrel of oil. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared with natural gas is significantly different from the energy equivalent of six to one, utilizing a BOE conversion ratio of 6 Mcf: 1 bbl would be misleading as an indication of value.
See the GTE 51-101F1 for additional definitions regarding terms used in this press release.
References to thickness of “oil pay” or of a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil and gas accumulations are not necessarily indicative of future production or ultimate recovery. If it is indicated that a pressure transient analysis or well-test interpretation has not been carried out, any data disclosed in that respect should be considered preliminary until such analysis has been completed.
Prospective Resources
Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Not all exploration projects will result in discoveries. The chance that an exploration project will result in the discovery of petroleum is referred to as the "chance of discovery." Thus, for an undiscovered accumulation the chance of commerciality is the product of two risk components-the chance of discovery and the chance of development. There is no certainty that any portion of the prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the prospective resources.
Unless otherwise specified, estimates of the Company's prospective resources are based upon the GTE McDaniel Prospective Resources Report. The estimates of prospective resources provided in this press release are estimates only and there is no guarantee that the estimated prospective resources will be recovered. Actual resources may be greater than or less than the estimates provided in this in this press release and the differences may be material. There is no assurance that the forecast price and cost assumptions applied by McDaniel in evaluating Gran Tierra's prospective resources will be attained and variances could be material. There is no uncertainty that any portion of the prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the prospective resources.
Estimates of prospective resources are by their nature more speculative than estimates of proved reserves and would require substantial capital spending over a significant number of years to implement recovery. Actual locations drilled and quantities that may be ultimately recovered from our properties will differ substantially. In addition, we have made no commitment to drill, and likely will not drill, all of the drilling locations that have been attributable to these quantities.
The following classification of prospective resources is used in this press release:
Low Estimate means there is at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate.
Best Estimate means there is at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.
High Estimate means there is at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.
Mean Estimate represents the arithmetic average of the expected recoverable volume. It is the most accurate single point representation of the volume distribution.
For a discussion of Gran Tierra’s interest in the prospective resources as of December 31, 2017 derived from the GTE McDaniel Prospective Resources Report, the location of such prospective resources, the product type reasonably expected, the risks and level of uncertainty associated with recovery of the resources, the significant positive and negative factors relevant to the estimate of such prospective resources, a description of the applicable projects maturity sub -categories and other relevant information regarding such prospective resources estimates, please see the GTE NI 51-101F1 available on SEDAR at www.sedar.com .
Ayombero Prospective Resources
Estimates of the Company's prospective resources in the Ayombero Prospect are prepared by McDaniel in accordance with NI 51-101 and COGEH as of April 30, 2018.
Prospective resources within the Ayombero prospect are estimated based on 3D seismic and the drilling of the Ayombero-1 well, as well as production from the Chuira field. Prospective resources have been assigned to three horizons within the La Luna formation: the Galembo, the Pujamana and the Salada.
Positive factors for the Ayombero Prospective Resources include:
Thick, good quality reservoir exists within the La Luna formation, based on testing of the Ayombero-1 well to date. Gran Tierra is currently producing oil from the Galembo member. The Ayombero-1 well is believed to be producing from the same structure as the wells in the Chuira field, from which Gran Tierra has existing production.
Negative factors for the Ayombero Prospective Resources include:
The structure is complex, with potential seal risks in certain areas. Poor quality of data obtained in 3D seismic shoots to date.
Chance of Discovery/Development
Through an evaluation of the risks that are relevant to the Ayombero prospective resources, which are described herein, McDaniel has determined that the chance of discovery is 67% (area with lower seal risks) and 37% (area with higher seal risks), with the chance of development at 90%. The corresponding chance of commerciality is 60% (lower seal risks) and 33% (higher seal risks).
Prospect Maturity
The prospective resources associated with the Ayombero structure have been sub-classified as a “prospect”. COGEH defines "prospect" as a potential accumulation within a play that is sufficiently well defined to present a viable drilling target.
Other Information
Given the uncertainty of discovery associated with such prospective resources, costs and timelines to production, as well as recovery technologies, cannot be determined at this time.
Disclosure of Reserve Information and Cautionary Note to U.S. Investors
In this press release, the Company uses the term prospective resources. The SEC guidelines strictly prohibit the Company from including prospective resources in filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and in the other reports and filings with the SEC, available from the Company's offices or website. These forms can also be obtained from the SEC website at www.sec.gov or by calling 1-800-SEC-0330.
Source:Gran Tierra Energy Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-gran-tierra-energy-inc-provides-operations-update-highlighted-by-record-high-corporate-and-acordionero-production-and.html |
May 21, 2018 / 8:59 AM / Updated 20 minutes ago Arzani dreaming of World Cup berth after Socceroos swerve Ian Ransom 3 Min Read
MELBOURNE (Reuters) - Melbourne City teenager Daniel Arzani has shown a knack for dancing past defenders in the Australian top flight but his most telling off-field evasion might be sidestepping the country of his birth for the lure of a World Cup ticket with the Socceroos.
The Iran-born 19-year-old spent his early childhood playing in the streets of Khorramabad and remains eligible for the Middle Eastern heavyweights, who have also qualified for the Russia finals.
But Arzani has represented Australia at junior levels since migrating Down Under with his family and the winger all but pledged allegiance to his adopted nation in February.
His loyalty may be set for the ultimate reward, a berth in Australia’s World Cup squad, if he impresses during a three-week training camp in Turkey.
“It’d be a dream come true,” said uncapped Arzani, one of the biggest surprises in Dutchman Bert van Marwijk’s preliminary squad.
“Since I was young, I’ve always dreamed of playing for Australia, playing for the Socceroos. To think that that could be happening in the next couple of weeks is amazing.”
The youngest Socceroo at the Antalya camp, Arzani survived Van Marwijk’s first cut down to 26 and is very much in the mix for the final 23.
Australia do not lack for skilled or diligent players across the field but are crying out for a bright spark to help conjure goals for a side that still finds a place for 38-year-old veteran Tim Cahill.
Arzani may be half the age of Australia’s World Cup hero but he has been spoken of with a similar enthusiasm that Cahill generated in his formative years.
The teenager joined the Melbourne City setup in 2016 but was basically unused until January.
Two days after his 19th birthday, Arzani came off the bench to set up two goals and spark a 2-1 comeback win over Wellington Phoenix.
The breakthrough triggered a rich vein of form and he played a key role in pushing Warren Joyce-coached City into the playoffs before being awarded the A-League’s “Young Player of the Year”.
“We don’t have anything like him as a player,” former Australia defender Tony Vidmar, as assistant coach at City, told local media.
“He just has this belief and confidence that every time he gets the ball he can get past a player ... and he’s proved that he can do it.”
Arzani missed out on Van Marwijk’s first squad named in March and the subsequent World Cup warmups against Norway and Colombia.
The snub fanned fears he might yet be swooped off by Carlos Queiroz-coached Iran but Van Marwijk said he needed a few more games to assess him.
“He is a player who can make a difference,” the Dutchman said after naming Arzani in his preliminary 32-man squad.
“I like players who can make a difference. Maybe a world championship is too early, but I will not hesitate to nominate him if he can make a difference, in maybe the last 10-15 minutes.” Editing by Amlan Chakraborty | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-aus-arzani/arzani-dreaming-of-world-cup-berth-after-socceroos-swerve-idUKKCN1IM0ST |
NEW YORK, May 15, 2018 /PRNewswire/ -- Skanska USA, one of the world's leading construction and development firms, announced promotions to the USA Senior Leadership Team for Skanska's building operations. Chris Toher has been promoted to Chief Operating Officer (COO); Jim Link, Len Vetrone and Kerim Evin have been named to Regional Executive Officer (REO) roles, leading the West, California and East, respectively. Concurrently, Raul Rosales, Kevin McCain and Brian Northrop have been named to Executive Vice President & General Manager roles for Los Angeles, Seattle and New England region, respectively. Paul Hewins, President & CEO for Skanska's US building operations, will serve as acting REO for the Metro New York market.
"We are always looking for ways to create a more nimble and flexible organization that drives innovation and allows Skanska to be both connected to our local communities and national operations," said Hewins. "These promotions streamline our organizational leadership team, so we can better support our strong network of local offices, project teams and, ultimately, all of the customers we serve."
In his new role as COO, Toher will be responsible for national operations functions, policies, and procedures. He will focus on driving the most efficient, effective and best practices for the organization. Toher has spent his entire 30-year construction career at Skanska where he started as a project engineer. He has played an integral role in the evolution of Skanska's business, particularly in Seattle, where he most recently served as Executive Vice President and General Manager. Under his leadership, Skanska cemented its role as the leading contractor in the state of Washington. He is based in Seattle. Kevin McCain, a 26-year industry veteran who has spent his entire construction career in the Pacific Northwest, succeeds Toher as EVP & General Manager for Skanska's Seattle office.
In the newly created REO positions, Link, Vetrone, and Evin will be responsible for overseeing the regional general managers in their respective geographies and help lead the business strategy, people development and succession planning, national connectivity and implementation of national policy.
Link, who will serve as the REO for the West, as well as Florida, has a deep resume of experience across a wide range of market sectors, advising customers on construction processes and building options in support of their business goals. He is a 33-year veteran of the construction industry, including 20 years with Skanska. He is based in Portland, OR.
Vetrone has 37 years of experience in the industry. He will continue to oversee California, which is a strategic growth market for Skanska. Vetrone has project experience across numerous market sectors such as commercial, multifamily, aviation, healthcare, education and mission critical. He is based in San Francisco, CA. Raul Rosales, who has more than 30 years of industry experience, the last 12 of which have been with Skanska, has been promoted to EVP & General Manager for Skanska's Los Angeles office.
