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May 29, 2018 / 1:27 PM / Updated 20 minutes ago Singapore Exchange postpones launch of Indian derivatives products Reuters Staff 3 Min Read
MUMBAI (Reuters) - The Singapore Exchange (SGX) ( SGXL.SI ) has postponed the launch of a set of India derivatives products after an Indian court on Tuesday referred a dispute around the proposed offerings to an arbitrator. FILE PHOTO: An SGX sign is pictured at Singapore Stock Exchange July 19, 2017. REUTERS/Edgar Su/File Photo
“We will reschedule the launch of our new India derivatives products, pending the outcome of the arbitration,” SGX said in a statement.
SGX has been locked in a dispute with India’s National Stock Exchange (NSE) after the country’s three main bourses unexpectedly announced in February they would stop licensing their indexes to foreign bourses from August.
In response, SGX said it would launch successor products to its flagship Indian equity derivative products on June 4.
The NSE, however, sought an interim injunction against the launch, saying the proposed products infringed the intellectual property rights of India Index Services and Products (IISL), its unit that runs the Nifty index.
The Bombay High Court on Tuesday referred the matter for arbitration to a senior retired judge, who it said would attempt to resolve the issue by June 16. Until then, the court barred SGX from launching the proposed products.
“SGX will contest the interim injunction and reserves all rights in respect of damages caused by IISL’s action,” the SGX said.
In the meanwhile, SGX said it will continue listing SGX Nifty contracts until August.
The NSE said in a statement late on Tuesday that it was committed to protecting and preserving its proprietary rights and that investors should use licensed and legally permissible products to access Indian markets.
Over the past two decades, SGX has become the most popular market for foreign investors to bet on Indian equity indexes, with Nifty 50 futures SINc1 tracking the NSE's main index .NSEI .
But NSE, BSE Ltd ( BSEL.NS ) and Metropolitan Stock Exchange took steps to end licensing deals with foreign bourses to prevent the loss of trades to overseas rivals, after SGX moved to introduce trading in single-stock futures contracts.
According to sources, the decision was endorsed by the Indian government, which is keen to draw investor interest to an international financial center being developed in Prime Minister Narendra Modi’s home state of Gujarat. Reporting by Abhirup Roy; Editing by Euan Rocha, David Holmes and Jane Merriman | ashraq/financial-news-articles | https://www.reuters.com/article/us-sgx-derivatives-india/singapore-exchange-postpones-launch-of-indian-derivatives-products-idUSKCN1IU1N5 |
May 29, 2018 / 9:56 AM / a few seconds ago Ex-Louis Dreyfus metal unit changes name to IXM Reuters Staff 1 Min Read
PARIS (Reuters) -
**Louis Dreyfus Company Metals says changed its name with immediate effect to “IXM” following takeover by NCCL Natural Resources Investment Fund.
**Says Paul Akroyd to continue as IXM chief executive officer.
**NCCL Natural Resources Investment Fund, backed by New China Capital Legend, AXAM Asset Management and China Molybdenum Co. Ltd, earlier this month completed the acquisition of the business from global commodities group Louis Dreyfus Company for $466 million. Reporting by Gus Trompiz; Editing by Sudip Kar-Gupta | ashraq/financial-news-articles | https://www.reuters.com/article/us-louisdreyfus-metals-ixm/ex-louis-dreyfus-metal-unit-changes-name-to-ixm-idUSKCN1IU10S |
Total Endo-bariatric Product Sales Increased 40% in the First Quarter
Conference Call to Discuss Results Today at 3:30 p.m. CT / 4:30 p.m. ET
AUSTIN, Texas--(BUSINESS WIRE)-- Apollo Endosurgery, Inc. ("Apollo") (Nasdaq: APEN), a leader in less invasive medical devices for bariatric and gastrointestinal procedures, today announced financial results for the first quarter ended March 31, 2018.
First Quarter 2018 Highlights
Total revenues increased 8% over the first quarter of 2017 to $15.7 million Total Endo-bariatric product sales were $10.3 million, up 40% over the first quarter of 2017
Todd Newton, CEO of Apollo, said, "We are pleased with our first quarter results and 2018 is off to a great start for the Company. Our worldwide Endo-bariatric product sales increased 40% compared to the first quarter of 2017, with OverStitch™ sales more than doubling compared to the same quarter of last year. For Orbera ® , the launch of Orbera365™ produced both higher selling prices and increased unit sales in our European markets and in the U.S. Orbera implant volume increased 27% compared to the fourth quarter of 2017 as we rebuild U.S. momentum."
First Quarter 2018 Results
Total revenues in the first quarter of 2018 were $15.7 million, compared to $14.5 million in the first quarter 2017, an increase of 8%.
Total Endo-bariatric product sales increased 40% to $10.3 million in the first quarter of 2018 compared to $7.3 million in the first quarter of 2017, primarily due to higher OverStitch product sales in all markets. Outside the U.S. ("OUS") Endo-bariatric product sales increased 61% or $2.4 million and U.S. Endo-bariatric product sales increased 18%, or $0.6 million in the first quarter of 2018 compared to the first quarter of 2017. Endo-bariatric product sales comprised 65% of total revenues in the first quarter of 2018 compared to 51% in the first quarter of 2017.
Total Surgical product sales decreased $1.8 million, or 26% in the first quarter 2018 compared to the first quarter of 2017 due to reductions in gastric banding procedures being performed.
Gross margin for the first quarter of 2018 was 58.4%, compared to 64.9% for the first quarter of 2017 as a result of a greater proportion of our overall product sales coming from our Endo-bariatric products. We have several gross margin improvement projects underway that are expected to be completed over the next couple of years with the goal to reduce the unit cost of our Endo-bariatric products.
Total operating expenses increased $0.6 million to $16.8 million in the first quarter of 2018, compared to the first quarter of 2017. Higher sales and marketing expenses and research and development expenses in the first quarter were partially offset by lower general and administrative expenses. The increase in sales and marketing expenses was primarily due to higher sales compensation costs while the increase in research and development expense was primarily the result of an increase in clinical study activity and associated costs. Lower general and administrative expenses in the quarter were due to non-recurring fees and costs we incurred in the first quarter of 2017 associated with new public company activities.
Interest expense for the first quarter of 2018 decreased $0.5 million when compared to the first quarter of 2017 due to lower interest charges as a result of a $7.0 million principal payment in March 2017.
Net loss for the first quarter 2018 was $8.1 million compared to $8.2 million for the first quarter of 2017.
Cash, cash equivalents and restricted cash were $23.3 million as of March 31, 2018. During the first quarter of 2018, we used $1.2 million of cash for capital expenditures associated with gross margin improvement projects, $1.2 million for inventory purchases required to maintain safety stock for Endo-bariatric product growth, and $1.2 million for interest and debt amendment fees related to our credit facility. The remaining $4.6 million change was due to cash outflows from our operating activities.
Conference Call
Apollo will host a conference call on May 3, 2018 at 3:30 p.m. Central Time / 4:30 p.m. Eastern Time to discuss Apollo's operating results for the first quarter ended March 31, 2018.
To participate in the conference call dial (888) 213-3934 for domestic callers and (323) 794-2557 for international callers. The conference ID number is 7312360. A live webcast of the conference call will be made available on the "Events and Presentations" section of our Investor Relations website: www.ir.apolloendo.com .
A replay of the webcast will remain available on Apollo's website, www.apolloendo.com , until Apollo releases its second quarter 2018 financial results. In addition, a telephonic replay of the call will be available until May 10, 2018. The replay dial-in numbers are (844) 512-2921 for domestic callers and (412) 317-6671 for international callers. The replay conference ID number is 7312360.
About Apollo Endosurgery, Inc.
Apollo Endosurgery, Inc. is a medical technology company focused on less invasive therapies for the treatment of obesity, a condition facing over 600 million people globally, as well as other gastrointestinal conditions. Apollo's device based therapies are an alternative to invasive surgical procedures, thus lowering complication rates and reducing total healthcare costs. Apollo's products are offered in over 70 countries today.
Apollo’s common stock is traded on Nasdaq Global Market under the symbol "APEN". For more information regarding Apollo Endosurgery, go to: www.apolloendo.com .
Cautionary Note on Forward-Looking Statements
Certain statements in this press release are that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: the advancement of Apollo products; development of enhancements to Apollo’s existing products and technologies; market acceptance of Apollo’s products; and statements relating to the availability of cash for Apollo's future operations, Apollo’s ability to support the adoption of its Endo-bariatric products and its ability to broaden its product portfolio as well as other factors detailed in Apollo’s periodic reports filed with the Securities and Exchange Commission, or SEC, including its Form 10-K for the year ended December 31, 2017 and quarterly report on Form 10-Q for the quarter ended March 31, 2018. Copies of reports filed with the SEC are posted on Apollo’s website and are available from Apollo without charge. These are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, Apollo disclaims any obligation to update these to reflect future events or circumstances.
APOLLO ENDOSURGERY, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (In thousands, except for share data) (unaudited) Three months ended March 31, 2018 2017 Revenues $ 15,743 $ 14,517 Cost of sales 6,553 5,096 Gross margin 9,190 9,421 Operating expenses: Sales and marketing 9,245 8,274 General and administrative 3,319 4,187 Research and development 2,456 1,957 Amortization of intangible assets 1,802 1,814 Total operating expenses 16,822 16,232 Loss from operations (7,632 ) (6,811 ) Other expenses: Interest expense, net 960 1,481 Other income (516 ) (125 ) Net loss before income taxes (8,076 ) (8,167 ) Income tax expense 58 50 Net loss $ (8,134 ) $ (8,217 ) Net loss per share, basic and diluted $ (0.47 ) $ (0.77 ) Shares used in computing net loss per share, basic and diluted (1) 17,299,414 10,694,221 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-apollo-endosurgery-inc-reports-first-quarter-2018-results.html |
E-scooter startups riding into controversy in San Francisco, LA 1 Hour Ago CNBC's Aditi Roy reports on the newest microcommute fad taking over cities from SF to DC. We also talk to the co-founder of one of the companies. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/e-scooter-startups-riding-into-controversy-in-san-francisco-la.html |
May 8 (Reuters) - MaxLinear Inc:
* MAXLINEAR, INC. ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 NON-GAAP EARNINGS PER SHARE $0.37
* Q1 GAAP EARNINGS PER SHARE $0.03 * Q1 REVENUE $110.8 MILLION VERSUS I/B/E/S VIEW $111.9 MILLION
* SEES Q2 REVENUE $100 MILLION TO $110 MILLION * Q1 EARNINGS PER SHARE VIEW $0.36 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-maxlinear-reports-q1-eps-of-003/brief-maxlinear-reports-q1-eps-of-0-03-idUSASC0A0OC |
Female politicians have been making waves with a number of firsts this year. Illinois Sen. Tammy Duckworth became the first sitting senator to give birth while in office last month, and then took it a step further, when she became the first to bring her newborn to the Senate floor for a vote.
Now Washington D.C. Mayor Muriel Bowser has surprised residents of the capital, announcing on Monday evening that she had adopted a newborn. In so doing, she has become the first single mother to run D.C.
Bowser has never married and this is her first child. Despite announcing the adoption on Twitter , Bowser and her office have thus far chosen to maintain a level of discretion regarding other details. The baby’s gender, name, and age have not been released; nor have they released any photos of the baby.
October 13th, 2015. Washington, D.C., USA Fortune Most Powerful Women 2015 Summit 12:30 pm CONVERSATION Muriel Bowser, Mayor, Washington, D.C Interviewer: Leigh Gallagher, Fortune Photograph by Stuart Isett/Fortune Most Powerful Women Photograph by Stuart Isett — Fortune Most Powerful Women “It is with great joy and excitement that I share with you that late last year, I decided to begin the adoption journey,” Bowser wrote on Twitter. “I was not sure how long it would take, and to my delight, it advanced much sooner than I expected. So today, I am proud to announce that I am a mom!”
It is with great joy and excitement that I share with you that late last year, I decided to begin the adoption journey. I was not sure how long it would take, and to my delight, it advanced much sooner than I expected. So today, I am proud to announce that I am a mom! pic.twitter.com/q9qoz587IL
— Mayor Muriel Bowser (@MayorBowser) May 22, 2018
Bowser, who has served as mayor of D.C. since January 2015, is currently running for re-election. She is largely expected to win a second term, as she faces no real competition for the primary in June or the general election. | ashraq/financial-news-articles | http://fortune.com/2018/05/22/dc-mayor-muriel-bowser-adopts-first-child/ |
Bill Ackman takes $1B stake in Lowes: Dow Jones 1 Hour Ago CNBC's Leslie Picker and Scott Wapner discuss what Bill Ackman's stake in Lowes means for the future of the company and investors with the CNBC market panel which includes Josh Brown of Ritholtz Wealth Management, Kourtney Gibson of Loop Capital Markets, and Peter Najarian of Investitute.com. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/bill-ackman-takes-1b-stake-in-lowes-dow-jones.html |
SAN DIEGO, May 10, 2018 (GLOBE NEWSWIRE) -- Cytori Therapeutics (NASDAQ:CYTX) (“Cytori” or the “Company”) today announced Q1 2018 financial results and provided updates on corporate development.
Q1 2018 net loss was $4.4 million, or $0.07 per share. Operating cash burn for Q1 was approximately $4.1 million. Cytori ended Q1 with approximately $5.9 million of cash and cash equivalents.
Cytori’s recently acquired nanomedicine facility in San Antonio, Texas is now actively manufacturing validation batches of ATI-0918, pegylated liposomal doxorubicin, in preparation for filing a Marketing Authorization Application with the European Medicines Agency. All key supply chain contracts are being established to produce final drug product. Cytori has also expanded its on-site analytical chemistry evaluation capability to meet all process validation requirements. To prepare commercially, we are having ongoing discussions with potential licensing partners for ATI-0918 distribution in Europe, Asia, and North America. The Company is also actively evaluating potential co-development partners for ATI-1123, protein-stabilized pegylated liposomal docetaxel, a new chemical entity for various cancer types.
Regarding Cytori Cell Therapy, Cytori announced the completion of enrollment in the European investigator-initiated clinical trial SCLERADEC-II with a planned data readout in 2H 2018. Cytori also announced completion of enrollment in the Japanese investigator-initiated ADRESU clinical trial for male stress urinary incontinence, for which data is expected in early 2019. Finally, U.S. FDA has approved a protocol amendment for the RELIEF thermal burn injury trial sponsored by BARDA intended to facilitate enrollment. The Company is currently in the process of initiating up to 10 sites in the U.S. for RELIEF.
“Our major corporate objective is to file for market approval in Europe for ATI-0918, our oncology drug product and a generic version of Caelyx ® . Additionally, we are working to define the clinical and regulatory pathways for our nanomedicine products in China, where a substantial opportunity exists based on the evolution of drug standards to mirror those in the U.S.” said Dr. Marc Hedrick, President and CEO of Cytori. “Also, we are preparing for international trial readouts from the SCLERADEC-II scleroderma and ADRESU urinary incontinence trials, in 2018 or early 2019.”
Q1 2018 Financial Performance
Q1 2018 operating cash burn was $4.1 million, compared to $4.8 million for Q1 2017. Q1 2018 total revenues were $1.6 million. In Q1 2018, consumable utilization in Japan grew by more than 50% as compared to Q1 2017. Cash and debt principal balances at March 31, 2018 were approximately $5.9 million and $13.0 million, respectively. Q1 2018 net loss was $4.4 million or $0.07 per share, compared to a net loss of $7.5 million or $0.33 per share for Q1 2017.
Selected Key Anticipated Milestones:
Complete ATI-0918 manufacturing and regulatory activities required to prepare and file an application for EMA approval. Enroll first patient in the BARDA funded U.S. RELIEF burn clinical trial. Report of 12/24-week European SCLERADEC-II trial data for scleroderma hand dysfunction. Report of 24/48-week Japanese ADRESU trial data for post-surgical urinary incontinence.
Management Conference Call Webcast
Cytori will host a management conference call at 5:30 p.m. Eastern Time today to further discuss its progress. The webcast will be available live and by replay two hours after the call and may be accessed under "Webcasts" in the Investor Relations section of Cytori's website. If you are unable to access the webcast, you may dial in to the call at +1.877.402.3914, Conference ID: 7194327.
About Cytori
Cytori is a therapeutics company developing regenerative and oncologic therapies from its proprietary cell therapy and nanoparticle platforms for a variety of medical conditions. Cytori Nanomedicine™ is developing encapsulated therapies for regenerative medicine and oncologic indications using technology that allows Cytori to use the benefits of its encapsulation platform to develop novel therapeutic strategies and reformulate other drugs to optimize their clinical properties. Data from preclinical studies and clinical trials suggest that Cytori Cell Therapy™ acts principally by improving blood flow, modulating the immune system, and facilitating wound repair. As a result, Cytori Cell Therapy™ may provide benefits across multiple disease states and can be made available to the physician and patient at the point-of-care through Cytori’s proprietary technologies and products. For more information, visit www.cytori.com .
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements that involve known and unknown risks and uncertainties. All statements, other than historical facts are forward looking statements. Such statements, including, without limitation, statements regarding anticipated commercial launch of our ATI-0918 drug candidate (and timing thereof); completion of manufacturing activities necessary to submit an MAA to the EMA for our ATI-0918 drug candidate; are subject to risks and uncertainties that could cause our actual results and financial position to differ materially. Some of these risks include clinical, pre-clinical and regulatory uncertainties, such as those associated with conduct and completion of the Company-sponsored RELIEF thermal burn trial, as well as the Company’s anticipated submission of data to the EMA from the previously completed bioequivalency trial for ATI-0918. We also face risks that investigator-initiated trials using our Cytori Cell Therapy fail to fully enroll or otherwise are conducted in a manner that ultimately is injurious to our business. We also face the risk that we will be unable to time successfully manufacture our ATI-0918 drug candidate in time to meet our projected timeline for submission of an MAA to the EMA, or at all. Some of these risks also include risks relating to regulatory challenges the Company faces (including the U.S., EU, China, Japan and its other key geographies) due to a number of factors including novelty of the Company’s technology and product offerings, changes in and /or evolution of regulatory approaches to cellular therapeutics like the Company’s in its key geographies, and similar matters. It is possible that the Company could face unexpected revenue shortfalls, expense increases or other occurrences that adversely affect our cash burn and cash management strategies. Further the Company face risks pertaining to dependence on third party performance and approvals (including performance of investigator-initiated trials, outcome of BARDA’s review of the Company’s proposed burn wound trial pursuant to its contract with BARDA, and outcome of the EMA’s review of our ATI-0918 MAA); performance and acceptance of the Company’s products in clinical studies/trials and in the marketplace (including commercial acceptance of the Company’s products in Japan and other markets where are products are commercially available, and similar risks); material changes in the marketplace that could adversely impact revenue projections (including changes in market perceptions of the Company’s products, and introduction of competitive products); unexpected costs and expenses that could adversely impact liquidity and shorten the Company’s current liquidity projections (which could in turn require the Company to seek additional debt or equity capital sooner than currently anticipated); the Company’s reliance on key personnel; the Company’s ability to identify and develop new programs or assets to expand the Company’s clinical pipeline; the right of the U.S. government (BARDA) to cut or terminate further support of the thermal burn injury program (including any decision by BARDA not to proceed with our proposed thermal burn trial); the Company’s abilities to capitalize on its internal restructuring and achieve break-even or profitability (or to continue to reduce our operating losses); and other risks and uncertainties described under the "Risk Factors" in Cytori's Securities and Exchange Commission Filings, included in the Company’s annual and quarterly reports.
There may be events in the future that the Company is unable to predict, or over which it has no control, and its business, financial condition, results of operations and prospects may change in the future. The Company assumes no responsibility to update or revise any forward-looking statements to reflect events, trends or circumstances after the date they are made unless the Company has an obligation under U.S. Federal securities laws to do so.
CYTORI THERAPEUTICS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share and par value data)
As of March 31,
2018 As of December 31,
2017 Assets Current assets: Cash and cash equivalents $ 5,902 $ 9,550 Accounts receivable, net of reserves of $167 in both 2018 and 2017 769 145 Restricted cash 40 675 Inventories, net 3,188 3,183 Other current assets 837 1,311 Total current assets 10,736 14,864 Property and equipment, net 2,907 3,052 Other assets 2,182 2,570 Intangibles, net 6,895 7,207 Goodwill 3,922 3,922 Total assets $ 26,642 $ 31,615 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable and accrued expenses $ 4,150 $ 4,790 Current portion of long-term obligations, net of discount 13,729 13,624 Total current liabilities 17,879 18,414 Deferred revenues 178 94 Long-term deferred rent and other 105 107 Total liabilities 18,162 18,615 Commitments and contingencies Stockholders’ equity: Preferred stock, $0.001 par value; 5,000,000 shares authorized; 23,500 shares issued; 1,203 and 2,431 shares outstanding in 2018 and 2017, respectively — — Common stock, $0.001 par value; 75,000,000 shares authorized; 61,613,798 and 57,825,729 shares issued and outstanding in 2018 and 2017, respectively 62 58 Additional paid-in capital 413,470 413,304 Accumulated other comprehensive income 1,106 1,387 Accumulated deficit (406,158 ) (401,749 ) Total stockholders’ equity 8,480 13,000 Total liabilities and stockholders’ equity $ 26,642 $ 31,615
CYTORI THERAPEUTICS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
(UNAUDITED)
(in thousands, except share and per share data)
For the Three Months Ended March 31, 2018 2017 Product revenues $ 731 $ 591 Cost of product revenues 273 410 Amortization of intangible assets 306 306 Gross (loss) profit 152 (125 ) Development revenues: Government contracts and other 917 1,018 917 1,018 Operating expenses: Research and development 2,499 3,289 Sales and marketing 678 939 General and administrative 2,244 2,108 In process research and development acquired from Azaya Therapeutics — 1,686 Total operating expenses 5,421 8,022 Operating loss (4,352 ) (7,129 ) Other income (expense): Interest income 14 11 Interest expense (423 ) (591 ) Other income, net 352 165 Total other expense (57 ) (415 ) Net loss $ (4,409 ) $ (7,544 ) Basic and diluted net loss per share $ (0.07 ) $ (0.33 ) Basic and diluted weighted average shares used in calculating net loss per share 60,177,911 22,736,366 Comprehensive loss: Net loss $ (4,409 ) $ (7,544 ) Other comprehensive loss – foreign currency translation adjustments (281 ) (60 ) Comprehensive loss $ (4,690 ) $ (7,604 )
CYTORI THERAPEUTICS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
For the Three Months Ended March 31, 2018 2017 Cash flows from operating activities: Net loss $ (4,409 ) $ (7,544 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 497 442 Amortization of deferred financing costs and debt discount 105 219 In process research and development acquired from Azaya Therapeutics — 1,686 Provision for expired inventory 326 340 Share-based compensation expense 143 199 Loss on asset disposal 22 2 Increases (decreases) in cash caused by changes in operating assets and liabilities: Accounts receivable (747 ) 335 Inventories 141 7 Other current assets 301 (65 ) Other assets (24 ) 24 Accounts payable and accrued expenses (556 ) (484 ) Deferred revenues 84 12 Long-term deferred rent (2 ) — Net cash used in operating activities (4,119 ) (4,827 ) Cash flows from investing activities: Purchases of property and equipment (53 ) (5 ) Purchase of long-lived assets part of Azaya Therapeutics' acquisition — (1,158 ) Net cash used in investing activities (53 ) (1,163 ) Cash flows from financing activities: Principal payments on long-term obligations — (1,770 ) Proceeds from sale of common stock, net (150 ) 1,435 Net cash used in financing activities (150 ) (335 ) Effect of exchange rate changes on cash and cash equivalents 39 20 Net decrease in cash and cash equivalents (4,283 ) (6,305 ) Cash, cash equivalents, and restricted cash at beginning of period 10,225 12,910 Cash, cash equivalents, and restricted cash at end of period 5,942 6,605
Cytori Therapeutics contact Tiago Girao +1.858.458.0900 [email protected]
Source:Cytori Therapeutics Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-cytori-reports-q1-2018-business-and-financial-results.html |
World in Pictures 10:36am BST - 00:46
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Some of the best images of the day taken by Reuters photographers across the globe and selected by our editors. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2FzVxNp | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/02/world-in-pictures?videoId=423169750 |
JOHANNESBURG (Reuters) - South African authorities are investigating an alleged cryptocurrency scam that defrauded investors of 1 billion rand ($80 million) with promises of huge returns that never materialized, police said on Friday.
Bitcoin.com buttons are seen displayed on the floor of the Consensus 2018 blockchain technology conference in New York City, New York, U.S., May 16, 2018. REUTERS/Mike Segar The fraud investigation involves a company named BTC Global, which told clients they would earn 2 percent per day, 14 percent a week and 50 percent in a month, the police said.
A search for the company on the internet showed its services had been suspended.
The website lists Steven Twain as the “primary trader”. A request for comment by Reuters sent to an email address listed on the website as belonging to Twain received no response.
“Members of the public are believed to have been targeted as part of the scam and encouraged by agents of BTC Global,” the police said in a statement.
“Some of the investors got paid in terms of the agreement. However, the payments suddenly stopped.”
Local technology news website mybroadband.co.za had reported in March that more than $50 million was lost by investors in BTC Global.
“This may prove to be the tip of the iceberg with potentially thousands more yet to discover they’ve lost money,” police investigator Yolisa Matakata said.
The investigation follows a case this week where kidnappers demanded a ransom in bitcoin of nearly $120,000 to release a South African teenage boy.
On Thursday South Africa’s central bank said it was in the process of determining whether cryptocurrencies complied with its financial surveillance and exchange control regulations.
Reporting by Mfuneko Toyana; Editing by Joe Brock/Keith Weir
| ashraq/financial-news-articles | https://www.reuters.com/article/us-safrica-crime-bitcoin/south-africa-investigates-80-million-bitcoin-scam-idUSKCN1IQ162 |
Bitcoin Creating your own cryptocurrency? Here's what you need to know Hundreds of new cryptocoins are trying to or planning to raise money using a new method called an initial coin offering. Upcoming coins need to clearly communicate their intended purpose to potential investors as well as the SEC, which is becoming more involved in ICOs. As the cryptocurrency industry matures, regulators are slowly stepping in with the intent of protecting potential investors from fraud. 3 Hours Ago | 03:13
Bitcoin may have plunged from its eye-popping price, but demand is high for cryptocurrencies.
A quick search on TokenList shows hundreds of new coins are trying to or planning to raise money using a new method called an initial coin offering.
Just how hard is it to create your own cryptocurrency?
Turns out the process can be a complicated, time-consuming legal juggernaut with a high rate of failure for investors and creators.
A recent report found nearly half of last year's ICOs failed to raise enough funding or went out of business after their launch.
We decided to take the process for a little test run to how it all works by creating a hypothetical token called DIY Coin. What's in a coin?
Most new cryptocurrencies are utility-based coins and are not designed to replace traditional forms of currency.
Unlike a stock, which entitles you to a piece of ownership in a company, utility tokens give buyers access to products or services the company hopes to offer.
"The analogy is they are a bit like frequent-flyer miles and you can use it in a certain way," said Jeff Bandman, founder of Bandman Advisors and former fintech advisor to the Commodity Futures Trading Commission.
"The difference is there's not an open and transferable market."
For our purposes, DIY Coins give owners knowledge or access to the ICO process, each token gives you access to CNBC's collection of research on the topic.
The idea is the value of the DIY Coin will rise as demand for this knowledge grows. Get a team of experts
Upcoming coins need to clearly communicate their intended purpose to potential investors as well as the Securities and Exchange Commission, which is becoming more involved in ICOs.
"They're going to treat it like any security. You're going to be required to have a prospectus, you're going to have to download that information, and people will see risks associated with it," said Kevin O'Leary of O'Shares ETF and "Shark Tank."
To get a coin off the ground, you need a team of advisors with experience in marketing, high-profile investors to give credibility to the project, as well as cryptocurrency industry insiders.
We turned to O'Leary as well as Andy Bromberg, CEO of CoinList, a website that runs token sales, for pointers.
"Launching an ICO is a deeply technical process, but high-level the process looks a lot like starting a start-up," Bromberg said. Sell it
Many coin offerings use white papers to communicate the goals of the token to potential investors.
According to Bromberg, the contents of that white paper can vary from explaining high-level problems and solutions to very complex technical details that describe the blockchain code being designed to support the coin.
Because we aren't planning on listing the coin, we chose to use another route that is becoming popular in the ICO process: a pitch deck. This more high-level presentation contained an explanation of DIY Coin and its intended purpose and listed our advisors. Build it
Drumming up interest and support in the cryptocommunity is important, but that won't get you far if the token doesn't work.
"In order to have a robust platform, one that can really support a good project, you need four important elements: You need speed, you need safety, you need scalability and simplicity," said Monica Quaintance, a lead technology developer for Kadena.
Even though most use existing platforms like etherum, each new coin needs its own supporting code that allows it to live and transact on the blockchain.
This is a task best left to the professionals, and the good news is the field of developers with cryptocurrency experience is growing rapidly. Make it legal
"The investing market and the issuing market need to be on notice right now, the regulators are paying attention," said Bandman.
As the cryptocurrency industry matures and grows, regulators are slowly stepping in with the intent of protecting potential investors from fraud.
Which means being ready to answer specific questions about DIY Coin, including the business model and how the coins would be used once issued.
Bromberg says this relatively new oversight is being welcomed by the cryptocommunity.
"In the past year we saw a lot of low-quality deals, and I think we're going to see fewer and fewer of those," he said.
"At the same time, more people [are] getting interested in the space both in the investor and issuer inside, and that's going to result in an explosion of new tokens that are really high quality, that have deep technical merit, have reasons to exist."
Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/creating-your-own-cryptocurrency-heres-what-you-need-to-know.html |
Washington right-hander Max Scherzer went seven innings for his major league-leading seventh victory and Trea Turner and Anthony Rendon homered as the Nationals beat the Arizona Diamondbacks 3-1 at Chase Field on Friday.
Scherzer (7-1) gave up four hits and one run, and he retired the final 15 he faced after David Peralta homered to lead off the third inning. Scherzer struck out 11 and did not walk a batter as the Nationals won for the 11th time in 13 games.
Peralta had two of Arizona’s five hits, but the Diamondbacks got only one runner on base after Peralta’s homer. Sean Doolittle pitched around a one-out single in the ninth inning by Paul Goldschmidt for his eighth save.
The Diamondbacks have lost three in a row and six of nine and are in danger of losing their first series of the season after dropping the first two games of this four-game set. They are 10-0-2 in series.
Arizona right-hander Matt Koch (2-1) gave up seven hits and three runs in eight innings, the longest start of his career. Koch has faced Clayton Kershaw, Justin Verlander and Scherzer is his last three starts. Arizona won the first two.
Turner hit the eighth pitch of the game for his seventh career leadoff homer to give the Nationals a 1-0 lead.
Peralta singled and Jarrod Dyson beat out a bunt single, and the runners took second and third on a throwing error by Scherzer with no outs in the first inning, but Scherzer got out of it with two strikeouts and a popout.
Ketel Marte tripled with one out in the second before Scherzer struck out the final two batters of the inning.
Peralta tied it at 1 with his leadoff homer in the third inning.
Scherzer gave himself a 2-1 lead with a two-out, ground-rule double in the fourth inning after Andrew Stevenson was hit by a pitch and Pedro Severino singled.
Arizona announced right-hander Troy Scribner will be purchased from Triple-A Reno to oppose Washington right-hander Stephen Strasburg on Saturday. Scribner was 2-1 with a 5.68 ERA in five starts at Reno. He made 10 appearances with the Angels last season.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-ari-was-recap/scherzer-earns-7th-win-as-nats-shut-down-d-backs-idUSMTZEE5CLL7SOF |
May 23, 2018 / 6:04 PM / Updated an hour ago Better to play with men than against them, says pioneer Sorenstam Andrew Both 4 Min Read
(Reuters) - Annika Sorenstam has fond memories of becoming the first woman in 58 years to play in a PGA Tour event, but feels the future of golf is for men and women to compete with and not against each other. FILE PHOTO: Sweden's Annika Sorenstam waves after teeing off on the 7th hole during the first round of the Dubai Ladies Masters golf tournament December 11, 2008. REUTERS/Steve Crisp/File Photo
Fifteen years after paving the way for women to compete in men’s tournaments, Sorenstam, who rarely plays these days having swapped her golf clubs for a triathlon outfit, has no regrets at opening the floodgates for a fad that lasted a few years before dying a natural death.
