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May 4 (Reuters) - Standard Alliance Insurance PLC :
* STANDARD ALLIANCE INSURANCE - UNABLE TO FILE FINANCIAL STATEMENTS FOR YEAR ENDED DEC 31 WITHIN EXTENDED DUE DATE AS APPROVED BY NIGERIAN STOCK EXCHANGE
* STANDARD ALLIANCE INSURANCE - COMPANY IS UNABLE TO FILE ITS MANAGEMENT ACCOUNT FOR PERIOD ENDED 31ST MARCH, 2018 BY THE DUE DATE OF 30 APRIL, 2018
* STANDARD ALLIANCE INSURANCE - SUBMITTED FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2017 TO PRIMARY REGULATOR, NATIONAL INSURANCE COMMISSION
* STANDARD ALLIANCE INSURANCE - OPTIMISTIC THAT SUBMISSION WILL BE DONE ON OR BEFORE THE 30TH OF JUNE, 2018. Source text ( bit.ly/2jpOAWy ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-standard-alliance-insurance-says-u/brief-standard-alliance-insurance-says-unable-to-file-fy-financial-statements-within-extended-due-date-idUSFWN1SB0F8 |
National Labor Relations Board Member Mark Gaston Pearce did not disclose to labor lawyers that there was an imminent decision in a major case on joint employment involving Hy-Brand Industrial Contractors Inc, an Iowa-based construction company, according to the agency’s inspector general.
Pearce, a Democrat and a former NLRB chairman, only made vague statements about something coming from the board during an American Bar Association conference in Puerto Rico in February, NLRB Inspector General David Berry said in a memo dated April 24 that Reuters obtained on Friday from a Democratic congressional staffer.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2KcUhm8
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-employment-nlrb/no-misconduct-in-nlrb-members-comments-about-joint-employer-case-inspector-general-idUSL1N1SJ007 |
Final Trade: SLV, FL & more 18 Hours Ago The "Fast Money" traders share their final trades of the day including Petrobras, Silver, Foot Locker and Snap. 04:52 04:52 | 1 Hr Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/final-trade-slv-fl-more.html |
BUENOS AIRES, May 17 (Reuters) - Argentina said on Thursday that the combined lowest bids to modernize highways through public-private partnerships had come in 33 percent under the $8 billion investment initially expected by the government.
The projects are for six high-traffic highways over four years, the Transportation Ministry said in a statement. The winning bids will be announced in June, the ministry said.
“To choose the winners in the tender, we’ll assess the best combination of offers by highway ... those that represent the lowest cost for the government,” the statement said.
The road auctions were the first wave of a total of $26.5 billion in public-private investment planned through 2022, an effort by President Mauricio Macri to beef up Argentina’s infrastructure while holding down its deficit.
The government said 32 bids had come from 10 consortia representing seven foreign and 19 Argentine companies. Each group of businesses can win as many as two projects, the ministry said.
Bidders included a unit of Argentina’s Grupo Techint and the Portuguese construction firm Mota Engil, among others.
Techint bid $4.2 billion for three of the highway projects, while Argentine construction firms Benito Roggio and Jose Chediak offered $9.4 billion for five projects. A consortium of MSU Infrastructure, UCSA and Inversiones PPP bid $7.534 billion for four of the projects. (Reporting by Walter Bianchi y Maximiliano Rizzi, writing by Dave Sherwood; editing by Grant McCool)
| ashraq/financial-news-articles | https://www.reuters.com/article/argentina-infrastructure/argentina-takes-bids-on-road-projects-winners-announced-in-june-idUSL2N1SO21M |
CAPE CANAVERAL, Fla. (Reuters) - SpaceX on Thursday aborted the launch of its planned first commercial flight of an updated Falcon 9 rocket from the Kennedy Space Center in Florida, on a mission to carry a satellite into orbit for the government of Bangladesh.
The countdown was halted less than a minute before blastoff, in the final stage of the launch sequence, due to an unspecified glitch. It was not immediately clear whether SpaceX would be able to resume the countdown and proceed with the maiden flight of its Block-5 Falcon 9 rocket or postpone the launch to another day.
Reporting by Joey Roulette at Cape Canaveral; Writing and additional reporting by Steve Gorman in Los Angeles; Editing by Sandra Maler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-space-spacex-abort/spacex-halts-countdown-of-first-commercial-launch-of-updated-falcon-9-rocket-in-florida-idUSKBN1IB342 |
MELVILLE, N.Y., May 07, 2018 (GLOBE NEWSWIRE) -- BioRestorative Therapies, Inc. ("BioRestorative" or the “Company") (OTC:BRTX), a life sciences company focused on stem cell-based therapies, today announced that Wayne J. Olan, M.D. has been appointed as Clinical Director of the Company’s Regenerative Disc/Spine Program. Dr. Olan had been serving on the Company Scientific Advisory Board since 2014.