Evin, formerly General Manager of the New England region, has 34 years of experience in the construction industry. In his 23 years with Skanska, Evin has played a key role in several high-profile projects, including the Harvard Art Museum's renovation and expansion project in Cambridge, and the construction of the 37-story State Street Financial Center office tower in Boston. Evin is based in Boston, MA. Bryan Northrop, who has been with Skanska for more than 20 years, succeeds Evin as EVP & General Manager for the New England region.
This and previous releases can also be found at www.usa.skanska.com .
Skanska USA is one of the largest, most financially sound construction and development companies in the U.S., serving a broad range of clients including those in transportation, power, industrial, water/wastewater, healthcare, education, sports, data centers, government, aviation, life sciences and commercial. Headquartered in New York with offices in 31 metro areas, we have nearly 11,000 employees committed to being leaders in safety, project execution, sustainability, ethics and people development. In 2017, our work in building construction, civil and power/industrial construction, commercial development and infrastructure development (public-private partnerships) generated $7.3 billion in revenue. Global revenue of parent company Skanska AB, headquartered in Stockholm and listed on the Stockholm Stock Exchange, totaled $18.8 billion in 2017. Skanska shares are publicly traded in the U.S. on the OTC market under the symbol SKBSY through a Level I American Depository Receipt program.
View original content with multimedia: http://www.prnewswire.com/news-releases/skanska-announces-chris-toher-as-chief-operating-officer-jim-link-len-vetrone-and-kerim-evin-named-regional-executive-officers-300648206.html
SOURCE Skanska USA | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-skanska-announces-chris-toher-as-chief-operating-officer-jim-link-len-vetrone-and-kerim-evin-named-regional-executive-officers.html |
May 28, 2018 / 12:44 PM / Updated 4 hours ago German mail service to deliver British milk floats Christoph Steitz , Edward Taylor 2 Min Read
FRANKFURT (Reuters) - Many Britons will have their daily milk delivered by German vans after Deutsche Post won a contract to deliver 200 electric trucks to doorstep delivery service Milk & More. FILE PHOTO: Achim Kampker, Chief Executive Officer (CEO) of Streetscooter GmbH, a subsidiary of German postal and logistics group Deutsche Post DHL looks out of a Streetscooter Work electric van at a DHL logistics centre in Cologne, Germany August 16, 2017. REUTERS/Wolfgang Rattay/File Photo
Electric milk floats, as they are known in Britain, have been a part of daily life for generations, with milkmen delivering glass bottles to people’s homes every morning. The service has recently regained popularity as public concerns over pollution caused by plastic containers has risen.
Milk & More said the Deutsche Post StreetScooter order aimed to keep milk deliveries quiet and environmentally friendly.
But it could face political noise as since Britain’s vote to leave the European Union there has been increased scrutiny of such deals amid concerns that British firms are losing out.
Some politicians were critical when Franco-Dutch firm Gemalto rather than Britain’s De La Rue recently won the contract to make UK passports.
Milk & More, which is owned by German dairy group Theo Mueller, makes more than 1.5 million deliveries a day to over 500,000 British households, Deutsche Post said on Monday.
“We wanted to make this unique tradition relevant again to the requirements of today’s customers,” Patrick Mueller, managing director of Milk & More, said in a joint statement.
Deutsche Post developed the StreetScooter for its own deliveries after growth in online shopping resulted in increased parcel deliveries. But it has since sought to step up production and sell the vans to other customers.
This has fuelled expectation for strategic options for the business, which is also benefiting from a regulatory clamp-down on diesel vehicles. Earlier this month, Deutsche Post CEO Frank Appel said it was too early to say whether the group would float part of StreetScooter. Reporting by Christoph Steitz and Edward Taylor; Editing by Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-deutsche-post-britain-milk-van/german-mail-service-to-deliver-british-milk-floats-idUKKCN1IT16P |
* Oil prices at $79 are ‘not yet’ too high - OPEC source
* Saudi view is producers can react only to real shortage
* Venezuelan oil output decline is becoming a concern
By Alex Lawler and Rania El Gamal
LONDON/DUBAI, May 16 (Reuters) - OPEC sees oil’s rally towards $80 a barrel as a short-term spike driven by geopolitics rather than any supply shortage, four OPEC delegates said, a sign the group is not rushing yet to rethink its supply-cutting agreement.
The view of top exporter Saudi Arabia is that any brief, speculator-driven jump in oil prices is not sufficient grounds for producers to boost output, an OPEC source familiar with the kingdom’s thinking said.
For such a decision to occur, the rally would need to be driven by data pointing to a supply impact, the source said.
The four OPEC delegates said the latest rise in prices stemmed more from concern about U.S. sanctions on Iran and tension in the Middle East, rather than a suddenly tighter balance between oil supply and demand.
“Prices are high just because of the tensions,” one of the OPEC delegates, who declined to be identified, said.
Since last year, oil has been supported by a deal by the Organization of the Petroleum Exporting Countries, plus Russia and other non-members, to cut output. Prices have risen about 40 percent since the accord began in January 2017.
Global benchmark Brent crude on Tuesday hit $79.47, the highest since November 2014, before easing below $78 on Wednesday. Prices could rally further before declining, according to some in OPEC.
“It may exceed $80 and then go down,” one of the sources said. In any case, the extent of the rally has yet to cause any real concern. “Not yet,” said another delegate, asked whether oil at $79 was too high.
U.S. President Donald Trump last month accused OPEC of “artificially” boosting prices, putting pressure on producers to cool the market and in turn drawing a rebuke from some OPEC members.
OPEC and its allies are cutting production by about 1.8 million barrels per day, almost 2 percent of world supply, until the end of 2018. Oil ministers meet on June 22-23 to review the policy.
The producers’ original goal was to reduce oil inventories to the five-year average. While this has largely been achieved, ministers have said other metrics should be considered such as oil industry investment, suggesting they are in no hurry yet to wind down supply cuts.
Nonetheless, delegates pointed to growing concern about a decline in Venezuelan output due to economic crisis, which officials had downplayed when inventories were higher.
OPEC has over-delivered on the supply cut due in part to lower Venezuelan supply.
OPEC has no official target price for oil. Saudi Arabia has emerged over the past year as OPEC’s leading supporter of measures to boost prices, however, a change from Riyadh’s previous, more moderate stance.
The kingdom, keen to fund economic reforms, would be happy to see crude rise to $80 or even $100, industry sources told Reuters last month.
Iran, once a keen OPEC price hawk, now wants lower prices than Saudi Arabia, and has said exporters should aim for crude around $60 to contain U.S. shale oil growth.
“When oil prices rise due to geopolitical concern and not due to demand and supply and fundamentals, it cannot be reasonable,” a source familiar with Iranian thinking said of the current rally. (Editing by Dale Hudson)
| ashraq/financial-news-articles | https://www.reuters.com/article/opec-oil/opec-sees-oil-rally-towards-80-as-short-term-spike-not-supply-driven-idUSL5N1SM750 |
LONDON (Reuters) - Waking up with a black coffee as her train rolled out of London, Pam Boothby explained how she had not missed a royal wedding in four decades - not even when it fell on her child’s birthday or when she lived abroad.
Royal fans gather outside Windsor Castle ahead of wedding of Britain's Prince Harry to Meghan Markle in Windsor, Britain, May 19, 2018. REUTERS/Hannah McKay/Pool The experience has changed with the passage of time. When she first went as a spectator to Prince Charles and Diana’s wedding in 1981, she was with a group of friends. Now it has become a family tradition and her husband comes along.
The Boothbys were among thousands of well-wishers who boarded trains out of London on the way to Windsor to watch the wedding of Prince Harry and U.S. actress Megan Markle.
Wearing a Union Jack dress, Boothby said she had come down from Boston in central England the night before and got up at 4 a.m. to get an early train to Windsor to watch the celebrations.
“It is a magical occasion and being here will create memories that will last forever,” she said.
Royal fans gather outside Windsor Castle ahead of wedding of Britain's Prince Harry to Meghan Markle in Windsor, Britain, May 19, 2018. REUTERS/Hannah McKay/Pool “This is a particularly special wedding because Meghan will change the royal family by making it more modern and bringing her own sense of style.”
At Waterloo, Britain’s busiest train station, rail officials doubled the number of trains to Windsor and added extra carriages to accommodate the crowds.
People from all walks of British life got on the trains, and many were carrying flags, wearing masks with the faces of members of the royal family, and sporting the patriotic colors red, white and blue.
Slideshow (9 Images) A man on the train offering flags with the faces of Harry and Meghan for 3 pounds ($4) each, or two for 5 pounds, said he had sold more than 50 in the last hour.
Many of the passengers, such as Jenna Drenten, 33, from America, had crossed continents or countries to be there.
Drenten, a marketing professor from Chicago, said she had always been fascinated by the royal family, but Meghan being American made this event stand out.
“This wedding is extra special because we have a legitimate interest in the wedding,” she said. “It is like we have an invite.”
Many of the passengers on the train said the occasion symbolized the continuity of the monarchy and thus Britain itself, at a time when the country is divided over Brexit and has faced terrorist attacks.
“It is a time when the nation can come together rather than being divided,” said Kenny McKinlay, 60, who was wearing a Union Jack t-shirt. “It is a day when you can be proud to be British.”
Editing by Estelle Shirbon and Giles Elgood
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-royals-fans-journey/all-aboard-for-the-royal-wedding-excitement-builds-on-trains-to-windsor-idUSKCN1IK0A1 |
May 18, 2018 / 6:27 PM / Updated 8 minutes ago Vanessa Paradis revels in gay porn director role in Cannes slasher Johnny Cotton 2 Min Read
CANNES, France (Reuters) - Vanessa Paradis has come a long way from “Joe Le Taxi”. The French actress, who shot to fame as a teenage pop singer, stars as a director of hardcore gay porn films in a movie that screened at the Cannes Film Festival this week. 71st Cannes Film Festival - photocall for the film "Knife + Heart" (Un couteau dans le coeur) in competition - Cannes, France May 18, 2018. Cast member Vanessa Paradis. REUTERS/Regis Duvignau
“Knife + Heart” (“Un Couteau Dans Le Coeur”) is set in the seedy world of low-grade porn production in 1970s France, where Paradis’ character Anne is intrigued, and then terrorized, by a serial killer who is gruesomely murdering some of her actors.