She captured the imagination of the golf world by competing in the Colonial tournament in Texas.
On a Colonial Country Club course in Fort Worth that is short by modern standards and ideally suited to shorter hitters, be they men or women, Sorenstam equipped herself well and for a time looked in with a chance of making the cut.
Though she missed it by four strokes, her performance inspired several other women to test themselves against the men, most famously Michelle Wie, who competed as a teenager in no fewer than 13 men’s events before acknowledging the novelty had run its course.
Sorenstam was at the top of her game in 2003, and had been there or thereabouts long enough that she needed a new challenge to keep her interested.
“I had been number one in the world. I was looking for different things to keep my motivation going,” the 47-year-old told Reuters in a telephone interview on Tuesday.
“I have so many wonderful memories. It was so amazing overall.
“I had a putt on my last hole to shoot par. That would have been nice but I didn’t need to play the weekend.”
To this day she says she is remembered by people as much for that appearance as for the 59 she recorded at an LPGA event in Arizona in 2001.
These days, however, the conversation has changed from women competing against men, to women competing alongside men, as evidenced by the recent Victorian Open in Australia.
Men and women played that event on the same course on the same days for the same prize money, in alternating groups, albeit from different tees.
Sorenstam sees this as the future, rather than a lone female wolf playing with a pack of 100-plus men.
“I grew up playing with boys at my club,” said the native of Sweden, who now lives in Florida with her husband and two children.
“Men and women should play together, but not necessarily compete against each other.”
LPGA commissioner Mike Whan recently said it was just a matter of time before the women’s tour and the PGA Tour staged a joint event, though nothing has been announced.
Sorenstam, meanwhile, walked away from competitive golf in 2008 at the relatively young age of 38 and focuses her attention these days on her myriad of business and philanthropic interests.
Her Annika Foundation seeks to develop women’s golf worldwide, and stages six junior tournaments. She hopes soon to add one or two more.
Sorenstam also finds time in her busy schedule for triathlon training.
She recently competed in a race in St Petersburg, Florida, completing the 750-metre swim, 20km bike and 5 km run in a respectable one hour, 26 minutes, 32 seconds.
While she has little time left for golf, she remains proud of her achievements in the sport.
“I’m very happy, and when I look back on my career I’m proud,” she said. Reporting by Andrew Both in Cary, North Carolina; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-golf-sorenstam/better-to-play-with-men-than-against-them-says-pioneer-sorenstam-idUKKCN1IO2VE |
CARACAS/MARACAIBO (Reuters) - Family members of Venezuelan army officers arrested in March for alleged conspiracy are demanding their release and denouncing procedural irregularities amid what critics call a growing purge of the crisis-stricken country’s armed forces.
The government of President Nicolas Maduro on March 2 arrested nine mostly high-ranking officers during a wave of rumors of coup plotting by officers angry over the country’s economic collapse.
Family members of two of the imprisoned officers say the charges are based on circumstantial evidence, the case has violated due process, and the accused are innocent.
“We’re talking about a military professional who has had an impeccable career, who was in charge of a battalion, who was all of a sudden detained with no explanation,” said Leonela Difurt de Medina of her husband, Army Lieutenant Colonel Henry Medina.
“The process has been plagued with irregularities from the start.”
The Defense Ministry did not respond to requests for comment.
The nine are part of a group of some 60 military officers who are currently imprisoned, according to local rights group Penal Forum, a figure that includes former Interior Minister Miguel Rodriguez, who was arrested in March.
Despite frequently denouncing foiled military uprisings, the Maduro government in this instance has made no official pronouncements about the incident.
Coup rumors have been frequent in Venezuela since late socialist leader Hugo Chavez was briefly ousted in a 2002 putsch led by opposition-linked military officers. Critics since then say the ruling Socialist Party has exaggerated coup threats as an excuse to throw adversaries in jail.
Maduro says the armed forces are broadly loyal to his government but that small groups of conspirators have sought to undermine his administration with the help of Washington.
Discontent among the armed forces has grown as hyperinflation eats away at salaries and food shortages leave soldiers and rank-and-file troops struggling to get by.
The indictment on charges of treason and conspiracy says the nine officers were holding meetings in Caracas to discuss an uprising, said Difurt de Medina. The alleged meetings took place at a time when her husband was on the other side of the country, she added.
The detentions include six lieutenant colonels and three lower-ranking officers, according to a lawyer representing the group. Last month they were transferred to different prisons around the country, including several notoriously violent jails.
Military counterintelligence agency DCGIM held the officers incommunicado for more than a week, in violation of regulations, she said. Most of them were later transferred to different prisons around the country.
Juan Carlos Peña, one of the detained officers, was held in handcuffs for the entire week, according to Leanys Ortega, his former wife and mother of his two children, who is also his lawyer. At the time, he was completing a military certification course.
DGCIM officials then falsified the arrest date in official records to make it appear as though they were presented to a judge within 48 hours as required by law, she said.
“Juan Carlos is not a commander, he did not have any troops or weapons under his command - what danger could he have posed?” said Ortega in an interview at her home in the western city of Maracaibo.
Reuters was unable to obtain comment from relatives of other detained officials.
Reporting by Brian Ellsworth and Isaac Uruttia; editing by Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-venezuela-military/families-of-detained-venezuela-officers-demand-their-release-idUSKCN1IH1W7 |
May 16 (Reuters) - Tencent Holdings Ltd:
* QTRLY REVENUES RMB 73,528 MILLION VERSUS RMB49,552 MILLION
* QTRLY PROFIT ATTRIBUTABLE RMB 23,290 MILLION VERSUS RMB 14,476 MILLION
* QTRLY REVENUES FROM ONLINE ADVERTISING BUSINESS RMB 10,689 MILLION
* WEIXIN AND WECHAT COMBINED MAU WAS 1,040.0 MILLION AS AT MARCH 31
* DELAY IN CHINA MONETIZATION AND HEAVY MARKETING EXPENSES IS EXPECTED TO IMPACT MOBILE GAMES REVENUES IN SHORT TERM Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tencent-holdings-ltd-qtrly-profit/brief-tencent-holdings-ltd-qtrly-profit-attributable-rmb23290-mln-idUSFWN1SN0I0 |
May 31, 2018 / 12:31 PM / Updated 8 hours ago Expert Views: Indian economy grows 7.7 percent in March quarter Reuters Staff 4 Min Read
(Reuters) - India’s economy grew 7.7 percent in the three months through March from a year earlier, government data showed on Thursday, faster than a revised 7.0 percent in the previous quarter. File Photo: A worker grinds a metal gate inside a household furniture manufacturing factory in Ahmedabad, India, July 1, 2016. REUTERS/Amit Dave
The annual pace for the latest period beat a Reuters poll forecast of 7.3 percent growth.
For the 2017/18 full fiscal year ended in March, growth was 6.7 percent. SHILAN SHAH, INDIA ECONOMIST, CAPITAL ECONOMICS
“The acceleration was in large part due to a rise in household consumption growth, which tallies with other consumption indicators such as vehicle sales strengthening last quarter.”
“Looking ahead, growth should remain strong. The recent manufacturing PMIs have been upbeat. Government consumption growth is also likely to strengthen further this year as the 2019 general election comes onto the horizon.”
TERESA JOHN, ECONOMIST, NIRMAL BANG INSTITUTIONAL EQUITIES, MUMBAI
“Broadly the recovery remains on track and should sustain for at least the next four to six quarters. For FY19, we are expecting a growth of 7.5 percent.”
“As a crude importer, higher oil prices are negative, but we don’t expect a significant downturn in the economy. We have cut our FY19 GDP forecast by 20 basis points taking into account rising oil prices and potential global trade wars.”
“In terms of RBI’s outlook, we expect a rate hike soon. There’s a 50 percent chance of a rate hike happening in June.”
From FY14 and FY2018, people moved from banks to commercial paper markets and corporate bond markets because the market yield was lower than the bank lending rate. But now, the situation has reversed, so you will see a growth in banks’ credit growth.”
GARIMA KAPOOR, ECONOMIST AND VICE-PRESIDENT, ELARA CAPITAL, MUMBAI
“A USD 10/bl increase in crude prices can impact growth by ~ 20-30 bps. The impact works through two channels - decline in demand owing to rise in prices and higher cost of borrowing as interest rates increase with upside risks to inflation.”
“Apart from high oil prices, another factor that could potentially add downside risk this year is a possible moderation in global trade growth amid continuing tensions.”
“We expect RBI to revise its policy stance in June and follow it up with a hike of 25 bps in Aug policy. Of the factors that RBI mentioned as risks in its April policy, an increase in global crude oil prices has come to fruition.”
“We expect FY19 credit growth to improve marginally to 12-13 percent with private sector banks leading the improvement, with public sector banks being constrained by capital requirements and resolution of stressed corporate loans.” TUSHAR ARORA, SENIOR ECONOMIST, HDFC BANK, NEW DELHI
“There are some bad bugs in the form of rising oil prices, higher bond yields and lingering non-performing asset issues, affecting the overall sentiment related to the Indian economy. However, today’s GDP number is very comforting and should put a lot of concerns to rest. (It) Seems like we have moved beyond the teething troubles related to GST implementation. The pick-up in investment activity (fixed capital formation) is also a good sign. If the government can provide some impetus to the exports sector, the main drag at the moment, we could soon see the headline number inching close to 8 percent.” Reporting by Vishal Sridhar, Tanvi Mehta and Arnab Paul in Bengaluru; Compiled by Vyas Mohan | ashraq/financial-news-articles | https://in.reuters.com/article/india-economy-gdp-views/expert-views-indian-economy-grows-7-7-percent-in-march-quarter-idINKCN1IW1NP |
WASHINGTON (Reuters) - A White House official mocked Senator John McCain’s brain cancer at an internal meeting on Thursday, saying his opposition to President Donald Trump’s CIA nominee “doesn’t matter, he’s dying anyway,” according to media reports.
Kelly Sadler, a special assistant in the White House communications office, made the comments at a closed-door meeting attended by about two dozen staffers, The Hill newspaper said. The Washington Post also reported Sadler’s remarks.
McCain’s wife, Cindy McCain, responded in a tweet. “May I remind you my husband has a family, 7 children and 5 grandchildren,” she said.
John McCain, 81, has been a frequent critic of Trump. In a memoir due to be released later this month, McCain accuses fellow Republican Trump of failing to uphold American values.
McCain was diagnosed with an aggressive form of brain cancer last year. He has been receiving treatment in his home state of Arizona and has been absent from the Senate for months.
A White House spokesman did not dispute the report, the Washington Post said.
“We respect Senator McCain’s service to our nation and he and his family are in our prayers during this difficult time,” the White House said in a statement, according to the Post.
On Wednesday, McCain, who was a prisoner of war in Vietnam and was tortured by his captors, issued a statement urging his fellow senators to vote against Gina Haspel for CIA director.
He said she failed in a Senate Intelligence Committee hearing to address his concerns about the agency’s post-9/11 harsh interrogation program for terrorism suspects.
South Carolina Republican Senator Lindsey Graham, a close friend of John McCain, told CNN of the White House aide’s comment, “Ms. Sadler, may I remind you that John McCain has a lot of friends in the United States Senate on both sides of the aisle. Nobody is laughing in the Senate.”
Graham has said he supports Haspel’s nomination.
FILE PHOTO - Senator John McCain (R-AZ) speaks at a press conference about the National Defense Authorization Act in Washington, U.S., October 25, 2017. REUTERS/Aaron P. Bernstein/File Photo Reporting by Eric Beech; Editing by Lisa Shumaker
| ashraq/financial-news-articles | https://in.reuters.com/article/usa-whitehouse-mccain/white-house-official-mocked-dying-senator-mccain-media-idINKBN1IC07V |
The Kilauea Volcano on Hawaii's Big Island came to life on Thursday, belching ash into the sky and spewing fountains of lava in a residential area where people were ordered to leave their homes, officials said.
The eruption occurred after a series of earthquakes on the island over the last couple of days, including a 5.0 tremor at about 10:30 a.m., the U.S. Geological Survey reported on its website.
Residents in the Puna community of Leilani Estates, home to about 1,700 people, were ordered to evacuate after public works officials reported steam and lava emissions from a crack at about 4:30 p.m. local time, according to media and the county's Civil Defense Agency.
Resident Ikaika Marzo told Hawaii News Now that he saw "fountains" of lava as high as 125 feet (38 m). Other residents also told the news network that they smelled burning brush and heard tree branches snapping.
Footage from a drone aired on the Hawaii News Now website showed lava incinerating trees as it crept near structures.
U.S. Geological Survey via AP A plume of ash rises from the Puu Oo vent on Hawaii's Kilaueaa Volcano after a magnitude 5.0 earthquake, Thursday, May 3, 2018 in Hawaii Volcanoes National Park. Two emergency shelters were opened to take in evacuees, the Civil Defense Agency said.
Governor David Ige tweeted that he had activated the Hawaii National Guard to provide help in the emergency response.
"Please be alert and prepare now to keep your family safe," he said on Twitter to residents living near the volcano.
Tweet
A plume of red ash rose from the volcano's Pu'u 'O'o vent high into the sky over the island, according to photos on social media.
The Puna Geothermal plant was shutting down, according to local media, while Hawaii Electric Light said crews were disconnecting power in the areas impacted by the active lava flow.
The Kilauea Volcano has been erupting nearly continuously for more than three decades. Lava flows from the volcano, one of five on the island, have covered 48 square miles (125 sq km), according to the U.S. Geological Survey.
The leading edge of the lava can reach temperatures of about 2,100 Fahrenheit (1,150 Celsius).
Local officials closed volcano viewing areas while a portion of the Hawaii Volcanoes National Park was also closed. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/hawaiis-kilauea-volcano-erupts-forcing-evacuations.html |
WARSAW (Reuters) - Thousands of anti-government protesters marched in Warsaw on Saturday demanding “independent” courts following a judiciary overhaul which has sparked a row with the European Union.
People take part in a procession during an anti-government protest, called 'Freedom March' and organised by opposition parties, in Warsaw, Poland May 12, 2018. REUTERS/Kacper Pempel The conservative and euroskeptic Law and Justice party (PiS) came to power in 2015 on promises of delivering large social benefits to Poles.
However, the government has come under severe criticism at home and abroad for taking control over key institutions such as the constitutional court and the public media, and by doing so angering the EU.
Saturday’s “Freedom March”, organized by opposition parties, saw several thousands of protesters gather in the center of Warsaw, many of them carrying European Union flags.
People take part in a procession during an anti-government protest, called 'Freedom March' and organised by opposition parties, in Warsaw, Poland May 12, 2018. REUTERS/Kacper Pempel It comes at a time when leadership of Nowoczesna party, a smaller partner of the main opposition the Civic Platform Party (PO), has fallen apart, weakening the entire opposition block ahead of the local election in autumn this year.
“We will be fighting for freedom, dignity, democracy and for a Poland in Europe,” PO leader Grzegorz Schetyna said during a televised speech at the march.
Slideshow (6 Images) Opposition accuses PiS of undermining democratic values, mostly by adopting laws which critics say threaten the independence of courts. PiS has argued the changes were necessary to remove judges left over from the Communist era.
The judiciary overhaul prompted the EU to trigger in December Article 7 of the Lisbon Treaty for the first time - a punitive measure which could lead to a suspension of Poland’s voting rights in the trading bloc.
Keen to end the Article 7 procedure, Warsaw has already offered some concessions and a compromise may be agreed at some point soon.
PiS has also upset many Poles with attempts to tighten the abortion law.
“They will not take the free courts from us, they will not deprive us from the freedom of choice, conscience and opinion,” said Katarzyna Lubnauer, the head of Nowoczesna.
Despite the criticisms, a recent poll by Pollster has revealed a 43 percent support for PiS, with a 20 percent backing for PO and 6 percent for Nowoczesna. In April, the opposition overtook PiS in opinion polls, largely due to contested financial rewards for ministers which had been approved by PiS.
Reporting by Agnieszka Barteczko; Editing by Clelia Oziel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-poland-protest/thousands-of-poles-protest-against-ruling-conservatives-idUSKCN1ID0ON |
BELLEVUE, Wash., April 30, 2018 /PRNewswire/ -- Apptio, Inc. (NASDAQ: APTI), the business management system of record for hybrid IT, today announced results for the fiscal first quarter ended March 31, 2018.
"Our first quarter subscription revenue growth accelerated to 26%, year over year, and we reached break-even Non-GAAP operating income," said Sunny Gupta, co-founder and CEO, Apptio. "The quarter was driven by large strategic deals, continued momentum in the enterprise segment, solid renewals and upsells, and a strong contribution from the Digital Fuel business."
First Quarter Financial Summary
Subscription revenue was $45.5 million, an increase of 26% from the first quarter of 2017, and comprised 84% of total revenue. Services revenue was $8.6 million, an increase of 11% from the first quarter of 2017. Total revenue was $54.1 million, an increase of 23% from the first quarter of 2017. GAAP gross margin was 68%, a significant improvement from the first quarter of 2017 GAAP gross margin of 65%. Non-GAAP gross margin improved to 70%, as compared to non-GAAP gross margin of 66% in the first quarter of 2017. GAAP operating margin was negative 15%, improving from GAAP operating margin of negative 17% in the first quarter of 2017. Non-GAAP operating margin improved to 0%, as compared to non-GAAP operating margin of negative 8% in the first quarter of 2017. GAAP net loss per basic and diluted share was $0.19 based on 42.8 million weighted average shares outstanding, compared to GAAP net loss per basic and diluted share of $0.19 based on 38.4 million weighted average shares outstanding in the first quarter of 2017. Non-GAAP net loss per basic and diluted share was $0.00 based on 42.8 million weighted average shares outstanding, compared to non-GAAP net loss per basic and diluted share of $0.09 based on 38.4 million weighted average shares outstanding in the first quarter of 2017. Cash, cash equivalents and marketable securities were approximately $253.4 million as of March 31, 2018.
Business Highlights
Saw continued strength in both our Strategic and Enterprise segments in the quarter Received certification in the Federal Risk and Authorization Management Program (FedRAMP), perpetuating our momentum at the Federal Government level Completed successful acquisition and initial integration of Digital Fuel Completed $143.75 million Convertible Notes Offering
Financial Outlook
Apptio provides guidance based on current market conditions and expectations and actual results may differ materially. Please refer to the company's comments below regarding Forward Looking Statements. Apptio is providing guidance for the second quarter ending June 30, 2018 and for the full year 2018 as follows:
Second quarter of 2018:
Total revenue is expected to be in the range of $55.0 to $56.0 million Non-GAAP operating loss between $0.5 and $1.0 million
Full year 2018:
Total revenue is expected to be in the range of $225 and $230 million Positive Non-GAAP operating income
All forward-looking non-GAAP financial measures contained in this section titled "Financial Outlook" exclude the effects of stock-based compensation expense, acquisition-related expenses, and amortization of acquisition related intangible assets. Guidance reflects the February 2, 2018 contribution from Digital Fuel and the impact of the full retrospective adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) on January 1, 2018.
Conference Call Information
Apptio plans to host a conference call today to discuss the results. The call is scheduled to begin at 2:00 p.m. PT/ 5:00 p.m. ET and can be accessed by dialing 844-233-0116 (passcode: 2126329), or if outside North America, by dialing 574-990-1011 (passcode: 2126329). Individuals may also access the live teleconference from the investor relations section of the Apptio website at investors.apptio.com . A replay will be available following completion of the live broadcast.
About Apptio
Apptio (NASDAQ: APTI) is the business management system of record for hybrid IT. We transform the way IT runs its business and makes decisions. With our cloud-based applications, IT leaders manage, plan and optimize their technology investments across on-premises and cloud. With Apptio, IT leaders become strategic partners to the business by demonstrating the value of IT investments, accelerate innovation and shift their technology investments from running the business to digital innovation. Hundreds of customers choose Apptio as their business system of record for hybrid IT. For more information, please visit www.Apptio.com .
Forward-Looking Statements
This release contains 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 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding our strategy, prospects, customer demand, application adoption and our financial outlook for the second quarter of, and full year, 2018. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption "Risk Factors" and elsewhere in our filings with the U.S. Securities and Exchange Commission, including, without limitation, the Form 10-K filed with the SEC on February 21, 2018. All information provided in this release and in the attachments is as of the date hereof, and we undertake no duty to update this information unless required by law.
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with Generally Accepted Accounting Principles in the United States of America (GAAP), we use the following non-GAAP financial measures: non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss per basic and diluted share, and free cash flow. In computing these measures, with the exception of free cash flow, we exclude the effects of stock-based compensation expense, acquisition-related expenses, and amortization of acquisition-related intangible assets. We define free cash flow as net cash used in operating activities, less the purchases of property and equipment. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our ongoing core business operating results. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and planning, forecasting, and analyzing future periods.
For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned "Results of Operations GAAP to Non-GAAP Reconciliation" included at the end of this release. We have not reconciled guidance for non-GAAP metrics to their most directly comparable GAAP measures because such items that impact these measures are not within our control or cannot be reasonably predicted.
Apptio, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
2018
2017
*As Adjusted
Revenue
Subscription
$
45,471
$
36,187
Professional services
8,599
7,744
Total revenue
54,070
43,931
Cost of revenue
Subscription
8,949
7,850
Professional services
8,465
7,569
Total cost of revenue
17,414
15,419
Gross profit
36,656
28,512
Operating expenses
Research and development
11,897
9,658
Sales and marketing
22,678
19,617
General and administrative
10,154
6,534
Total operating expenses
44,729
35,809
Loss from operations
(8,073)
(7,297)
Other income (expense)
Interest income and other, net
128
236
Foreign exchange gain (loss)
114
(53)
Loss before provision for income taxes
(7,831)
(7,114)
Provision for income taxes
(268)
(25)
Net loss
$
(8,099)
$
(7,139)
Net loss per share attributable to common stockholders, basic and diluted
$
(0.19)
$
(0.19)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted
42,762
38,407
*As adjusted for the three months ended March 31, 2017 to reflect the adoption of Accounting Standards Update, ASU, No. 2014-09, Revenue from Contracts with Customers (Topic 606).
Apptio, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
March 31,
December 31,
2018
2017
*As Adjusted
Assets
Current assets
Cash and cash equivalents
$
190,066
$
55,069
Short-term investments
55,394
93,901
Accounts receivable, net of allowance for doubtful accounts of $317 and $413
56,022
68,782
Deferred costs
14,906
11,898
Prepaid expenses and other current assets
4,786
5,079
Total current assets
321,174
234,729
Long-term assets
Property and equipment, net of accumulated depreciation of $23,161 and $21,924
9,876
10,437
Long-term investments
7,979
--
Deferred costs, net of current portion
15,792
17,182
Acquisition-related intangible assets, net
19,517
--
Goodwill
30,572
--
Other long-term assets
1,036
983
Total assets
$
405,946
$
263,331
Liabilities and Stockholders ' Equity
Current liabilities
Accounts payable
$
8,100
$
5,598
Accrued payroll and other expenses
21,450
16,481
Deferred revenue
116,610
116,831
Deferred rent
919
892
Capital leases
24
21
Total current liabilities
147,103
139,823
Long-term liabilities
Convertible senior notes, net
106,574
--
Deferred revenue, net of current portion
6,834
2,470
Deferred rent, net of current portion
3,237
3,483
Capital leases, net of current portion
117
26
Asset retirement obligation
205
199
Total liabilities
264,070
146,001
Stockholders' equity
Class A and Class B Common stock
5
4
Additional paid-in capital
346,888
314,301
Accumulated other comprehensive loss
(53)
(110)
Accumulated deficit
(204,964)
(196,865)
Total stockholders' equity
141,876
117,330
Total liabilities and stockholders' equity
$
405,946
$
263,331
* As adjusted for the year ended December 31, 2017 to reflect the adoption of Accounting Standards Update, ASU, No. 2014-09, Revenue from Contracts with Customers (Topic 606).
Apptio, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2018
2017
*As Adjusted
Cash flows from operating activities
Net loss
$
(8,099)
$
(7,139)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization
1,376
1,530
(Accretion of discounts)/amortization of premiums on investments
(42)
23
Amortization of acquisition-related intangible assets
583
--
Amortization of deferred costs
3,936
3,268
Amortization of debt discount and issuance costs
176
--
Loss (gain) on disposal of property and equipment
47
(7)
Stock-based compensation
4,952
3,625
Impairment of acquired assets
573
--
Accretion of capitalized loan fees
--
9
Foreign exchange gain
(114)
(174)
Change in operating assets and liabilities
Accounts receivable
19,015
20,098
Prepaid expenses and other assets
1,747
290
Deferred costs
(2,908)
(2,672)
Accounts payable
2,263
1,795
Accrued expenses
(2,792)
(958)
Deferred revenue
(10,713)
(7,570)
Deferred rent
(224)
(200)
Net cash provided by operating activities
9,776
11,918
Cash flows from investing activities
Business combinations, net of cash acquired
(34,569)
--
Purchases of property and equipment
(680)
(1,545)
Proceeds from sale of equipment
--
9
Proceeds from maturities of investments
49,400
6,800
Purchases of investments
(18,793)
(21,445)
Payments for security deposits
(31)
(9)
Net cash used in investing activities
(4,673)
(16,190)
Cash flows from financing activities
Proceeds from borrowings on convertible notes, net of issuance costs
139,438
--
Purchase of capped call
(17,092)
--
Proceeds from exercises of common stock options
7,515
558
Payment of initial public offering costs
--
(243)
Principal payments on capital lease obligations
(6)
(11)
Net cash provided by financing activities
129,855
304
Foreign currency effect on cash, cash equivalents and restricted cash
39
(135)
Net increase (decrease) in cash, cash equivalents and restricted cash
134,997
(4,103)
Cash, cash equivalents and restricted cash
Beginning of period
55,069
42,007
End of period
$
190,066
$
37,904
*As adjusted for the three months ended March 31, 2017 to reflect the adoption of Accounting Standards Update, ASU, No. 2014-09, Revenue from Contracts with Customers (Topic 606).
Apptio, Inc.
Results of Operations GAAP to Non-GAAP Reconciliation
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
2018
2017
*As Adjusted
Revenue
Subscription
$
45,471
$
36,187
Professional services
8,599
7,744
Total revenue
54,070
43,931
Cost of revenue reconciliation:
GAAP subscription
8,949
7,850
Non-GAAP adjustment:
Stock-based compensation
(319)
(358)
Amortization of acquisition-related intangible assets
(583)
--
Non-GAAP subscription cost of revenue
8,047
7,492
GAAP professional services
8,465
7,569
Non-GAAP adjustment:
Stock-based compensation
(328)
(318)
Non-GAAP professional services cost of revenue
$
8,137
$
7,251
Gross profit and gross margin reconciliation:
GAAP subscription gross profit
$
36,522
$
28,337
Non-GAAP adjustment:
Stock-based compensation
319
358
Amortization of acquisition-related intangible assets
583
--
Non-GAAP subscription gross profit
37,424
28,695
GAAP subscription gross margin
80.3
%
78.3
%
Non-GAAP subscription gross margin
82.3
%
79.3
%
GAAP professional services gross profit
134
175
Non-GAAP adjustment:
Stock-based compensation
328
318
Non-GAAP professional services gross profit
462
493
GAAP professional services gross margin
1.6
%
2.3
%
Non-GAAP professional services gross margin
5.4
%
6.4
%
GAAP gross profit
36,656
28,512
Non-GAAP adjustment:
Stock-based compensation
647
676
Amortization of acquisition-related intangible assets
583
--
Non-GAAP gross profit
$
37,886
$
29,188
GAAP gross margin
67.8
%
64.9
%
Non-GAAP gross margin
70.1
%
66.4
%
Operating expenses reconciliation:
GAAP research and development
$
11,897
$
9,658
Non-GAAP adjustment:
Stock-based compensation
(1,393)
(1,041)
Non-GAAP research and development
10,504
8,617
As a % of total revenue, non-GAAP
19.4
%
19.6
%
GAAP sales and marketing
22,678
19,617
Non-GAAP adjustment:
Stock-based compensation
(1,430)
(999)
Non-GAAP sales and marketing
21,248
18,618
As a % of total revenue, non-GAAP
39.3
%
42.4
%
GAAP General and administrative
10,154
6,534
Non-GAAP adjustment:
Stock-based compensation
(1,482)
(909)
Acquisition costs and impairment of acquired assets
(2,539)
--
Non-GAAP general and administrative
6,133
5,625
As a % of total revenue, non-GAAP
11.3
%
12.8
%
Loss from operations reconciliation:
GAAP loss from operations
(8,073)
(7,297)
Non-GAAP adjustment:
Stock-based compensation
4,952
3,625
Acquisition costs and impairment of acquired assets
2,539
--
Amortization of acquisition-related intangible assets
583
--
Non-GAAP income (loss) from operations
$
1
$
(3,672)
Loss from operations as a percentage of revenue:
GAAP loss from operations
(14.9%)
(16.6%)
Non-GAAP income (loss) from operations
0.0
%
(8.4%)
Net loss reconciliation:
GAAP
$
(8,099)
$
(7,139)
Non-GAAP adjustment:
Stock-based compensation
4,952
3,625
Acquisition costs and impairment of acquired assets
2,539
--
Amortization of acquisition-related intangible assets
583
--
Non-GAAP Net loss
$
(25)
$
(3,514)
Basic and diluted net loss per share
reconciliation:
GAAP
$
(0.19)
$
(0.19)
Non-GAAP adjustment:
Stock-based compensation
0.12
0.10
Acquisition costs and impairment of acquired assets
0.06
0.00
Amortization of acquisition-related intangible assets
0.01
0.00
Non-GAAP
$
0.00
$
(0.09)
Shares used to compute basic and diluted GAAP and Non-GAAP net loss per share
42,762
38,407
*As adjusted for the three months ended March 31, 2017 to reflect the adoption of Accounting Standards Update, ASU, No. 2014-09, Revenue from Contracts with Customers (Topic 606).
Apptio, Inc.
Free Cash Flow Non-GAAP Reconciliation
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2018
2017
*As Adjusted
Net cash provided by operating activities
$
9,776
$
11,918
Less: purchases of property and equipment
(680)
(1,545)
Free cash flow
$
9,096
$
10,373
*As adjusted for the three months ended March 31, 2017 to reflect the adoption of Accounting Standards Update, ASU, No. 2014-09, Revenue from Contracts with Customers (Topic 606).
© 2018 Apptio, Inc. All rights reserved. Apptio and the Apptio logo are registered trademarks of Apptio, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders.
Investor Contact:
Susanna Morgan
(425) 279-6101
[email protected]
Media Contact:
Sarah Vreugdenhil
(425) 279-6097
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/apptio-announces-results-for-the-first-quarter-2018-300639295.html
SOURCE Apptio | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/pr-newswire-apptio-announces-results-for-the-first-quarter-2018.html |
It’s only May, but House Democrats are measuring the drapes. “We will win,” Nancy Pelosi assured the press Tuesday—adding, “I will run for speaker,” in case anyone doubted it. The 78-year-old pol is so confident of retaking the House that she’s already pre-emptively naming committee chairman, starting with three New Yorkers: Rep. Carolyn Maloney, 72, to lead the Joint Economic Committee; Rep. Jerry Nadler, 70, to lead Judiciary; and a spring chicken, Rep. Nydia Velázquez, 65, to lead Small Business.
Mrs. Pelosi’s confidence... | ashraq/financial-news-articles | https://www.wsj.com/articles/how-bad-is-it-for-house-republicans-1525302958 |
196 COMMENTS Iran could quickly ramp up its nuclear activities now that President Donald Trump has pulled out of the 2015 international agreement designed to curtail them. But experts and former officials differ over how long Tehran would need to build a bomb.
Some, pointing to Iran’s slow past progress and independent analyses, believe Iran would need several years to produce a nuclear weapon. Others think Tehran could build one in little over a year.
Iranian officials have said they could accelerate nuclear activities and start enriching uranium within days.
Related Video President Trump announced Tuesday that the U.S. will withdraw from the Iran nuclear deal and reinstate sanctions on Tehran. He called the deal "defective" and said it didn't do enough to stop the country from developing nuclear weapons. Photo: Getty Images Separate from the technical question is the political one. U.S. officials have voiced skepticism that Iran would quickly return to work on a bomb.
“Iran wasn’t racing to a weapon before the deal,” Secretary of State Mike Pompeo told lawmakers last month. “There is no indication that I’m aware of that if the deal no longer existed that they would immediately turn to racing to create a nuclear weapon today.”
Many observers believe Iran has incentives not to expand its nuclear activities or expel international inspectors even if the U.S. exits the deal.