Dr. Olan, a board-certified interventional neuroradiologist, is the director of endovascular and minimally invasive image guided neurosurgery in Washington, D.C. at the George Washington University Medical Center. He is also an associate professor at The George Washington University School of Medicine & Health Sciences. Dr. Olan serves as a consulting physician to the White House and Congressional medical staffs and to the National Institutes of Health. Dr. Olan was the director of interventional neuroradiology at Suburban Hospital in Bethesda, Maryland from 1999 to 2010. He is a member of many professional societies including the Radiological Society of North America, American College of Radiology, American Medical Association, Medical Society of District of Columbia, American Society of Neuroradiology, and American Society of Spine Radiology. Dr. Olan has over 150 published papers, posters, abstracts and lectures on endovascular treatment of cerebrovascular disorders, including the treatment of cerebral aneurysms, arteriovenous malformations, and the treatment of stroke. A great deal of his research has covered the interventional treatment of spinal disorders. Dr. Olan received his M.D. degree from University of Health Science, the Chicago Medical School. He completed his training in radiology and fellowship training in neuroradiology with subspecialty training in interventional neuroradiology.
Dr. Olan commented, “I am excited to join BioRestorative in an operational capacity at this exciting time in the Company’s clinical development, having received authorization from the U.S. Food and Drug Administration to commence the Phase 2 clinical trial for BRTX-100 . More than 65 million Americans suffer from lower back pain annually, and there are no approved therapies that promote disc repair and possible regeneration. For this reason, I look forward to helping advance BRTX-100 through the clinical trials and into commercialization where I believe it has the potential to become standard of care.”
Mark Weinreb, Chief Executive Officer of BioRestorative Therapies, said, “We are honored to have a medical professional of Dr. Olan’s stature join our team. He brings extensive experience in the area of spinal disorders. Having served on our advisory board since 2014, he already has an intimate knowledge of our technology and we look forward to his further contributions as we advance our clinical trials.”
About BioRestorative Therapies, Inc.
BioRestorative Therapies, Inc. ( www.biorestorative.com ) develops therapeutic products using cell and tissue protocols, primarily involving adult stem cells. Our two core programs, as described below, relate to the treatment of disc/spine disease and metabolic disorders:
• Disc/Spine Program (brtxDISC™): Our lead cell therapy candidate, BRTX-100, is a product formulated from autologous (or a person’s own) cultured mesenchymal stem cells collected from the patient’s bone marrow. We intend that the product will be used for the non-surgical treatment of protruding and bulging lumbar discs in patients suffering from chronic lumbar disc disease. The BRTX-100 production process involves collecting a patient’s bone marrow, isolating and culturing stem cells from the bone marrow and cryopreserving the cells. In an outpatient procedure, BRTX-100 is to be injected by a physician into the patient’s damaged disc. The treatment is intended for patients whose pain has not been alleviated by non-invasive procedures and who potentially face the prospect of surgery. We have received authorization from the Food and Drug Administration to commence a Phase 2 clinical trial using BRTX-100 to treat chronic lower back pain due to degenerative disc disease related to protruding/bulging discs.
• Metabolic Program (ThermoStem®): We are developing a cell-based therapy to target obesity and metabolic disorders using brown adipose (fat) derived stem cells to generate brown adipose tissue (“BAT”). BAT is intended to mimic naturally occurring brown adipose depots that regulate metabolic homeostasis in humans. Initial preclinical research indicates that increased amounts of brown fat in the body may be responsible for additional caloric burning as well as reduced glucose and lipid levels. Researchers have found that people with higher levels of brown fat may have a reduced risk for obesity and diabetes.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements as a result of various factors and other risks, including those set forth in the Company's Form 10-K filed with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and the Company undertakes no obligation to update such statements.
CONTACT:
Email: [email protected]
Source:BioRestorative Therapies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-biorestorative-therapies-appoints-wayne-j-olan-m-d-as-clinical-director-of-regenerative-discspine-program.html |
WASHINGTON (AP) — The House is moving to approve an election-year bill to revive the mothballed nuclear waste dump at Nevada's Yucca Mountain despite opposition from home-state lawmakers.
Supporters say a bill slated for a vote Thursday would help solve a nuclear-waste storage problem that has festered for more than three decades. More than 80,000 metric tons of spent fuel from commercial nuclear power plants sit idle in 121 communities across 39 states.
The bill would direct the Energy Department to continue a licensing process for Yucca Mountain while also moving forward with a separate plan for a temporary storage site in New Mexico or Texas.
It's past time for the federal government to "fulfill its obligation and permanently dispose of the spent nuclear fuel sitting in our states, alongside our lakes, rivers and roadways," said Rep. John Shimkus, R-Ill., the bill's sponsor.
"People are ready to do something rather than nothing," he added, predicting a strong bipartisan vote in favor of the bill.
President Donald Trump's administration has proposed reviving the long-stalled Yucca project 100 miles (161 kilometers) northwest of Las Vegas, but the plan faces bipartisan opposition from the state's governor and congressional delegation.
Energy Secretary Rick Perry has said the U.S. has a "moral obligation" to find a long-term solution to store spent fuel from its commercial nuclear fleet. Trump's budget proposes $120 million to revive the Yucca project.
"We can no longer kick the can down the road," Perry said last year.