Critics compared the movie to the works of “Dressed to Kill” director Brian De Palma, with Hollywood Reporter calling it a “deliciously campy slasher flick”. Screen Daily said it was a “film drunk on its own trashy, lurid aesthetic”.
“The set(-up) is controversial, but the movie talks about love, deeply about love,” Paradis told Reuters in an interview.
“It’s super-romantic, it’s very shy actually.” 71st Cannes Film Festival - conference for the film "Knife + Heart" (Un couteau dans le coeur) in competition - Cannes, France May 18, 2018. Cast member Vanessa Paradis. REUTERS/Jean-Paul Pelissier/File Photo
The 45-year-old said she had no hesitation in taking the role.
“I didn’t think: ‘What are people going to think?’ I was so moved by the script and felt: ‘Oh my God, I get to have this role, I get to play in a Yann Gonzalez movie, this story, this character.”
Director and co-writer Gonzalez said: “I think this film is like a carnival. It’s like a fun house, it’s full of surprises,”
“Knife + Heart” is competing for the Palme d’Or, which will be awarded on Saturday. Writing by Robin Pomeroy; editing by Andrew Roche | ashraq/financial-news-articles | https://www.reuters.com/article/us-filmfestival-cannes-knife-and-heart/vanessa-paradis-revels-in-gay-porn-director-role-in-cannes-slasher-idUSKCN1IJ2HG |
May 30, 2018 / 8:00 PM / Updated 26 minutes ago Dollar recovery seen as an earnings risk on horizon Caroline Valetkevitch , Saqib Iqbal Ahmed 6 Min Read
NEW YORK (Reuters) - Late last month, the chief financial officer at Akamai Technologies Inc ( AKAM.O ) identified an emerging risk for the network technology company’s profit outlook: the U.S. dollar. FILE PHOTO: A money changer holds U.S. dollar bills at a street in downtown Lima, Peru, December 15, 2017. REUTERS/Mariana Bazo - RC1A544714A0
Specifically, the surprisingly strong American dollar.
“We do expect some currency headwinds from the recent strengthening of the U.S. dollar over the last couple of weeks,” Akamai CFO James Benson told analysts on an earnings conference call at the end of April.
Akamai, like hundreds of big U.S. companies, enjoyed a sales and profit boost from the dollar’s steep decline through last year and into the first quarter of 2018.
But the greenback’s downtrend abruptly reversed course in April as U.S. interest rates shot higher and European economic growth slowed. It now stands at the highest level in nearly seven months, meaning foreign currency earnings of U.S. multinationals can be worth less when translated back to dollars.
The dollar index .DXY, which measures the greenback against a basket of six currencies, has gained nearly 6 percent since April 17 but remains down about 2.7 percent year over year, as of Tuesday’s close.
“It’s too early to say we’re going to see that impact show up in this next quarter, but I think we’ll probably see it if it persists in the third quarter,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago, referring to U.S. quarterly results.
Against the euro, the greenback is down 3.2 percent year-over-year, compared with a year-over-year decline of 14 percent in mid April. It hit a 10-month high on Tuesday as investors balked at the prospect of repeat elections in Italy, which may become a de facto referendum on Italian membership of the currency bloc.
Analysts expect profit growth for S&P 500 companies to begin to slow, according to Thomson Reuters data, with first quarter’s 26.3 percent increase possibly representing a peak for the current earnings up trend. S&P 500 earnings have gained year-over-year since the third quarter of 2016.
They are forecasting profit growth of 22 percent for all of 2018 and 2019 growth to slow to 9.5 percent, based on the data.
The first-quarter jump in earnings - the biggest year-over-year increase since the fourth quarter of 2010 - was largely due to the corporate tax cuts that went into effect this year.
But Bank of America Merrill Lynch estimates currency moves in the first quarter provided a 2 percentage-point benefit to sales growth, the biggest boost from currency changes in six years.
The bank has estimated that in general a sustained 10 percent appreciation in the dollar results in a reduction in S&P 500 earnings per share of 3 to 4 percent.
Companies from many industries pointed to the dollar as a benefit to sales and earnings in the first quarter, including Apple Inc ( AAPL.O ), Bristol-Myers Squibb Co ( BMY.N ), Mattel Inc ( MAT.O ), PayPal Holdings Inc ( PYPL.O ), Tapestry Inc ( TPR.N ) and Intuitive Surgical Inc ( ISRG.O ).
In Akamai’s case, it added 5 percentage points to first-quarter profit and 2 points to its sales.
For Facebook Inc ( FB.O ), a weaker dollar in the first quarter added $536 million to its revenue, increasing the social media company’s top line by 49 percent, instead of 42 percent without the foreign exchange effect.
S&P 500 companies that generate 50 percent or more of their revenue outside the United States are on track for a first-quarter earnings increase of 30.5 percent, while companies that generate less than 50 percent of their revenue outside the United States are on track for a 24.8 percent earnings increase, based on Thomson Reuters data.
Analysts estimate that between 40 percent to 50 percent of S&P 500 sales come from abroad, with Asia and Europe accounting for the biggest portion.
“If the political situation in Italy worsens, the longer-term spillovers would be felt in the U.S. via a stronger dollar and lower European growth. This would act as a headwind, especially for some multinationals’ corporate profits,” said Mohamed El-Erian, chief economic adviser at Allianz in Newport Beach, California.
To be sure, many analysts are sceptical the dollar strength will persist.
Sameer Samana, global equity and technical strategist at Wells Fargo Investment Institute in St. Louis, said he expects the dollar to decline into the year end, citing pressure from the U.S. deficit.
Yet, at its current pace, the dollar index could turn positive on a year-over-year basis sometime later this quarter or early in the third quarter.
Karl Schamotta, director of global product and market strategy at Cambridge Global Payments, in Toronto, said he had seen an increase in hedging activity, particularly companies that are exposed to a falling euro and Canadian dollar.
“Both of these factors are driving a pretty pronounced increase in hedging activity using forwards and options,” said Schamotta, referring to companies’ use of derivatives to minimize foreign exchange risks.
Some equity strategists said next year could be the bigger problem if the dollar continues on its current path.
“If you measure on a year-over-year basis, the comps are going to look terrible,” said Robert Phipps, a director at Per Stirling Capital Management in Austin, Texas. Reporting by Caroline Valetkevitch and Saqib Iqbal Ahmed; additional reporting by Noel Randewich in San Francisco, and Lewis Krauskopf, Chuck Mikolajczak, Sinead Carew, April Joyner and Jennifer Ablan in New York; Editing by Alden Bentley and Susan Thomas | ashraq/financial-news-articles | https://in.reuters.com/article/usa-results-dollar/dollar-recovery-seen-as-an-earnings-risk-on-horizon-idINKCN1IV2O2 |
May 16, 2018 / 9:00 AM / Updated 21 minutes ago Volvo CEO says focussed on electrification, automation regardless of IPO Reuters Staff 1 Min Read
LONDON (Reuters) - Volvo is working on how to meet the challenges of electrification and self-driving cars and has the funds to do so regardless of whether the firm launches a stock market flotation, its boss said on Wednesday. FILE PHOTO: A Volvo logo is seen on a rim displayed at a Volvo showroom in Mexico City, Mexico April 6, 2018. REUTERS/Gustavo Graf/File Photo
“We need to address these issues with electrification and automated drive,” Hakan Samuelsson said at a conference in London on Wednesday.
“That is the next step and we are doing that. Listed or not listed really doesn’t change anything for us as a company. We focus fully on that and we have the financial resources right now to be able to do that.”
China’s Zhejiang Geely Holding Group, the owner of Volvo Cars, has hired three investment banks for an initial public offering (IPO) this year that could value the Swedish carmaker in a broad range of $16 billion to $30 billion, a person familiar with the matter told Reuters last week. Reporting by Costas Pitas, editing by Sarah Young | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-volvo-cars-ipo-ceo/volvo-ceo-says-focussed-on-electrification-automation-regardless-of-ipo-idUKKCN1IH0YE |
Investors in Europe were worried last year about political risk that failed to emerge and surprised by economic growth they didn’t expect.
This year is starting to look like the opposite of that happy picture—challenging markets.
Italian assets have been shaken this week by fears that the formation of an antiestablishment government will... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/europes-battle-resumes-economics-versus-politics-1526568962 |
Hunt for missing MH370 flight ends in mystery 9:07pm IST - 02:02
The underwater search for missing Malaysia Airlines flight MH370 has ended with no conclusive evidence to the airliner's fate, four years after it disappeared over the Indian Ocean in the world's biggest aviation mystery.
The underwater search for missing Malaysia Airlines flight MH370 has ended with no conclusive evidence to the airliner's fate, four years after it disappeared over the Indian Ocean in the world's biggest aviation mystery. //reut.rs/2IU5rA3 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/29/hunt-for-missing-mh370-flight-ends-in-my?videoId=431452599 |
(Adds Rover and Mariner East pipelines)
NEW YORK, May 10 (Reuters) - Energy Transfer Partners said on Thursday it plans to build a crude pipeline from the Permian basin in Texas to the Houston Ship Channel and Nederland, Texas, which will have an initial capacity of up to 600,000 barrels per day (bpd).
The pipeline will be “easily expandable” to 1 million bpd, in order to serve growing export markets at coastal ports, the company said during a first quarter earnings conference call. It is likely to come online by 2020.
Surging crude output from the Permian basin, the biggest oilfield in the United States and the source of most of the country’s shale crude, is straining the region’s infrastructure. Pipelines are running full, sending crude prices there WTC-WTM WTC-WTS to their weakest level against benchmark futures in three and a half years.