Iranian officials hope to maintain trade with Europe —which is mainly supportive of the pact—and an outright return to nuclear activities would likely stop that . Attempting to relaunch its nuclear program secretly would slow Iran’s path significantly and carry major risks.
Uranium Enrichment The deal limits the level to which Iran is able to enrich uranium. %
100
90%
Needed for nuclear weapons
80
60
40
20%
Iran had enriched to this level
prior to the deal
20
3.67%
Maximum level allowed
under the deal for 15 years
0
Sources: IAEA; JCPOA text; U.S. government
Iran worked on three aspects of a nuclear program—enriching uranium, obtaining plutonium and trying to acquire the know-how to build a nuclear weapon—before the 2015 deal, which lifted most international sanctions in exchange for strict but temporary limits on its program. Tehran says its nuclear program was always for peaceful purposes.
Iran had amassed a large stock of low-enriched uranium and produced nuclear fuel enriched to 20% purity. That is several steps from producing weapons-grade uranium enriched to 90% purity. Still, U.S. officials said in 2015 that Iran was just two or three months from amassing enough fuel for a bomb.
Stockpiles Under the deal, Iran was required to reduce its stores of enriched uranium. About 10,000 kg
Iran had this much
before the deal took effect
300
Maximum allowable under deal
109.5
Amount documented in latest
(February) inspection
Sources: IAEA; U.S. government
Iran was also building a plutonium reactor at Arak, in its northwest. When completed, it could have produced material for a couple of nuclear weapons annually, U.S. officials say.
The International Atomic Energy Agency concluded in 2015 that Tehran— despite denials—pursued a concerted weaponization program until 2003 and continued some of that work until 2009.
The 2015 agreement was structured around restrictions to ensure Iran would need at least 12 months to gather enough nuclear fuel for a bomb.
Most experts believe that the accord largely ensured that by removing roughly 98% of Iran’s enriched uranium stockpile, mothballing two-thirds of its uranium-spinning centrifuges, limiting research and development, and removing the core of the Arak reactor.
Centrifuges The machines spin uranium to increase purity. BEFORE DEAL
About 19,000
basic IR-1 machines installed
About 1,000
advanced IR-2s
NOW
Maximum 6,104
IR-1 machines
Source: IAEA
“It would take many years for Iran to have a working nuclear arsenal,” said Daryl Kimball, executive director of the Arms Control Association, a Washington based group that supports the deal.
One critic of the deal, Olli Heinonen, a former senior IAEA official who works for the Foundation for Defense of Democracies think tank, said Iran may have gathered the parts for more advanced centrifuges than Tehran had declared. That could speed the production of weapons-grade uranium and shorten the time to build a bomb. There is no evidence, however, that Iran lied to the IAEA about this additional hardware.
Experts and former officials say Iran would need at least 18 months to reconstitute the Arak reactor, whose core was filled with concrete as a consequence of the deal.
Breakout Time Estimated time it would take Iran to produce enough fissile material for a weapon July
2015
(pre-deal)
Now
(if deal is
scrapped)
0
1
2
3
4
5
6
7
8
9
10
11
12 months
Source: U.S. government
It’s also unclear how much Iran knows about assembling a bomb. The IAEA in 2015 concluded that Iran’s weaponization work “did not advance beyond feasibility and scientific studies” and knowledge of “certain relevant technical competences and capabilities.”
The report was controversial. The IAEA spoke to some scientists and experts but not at length. Access to key sites was limited.
But it’s also unclear whether Iran has the technical ability to reliably deliver a nuclear warhead with its existing missile technology.
Last month, Israeli Prime Minister Benjamin Netanyahu said his country had obtained 100,000 pages of documents from a secret location in Tehran showing Iran had safeguarded its nuclear know-how. He said the material showed Tehran intended to resume its activities. Israeli leaders have vowed to stop Iran from getting the bomb.
While no new information has emerged publicly from that archive, the IAEA has called out Iran for seeking to erase possibly crucial work at the sprawling military site of Parchin. The agency said in 2015 that Iran’s explanation for its activities didn’t add up.
Iran is believed to have carried out work there on high explosives—materials that detonate very quickly. Mr. Heinonen said these could have been “an important step in the design and mock-up of a nuclear weapon.”
Jeffrey Lewis, a non-proliferation expert at the Middlebury Institute of International Studies, said Iran was “quite far along” on its weaponization work with access to sophisticated designs from abroad. Stopping that effort was one reason why concluding the 2015 deal made sense, he argued.
“What we don’t know is how well they [the Iranian efforts] would work on a first test,” he said.
See Iran’s Main Nuclear Sites Write to Laurence Norman at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/how-fast-could-iran-build-a-nuclear-bomb-1525803666 |
By Jonathan Vanian May 29, 2018
People can finally connect two of Apple’s HomePod smart speakers together so that they can play music in stereo sound.
The consumer technology giant said Tuesday that the HomePod’s stereo feature is part of a larger update to the iOS mobile operating system that’s now available to download.
Apple said that when two HomePods are connected to play music in stereo, one speaker will act as the “left” channel while the other speaker will act as the “right” channel, similar to conventional stereo speakers. When linked, however, the speakers will “act as one” so that if a person asks Siri to play a song, both speakers will play the tune, Apple said.
Additionally, Apple (aapl) said the new iOS update lets people sync together multiple HomePod speakers so that the play the same music from different rooms in their homes at the same time. This so-called multi-room audio feature is becoming popular with smart speakers with Amazon’s (amzn) Echo speaker getting a similar feature last August.
It should be noted that with the HomePod selling for $349, people should expect to pay $700 or more for the stereo or multi-room features.
Get Data Sheet , Fortune’s technology newsletter.
Apple’s iOS update also includes a new version of Apple’s audio streaming technology AirPlay 2 that will make it possible for people to connect their HomePods to AirPlay 2-compatible speakers, which include certain models made by Bang & Olufsen, Denon, Marantz, and Sonos, Apple said. Although people won’t be able to sync a HomePod with a third-party speaker to play music in stereo, they will be able to play the same music through multiple speakers by asking Siri.
Apple first debuted the HomePod in February as the company’s flagship smart speaker. HomePod faces stiff competition from Amazon’s Alexa-enabled devices and the Google (goog) Home speaker. Technology reviewers have generally praised the HomePod’s sound quality, but criticized the capabilities of its integrated Siri digital assistant when compared to rivals. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/29/apple-homepod-stereo-ios/ |
May 26, 2018 / 3:03 AM / Updated 6 hours ago China probes former Bright Food chairman for suspected graft Reuters Staff 2 Min Read
SHANGHAI (Reuters) - China is investigating the former chairman of state-owned conglomerate Bright Food Group Co Ltd [SHMNGA.UL] for suspected graft, the ruling Communist Party’s anti-corruption watchdog has said.
The Central Commission for Discipline Inspection (CCDI) said late on Friday it was investigating Lu Yongjie, Bright’s chairman until the end of 2015, for suspected “serious discipline violation”, a common euphemism for corruption.
The probe makes Lu the latest in a string of high-profile Chinese executives who have come under fire as the country looks to rein in risks in the financial and corporate sector over concerns of risky behaviour and high leverage.
The CCDI gave no further details. Reuters could not immediately reach Bright or Lu for comment.
Bright, the parent of listed Bright Dairy and Food Co Ltd ( 600597.SS ), was an active global dealmaker under Lu, with deals for British cereal maker Weetabix, Australian dairy Mundella Foods and Israeli food group Tnuva among others.
The firm has been quieter over the past couple of years, and sold Weetabix last year to U.S. firm Post Holdings. Reporting by Adam Jourdan; Editing by Paul Tait | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-bright-food-china-corruption/china-probes-former-bright-food-chairman-for-suspected-graft-idUKKCN1IR049 |
May 9, 2018 / 10:42 AM / in 13 minutes BRIEF-Delphi Technologies Reports Q1 Adjusted Non-GAAP EPS $1.30 Reuters Staff
May 9 (Reuters) - Delphi Technologies PLC:
* DELPHI TECHNOLOGIES REPORTS STRONG FIRST QUARTER 2018 FINANCIAL RESULTS, RAISES FULL YEAR OUTLOOK
* DELPHI TECHNOLOGIES PLC Q1 REVENUE $1.3 BLN VS I/B/E/S VIEW $1.24 BLN
* DELPHI TECHNOLOGIES PLC Q1 ADJUSTED NON-GAAP SHR $1.30 * DELPHI TECHNOLOGIES PLC Q1 GAAP SHR $1.10
* DELPHI TECHNOLOGIES PLC SEES FY REVENUE $5.0 BLN TO $5.2 BLN
* DELPHI TECHNOLOGIES PLC Q1 SHR VIEW $1.15 — THOMSON REUTERS I/B/E/S
* DELPHI TECHNOLOGIES PLC SEES FY ADJUSTED SHR $4.65 TO $4.95
* DELPHI TECHNOLOGIES PLC FY2018 SHR VIEW $4.82, REV VIEW $5.08 BLN — THOMSON REUTERS I/B/E/S
* DELPHI TECHNOLOGIES PLC SEES 2018 CAPITAL EXPENDITURES $280 MLN - $300 MLN Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-delphi-technologies-reports-q1-adj/brief-delphi-technologies-reports-q1-adjusted-non-gaap-eps-1-30-idUSASC0A0VS |
May 22 (Reuters) - Clear Channel Outdoor Holdings Inc :
* CLEAR CHANNEL OUTDOOR HOLDINGS, INC. PROVIDES UPDATE ON FORM 10-Q FILING Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-clear-channel-outdoor-provides-upd/brief-clear-channel-outdoor-provides-update-on-form-10-q-filing-idUSASC0A39I |
May 3 (Reuters) - Enerflex Ltd:
* ENERFLEX REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND QUARTERLY DIVIDEND
* QTRLY EARNINGS PER SHARE C$0.12 * Q1 REVENUE VIEW C$387.9 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-enerflex-reports-q1-eps-c012/brief-enerflex-reports-q1-eps-c0-12-idUSASC09ZTR |
May 11, 2018 / 3:27 PM / Updated 16 minutes ago PDVSA moves to protect exports as Conoco seizures weigh: sources Marianna Parraga 4 Min Read
(Reuters) - Venezuela’s PDVSA has halted crude deliveries to a Caribbean refinery ahead of a planned shutdown and changed some trade terms as it moves to protect its oil exports from seizures in a bruising legal dispute with U.S.-based ConocoPhillips, sources with knowledge of the moves said on Friday. A general view shows the Isla refinery in Willemstad on the island of Curacao, April 22, 2018. Picture taken April 22, 2018. REUTERS/Andres Martinez Casares
Conoco last week began legal actions in the Caribbean to enforce a $2 billion arbitration award by the International Chamber of Commerce (ICC) over the 2007 nationalization of its projects in Venezuela. The moves have disrupted fuel deliveries throughout the Caribbean, much of which is dependent on PDVSA supplies.
PDVSA plans to let its 335,000 barrel-per-day leased refinery in Curacao halt operations once crude inventories are exhausted because no new shipments are headed to the Caribbean, the sources said.
The refinery, which was getting ready to restart several units this month after a lengthy maintenance project, will retain fuel produced. PDVSA transferred custody over the inventories to the facility, owned by the Curacao government, the sources said.
Separately, ownership of crude to be refined at Isla in Curacao was transferred by PDVSA to its U.S. unit, Citgo Petroleum, in an attempt to avoid potential seizures by Conoco, one of the sources added.
“The seizure in Curacao was enforced on Thursday, so the inventories’ custody was transferred. The refinery will eventually stop (operations),” the source said.
Conoco’s actions continue to force PDVSA, which was already struggling to export its oil amid falling output and a lack of maintenance, to change its trade arrangements to avoid further seizures of physical assets, tankers or the barrels aboard.
The company is now selling all its oil for export under FOB (free on board) terms, meaning the barrels have to be delivered to buyers in Venezuelan waters.
Conoco said on Friday that it had been in touch with local officials “to address issues that may arise as a result of enforcement actions.” View of Isla refinery in Willemstad on the island of Curacao, April 22, 2018. Picture taken April 22, 2018. REUTERS/Andres Martinez Casares
PDVSA did not reply to a request for comment.
Curacao fuel distributor, Curoil, told Reuters on Friday the company has “diversified” its fuel supply, so it does not foresee any issues at the moment. The island’s Prime Minister Eugene Rhuggenaath earlier this week said Curacao would import fuel if the refinery is paralyzed.
In Bonaire, another of the islands affected by Conoco’s actions, there is enough fuel to continue generating electricity for at least two weeks, said Caspar Itz, a spokesman for the Dutch Ministry of Economic Affairs.
PDVSA last year shipped from the terminals it owns and rents in Curacao, Bonaire and St. Eustatius 24 percent of its total exports, or about 400,000 barrels per day (bpd). Facilities in Curacao are crucial for loading big vessels bound for China and India, while most of its fuel oil exports are sent from Bonaire.
For May, PDVSA had planned to ship from Curacao 1.45 million barrels (47,000 bpd) of fuels to Haiti, Cuba, El Salvador, Nicaragua, Belize and other smaller Caribbean islands, according to the state-run firm’s internal trade documents.
PDVSA also planned to deliver this month over 2.3 million barrels of crude and fuel oil to Citgo and Russia’s Rosneft from Curacao and Bonaire, the documents showed.
PDVSA is also looking for a place in Venezuelan waters to start transferring oil from small to larger tankers, which is typically done for large cargoes bound for Asian destinations.
In its first official comments since Conoco’s actions started, Venezuela on Thursday suggested it was ready to pay the U.S. oil company. Conoco said it was looking forward to PDVSA’s proposals but added that absent any agreement or payment it would continue its enforcement actions. Reporting by Marianna Parraga; additional reporting by Gary McWilliams. Editing by Chizu Nomiyama and Tom Brown | ashraq/financial-news-articles | https://www.reuters.com/article/us-conocophillips-pdvsa/pdvsa-retrenches-in-caribbean-as-conoco-seizures-weigh-on-operations-sources-idUSKBN1IC1WH |
May 1 (Reuters) - Canadian Spirit Resources Inc:
* ANNOUNCES SUSPENSION OF NATURAL GAS PRODUCTION * CANADIAN SPIRIT RESOURCES - TO SUSPEND JOINT VENTURE NATURAL GAS PRODUCTION AT FARRELL CREEK/SOUTH ALTARES EFFECTIVE APRIL 30, 2018
* CANADIAN SPIRIT RESOURCES- NATURAL GAS PROCESSING FACILITY,ASSOCIATED WELLS WILL BE REACTIVATED ONCE NATURAL GAS PRICES RETURN TO PROFITABLE SITUATION
* ANNOUNCES SUSPENSION OF NATURAL GAS PRODUCTION DUE TO LOW NATURAL GAS PRICES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-canadian-spirit-resources-announce/brief-canadian-spirit-resources-announces-suspension-of-natural-gas-production-idUSASC09YUF |
May 5, 2018 / 4:32 PM / Updated 4 hours ago West Ham almost safe with win at Leicester Reuters Staff 2 Min Read
May 5 (Reuters) - LEICESTER CITY 0 WEST HAM UNITED 2 Soccer Football - Premier League - Leicester City vs West Ham United - King Power Stadium, Leicester, Britain - May 5, 2018 Leicester City's Vicente Iborra in action with West Ham United's Mark Noble Action Images via Reuters/Andrew Boyers
West Ham United improved their prospects of avoiding relegation from the Premier League with deserved 2-0 victory at below-par Leicester City on Saturday.
West Ham, who moved on to 38 points and should be safe with two home games remaining, were the brighter side from the start and deserved their lead after 34 minutes.
The lively Marko Arnautovic hit the bar, then regained possession and laid on a pass to give Portuguese international Joao Mario a simple goal. Leicester protested in vain that Arnautovic had fouled Christian Fuchs. Soccer Football - Premier League - Leicester City vs West Ham United - King Power Stadium, Leicester, Britain - May 5, 2018 West Ham United's Mark Noble celebrates scoring their second goal with team mates REUTERS/Darren Staples
Booed off at halftime, the hosts improved a little with a double substitution but conceded again in the 64th minute to Mark Noble’s fine volley from outside the penalty area.
“That’s the best I’ve scored for sure, especially with what’s involved with this game,” Noble said. Slideshow (6 Images)
“It could have gone anywhere but it’s hit the post and gone in.
“I hope on Thursday night against Man United we can perform like that but we want to try and finish as high as we can.”
Manager David Moyes, with his side in 15th, is also looking up the table rather than down.
“These players are capable of winning games,” he told Sky Sports. “I’m thinking can we get closer to mid-table.”
Leicester remained ninth in the table. Reporting by Steve Tongue, editing by Ed Osmond and Clare Fallon | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-lei-whu/west-ham-almost-safe-with-win-at-leicester-idUKKBN1I60MQ |
Hounded by graft probe, fearing safety Malaysia's Najib seeks protection Fathin Ungku 4 Min Read
KUALA LUMPUR (Reuters) - Malaysia’s former prime minister Najib Razak fears for his safety and has asked for police protection, his spokesman said on Sunday, a day after the ex-leader complained over the conduct of police searching properties for evidence of corruption. Ousted Malaysian Prime Minister Najib Razak speaks during a news conference in Kuala Lumpur, Malaysia May 12, 2018. REUTERS/Stringer
Having ruled Malaysia for nearly 10 years, Najib and his wife, Rosmah Mansor, have been barred from leaving the country after his coalition’s surprise defeat in an election on May 9.
The new government led by his mentor-turned-foe, Mahathir Mohamad, wants answers to how billions of dollars disappeared from 1Malaysia Development Berhad (1MDB), a state fund founded by Najib.
Najib has consistently denied all allegations of wrongdoing, but his image hasn’t been helped by his wife’s reputation for lavish spending.
Earlier on Sunday, the couple left Kuala Lumpur to spend time in Najib’s home state of Pahang, having suffered the ignominy of police searching their home and other properties in the capital during the past few days.
Before retreating to his family constituency, Najib asked for police protection, though police have been stationed outside his house for the past week and he still travels with a police escort.
“Najib has lodged a police report asking for protection for himself and his family as they fear for their safety after the 14th General Election,” the spokesman told Bernama news agency.
The Malay Mail newspaper reported that Najib had sought witness protection from the police due to “clear threats made”.
Neither Bernama or the newspaper gave an indication on the source of any threat, and Najib’s spokesmen were unable to immediately comment on the reports when contacted by Reuters.
For the past two days, Malaysians have been avidly viewing footage of officers removing bags and boxes aired on news channels and uploaded to social media platforms.
The police have seized at least 284 boxes of designer handbags and dozens of bags filled with cash and jewellery in the raids. Items such as Birkin handbags from Hermes, watches and other valuables were seen carted out of one condominium in downtown Kuala Lumpur.
Malaysia’s anti-graft agency wants to see the former leader back in the capital at its headquarters on Tuesday to give a statement specifically on the transfer of $10.6 million from a former unit of 1MDB to an account belonging to Najib.
1MDB is also the focus of the biggest anti-kleptocracy probe launched by the Department of Justice in the United States. WHO ATE ALL THE CHOCOLATE?
Peeved by their very public humiliation, Najib and his wife had their lawyers issue statements on Saturday complaining about the conduct of the police.
Rosmah’s lawyer said it risked creating a “premature public trial”, while allegations from Najib’s lawyer prompted an internal police probe into who ate the family’s chocolate.
“The cavalier and irresponsible manner in which the raid was conducted, and the seizure made is reflected by the manner in which the police personnel helped themselves to food and chocolates in the refrigerator and further demanded that the meals be prepared for them,” Najib’s lawyer, Harpal Singh Grewal, said in a statement.
In response Amar Singh, director of the police’s commercial crime investigation department, promised “stern action...if the allegations are found to be true”. Additional reporting by Tom Westbrook; Writing by Simon Cameron-Moore; Editing by Jacqueline Wong | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-malaysia-politics/hounded-by-graft-probe-fearing-safety-malaysias-najib-seeks-protection-idUKKCN1IL0BD |
* China drops anti-dumping probe into U.S. sorghum imports
* Industrials gain as Sino-US trade talks progress
* Applied Materials’ dour forecast weighs on chipmakers
* Campbell Soup’s margin warning hits food companies
* Dow flat, S&P down 0.22 pct, Nasdaq drops 0.24 pct (Changes comment, adds details, updates prices)
By Medha Singh
May 18 (Reuters) - Wall Street edged lower on Friday, weighed down by bank and chip shares as well as a handful of tepid earnings reports, although losses were capped by gains in industrial stocks on signs of progress in Sino-U.S. trade talks.
China denied it had offered a package to slash the U.S. trade deficit by up to $200 billion, but dropped an anti-dumping probe into U.S. sorghum imports in a conciliatory gesture as top negotiators meet in Washington.
A Chinese foreign ministry spokesman said the consultations were “constructive” as the world’s two biggest economies are seeking to bridge a divide on trade issues.
“There is still a concern around trade talks with China, but ... the stock market is cautiously optimistic that trade talks will lead to a good result,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina.
The industrial sector jumped 0.53 percent, the most among the 11 major S&P sectors. Boeing, which sells about a quarter of its commercial aircraft to Chinese customers, rose 2.03 percent.
Also helping the industrials sector was Deere, which jumped 6.3 percent after the tractor maker raised its full-year earnings estimate.
Applied Materials dropped 8 percent after the chip gear maker’s disappointing forecast renewed concerns over slowing smartphone demand.
The warning dragged down Philadelphia chipmaker index by 1 percent. Intel dropped 1.6 percent, and along with Applied Materials weighed the most on the S&P and the Nasdaq.
The financial sector dropped 0.79 percent, with traders citing a combination of a slight pullback in Treasury yields after a four-day rally and the uncertainty around trade talks, despite the progress being signaled.
JPMorgan, Citigroup and Bank of America fell between 1.2 percent and 2.2 percent.
At 12:57 a.m. EDT the Dow Jones Industrial Average was up 7.52 points, or 0.03 percent, at 24,721.50, kept afloat by Boeing and other industrial stocks.
The S&P 500 was down 5.99 points, or 0.22 percent, at 2,714.14 and the Nasdaq Composite was down 17.37 points, or 0.24 percent, at 7,365.11.
The industrial, materials and healthcare sectors were the only gainers among the 11 major S&P sectors.
Investors have been fretting about the impact of rising Treasury yields and commodity prices on corporate results, with the dollar hitting five-month highs also a source of concern.
Campbell Soup and tractor maker Deere joined a list of companies that blamed higher raw material and freight costs for a drop in profit margins.
Campbell fell 12.1 percent after cutting its full-year profit forecast, saying it expects higher costs to weigh on margins.
The warning also dragged down shares of General Mills , Kraft Heinz and other food companies.
Declining issues outnumbered advancers for a 1.03-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 1.06-to-1 ratio on the Nasdaq.
The S&P index recorded eight new 52-week highs and five new lows, while the Nasdaq recorded 130 new highs and 23 new lows. (Reporting by Medha Singh in Bengaluru; Editing by Anil D’Silva)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-wall-st-edges-lower-as-bank-chip-stocks-weigh-idUSL3N1SP4UA |
May 15, 2018 / 4:36 PM / Updated 33 minutes ago Number of EU workers in UK falls for first time since 2010, employers concerned Reuters Staff 3 Min Read
LONDON (Reuters) - The number of European Union nationals working in Britain fell for the first time in eight years at the start of 2018, according to official figures on Tuesday that are likely to stir unease among some employers. People cast long shadows in the winter sunlight as they walk across a plaza in the Canary Wharf financial district of London, Britain, January 17, 2018. REUTERS/Dylan Martinez
Less than a year before Britain is due to leave the EU, the Office for National Statistics said 2.292 million nationals of other EU countries were working in Britain in the first three months of 2018, 1.2 percent fewer than a year before.
The fall was driven mostly by workers from the eight eastern European countries which joined the EU in 2004, whose numbers have fallen by 9.1 percent over the past year.
But the number of Romanians and Bulgarians - who have only been able to work freely in Britain since 2014 - continued to rise sharply, increasing by 19.8 percent over the year.
Looking at EU-born workers rather than EU nationals - a measure preferred by some academics as it includes long-term immigrants who acquire British citizenship - the number of workers rose by 0.3 percent, the smallest increase since 2010.
A desire to control migration into Britain was one of the main drivers of the vote to leave the EU in the 2016 referendum, although business groups have said clamping down on migration will probably hurt the economy.
In March, a report commissioned by the British government warned that restricting migration into Britain will likely lead to weaker economic growth.
Tuesday’s figures chimed with separate migration data that have shown a sharp decrease in the number of people moving to Britain from the EU.
“If this trend continues, it will sound alarm bells for employers especially in low-skilled sectors,” Gerwyn Davies, senior labour market analyst at the Chartered Institute of Personnel Development, said.
Food manufacturing and social care were among the parts of the economy that were most likely to be affected by a drop in EU workers, especially those from eastern Europe, he said.
This was echoed by the Food and Drink Federation, a trade body whose members employ 117,000 EU workers.
“The government must move swiftly to set up the new registration system and provide clear guidance to workers and businesses so that our valued EU workforce and those arriving during transition have the security they need,” it said.
While the number of EU nationals employed has decreased over the last year, overall employment growth in Britain has remained strong, easily outpacing forecasts in the three months to March.
“It seems that perhaps organisations have grasped the challenge and have become more adept at recruiting from the domestic workforce. The question of course is whether the quality of applicants is sufficiently good,” Davies said.
The latest migration data are due on May 24. In February, the ONS said net migration of EU into Britain almost halved in the 12 months to September. Reporting by Andy Bruce; Editing by Hugh Lawson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-employment/number-of-eu-workers-in-uk-falls-for-first-time-since-2010-employers-concerned-idUKKCN1IG2KP |
Materials and Metals Vodafone to pay $21.8 billion for Liberty assets to strengthen European presence The world's second-largest mobile operator had held repeated talks with Liberty in recent years in a bid to broaden its offering and better compete in Europe. "Vodafone will become Europe's leading next generation network owner, serving the largest number of mobile customers and households across the EU," Chief Executive Vittorio Colao said. Published 5 Hours Ago Reuters
Vodafone has agreed to pay $21.8 billion to buy Liberty Global 's assets in Germany, the Czech Republic, Hungary and Romania to take on rivals with a broader offer of superfast cable TV, broadband and mobile.
The world's second-largest mobile operator had held repeated talks with John Malone's Liberty in recent years in a bid to broaden its offering and better compete in Europe with former monopolies such as Deutsche Telekom. Daniel Leal-Olivas | AFP | Getty Images
Vodafone will get access to 54 million homes on its cable and fibre network and enable it to cross sell a range of services to those customers, while also taking out costs.
The deal, one of the biggest in Vodafone's history, follows a similar move in Spain where Vodafone bought cable operator Ono and is designed to help the group meet customer demand for a single package of fast communications services.
"Vodafone will become Europe's leading next generation network owner, serving the largest number of mobile customers and households across the EU," Chief Executive Vittorio Colao said.
Vodafone said combining the companies' operations would generate cost savings of about 535 million euros a year before integration costs by the fifth year after the deal completes.
The two companies, which already have a joint venture in the Netherlands which is excluded from the deal, restarted talks in February about Vodafone buying Liberty's assets in the other continental European countries where they overlap. show chapters 3:31 AM ET Fri, 21 July 2017 | 03:12
Liberty will continue to own the Virgin Media network in Britain.
The deal is likely to face a lengthy regulatory approval process, with rivals such as Deutsche arguing that it will give Vodafone too much control of the market. Both sides are targeting a completion by around the middle of 2019.
A break fee of 250 million euros will be payable to the British company, in certain circumstances, if the deal does not complete. Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/vodafone-to-pay-21-point-8-billion-for-liberty-assets-to-strengthen-european-presence.html |
LONDON (Reuters) - It has taken 500 days and the sacrifice of almost a billion barrels in lost oil output for the global crude market to eradicate a deep supply surplus, but oil prices have now hit OPEC heavyweight Saudi Arabia’s desired level of $80 a barrel.
Dump trucks are parked near crude oil tanks at Kinder Morgan's North 40 terminal expansion construction project in Sherwood Park, near Edmonton, Alberta, Canada November 13, 2016. REUTERS/Chris Helgren/Files Brent crude futures reached an intraday high of $80.18 on Thursday, breaching the $80 a barrel level for the first time since November 2014.
A vast overhang of unwanted crude stocks has now vanished, investors are buying into the oil price rally more than at any time in the last four years and market watchers are beginning to talk again about oil prices returning to $100 per barrel and more.
Renewed U.S. sanctions on Iran that could seriously hamper the country’s oil exports, along with involuntary output declines in big producers such as Venezuela, Mexico and Angola have contributed to the bounce in the price.
Led by Saudi Arabia, the Organization of the Petroleum Exporting Countries and 10 of its partners including top producer Russia have cut their crude output by a joint 1.8 million barrels a day since January 2017.
The oil price has risen by $50 since hitting a 13-year low of $27 a barrel in January 2016 and has gained 50 percent in the last 12 months alone, reflecting both concern over geopolitics and confidence in a more favourable balance between supply and demand.
The premium of the benchmark Brent crude futures contract is at its largest in years over those for delivery further ahead, reflecting investors’ and traders’ belief that supply will fall short of demand for some time to come.
Saudi Arabia is said to favour an oil price of around $80, or even $100 a barrel, as it gears up to float part of state oil company ARAMCO.
But OPEC and its cohorts may end up being victims of their own success. The International Energy Agency on Wednesday warned global demand growth will almost inevitably slow given how much the oil price has risen.
Meanwhile, the rise in the U.S. dollar since the start of the year may curb the purchasing power of major importing nations to buy crude, especially since many, such as India and Indonesia, no longer offer drivers such as generous fuel subsidies.
OPEC also has a headache in the form of rival supply from outside its club, namely from the United States, which is on course to become the largest producer in the world by the end of this year, with output set to top 11 million bpd.
OPEC’s supply cuts have been swamped by the increase in U.S. output, led by production from shale fields and this, along with the higher price, has made the major forecasting agencies — the IEA, OPEC itself and the U.S. Energy Information Administration — far more cautious.
So while $80 might be Saudi Arabia’s purported magic number, its spell might prove short-lived.
A general view of a crude oil importing port in Qingdao, Shandong province, in this November 9, 2008 file photo. REUTERS/Stringer/Files Reporting by Amanda Cooper; Editing by Adrian Croft
| ashraq/financial-news-articles | https://in.reuters.com/article/oil-prices-graphic/500-days-and-a-billion-barrels-of-lost-oil-pushes-crude-to-80-idINKCN1II1RT |
LOS ANGELES, May 03, 2018 (GLOBE NEWSWIRE) -- BlackLine, Inc . (Nasdaq:BL), today announced the first quarter ended March 31, 2018.
Therese Tucker, Founder and CEO, commented, “The first quarter was a good start to the year and we are pleased with our solid results. We continue to see strong demand globally and a large and growing market opportunity ahead of us as companies across all industries increasingly look to modernize, automate and transform their businesses. We remain focused on executing our top initiatives for the year to capitalize on our opportunities and build a strong foundation as BlackLine scales.”
First Quarter 2018 Financial Highlights
Total GAAP revenues of $51.3 million for the first quarter of 2018, an increase of 34% compared to the first quarter of 2017. GAAP net loss of $7.2 million, or $0.13 per share, on 53.2 million weighted average shares outstanding. Non-GAAP net income of $0.3 million, or $0.01 per share, on 56.5 million diluted weighted average shares outstanding. This compares with non-GAAP net loss of $1.6 million in the first quarter of 2017. Operating cash flow of $1.8 million, compared with ($1.7) million in the first quarter of 2017. Free cash flow of ($1.5) million, compared with ($3.3) million in the first quarter of 2017.
Key Metrics and Recent Business Highlights
Added 89 net new customers in the first quarter for a total of 2,297 customers at March 31, 2018. Expanded the company’s user base to a total of 202,098 BlackLine users at March 31, 2018. Achieved a dollar-based net revenue retention rate of 110% at March 31, 2018.
Financial Outlook
Second Quarter 2018
Total GAAP revenue is expected to be in the range of $53 million to $54 million. Non-GAAP net loss is expected to be in the range of $1.1 million to $0.1 million, or $0.02 to $0.00 per share on 53.7 million weighted average shares outstanding.
Full Year 2018
Total GAAP revenue is expected to be in the range of $222 million to $225 million. Non-GAAP net income is expected to be in the range of $0.5 million to $1.5 million, or $0.01 to $0.03 per share, on 57.0 million diluted weighted average shares outstanding.