Nevada Sen. Dean Heller, a Republican who is locked in a close race for re-election, blasted the upcoming vote as "an exercise in futility."
Heller vowed that, "Under my watch, I will not let one more hard-earned taxpayer dollar go toward this failed project — just as I have in the past. Yucca Mountain is dead, it is that simple."
Democratic Rep. Jacky Rosen, Heller's likely opponent in the general election, has filed an amendment that would delay any licensing activity for Yucca Mountain until the White House Office of Management and Budget conducts a study of the economic effects from alternative uses of the site.
"I'm using every tool at my disposal to put an end to this administration's reckless plans to turn Nevada into a dumping ground for highly radioactive nuclear waste," Rosen said in a statement.
She called Yucca a "failed project" and "complete waste of time and taxpayer money."
Nevada Democrats blame Heller for even allowing the vote, noting that he is a close friend of House Majority Leader Kevin McCarthy, R-Calif., who controls the House schedule.
"Sen. Heller tries to brag about standing between Washington and Yucca Mountain, but our weak and ineffective senator couldn't even dissuade one of his closest friends on Capitol Hill from preparing to ram this bill through the Republican-controlled House," said Sarah Abel, a spokeswoman for Nevada Democrats.
While the fight over Yucca resumes, lawmakers say they hope to make progress on a plan to temporarily house tons of spent fuel that have been piling up at nuclear reactors around the country. Private companies have proposed state-of-the-art, underground facilities in remote areas of west Texas and southeastern New Mexico to store nuclear waste for up to 40 years.
The nuclear industry has said temporary storage must be addressed since the licensing process for Yucca Mountain would take years under a best-case scenario.
Follow Daly on Twitter at https://twitter.com/MatthewDalyWDC | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/the-associated-press-house-bill-would-revive-mothballed-nevada-nuclear-waste-dump.html |
BOSTON (Reuters) - Activist hedge fund manager Keith Meister and billionaire investor Carl Icahn said they may try to buy oil and gas producer Energen Corp ( EGN.N ), according to a regulatory filing made on Monday.
FILE PHOTO: Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network's Neil Cavuto show in New York, U.S., February 11, 2014. REUTERS/Brendan McDermid/File Photo Icahn, 82, reunited with Meister, his 45-year old former right-hand man, by buying a stake in Energen and throwing his weight behind Meister’s year-long campaign to push for Energen’s management to look at alternatives.
In Monday’s filing, Meister’s Corvex Management said Icahn bought 2 million shares and has an option to buy more. He also laid out their possible plan, saying they have “an interest in joining with other parties to acquire the Issuer.”
Icahn is worth $18.3 billion, according to Forbes, putting him in a strong position to threaten and follow through on buying a company.
Two months ago, Birmingham, Alabama-based Energen, which has operations in the Permian Basin, seemed to have settled with Meister’s New York-based hedge fund by agreeing to review its businesses and adding two members to the board.
In an interview with CNBC, Icahn, however, questioned why the process had not moved more quickly. “You can get a man to the moon quicker,” he said.
Corvex, which invests roughly $4.4 billion, sold 2 million shares in Energen to Icahn for $64.84 per share and granted him an option to buy another 2 million shares for $67.37 per share. Icahn may convert the shares any time between now and November 18, 2018, the filing says.
Corvex owns 8.5 million shares, or roughly 8.7 percent of Energen. Together, Icahn and Meister now control roughly 10 percent of the company.
News that Icahn is involved helped push Energen’s share price nearly 6 percent higher to $71.33 on the New York Stock Exchange on Monday.
Since January, the company’s stock price has climbed 19.13 percent.
Meister made his first overture to Energen a year ago with a filing in late May, 2017. In March, Energen invited energy industry entrepreneur Jonathan Cohen and investor Vincent Intrieri, a longtime associate of Icahn’s, to join its board, and promised a review.
Meister worked for Icahn for seven years and served on a number of boards of companies in which Icahn owned stakes. In 2010, Meister founded Corvex.
Reporting by Svea Herbst-Bayliss; Editing by Chizu Nomiyama and Paul Simao
| ashraq/financial-news-articles | https://www.reuters.com/article/us-energen-corvex-icahn/corvex-and-icahn-to-mull-making-a-bid-for-energen-idUSKCN1IM1J6 |
TORONTO, May 25, 2018 (GLOBE NEWSWIRE) -- Thomas Fairfull acquired 5,000 Class A multiple voting shares (the " Acquired Shares ") (the " Class A Multiple Voting Shares ") of FSD Pharma Inc. (formerly, Century Financial Capital Group Inc.) (the " Issuer "). The Acquired Shares represent 33.33% of the issued and outstanding Class A Multiple Voting Shares of the Issuer.
On May 24, 2018, the Issuer completed its acquisition of 100% of the issued and outstanding securities of FV Pharma Inc. (" FV Pharma ") by way of a "three-cornered" statutory amalgamation of FV Pharma and a wholly-owned subsidiary of the Issuer (the " Acquisition ").
In connection with the closing of the Acquisition, the Issuer issued 15,000 Class A Multiple Voting Shares to the former holders of FV Pharma Class A voting shares.