“The almost historical widening of that basis will certainly help our margins in the coming quarters,” said Marshall McCrea, a senior ETP executive.
ETP also said volumes on its Permian Express 3 crude pipeline averaged about “a couple of hundred thousand” bpd in the first quarter. The company said it would continue to evaluate further expansions for that pipeline.
Separately, ETP said it plans to ask U.S. federal energy regulators for permission to put the full Rover natural gas pipeline in service by June 1.
The $4.2 billion project is designed to carry up to 3.25 billion cubic feet per day (bcfd) of gas from the Marcellus and Utica shale fields in Pennsylvania, Ohio and West Virginia to the U.S. Midwest and Gulf Coast and Ontario in Canada.
ETP has also delayed the planned startup of its Mariner East 2 liquids pipeline in Pennsylvania to the third quarter from the second quarter, but that delay was not expected to have a material impact on the project’s cost. A planned expansion, known as Mariner East 2X, is expected by the middle of 2019.
The $2.5 billion Mariner East 2 project will boost total capacity of the Mariner East project to 345,000 bpd from an existing 70,000 bpd and open the pipe to suppliers in Ohio and West Virginia. Mariner East 2X will add another 250,000 bpd to the project.
ETP also said its 1.4-bcfd Red Bluff gas pipe in the Permian shale will enter service later this month.
Reporting by Devika Krishna Kumar and Scott DiSavino in New York; Editing by Bernadette Baum
| ashraq/financial-news-articles | https://www.reuters.com/article/energy-transf-results-permian/update-1-etp-to-build-600000-bpd-oil-pipeline-from-permian-to-nederland-texas-idUSL1N1SH0ZZ |
May 24, 2018 / 8:21 PM / Updated 11 minutes ago Trump fundraiser expands U.S. lawsuit accusing Qatar of hacking his emails Karen Freifeld , Nathan Layne 4 Min Read
(Reuters) - A fundraiser for U.S. President Donald Trump on Thursday added several defendants to a lawsuit claiming the Persian Gulf state of Qatar hacked his email accounts and shared the contents with news organizations. U.S. President Donald Trump gestures as he speaks before the signing ceremony for S. 2155 - Economic Growth, Regulatory Relief, and Consumer Protection Act in the Roosevelt Room at the White House in Washington, U.S., May 24, 2018. REUTERS/Kevin Lamarque
Elliott Broidy, whose access to Trump has been the subject of press coverage in the United States in recent months, sued Qatar in federal court in Los Angeles in March.
On Thursday, he filed an amended complaint adding as defendants the brother of the Qatari ruler and Ahmed al-Rumaihi, a former head of investments at the Qatari sovereign wealth fund. In the complaint, Broidy said he was targeted over his vocal opposition to Qatar as part of efforts orchestrated by Mohammed bin Hamad bin Khalifa Al Thani, a younger brother of Qatari Emir Tamim bin Hamad Al Thani, and al-Rumaihi to shift U.S. policy toward the Gulf nation.
A lawyer for al-Rumaihi had no immediate comment. Khalifa Al Thani could not be immediately reached for comment.
The United Arab Emirates, a regional rival of Qatar, has contracts with Broidy’s private security businesses worth more than $200 million, Broidy disclosed in his lawsuit.
Last year, Broidy sought to set up an informal meeting between Trump and senior UAE official Mohammed bin Zayed Al Nahyan, Reuters has reported, citing a person familiar with the matter.
In his lawsuit, Broidy said Qatar has sought to use the hacked emails to generate negative press coverage and stop him from speaking out against Qatar.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut off travel and trade ties with Qatar last June, accusing it of backing their arch-rival Iran and supporting terrorism. Qatar denies the charges and says the boycott is an attempt to impinge on its sovereignty and rein in its support for reform.
Broidy’s lawsuit faces an uphill battle because Qatar has sovereign immunity and some of the people involved also may claim immunity, legal experts have said.
Jassim Al-Thani, a spokesman at Qatar’s embassy in Washington, said on Thursday the lawsuit was an attempt by Broidy to divert attention from media scrutiny of his activities.
“The facts show it was Mr. Broidy who conspired in the shadows against Qatar - not the other way around,” al-Thani said in an email.
Earlier this month, a spokesman for Sport Trinity, a company owned by former Qatari official al-Rumaihi, confirmed that Trump’s longtime personal lawyer Michael Cohen requested a $1 million fee from Qatar to advise Qatar on investments in U.S. infrastructure.
Cohen, who is under investigation by federal prosecutors in New York for his business dealings, also has represented Broidy, for whom he arranged a $1.6 million payment to a Playboy model to keep secret a relationship, a person familiar with the matter told Reuters last month.
In Broidy’s amended complaint, he also accuses a New York-based former CIA agent, Kevin Chalker, and a former British intelligence operative, David Mark Powell, of helping to coordinate the hacks of his and his wife’s emails.
Chalker, the founder of Global Risk Advisors, and Powell, who runs the company’s Qatar operations, did not immediately respond to emails seeking comment. Reporting by Karen Freifeld and Nathan Layne; Editing by Anthony Lin and Grant McCool | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-russia-qatar/trump-fundraiser-expands-u-s-lawsuit-accusing-qatar-of-hacking-his-emails-idUSKCN1IP3IO |
May 7, 2018 / 6:05 PM / Updated 12 minutes ago Major automakers urge Trump not to freeze fuel economy targets David Shepardson 3 Min Read
WASHINGTON (Reuters) - Major automakers are telling the Trump administration they want to reach an agreement with California to avoid a legal battle over fuel efficiency standards, and support continued increases in mileage standards through 2025.
“We support standards that increase year over year that also are consistent with marketplace realities,” Mitch Bainwol, chief executive of the Alliance of Automobile Manufacturers, a trade group representing major automakers, will tell a U.S. House of Representatives panel on Tuesday, according to written testimony released on Monday.
The Trump administration is weighing how to revise fuel economy standards through at least the 2025 model year, and one option is to propose freezing the standards through 2026, effectively allowing automakers to delay investments in technology to cut greenhouse gas emissions from burning petroleum.
The National Highway Traffic Safety Administration has not formally submitted its joint proposal with the Environmental Protection Agency to the White House Office of Management and Budget for review. Even so, last week, California and 16 other states sued to challenge the Trump administration’s decision to revise U.S. vehicle rules.
Auto industry executives have held meetings with the Trump administration for months and have urged the administration to try to reach a deal with California even as they support slowing the pace of reduction in carbon dioxide emissions that the Obama administration rules outlined.
One automaker official said part of the message to President Donald Trump at a meeting on Friday will be to consider California like a foreign trade deal that needs to be renegotiated. Automakers want to urge him to get automakers a “better deal” – as opposed to potentially years of litigation between major states and federal regulators.
On Friday, Trump is set to meet with the chief executives of General Motors Co, Ford Motor Co, Fiat Chrysler Automobiles NV and the top U.S. executives of at least five other major automakers, including Toyota Motor Corp, Volkswagen AG ( VOWG_p.DE ) and Daimler AG, to talk about revisions to the vehicle rules. Senior EPA and Transportation Department officials will also attend.
Environmental groups are eager to keep the rules in place, saying they will save consumers billions in fuel costs. A coalition of groups plans to stage a protest outside Ford’s headquarters in Michigan.
The Obama administration’s rules, negotiated with automakers in 2011, were aimed at doubling average fleetwide fuel efficiency to about 50 miles (80 km) per gallon by 2025.
Heidi King, the Trump administration’s nominee to head NHTSA, which oversees Corporate Average Fuel Economy (CAFE) rules, is set to have a confirmation hearing on May 16 before the Senate Commerce Committee. Reporting by David Shepardson; editing by Jonathan Oatis | ashraq/financial-news-articles | https://uk.reuters.com/article/us-autos-emissions/major-automakers-urge-trump-not-to-freeze-fuel-economy-targets-idUKKBN1I821P |
May 20, 2018 / 7:27 PM / in 16 minutes European private equity firms Nordic Capital, Inflexion raise $8 billion: FT Reuters Staff 2 Min Read
(Reuters) - European private equity firms Nordic Capital and Inflexion have raised a combined $8 billion in funds, the Financial Times reported on Sunday.
Nordic Capital raised 4.3 billion euros ($5.1 billion) for its latest flagship fund, the FT reported, adding that the funding surpassed its 3 billion euro target and planned 4 billion euro upper limit in 11 months.
Inflexion raised a total of 2.25 billion pounds ($3 billion) in two separate funds from investors that included New York State Teachers Retirement System and the Illinois Municipal Retirement Fund, the report said. on.ft.com/2IytUXi
Inflexion’s fundraising was oversubscribed by more than twice, according to the report, citing sources.
The Nordic fund’s investors that include Minnesota State Board of Investment and the New Mexico State Investor Council were satisfied with the size of the new funding, the report added. About 70 percent of the investors remained in the fund while 30 percent were new entrants, the FT said.
Inflexion and Nordic Capital did not respond to a request for comment outside regular business hours.
Nordic Capital, one of Europe’s largest private equity investors, said in March it was buying online banking payments provider Trustly, the latest in a string of deals in the fast-growing fintech sector.
In 2017, it sold Swedish payment platform Bambora to French payments specialist Ingenico ( INGC.PA ) for 1.5 billion euros after three years of ownership. Reporting by Kanishka Singh in Bengaluru; Editing by Dale Hudson | ashraq/financial-news-articles | https://www.reuters.com/article/us-nordic-capital-inflexion-fundraising/european-private-equity-firms-nordic-capital-inflexion-raise-8-billion-ft-idUSKCN1IL0SH |
TORONTO--(BUSINESS WIRE)-- Atlanta Gold Inc. (TSXV: ATG; OTC Pink: ATLDF) announces that Mr. Marz Kord has resigned from its Board of Directors. The Company sincerely thanks Mr. Kord for his guidance and wise counsel during his tenure on the Board.