BlackLine adopted the new revenue standard, ASC 606, effective January 1, 2018 and its guidance for the second quarter and full year 2018 is according to the new standard. The company adopted the new revenue standard on a full retrospective basis such that prior periods presented are comparable. Guidance for non-GAAP net income (loss) and net income (loss) per share does not include the impact of the benefit from income taxes that we were able to recognize as a result of the deferred tax liabilities associated with the intangible assets established upon the acquisition in the fourth quarter of 2016 of Runbook B.V. (the “Runbook Acquisition”), amortization of acquired intangible assets resulting from the acquisition of the company by its principal stockholders in 2013 (the “2013 Acquisition”) and the Runbook Acquisition, stock-based compensation, the change in fair value of contingent consideration, costs incurred in connection with our secondary offering, and costs incurred with our shelf offering. Reconciliations of non-GAAP net income (loss) and net income (loss) per share guidance to the most directly comparable U.S. GAAP measures, or net income (loss) and net income (loss) per share, are not available on a forward-looking basis without unreasonable efforts due to the unpredictability and complexity of the charges excluded from non-GAAP net income (loss) and net income (loss) per share. The company expects the variability of the above changes could have a significant, and potentially unpredictable, impact on its future GAAP net income (loss) and net income (loss) per share.
Quarterly Conference Call
BlackLine, Inc. will hold a conference call to discuss its first quarter results at 2:00 p.m. Pacific time on Thursday, May 3, 2018. A live audio webcast will be accessible on BlackLine’s investor relations website at http://investors.blackline.com . The call can also be accessed domestically at (844) 229-7595 and internationally at (314) 888-4260, passcode 3497637. A telephonic replay will be available through Friday, May 11, 2018 at (855) 859-2056 or (404) 537-3406, passcode 3497637. A replay of the webcast will be available at http://investors.blackline.com for 12 months. BlackLine has used, and intends to continue to use, its Investor Relations website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
About BlackLine
BlackLine, Inc. is a provider of cloud-based solutions for Finance & Accounting (F&A) that automate, centralize and streamline financial close operations and other key F&A processes for large and midsize organizations. BlackLine’s platform is used by over 2,200 customers worldwide, spanning more than 200,000 users across approximately 150 countries. For more information about BlackLine, Inc., visit https://www.blackline.com/ .
Forward-looking Statements
This release and the conference call referenced above contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “would,” “continue,” “ongoing” or the negative of these terms or other comparable terminology. Forward-looking statements in this release and quarterly conference call include, but are not limited to, statements regarding BlackLine’s future financial and operational performance, including, without limitation, GAAP and non-GAAP guidance, our expectations for our business in 2018 and our ability to execute on our long-term plans and key initiatives, expectations regarding dollar-based net revenue retention rate, free cash flow, gross margin, revenue mix, operating expenses and capital expenditures, the impact of ASC 606 on the company’s financial results, the company’s expectation that it will have positive cash flows and profitability in a specified time period, the impact of seasonality on the company’s financial results, market opportunity, the demand for and benefits from the use of BlackLine’s current and future solutions, growth strategies including international expansion, customer growth, extension of distribution channels and product innovation, expansion of relationships with partners, customer service initiatives and expectations regarding deal size and increased focus on strategic products.
Any forward-looking statements contained in this press release or the quarterly conference call are based upon BlackLine’s historical performance and its current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith beliefs and assumptions as of that time with respect to future events, and are subject to risks and uncertainties. If any of these risks or uncertainties materialize or if any assumptions prove incorrect, actual performance or results may differ materially from those expressed in or suggested by the forward looking statements. These risks and uncertainties include, but are not limited to risks related to the company’s ability to attract new customers and expand sales to existing customers; the extent to which customers renew their subscription agreements or increase the number of users; the company’s ability to manage growth and scale effectively, including additional headcount and entry into new geographies; the company’s ability to provide successful enhancements, new features and modifications to its software solutions; the company’s ability to develop new products and software solutions and the success of any new product and service introductions; the success of the company’s strategic relationships with technology vendors and business process outsourcers, channel partners and alliance partners; any breaches of the company’s security measures; a disruption in the company’s hosting network infrastructure; costs and reputational harm that could result from defects in the company’s solution; the loss of any key employees; continued strong demand for the company’s software in the United States, Europe, Asia Pacific and Latin America; the company’s ability to compete as the financial close management provider for organizations of all sizes; the timing and success of solutions offered by competitors; changes in the proportion of the company’s customer base that is comprised of enterprise or mid-sized organizations; the company’s ability to expand its enterprise and mid-market sales teams and effectively manage its sales forces and their performance and productivity; fluctuations in our financial results due to long and increasingly variable sales cycles, failure to protect the company’s intellectual property; the company’s ability to integrate acquired businesses and technologies successfully or achieve the expected benefits of such transactions; unpredictable macro-economic conditions; seasonality; changes in current tax or accounting rules; cyber attacks and the risk that the company’s security measures may not be sufficient to secure its customer or confidential data adequately; acts of terrorism or other vandalism, war or natural disasters; and other risks and uncertainties described in the other filings we make with the Securities and Exchange Commission from time to time, including the risks described under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed with the Securities and Exchange Commission on March 8, 2018. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018. Forward-looking statements should not be read as a guarantee of future performance or results, and you should not place undue reliance on such statements. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Use of Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles, or GAAP, BlackLine has provided in this release and the quarterly conference call held on May 3, 2018 certain financial measures that have not been prepared in accordance with GAAP defined as “non-GAAP financial measures,” which include (i) non-GAAP revenues, (ii) non-GAAP gross profit and non-GAAP gross margin, (iii) non-GAAP operating expenses, (iv) non-GAAP income (loss) from operations, (v) non-GAAP net income (loss) and non-GAAP net income (loss) per share, and (vi) free cash flow.
BlackLine’s management uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to the corresponding GAAP measures, in evaluating BlackLine’s ongoing operational performance and trends and in comparing its financial measures with other companies in the same industry, many of which present similar non-GAAP financial measures to help investors understand the operational performance of their businesses. However, it is important to note that the particular items BlackLine excludes from, or includes in, its non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures has been provided in the tables included as part of this press release.
Non-GAAP Gross Profit and Non-GAAP Gross Margin . Non-GAAP gross profit is defined as non-GAAP revenues less GAAP cost of revenue adjusted for the impact of purchase accounting resulting from the Runbook Acquisition, the amortization of acquired developed technology resulting from the 2013 Acquisition and the Runbook Acquisition, and stock-based compensation. Non-GAAP gross margin is defined as non-GAAP gross profit divided by non-GAAP revenues. BlackLine believes that presenting non-GAAP gross margin is useful to investors as it eliminates the impact of certain non-cash expenses and allows a direct comparison of gross margin between periods.
Non-GAAP Operating Expenses . Non-GAAP operating expenses include (a) non-GAAP sales and marketing expense, (b) non-GAAP research and development expense and (c) non-GAAP general and administrative expense. Non-GAAP sales and marketing expense is defined as GAAP sales and marketing expense adjusted for the amortization of acquired intangibles resulting from the 2013 Acquisition and the Runbook Acquisition and stock-based compensation. Non-GAAP research and development expense is defined as GAAP research and development expense adjusted for stock-based compensation. Non-GAAP general and administrative expense is defined as GAAP general and administrative expense as adjusted for the amortization of acquired intangibles resulting from the 2013 Acquisition and Runbook Acquisition, stock-based compensation, the change in fair value of contingent consideration, acquisition costs related to the Runbook Acquisition, costs incurred in connection with our secondary offering, and costs incurred in connection with our shelf offering. BlackLine believes that presenting each of the non-GAAP operating expenses is useful to investors as it eliminates the impact of certain cash and non-cash expenses and allows a direct comparison of operating expenses between periods.
Non-GAAP Income (Loss) from Operations . Non-GAAP income (loss) from operations is defined as GAAP income (loss) from operations adjusted for the impact of purchase accounting to revenues resulting from the Runbook Acquisition, the amortization of acquired intangible assets resulting from the 2013 Acquisition and the Runbook Acquisition, stock-based compensation, the change in fair value of contingent consideration, acquisition costs related to the Runbook Acquisition, costs incurred in connection with our secondary offering, and costs incurred in connection with our shelf offering. The company believes that presenting non-GAAP income (loss) from operations is useful to investors as it eliminates the impact of items that have been impacted by the 2013 Acquisition and the Runbook Acquisition, purchase accounting and other related costs in order to allow a direct comparison of loss from operations between all periods presented.
Non-GAAP Net Income (Loss) . Non-GAAP net income (loss) is defined as GAAP net income (loss) adjusted for the impact of the benefit from income taxes that we were able to recognize as a result of the deferred tax liabilities associated with the intangible assets established upon the 2013 Acquisition and the Runbook Acquisition, the impact of purchase accounting to revenues resulting from the Runbook Acquisition, amortization of acquired intangible assets resulting from the 2013 Acquisition and the Runbook Acquisition, stock-based compensation, accretion of debt discount pertaining to the former debt facility, accretion of warrant discount relating to warrants issued in connection with the former debt facility, the change in the fair value of contingent consideration, the change in fair value of the common stock warrant liability, acquisition costs related to the Runbook Acquisition, costs incurred in connection with our secondary offering, and costs incurred in connection with our shelf offering. Non-GAAP diluted net income (loss) per common share includes the adjustment for shares resulting from the elimination of stock-based compensation. The company believes that presenting non-GAAP net income (loss) is useful to investors as it eliminates the impact of items that have been impacted by the 2013 Acquisition and the Runbook Acquisition, purchase accounting and other related costs in order to allow a direct comparison of net loss between all periods presented.
Free Cash Flow . Free cash flow is defined as cash flows used in operating activities less cash flows used in investing activities related to purchase of property and equipment and capitalized software development. BlackLine believes that presenting free cash flow is useful to investors as it provides a measure of the company’s liquidity used by management to evaluate the amount of cash generated by the company’s business including the impact of purchases of property and equipment and cost of capitalized software development.
Use of Operating Metrics
BlackLine has provided in this release and the quarterly conference call held on May 3, 2018 certain operating metrics, including (i) number of customers, (ii) number of users and (iii) dollar-based net revenue retention rate, which BlackLine uses to evaluate its business, measure its performance, identify trends affecting its business, formulate financial projections and make strategic decisions. These operating metrics exclude the impact of Runbook licensed customers and users as these customers did not have an active subscription agreement with BlackLine as of March 31, 2018.
Dollar-based Net Revenue Retention Rate . Dollar-based net revenue retention rate is calculated as the implied monthly subscription and support revenue at the end of a period for the base set of customers from which the company generated subscription revenue in the year prior to the calculation, divided by the implied monthly subscription and support revenue one year prior to the date of calculation for that same customer base. This calculation does not reflect implied monthly subscription and support revenue for new customers added during the one-year period but does include the effect of customers who terminated during the period. Implied monthly subscription and support revenue is defined as the total amount of minimum subscription and support revenue contractually committed to, under each of BlackLine’s customer agreements over the entire term of the agreement, divided by the number of months in the term of the agreement. BlackLine believes that dollar-based net revenue retention rate is an important metric to measure the long-term value of customer agreements and the company’s ability to retain and grow its relationships with existing customers over time.
Number of Customers . A customer is defined as an entity with an active subscription agreement as of the measurement date. In situations where an organization has multiple subsidiaries or divisions, each entity that is invoiced as a separate entity is treated as a separate customer. However, where an existing customer requests its invoice be divided for the sole purpose of restructuring its internal billing arrangement without any incremental increase in revenue, such customer continues to be treated as a single customer. BlackLine believes that its ability to expand its customer base is an indicator of the company’s market penetration and the growth of its business.
Number of Users . Since BlackLine’s customers generally pay fees based on the number of users of its platform within their organization, the company believes the total number of users is an indicator of the growth of its business.
Media Contact:
BlackLine
Kimberly Uberti
[email protected]
Investor Relations Contact:
The Blueshirt Group
Maria Riley
415.217.7722
[email protected]
BlackLine, Inc. Consolidated Balance Sheets (in thousands) (unaudited) March 31, 2018 December 31, 2017
*As Adjusted ASSETS Cash and cash equivalents $ 30,864 $ 31,104 Marketable securities 83,168 81,476 Accounts receivable, net of allowance 57,019 61,918 Prepaid expenses and other current assets 15,625 13,956 Total current assets 186,676 188,454 Capitalized software development costs, net 7,557 6,824 Property and equipment, net 13,280 12,769 Intangible assets, net 37,485 40,808 Goodwill 185,138 185,138 Other assets 28,379 26,820 Total assets $ 458,515 $ 460,813 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 6,566 $ 7,254 Accrued expenses and other current liabilities 12,240 20,874 Deferred revenue 110,733 104,184 Short-term portion of contingent consideration 2,008 2,008 Total current liabilities 131,547 134,320 Contingent consideration 3,970 3,858 Deferred tax liabilities 1,501 1,743 Deferred revenue, noncurrent 477 468 Other long-term liabilities 3,459 3,119 Total liabilities 140,954 143,508 Stockholders' equity: Common stock 535 530 Additional paid-in capital 427,104 419,628 Accumulated other comprehensive loss (133 ) (63 ) Accumulated deficit (109,945 ) (102,790 ) Total stockholders' equity 317,561 317,305 Total liabilities and stockholders' equity $ 458,515 $ 460,813 *Prior-period information has been adjusted for the adoption of ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606), which we adopted on January 1, 2018.
BlackLine, Inc. Consolidated Statements of Operations (in thousands, except per share data) (unaudited) Quarter Ended March 31, 2018 2017
*As Adjusted Revenues Subscription and support $ 48,625 $ 36,558 Professional services 2,659 1,623 Total revenues 51,284 38,181 Cost of revenues Subscription and support 9,381 7,755 Professional services 2,225 1,455 Total cost of revenues 11,606 9,210 Gross profit 39,678 28,971 Operating expenses Sales and marketing 29,227 21,820 Research and development 6,929 5,948 General and administrative 11,082 8,253 Total operating expenses 47,238 36,021 Loss from operations (7,560 ) (7,050 ) Other income (expense) Interest income 389 224 Interest expense (4 ) (4 ) Change in fair value of the common
stock warrant liability — (1,000 ) Other income (expense), net 385 (780 ) Loss before income taxes (7,175 ) (7,830 ) Benefit from income taxes (20 ) (145 ) Net loss $ (7,155 ) $ (7,685 ) Basic net loss per share: Basic net loss per share $ (0.13 ) $ (0.15 ) Shares used to calculate basic net loss per share 53,151 51,282 Diluted net loss per share: Diluted net loss per share $ (0.13 ) $ (0.15 ) Shares used to calculate diluted net loss per share 53,151 51,282 *Prior-period information has been adjusted for the adoption of ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606), which we adopted on January 1, 2018.
BlackLine, Inc. Consolidated Statements of Cash Flows (in thousands) (unaudited) Quarter Ended March 31, 2018 2017
*As Adjusted CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (7,155 ) $ (7,685 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 5,394 4,791 Change in fair value of common stock warrant liability - 1,000 Change in fair value of contingent consideration 112 93 Stock-based compensation 3,974 1,849 (Accretion)/amortization of purchase discounts/premiums on marketable securities, net (67 ) 63 Net foreign currency (gains) losses (59 ) - Deferred income taxes (242 ) (235 ) Provision for doubtful accounts receivable (51 ) - Changes in operating assets and liabilities, net of effects of the acquisition: Accounts receivable 5,058 (1,595 ) Prepaid expenses and other current assets (1,891 ) (1,277 ) Other assets (1,285 ) (1,434 ) Accounts payable (929 ) (3,253 ) Accrued expenses and other current liabilities (7,935 ) (2,469 ) Deferred revenue 6,558 8,422 Other long-term liabilities 340 25 Net cash provided by (used in) operating activities 1,822 (1,705 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of marketable securities (30,175 ) - Proceeds from maturities of marketable securities 28,480 5,200 Capitalized software development costs (1,653 ) (1,083 ) Purchases of property and equipment (1,634 ) (488 ) Net cash provided by (used in) investing activities (4,982 ) 3,629 CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on capital lease obligations (443 ) (549 ) Proceeds from exercises of stock options 3,453 65 Repurchases of common stock (16 ) - Payments of initial public offering costs - (110 ) Net cash provided by (used in) financing activities 2,994 (594 ) Net increase (decrease) in cash, cash equivalents, and restricted cash (166 ) 1,330 Cash, cash equivalents, and restricted cash, beginning of period 31,504 22,518 Cash, cash equivalents, and restricted cash, end of period $ 31,338 $ 23,848 Cash and cash equivalents $ 30,864 $ 23,448 Restricted cash included within prepaid expenses and other current assets 200 - Restricted cash included within other assets 274 400 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 31,338 $ 23,848 *Prior-period information has been adjusted for the adoption of ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606), and ASU No. 2016-18, Statement of Cash Flows, Restricted Cash (Topic 230) , both of which we adopted on January 1, 2018.
BlackLine, Inc. Reconciliations of Non-GAAP Financial Measures (in thousands, except percentages and per share data) (unaudited) Quarter Ended March 31, 2018 2017
*As Adjusted Non-GAAP Gross Profit Gross profit $ 39,678 $ 28,971 Amortization of developed technology 1,715 1,704 Stock-based compensation 838 250 Total Non-GAAP Gross Profit $ 42,231 $ 30,925 Gross margin 77.4 % 75.9 % Non-GAAP gross margin 82.3 % 81.0 % Non-GAAP Operating Income (Loss): Loss from operations $ (7,560 ) $ (7,050 ) Amortization of intangible assets 3,323 3,330 Stock-based compensation 3,974 1,849 Change in fair value of contingent consideration 112 93 Shelf offering costs 177 - Total non-GAAP operating income (loss) $ 26 $ (1,778 ) Non-GAAP Net Income (Loss) Net loss $ (7,155 ) $ (7,685 ) Benefit from income taxes (125 ) (235 ) Amortization of intangible assets 3,323 3,330 Stock-based compensation 3,974 1,849 Change in fair value of contingent consideration 112 93 Change in fair value of the common stock warrant liability - 1,000 Shelf offering costs 177 - Total non-GAAP net income (loss) $ 306 $ (1,648 ) Basic non-GAAP net income (loss) per share: Basic non-GAAP net income (loss) per share $ 0.01 $ (0.03 ) Shares used to calculate basic non-GAAP net income (loss) per share 53,151 51,282 Diluted non-GAAP net income (loss) per share: Dilluted non-GAAP net income (loss) per share $ 0.01 $ (0.03 ) Shares used to calculate diluted non-GAAP net income (loss) per share 56,477 51,282 *Prior-period information has been adjusted for the adoption of ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606), which we adopted on January 1, 2018. Quarter Ended March 31, 2018 2017
*As Adjusted Non-GAAP Sales and Marketing Expense: Sales and marketing expense $ 29,227 $ 21,820 Amortization of intangible assets (969 ) (965 ) Stock-based compensation (1,437 ) (660 ) Total non-GAAP sales and marketing expense $ 26,821 $ 20,195 Non-GAAP Research and Development Expense: Research and development expense $ 6,929 $ 5,948 Stock-based compensation (429 ) (83 ) Total non-GAAP research and development expense $ 6,500 $ 5,865 Non-GAAP General and Administrative Expense: General and administrative expense $ 11,082 $ 8,253 Amortization of intangible assets (639 ) (661 ) Stock-based compensation (1,270 ) (856 ) Change in fair value of contingent consideration (112 ) (93 ) Shelf offering costs (177 ) - Total non-GAAP general and administrative expense $ 8,884 $ 6,643 Total Non-GAAP Operating Expenses $ 42,205 $ 32,703 Free Cash Flow Net cash provided by (used in) operating activities $ 1,822 $ (1,705 ) Capitalized software development costs (1,653 ) (1,083 ) Purchases of property and equipment (1,634 ) (488 ) Free cash flow $ (1,465 ) $ (3,276 ) *Prior-period information has been adjusted for the adoption of ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606), and ASU No. 2016-18, Statement of Cash Flows, Restricted Cash (Topic 230) , both of which we adopted on January 1, 2018.
Source:BlackLine, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-blackline-announces-first-quarter-financial-results.html |
SHANGHAI (Reuters) - Port operator Dandong Port Group said its assets worth 2.7 billion yuan ($422.87 million) have been frozen by a local court as a result of a securities dispute with a local brokerage.
The company said the freezing of its assets had the potential to harm its operations and its ability to repay debts.
Reporting by Andrew Galbraith; Editing by Richard Borsuk
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-dandong-dispute/chinas-dandong-port-group-says-assets-frozen-in-securities-dispute-idUSKCN1IO180 |
May 2 (Reuters) - O2i SA:
* ON MONDAY ANNOUNCED FY RECURRING OPERATING INCOME AT 1.7 MILLION EUROS VS 0.6 MILLION EUROS YR AGO
* FY NET LOSS FROM CONTINUING OPERATIONS 0.4 MILLION EUROS VS LOSS OF 1.4 MILLION EUROS YR AGO
* CONFIRMS PERSPETCIVES FOR THE GROUP Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S91CC |
BOTHELL, Wash., May 3, 2018 /PRNewswire/ -- BioLife Solutions , Inc. (NASDAQ: BLFS), the leading developer, manufacturer and marketer of proprietary clinical grade hypothermic storage and cryopreservation freeze media ("BioLife" or the "Company"), today announced that the Company's first quarter 2018 financial results will be released after market close on Thursday, May 10, 2018, and that the Company will host a conference call and live webcast at 1:30 p.m. PT that afternoon. Management will provide an overview of the Company's financial results and a general business update.
To access the webcast, log on to the Investor Relations page of the BioLife Solutions website at www.biolifesolutions.com . Alternatively, you may access the live conference call by dialing (844) 825-0512 (U.S. & Canada) or (315) 625-6880 (International) with the following Conference ID: 9385014. A webcast replay will be available approximately two hours after the call and will be archived on www.biolifesolutions.com for 90 days.
About BioLife Solutions
BioLife Solutions is the leading developer, manufacturer and supplier of proprietary clinical grade cell and tissue hypothermic storage and cryopreservation freeze media for cells and tissues. Our proprietary HypoThermosol® and CryoStor® platform of biopreservation media products are highly valued in the regenerative medicine, biobanking and drug discovery markets. These are serum-free, protein-free, fully defined, and formulated to reduce preservation-induced cell damage and death. Our enabling, embeddable technologies provide commercial companies and clinical researchers significant improvement in shelf life and post-preservation viability and function of cells, tissues, and organs.
For more information please visit www.biolifesolutions.com , and follow BioLife on Twitter .
Media & Investor Relations
Roderick de Greef
Chief Financial Officer
(425) 402-1400
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/biolife-solutions-to-report-first-quarter-2018-financial-results-and-provide-business-update-on-may-10-2018-300641597.html
SOURCE BioLife Solutions, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-biolife-solutions-to-report-first-quarter-2018-financial-results-and-provide-business-update-on-may-10-2018.html |
Inflation is a concern, but 'far from permanent' 9 Hours Ago Jim Cramer pushes back on concerns about inflation by listing the economic factors keeping it at bay. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/inflation-is-a-concern-but-far-from-permanent.html |
May 1 (Reuters) - BP PLC:
* Q1 UPSTREAM UNDERLYING REPLACEMENT COST PROFIT BEFORE INTEREST, TAX $3,157 MILLION VERSUS $1,370 MILLION AS REPORTED YEAR AGO
* Q1 DOWNSTREAM UNDERLYING REPLACEMENT COST PROFIT BEFORE INTEREST, TAX $1,826 MILLION VERSUS $1,742 MILLION AS REPORTED YEAR AGO
* Q1 UNDERLYING REPLACEMENT COST PROFIT OF $2,586 MILLION VERSUS. PROFIT OF $1,510 MILLION AS REPORTED YEAR AGO
* Q1 REPLACEMENT COST PROFIT OF $2,389 MILLION VERSUS. PROFIT OF $1,412 MILLION AS REPORTED YEAR AGO
* PRODUCTION FOR QUARTER WAS 2,605MBOE/D, 9.1% HIGHER THAN Q1 OF 2017.
* Q1 REPLACEMENT COST PROFIT PER SHARE OF 11.99 CENTS * Q1 OPERATING CASH FLOW, EXCLUDING PAYMENTS RELATED TO GULF OF MEXICO OIL SPILL, OF $5.4 BILLION
* Q1 TOTAL REVENUES AND OTHER INCOME OF $69,143 MILLION VERSUS. $56,386 MILLION AS REPORTED A YEAR AGO
* Q1 UNDERLYING REPLACEMENT COST PROFIT PER SHARE OF 12.98 CENTS
* Q1 UNDERLYING REPLACEMENT COST PROFIT ESTIMATE OF $2.2 BILLION - COMPANY COMPILED ESTIMATES
* UNDERLYING PRODUCTION FOR QUARTER INCREASED BY 13.8%, DUE TO RAMP-UP OF MAJOR PROJECTS.
* Q1 NET CASH PROVIDED BY OPERATING ACTIVITIES OF $3,646 MILLION VERSUS. $2,114 MILLION AS REPORTED A YEAR AGO
* ANNOUNCED A QUARTERLY DIVIDEND OF 10.00 CENTS PER ORDINARY SHARE ($0.600 PER ADS), WHICH IS EXPECTED TO BE PAID ON 22 JUNE 2018
* EXPECT Q2 REPORTED PRODUCTION TO BE LOWER THAN Q1 REFLECTING EXPIRATION OF ABU DHABI OFFSHORE CONCESSION AND SEASONAL TURNAROUND AND MAINTENANCE ACTIVITIES
* GULF OF MEXICO OIL SPILL PAYMENTS IN QUARTER WERE $1.6 BILLION ON PRE-TAX BASIS, INCLUDING $1.2 BILLION FOR FINAL PAYMENT RELATING TO 2012 DEPARTMENT OF JUSTICE SETTLEMENT
* IN Q2 EXPECT SEASONALLY HIGHER INDUSTRY REFINING MARGINS BUT LOWER DISCOUNTS FOR NORTH AMERICAN HEAVY CRUDE OIL
* EXPECT ORGANIC CAPITAL EXPENDITURE TO BE IN THE RANGE OF $15-16 BILLION FOR 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bp-posts-71-pct-jump-in-q1-profit/brief-bp-posts-71-pct-jump-in-q1-profit-idUSFWN1S71G0 |
ZURICH (Reuters) - Host nation Russia’s World Cup squad was declared free of doping by FIFA on Tuesday after the global soccer body followed up on the McLaren report, which uncovered widespread cheating across more than 30 sports in the country.
The logo of FIFA is seen in front of its headquarters in Zurich, Switzerland September 26, 2017. REUTERS/Arnd Wiegmann However, global soccer’s governing body said in a statement that investigations into several players unrelated to the World Cup were continuing.
A report commissioned by the World Anti-Doping Agency (WADA) and compiled by Canadian sports lawyer Richard McLaren in 2016 found that more than 1,000 Russian competitors were involved in a conspiracy to conceal positive drug tests over a five-year period. Soccer was among the sports involved.
Russia, which will host the World Cup in June and July, has acknowledged some findings of the McLaren report but has repeatedly denied the existence of a state-sponsored doping program.
FIFA said that, following the report, it launched its own investigation “prioritizing high-level players against whom a suspicion had been raised, in particular those who might participate in the 2018 FIFA World Cup in Russia.”
It concluded that “insufficient evidence was found to assert an anti-doping rule violation” in the cases of all 28 members of Russia’s provisional squad from which the final 23 will be named. WADA had agreed with its findings, FIFA said.
“FIFA performed several unannounced targeted doping controls in the process of the investigations and the Russian squad has been one of the most tested teams prior to the FIFA World Cup,” it added.
FIFA said it assessed all information contained in the report “with the support of scientific and legal experts” and contacted McLaren himself.
It said that samples taken by FIFA of all players mentioned in the McLaren reports and high-level players were reanalyzed and all results were negative.
FIFA also said it sent questions to Russia’s former anti-doping chief-turned-whistleblower Grigory Rodchenkov and assessed his answers “with the support of scientific and legal experts.”
Regarding Russian non-World Cup players, FIFA said it will “continue to work on these cases in cooperation with the WADA Further updates will be provided in due course.”
There was no immediate comment from the Russian Football Union (RFU).
Reporting by Brian Homewood; Editing by Christian Radnedge and Toby Davis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-worldcup-fifa/fifa-finds-no-evidence-of-doping-among-russian-world-cup-squad-idUSKCN1IN23O |
May 1(Reuters) - Geonext Corp
* Says shareholder Resort & Medical Co.,Ltd. rescinded basic agreement to sell 18.1 million shares of the company
Source text in Japanese: goo.gl/58UHFr
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-geonext-says-resort-medical-cancel/brief-geonext-says-resort-medical-cancels-plan-to-sell-shares-in-co-idUSL3N1S80NE |
Byron Allen talks about the future of the web 8 Hours Ago Comedian and Weather Channel owner Byron Allen talks to Brian Sullivan about the future of entertainment media | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/02/byron-allen-talks-about-the-future-of-the-web.html |
May 31, 2018 / 6:28 PM / Updated 43 minutes ago Illinois budget speeds through legislature, heads to governor Karen Pierog 3 Min Read
CHICAGO (Reuters) - The Illinois House gave final legislative approval on Thursday to a $38.5 billion fiscal 2019 budget that will now head to Governor Bruce Rauner, avoiding the political stalemate that had plagued the state in previous years.
The Republican governor praised the bipartisan effort and compromise and said he will be taking action soon to enact the spending plan, which the Senate overwhelmingly passed on Wednesday.
“It’s a step in the right direction, though it does not include much-needed debt paydown and reforms that would reduce taxes, grow our economy, create jobs and raise family incomes,” Rauner said in a statement.
Like the Senate vote, the House vote was also lopsided at 97-18 with several lawmakers hailing the efforts of Democrats and Republicans in both legislative chambers to craft a budget.
“Both sides did not get everything they hoped for, but our priorities - Republican and Democrat - have been met,” House Republican Leader Jim Durkin said.
An impasse between Rauner and Democrats who control the legislature left the nation’s fifth-largest state without complete budgets for an unprecedented two-straight fiscal years. Lawmakers finally enacted a fiscal 2018 budget and income tax rate hikes over Rauner’s vetoes last July.
Revenue from the tax increase, which Rauner has vowed to roll back, is incorporated in the budget for the fiscal year that begins on July 1.
Not all lawmakers were sold on the bipartisan plan. Republican State Representative David McSweeney said the budget should be rejected because it fails to cut spending and reduce taxes.
“The taxpayers of this state are getting killed and this bill continues the carnage,” he said during the debate.
The spending plan does not include controversial elements in Rauner’s proposed budget, which called for shifting some pension costs currently paid by the state onto local school districts, state universities and community colleges.
The budget adds $350 million to a new K-12 school funding formula enacted last year, increases higher education spending by 2 percent, reduces cuts in state aid to local governments, and appropriates $1.3 billion to pay previously incurred expenses.
It also includes a voluntary buyout of certain pension benefits expected to save the state about $423 million in fiscal 2019. Reporting by Karen Pierog, additional reporting by Tracy Rucinski in Chicago; Editing by Matthew Lewis | ashraq/financial-news-articles | https://www.reuters.com/article/us-illinois-budget/illinois-house-vote-sends-fy-2019-budget-to-governor-idUSKCN1IW2QV |
PUTRAJAYA, Malaysia (Thomson Reuters Foundation) - Wan Azizah Wan Ismail’s childhood ambition was to become a doctor and cure disease. Now that she is Malaysia’s most powerful female politician, she says her mission is to improve women’s rights.
The 65-year-old made history this month when she was named Malaysia’s deputy prime minister. She is the first woman to hold the post, and one of only a handful of female politicians in high public office in Southeast Asia.
Wan Azizah has vowed to push for greater women’s rights in a country where female representation in national legislatures is among the world’s lowest.
“People look up and say, ‘Yes we have hopes,’” Wan Azizah told the Thomson Reuters Foundation on Monday, in her first interview since being sworn into office.
“Women now see that you can break barriers, it can happen - with a little bit of perseverance, commitment and belief that you can actually do it,” she said at her office in the administrative capital, Putrajaya.
Wan Azizah has also been tasked to head the Ministry of Women and Family Development.
Although it is Southeast Asia’s third-largest economy and women generally lead a modern life, Malaysia was ranked 104 out of 144 countries in the World Economic Forum’s 2017 Gender Gap Index after scoring poorly on political empowerment.