Following completion of the Acquisition, Mr. Fairfull has control over 5,000 Class A Multiple Voting Shares of the Issuer, representing 33.33% of all the issued and outstanding Class A Multiple Voting Share of the Issuer.
The acquisition of the Acquired Shares by Thomas Fairfull was made for investment purposes. Thomas Fairfull may from time to time dispose of, or acquire, additional securities of the Issuer as circumstances warrant.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues , which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Issuer is a reporting issuer containing information with respect to the foregoing matters (the " Early Warning Report "). A copy of the Early Warning Report will appear at www.sedar.com .
Contact Information:
Thomas Fairfull
[email protected]
Source:Thomas Fairfull | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/globe-newswire-thomas-fairfull-acquires-ownership-of-class-a-multiple-voting-shares-of-fsd-pharma-inc.html |
* U.S. crude stocks rise by 4.9 mln bbl to 435.6 mln bbl -API
Physical spot cargoes trade at discount to financial crude
* Production by oil majors rising - S&P Global Ratings (Updates with comment, refreshes prices, adds IEA report; changes dateline from SINGAPORE)
By Amanda Cooper
LONDON, May 16 (Reuters) - Oil eased on Wednesday after a rise in U.S. crude inventory added to signs demand may be slowing in spite of ongoing output cuts by producer group OPEC and imminent U.S. sanctions against Iran.
Brent crude futures were last down 47 cents at $77.96 a barrel by 0937 GMT, while U.S. crude futures were down 27 cents at $71.04 a barrel, leaving the spread between the two just shy of a 2015 high of $7 a barrel.
Physical crude markets are sagging under the weight of unsold barrels of oil, while the 50-percent rise in the oil price in the last year is encouraging major companies such as ExxonMobil, Royal Dutch Shell, Chevron, BP and Total to increase output.
"Aggregate production - both actual and projected - is growing for the majors," S&P Global Ratings said in a report published on Tuesday.
Spot crude oil cargo prices are at their steepest discounts to futures prices in years as sellers are struggling to find buyers for West African, Russian and Kazakh cargoes, while pipeline bottlenecks trap supply in west Texas and Canada.
The bottleneck in North America likely contributed to a 4.9 million barrel rise in U.S. crude oil inventories, to 435.6 million barrels, that the private American Petroleum Institute reported on Tuesday.
"The API inventory data in the U.S. fits with ... a topping pattern or at least a decent pause for oil prices at the moment," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
Official U.S. government fuel storage data is due for release by the Energy Information Administration (EIA) later on Wednesday.
With renewed U.S. sanctions looming against OPEC-member Iran and oil demand strong, analysts said crude markets will likely remain tight for much of the year.
Stronger oil prices are also spilling into other markets.
"A rising oil price brings upside price risk to all commodities," Morgan Stanley said in a note this week.
The International Energy Agency on Wednesday warned global demand is likely to moderate this year, as the price of crude nears $80 a barrel and many key importing nations no longer offer consumers generous fuel subsidies.
In its monthly report, the Paris-based IEA cut its forecast for global demand growth to 1.4 million barrels per day for 2018, from a previous estimate of 1.5 million bpd.
"On balance, the report is tending more to the negative side. Demand for oil has been revised downwards for the second half of the year from April," PVM Oil Associates strategist Tamas Varga said. (Additional reporting by Henning Gloystein in SINGAPORE; Editing by Alexandra Hudson) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/reuters-america-update-4-oil-eases-signs-of-demand-slowing-as-price-nears-80.html |
DUBAI, May 30 (Reuters) - Saudi Arabia, other OPEC states and non-OPEC allies aim to stick to a global pact on cutting oil supplies until the end of 2018 but are ready to make gradual adjustments to offset any supply shortage, a Gulf source familiar with Saudi thinking said.
The oil producers participating in the output reduction deal are satisfied with the result of their agreement, which was due to end at the end of 2018, the Gulf source told Reuters.
The deal could be extended to achieve its objectives of keeping a balanced oil market, the source said, adding that, when needed, any rise in output would be “in a gradual and deliberate fashion.”
The Organization of the Petroleum Exporting Countries with Russia and several other oil producers agreed to cut output by about 1.8 million barrels per day (bpd) starting from January 2017. The curbs have driven down inventories and pushed up prices.
The producers have said they will keep the cuts in place until the end of 2018, but sources have told Reuters that Saudi Arabia and Russia were discussing the possibility of raising output by about 1 million barrels a day to cool the oil market.
OPEC meets next on June 22 to discuss oil policy.
However, the producers will continue working together, even if adjustments to the deal are made.
“Saudi Arabia, OPEC and non-OPEC ... are continuing their cooperation this year and beyond, it is not something temporarily, it is going to be a long-term cooperation for the sake of a stable oil market,” the Gulf source said.