About the Company
Atlanta Gold Inc. holds through its 100% owned subsidiary, Atlanta Gold Corporation (“AGC”), leases, options or ownership interests in its Atlanta properties which comprise approximately 2,159 acres (8.74 square kilometres) located 90 air kilometers east of Boise, in Elmore County, Idaho. A long history of mining makes Atlanta very suitable for development of new mining projects. The Company is focused on advancing its core asset, Atlanta, towards mine development and production.
The Company is also focused on advancing its exploration and processing methods on the Neal Property, which is located approximately 15 miles from Boise, Idaho and comprises approximately 192 acres (0.78 square kilometres). The Neal Property’s geology is similar to that of the Atlanta Project and it provides the Company with all-season access to further refine the processing equipment and procedures. AGC holds a five-year lease on the Neal Property and has staked an additional seven contiguous claims on public land that was open to mineral entry.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005973/en/
Atlanta Gold Inc.
Allan J. Folk, 416-596-4578
Chairman and Director
Telephone:
Fax: 416-596-4546
[email protected]
or
R. David Russell, 208-424-3343
Interim President and CEO
Telephone:
Fax: 208-342-1014
[email protected]
or
Peili Miao, 416-777-0013
Chief Financial Officer
Telephone:
Fax: 416-777-0014
[email protected]
Source: Atlanta Gold Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-atlanta-gold-announces-change-to-its-board.html |
Luxembourg finance minister: Italy has always been faithful partner of the EU 4 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/luxembourg-finance-minister-italy-has-always-been-faithful-partner-of-the-eu.html |
Harry Potter casts new spell over Bloomsbury book sales Tuesday, May 22, 2018 - 00:53
Harry Potter publisher Bloomsbury has reported its highest annual revenue since 2007, when last of the seven-part original series written by J. K. Rowling was published, sending the company's shares to a 10-year high. As Sonia Legg reports, nearly 21 years after its debut, the Harry Potter series continued to drive sales for Bloomsbury, with special editions of the boy wizard's adventures boosting demand.
Harry Potter publisher Bloomsbury has reported its highest annual revenue since 2007, when last of the seven-part original series written by J. K. Rowling was published, sending the company's shares to a 10-year high. As Sonia Legg reports, nearly 21 years after its debut, the Harry Potter series continued to drive sales for Bloomsbury, with special editions of the boy wizard's adventures boosting demand. //reut.rs/2GGsBni | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/22/harry-potter-casts-new-spell-over-blooms?videoId=429307946 |
May 11, 2018 / 5:22 PM / Updated 27 minutes ago English County Championship Division Two Scoreboard Reuters Staff 3 Scoreboard at stumps on the first day of between Warwickshire and Northamptonshire on Friday at Birmingham, England Warwickshire trail Northamptonshire by 156 runs with 6 wickets remaining Northamptonshire 1st innings Luke Procter Run Out Henry Brookes 19 Ben Duckett c Tim Ambrose b Chris Wright 4 Alex Wakely b Henry Brookes 3 Richard Levi c Jonathan Trott b Henry Brookes 0 Josh Cobb c Sam Hain b Olly Stone 29 Adam Rossington c Tim Ambrose b Olly Stone 4 Rob Keogh lbw Henry Brookes 1 Steven Crook c Tim Ambrose b Jeetan Patel 92 Doug Bracewell c Sam Hain b Henry Brookes 81 Brett Hutton c Tim Ambrose b Chris Wright 5 Ben Sanderson Not Out 7 Extras 4b 5lb 2nb 0pen 0w 11 Total (60.5 overs) 256 all out Fall of Wickets : 1-13 Duckett, 2-16 Wakely, 3-20 Levi, 4-29 Procter, 5-47 Rossington, 6-52 Keogh, 7-102 Cobb, 8-224 Crook, 9-229 Hutton, 10-256 Bracewell Bowling Ov Md Rn Wk Econ Ex Chris Wright 16 0 65 2 4.06 Henry Brookes 14.5 2 54 4 3.64 Olly Stone 10 1 57 2 5.70 Jeetan Patel 14 0 47 1 3.36 Will Rhodes 6 0 24 0 4.00 1nb Warwickshire 1st innings Will Rhodes c Richard Levi b Doug Bracewell 14 Dominic Sibley c Brett Hutton b Doug Bracewell 0 Ian Bell Not Out 55 Jonathan Trott lbw Brett Hutton 17 Sam Hain lbw Steven Crook 6 Matthew Lamb Not Out 1 Extras 0b 3lb 4nb 0pen 0w 7 Total (29.0 overs) 100-4 Fall of Wickets : 1-0 Sibley, 2-25 Rhodes, 3-53 Trott, 4-92 Hain To Bat : Ambrose, Patel, Stone, Brookes, Wright Bowling Ov Md Rn Wk Econ Ex Ben Sanderson 10 3 31 0 3.10 2nb Doug Bracewell 7 3 21 2 3.00 Brett Hutton 7 2 25 1 3.57 Steven Crook 5 1 20 1 4.00 Umpire Neil Bainton Umpire Ian Blackwell Home Scorer Melvin Smith Away Scorer Anthony Kingston | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-county-championship-division-two-scoreboard-idUKMTZXEE5BKQTN4C |
Cramer: Wall Street got Spotify's quarter all wrong—I'd be a buyer, not a seller 7 Hours Ago Jim Cramer explains what went wrong with Spotify's first earnings report as a public company and why the results weren't as bad as investors thought. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/cramer-wall-street-got-spotifys-quarter-all-wrong-id-be-a-buyer.html |
CNBC TRANSCRIPT: CNBC’S TYLER MATHISEN SPEAKS WITH U.S. SECRETARY OF COMMERCE WILBUR ROSS TODAY AT CNBC’S CAPITAL EXCHANGE EVENT Published 2:27 PM ET Thu, 10 May 2018 CNBC.com
WHEN : Today, Thursday, May 10 th
WHERE : CNBC's Capital Exchange event in Washington D.C.
Following is the unofficial transcript of CNBC's Tyler Mathisen's sit down interview with Wilbur Ross, United States Secretary of Commerce, today at CNBC's new Capital Exchange event in Washington D.C.
All references must be sourced to CNBC's Capital Exchange.
TYLER MATHISEN: A lot of my friends at-- CNBC know that I am a big fan of the play Hamilton. I don't know how many of seen it. If you have not seen it, I urge you to do it. It is worth every penny of the inflated price you will pay. In that-- in that play, there is a song and it is a rousing song called The Room Where It Happen. And it's Aaron Burr's plea to be engaged and involved. Our next guest is in the room where it happens on a host of-- critical issues. Whether it is NAFTA, whether it is China trade, whether it is-- the reimposition of sanctions against Iran. Secretary Wilbur Ross, the 39th Commerce Secretary of the United States is in the room where it happens. He came to Washington after a 55-year career in business. And we are grateful-- to have him here today. And grateful for your service to the country. Wilbur Ross. Thank you. Please have a seat. Well, we're delighted you can join us today. And there's a lot to cover and we'll do it quickly. But I-- I guess I-- I'm really curious, after your career in business, how has the transition been to working in Washington? What has surprised you? What has pleased you? What has disappointed you?
SECRETARY WILBUR ROSS: Okay. Well, I don't speak-- I don't speak hip-hop, so I can't really do Hamilton very well. Most interesting things are one, the currency is different. In Wall Street, the currency is mostly money. That's the motivator. Here the pay structure is not a big triangle like you have in business. It's more of a -- wide trapezoid kind of a thing. So it's not very much pay differentiation. That means titles are very, very important. And heaven help you if you get wrung the title of the Third Assistant to the Fourth Deputy to the Undersecretary. It's really important.
TYLER MATHISEN: Titles are currency--
SECRETARY WILBUR ROSS: To-- to get that. Right. Second thing though that's very encouraging-- within this mass bureaucracy there's a good middle tier of people who are very, very strong technically. Very devoted. Not particularly ideological. And despite the lack of compensation, perfectly willing to work 7:00 at night, 8:00 at night, work weekends. Really work hard. Just as hard as on Wall Street. And that surprised me quite a bit. Was-- I had a different image of the bureaucrat. Third thing is Washington is a very, very habitable place. Tyler, you grew up here--
TYLER MATHISEN: Certainly is.
SECRETARY WILBUR ROSS: You know that it's a people-scale city. But it's really quite an attractive place to live. And that was the thing I had no idea about. But am very happy with the outcome.
TYLER MATHISEN: You know, people have characterized Washington because it was built on a swamp as a swamp. The president was hardly the first to do it. Certainly, this week when we hear of payments to a former close associate-- attorney for the president in-- totaling more than a million dollars, they-- they say, that represents the swamp. Do you see Washington as a swamp? Is it in any sense getting drained if it is?
SECRETARY WILBUR ROSS: W-- well, yeah, and first of all, there are m-- lot more alligators than there are swamp in Washington. And a lot of them--
TYLER MATHISEN: What do you mean?
SECRETARY WILBUR ROSS: --are-- are the kinds of people who would be paying money to someone like Michael Cohen for some real or imagined access. Or real imagined intuition into what the president was thinking. But there's a lot m-- a lot of that that goes on. Sometimes I think the main role of the lobbyist is to arrange meetings. They-- they seem very happy if they can get a meeting. Al-- almost independently of the outcome.
TYLER MATHISEN: There is probably no one in the administration who has more experience in Asia dealing with the economies over there, with the business people over there, with government officials over there. And you have had one hell of a week. You traveled 30 hours to go to China and negotiate our bilateral trade arrangements with them. You spent 30 hours negotiating. You spent 30 hours flying back. And I even hear from a little birdie that you were sighted in New York over the weekend. So you are a man in motion. You went to China, expressing to David Faber last week on CNBC, some hopefulness about progress. What progress made?