Trained as an eye surgeon, Wan Azizah was first thrust into politics after her husband, Anwar Ibrahim, was sacked as a deputy premier and jailed in 1998. She went on to lead an opposition front and mobilized support for his release.
Campaigning on a platform of reform, Wan Azizah and the opposition alliance swept into power in the historic May 9 poll, heralding the first change of government since Malaysia gained independence from Britain in 1957.
The soft-spoken politician said her priorities would include strengthening legislation to protect women from sexual harassment and abuse, especially in the wake of the global #MeToo campaign.
“There are some laws that you have to change, anti- harassment, anti-domestic violence, these are the things we have to go through,” she said.
The deputy premier said the government will also look into policies to help women in workplaces, especially mothers, by improving child care facilities.
Despite Wan Azizah’s pledges, activists said the new government has failed to fulfill a campaign promise to ensure at least 30 percent of ministers appointed to national and state governments are women.
“It’s not a quota. We have to fill the positions with people who are able to deliver,” Wan Azizah’s said, adding that the government is still committed to meeting the target.
Of the 14-member federal cabinet, three are women including Wan Azizah. Campaigners said women are also being sidelined from positions in states like Johor, where only one of 11 state cabinet ministers is female.
The Inter-Parliamentary Union ranks Malaysia 155 out of 188 nations in terms of women’s representation in national legislatures, below less developed Southeast Asian nations such as East Timor, Vietnam and Laos.
Anwar, who is now free after receiving a pardon following the election, is expected to return to politics. Wan Azizah rejected theories she is a seat warmer for her husband.
She pledged to continue her work to break cultural barriers and improve gender equality.
“It’s a slow process,” she said. “It’s going to take some time, with (the help of) some legislation and education.”
Reporting by Beh Lih Yi @behlihyi, Editing by Jared Ferrie. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-women-politics/malaysias-new-deputy-pm-aims-to-be-a-role-model-for-women-idUSKCN1IT1SE |
NEWARK, Calif., May 01, 2018 (GLOBE NEWSWIRE) -- CymaBay Therapeutics, Inc. (Nasdaq:CBAY), a clinical-stage biopharmaceutical company focused on developing therapies for liver and other chronic diseases with high unmet need, today announced that it will host a conference call and live audio webcast on Tuesday, May 8, 2018 at 4:30 p.m. Eastern Time to discuss financial results for the first quarter ended March 31, 2018 and to provide a business update.
Conference Call Details
To access the live conference call, please dial 877-407-0784 from the U.S. and Canada, or 201-689-8560 internationally, Conference ID# 13678369. To access the live and subsequently archived webcast of the conference call, go to the Investors section of the company's website at http://ir.cymabay.com/events .
About CymaBay
CymaBay Therapeutics, Inc. (CBAY) is a clinical-stage biopharmaceutical company focused on developing therapies for liver and other chronic diseases with high unmet medical need. Seladelpar is a potent, selective, orally active PPARδ agonist currently in development for the treatment of patients with primary biliary cholangitis (PBC), an autoimmune liver disease, and with nonalcoholic steatohepatitis (NASH). Two Phase 2 studies of seladelpar established proof of concept in PBC. CymaBay is currently planning to advance development of seladelpar into Phase 3 for PBC and Phase 2 for NASH.
For additional information about CymaBay visit www.cymabay.com .
Contact:
Hans Vitzthum
LifeSci Advisors, LLC
212-915-2568
[email protected]
Source:CymaBay Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-cymabay-to-report-first-quarter-2018-financial-results-on-tuesday-may-8.html |
General Finance Corp:
* ORATION REPORTS THIRD QUARTER RESULTS FOR FISCAL YEAR 2018
* Q3 LOSS PER SHARE $0.06 * Q3 REVENUE $84.4 MILLION VERSUS I/B/E/S VIEW $76.5 MILLION
* Q3 EARNINGS PER SHARE VIEW $-0.06 — THOMSON REUTERS I/B/E/S
* SEES FY 2018 REVENUE $335 MILLION TO $340 MILLION * SAYS NOW EXPECT THAT CONSOLIDATED REVENUES FOR FISCAL YEAR 2018 WILL BE IN RANGE OF $335 MILLION TO $340 MILLION
* SAYS CONSOLIDATED ADJUSTED EBITDA WILL INCREASE BY 39% TO 41% IN FISCAL YEAR 2018 FROM FISCAL YEAR 2017 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-general-finance-corporation-report/brief-general-finance-corporation-reports-third-quarter-results-for-fiscal-year-2018-idUSASC0A0ZL |
PHILADELPHIA, May 30, 2018 /PRNewswire/ -- Neo Lights Holdings, Inc., a renewable energy technology company developing and manufacturing LED technologies, smart sensors and networking systems, with innovative approaches to off-grid and on grid emergency management networked solutions, has completed the acquisition of Simkar Corporation. Simkar is an internationally known manufacturer of lighting products headquartered in Philadelphia, PA.
The combination of Neo Lights Holdings' innovative LED smart technology with off-grid solutions, and Simkar's world-class large scale lighting manufacturing capability, will allow the rapid deployment of new and innovative LED networked design products, as well as traditional lighting products to meet the various needs in the market place.
"We are truly excited about this acquisition. It is in line with our growth strategy and will allow us to expand our current product, and accelerate our LED smart technology into the market place," said Alfred Heyer, CEO of Neo Lights Holdings, Inc. "This is great news for our customers in the commercial, domestic, international, and government markets. We are especially enthusiastic about expanding US-based manufacturing."
The Company is planning to expand its North American manufacturing operations to produce new LED smart technology.
ABOUT NEO LIGHTS HOLDINGS, INC.
Neo Lights Holdings, Inc. is a privately held company headquartered in New York City. Neo Lights Holdings, Inc. is a market leader in new smart LED technology and has innovative new technology in LED sensors, networking, smart technologies, and off-grid technologies for domestic and international customers.
View original content with multimedia: http://www.prnewswire.com/news-releases/neo-lights-holdings-inc-acquires-simkar-corporation-300656786.html
SOURCE Neo Lights Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-neo-lights-holdings-inc-acquires-simkar-corporation.html |
Zuckerberg to testify before EU Parliament today 1 Hour Ago The "Squawk on the Street" crew weighs in on what Facebook CEO Mark Zuckerberg is likely to say when he meets with European lawmakers about protecting privacy rights for users. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/zuckerberg-to-testify-before-eu-parliament-today.html |
Winger Tomas Tatar, who has been scratched from the past three playoff games, could return to the lineup for the Vegas Golden Knights for Game 2 of the Western Conference Finals on Monday.
Mar 30, 2018; Las Vegas, NV, USA; Vegas Golden Knights left wing Tomas Tatar (90) reacts after taking an elbow from St. Louis Blues defenseman Colton Parayko (55) during the third period at T-Mobile Arena. Mandatory Credit: Stephen R. Sylvanie-USA TODAY Sports Tatar, 27, took part in line rushes and worked on the second power-play unit during the team’s morning skate.
Vegas trails the best-of-seven series against the Winnipeg Jets 1-0.
“He’s scored goals in the past and he’s getting a chance here and hopefully he runs with it,” Vegas forward James Neal told NHL.com. “Whether he’s on (the power play) or not, I think he does a great job of getting open and he’s been in that place throughout the year and he has done a good job of putting the puck in the net.”
Tatar was acquired from the Detroit Red wings on Feb. 26 for three draft picks, including a first-round selection in this summer’s draft. However, he has not played since Game 4 of the Western Conference Second Round against the San Jose Sharks on May 2, and has no points in four playoff games.
Tatar did have 34 points (20 goals, 14 assists) in 82 combined games for the Golden Knights and Red Wings during the regular season. That includes six points (four goals, two assists) in 20 games with Vegas.
—Field Level Media
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-icehockey-nhl-vgk-tatar/golden-knights-tatar-may-return-to-lineup-idUSKCN1IG0L7 |
May 27, 2018 / 1:15 PM / Updated 25 minutes ago Living with a volcano means dealing with its goddess Terray Sylvester 3 Min Read
PAHOA, Hawaii (Reuters) - During one of his daily briefings about the relentless eruptions of the Kilauea volcano recently, Hawaii County Mayor Harry Kim noted the day had brought no eruptions, no lava, no ashfalls. A mural of the Hawaiian goddess Pele is depicted on a wall of a local art gallery in Pahoa, Hawaii, U.S., May 25, 2018. REUTERS/Marco Garcia
“Pele has given the grace of quiet to us today,” Kim told residents, both native Hawaiians and those who moved there from abroad, at the Pahoa high school meeting.
He took it for granted they all knew he was talking about the legendary goddess that lives in the Halemaumau crater of Kilauea, which has been almost continuously active since 1983.
Living under one of the world’s most active volcanoes means learning to live with a fickle force of nature, personified by Pele.
Pele oversees “any and all volcanic phenomenon: lava flow, steam, fumes, earthquakes,” says Bobby Camara, a retired Park Ranger at the vast Hawaii Volcanoes National Park, the biggest tourist attraction on Hawaii’s Big Island.
“She is the reason we are here. She made Hawaii,” he says, referring to the fact the Hawaii Islands were formed from undersea volcanic eruptions.
Signs of Pele can be seen everywhere.
Paintings of her in the gift shops and galleries of Pahoa town by the slopes of Kilauea typically portray a women with long, flowing hair in the shape of a volcano, hands cupping a ball of fire or dressed in a fiery garment.
A homage to Pele is usually featured in Hula dance performances on the Big Island.
“Pele’s hair” are wispy strands of glass formed out of the lava fountains erupting from ground fissures in communities around the volcano. The wind has scattered her “hair” far and wide, and can be seen hanging from trees and telephone poles.
She features in Hawaii’s famous Hula dances, including one named Kilauea, with the lyrics:
“At the heights of Kīlauea,
Are seen the fires of the woman.
Pele, the woman, dances,
Surging back and forth.”
Residents of Leilani Gardens, who were evacuated after lava fountains erupted from several fissures there, have placed offerings of flowers and ti leaves, used to make Leis, on the oozing lava flows.
They are allowed back into the neighborhood to check on their homes for a period each day. For some, it’s also a chance to watch the pyrotechnic eruptions.
“This is my second experience of an amazing display of Pele’s power,” says Hannique Ruder, 65, “It’s devastating and beautiful at the same time. We’re all in fear of her power, and yet you have to see the creative force at work here as well.”
Glenn Canon, 61, a retired respiratory therapist, and his wife were also among those evacuated from Leilani Gardens. He’s now planning to move to a rental home in Hilo, far from the volcano.
“We don’t want to leave. We settled in for our retirement and planned to stay right there. It looks like Madame Pele has other plans for us. This is her land and when she wants it back, she’ll take it from us.” A depiction of the Hawaiian goddess Pele is seen hanging on the wall of a local restaurant in Pahoa, Hawaii, U.S., May 25, 2018. REUTERS/Marco Garcia Additional reporting by Jolyn Rosa in Honolulu and Marco Garcia in Pahoa, Hawaii; Writing by Bill Tarrant; Editing by Sandra Maler | ashraq/financial-news-articles | https://in.reuters.com/article/hawaii-volcano-pele/living-with-a-volcano-means-dealing-with-its-goddess-idINKCN1IS0FB |
* U.S. crude inventories rise to 2018 high of 436 mln barrels
* U.S. crude oil production hits record high of 10.62 mln bpd
* Analysts expect U.S. oil production to rise further still
By Henning Gloystein
SINGAPORE, May 3 (Reuters) - Oil prices fell early on Thursday, pulled down by a rise in U.S. crude inventories and record weekly U.S. production, which is countering efforts by producer cartel OPEC to cut supplies and prop up prices.
U.S. West Texas Intermediate (WTI) crude futures were down 28 cents, or 0.4 percent, at $67.65 per barrel at 0004 GMT.
Brent crude oil futures were at $73.04 per barrel, down 32 cents, or 0.4 percent, from their last close.
Prices were pulled down by a report from the U.S. Energy Information Administration (EIA) on Wednesday showing U.S. crude inventories jumped by 6.2 million barrels to 435.96 million barrels C-STK-T-EIA in the week to April 27, marking a 2018 high.
“The (EIA) report showed a much larger than expected crude build for last week as well as an unexpected build in gasoline inventories,” said William O’Loughlin, investment analyst at Australia’s Rivkin Securities.
U.S. oil production also hit a fresh record of 10.62 million barrels per day (bpd), a jump of more than a quarter since mid-2016.
The United States now produces more crude oil than top exporter and OPEC-kingpin Saudi Arabia.
Only Russia currently pumps more oil, at around 11 million bpd.
O’Loughlin said that relatively high oil prices, supported by healthy demand and production cuts by the Organization of the Petroleum Exporting Countries (OPEC) to tighten markets, “are encouraging U.S. shale producers to continue ramping up production.”
Reporting by Henning Gloystein; editing by Richard Pullin
| ashraq/financial-news-articles | https://www.reuters.com/article/global-oil/oil-prices-fall-on-rising-u-s-crude-inventories-record-production-idUSL3N1S96EK |
May 24 (Reuters) - Financial technology company GreenSky’s initial public offering was priced at $23 per share, the higher end of its range, indicating robust demand.
The Atlanta-based company had set a range of $21-$23 per share for around 34.1 million Class A common stock and sold 38 million shares.
The IPO raised $874 million. reut.rs/2INuXCA
Goldman Sachs & Co, J.P. Morgan and Morgan Stanley are among the main underwriting banks on the IPO. (Reporting By Aparajita Saxena in Bengaluru and Joshua Franklin in New York; Editing by Sriraj Kalluvila)
| ashraq/financial-news-articles | https://www.reuters.com/article/greensky-ipo-pricing/fintech-greenskys-upsized-ipo-priced-at-23-per-share-idUSL3N1SV4HJ |
MILPITAS, Calif.--(BUSINESS WIRE)-- FireEye, Inc. (NASDAQ: FEYE) today announced its intention to offer, subject to market conditions and other factors, $525.0 million aggregate principal amount of convertible senior notes due 2024 (the “notes”), in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Act”). FireEye also intends to grant the initial purchasers of the notes a 13-day option to purchase up to an additional $75.0 million aggregate principal amount of the notes.
The notes will be unsecured, senior obligations of FireEye, and interest will be payable semi-annually in arrears. The notes will be convertible into cash, shares of FireEye’s common stock, or a combination thereof, at FireEye’s election. The interest rate, initial conversion rate, repurchase or redemption rights and other terms of the notes are to be determined upon pricing of the offering by negotiations between FireEye and the initial purchasers of the notes.
FireEye expects to use a portion of the net proceeds of the offering of the notes to pay the cost of capped call transactions described below and to use the remaining proceeds of the offering to repurchase, in separate, privately negotiated transactions, a portion of FireEye’s 1.000% Convertible Senior Notes due 2035 (the “1.000% Notes”) concurrently with this offering and for general corporate purposes, including capital expenditures, investments, working capital, retirement of debt securities and potential acquisitions and strategic transactions. FireEye has no definitive agreements with respect to any such acquisitions or transactions at this time.
FireEye expects that holders of the 1.000% Notes that sell their 1.000% Notes to FireEye may enter into and/or unwind various derivative transactions with respect to shares of FireEye’s common stock and/or purchase or sell shares of FireEye’s common stock in the market to hedge their exposure in connection with these transactions. In particular, FireEye expects that many of the holders with whom we negotiate the repurchase of the 1.000% Notes employ a convertible arbitrage strategy with respect to the 1.000% Notes and have a short position with respect to FireEye’s common stock that they would close, through the entry into and/or unwinding of various derivative transactions with respect to shares of FireEye’s common stock and/or purchases of FireEye’s common stock or other securities of FireEye (including the notes, in which case such a holder that employs a convertible arbitrage strategy may additionally sell shares of FireEye’s common stock in connection with such transactions), in connection with FireEye’s repurchase of their 1.000% Notes. This activity could increase (or reduce the size of any decrease in) the market price of FireEye’s common stock or the notes at that time (and any such sale activity could decrease (or reduce the size of any increase in) the market price of FireEye’s common stock or the notes at that time).
In connection with the pricing of the notes, FireEye expects to enter into capped call transactions (the “capped call transactions”) with one or more of the initial purchasers or their respective affiliates and/or other financial institutions (the “hedge counterparties”). The capped call transactions are expected generally to reduce or offset the potential dilution to FireEye’s common stock or offset any cash payments FireEye is required to make in excess of the principal amount of converted notes, as the case may be, upon any conversion of notes with such reduction or offset, as the case may be, subject to a cap based on the cap price. If the initial purchasers exercise their option to purchase additional notes, FireEye intends to enter into additional capped call transactions with the hedge counterparties.
FireEye expects that in connection with establishing their initial hedge of the capped call transactions, the hedge counterparties will purchase shares of FireEye’s common stock and/or enter into various derivative transactions with respect to FireEye’s common stock concurrently with, or shortly after, the pricing of the notes. These activities could increase (or reduce the size of any decrease in) the market price of FireEye’s common stock or the notes at that time. In addition, FireEye expects that the hedge counterparties may modify their hedge positions by entering into or unwinding derivative transactions with respect to FireEye’s common stock and/or by purchasing or selling shares of FireEye’s common stock or other securities of FireEye in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so on each exercise date of the capped call transaction, which may occur during the observation period related to a conversion of the notes, and are scheduled to occur during any observation period relating to any conversion of the notes on or after March 1, 2024). This activity could also cause or avoid an increase or a decrease in the market price of FireEye’s common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of the notes, could affect the amount and value of the consideration that noteholders will receive upon conversion of the notes.
The effect, if any, of any of these transactions and activities on the market price of FireEye’s common stock or the notes will depend in part on market conditions and cannot be ascertained at this time, but any of these activities could also cause or avoid an increase or a decrease in the market price of FireEye’s common stock or the notes, which could affect the ability of holders of the notes to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of the notes, could affect the amount and value of the consideration that holders of the notes will receive upon conversion of the notes.
The notes will be offered to qualified institutional buyers pursuant to Rule 144A under the Act. The notes and the shares of common stock issuable upon conversion of the notes, if any, have not been, and will not be, registered under the Act or the securities laws of any other jurisdiction, and the notes and any such shares may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005505/en/
FireEye, Inc.
Kate Patterson, 408-321-4957
[email protected]
Source: FireEye, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-fireeye-inc-announces-525-point-0-million-convertible-notes-offering.html |
May 8, 2018 / 10:36 AM / Updated 16 minutes ago SE Asia Stocks-Malaysia bounces back ahead of polls; Indonesia falls nearly 2 pct Reuters Staff 4 Min Read * Malaysia rises 1 pct after 4 sessions of decline * Indonesian posts lowest close in nine months * Thailand falls over 1 pct to 3-week closing low May 8 (Reuters) - Malaysian shares rose 1 percent on Tuesday and snapped four straight sessions of decline a day ahead of the general elections, while Indonesian stocks fell nearly 2 percent to their lowest close in nine months. Malaysian Prime Minister Najib Razak and his ruling Barisan Nasional coalition face their toughest general election yet on Wednesday with an unprecedented challenge from Mahathir Mohamad, Najib's former mentor turned opposition leader. The ringgit was near a four-month low on Tuesday. Anything other than improved Barisan Nasional standings pose significant downside risks to the currency, said Mizuho Bank. Financials led the gains on the Malaysian stock index with CIMB and Malayan Banking being the biggest boosts. Malaysian financial markets will be closed on Wednesday for the elections. Indonesian shares fell for a third session in four, a day after data showed the country's economic growth slowed slightly in the first quarter, pressuring the currency. The rupiah extended its fall and hit the lowest since December 2015 on Tuesday. The tepid growth rate could put the central bank in a bind at its May 16-17 policy meeting. Its governor has said the bank could raise rates to halt further rupiah depreciation if that threatened the inflation target or financial stability. "Sluggish growth could limit Bank Indonesia's ability to lift interest rate to restore financial stability," Mizuho Bank said in a note. Telekomunikasi Indonesia was the biggest drag on the index with a fall of 4.7 percent. An index of Indonesia's 45 most liquid stocks closed 2.2 percent lower. Higher Treasury yields and pressured oil prices were other factors impacting emerging markets. "With improving fundamentals, we think extended positioning amid higher U.S. Treasury yields and U.S. dollar were the main drivers (of losses)," Morgan Stanley said in a note. Oil prices fell slightly on Tuesday, a day after hitting 3-1/2-year highs, as investors awaited U.S. President Donald Trump's decision on whether to withdraw the United States from the Iran nuclear deal, a move that could disrupt global oil supply. If Trump pulls the United Sates out of the Iran deal, the heightened geopolitical tension could push up oil prices which would negatively impact currencies of net oil-importing countries such as Indonesia and the Philippines, said Christopher Wong, a senior forex strategist at Maybank. Thai shares declined over 1 percent to a three-week closing low, weighed by energy stocks. PTT, PTT Exploration and Production and PTT Global Chemical fell between 2.2 percent and 4.7 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS: CHANGE ON DAY Market Current Previous close Pct Move Singapore 3543.17 3532.86 0.29 Bangkok 1760.25 1779.8 -1.10 Manila 7577.57 7533.28 0.59 Jakarta 5774.716 5885.098 -1.88 Kuala Lumpur 1846.51 1828.2 1.00 Ho Chi Minh 1060.45 1062.26 -0.17 Change on year Market Current End 2017 Pct Move Singapore 3543.17 3402.92 4.12 Bangkok 1760.25 1753.71 0.37 Manila 7577.57 8558.42 -11.46 Jakarta 5774.716 6355.654 -9.14 Kuala Lumpur 1846.51 1796.81 2.77 Ho Chi Minh 1060.45 984.24 7.74 (Reporting by Susan Mathew in Bengaluru; Editing by Subhranshu Sahu) | ashraq/financial-news-articles | https://www.reuters.com/article/southeast-asia-stocks/se-asia-stocks-malaysia-bounces-back-ahead-of-polls-indonesia-falls-nearly-2-pct-idUSL3N1SF3XP |
May 18 (Reuters) - IAG CEO speaking to Reuters in Dublin:
* CEO SAYS STILL IN TALKS WITH AIRBUS, BOEING ON AIRCRAFT FOR LOW-COST CARRIER ‘LEVEL’
* CEO SAYS LOW-COST UNIT ‘LEVEL’ IS GOING TO GROW, IT’S JUST A QUESTION OF HOW FAST AND WHAT SIZE Further company coverage: (Reporting By Victoria Bryan)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-iag-says-in-talks-on-wide-body-jet/brief-iag-says-in-talks-on-wide-body-jets-for-low-cost-unit-level-idUSL5N1SP3RJ |
May 28, 2018 / 10:45 AM / Updated 2 hours ago Kremlin - permanent U.S. military presence in Poland bad for security Reuters Staff 1 Min Read
MOSCOW (Reuters) - The Kremlin said on Monday that gradual NATO military expansion towards its borders did not improve security or stability in Europe as it commented on media reports Poland is seeking to secure a permanent U.S. military presence on its territory. Kremlin spokesman Dmitry Peskov attends a news conference of Russian President Vladimir Putin and his French counterpart Emmanuel Macron in St. Petersburg, Russia May 24, 2018. REUTERS/Grigory Dukor
“When we see the gradual expansion of NATO military structures towards our borders..., this of course in no way creates security and stability on the continent,” Dmitry Peskov told reporters on a conference call on Monday. Reporting by Tom Balmforth; Editing by Maria Kiselyova | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-russia-poland-nato-kremlin/kremlin-permanent-u-s-military-presence-in-poland-bad-for-security-idUKKCN1IT0W3 |
May 4, 2018 / 10:05 PM / in 13 hours U.S. lawmakers set $717 billion defence bill with eye on China, Russia, Turkey Patricia Zengerle 3 Min Read
WASHINGTON (Reuters) - U.S. House of Representatives lawmakers released details on Friday of a $717 billion (£530.2 billion) annual defence policy bill, including efforts to compete with Russia and China and a measure to temporarily halt weapons sales to Turkey. FILE PHOTO: A Terminal High Altitude Area Defense (THAAD) interceptor is launched from the Pacific Spaceport Complex Alaska during Flight Experiment THAAD (FET)-01 in Kodiak, Alaska, U.S. on July 30, 2017. Picture taken on July 30, 2017. Courtesy Leah Garton/Missile Defense Agency/Handout via REUTERS
The House Armed Services Committee is due to debate next week the annual National Defense Authorization Act (NDAA), which authorizes the level of defence spending and sets policies controlling how the funding is used.
One of the few pieces of major legislation passed by Congress every year, the NDAA is used as a vehicle for a broad range of policy measures, as well as determining everything from military pay levels and benefits to which ships or aircraft will be modernized, purchased or discontinued.
The committee will not release the bill itself until next week, but Republicans, who control the panel, and the minority Democrats, each released summaries.
On Russia, the proposed NDAA for fiscal year 2019 includes provisions such as imposing new sanctions on Russia’s arms industry in response to treaty violations, prohibiting military-to-military cooperation and providing more funding for cyber warfare.
But it also includes a rule, backed by President Donald Trump’s fellow Republicans, that would allow Trump to end some sanctions imposed on Russia in legislation Congress passed overwhelmingly last summer despite the president’s objections.
On China, the proposed NDAA includes provisions including improving Taiwan’s defence capabilities and barring any U.S. government agency from using “risky” technology produced by Huawei Technologies [HWT.UL] and ZTE Corp ( 000063.SZ ), which a committee statement describes as “linked to the Chinese Communist Party’s intelligence apparatus.”
Washington has recently made a series of moves aimed at stopping or reducing access by Huawei and ZTE to the U.S. economy amid allegations the telecommunications equipment companies could be using their technology to spy on Americans.
The legislation would also ask the Defense Department to provide Congress with a report on the relationship between the United States and Turkey, and would block the sale of major defence equipment until the report was complete.
Although Turkey is a NATO ally, relations between Ankara and Washington recently have deteriorated. Turkey supported the U.S. fight against Islamic State, but has become increasingly worried about U.S. backing for Kurdish fighters in Syria.
The NDAA is several steps from becoming law. The final version of the legislation will be a compromise reached later this year by House and Senate negotiators between separate versions of the bill approved in the two chambers. Reporting by Patricia Zengerle, editing by G Crosse | ashraq/financial-news-articles | https://in.reuters.com/article/usa-defense-congress/u-s-lawmakers-set-717-billion-defence-bill-with-eye-on-china-russia-turkey-idINKBN1I52LR |
NEW YORK, May 15 (Reuters) - JPMorgan Chase & Co shareholders on Tuesday voted to reelect all directors on the bank’s board at its annual shareholder meeting in Plano, Texas, with each director receiving at least 88 percent of the vote.
Shareholders also voted to approve bank Chief Executive Officer Jamie Dimon’s compensation, with 93 percent voting yes.
During a wide ranging question-and-answer session, Dimon told shareholders the bank would review investments in private prisons and an oil drilling project in the Amazon rainforest. (Reporting By Elizabeth Dilts; Editing by Meredith Mazzilli)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/jpmorgan-agm/jpmorgan-shareholders-reelect-entire-board-at-annual-meeting-idUSL2N1SM14P |
LONDON, May 17 (Reuters) - British online supermarket Ocado said U.S. retailer Kroger had agreed an exclusive deal to use its technology for grocery deliveries.
The U.S. company will take a 5 percent stake in Ocado as part of the deal, Ocado said on Thursday. (Reporting by Paul Sandle; editing by Costas Pitas)
| ashraq/financial-news-articles | https://www.reuters.com/article/ocado-group-contract-kroger/u-s-grocer-kroger-signs-deal-to-use-ocados-home-delivery-tech-idUSFWN1SO06H |
May 2 (Reuters) - Solco Biomedical Co Ltd :
* Says it plans to buy 350,000 shares of Bionet Co., Ltd, a patient monitoring systems and device firm, for 1.75 billion won
* It will hold a 16.6 percent stake(350,000 shares) in target company after transaction
Source text in Korean : goo.gl/sz6at4
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-solco-biomedical-to-buy-166-pct-st/brief-solco-biomedical-to-buy-16-6-pct-stake-in-bionet-idUSL3N1S92HJ |
May 27, 2018 / 10:35 PM / Updated 27 minutes ago Golf-Rose triumphs at Colonial for ninth PGA Tour win Frank Pingue 3 Min Read
May 27 (Reuters) - Justin Rose used a blistering start to cruise to his second win of the PGA Tour season with a three-shot victory at the Fort Worth Invitational in Texas on Sunday.
The Englishman, who began the day with a four-stroke lead, fired six front-nine birdies en route to a six-under-par 64 at Colonial Country Club that left him one shot off the tournament record score of 21-under 259 set by Zach Johnson in 2010.
With the victory, Rose tied Nick Faldo for the most PGA Tour wins by an Englishman post-World War Two, with nine.
“I am delighted the way I played this week,” said Rose, who played the course for the first time in eight years. “I haven’t played this venue in a while but to win on a golf course like Colonial I couldn’t be more proud.”
Olympic champion Rose had a chance to equal Johnson’s record score but failed to convert his 23-foot par attempt at the last, where he carded his second bogey of the day.
U.S. Open champion Brooks Koepka, who started the final round in a share of second place with Argentine Emiliano Grillo (64), finished alone in the runner-up spot after going one better than playing competitor Rose with a seven-under 63.
Grillo birdied two of the final three holes to finish in third place, four shots behind Rose while sizzling American Kevin Na finished a further two shots back in fourth place after he set a course record with a bogey-free, nine-under 61.
Rose, whose first win this season came at last October’s World Golf Championships-HSBC Champions in Shanghai, got off to a fast start with consecutive birdies to open his round before settling for a bogey at the par-four third where he failed to convert an 11-foot birdie putt.
But that did little to take the wind from the former U.S. Open champion’s sails as he birdied four of the final five holes on the front nine before adding another pair at the 11th and 15th holes.
Despite the solid outing, Rose said he still felt he had work to do before next month’s U.S. Open at Shinnecock Hills, where he will seek his second career major.
“This week was a big step in the right direction, taking the range game to the golf course,” said Rose. “There is always a little bit of a lag effect, you know you see your progress on the range long before you see it on the golf course.
“This week it came for me but there is still more work to be done.” (Reporting by Frank Pingue in Toronto; Editing by Clare Fallon) | ashraq/financial-news-articles | https://in.reuters.com/article/golf-ftworth/golf-rose-triumphs-at-colonial-for-ninth-pga-tour-win-idINL3N1SY0MU |
NEW YORK, May 01, 2018 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (SIGA) (NASDAQ:SIGA), a health security company specializing in the development and commercialization of solutions for serious unmet medical needs and biothreats, today announced that Nasdaq has halted trading of the company’s common stock; the U.S. Food and Drug Administration (FDA) Antimicrobial Drugs Advisory Committee has a scheduled meeting to evaluate the company’s lead product, TPOXX®, an oral small molecule antiviral treatment for smallpox. The panel, comprised of independent medical experts, will consider whether the benefits of TPOXX outweigh its risks.
“We look forward to presenting our comprehensive data package that we believe demonstrates the benefits of TPOXX.” said Dr. Phil Gomez, Chief Executive Officer of SIGA Technologies, Inc. “The support of the independent medical experts that comprise the advisory committee panel would provide valuable additional feedback reflecting the strength of our application for TPOXX.”
The FDA has previously announced that its target final action date for the oral TPOXX NDA is August 8, 2018.
ABOUT SIGA TECHNOLOGIES, INC. and TPOXX®
SIGA Technologies, Inc. is a company specializing in the development and commercialization of solutions for serious unmet medical needs and biothreats. The company’s lead product is TPOXX®, also known as tecovirimat and ST-246®, an orally administered and IV formulation antiviral drug that targets orthopoxvirus infections. While TPOXX is not yet approved as safe and effective by the U.S. Food & Drug Administration, it is a novel small-molecule drug of which 2 million courses have been delivered to the Strategic National Stockpile under Project BioShield. For more information about SIGA, please visit www.siga.com .
About Smallpox 1
Smallpox is a contagious, disfiguring and often deadly disease that has affected humans for thousands of years. Naturally occurring smallpox was eradicated worldwide by 1980, the result of an unprecedented global immunization campaign. Samples of smallpox virus have been kept for research purposes. This has led to concerns that smallpox could someday be used as a biological warfare agent. No cure or treatment for smallpox exists. A vaccine can prevent smallpox, but the risk of the vaccine's side effects is too high to justify routine vaccination for people at low risk of exposure to the smallpox virus.