The source added that the oil market was moving towards balance and fundamentals were better than last year, “but the group is not ready yet to fully lift controls.” (Reporting by Rania El Gamal Editing by Edmund Blair)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/oil-opec-saudi/opec-non-opec-sticking-to-oil-pact-but-may-raise-output-if-needed-gulf-source-idUSL5N1T12C1 |
Here Are the Fortune 500's 10 Most Valuable Companies Apple remains unshakable as the Fortune 500's most valuable firm. But Amazon is gaining fast. Stephanie Keith—Getty Images By Lucinda Shen 1:04 PM EDT
Walmart may reign as the number one on the Fortune 500, but it’s iPhones and social media that are atop investors’ minds.
In a sign a how much investors believe tech giants will supplant traditional sectors in consumers’ lives in coming years, the five most valuable Fortune 500 companies have became tech firms. iPhone-maker Apple dominates once again, with a market value of $921 billion. The company also received a booster shot recently from another Fortune 500 firm—Berkshire Hathaway, which became CEO Warren Buffett’s largest holding earlier this month .
While the annual Fortune 500 list is ranked based on how much revenue a company has generated over the course of 2017, market valuation prices in investor sentiment—or how much they believe a company may grow in coming years.
Notably, e-commerce giant Amazon , which has managed a steady pace of revenue growth since it first breached the Fortune 500 list in 2002, became the second most valuable company earlier in 2018—making its CEO and founder Jeff Bezos the world’s most wealthy person . That comes as the company continues to both impress investors with its unflagging financial growth, and terrify as it threatens to upturn even more brick-and-mortar retail industries: think groceries and potentially, insurance .
On the flip-side: Oil giant Exxon Mobil is now rank the eighth most valuable Fortune 500 firm, down from fourth two years back. Wells Fargo , meanwhile, which was once 10th on the 500’s most valuable , is now 13th on the list, as it continues to be rocked by a scandal in which the firm admitted to charging customers for millions of fake accounts.
Overall though, it’s been sunny times for the stock market since the new administration led by President Donald J. Trump hunkered down in Washington D.C.
With a business-friendly administration, the market valuation of all Fortune 500 companies surged from roughly $19.4 trillion a year earlier, to about $21.6 trillion by early 2018. | ashraq/financial-news-articles | http://fortune.com/2018/05/21/fortune-500-most-valuable-companies-2018/ |
MIAMISBURG, Ohio, May 9, 2018 /PRNewswire/ -- Verso Corporation (NYSE: VRS) today reported financial results for the first quarter of 2018, including net sales of $639 million, net loss of $2 million, and Adjusted EBITDA of $41 million.
Overview
"Verso had a good start in the first quarter of 2018, with sales revenue up 4 percent to $639 million, Adjusted EBITDA (a non-GAAP measure) up 58 percent to $41 million, and Adjusted EBITDA margin up 2.2 percentage points compared to the first quarter of 2017," said Verso Chief Executive Officer, B. Christopher DiSantis. "We continued to grow our specialty papers business, now 24 percent of total revenue, and are seeing the benefits of our SG&A cost improvement initiatives, with an improvement of $8 million versus the first quarter of 2017. Looking ahead, we have positioned Verso well to benefit from improved operating rates and are building a better business."
Results of Operations – Comparison of Three Months Ended March 31, 2018 to Three Months Ended March 31, 2017
Three Months Ended
March 31,
Three Month
(Dollars in millions)
2017
2018
$ Change
Net sales
$ 616
$ 639
$ 23
Costs and expenses:
Cost of products sold (exclusive of depreciation,
amortization and depletion)
562
581
19
Depreciation, amortization and depletion
33
27
(6)
Selling, general and administrative expenses
33
25
(8)
Restructuring charges
2
1
(1)
Operating income (loss)
(14)
5
19
Interest expense
9
11
2
Other (income) expense
(2)
(4)
(2)
Income (loss) before income taxes
(21)
(2)
19
Income tax expense
-
-
-
Net income (loss)
$ (21)
$ (2)
$ 19
Comments to Results of Operations - Comparison of Three Months Ended March 31, 2018 to Three Months Ended March 31, 2017
Net sales for the first quarter of 2018 increased $23 million compared to the first quarter of 2017. The sales increase was primarily attributable to improved average pricing and product mix, partially offset by a reduction in total sales volume. The decrease in volume was driven by a reduction in external pulp sales of 15 thousand tons, primarily in preparation for a planned outage at our Quinnesec Mill, and a reduction in coated paper sales of 7 thousand tons as a result of capacity reductions at our Androscoggin Mill. While sales volume of specialty papers increased in the first quarter of 2018, it was offset by a reduction in sales volume of other coated papers during that same period. Gross margin, excluding depreciation, amortization and depletion expenses, increased from 8.8% in the first quarter of 2017 to 9.1% in the first quarter of 2018 driven by higher average pricing and improved product mix, lower pension and corporate overhead costs and favorable wood costs, partially offset by lower sales volume, production issues at certain mills, additional major maintenance costs, increased freight expense and inflation on chemicals and energy costs. The most significant production issue was related to a boiler failure at our Luke Mill, combined with a simultaneous weather event and depletion of fuel used to generate steam throughout the mill. This event had an impact of approximately $4 million on the results of the first quarter of 2018. Depreciation, amortization and depletion expenses for the first quarter of 2018 were lower than the first quarter of 2017, as a result of $6 million in accelerated depreciation in first quarter of 2017 attributable to the capacity reductions at the Androscoggin Mill. SG&A expense reduction was primarily attributable to cost reduction initiatives implemented across the Company. Interest expense for the first quarter of 2018 includes $4 million of amortization of debt issuance cost and discount associated with the Term Loan Facility as a result of a $21 million voluntary principal payment and a $21 million excess cash flow payment, both made during the first quarter of 2018. Other (income) expense in the first quarter of 2018 and 2017 includes income of $3 million and $2 million, respectively, associated with the non-operating components of net periodic pension cost (income) in connection with the adoption of a new accounting standard in the first quarter of 2018.