SECRETARY WILBUR ROSS: Well, it's hard-- depends how you measure progress. Progress was made in that the Chinese had said publically that prior to the trip, they weren't 100% sure of what our objectives were. So we sent them prior to our arrival quite a detailed multi-page document covering everything that, at least we can imagine. And by the time we actually got there, they had prepared a written response to it. So that was good in that there was a very specific exchange. It wasn't just blah, blah, blah, blah, blah, blah. It was-- into very precise things. It was--
TYLER MATHISEN: That framework was very detailed. And I would say, very frank.
SECRETARY WILBUR ROSS: Yes.
TYLER MATHISEN: It was-- nothing was held back.
SECRETARY WILBUR ROSS: Nothing that we could think of, that's for sure.
TYLER MATHISEN: Uh-huh.
SECRETARY WILBUR ROSS: It was a high-level delegation. It was led by the Vice Premier. Had the Minister of Finance, the-- Minister of Commerce, the Governor of the PBOC. Had that level of people. People from MOFCOM. So it was the right level of people. And then on the back tier, on either side, were the -- sort of, support of people. So right level people. Very extreme attention to detail. There's a gap. There's a considerable gap between what they've put on the table and what we feel we need. But that's okay. You'd-- you'd sort of expect that at this stage in the game. Real question now comes just when will the follow-up be? What form will that take? How much closure will we get? What will turn out to be the really sticky issues?
TYLER MATHISEN: I hear that Vice Premier-- he is-- is coming to Washington-- soon. I assume you'll meet with him--
SECRETARY WILBUR ROSS: Yes. Sure--
TYLER MATHISEN: Be in the room where it happens--
SECRETARY WILBUR ROSS: Sure.
TYLER MATHISEN: Let's talk about a couple of the-- the topics that were addressed in that framework memo-- and-- and certainly are-- are hanging out there. And that is the matter of the bilateral trade deficit which is.
SECRETARY WILBUR ROSS: Right.
TYLER MATHISEN: However, you measure it, 400 billion or thereabouts. The administration has said that they want to-- that-- that you guys want to reduce that trade deficit by-- what is it? 100 billion, 200 billion by 2020. How did the Chinese react to that in particular? Because it is a sticking point.
SECRETARY WILBUR ROSS: No, I think they agreed to the concept of the trade deficit reduction. The questions are more how much and how do you get there? Our-- our approach has been to request individual products on which we can sell more to them than we're selling now. As opposed to them selling less to us. The-- us selling more to them has more bang for the buck for our economy to begin with. And is probably less intrusive into their economy in that-- take for example, soybeans. We supply them with about a third of their soybean-- import needs. Brazil is around 50%. So between the two of us -- we're most of it. But if our 30% went to 35 or 40 or 45, and it came out of somewhere else, that would be a very interesting dynamic.
TYLER MATHISEN: Do you sense that they are going-- when-- when the Chinese come that they are going to come with a list of products that they are open to having us sell more of in their domestic market? And will that-- will that do the trick? Is that enough--
SECRETARY WILBUR ROSS: Well, it--
TYLER MATHISEN: On trade? And then we'll get to intellectual property in a second.
SECRETARY WILBUR ROSS: Well, it certainly could do the trick on trade. Because they're a huge consumption market. Our-- our share of it is not that enormous. And so there's no question we could close the gap on trade if they wish to.
TYLER MATHISEN: Let's talk a little bit about trade deficits. And-- and-- and quickly have you address-- a question which is, there's a high focus on the-- on the bilateral trade deficit with China. And some economists say that is relevant, others say it is more-- and-- and-- and is a reflection of bad behavior in part-- on the part of the Chinese. But others say it is more of a reflection of the fact that we spend more than we produce. Quick thought on how relevant trade deficits are. And whether tariffs, such as under section 232, are the way to address those bilateral issues?
SECRETARY WILBUR ROSS: Okay. Well, there are really three questions.
TYLER MATHISEN: That's what I excel at. Asking three questions in one. And you gotta unpack 'em.
SECRETARY WILBUR ROSS: First of all, why do deficits matter? There are good deficits and bad deficits. There are natural ones and unnatural ones. A natural one would be for many, many years we have not been self-sufficient in petroleum. So to me that's not a blameful deficit. It's a question of from which country would we buy it. So if we bought it all from one country, that would make that deficit look very big. But what's the difference if you bought it from two others or from the one? But there are a lot of blameful deficits. And those are the ones that come from-- too high tariff barriers, too high non-tariff trade barriers. And an awful lot of it is that. The-- the Chinese are very good at the rhetoric of free trade. But in fact, they are probably the most protectionist country of the major countries. So that part there's no inherent reason for. The economists use this term "comparative advantage". A big high tariff sh-- is not really a comparative advantage. That's a willful act to destroy trade. The second part, the question about savings, investment, and trade deficits. If you look at charts and if this was set up differently, I had a chart I was going to show. If you chart our savings pattern, our investment pattern, and then deficit patterns, you'll see that if savings and investment are the real reason, they must have somehow miraculously known to change just as China entered the World Trade Organization. And they must've somehow known exactly how to change just as we made NAFTA. I don't think the math really--
TYLER MATHISEN: Uh-huh--
SECRETARY WILBUR ROSS: --follows that. So I just think you should look at the empirical evidence. Run your own chart and you'll see these enormous spikes at specific events. On a smaller scale with Korea. Korea-- deficit was going like here. We enter into KORUS, suddenly it doubles in a couple of year period. That's not a function of radical change in U.S. savings and investment pattern. Now if you talk really broadly and over really long time periods, clearly, the both sides have to add up to the same. It's like m-- double entry bookkeeping.
TYLER MATHISEN: Uh-huh.
SECRETARY WILBUR ROSS: Both sides have to balance. Question those causality and question is immediacy.
TYLER MATHISEN: The other key issue here-- is-- it-- between the United States and China-- or one of the other key issues is-- intellectual property theft--
TYLER MATHISEN: Ab-- absolutely--
TYLER MATHISEN: --intellectual-- intellectual property protections. Under section 301 we can take action against them or have. How r-- respect-- res-- receptive were they? That was part of the framework memo that you sent over. How res-- receptive were they to the idea of enhancing-- protections on intellectual property? Not insisting so much on-- technology sharing when you go in and do business. You have to share your technology with. Are they open to that? And how would you ever verify that they were sticking to an agreement?
SECRETARY WILBUR ROSS: Well, China's stated position for quite a while has been there are no forced technology transfers. They don't require it to happen. And if we could get a company there that had been forced to do it to come forward, they would deal with it. Well, the practical problem with that is the individual companies worry about retaliation. So it's a question that has its own answer within it. It'll be hard to measure. But not as hard as you would think. Because the companies who are involved do know what's happened.
TYLER MATHISEN: Let's talk a little bit about the second 232. I don't mean to get in-- too deep into the weeds here, but those are the tariffs on steel and aluminum. A waver was given to certain-- countries in the European Union-- extending the time-- to-- to discuss-- possible remedies. But that has a sunset moment.
SECRETARY WILBUR ROSS: Right--
TYLER MATHISEN: I believe it is June 1st.
SECRETARY WILBUR ROSS: June 1st.
TYLER MATHISEN: W-- w-- w-- do you expect that on June 1st-- the tariffs will be applied? Or will there be another extension of the deadline with respect to the E.U. or other countries like Argentina, Brazil, and so forth?
SECRETARY WILBUR ROSS: Well, first, let me put them in perspective. The 232s and the 301s fit a mosaic. The 232s, the steel and aluminum, that's the world as it exists today. So we're trying to correct anomalies in it. The 301 on intellectual property, that's the world of the future. We have to protect that. So there's-- a fitting-- between the two. And on the 301, in the month of June, the U.S. Patent Office which is part of the Department of Commerce, will issues its 10 millionth patent. That's an incredible figure. There's no country in the history of the world that has ever issued anything like 10 million patents. And that's a very visual demonstration as to why intellectual property is uniquely important-- to us. On-- on the 232s, the reason we went with a very broad brush. I think it's 160 countries are affected by it.
TYLER MATHISEN: On steel and aluminum.
SECRETARY WILBUR ROSS: Yeah.
TYLER MATHISEN: Uh-huh.
SECRETARY WILBUR ROSS: Some of whom don't even really ship much of anything to us now. The reason we had to do that is we brought successfully some 424 trade actions against various products from various countries. And under the WTO rules, those actions have to be very precise. So many millimeters of thickness from such and such a country. So they're very narrow in scope. And the practical significance of that is they're easy to get around. They'll change the dimension a little bit. Now it's a new product--
TYLER MATHISEN: Hmmmm. Uh-huh--
SECRETARY WILBUR ROSS: Or they'll add a flange or something--
TYLER MATHISEN: Uh-huh.
SECRETARY WILBUR ROSS: Or they'll ship it through a third party country with or without some little bit of additional processing. So we have to cast the net very wide even though the vast majority of those countries have not very much to do with the steel or aluminum--
TYLER MATHISEN: So-- so back to the idea of-- of an extension in the deadline. Do you think that the June 1 deadline will be extended again? Or will there be a resolution? Or will the E.U. be subject to the tariffs?
SECRETARY WILBUR ROSS: Well, it depends on how the negotiations work out. The--
TYLER MATHISEN: You've seen progress--
SECRETARY WILBUR ROSS: S-- several of the countries we've already worked things out.
TYLER MATHISEN: Right. With quotas and--
SECRETARY WILBUR ROSS: And the paperwork is pretty well finished. O-- others like the E.U.--still a work in progress. NAFTA, as you know, it's woven into the whole NAFTA framework. The president is not a man of great patience. And so I-- I wouldn't count on further extensions.
TYLER MATHISEN: Let's talk about NAFTA. You and the administration have taken on a lot of tough issues. China trade, NAFTA, Iran, North Korea. I can't imagine all of this having happened but for the guy who sits across the street--
SECRETARY WILBUR ROSS: Right. Right.