1 http://www.mayoclinic.org/diseases-conditions/smallpox/basics/definition/con-20022769
FORWARD-LOOKING STATEMENTS
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements relating to the submission and approval of TPOXX® by the FDA. Such forward-looking statements are subject to various known and unknown risks and uncertainties, and SIGA cautions you that any forward-looking information provided by or on behalf of SIGA is not a guarantee of future performance. More detailed information about SIGA and risk factors that may affect the realization of forward-looking statements, including the forward-looking statements in this press release, is set forth in SIGA's filings with the Securities and Exchange Commission, including SIGA's Annual Report on Form 10-K for the fiscal year ended December 31, 2016, and in other documents that SIGA has filed with the SEC. SIGA urges investors and security holders to read those documents free of charge at the SEC's web site at http://www.sec.gov . Interested parties may also obtain those documents free of charge from SIGA. Forward-looking statements are current only as of the date on which such statements were made, and except for our ongoing obligations under the United States of America federal securities laws, we undertake no obligation to update publicly any forward-looking statements whether as a result of new information, future events, or otherwise.
Contacts
Lazar Partners
Investors
David Carey
212-867-1768
[email protected]
Media
Glenn Silver
646-871-8485
[email protected]
Source:SIGA Technologies Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-siga-technologies-stock-trading-halted-today-fda-advisory-committee-is-scheduled-to-review-new-drug-application-of-tpoxxa.html |
May 8, 2018 / 5:09 AM / in 8 minutes African Markets - Factors to watch on May 8 Reuters Staff 5 Min Read The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday. - - - - - EVENTS: *Mauritius, Tanzania and Seychelles releases latest inflation data for April GLOBAL MARKETS Oil prices eased slightly on Tuesday, a day after hitting 3-1/2 year highs, as investors braced for 's decision on whether to withdraw the United States from the Iran nuclear deal, a move that could disrupt global oil supply. WORLD OIL PRICES Oil prices retreated from 3-1/2 year highs on Tuesday as investors waited on an announcement by on whether the United States will reimpose sanctions on Iran. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa's rand weakened on Monday, tracking the euro and other emerging market currencies as the dollar's recent rally was reignited by renewed bets of higher lending rates. NIGERIA POLITICS Nigerian President Muhammadu Buhari will travel to Britain to see his doctor, he said on Monday in a surprise announcement that could renew concern about whether he is well enough to run for a second term at an election next year. NIGERIA SECURITY Nigeria's military said on Monday it had helped to rescue more than 1,000 people held by Islamist militant group Boko Haram in the northeast of the country. KENYA MARKETS The Kenyan shilling was stable against the dollar on Monday but was expected to ease due to demand from multinational companies buying dollars to repatriate dividends, traders said. KENYA BUDGET Kenya's budget deficit is expected to drop to 5.7 percent of GDP in the 2018/19 (July-June) fiscal year from 7.2 percent this fiscal year, estimates sent to parliament by the Treasury showed on Monday. KENYA TELECOMS America Tower Corporation will acquire Telkom Kenya's transmission towers in a deal expected to be concluded in the second half of this year, allowing Telkom to invest in its internet network, the two companies said on Monday. ETHIOPIA AIRLINES Even by its own standards, Ethiopian Airlines' [RIC:RIC:ETHA.UL] recent growth has been fast -- so fast that it revised the ambitious 15-year strategy set in 2010 and plans to buy more planes to step up its expansion. SOMALIA SECURITY The Islamist militant group al Shabaab has killed nine Kenyan soldiers in Somalia, Kenyan President Uhuru Kenyatta said on Monday. RWANDA FLOODS Landslides caused by heavy rains killed at least 18 people in Rwanda's Northern and Western province over the weekend, pushing the death toll since January to more than 200, a government official said. COCOA IVORY COAST Successes in the battle to reduce plant-eating caterpillars gave a boost to Ivory Coast's April-to-September cocoa mid-crop last week, though a lack of rain tempered optimism, farmers said. ZAMBIA MINING Zambia concluded audits of mining companies that prompted the nation to slap Canadian miner First Quantum Minerals with a tax bill of over 76.5 billion Zambian kwacha ($8 billion), its revenue authority said on Monday. ZIMBABWE MINING A Zimbabwean mining company is considering upgrading a local nickel refinery to produce battery grade lithium or alternatively build a new lithium carbonate plant at a cost of up to $150 million, its managing director said on Monday. BURKINA FASO IMF Burkina Faso's economy is on track to grow by around 6 percent this year, in line with the last two years' average, the International Monetary Fund said in a statement on Monday. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on | ashraq/financial-news-articles | https://www.reuters.com/article/africa-factors/african-markets-factors-to-watch-on-may-8-idUSL8N1SF0D6 |
BERLIN (Reuters) - Germany plans to make it more difficult for farmers to use agrochemicals that protect plants from insects in a bid to preserve biodiversity, an environment ministry document showed.
“Insect biomass has fallen by more than 75 percent in the last 27 years in Germany,” according to the paper seen by Reuters on Wednesday, saying the main factor was the disproportionate use of weed-killer and pesticide.
The ministry, led by the Social Democrats (SPD) who share power with Chancellor Angela Merkel’s conservatives, also said it planned to increase the proportion of farmed land that would have to adhere to environmental stipulations.Conditions for fertilizer use should be extended, including making subsidies dependent on using insect-friendly chemicals, the ministry paper said.
The move to make it more difficult to get a permit to use agrochemicals follows plans drawn up by conservative Agriculture Minister Julia Kloeckner to limit the use of weed-killer glyphosate, made by Monsanto in agriculture.
Germany has also backed EU plans to ban neonicotinoids, insecticides that studies show can harm honey bees.
Reporting by Hans-Edzard Busemann; Writing by Madeline Chambers; Editing by Edmund Blair
| ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-environment/germany-plans-to-toughen-conditions-for-insecticide-use-idUSKBN1I31FZ |
SAN FRANCISCO, May 10, 2018 /PRNewswire/ -- Castlight Health, Inc. (NYSE:CSLT), a leading health benefits platform provider, today announced results for its first quarter ended March 31, 2018.
"We launched a record number of new customers in the first quarter, including more than twenty on Engage, our first product that combines wellbeing and care guidance functionality into a single user experience," said John Doyle, chief executive officer of Castlight Health. "With the solid start to the year, we are pleased to be reiterating our 2018 outlook."
Financial performance for the three months ended March 31, 2018 compared to the three months ended March 31, 2017 includes:
GAAP total revenue of $36.5 million, representing an increase of 32% GAAP gross margin of 59.0%, compared to 70.9% Non-GAAP gross margin of 63.0% compared to 73.7% GAAP operating loss of $14.6 million for both quarters Non-GAAP operating loss of $7.7 million, compared to a loss of $5.3 million GAAP net loss per basic and diluted share of $0.11, compared to a net loss per basic and diluted share of $0.14 Non-GAAP net loss per basic and diluted share of $0.06, compared to a net loss per basic and diluted share of $0.05 Cash used in operations of $19.0 million, compared to $10.9 million
Total cash, cash equivalents and marketable securities was $74.6 million as of March 31, 2018.
The financial performance of Jiff, Inc., which Castlight acquired on April 3, 2017, is not included in the metrics for first quarter ended March 31, 2017. A reconciliation of GAAP to non-GAAP results has been provided in this press release in the accompanying tables. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."
Castlight adopted the new accounting standard ASC 606, effective January 1, 2018, and used the full retrospective method of adoption. As such, all historical financial information has been adjusted to reflect the impact of adoption of ASC 606. For more information, please refer to a supplemental presentation available on the company's investor relations website at http://ir.castlighthealth.com .
Business Outlook
The Company is reiterating its previously-issued 2018 outlook. For the full year 2018, the Company expects:
GAAP revenue in the range of $150 million to $155 million Non-GAAP operating loss in the range of $15 million to $20 million Non-GAAP net loss per share of approximately $0.11 to $0.15 based on approximately 137 million to 138 million shares
Quarterly Conference Call
Castlight Health senior management will host a conference call to discuss its first quarter 2018 results and business outlook today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). A live audio webcast of the conference call, together with detailed financial information, can be accessed through the company's Investor Relations website at http://ir.castlighthealth.com . An archive of the webcast can also be accessed through the same link. The live conference call can be accessed by dialing (866) 393-4306 and the replay will be available for one week at (855) 859-2056. The conference ID number for the live call and replay is 5669898.
About Castlight Health
Castlight is on a mission to make it as easy as humanly possible to navigate healthcare and live happier, healthier, more productive lives. Our health navigation platform connects with hundreds of health vendors, benefits resources, and plan designs, giving rise to the world's first comprehensive app for all health needs. We guide individuals - based on their unique profile - to the best resources available to them, whether they are healthy, chronically ill, or actively seeking medical care. In doing so, we help companies regain control over rising healthcare costs and get more value from their benefits investments. Castlight revolutionized the healthcare sector with the introduction of data-driven price transparency tools in 2008 and the first consumer-grade wellbeing platform in 2012. Today, Castlight serves as the health navigation platform for millions of people and is a trusted partner to many of the largest employers in the world.
For more information visit www.castlighthealth.com . Follow us on Twitter and LinkedIn and Like us on Facebook .
Non-GAAP Financial Measures
To supplement Castlight Health's financial statements presented in accordance with generally accepted accounting principles (GAAP), we also use and provide investors and others with non-GAAP measures of certain components of financial performance, including non-GAAP gross profit and margin, non-GAAP operating expense, non-GAAP operating loss, non-GAAP other income, net, non-GAAP net loss and non-GAAP net loss per share. Non-GAAP gross profit and margin, non-GAAP operating expense, non-GAAP operating loss, non-GAAP other income, net and non-GAAP net loss exclude stock-based compensation, litigation settlement, amortization of intangibles, capitalization and amortization of internal-use software, loss on sublease, gain on sale of investment in related party, expense related to expiration of SAP warrant, changes in fair value of contingent consideration liability, and charges related to the acquisition of Jiff and the associated tax impact of these items, where applicable.
We believe that these non-GAAP financial measures provide useful supplemental information to investors and others, facilitate the analysis of the company's core operating results and comparison of operating results across reporting periods, and can help enhance overall understanding of the company's historical financial performance.
We have provided a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure, except that we have not reconciled our non-GAAP operating loss and net loss per share guidance for the full year 2018 to comparable GAAP operating loss and net loss per share guidance because we do not provide guidance for stock-based compensation expense, and capitalization and amortization of internal-use software, which are reconciling items between GAAP and non-GAAP operating loss. The factors that may impact our future stock-based compensation expense, and capitalization and amortization of internal-use software are out of our control and/or cannot be reasonably predicted, and therefore we are unable to provide such guidance without unreasonable effort. Factors include our market capitalization and related volatility of our stock price and our inability to project the cost or scope of internally produced software.
These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, measures prepared in accordance with GAAP.
Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore comparability may be limited. Castlight Health encourages investors and others to review the company's financial information in its entirety and not rely on a single financial measure.
Safe Harbor For Forward-Looking Statements
This press release contains forward-looking statements about Castlight Health's expectations, plans, intentions, and strategies, including, but not limited to, statements regarding Castlight Health's 2018 full year projections, our expectations for our future business and financial performance. Statements including words such as "anticipate," "believe," "estimate," "will," "continue," "expect," or "future," and statements in the future tense are forward-looking statements. These forward-looking statements involve risks and uncertainties, as well as assumptions, which, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties include those described in Castlight Health's documents filed with or furnished to Commission. All forward-looking statements in this press release are based on information available to Castlight Health as of the date hereof. Castlight Health assumes no obligation to update these forward-looking statements.
Copyright 2018 Castlight Health, Inc. Castlight Health ® is the registered trademark of Castlight Health, Inc. Other company and product names may be trademarks of the respective companies with which they are associated.
CASTLIGHT HEALTH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
As of
March 31,
2018
December 31,
2017
(as adjusted) (1)
Assets
Current assets:
Cash and cash equivalents
$
48,174
$
61,319
Marketable securities
26,433
32,025
Accounts receivable and other, net
33,129
21,933
Prepaid expenses and other current assets
3,632
3,991
Total current assets
111,368
119,268
Property and equipment, net
4,791
5,263
Restricted cash, non-current
1,325
1,325
Deferred commissions
25,830
27,512
Deferred professional service costs
12,318
12,480
Intangible assets, net
19,111
20,253
Goodwill
91,785
91,785
Other assets
2,150
1,997
Total assets
$
268,678
$
279,883
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$
5,549
$
3,907
Accrued expenses and other current liabilities
12,473
13,178
Accrued compensation
7,551
13,941
Deferred revenue
30,050
25,985
Total current liabilities
55,623
57,011
Deferred revenue, non-current
3,575
4,457
Debt, non-current
4,648
4,958
Other liabilities, non-current
2,594
1,900
Total liabilities
66,440
68,326
Stockholders' equity
202,238
211,557
Total liabilities and stockholders' equity
$
268,678
$
279,883
(1)
Prior-period information has been adjusted for the adoption of ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606), which we adopted in the first quarter of 2018.
CASTLIGHT HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three Months Ended March 31,
2018
2017
(as adjusted) (1)
Revenue:
Subscription
$
32,989
$
25,897
Professional services and other
3,490
1,806
Total revenue, net
36,479
27,703
Cost of revenue:
Cost of subscription (2)
9,174
4,246
Cost of professional services and other (2)
5,769
3,809
Total cost of revenue
14,943
8,055
Gross profit
21,536
19,648
Operating expenses:
Sales and marketing (2)
13,912
14,145
Research and development (2)
15,371
11,071
General and administrative (2)
6,825
8,998
Total operating expenses
36,108
34,214
Operating loss
(14,572)
(14,566)
Other income, net
128
192
Net loss
$
(14,444)
$
(14,374)
Net loss per share, basic and diluted
$
(0.11)
$
(0.14)
Weighted-average shares used to compute basic and diluted net loss per share
134,994
104,935
(1)
Prior-period information has been adjusted for the adoption of ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606), which we adopted in the first quarter of 2018.
(2) Includes stock-based compensation expense as follows:
Three Months Ended March 31,
2018
2017
(as adjusted)
Cost of revenue:
Cost of subscription
$
242
$
127
Cost of professional services and other
301
246
Sales and marketing
1,138
2,154
Research and development
1,654
1,790
General and administrative
1,257
1,295
CASTLIGHT HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
Three Months Ended March 31,
2018
2017
(as adjusted) (1)
Operating activities:
Net loss
$
(14,444)
$
(14,374)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
1,860
698
Stock-based compensation
4,592
5,612
Amortization of deferred commissions
2,853
1,933
Amortization of deferred professional service costs
946
887
Loss on sublease
916
—
Accretion and amortization of marketable securities
(131)
64
Changes in operating assets and liabilities:
Accounts receivable and others, net
(11,196)
(1,691)
Deferred commissions
(1,171)
(557)
Deferred professional service costs
(742)
(852)
Prepaid expenses and other assets
206
(1,183)
Accounts payable
1,783
177
Accrued expenses and other liabilities
(7,627)
(4,755)
Deferred revenue
3,183
3,129
Net cash used in operating activities
(18,972)
(10,912)
Investing activities:
Purchase of property and equipment
(388)
(166)
Purchase of marketable securities
(10,025)
(16,007)
Maturities of marketable securities
15,750
34,799
Net cash provided by investing activities
5,337
18,626
Financing activities:
Proceeds from the exercise of stock options
490
374
Payments of issuance costs related to equity
—
(612)
Net cash provided by (used in) financing activities
490
(238)
Net (decrease) increase in cash, cash equivalents and restricted cash
(13,145)
7,476
Cash, cash equivalents and restricted cash at beginning of period
62,644
49,866
Cash, cash equivalents and restricted cash at end of period
$
49,499
$
57,342
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents
$
48,174
$
56,198
Restricted cash
1,325
1,144
Total cash, cash equivalents and restricted cash
$
49,499
$
57,342
(1)
Prior-period information has been adjusted for the adoption of ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606), which we adopted in the first quarter of 2018, and ASU No. 2016-18, Statement of Cash Flows, Restricted Cash (ASC 230), which we adopted in the fourth quarter of 2017.
CASTLIGHT HEALTH, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(unaudited)
Three Months Ended
March 31,
2018
December 31,
2017
March 31, 2017
(as adjusted) (1)
(as adjusted) (1)
Gross profit:
GAAP gross profit subscription
$
23,815
$
25,376
$
21,651
Stock-based compensation
242
250
127
Amortization of internal-use software
219
236
244
Amortization of intangibles
678
751
—
Non-GAAP gross profit subscription
$
24,954
$
26,613
$
22,022
GAAP gross margin subscription
72.2
%
75.3
%
83.6
%
Non-GAAP gross margin subscription
75.6
%
78.9
%
85.0
%
GAAP gross loss professional services
$
(2,279)
$
(1,532)
$
(2,003)
Stock-based compensation
301
228
246
Acquisition related costs
—
—
147
Non-GAAP gross loss professional services
$
(1,978)
$
(1,304)
$
(1,610)
GAAP gross margin professional services
(65.3)%
(44.0)%
(111)%
Non-GAAP gross margin professional services
(56.7)%
(37.4)%
(89.1)%
GAAP gross profit
$
21,536
$
23,844
$
19,648
Impact of non-GAAP adjustments
1,440
1,465
764
Non-GAAP gross profit
$
22,976
$
25,309
$
20,412
GAAP gross margin
59.0
%
64.1
%
70.9
%
Non-GAAP gross margin
63.0
%
68.0
%
73.7
%
Operating expense:
GAAP sales and marketing
$
13,912
$
14,149
$
14,145
Stock-based compensation
(1,138)
(1,960)
(2,154)
Amortization of intangibles
(448)
(448)
—
Acquisition related costs
—
—
(405)
Non-GAAP sales and marketing
$
12,326
$
11,741
$
11,586
GAAP research and development
$
15,371
$
14,428
$
11,071
Stock-based compensation
(1,654)
(1,740)
(1,790)
Loss on sublease
(916)
—
—
Acquisition related costs
—
—
(267)
Non-GAAP research and development
$
12,801
$
12,688
$
9,014
GAAP general and administrative
$
6,825
$
2,754
$
8,998
Stock-based compensation
(1,257)
(1,368)
(1,295)
Litigation settlement
—
—
(250)
Amortization of intangibles
(17)
(17)
—
Change in fair value of contingent consideration liability
—
3,959
—
Acquisition related costs
—
(58)
(2,340)
Non-GAAP general and administrative
$
5,551
$
5,270
$
5,113
GAAP operating expense
$
36,108
$
31,331
$
34,214
Impact of non-GAAP adjustments
(5,430)
(1,632)
(8,501)
Non-GAAP operating expense
$
30,678
$
29,699
$
25,713
Operating loss:
GAAP operating loss
$
(14,572)
$
(7,487)
$
(14,566)
Impact of non-GAAP adjustments
6,870
3,097
9,265
Non-GAAP operating loss
$
(7,702)
$
(4,390)
$
(5,301)
Other income, net:
GAAP other income, net
$
128
$
330
$
192
Gain on sale of investment in related party
—
(1,375)
—
Expense related to expiration of SAP warrant
—
1,132
—
Non-GAAP other income, net
$
128
$
87
$
192
Net loss and net loss per share:
GAAP net loss
$
(14,444)
$
(7,157)
$
(14,374)
Total pre-tax impact of non-GAAP adjustments
6,870
2,854
9,265
Income tax impact of non-GAAP adjustments
—
—
—
Non-GAAP net loss
$
(7,574)
$
(4,303)
$
(5,109)
GAAP net loss per share, basic and diluted
$
(0.11)
$
(0.05)
$
(0.14)
Non-GAAP net loss per share, basic and diluted
$
(0.06)
$
(0.03)
$
(0.05)
Shares used in basic and diluted net loss per share computation
134,994
134,018
104,935
(1)
Prior-period information has been adjusted for the adoption of ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606), which we adopted in the first quarter of 2018.
Castlight Media Contact:
Shannon Magill
[email protected]
415-829-1500
Castlight Investor Contact:
Gary J. Fuges, CFA
[email protected]
415-829-1680
View original content with multimedia: http://www.prnewswire.com/news-releases/castlight-health-announces-first-quarter-2018-results-300646591.html
SOURCE Castlight Health, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-castlight-health-announces-first-quarter-2018-results.html |
LONDON (Thomson Reuters Foundation) - Businesses in Britain that turn a blind eye to worker abuses and modern slavery within their supply chains should be named and shamed and hit with tougher punishments, from heavy fines to prosecutions, a state-backed labor watchdog said on Wednesday.
Anti-slavery enforcers must use police-style powers granted last year to tackle all forms of workplace exploitation, and the government should chase more prosecutions of unscrupulous employers, said the Director of Labor Market Enforcement (LME).
Big brands should be forced to take joint responsibility for abuses in their supply chains, said David Metcalf, who was appointed last year to oversee agencies that enforce employment rights as part of a crackdown on workplace exploitation.
“Failure to correct the infringements within a given timeframe ... could result in public naming of both the brand name and supplier,” he said in a report on the LME’s strategy.
Britain’s business ministry said it would not accept any illegal behavior from bosses who exploit their workers.
“We are already cracking down on irresponsible company directors and boosting protections for workers,” Britain’s business minister Andrew Griffiths said in a statement.
Regarded as a global leader in the drive to end slavery, Britain passed the Modern Slavery Act in 2015 to crack down on traffickers, force businesses to check their supply chains for forced labor, and protect people at risk of being enslaved.
At least 13,000 people are estimated to be slaves in Britain - forced to work in car washes, nail bars, brothels and homes - but police say the true figure may be in the tens of thousands.
Slavery in car washes will be investigated by parliament, lawmakers said last month, amid concerns that more people are being enslaved with unregulated sites popping up across Britain.
Licensing of hand car washes and nail bars by Britain’s anti-slavery body should be trialed to tackle the threat of human trafficking and worker exploitation, according to the LME.
The watchdog also called for greater funding for the government’s main employment enforcement agency - the Employment Agency Standards Inspectorate (EAS) - to carry out inspections.
“The (EAS) is critically underfunded, with just one inspector per 100,000 workers,” Caroline Robinson, director of the UK-based anti-trafficking charity Focus on Labor Exploitation (FLEX), told the Thomson Reuters Foundation.
Across all of its agencies, Britain has only four labor inspectors per 100,000 workers - half of the number in Poland and a third of those in Norway - according to research by FLEX.
Reporting By Kieran Guilbert, Editing by Katy Migiro. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-slavery-business/uk-must-shame-firms-that-fail-to-tackle-worker-abuse-and-slavery-watchdog-idUSKBN1IA2NP |
May 31, 2018 / 1:08 PM / a few seconds ago Golar LNG unwinds joint venture with Schlumberger Reuters Staff 2 Min Read
LONDON, May 31 (Reuters) - Golar LNG said on Thursday it would wind down its joint venture with Schlumberger , called OneLNG, which had been involved in the development of the Fortuna LNG project with Ophir in Equatorial Guinea.
* Golar said despite an agreed development plan and extensive efforts in the last 12 months by OneLNG and Ophir management, it has not been possible to finalise an attractive debt financing package.
* This, together with other capital and resource priorities, resulted in a decision from Schlumberger to end their participation in the project.
* Based on the structure of the BP project, Golar and Schlumberger plan to wind down OneLNG and work on Fortuna LNG projects as required on a case-by-case basis.
* Efforts to find the optimum capital structure that maximizes value for all Fortuna LNG project stakeholders, including the government of Equatorial Guinea, continue.
* No guarantee can be given that attractive financing for the project can be achieved and Golar does not intend to provide any further market updates before any possible financing alternative is fully committed. (Reporting by Sabina Zawadzki Editing by Edmund Blair) | ashraq/financial-news-articles | https://www.reuters.com/article/lng-golar-fortuna/golar-lng-unwinds-joint-venture-with-schlumberger-idUSL5N1T246J |
SOUTH SAN FRANCISCO, Calif., May 08, 2018 (GLOBE NEWSWIRE) -- Atara Biotherapeutics, Inc. (Nasdaq:ATRA), a leading off-the-shelf, allogeneic T-cell immunotherapy company developing novel treatments for patients with cancer, autoimmune and viral diseases, today reported financial results for the first quarter of 2018 and recent operational highlights.
“During the first quarter of 2018, we continued to advance our T-cell immunotherapy pipeline and platform,” said Isaac Ciechanover, M.D., Chief Executive Officer and President of Atara Biotherapeutics. “Our two Phase 3 pivotal studies of tab-cel™ are progressing, and we remain focused on building Atara’s global commercial and operational capabilities in anticipation of the first tab-cel™ Phase 3 results and submission of an EU conditional marketing authorization application in the first half of 2019. We are also excited to have recently expanded our collaboration with Memorial Sloan Kettering Cancer Center to develop next generation chimeric antigen receptor T cell (CAR T) technologies, marking our entry into genetically engineered T-cells and furthering our leadership position in off-the-shelf, allogeneic T-cell immunotherapy. I am pleased with our strong operational and strategic execution in the first quarter and look forward to both continuing this momentum and updating you on our progress throughout the rest of the year.”
Recent Highlights and Anticipated Upcoming Milestones
Two Phase 3 clinical studies are underway (MATCH and ALLELE) to evaluate tab-cel™ (tabelecleucel) in patients with Epstein-Barr virus associated post-transplant lymphoproliferative disorder (EBV+ PTLD) who have failed rituximab following hematopoietic cell transplant (HCT) or solid organ transplant (SOT). 9 clinical sites for the MATCH and 12 for the ALLELE studies are now open for enrollment in the U.S. with additional sites expected to open in the U.S. and other geographies. Continued to expand research and development, operational and commercial leadership as we advance our pipeline, leverage the potential of our technology platform and prepare for the expected tab-cel™ CMA submission in the EU and potential launch. Biotech industry veteran Dietmar Berger, M.D., Ph.D., most recently a senior R&D leader at Roche/Genentech, joined Atara as Global Head of Research and Development. Appointed Mina Kim as Senior Vice President and General Counsel, who has nearly 20 years of corporate legal experience. Expanded commercial leadership team with the appointment of Manuela Maronati as General Manager, Europe, who brings extensive European commercial launch and operations experience in the oncology and rare disease areas. Expanded T-cell immunotherapy collaboration with Memorial Sloan Kettering Cancer Center (MSK) to advance next-generation CAR T technologies in oncology, autoimmune and other diseases. Gained access to several of MSK’s innovative enabling technologies, including a novel CAR T construct that Atara believes has physiologic T cell activation properties, as well as methods for designing CAR T immunotherapies. Entered into an exclusive research collaboration for multiple targets with Michel Sadelain, M.D., Ph.D., Director, Center for Cell Engineering at MSK, to employ next-generation technologies in developing novel CAR T immunotherapies. Plan to rapidly advance novel gene-edited CAR T development programs leveraging our existing off-the-shelf T-cell immunotherapy technology platform, manufacturing expertise and research and development capabilities.
Strengthened cash position with the completion of two underwritten public offerings in the first quarter of 2018 with net proceeds of approximately $293.3 million. Cash, cash equivalents and short-term investments as of March 31, 2018 totaled $407.3 million, which we believe enable us to expand our near-term pipeline and accelerate pre-commercial activities as well as fund our previously planned operations to mid-2020.
Partnered with TrakCel, an industry-leading software provider for cell and gene therapy supply chain tracking and orchestration, to develop Atara MatchMe™, the first commercial product delivery solution designed to achieve streamlined supply and delivery of an off-the-shelf, allogeneic T-cell immunotherapy. Atara MatchMe™ is being designed to provide a compelling customer experience across a diverse range of treatment centers, partners, systems and geographies to ensure tab-cel™ is safely and effectively ordered and delivered, globally to patients in the minimum possible time.
At the 44 th Annual Meeting of the European and Marrow transplantation (EBMT) in March 2018, Atara and its collaborating investigator at the University of North Carolina at Chapel Hill presented findings from a comprehensive literature review of the mortality burden of PTLD following HCT. Based on a review of studies published since 2005, the research showed that 42.5% of PTLD patients diagnosed following HCT died as a result of the disease, and in the patients who died, the median time from initial diagnosis of PTLD to death for children and adults was under 8 weeks. A multinational Phase 1 clinical study to evaluate ATA188 in patients with progressive or relapsing-remitting multiple sclerosis is also underway across clinical sites in the U.S. and Australia. The primary objective of the Phase 1 study is to assess the safety of ATA188 in patients followed for at least one year after the first dose. Key secondary endpoints in the study include measures of clinical improvement such as expanded disability status scale (EDSS) and annualized relapse rate (ARR), as well as MRI imaging. The first interim results from the ongoing ATA188 Phase 1 study in patients with progressive MS are expected in the first half of 2019.
Atara plans to initiate a Phase 1/2 clinical study of tab-cel™ in combination with Merck's anti-PD-1 (programmed death receptor-1) therapy, KEYTRUDA® (pembrolizumab), in patients with platinum-resistant or recurrent EBV-associated nasopharyngeal carcinoma (NPC) in the second half of 2018.
Expect to present updated tab-cel™ results in patients with EBV+ cancers in the second half of 2018.
Expect operations to commence at Atara T Cell Operations & Manufacturing (ATOM) facility in the second quarter of 2018, with completion to support clinical production in 2019.
First Quarter 2018 Financial Results
Cash, cash equivalents and short-term investments as of March 31, 2018 totaled $407.3 million, which includes $293.3 million in net proceeds from the two underwritten public offerings completed in the first quarter of 2018. The Company reported net losses of $41.4 million, or $1.05 per share, for the first quarter of 2018, as compared to $25.7 million, or $0.88 per share, for the same period in 2017. Research and development expenses were $28.5 million for the first quarter of 2018, as compared to $17.5 million for the same period in 2017. The increase in the first quarter of 2018 was due to costs associated with the Company’s continuing expansion of research and development activities, including: clinical trial, manufacturing and outside service costs related to the initiation of the two tab-cel™ Phase 3 clinical studies in patients with EBV+ PTLD who have failed rituximab; clinical manufacturing and the initiation of the Phase 1 clinical study of allogeneic ATA188, which was initiated in October 2017; higher payroll and related costs from increased headcount, and an increase in allocated facilities and information technology expenses. Research and development expenses include $2.9 million and $2.1 million of non-cash stock-based compensation expenses in the first quarters of 2018 and 2017, respectively. General and administrative expenses were $14.0 million for the first quarter of 2018, as compared to $8.6 million for the same period in 2017. The increase in the first quarter of 2018 was primarily due to increases in payroll and related costs driven by increased headcount to support the Company’s expanding operations and higher professional services costs. General and administrative expenses include $4.1 million and $3.2 million of non-cash stock-based compensation expenses in the first quarters of 2018 and 2017, respectively.
About Atara Biotherapeutics, Inc.
Atara Biotherapeutics, Inc. ( @Atarabio ) is a leading T-cell immunotherapy company developing novel treatments for patients with cancer, autoimmune and viral diseases. The Company's off-the-shelf, allogeneic T-cells are bioengineered from donors with healthy immune function and allow for rapid delivery from inventory to patients without a requirement for pretreatment. Atara's T-cell immunotherapies are designed to precisely recognize and eliminate cancerous or diseased cells without affecting normal, healthy cells. Atara's most advanced T-cell immunotherapy in development, tabelecleucel, or tab-cel™ (formerly known as ATA129), is being developed for the treatment of patients with Epstein-Barr virus (EBV) associated post-transplant lymphoproliferative disorder (EBV+ PTLD) who have failed rituximab, as well as other EBV associated hematologic and solid tumors, including nasopharyngeal carcinoma (NPC). Tab-cel™ is in Phase 3 clinical development for the treatment of EBV+ PTLD following an allogeneic hematopoietic cell transplant (MATCH study) or solid organ transplant (ALLELE study). Atara is also developing off-the-shelf, allogenic ATA188 and autologous ATA190 T-cell immunotherapies using a complementary targeted antigen recognition technology for specific EBV antigens believed to be important for the potential treatment of multiple sclerosis (MS). A Phase 1 clinical study of autologous ATA190 in patients with progressive MS is ongoing. Atara also initiated a multinational Phase 1 ATA188 clinical study in patients with progressive or relapsing-remitting MS in Australia in the fourth quarter of 2017 and in the U.S. in March 2018. Atara's clinical pipeline also includes ATA520 targeting Wilms Tumor 1 (WT1) and ATA230 directed against cytomegalovirus (CMV).