Guidance
The Company is providing the following guidance:
2018 Second Quarter Net sales of $625-640 million. Capital expenditures are expected to be approximately $30-35 million, including initial investment for the A3 startup project at our Androscoggin Mill. Cash pension funding of $7-8 million. Major maintenance to increase by $13 million versus 1Q 2018. Expectations for Full Year 2018 Revenue and pricing favorable to prior year. Continued headwinds in logistics / freight and other input costs. Capital expenditures in the range of $60-70 million. Cash taxes of $0-5 million, primarily state income and franchise taxes. Major maintenance costs up $14-16 million. Cash pension funding of approximately $45 million. SG&A less than 4% of Net sales.
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
EBITDA consists of earnings before interest, taxes, depreciation, and amortization. Adjusted EBITDA reflects adjustments to EBITDA to eliminate the impact of certain items that we do not consider to be indicative of our ongoing performance. We use EBITDA and Adjusted EBITDA as a way of evaluating our performance relative to that of our peers and to assess compliance with our credit facilities. We believe that Adjusted EBITDA is a non-GAAP operating performance measure commonly used in our industry that provides investors and analysts with a measure of ongoing operating results unaffected by differences in capital structures, capital investment cycles, and ages of related assets among otherwise comparable companies.
We believe that the supplemental adjustments applied in calculating Adjusted EBITDA are reasonable and appropriate to provide additional information to investors.
Because EBITDA and Adjusted EBITDA are not measurements determined in accordance with Generally Accepted Accounting Principles (GAAP) and are susceptible to varying calculations, EBITDA and Adjusted EBITDA, as presented, may not be comparable to similarly titled measures of other companies. You should consider our EBITDA and Adjusted EBITDA in addition to, and not as a substitute for, or superior to, our operating or net income or cash flows from operating activities, which are determined in accordance with GAAP.
The following table reconciles Net income (loss) to EBITDA and Adjusted EBITDA for the presented periods:
Three Months Ended March 31,
(Dollars in millions)
2017
2018
Net income (loss)
$ (21)
$ (2)
Income tax expense
-
-
Interest expense, net
9
11
Depreciation, amortization and depletion
33
27
EBITDA
$ 21
$ 36
Adjustments to EBITDA:
Restructuring charges (1)
2
1
Strategic initiatives costs (2)
-
2
Other items, net (3)
3
2
Adjusted EBITDA
$ 26
$ 41
(1)
Charges are primarily associated with the closure and relocation of the Memphis office headquarters and closure of the Wickliffe mill.
(2)
Professional fees and other charges associated with strategic alternatives initiative.
(3)
For 2017, costs incurred in connection with the re-engineering of information systems, amortization of non-cash incentive compensation, costs associated with the temporary idling of the No. 3 paper machine at the Androscoggin mill, and miscellaneous other non-recurring adjustments. For 2018, amortization of non-cash incentive compensation, legal settlement gain associated with prior closed mill and miscellaneous other non-recurring adjustments.
About Verso
Verso Corporation is the turn-to company for those looking to successfully navigate the complexities of paper sourcing and performance. The leading North American producer of printing and specialty papers and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results. Verso's long-standing reputation for quality and reliability is directly tied to our vision to be a company with passion that is respected and trusted by all. Verso's passion is rooted in ethical business practices that demand safe workplaces for our employees and sustainable wood sourcing for our products. This passion, combined with our flexible manufacturing capabilities and an unmatched commitment to product performance, delivery and service, make Verso a preferred choice among commercial printers, paper merchants and brokers, converters, publishers and other end users. For more information, visit us online at versoco.com .
Forward-Looking Statements
In this press release, all statements that are not purely historical facts are within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this press release include, but are not limited to, our guidance for the second quarter of 2018 and the full year of 2018. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "intend," "potential" and other similar expressions. Forward-looking statements are based on currently available business, economic, financial, and other information and reflect management's current beliefs, expectations, and views with respect to future developments and their potential effects on Verso. Actual results could vary materially depending on risks and uncertainties that may affect Verso and its business. Verso's actual actions and results may differ materially from what is expressed or implied by these statements due to a variety of factors, including those risks and uncertainties listed under the caption "Risk Factors" in Verso's Form 10-K for the fiscal year ended December 31, 2017 and from time to time in Verso's other filings with the Securities and Exchange Commission. Verso assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes.