TYLER MATHISEN: I mean, it-- it is consequential. Let's talk about NAFTA. How much progress has been made? What are the remaining sticking points? And are you hopeful that a NAFTA 2.0 will get done? And if so, how soon?
SECRETARY WILBUR ROSS: Well, as to the timing is probably the easier part of it. There's no specific deadline, but there's a political calendar that's beginning to encroach on the negotiations. And that consists of the Canadian provincial elections are in June. The Mexican presidential elections beginning of July. And our midterm elections in November. So once we get a few weeks beyond where we are now, political calendar will make it extremely difficult to do anything immediately. So it'll either happen very quickly or be pushed over beyond these various elections. And in that case, who knows what the cast of characters will be like when-- when we come back in--
TYLER MATHISEN: What are the sticking points? There's been encouraging signs that-- that a deal may indeed get done very quickly-- is eminent. What-- what are the remaining points of contention to the extend you can--
SECRETARY WILBUR ROSS: Sure.
TYLER MATHISEN: --speak of them.
SECRETARY WILBUR ROSS: Well, they are quite a few. The-- first of all, NAFTA-- the original NAFTA was something like 2,500 pages. So there are lots of little chapters in it. I would say a little under half of the total chapters have been quite resolved, down to the last semicolon. The other half we're at various stages of evolution. In many of them, there's more or less agreement in principle and the outline. And now it's translating them into detail. But ones that have been well-publicized as contentious, rules of origin, dispute resolution mechanisms, labor, sunset-- are among not the total sum of the tough ones, but those are --
TYLER MATHISEN: But when you rules of origin, you're talking about content-- and-- and the source of the content--
SECRETARY WILBUR ROSS: Yes. Yes--
TYLER MATHISEN: --in an automobile, for example.
SECRETARY WILBUR ROSS: Yes.
TYLER MATHISEN: So-- so i-- it is a difficult needle to thread. Because the administration could reach agreement with Canada and Mexico, but then it has to go up the street.
SECRETARY WILBUR ROSS: Sure.
TYLER MATHISEN: And the original NAFTA was no slam dunk.
SECRETARY WILBUR ROSS: Right.
TYLER MATHISEN: If you get a deal or you're confident you can get it through congress and what happens if you can't?
SECRETARY WILBUR ROSS: Well-- we-- we think there's no doubt you can get through Congress because we believe that if we do make a deal, it will be demonstrably better for the U.S. economy than what we have right now. And if we're right in that presumption, shouldn't be that hard even with the partisan nature of Congress today. Shouldn't be that hard to get it through.
TYLER MATHISEN: So you're hopeful on that?
SECRETARY WILBUR ROSS: I-- I'm-- I'm-- I'm--
TYLER MATHISEN: Because there are GOP people who don't love it. And there are Democrats who don't love it.
SECRETARY WILBUR ROSS: Right. But we've been living with that for a little while now.
TYLER MATHISEN: Yeah. That's true. Yeah. And when you said, partisan nature of the Capitol, I-- I can't-- what are you talking about? Let's go to the audience for some questions with the time we have remaining, because Secretary-- Ross has to go up to Capitol Hill where he is going to-- testify in front of the appropriations committee. That is the big fundraising event, right? Is that basically that--
SECRETARY WILBUR ROSS: Yes. We're-- we're working-- we're working now on the 2019 appropriations.
TYLER MATHISEN: This-- young lady here has a question. Why don't we go there first?
CONTESSA BOURBON: Hi, my name is Contessa Bourbon from the Wall Street Journal and London Times. I'd like to ask, how many U.S. companies applied and approve that products they imported be excluded from new tariffs from steel and aluminum imports? How are the tariffs impacting American industries?
SECRETARY WILBUR ROSS: Okay. Thank-- think that the question was how are the tariffs affected American business. Is that the gist of the question?
CONTESSA BOURBON: And the number of companies.
SECRETARY WILBUR ROSS: I-- I can't hear her.
TYLER MATHISEN: The number of companies that have applied for exemptions to the tariffs--
SECRETARY WILBUR ROSS: Oh yes. The-- I don't remember how many companies, but there have been some 7,000 individual product requests made. One individual company--imagine it--put in requests for 1,167 products. Which is hard to imagine that there really 1,167 products consumed by that company that are in short supply in the U.S. So I think there's been a little bit of gaming-- of the system. But it's some 7,000-- have been put in. And you'll start seeing probably this week or next, them coming back out. Because there's a 30 day notice period, public comment period. There's a whole typical government process. So it takes more or less 90 days from when their m-- application has been put up on the website to the time when there is a determination of it.
TYLER MATHISEN: Another question. There must be one. Please.
KELLY GROH: Hi, Secretary Ross. This is Kelly Groh with Genworth. I've got a question on China. And they have recently opened up investment beyond the 49% for things like autos and financial services. But I haven't seen a lot of China deals being approved through the Committee on Foreign Investment in the U.S. recently. You know, what's your take on that?
SECRETARY WILBUR ROSS: Well, under CFIUS-- we do look at-- any foreign acquisition. And in fact, CFIUS is about to be tightened. There-- there's some legislation-- pending right now on it. But in reality, the only things that we truly restrict are militarily sensitive things or dual use things. Things that maybe have a commercial use but also have a military use. Other than that, we're-- we're quite wide open. Whether it's Chinese investment or it's any other-- kind of investment. The-- I think that answers your question.
TYLER MATHISEN: Is there another quick question on this side of the room perhaps? Anybody else? Oh, please, yes. You want to just shout it out? Stand and shout.
AUDIENCE MEMBER: Mr. Secretary, John--
SECRETARY WILBUR ROSS: Yeah--
AUDIENCE MEMBER: Question about the dispute resolution. Can you tell us a little more about where you think that's gonna end up?
TYLER MATHISEN: Question's about the dispute resolution under NAFTA.
SECRETARY WILBUR ROSS: Well, if I knew where it would end up, it would have ended up already. So that's a little bit hard. W-- we are unhappy with the existing format-- which is very complicated thing of picking panels and what country they come from and all that. It-- the other two countries seem more comfortable with the existing thing than we do. And that sort of confirms why we're uncomfortable with it. But where we'll end up-- we'll know pretty soon.
TYLER MATHISEN: And my final question will be about Iran. I realize that the reimposition of sanctions, should that take place, is largely directed out of the Treasury Department. But certainly--
SECRETARY WILBUR ROSS: Right--
TYLER MATHISEN: Bears on-- U.S. businesses with which-- you are most intimately-- in-- involved. And I think at this point, Europe is particularly worried about how the United States may approach European business-- that-- that may want to try and continue to do business with Iran. Give us a quick thought about that. How American companies may be affected. I gather there were some that were trying to do business with Iran, but a lot of those deals had not gone very far at all.
SECRETARY WILBUR ROSS: Europe is-- has far more f-- exposure to Iran than we do. Both historically, more recently, and prospectively. Iran has not been-- a big target for-- American companies. Few, but not-- not really very much. Europe-- France, especially, has always had a close relationship with Iran. So the-- they're more upset because it's more relevant to them. One of their car companies recently announced it was going to open a factory there. Well, the-- the problem is, because of our importance in the monetary system, when we put sanctions on, it's very hard for companies to do business with them. That's, I think, a big part of the reason why we're having some success with North Korea. Those sanctions really began to bite.
TYLER MATHISEN: And on North Korea, I think we can all applaud, and I think we should, the release of three prisoners today--
SECRETARY WILBUR ROSS: Oh yeah.
TYLER MATHISEN: How about a round of applause for Secretary Ross? Thank you so much.
SECRETARY WILBUR ROSS: Thank you.
TYLER MATHISEN: That was really fun. I really enjoyed it. I really did--
SECRETARY WILBUR ROSS: Thank you, Tyler. Thank you--
TYLER MATHISEN: And-- and I want to-- particular thank him for taking my four-part questions. That was really good. I know--
SECRETARY WILBUR ROSS: Did I miss one?
TYLER MATHISEN: No, you did not. Now I know you have to go, so I'm gonna-- let you do that because you have to go up to the Hill.
SECRETARY WILBUR ROSS: Yeah--
TYLER MATHISEN: One more time for Secretary Wilbur Ross. Thank you so much.
SECRETARY WILBUR ROSS: Thank you.
TYLER MATHISEN: I really appreciate it. More From CNBC News Releases | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/cnbc-transcript-cnbcs-tyler-mathisen-speaks-with-u-s-secretary-of-commerce-wilbur-ross-today-at-cnbcs-capital-exchange-event.html |
Dow Jones, a News Corp company News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services Dow Jones | ashraq/financial-news-articles | http://jp.wsj.com/articles/SB11938464503990234149304584224790185810718 |
May 24 (Reuters) - QuickLogic Corp:
* QUICKLOGIC CORPORATION ANNOUNCES PRICING OF $15.5 MILLION PUBLIC OFFERING OF COMMON STOCK AND WARRANTS
* QUICKLOGIC CORP - AGGREGATE PUBLIC OFFERING PRICE FOR EACH SHARE OF COMMON STOCK AND CORRESPONDING WARRANT IS $1.15 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-quicklogic-corp-announces-pricing/brief-quicklogic-corp-announces-pricing-of-15-5-mln-public-offering-of-stock-and-warrants-idUSASC0A3J9 |
‘Mountain,” an impressive and self-impressed documentary by Jennifer Peedom, has some of the best speck shots you could imagine—not spec as in speculation, though the film offers plenty of that on the subject of why human beings choose to climb tall peaks, but speck as in the size of a human seen against a stupendous alpine landscape.