Forward-Looking Statements
This press release contains or may imply " " within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. For example, include statements regarding: the potential benefits of the Company’s license and collaboration with MSK; the Company's enrollment, later expansion of additional sites in the U.S. and other geographies; expected results and completion of its Phase 3 studies of tab-cel™; the timing of the Company’s submission of a CMA for tab-cel™ in the EU; the potential benefits of Atara MatchMe™; the expected start of a Phase 1/2 study of tab-cel™ in combination with Merck's anti-PD-1 (programmed death receptor-1) therapy, KEYTRUDA® (pembrolizumab), in patients with platinum-resistant or recurrent EBV associated NPC in 2018; the sufficiency of the Company’s cash, cash equivalents and short-term investments to fund operations to mid-2020; the Company’s ability to leverage its platform in other indications and initiate development of additional immunotherapies; and the potential advantages of its product candidates. Because such statements deal with future events and are based on Atara Biotherapeutics' current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Atara Biotherapeutics could those described in or implied by the statements in this press release. These are subject to risks and uncertainties, including those discussed under the heading "Risk Factors" in Atara Biotherapeutics' annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 27, 2018, including the documents incorporated by reference therein, and subsequent filings with the SEC. Except as otherwise required by law, Atara Biotherapeutics disclaims any intention or obligation to update or revise any , which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise.
INVESTOR & MEDIA CONTACTS:
Investors:
John Craighead, Atara Biotherapeutics
650-410-3012
[email protected]
Steve Klass, Burns McClellan
212-213-0006 x331
[email protected]
Media:
Justin Jackson, Burns McClellan
212-213-0006 x327
[email protected]
Atara Biotherapeutics, Inc. Consolidated Balance Sheets (Unaudited) (In thousands) March 31, December 31, 2018 2017 Assets Current assets: Cash and cash equivalents $ 90,495 $ 79,223 Short-term investments 316,826 86,873 Restricted cash - short-term 194 194 Prepaid expenses and other current assets 6,099 5,900 Total current assets 413,614 172,190 Property and equipment, net 58,194 44,129 Restricted cash - long-term 1,200 1,200 Other assets 100 260 Total assets $ 473,108 $ 217,779 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 6,098 $ 14,711 Accrued compensation 4,312 5,644 Accrued research and development expenses 6,336 4,006 Other current liabilities 4,303 3,265 Total current liabilities 21,049 27,646 Long-term liabilities 12,875 12,269 Total liabilities 33,924 39,915 Commitments and contingencies Stockholders’ equity: Common stock 4 3 Additional paid-in capital 777,797 474,662 Accumulated other comprehensive loss (524 ) (151 ) Accumulated deficit (338,093 ) (296,650 ) Total stockholders’ equity 439,184 177,864 Total liabilities and stockholders’ equity $ 473,108 $ 217,779
Atara Biotherapeutics, Inc. Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (In thousands, except per share amounts) Three Months Ended March 31, 2018 2017 Operating expenses: Research and development $ 28,460 $ 17,541 General and administrative 13,992 8,620 Total operating expenses 42,452 26,161 Loss from operations (42,452 ) (26,161 ) Interest and other income, net 1,009 509 Loss before provision for income taxes (41,443 ) (25,652 ) Provision for income taxes — 2 Net loss $ (41,443 ) $ (25,654 ) Other comprehensive loss: Unrealized gain (loss) on available-for-sale securities (373 ) 31 Comprehensive loss $ (41,816 ) $ (25,623 ) Net loss per common share: Basic and diluted net loss per common share $ (1.05 ) $ (0.88 ) Weighted-average shares outstanding used to calculate basic and diluted net loss per common share 39,596 29,056
Source:Atara Biotherapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-atara-biotherapeutics-announces-first-quarter-2018-financial-results-and-recent-operational-progress.html |
MOSCOW, May 30 (Reuters) - Russian Foreign Minister Sergei Lavrov rejected a Ukrainian allegation that Moscow was behind the murder of dissident Russian journalist Arkady Babchenko in Kiev, calling it part of an anti-Russian campaign, the TASS news agency reported.
Babchenko, a critic of President Vladimir Putin, was shot dead in Ukraine on Tuesday where he had fled into exile following threats.
Ukrainian Prime Minister Volodymyr Groysman said in a social media posting late on Tuesday he was convinced that what he called “the Russian totalitarian machine” had not forgiven Babchenko for what Groysman called his honesty. (Reporting by Andrew Osborn and Maria Kiselyova; editing by John Stonestreet)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/ukraine-russia-journalist-lavrov/russia-rejects-ukrainian-allegation-it-behind-journalists-killing-tass-idUSR4N1SW03W |
Japan's economy shrank for the first time in nine quarters Japan's economy shrank at an annualized rate of 0.6 percent in the January-March period. Published 11 Hours Ago Reuters Getty Images
Japan's economy contracted more than expected at the start of this year, breaking the longest run of growth seen for decades, in a blow to Prime Minister Shinzo Abe's reflationary 'Abenomics' polices.
Wednesday's data marked the end to eight straight quarters of economic expansion, which was the longest sequence of growth since a 12-quarter run between April-June 1986 and January-March 1989 during the asset-inflated bubble economy.
The economy shrank by 0.6 percent on an annualized basis, a much more severe contraction than the median estimate for an annualized 0.2 percent.
Fourth quarter growth was revised to an annualized 0.6 percent, down from the 1.6 percent estimated earlier.
Economists say the contraction will be temporary, but there is a risk that trade friction with the United States will hurt export demand, meaning a strong recovery is not assured.
"Globally, IT-related items have been in an adjustment phase, which weighed down Japan's exports and factory output," said Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities.
"The economy is unlikely to continue to contract further. The global economy is performing well and a yen is trading beyond 110 yen against the dollar, so once exports start to grow again, the economy will return to a moderate growth path."
Capital expenditure fell 0.1 percent, down for the first time in six quarters, suggesting corporate investment is not as strong as many economists had forecast. The median estimate was for a 0.4 percent increase.
Wednesday's figures may presage data due on Thursday that is forecast to show core machinery orders, a leading indicator of capital expenditure, fell in March for the first time in three months.
Compared to the previous quarter, gross domestic product (GDP) fell 0.2 percent, more than the median estimate for GDP to be flat, and following a downwardly revised 0.1 percent quarter-on-quarter expansion in October-December, Cabinet Office data showed on Wednesday.
Consumer spending fell marginally, registering a decline of less than one percentage point in the first quarter. The median estimate was for consumer spending to remain unchanged.
External demand — or exports minus imports — added 0.1 percentage point to first-quarter GDP, as imports slowed more than exports.
However, a breakdown of the data shows export growth is losing momentum, expanding 0.6 percent in the first quarter after growth of 2.2 percent expansion in the fourth quarter.
Japan's government is preparing for its annual announcement of guidelines for economic and fiscal policy, but the government has been distracted by allegations of cronyism that have hurt Abe's approval ratings. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/japan-gdp-economy-contracted-for-the-first-time-in-nine-quarters.html |
IOWA CITY, Iowa, MidWestOne Financial Group, Inc. (Nasdaq: MOFG), parent company of MidWestOne Bank, today announced the appointment of Barry S. Ray as Chief Financial Officer of MidWestOne Financial Group and MidWestOne Bank. Mr. Ray joins MidWestOne after serving twelve years as Chief Accounting Officer and Controller of Columbia State Bank, a subsidiary of Columbia Banking Systems, Inc., located in Tacoma, Washington.
"Barry comes with a strong background in financial reporting and accounting as well as proven leadership ability," said Charlie Funk, MidWestOne President & CEO. "He worked in an organization that has grown rapidly over the past six years, and his experience will be very helpful to MidWestOne as we continue to grow. He will fit in well with our culture."
Mr. Ray replaces Katie Lorenson, who left the Company in December 2017. Jim Cantrell has served as interim Chief Financial Officer since Ms. Lorenson's departure.
At Columbia State Bank, Mr. Ray was responsible for accounting and treasury operations, tax accounting and compliance, SOX compliance, and regulatory reporting. Prior to that, he spent one year as a business analyst, investment operations, with Russell Investment Group in Tacoma, Washington, and five years with RSM US LLP as a consulting services manager and a staff auditor, also in Tacoma. He brings significant experience to MidWestOne Bank in the areas of accounting and treasury operations as well as tax accounting and regulatory reporting.
Mr. Ray is a graduate of University of Washington in Tacoma, Washington, with a bachelor's degree in accounting, and he is a Certified Public Accountant in the state of Washington. He will relocate to the Iowa City area with his wife, Rebecca.
About MidWestOne Financial Group, Inc.
MidWestOne Financial Group, Inc. is a financial holding company headquartered in Iowa City, Iowa. MidWestOne
Financial is the parent company of MidWestOne Bank, which operates banking offices in Iowa, Minnesota, Wisconsin, Florida, and Colorado. MidWestOne provides electronic delivery of financial services through its website, MidWestOne.com . MidWestOne Financial trades on the Nasdaq Global Select Market under the symbol "MOFG".
Cautionary Note Regarding Forward-Looking Statements
Statements made in this release, other than those concerning historical financial information, may be considered forward-looking statements, which speak only as of the date of this document and are based on current expectations and involve a number of assumptions. These include, among other things, statements regarding future results or expectations. MidWestOne Financial Group intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of these safe harbor provisions. The Company's ability to predict results, or the actual effect of future plans or strategies, is inherently uncertain. Factors that could cause actual results to differ from those set forth in the forward-looking statements or that could have a material effect on the operations and future prospects of the Company include, but are not limited to: (1) credit quality deterioration or pronounced and sustained reduction in real estate market values causing an increase in the allowance for credit losses, an increase in the provision for loan losses, and a reduction in net earnings; (2) our management's ability to reduce and effectively manage interest rate risk and the impact of interest rates in general on the volatility of our net interest income; (3) changes in the economic environment, competition, or other factors that may affect our ability to acquire loans or influence the anticipated growth rate of loans and deposits and the quality of the loan portfolio and loan and deposit pricing; (4) fluctuations in the value of our investment securities; (5) governmental monetary and fiscal policies; (6) legislative and regulatory changes, including changes in banking, securities, trade, and tax laws and regulations and their application by our regulators and changes in the scope and cost of Federal Deposit Insurance Corporation insurance and other coverages; (7) the ability to attract and retain key executives and employees experienced in banking and financial services; (8) the sufficiency of the allowance for loan losses to absorb the amount of actual losses inherent in our existing loan portfolio; (9) our ability to adapt successfully to technological changes to compete effectively inio the marketplace; (10) credit risks and risks from concentrations (by geographic area and by industry) within our loan portfolio; (11) the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds, and other financial institutions operating in our markets or elsewhere or providing similar services; (12) the failure of assumptions underlying the establishment of allowances for loan losses and estimation of values of collateral and various financial assets and liabilities; (13) the risks of mergers, including, without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; (14) volatility of rate-sensitive deposits; (15) operational risks, including data processing system failures or fraud; (16) asset/liability matching risks and liquidity risks; (17) the costs, effects and outcomes of existing or future litigation; (18) changes in general economic or industry conditions, nationally, internationally or in the communities in which we conduct business; (19) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies and the Financial Accounting Standards Board; (20) war or terrorist activities which may cause further deterioration in the economy or cause instability in credit markets; (21) cyber-attacks; and (22) other risk factors detailed from time to time in Securities and Exchange Commission filings made by the Company.
Contact:
Charles N. Funk
President & CEO
319.356.5800
releases/midwestone-names-barry-s-ray-as-cfo-300643090.html
SOURCE MidWestOne Financial Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-midwestone-names-barry-s-ray-as-cfo.html |
Italy and Greece show that euro zone wealth needs to be redistributed: MEP 3 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/italy-and-greece-show-that-euro-zone-wealth-needs-to-be-redistributed-mep.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/SB11564419389268263594104584208700357726912 |
LONDON (Reuters) - British energy supplier Centrica ( CNA.L ) will launch a local energy market trial later this year using blockchain technology, it said on Monday.
Blockchain provides a secure platform for consumers to buy and sell directly from each other and is being explored by several European utilities which say it could revolutionize the energy sector.
Centrica said its trial is likely to be the largest blockchain project in Britain carried out by one of the big six energy suppliers.
The project will test a range of energy trading transactions including multi-party peer-to-peer trading between 200 businesses and residential participants, it said.
The trial will be part of Centrica’s local energy market project in Cornwall, southwest England, which is testing several technologies such as storage devices and domestic renewable power generation including solar roof panels.
“This is an exciting opportunity for us to test blockchain technology beyond the theoretical and put it into practice,” Mark Hanafin, chief executive of Centrica Business, said in a statement.
Centrica will work with U.S.-based tech start-up LO3 Energy on the project which last year secured an undisclosed amount of funding from Centrica’s 100 million pound ($137.3 million) Innovations arm.
Centrica is also working on a trial in Texas with LO3 Energy of what it said would be the world’s first micro-hedging market for business customers.
($1 = 0.7283 pounds)
Reporting by Susanna Twidale; Editing by Adrian Croft
| ashraq/financial-news-articles | https://www.reuters.com/article/us-centrica-blockchain/uk-energy-supplier-centrica-to-trial-blockchain-technology-idUSKBN1I117G |
TOKYO—Toyota Motor Corp. faces a rough road ahead in the U.S. with declining sales of sedans and rising expenses threatening its already razor-thin margin there.
The car maker said Wednesday its operating income in North America in the year ended March 31 fell by more than half to ¥139 billion ($1.3 billion), largely owing to spending on incentives to lure car buyers such as low-interest loans. That left it with an operating margin of just 1.3%, compared with 8.2% for Toyota globally.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/toyota-hits-tough-terrain-as-americans-stick-with-suvs-1525867658 |
May 10, 2018 / 9:31 PM / Updated 37 minutes ago Exclusive: Hedge fund Third Point seeks to launch 'blank-check' company - sources Joshua Franklin , Svea Herbst-Bayliss 3 Min Read
(Reuters) - Daniel Loeb’s activist hedge fund Third Point LLC is in talks with investment banks about launching a “blank check” company that would raise money in an initial public offering to pursue an acquisition, according to people familiar with the matter. FILE PHOTO: Daniel S. Loeb, founder of Third Point LLC, participates in a panel discussion during the Skybridge Alternatives (SALT) Conference in Las Vegas, Nevada May 9, 2012. REUTERS/Steve Marcus/File Photo
The new investment vehicle, referred to on Wall Street as a special purpose acquisition company (SPAC), would be the first of its kind to be raised by an activist hedge fund such as Third Point, which acquires stakes in public companies to pressure them to pursue changes or seek board representation.
A SPAC uses proceeds from its IPO, together with borrowed funds, to acquire companies that are usually privately held. Investors in the IPO do not know in advance which company a SPAC will buy, although many outline in advance the sectors they want to be active in. It is not clear what kind of companies Third Point’s SPAC would target.
Third Point is in talks with investment banks about arranging the SPAC’s IPO later this year, which could raise hundreds of millions of dollars, the sources said, asking not to be identified because the deliberations are confidential.
New York-based Third Point declined to comment.
The SPAC is an attempt by Third Point to diversify its revenue stream, as returns from its flagship hedge fund, which has returned 15.6 percent on average over its lifespan, have flattened this year amid jitters in the stock market.
Founded by Loeb in 1995, Third Point has close to $18 billion in assets under management. Its investments have included Netflix Inc ( NFLX.O ), Nestle SA ( NESN.S ), Sony Corp ( 6758.T ) and Yahoo Inc.
Before sponsoring its own SPAC, Third Point invested in Nomad Foods Limited, a SPAC launched by consumer industry veterans Martin Franklin and Noam Gottesman in 2014. William Ackman’s activist hedge fund Pershing Square Capital Management LP also invested in Nomad Foods.
Typically, SPACs allow investors to redeem their common stock at the IPO price if they disagree with a proposed acquisition. This has traditionally put off long-term institutional investors but made them popular with hedge funds, willing to take a bet on what a SPAC’s deal could be.
To address this, some SPACs now seek to launch with the backing of cornerstone investors who have committed not to redeem their money if they disapprove of a proposed acquisition, giving the SPAC more financing certainty to be able to go after the companies it wants. Reporting by Joshua Franklin in New York and Svea Herbst-Bayliss in Boston; Editing by Leslie Adler | ashraq/financial-news-articles | https://in.reuters.com/article/thirdpoint-blankcheck-exclusive/exclusive-hedge-fund-third-point-seeks-to-launch-blank-check-company-sources-idINKBN1IB30U |
May 9 (Reuters) - Integra LifeSciences Holdings Corp :
* INTEGRA LIFESCIENCES PRICES PUBLIC OFFERING OF COMMON STOCK
* SAYS PUBLIC OFFERING OF 5.25 MILLION COMMON SHARES PRICED AT $58.50PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-integra-lifesciences-prices-public/brief-integra-lifesciences-prices-public-offering-of-common-stock-idUSASC0A19O |
SHANGHAI, May 29, 2018 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH), a leading wealth and asset management service provider in China with a focus on global investment and asset allocation services for high net worth individuals and enterprises, today announced its unaudited financial results for the first quarter of 2018.
FIRST QUARTER 2018 FINANCIAL HIGHLIGHTS
N et revenue s for the first quarter of 2018 were RMB830.9 million (US$132.5 million), a 16.5% increase from the corresponding period in 2017.
(RMB millions,
except percentages)
Q1 2017
Q1 2018
YoY Change
Wealth management
562.0
594.2
5.7%
Asset management
126.4
194.3
53.8%
Other financial services
24.8
42.4
71.0%
Total net revenues
713.2
830.9
16.5%
Income from operations for the first quarter of 2018 was RMB274.5 million (US$43.8 million), a 6.9% increase from the corresponding period in 2017. (RMB millions,
except percentages)
Q1 2017
Q1 2018
YoY Change
Wealth management
209.2
184.0
(12.1%)
Asset management
78.7
109.4
39.0%
Other financial services
(31.1)
(18.9)
(39.3%)
Total income from operations
256.8
274.5
6.9%
Net income attributable to Noah shareholders for the first quarter of 2018 was RMB268.5 million (US$42.8 million), a 23.7% increase from the corresponding period in 2017. Non-GAAP [1] net income attributable to Noah shareholders for the first quarter of 2018 was RMB256.4 million (US$40.9 million), an 8.1% increase from the corresponding period in 2017. FIRST QUARTER 2018 OPERATIONAL UPDATES
Wealth Management Business
The Company's wealth management business offers financial products and provides comprehensive financial services to high net worth individual clients and enterprises. Noah primarily distributes onshore and offshore fixed income, private equity, secondary market equity and insurance products.
Total number of registered clients as of March 31, 2018 was 196,927, a 32.6% increase from March 31, 2017. Total number of active clients [2] during the first quarter of 2018 was 5,449, a 24.9% increase from March 31, 2017. A ggregate value of financial products distributed during the first quarter of 2018 was RMB27.8 billion (US$4.4 billion), a 14.9% decrease from the first quarter of 2017.
Product type
Three months ended March 31,
2017
2018
(RMB in billions, except percentages)
Fixed income
22.1
67.6%
13.2
47.6%
Private equity
9.1
27.8%
6.3
22.6%
Secondary market equity
1.1
3.4%
7.9
28.2%
Other products
0.4
1.2%
0.4
1.6%
All products
32.7
100.0%
27.8
100.0%
A verage transaction value per active client [3] for the first quarter of 2018 was RMB5.1 million (US$0.8 million), a 31.9% decrease from the corresponding period in 2017. C overage network included 263 branches and sub-branches covering 81 cities as of March 31, 2018, up from 199 branches and sub-branches covering 74 cities as of March 31, 2017. Number of relationship managers was 1,386 as of March 31, 2018, a 10.8% increase from March 31, 2017. Asset Management Business
The Company's asset management business, Gopher Asset Management, is a leading alternative asset manager in China. Gopher Asset Management develops and manages private equity, real estate, secondary market equity, credit and other investments denominated in Renminbi and other currencies.
Total assets under management as of March 31, 2018 were RMB156.9 billion (US$25.0 billion), a 5.8% increase from December 31, 2017 and a 21.1% increase from March 31, 2017.
Investment type
As of
December 31,
2017
Asset
Growth
Asset
Expiration/
Redemption
As of
March 31,
2018
(RMB billions, except percentages)
Private equity
86.9
58.6%
5.0
0.0
91.8
58.5%
Credit
40.0
27.0%
8.2
5.4
42.8
27.3%
Real estate
11.6
7.8%
2.4
2.1
11.9
7.6%
Secondary market equity
6.2
4.2%
0.9
0.3
6.8
4.3%
Other investments
3.6
2.5%
-
0.1
3.6
2.3%
All Investments
148.3
100.0%
16.5
7.9
156.9
100.0%
Other Financial Services Business
The Company's other financial services business includes its online wealth management, lending services and payment technology services.
Mr. Kenny Lam, Group President of Noah, said, "The first quarter of 2018 represents another solid start for the whole year. With the official release of the Asset Management Guidelines, the wealth management and asset management industries in China have entered a new stage which we believe will lead to healthier and more sustainable growth potential. We will continue to develop our investment and comprehensive service capabilities in order to better serve the evolving demands of high net worth Chinese clients in China and globally."
FIRST QUARTER 2018 FINANCIAL RESULTS
Net Revenues
Net revenues for the first quarter of 2018 were RMB830.9 million (US$132.5 million), a 16.5% increase from the corresponding period in 2017, primarily driven by increased recurring service fee revenues and performance-based income.
Wealth Management Business
- Net revenues from one-time commissions for the first quarter of 2018 were RMB316.0 million (US$50.4 million), a 7.7% decrease from the corresponding period in 2017, primarily due to a decline in transaction value.
- Net revenues from recurring service fees for the first quarter of 2018 were RMB243.2 million (US$38.8 million), a 21.7% increase from the corresponding period in 2017. The increase was primarily due to the cumulative effect of financial products with recurring service fees previously distributed.
- Net revenues from performance-based income for the first quarter of 2018 were RMB20.0 million (US$3.2 million), compared with RMB11.8 million in the corresponding period of 2017. The increase was primarily due to an increase in performance-based income from secondary market equity products distributed in previous periods.
- Net revenues from other service fees for the first quarter of 2018 were RMB14.9 million (US$2.4 million), increased from RMB8.1 million in the corresponding period in 2017, primarily due to the growth of the various other comprehensive services Noah offers to its high net worth clients.
Asset Management Business
- Net revenues from recurring service fees for the first quarter of 2018 were RMB152.9 million (US$24.4 million), a 21.8% increase from the corresponding period in 2017. The increase was primarily due to the increase in assets under management.
- Net revenues from performance-based income for the first quarter of 2018 were RMB39.4 million (US$6.3 million), compared with RMB0.7 million in the corresponding period of 2017, primarily due to an increase in performance-based income from secondary market equity products.
Other Financial Services Business
- Net revenues for the first quarter of 2018 were RMB42.4 million (US$6.8 million), a 71.0% increase from the corresponding period in 2017. The increase was primarily due to the growth of our lending services.
Operating Costs and Expenses
Operating costs and expenses for the first quarter of 2018 were RMB556.4 million (US$88.7 million), a 21.9% increase from the corresponding period in 2017. Operating costs and expenses primarily consisted of compensation and benefits of RMB360.7 million (US$57.5 million), selling expenses of RMB106.3 million (US$16.9 million), general and administrative expenses of RMB55.9 million (US$8.9 million) and other operating expenses of RMB38.0 million (US$6.1 million).
Operating costs and expenses for the wealth management business for the first quarter of 2018 were RMB410.2 million (US$65.4 million), a 16.3% increase from the corresponding period in 2017, primarily due to an increase in marketing expenses and a decrease in government subsidies. Operating costs and expenses for the asset management business for the first quarter of 2018 were RMB84.9 million (US$13.5 million), a 78.1% increase from the corresponding period in 2017, primarily due to an increase in investment sub-advisory fees and a decrease in government subsidies. Operating costs and expenses for the other financial services business for the first quarter of 2018 were RMB61.3 million (US$9.8 million), a 9.6% increase from the corresponding period in 2017.
Operating Margin
Operating margin for the first quarter of 2018 was 33.0%, a decrease from 36.0% for the corresponding period in 2017. The decrease was mainly due to an increase in marketing expenses and a decrease in government subsidies.
Operating margin for the wealth management business for the first quarter of 2018 was 31.0%, compared with 37.2% for the corresponding period in 2017. Operating margin for the asset management business for the first quarter of 2018 was 56.3%, compared with 62.3% for the corresponding period in 2017. Operating loss for the other financial services business for the first quarter of 2018 was RMB18.9 million (US$3.0 million), down from RMB31.1 million for the corresponding period in 2017.
Investment Income
Investment income for the first quarter of 2018 was RMB42.1 million (US$6.7 million), compared with RMB10.1 million for the corresponding period in 2017. The increase includes RMB34.8 million (US$5.5 million) of changes in fair value of equity securities in accordance with FASB ASU 2016-01, which became effective on January 1, 2018. See "Discussion of Recently Adopted Accounting Standard and Non-GAAP Financial Measures" below for more details.
Income Tax Expenses
Income tax expense s for the first quarter of 2018 were RMB73.7 million (US$11.7 million), a 19.0% increase from the corresponding period in 2017. The increase was primarily due to higher taxable income.
Net Income
Net Income
- Net income for the first quarter of 2018 was RMB260.8 million (US$41.6 million), a 20.9% increase from the corresponding period in 2017.
- Net margin for the first quarter of 2018 was 31.4%, up from 30.2% for the corresponding period in 2017.
- Net income attributable to Noah shareholders for the first quarter of 2018 was RMB268.5 million (US$42.8 million), a 23.7% increase from the corresponding period in 2017.
- Net income attributable to Noah shareholders per basic and diluted ADS for the first quarter of 2018 was RMB4.70 (US$0.75) and RMB4.44 (US$0.71), respectively, up from RMB3.85 and RMB3.69 respectively, for the corresponding period in 2017.
Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for the first quarter of 2018 was RMB256.4 million (US$40.9 million), an 8.1% increase from the corresponding period in 2017.
- Non-GAAP net margin attributable to Noah shareholders for the first quarter of 2018 was 30.9%, down from 33.3% for the corresponding period in 2017.
- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the first quarter of 2018 was RMB4.24 (US$0.68), up from RMB4.03 for the corresponding period in 2017.
Balance Sheet and Cash Flow
As of March 31, 2018, the Company had RMB2,151.4 million (US$343.0 million) in cash and cash equivalents, compared with RMB1,906.8 million as of December 31, 2017 and RMB2,609.2 million as of March 31, 2017.
Net cash inflow from the Company's operating activities during the first quarter of 2018 was RMB344.6 million (US$54.9 million), driven by profit earned from normal business operations.
Net cash outflow from the Company's investing activities during the first quarter of 2018 was RMB129.2 million (US$20.6 million), primarily due to the increase in investment in affiliates.
Net cash inflow from the Company's financing activities was RMB64.5 million (US$10.3 million) in the first quarter of 2018, primarily due to the capital increase of a consolidated non-controlling subsidiary.
On July 8, 2017, the Company's board of directors authorized a share repurchase program of up to US$50 million worth of its issued and outstanding ADSs over the course of one year. As of March 31, 2018, the Company did not repurchase any ADSs under this program.
2018 FORECAST
The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2018 will be in the range of RMB1 billion to RMB1.05 billion, an increase of 16.7% to 22.6% compared with the full year 2017. This estimate reflects management's current business outlook and is subject to change.
CONFERENCE CALL
Senior management will host a combined English and Chinese language conference call to discuss the Company's first quarter 2018 unaudited financial results and recent business activities.
The conference call may be accessed with the following details:
Conference call details
Date/Time:
Tuesday, May 29, 2018 at 8:00 p.m., U.S. Eastern Time
Wednesday, May 30, 2018 at 8:00 a.m., Hong Kong Time
Dial in details:
- United States Toll Free
+1-866-311-7654
- Mainland China Toll Free
4001-201203
- Hong Kong Toll Free
800-905-945
- International
+1-412-317-5227
Conference Title:
Noah Holdings Limited First Quarter 2018 Earnings Call
Participant Password:
Noah Holdings
A telephone replay will be available starting one hour after the end of the conference call until June 5, 2018 at +1-877-344-7529 (US Toll Free) or +1-412-317-0088 (International Toll). The replay access code is 10120296.
A live and archived webcast of the conference call will be available at Noah's investor relations website under the News & Events section at http://ir.noahwm.com .
DISCUSSION OF RECENTLY ADOPTED ACCOUNTING STANDARD AND NON-GAAP MEASURES
On January 1, 2018, the Company adopted ASU 2016-01 Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which requires that equity investments, except for those accounted for under the equity method or those that result in consolidation of the investee, be measured at fair value, with subsequent changes in fair value recognized in net income.
The accounting standard also includes a transition requirement on presentation that requires the amounts reported in accumulated other comprehensive income for equity securities that exist as of the date of adoption previously classified as available-for-sale to be reclassified to retained earnings.
As a result, upon adoption of this new standard, Noah recorded a cumulative effect adjustment from other comprehensive income to retained earnings of RMB251.6 million (US$38.7 million), net of tax, for the unrealized gains related to equity securities previously classified as available-for-sale securities. This adjustment had no overall impact on shareholders' equity; however, since these net unrealized gains are now included within retained earnings, they will not appear as realized gains on Noah's consolidated income statement when sold.
The future impact to Noah's consolidated income statement from period to period will vary depending upon the level of volatility in the performance of the securities held in Noah's equity portfolio and the overall market. ASU 2016-01 does not affect the treatment of equity investments accounted for under the equity method or those that result in consolidation of the investee.
In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company's earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation and fair value changes of equity investments (unrealized) and adjusting for sale of equity securities, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.
The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies.
When evaluating the Company's operating performance in the periods presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company's management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management.
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited (NYSE: NOAH) is a leading wealth and asset management service provider in China with a focus on global investment and asset allocation services for high net worth individuals and enterprises. In the first quarter of 2018, Noah distributed RMB27.8 billion (US$4.4 billion) of financial products. Through Gopher Asset Management, Noah had assets under management of RMB156.9 billion (US$25.0 billion) as of March 31, 2018.
Noah's wealth management business primarily distributes onshore and offshore fixed income, private equity, secondary market equity and insurance products. Noah delivers customized financial solutions to clients through a network of 1,386 relationship managers across 263 branches and sub-branches in 81 cities in mainland China, and serves the international investment needs of its clients through offices in Hong Kong, Taiwan, United States, Canada and Australia. The Company's wealth management business had 196,927 registered clients as of March 31, 2018. As a leading alternative asset manager in China, Gopher Asset Management manages private equity, real estate, secondary market equity, credit and other investments denominated in Renminbi and other currencies. The Company also provides other financial services, including online wealth management, lending services and payment technology services.
For more information, please visit Noah at ir.noahwm.com .
FOREIGN CURRENCY TRANSLATION
In this announcement, the unaudited financial results for the first quarter of 2018 ended March 31, 2018 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.2726 to US$1.00, the effective noon buying rate for March 30, 2018 as set forth in the H.10 statistical release of the Federal Reserve Board.
SAFE HARBOR STATEMENT
This announcement contains . These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the outlook for 2018 and quotations from management in this announcement, as well as Noah's strategic and operational plans, contain . Noah may also make written or oral in its periodic reports to the U.S. Securities and Exchange Commission, 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 fourth parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are . Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause Noah's actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industry; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industry in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 20-F. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including , as a result of new information, future events or otherwise, except as required under the applicable law.
[1] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation and fair value changes of equity securities (unrealized) and adjusting for sale of equity securities, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.
[2] "Active clients" for a given period refers to registered clients who obtain financial products provided or distributed by Noah during that given period, excluding clients in Noah's other financial services segment.
[3] "Average transaction value per active client" refers to the average value of financial products that were purchased by active clients during the period specified.
Contacts:
Noah Holdings Limited
Eva Ma
Tel: +86-21-8035-9221
[email protected] | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-noah-holdings-limited-announces-unaudited-financial-results-for-the-first-quarter-of-2018.html |
May 14, 2018 / 10:51 AM / Updated 7 hours ago Uber names new UK boss as it battles to keep London licence Reuters Staff 2 Min Read
LONDON (Reuters) - Uber appointed a new boss for its UK business on Monday, as the taxi-hailing app fights to keep its drivers on the streets of London, its most important European market. The logo of Uber is pictured during the presentation of their new security measures in Mexico City, Mexico April 10, 2018. REUTERS/Ginnette Riquelme
Uber said Jamie Heywood would join as Uber’s new regional general manager for northern and eastern Europe from Amazon next month, a remit which covers 110,000 drivers in 12 countries including Britain.
“Jamie’s leadership will... be crucial as we implement major changes across Europe including more safety features, improvements for drivers and a new approach to partnering with cities,” Pierre-Dimitri Gore-Coty, regional general manager of Uber in Europe, the Middle East & Africa, said in a statement.