Conference Call
Verso will host a conference call on Wednesday, May 9, 2018 at 9 a.m. (EDT) to discuss first quarter 2018 financial results. Analysts and investors may access the live conference call only by dialing 888-317-6003 (U.S. toll-free), 866-284-3684 (Canada toll-free) or 412-317-6061 (international) and referencing elite entry number 9692788 and Verso Corporation. To register, please dial in 10 minutes before the conference call begins. The news release and first quarter 2018 results will be available on Verso's website at http://investor.versoco.com by navigating to the Financial Information page.
Analysts and investors may also access the live conference call and webcast by clicking on the event link https://www.webcaster4.com/Webcast/Page/1524/25758 or by visiting Verso's website at http://investor.versoco.com and navigating to the Events page. Please go to this link at least one hour before the call and follow the instructions to register, download and install any necessary audio/video software.
A telephonic replay of the call can be accessed at 877-344-7529 (U.S. toll-free), 855-669-9658 (Canada toll-free) or 412-317-0088 (international), access code 10120176. The replay will be available starting at 11 a.m. (EDT) Wednesday, May 9, 2018, and will remain available until June 9, 2018. An archive of the conference call and webcast will be available at http://investor.versoco.com starting at 11 a.m. (EDT) Wednesday, May 9, 2018, and will remain available for 120 days.
View original content with multimedia: http://www.prnewswire.com/news-releases/verso-corporation-reports-first-quarter-2018-financial-results-300645055.html
SOURCE Verso Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-verso-corporation-reports-first-quarter-2018-financial-results.html |
ANKARA (Reuters) - Turkey’s pro-Kurdish opposition on Friday nominated its jailed former head as its candidate in the June presidential election, streaming the announcement live on social media while mainstream broadcasters ignored it.
The Peoples’ Democratic Party (HDP), Turkey’s second-largest opposition party, nominated Selahattin Demirtas, who has been in jail for some 17 months on security charges and faces up to 142 years in prison if convicted.
A former human rights lawyer, Demirtas is one of Turkey’s best-known politicians, winning votes beyond his core Kurdish constituency in 2015 elections. Prosecutors charge that he and hundreds of other detained HDP members are tied to the militant Kurdistan Workers Party (PKK). The HDP denies the charge.
“The HDP’s candidate is our Istanbul lawmaker, Selahattin Demirtas, who is being kept hostage,” current party co-leader Pervin Buldan said in a broadcast that was streamed live on the internet.
“Selahattin Demirtas cannot carry out work ... or have the chance to meet with voters. This is why we demand that Mr Demirtas regains his freedom immediately,” she said.
Turkish media is saturated with coverage of President Tayyip Erdogan and his ministers - the president routinely speaks two or three times a day and the speeches are carried live by major broadcasters. Opposition parties get far less coverage, and pro-Kurdish HDP almost none.
Meanwhile, more than 120 journalists have been detained and more than 180 media outlets have been closed since a state of emergency was introduced after a failed coup in 2016, rights group Amnesty International has said.
Turks will go to the polls for parliamentary and presidential elections called by Erdogan for June 24, more than a year earlier than scheduled.
‘HANDS ARE TIED’ The party released a letter from Demirtas, in which he called on supporters to help him during the campaign.
“As you may imagine, my hands are significantly tied here,” he wrote. “Now, you, the youth, the women, are my hands, arms, voice and breath.”
Turkish law bars anyone convicted of terrorism charges from running in elections, but a lawyer for Demirtas told Reuters on Wednesday that he faced no legal obstacles to his candidacy, despite the ongoing legal cases against him.
The HDP commands only about 10 to 12 percent support, but Demirtas is still likely to draw significant backing in a first- round presidential vote against Erdogan and other candidates, while also boosting the prospects of his party entering parliament.
Earlier on Friday, the main opposition Republican People’s Party nominated Muharrem Ince, one of its most prominent and combative lawmakers, for the presidency.
Editing by David Dolan, Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/us-turkey-election-hdp/ignored-by-turkish-tv-pro-kurdish-party-nominates-jailed-former-head-for-presidency-idUSKBN1I526Q |
Revenues at risk? Companies profiting in China 1 Hour Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/revenues-at-risk-companies-profiting-in-china.html |
HONG KONG, April 30, 2018 /PRNewswire/ -- CHINA NATURAL RESOURCES, INC. (NASDAQ: CHNR), a company based in the People's Republic of China, today announced its results of operations for the year ended December 31, 2017 as follows.
CHINA NATURAL RESOURCES, INC.