Three centuries ago, notes the narrator—Willem Dafoe reading a text by the director and Robert Macfarlane—climbing a mountain would have been considered an act of lunacy. Why, then, do people... | ashraq/financial-news-articles | https://www.wsj.com/articles/mountain-review-such-great-heights-1527188527 |
May 22 (Reuters) - SouthGobi Resources Ltd:
* UPDATE ON INTEREST PAYMENT OBLIGATIONS TO CIC * SOUTHGOBI RESOURCES LTD - IS IN DEFAULT UNDER CONVERTIBLE DEBENTURE AND JUNE 2017 DEFERRAL AGREEMENT BETWEEN CO, CIC
* SOUTHGOBI RESOURCES - HAS RECEIVED NO INDICATION FROM CHINA INVESTMENT CORPORATION OF ANY INTENTION TO DELIVER A NOTICE OF DEFAULT UNDER AGREEMENTS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-southgobi-resources-ltd-says-is-in/brief-southgobi-resources-ltd-says-is-in-default-under-convertible-debenture-and-june-2017-deferral-agreement-between-co-cic-idUSASC0A385 |
Mitch Haniger’s run-scoring double in the seventh inning capped a five-run rally as the Seattle Mariners defeated the visiting Detroit Tigers 5-4 Friday night at Safeco Field.
Dan Altavilla (3-2) pitched one inning in relief of Felix Hernandez, Juan Nicasio worked a 1-2-3 eighth and Edwin Diaz earned his American League-leading 15th save, striking out pinch hitter Mikie Mahtook for the final out.
Trailing 4-0, the Mariners scored all of their runs in the seventh.
Tigers right-hander Michael Fulmer, who had allowed just two hits in blanking Seattle through the first six innings, walked Nelson Cruz and Kyle Seager leading off the seventh. The runners advanced on a groundout, and Ben Gamel grounded a two-run single to right field, cutting Detroit’s lead in half.
Right-hander Buck Farmer (0-2) replaced Fulmer and walked Mike Zunino and Guillermo Heredia to load the bases. Left-hander Daniel Stumpf came on to face Dee Gordon, who hit a sacrifice fly to right field to make it 4-3.
Right-hander Warwick Saupold, who got the victory in Thursday night’s series opener, was called on by manager Ron Gardenhire to face Jean Segura. The move backfired as Segura grounded a single to center field to score Zunino from second and tie it at 4-4. Haniger then doubled into the left-field corner to give Seattle its first lead.
The Tigers scored three runs in the top of the first off Hernandez, the longtime Seattle ace.
With two outs, Nicholas Castellanos lined a single to left field and Victor Martinez walked. John Hicks then lined a 3-2 pitch for a two-run double to center field. Niko Goodrum followed with a run-scoring double to center to make it 3-0.
The Tigers tacked on a run in the fifth. Leonys Martin, making his return from the disabled list, reached on an error by Mariners first baseman Ryon Healy and scored on a two-out double by Martinez.
Hernandez allowed four runs (three earned) on six hits in six innings. He walked three and struck out four. Fulmer gave up three runs on three hits in 6 1/3 innings, with two walks and seven strikeouts.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-sea-det-recap/mariners-rally-in-7th-to-top-tigers-5-4-idUSMTZEE5JYM9N43 |
FRAMINGHAM, Mass.--(BUSINESS WIRE)-- The TJX Companies, Inc. (NYSE: TJX) today announced that it plans to release its first quarter Fiscal 2019 sales and earnings results on Tuesday, May 22, 2018, before 9:30 a.m. ET.
At 11:00 a.m. ET that day, Ernie Herrman, TJX’s Chief Executive Officer and President, will hold a conference call to discuss the Company’s first quarter Fiscal 2019 results, operations and business trends. A real-time webcast of the call will be available to the public at tjx.com . A replay of the call will also be available by dialing (866) 367-5577 through Tuesday, May 29, 2018, or at tjx.com .
About The TJX Companies, Inc.
The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. As of February 3, 2018, the end of the Company’s last fiscal year, the Company operated a total of 4,070 stores in nine countries, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, Austria, the Netherlands, and Australia, and three e-commerce sites. These include 1,223 T.J. Maxx, 1,062 Marshalls, 667 HomeGoods, 27 Sierra Trading Post, and 4 Homesense stores, as well as tjmaxx.com and sierratradingpost.com in the United States; 264 Winners, 117 HomeSense, and 73 Marshalls stores in Canada; 540 T.K. Maxx and 55 Homesense stores, as well as tkmaxx.com , in Europe; and 38 T.K. Maxx stores in Australia. TJX’s press releases and financial information are available at tjx.com .
Important Information at Website
Archived versions of the Company’s conference calls are available in the Investors section of tjx.com after they are no longer available by telephone as are reconciliations of non-GAAP financial measures to GAAP financial measures and other financial information. The Company routinely posts information that may be important to investors in the Investors section at tjx.com . The Company encourages investors to consult that section of its website regularly.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006193/en/
The TJX Companies, Inc.
Debra McConnell
Global Communications
(508) 390-2323
Source: The TJX Companies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-the-tjx-companies-inc-to-report-q1-fy19-results-may-22-2018.html |
JERUSALEM/BEIRUT (Reuters) - Israel said it attacked nearly all of Iran’s military infrastructure in Syria on Thursday after Iranian forces fired rockets at Israeli-held territory for the first time.
It was the heaviest Israeli barrage in Syria since the start in 2011 of its civil war, in which Iranians, allied Shi’ite militias and Russian soldiers have deployed in support of President Bashar al-Assad.
There were no immediate reports of casualties in Syria. Israeli Defence Minister Avigdor Lieberman said the Iranian rockets either fell short of their targets, military bases in the Israeli-occupied Golan Heights, or were intercepted.
Expectations of a regional flare-up, amid warnings from Israel it was determined to prevent Iranian military entrenchment in Syria, were stoked by U.S. President Donald Trump’s announcement on Tuesday that he was withdrawing from the Iranian nuclear deal.
The Trump administration portrayed its position against that agreement as a response, in part, to Tehran’s military interventions in the region - underpinning Israeli Prime Minister Benjamin Netanyahu’s tough line toward Iran.
The Golan attack was “just further demonstration that the Iranian regime cannot be trusted and another good reminder that the president made the right decision to get out of the Iran deal,” White House press secretary Sarah Sanders told Fox News.
Israel said 20 Iranian Grad and Fajr rockets were shot down by its Iron Dome air defense system or did not reach targets in the Golan, territory it captured from Syria in a 1967 war.
The Quds Force, an external arm of Iran’s Revolutionary Guards, carried out the launch, Israel said.
Syrian state media said dozens of Israeli missiles struck a radar station, Syrian air defense positions and an ammunition dump, underscoring the risks of a wider escalation involving Iran and its regional allies.
Russia’s defense ministry said Syria had shot down more than half of the missiles fired by Israel, RIA news agency reported.
Related Coverage Russia says Syria shot down more than half of missiles fired by Israel: RIA Moscow calls for Iran and Israel to dial down tensions: TASS France's Macron calls for de-escalation after overnight strikes in Syria “We hit ... almost all of the Iranian infrastructure in Syria,” Lieberman said, in a question and answer session at the annual Herzliya security conference in Tel Aviv. “I hope we finished this chapter and everyone got the message.”
Israeli military spokesman Lieutenant-Colonel Jonathan Conricus told reporters the Iranian attack was “commanded and ordered by (Quds Force chief General) Qassem Soleimani and it has not achieved its purpose”.
Conricus said Israel responded by destroying dozens of Iranian military sites in Syria, as well as Syrian anti-aircraft units that tried unsuccessfully to shoot down Israeli planes.
“We do not know yet the (Iranian) casualty count,” he said.
“But I can say that in terms of our purpose, we focused less on personnel and more on capabilities and hardware ... to inflict long-term damage on the Iranian military establishment in Syria. We assess it will take substantial time to replenish.”
There was no immediate comment from Iran.
In the Golan Heights, Israeli schools opened as usual on Thursday morning, after sirens sent residents to shelters during the night.
Lieberman said Israel was not seeking escalation on the Syrian front. But Tzachi Hanegbi, a cabinet minister close to Netanyahu, cautioned that more confrontation could come.
Missile fire is seen from Damascus, Syria May 10, 2018. REUTERS/Omar Sanadiki “I don’t think I can tell you that one blow, as effective and crushing as the one they (the Iranians) received last night, is enough to convince a regime that is usually very fanatical and determined,” he said on Israel Radio.
NEW FRONT The Israelis fear that Iran and its Lebanese ally Hezbollah are turning Syria into a new front against them. Israel says its occasional strikes in Syria aim to foil that.
Iran vowed retaliation after a suspected Israeli air strike last month killed seven of its military personnel in a Syrian air base.
Israel regards Iran as its biggest threat, and has repeatedly targeted Iranian forces and allied militia in Syria.
On Tuesday, hours after Trump’s announcement on the nuclear deal, Israeli rockets targeted a military base in Kisweh, a commander in the pro-Syrian government regional alliance said.
That attack killed 15 people, including eight Iranians, the Syrian Observatory for Human Rights said, though the commander said there were no casualties. Israel has neither confirmed nor denied responsibility.
Thursday’s conflagration came hours after Netanyahu returned from a visit to Moscow, where he discussed concerns about Syria with Russian President Vladimir Putin.
Netanyahu said after the discussions that Russia was unlikely to limit Israel’s armed actions in Syria. The Israeli military said Israel had forewarned Russia of its strikes on Thursday.
“There should be work to de-escalate the tensions,” Russian Deputy Foreign Minister Mikhail Bogdanov was Quote: d as saying on Thursday by the Tass news agency. He called the situation “very alarming”.
Slideshow (17 Images) French President Emmanuel Macron also appealed for calm.
Additional reporting by Dan Williams and Jeffrey Heller in Jerusalem and Dahlia Nehme and Tom Perry in Beirut; Writing by Jeffrey Heller and Angus McDowall; Editing by Tom Perry, Larry King and Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-golan-rockets/iranian-forces-in-syria-fired-rockets-at-israeli-targets-in-golan-israeli-military-idUSKBN1IA3GF |
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