Uber is battling a decision by London’s transport regulator last September to strip it of its licence after it was deemed unfit to run a taxi service. Uber is appealing the ruling, and its cabs can continue to operate in the meantime.
Since the ruling, Uber has made a series of changes to its business model including the introduction of 24/7 telephone support for riders and drivers and the proactive reporting of serious incidents to London’s police.
The previous UK head, Jo Bertram, quit last year after the decision to strip Uber of its London licence, saying that it was the right time for a change.
Heywood was most recently director of Amazon’s electronics division in Britain and has also worked for 15 years in the telecoms industry. Reporting by Alistair Smout; Editing by William Schomberg | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-uber-britain/uber-names-new-uk-boss-as-it-battles-to-keep-london-licence-idUKKCN1IF1A9 |
April 30, 2018 / 10:03 PM / Updated 7 minutes ago U.S. judge mulling compromise decision on AT&T-Time Warner deal Diane Bartz 4 Min Read
WASHINGTON (Reuters) - The judge who will decide if AT&T ( T.N ) will be allowed to buy movie and TV show maker Time Warner ( TWX.N ) indicated on Monday that he could be considering a decision that wasn’t a clear approval or blocking of the $85 billion (61.77 billion pounds) deal. FILE PHOTO: A combination photo shows the Time Warner shares price at the New York Stock Exchange and AT&T logo in New York, NY, U.S., on November 15, 2017 and on October 23, 2016 respectively. REUTERS/Lucas Jackson (L) and REUTERS/Stephanie Keith/File Photos
In his closing remarks, U.S. Justice Department lawyer Craig Conrath asked for the planned transaction to be stopped. “Consumers will be worse off and that’s why this merger ought to be blocked,” he said. In the absence of blocking it, Conrath urged the judge to consider a divestiture, or asset sale.
Judge Richard Leon asked about the possibility of imposing a remedy, like saying the deal could go forward if the companies sell a particular asset. Conrath said that if the judge found the deal to be anti-competitive then he could impose a fix or a remedy.
In his summation, Daniel Petrocelli, speaking for AT&T and Time Warner, argued against any ruling that would, for example, require AT&T to sell DirecTV, which has more than 20 million subscribers, in order to purchase Time Warner. “That is an effort to kill the deal,” he said.
Leon said that he would likely have a decision on June 12.
The judge’s decision will guide dealmakers on how aggressive they can be with ‘vertical mergers’, where one company buys another in the same industry but operating at a different point in the supply chain. Regulators approve the vast majority of vertical deals. ‘FAILURE OF PROOF’
In his closing remarks, Petrocelli argued that the government had failed to prove that the merger was illegal because they had not shown that it would lead to higher prices.
“We have a complete failure of proof,” he said at one point. He argued that the deal would mean half a billion dollars per year in price decreases for pay TV subscribers.
He also criticized a report by economist Carl Shapiro, who has testified that the deal would cost consumers more money because AT&T would have the incentive to withhold Time Warner content like CNN or March Madness basketball from pay TV rivals, both pricey cable companies and cheaper online startups.
And Petrocelli argued that an arbitration offer given by AT&T would take away much of the power to raise prices. In hopes of preventing a court fight, AT&T proposed that for seven years it would submit to third-party arbitration any disagreement with distributors over the pricing for Time Warner’s networks and promise not to black out programming during arbitration.
In his final argument, the Justice Department’s Conrath told the court that AT&T’s Chief Executive Randall Stephenson, who said it was “absurd” that they would withhold content from competitors, also wrote an email to Time Warner’s chief executive Jeff Bewkes to complain after Time Warner took a stake in Hulu, a cheaper online competitor.
“‘It’s hard to imagine how it won’t impact all of our relationships,’” Conrath quoted Stephenson as writing.
Referring to DirecTV, Conrath said that AT&T“wanted to preserve that ‘cash cow’ for as long as they can.” DirecTV lost 187,000 traditional U.S. video customers in the first quarter of 2018.
Two key witnesses at the trial were Stephenson and Bewkes, who is retiring if the transaction goes through. Both were present for the closing arguments, and Stephenson shook Petrocelli’s hand during a break after his summation.
The two executives argued in the trial that marrying AT&T’s granular information about customers with Time Warner’s ability to create compelling video would allow the merged company to advertise more effectively, giving it a fighting chance to compete with internet advertising titans like Facebook Inc ( FB.O ) and Alphabet Inc’s Google ( GOOGL.O ). Reporting by Diane Bartz, Editing by Franklin Paul and Rosalba O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-time-warner-m-a-at-t/u-s-judge-mulling-compromise-decision-on-att-time-warner-deal-idUKKBN1I12BN |
May 24, 2018 / 10:45 AM / Updated 8 hours ago U.S. biotechs to speed work on Nipah vaccine as virus hits India Ben Hirschler 3 Min Read
LONDON (Reuters) - A global coalition set up a year ago to fight epidemics has struck a $25 million deal with two U.S. biotech companies to accelerate work on a vaccine against the brain-damaging Nipah virus that has killed 12 people in India. Medics wearing protective gear examine a patient at a hospital in Kozhikode in the southern state of Kerala, India May 21, 2018. REUTERS/Stringer
The Coalition for Epidemic Preparedness Innovations (CEPI) said on Thursday that Profectus BioSciences and Emergent BioSolutions would receive up to $25 million to advance development and manufacturing of a shot for the bat-borne disease.
There is currently no vaccine or treatment to tackle Nipah, which has a mortality rate of around 70 percent.
The death toll from the latest outbreak in Kerala rose to 12 on Thursday, following the death of a 61-year-old man who had already lost three members of his family, including his two sons, to the virus.
Indian officials said they were awaiting blood test results from a further 16 patients suspected to have the infection.
The experimental vaccine being developed by the biotech companies has produced promising results in animal tests, following more than 15 years of research by scientists at the U.S.-based Uniformed Services University of the Health Sciences.
Based on data so far, Christopher Broder, one of the main researchers behind the project, said the Nipah vaccine in development was also “highly likely” to work against the related Hendra virus.
Experts believe both Nipah and Hendra are spread by flying foxes - bats of the genus Pteropus - with humans becoming infected by exposure to bat urine and saliva on fruit, or from infected pigs and horses. It can also spread person-to-person.
Outbreaks of Nipah occur annually in Bangladesh and 105 people died from the virus in Malaysia 1999, when more than a million pigs were slaughtered to stem its spread.
Still, Nipah remains a relatively rare tropical disease - like Ebola - which severely limits the incentive for drug companies to invest in vaccines or drugs.
It was the slow response to West Africa’s 2014-2016 Ebola outbreak, which killed more than 11,300 people before an effective vaccine was developed, that prompted the launch of the CEPI coalition in January 2017.
The group, which sees itself as a global insurance policy against epidemics, is funded by Norway, Germany, Japan, the Bill & Melinda Gates Foundation and the Wellcome Trust.
Nipah is on the World Health Organization research and development priority list alongside Ebola, Zika, MERS, Lassa and Crimean-Congo hemorrhagic fever. Additional reporting by D. Jose in Kochi and Zeba Siddiqui in Mumbai; Editing by Edmund Blair and Alexandra Hudson | ashraq/financial-news-articles | https://uk.reuters.com/article/us-india-virus-vaccine/global-group-taps-u-s-biotechs-to-speed-work-on-nipah-vaccine-idUKKCN1IP1KI |
May 10, 2018 / 8:50 PM / Updated 27 minutes ago Mexican leftist candidate answers business critics with 'Pejenomics' plan Dave Graham 3 Min Read
MEXICO CITY (Reuters) - The leftist front-runner for the Mexican presidency has issued a pithy guide to his economic vision for the country to allay fears over his business savvy, albeit while doubling down on his sharp criticism of a few influential entrepreneurs. Leftist front-runner Andres Manuel Lopez Obrador of the National Regeneration Movement (MORENA) speaks during the "Dialogue for Peace and Justice" at the Museum of Memory and Tolerance in Mexico City, Mexico May 8, 2018. REUTERS/Gustavo Graf
Under the title “Pejenomics,” presidential race leader Andres Manuel Lopez Obrador outlined his plans with a playful reference to his nickname “Peje” - a type of thick-skinned fish found in his home state of Tabasco in southern Mexico.
A war of words broke out when Lopez Obrador last week accused members of the corporate elite of impeding democracy and conspiring to keep him out of power, prompting a powerful business group to rebuke him with a newspaper ad.
Stressing that “the vast majority” of Mexican entrepreneurs are “dedicated, innovative and honest,” Lopez Obrador’s paper again pointed a finger at a select few bosses.
“It is important to stress that the criticism expressed by Lopez Obrador is directed at a small group of businessmen that have made their capital by means of corruption and influence trafficking,” it said at the outset of the paper, which circulated widely on social media on Thursday.
Opinion polls suggest that Lopez Obrador’s third presidential bid could be the best chance yet for the runner-up in the past two campaigns. Accusations that he would be an economic liability proved damaging to his previous tries.
After once suggesting he could unpick the centrepiece of the current government’s economic agenda - the opening of the oil and gas industry to private capital - Lopez Obrador has gradually shifted towards more moderate economic positions.
“Pejenomics” sought to dispel concerns that a Lopez Obrador victory could destabilise the economy, scotching the notion he would nationalize businesses or burden them with regulation. Instead, Mexico needed more competition, it said.
The medley of proposals sketched out in the 17-page manifesto included fostering entrepreneurship, renewable energy technologies, domestic industry and small businesses, plus stirring up competition in banking and making the country self-sufficient in food.
But it offered few details on how it would achieve them. Writing by Dave Graham; editing by Jonathan Oatis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mexico-election-leftist/mexican-leftist-candidate-answers-business-critics-with-pejenomics-plan-idUKKBN1IB2YF |
Formfactor Inc Q1 GAAP Earnings Per Share $0.03 Reuters Staff
May 2 (Reuters) - FormFactor Inc: * FORMFACTOR, INC. REPORTS 2018 FIRST QUARTER RESULTS
* Q1 NON-GAAP EARNINGS PER SHARE $0.17 * Q1 GAAP EARNINGS PER SHARE $0.03
* Q1 REVENUE $118.3 MILLION VERSUS I/B/E/S VIEW $116.1 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.16 — THOMSON REUTERS I/B/E/S * SEES Q2 GAAP NET INCOME PER DILUTED SHARE $0.08 TO $0.14
* SEES Q2 NON-GAAP NET INCOME PER DILUTED SHARE $0.20 TO $0.26
* Q2 EARNINGS PER SHARE VIEW $0.24, REVENUE VIEW $129.8 MILLION — THOMSON REUTERS I/B/E/S | ashraq/financial-news-articles | https://www.reuters.com/article/brief-formfactor-inc-q1-gaap-earnings-pe/brief-formfactor-inc-q1-gaap-earnings-per-share-0-03-idUSASC09Z4D |
May 1 (Reuters) - RPX Corp:
* RPX CORPORATION TO BE ACQUIRED BY HGGC FOR $10.50 PER SHARE
* RPX CORP - ALL-CASH TRANSACTION VALUED AT APPROXIMATELY $555 MILLIONGGC
* RPX CORP - RPX IS SUSPENDING ITS DIVIDEND, EFFECTIVE IMMEDIATELY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rpx-corp-to-be-acquired-by-hggc-fo/brief-rpx-corp-to-be-acquired-by-hggc-for-10-50-per-share-idUSFWN1S807Y |
May 22, 2018 / 3:37 PM / Updated an hour ago Exclusive - Saddam's superyacht winds up as sailors' hotel Ulf Laessing 4 Min Read
BASRA, Iraq (Reuters) - The king size bed in Saddam Hussein’s superyacht is made, the silk curtains around it have been drawn back and, in the gold-rimmed bathroom next door, a barber’s chair awaits its occupant. Yacht called "Basrah Breeze", once owned by former Iraqi president Saddam Hussein, who was toppled in a U.S.-led invasion in 2003, is seen in the southern port of Basra, Iraq May 14, 2018. Picture taken May 14, 2018. REUTERS/Essam al-Sudani
But the Iraqi dictator never boarded the 82-metre (270-foot) “Basrah Breeze” built for him in 1981 - and its amenities will now be enjoyed by the pilots who guide shipping in and out of the port of Basra, the main southern city.
In common with other treasures left by Saddam, toppled in 2003 during the U.S.-led invasion of Iraq and hanged three years later for crimes against humanity, the governments that succeeded him have been struggling to find a use for the ship.
Since Iraq got it back in 2010 following a court battle and a three-decade odyssey abroad, it has been mostly moored in Basra.
Equipped with a presidential suite comprising Saddam’s private quarters, dining rooms and bedrooms, as well as 17 smaller guest rooms, 18 cabins for crew and a clinic, the opulently equipped and decorated vessel was put on the market for $30 million. A captain walks inside the yacht called "Basrah Breeze", once owned by former Iraqi president Saddam Hussein, who was toppled in a U.S.-led invasion in 2003, in the southern port of Basra, Iraq May 14, 2018. Picture taken May 14, 2018. REUTERS/Essam al-Sudani
The government failed to find a buyer, and for the past two years the “Basrah Breeze” has served Basra University, hosting researchers on trips to study marine life.
“The presidential yacht is in a very good condition. Its two engines and generators are functioning,” said Abdul-Zahra Abdul-Mahdi Saleh, its captain. “It only needs periodic maintenance.”
But authorities have now decided to moor it permanently as a hotel and recreation facility for the southern port’s pilots, many of whom live in distant cities. Slideshow (6 Images)
“The port needs the boat to be a station where sea pilots can rest,” said Basra port spokesman Anmar al-Safi.
Built by a Danish shipyard while Iraq was at war with Iran, the yacht was passed on to Saudi Arabia - then a Saddam ally - to protect it from air strikes on Basra, officials giving Reuters an exclusive tour said.
The kingdom, which fell out with Saddam after Iraq invaded Kuwait in 1990, then handed the vessel over to Jordan. Its subsequent movements were unclear until Iraq tracked it down in the French resort of Nice, where a court seized it and sent it home.
While the “Basrah Breeze” survived the turmoil of Saddam’s decline and demise, its sister ship “al-Mansur” - which he also never boarded - suffered a different fate, sinking in the Shatt al-Arab waterway that passes through Basra after it was hit by U.S. planes and then stripped bare in the chaotic aftermath of his overthrow.
Saddam had ordered it in 2003 to leave Umm Qasr, Iraq’s biggest port outside Basra, where it had been moored, to Basra in a vain attempt to avoid air strikes.
“I told the captain of the yacht, who was a brigadier, to get rid of the military uniforms of the crew, weapons and munitions and pose as civilian ship in case it is caught by the American warships,” said Ali Hussein, a port pilot who guided the yacht at the time.
As regards “Basrah Breeze”, Basra museum has not given up hope of persuading the port to allow it to dock the vessel next to its exhibition halls in one of Saddam’s former palaces overlooking the Shatt al-Arab.
“Future generations could see how a dictator lived,” said Jawad Abdul Kadhim, the museum’s deputy director. Additional reporting by Mohammed Kadhim Atti; editing by John Stonestreet | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iraq-saddam-yacht-exclusive/exclusive-saddams-superyacht-winds-up-as-sailors-hotel-idUKKCN1IN250 |
Apple nears $1 trillion valuation mark 3:51pm BST - 01:03
Apple shares rose Monday morning, taking its market capitalization closer to $1 trillion. But even if it gets there, as Fred Katayama reports, Amazon could soon overtake it.
Apple shares rose Monday morning, taking its market capitalization closer to $1 trillion. But even if it gets there, as Fred Katayama reports, Amazon could soon overtake it. //reut.rs/2rHhANj | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/14/apple-nears-1-trillion-valuation-mark?videoId=426858445 |
MOSCOW (Reuters) - Russian President Vladimir Putin and German Chancellor Angela Merkel discussed the Iran nuclear deal after Washington announced its withdrawal from it, the Kremlin said on Friday.
FILE PHOTO: Russia's President Vladimir Putin talks to German Chancellor Angela Merkel during the G20 leaders summit in Hamburg, Germany July 7, 2017. REUTERS/Philippe Wojazer/File Photo U.S. President Donald Trump said on Tuesday that the 2015 deal, which lifted sanctions on Iran in return for measures restricting its nuclear program, did not go far enough in removing the threat posed by Iran to the United States and its allies in the Middle East.
Reporting by Vladimir Soldatkin; Writing by Gabrielle Tétrault-Farber; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-russia-germany/russias-putin-germanys-merkel-discuss-iran-nuclear-deal-kremlin-idUSKBN1IC0Y0 |
MOSCOW (Reuters) - Russia-focused fertilizer producer Eurochem plans to become a major potash market player by 2020 with a production capacity of 2 million tonnes, its Chief Financial Officer Andrey Ilyin told Reuters.
Swiss-based Eurochem, owned by Russian businessman Andrei Melnichenko, produced the first potash from its new $2 billion plant in Russia in March and plans to launch another plant later this year.
The project may intensify competition among suppliers of the crop nutrient in the region, traditionally dominated by Russian producer Uralkali and Belarusian miner Belaruskali.
Privately-held Eurochem, one of the world’s largest producers of nitrogen-based fertilisers, plans to produce between 1 million and 2 million tonnes of potash in 2019, up from 500,000-600,000 tonnes in 2018, Ilyin said.
According to him, the company is not yet ready to announce its marketing strategy on the potash market and say whether it would like to form trading alliances with other producers as it is currently focused on stable production of high-quality product.
“We should not try to talk in advance publicly about any alliances or marketing strategies until the amount of the product becomes such that it has real significant weight in global trade - more than 2 million tonnes a year. And this will happen not earlier than at the end of next year,” Ilyin added.
Previously, Ilyin said that Eurochem was ready to enter the potash market either independently or as part of a trade alliance with other players.
“Our competitors are very carefully watching how quickly we can bring production from several hundred thousand to several million tonnes. The production trajectory that we show will affect the market’s perception of us as a potash player,” the CFO added.
Reporting by Natalia Shurmina; writing by Polina Devitt; editing by Adrian Croft
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-eurochem-potash/eurochem-aims-to-become-major-potash-market-player-by-2020-idUSKCN1IG2CN |
With summer just on the horizon, about three-and-a-half million high school seniors will soon graduate.
For those graduates who plan on finding a part-time or full-time job, the April jobs report shows that numerous opportunities await them, particularly in the service sector. Among the 164,000 net new jobs added, an impressive 119,000—nearly three quarters—were service-related. Jobs in this realm include many that attract young adults for example, customer service representatives, marketers, and retail associates.
While these high school graduates have good prospects for attaining entry-level work, it turns out that keeping the job and rising through the ranks may prove harder.
These service-oriented jobs really value "soft skills," like patience, teamwork, perseverance, and communication. But, as technologically savvy and smart as these young adults may be, new research out of the Committee for Economic Development finds that many appear to have a soft skills deficit. In focus groups throughout the country, both parents and employers shared this concern.
Despite the premium that employers place on technical skills, the need for soft skills has grown even stronger. For example, the Wall Street Journal surveyed close to 900 executives. Ninety-two percent said the importance of soft skill attributes were on par with technical skills or exceeded them. However, 89 percent of these business leaders said they have a "very or somewhat difficult" time finding workers who possess those necessary skills.
"Internship and apprenticeship–type programs can strengthen and bolster soft skills, in addition to the perhaps more obvious technical skills." Moreover, the concern extends beyond the corner office: CareerBuilder found that 77 percent of surveyed employers (hiring managers and HR) rated soft skills as being of equal importance to cognitive skills such as math and science. When individuals lack soft skills, companies run the risk of suffering from high turnover, terminations, and ultimately, lost productivity.
While addressing this gap may seem hard for employers, it would benefit their businesses if they became involved. The need for companies to engage on this front could not come at a more urgent time, given the reality of ongoing labor shortages caused by the mass retirement of baby boomers, many of whom work in the services sector. Employers must become adaptable at the community level in order to create a sustainable talent pipeline.
On the upside, the research found business leaders agree that exposure to the workplace is helpful as one strategy for developing soft skills – the creation of a worker who has a positive attitude, is resilient, motivated, and a problem solver.
Internship and apprenticeship–type programs can strengthen and bolster soft skills, in addition to the perhaps more obvious technical skills. And it should be noted that soft skills and technical skills can be developed simultaneously – they need not be isolated.
As just one example, CVS Health has a program that exposes and trains high school students for careers in the science-heavy pharmaceutical industry.
These and other workplace learning experiences boost the development of communication, conflict management, and time management skills. Students in a workplace are exposed to ethical situations.
They gain appreciation for what it means to act ethically. They also increase their understanding of what it means to treat others with respect, and have others extend that same treatment back. These are all characteristics that just about every parent hopes to see in their adult children, and that employers hope to find in new employees.
Any human capital challenge must begin and end with humans themselves. In this case, the people of the business world must be willing to cross over into the education community to work with teachers, administrators, and parents.
The need for communication among stakeholders means that many communities could even benefit from an intermediary to serve as a conduit for gathering and sharing information.
The April jobs report shows vast opportunity for those high school seniors who will soon graduate and then jump into the world of work. But opportunity by no means ensures success. Putting greater priority on developing soft skills will play no small part in realizing these students' workplace success – both now and throughout their careers.
Commentary by Steve Odland, CEO of the Committee for Economic Development (CED) and former CEO of Office Depot and AutoZone; and Cindy Cisneros, vice president of education programs at CED. Read the organization's new report on workforce readiness here . Follow Steve Odland on Twitter @CEDUpdate and @SteveOdland .
For more insight from CNBC contributors, follow @CNBCopinion onTwitter. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/april-jobs-report-holds-out-hope-for-these-entry-level-workers.html |
May 2 (Reuters) - Urban One Inc:
* Q1 LOSS PER SHARE $0.48 * Q1 REVENUE FELL 1.6 PERCENT TO $99.6 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-urban-one-reports-q1-loss-per-shar/brief-urban-one-reports-q1-loss-per-share-0-48-idUSASC09YWX |
May 3 (Reuters) - Venky’s (India) Ltd:
* MARCH QUARTER PROFIT 512 MILLION RUPEES VERSUS PROFIT 417.1 MILLION RUPEES YEAR AGO
* MARCH QUARTER REVENUE FROM OPERATIONS 7.42 BILLION RUPEES VERSUS 6.17 BILLION RUPEES YEAR AGO
* RECOMMENDED DIVIDEND OF 8 RUPEES PER SHARE Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-venkys-march-qtr-profit-rises/brief-venkys-march-qtr-profit-rises-idUSFWN1SA07L |
The FBI reportedly overstated encryption threat figures to both Congress and the public due to a programming error, according to The Washington Post .
The bureau claimed that investigators were locked out of about 7,800 mobile devices connected to criminal investigations. The more accurate number, however, is likely between 1,000 to 2,000 devices, the Post reported.
FBI Director Christopher Wray used the inflated statistics for about seven months to make a compelling argument for the need to defend against "Going Dark," or the use of encrypted software to prevent investigators from accessing digital data even with a court order. Attorney General Jeff Sessions also cited the figures in March, saying "each of those devices was tied to a threat to the American people."
In a statement to CNBC, the FBI said the incorrect numbers were due to an internal accounting system that used three separate databases, which lead to the repeated counting of mobile devices. The Post reported bureau first became aware of the miscount a month ago and still does not have an accurate number of encrypted phones tied to investigations in 2017.
"The FBI is currently conducting an in-depth review of how this over-counting previously occurred, and how the methodology can be corrected to capture future data accurately," the statement said.
Though the encryption statistics were incorrect, the FBI told CNBC "Going Dark remains a serious problem for the FBI."
The encryption and data privacy debate became prominent after the FBI asked Apple to unlock the iPhone belonging to Syed Farook, the shooter who killed 14 people in San Bernardino, Calif. in 2015. Apple refused to do so — CEO Tim Cook said unlocking Farook's phone would require writing a new software that would be a "master key, capable of opening hundreds of millions of locks."
Read The Washington Post's full report here. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/fbi-reportedly-provided-inaccurate-encryption-threat-stats-to-congress.html |
April 30 (Reuters) - Innolux Corp:
* SAYS NINGBO INNOLUX OPTOELECTRONICS ORDERS EQUIPMENT FOR T$326.7 MILLION ($11.03 million) Source text for Eikon: Further company coverage: ($1 = 29.6170 Taiwan dollars) (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-innolux-says-ningbo-innolux-optoel/brief-innolux-says-ningbo-innolux-optoelectronics-orders-equipment-for-t326-7-mln-idUSH9N1S302R |
Inside the training camp where Google shares its A.I. secrets with Alphabet-invested companies Jillian D'Onfro Reblog The multi-day program offers a multi-day machine-learning crash course adapted from Google's own internal training program. A group of about 30 engineers sipped coffee and tapped out notes on their laptops, while a charismatic Google employee named Michael "Mig" Gerard whipped through a presentation on how to best apply machine learning, a trendy sub-field of A.I. in which software programs get "smarter" at solving problems over time as they receive more data. While the audience of fellow engineers got the joke, they weren't who you might expect. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/19/alphabet-capitalg-machine-learning-bootcamp-for-portfolio-companies.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
CNBC.com Mandel Ngan | AFP | Getty Images House Speaks Paul Ryan greets US President Donald Trump as he arrives on stage to speak at the National Republican Congressional Committee March Dinner at the National Building Museum on March 20, 2018 in Washington, DC.
The White House has made it official: the all-Republican government in Washington has no major legislative agenda this year.
The news came without fanfare at the press secretary's daily briefing Wednesday. Sarah Huckabee Sanders told reporters that all of President Donald Trump 's talk of a massive, trillion-dollar upgrade to America's infrastructure, from "Infrastructure Week" declarations to a 53-page plan unveiled three months ago, won't produce "a specific piece of legislation" in 2018.
That conclusion managed to be extraordinary and unsurprising at the same time. Trump is just 16 months into his term, with fellow Republicans controlling both houses of Congress after an eight-year Democratic presidency. Yet the GOP's deep-seated anti-government stance leaves the modern party with fundamental reflexes of negation.
Those reflexes block action on the bold promises that once positioned candidate Trump to deliver infrastructure investments pleasing business and working-class supporters alike. Investments cost money. And after the $1.5 trillion tax cut that represents their only major Trump-era achievement so far, Republicans don't think they have any.
The return of trillion-dollar deficits led House Speaker Paul Ryan to suggest a different 2018 agenda altogether. He favors "entitlement reform" curbing the huge costs of Social Security and Medicare, the twin landmarks for retirees that Democratic governments created over fierce conservative opposition.
But both programs enjoy overwhelming popularity. That's why candidate Trump promised not to touch them. So even as the surge of baby boomer retirements strains their solvency, Republicans have also set entitlement reform aside.
That doesn't mean Congress won't do anything at all. With support from some Democrats, Republican leaders aim to roll back regulations on small and medium-sized banks under the Dodd-Frank law that President Barack Obama pushed through after the 2008 financial crisis.
Republicans also hope to pass a new farm bill, although it's unclear whether they can muster the votes for Trump's "welfare reform" push to impose new work requirements on Americans who receive food stamps. They'll consider an administration request to roll back some previously approved spending.
Yet that package of "recissions" – 1/100th the size of the tax cut – wouldn't produce big savings anyway, since much of the money is sitting in dormant government accounts.
The White House has turned to foreign policy. This week, Trump defied U.S. allies to withdraw from the Iran nuclear deal even as he pursues a new deal with North Korea. He has not resolved his threats to scrap the North American Free Trade Agreement with Canada and Mexico and to impose import tariffs on both China and friendlier partners including the European Union. Giles Clarke | Getty Images Signs and flowers by the fence surrounding Stoneman Douglas High School. On February 14, 2018, a former school Stoneman Douglas student Nikolas Cruz entered the school at 2.30pm and proceeded to kill 3 teachers and 14 school children in a 7 minute shooting spree.
On major domestic issues, Republican leaders worry most about depressing core supporters in a challenging election year. So they devote their energies to stopping things from happening.
Calls for major gun safety legislation after the Parkland, Florida, school massacre in February have gone nowhere. GOP Sen. Lamar Alexander of Tennessee this week offered last rites for his bipartisan effort, once embraced by Trump, to stabilize Obamacare marketplaces as insurance premiums rise.
House GOP leaders are scrambling to stop Republican renegades from joining Democrats to shield from deportation the so-called Dreamers in Obama's Deferred Action for Childhood Arrivals program. Senate GOP Leader Mitch McConnell says he won't allow floor consideration of a bill to prevent Trump from halting the investigation of special counsel Robert Mueller .
Inaction, like action, carries it own risks. Just as Obama's Washington did, Trump's Washington faces fierce attacks from Republican hopefuls like Don Blankenship, whose West Virginia Senate campaign smeared McConnell and his "Chinaperson" in-laws.
"If Blankenship wins, GOP must realize extreme outsiders are winning because elected officials aren't getting anything done," tweeted Ari Fleischer, former White House press secretary to President George W. Bush, before Tuesday's primary. "Get things done and the public won't be open to candidates like him."
West Virginia Republicans relieved the urgency of that advice. Blankenship lost. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/trump-republicans-give-up-on-legislative-agenda.html |
Tesla books record loss in race to mass market 6:34pm EDT - 02:03
Tesla may have posted its worst quarterly loss ever on Wednesday, but it’s staying on track with Model 3 production targets is giving investors a bit of relief. ▲ Hide Transcript ▶ View Transcript
Tesla may have posted its worst quarterly loss ever on Wednesday, but it’s staying on track with Model 3 production targets is giving investors a bit of relief. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2Kz7eay | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/02/tesla-books-record-loss-in-race-to-mass?videoId=423334141 |
PLYMOUTH, Mass., May 16, 2018 /PRNewswire/ -- Sheridan Landscaping, a hardscape, landscape, and grounds maintenance company of Plymouth, MA recently acquired another local business: Whitbeck's Treescape. Whitbeck's Treescape has been serving the people of Plymouth and the surrounding area with landscaping, property maintenance, and tree services for almost 30 years.
Whitbeck's Treescape was founded by Mr. Dale Whitbeck in 1992. Matt Sheridan, the owner of Sheridan Landscaping, said he has known Mr. Whitbeck for several years. They had been in discussions about merging for a time, but the decision was finalized this past winter. With this acquisition, Mr. Whitbeck will stay on as the head of Sheridan Landscaping's new maintenance division.
"Dale is an excellent manager, and he's proven over the years that he knows how to run and oversee this type of business successfully," says Sheridan. "We're all very excited to have him on as the operations manager of the maintenance division. He's given us high hopes for the future."
Sheridan says the acquisition came about because Sheridan's own customers have long been interested in contracting his company for maintenance work.
"For years, people have been asking us to maintain their hardscape and landscape projects after we complete them," says Sheridan. "We've been wanting to offer maintenance services as a package deal for our larger projects, especially. Now we have the capability to do that, and we want to do more. We want to be able to offer maintenance services for every single one of our projects."
Sheridan Landscaping has taken on most of Whitbeck's commercial accounts as part of the process, including the Old Sandwich Golf Club, Hilton, Bertucci's, and other commercial accounts located at a shopping center, Colony Place at Plymouth.
Matt Sheridan said this key acquisition gives his company a good foundation to grow their maintenance service. He also said that Whitbeck's many customers can expect the same quality of service they received before, but with even more capabilities:
"People are excited because now they can go to the same contractor they've always trusted for much bigger projects. We can do hardscapes, lawn care, fertilizer, mulching, weeding, shrub planting, irrigation, and more," says Sheridan.
"We've got more resources at our disposal than ever, so we're ready to take on the bigger jobs like subdivision maintenance and large commercial contracts. We can truly offer you everything. We want to take all the great work Whitbeck's Treescape has done and make it bigger and better."
View original content: http://www.prnewswire.com/news-releases/sheridan-landscaping-inc-acquires-whitbecks-treescape-creates-maintenance-division-300648892.html
SOURCE Sheridan Landscaping, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-sheridan-landscaping-inc-acquires-whitbecks-treescape-creates-maintenance-division.html |
WASHINGTON—Former Secretary of State Rex Tillerson warned that a crisis in integrity and ethics among America’s leaders is putting the country’s freedom and democracy at risk, delivering the message in an impassioned commencement address at the Virginia Military Institute.
Mr. Tillerson, speaking to graduates in a rare public appearance since he was fired by President Donald Trumpvia a Twitter message two months ago, said every American citizen has a duty to seek the truth and hold leaders accountable.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/tillerson-warns-of-crisis-of-ethics-among-u-s-leaders-1526506940 |
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