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
YEARS ENDED DECEMBER 31, 2015, 2016 AND 2017
(Amounts in thousands, except share and per share data)
Year Ended December 31,
2015
2016
2017
2017
CNY
CNY
CNY
US$
(Restated)
(Restated)
CONTINUING OPERATIONS
Administrative expenses
(3,577)
(4,519)
(6,204)
(953)
OPERATING LOSS
(3,577)
(4,519)
(6,204)
(953)
Finance costs
(2)
(1)
(14)
(2)
Foreign exchange difference, net
(354)
—
—
—
Interest income
164
75
39
6
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS
(3,769)
(4,445)
(6,179)
(949)
INCOME TAX EXPENSE
(1,504)
—
—
—
LOSS FOR THE YEAR FROM CONTINUING OPERATIONS
(5,273)
(4,445)
(6,179)
(949)
DISCONTINUED OPERATIONS
Loss for the year from discontinued operations, net of tax
(36,176)
(18,591)
(23,817)
(3,660)
LOSS FOR THE YEAR
(41,449)
(23,036)
(29,996)
(4,609)
ATTRIBUTABLE TO:
Owners of the Company
From continuing operations
(5,273)
(4,445)
(6,179)
(949)
From discontinued operations
(36,176)
(18,591)
(23,817)
(3,660)
(41,449)
(23,036)
(29,996)
(4,609)
Non-controlling interests
From continuing operations
—
—
—
—
From discontinued operations
—
—
—
—
—
—
—
—
(41,449)
(23,036)
(29,996)
(4,609)
LOSS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY:
Basic
- For loss from continuing operations
(0.21)
(0.18)
(0.25)
(0.04)
- For loss from discontinued operations
(1.45)
(0.74)
(0.95)
(0.15)
- Net loss per share
(1.66)
(0.92)
(1.20)
(0.19)
Diluted
- For loss from continuing operations
(0.21)
(0.18)
(0.25)
(0.04)
- For loss from discontinued operations
(1.45)
(0.74)
(0.95)
(0.15)
- Net loss per share
(1.66)
(0.92)
(1.20)
(0.19)
The consolidated statements of profits or loss of the Company for the years ended December 31, 2015, 2016 and 2017 have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The consolidated statements of profits or loss have been derived from and should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2017 contained in the Company's annual report on Form 20-F as filed with the Commission on April 30, 2018.
Mr. Wong Wah On Edward, the Company's Chairman, commented on the results: "The Board has determined to focus the Company's resources on metals explorations and mining activities and other business operations in the PRC. In November 2017, we acquired Bayannaoer Mining which owns the right to explore for minerals at a mine located in Inner Mongolia Autonomous Region of the PRC. In December 2017, we sold our copper smelting plant in Bolivia. We will continue to explore new businesses opportunities to contribute to revenues and enhance shareholder values."
For the convenience of the reader, amounts in Chinese Yuan ("CNY") have been translated into United States dollars ("US$") at the rate of US$1.00=CNY6.5067 as Quote: d by www.ofx.com on December 31, 2017. The CNY is not freely convertible into foreign currencies and no representation is made that the CNY amounts could have been, or could be, converted into US$ at that rate, or at all.
About China Natural Resources:
China Natural Resources, Inc., a British Virgin Islands corporation, through its operating subsidiaries in the People's Republic of China, is currently engaged in the exploration for lead, silver and other metals in the Inner Mongolia Autonomous Region of the People's Republic of China.
Forward-Looking Statements:
This press release includes forward-looking statements within the meaning of federal securities laws. These statements include, without limitation, statements regarding the intent, belief and current expectations of the Company, its directors or its officers with respect to the Company's policies regarding investments, dispositions, financings, conflicts of interest and other matters; and trends affecting the Company's financial condition or results of operations. Forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statement as a result of various factors. Among the risks and uncertainties that could cause our actual results to differ from our forward-looking statements are our intent, belief and current expectations as to business operations and operating results, uncertainties regarding the governmental, economic and political circumstances in the People's Republic of China, uncertainties associated with the Company's reliance on third-party contractors, uncertainties relating to possible future increases in operating expenses, including costs of labor and materials, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. With respect to forward-looking statements that include a statement of its underlying assumptions or bases, the Company cautions that, while it believes such assumptions or bases to be reasonable and has formed them in good faith, assumed facts or bases almost always vary from actual results, and the differences between assumed facts or bases and actual results can be material depending on the circumstances. When, in any forward-looking statement, the Company, or its management, expresses an expectation or belief as to future results, that expectation or belief is expressed in good faith and is believed to have a reasonable basis, but there can be no assurance that the stated expectation or belief will result or be achieved or accomplished.
View original content: http://www.prnewswire.com/news-releases/china-natural-resources-inc-announces-2017-results-of-operations-300639395.html
SOURCE China Natural Resources, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/pr-newswire-china-natural-resources-inc-announces-2017-results-of-operations.html |
DNA sequencing helping fight TB in Madagascar 2:07pm BST - 01:34
An international team of scientists and doctors are using a hand held DNA sequencer in the fight against tuberculosis in remote parts of Madagascar. Stuart McDill reports. ▲ Hide Transcript ▶ View Transcript
An international team of scientists and doctors are using a hand held DNA sequencer in the fight against tuberculosis in remote parts of Madagascar. Stuart McDill reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IUY238 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/29/dna-sequencing-helping-fight-tb-in-madag?videoId=431418543 |
May 7, 2018 / 7:26 AM / Updated 4 hours ago Pressure rises on Air France as strike forces early CEO exit Sudip Kar-Gupta 4 Min Read
PARIS (Reuters) - Pressure on Air France-KLM ( AIRF.PA ) grew on Monday as its shares fell by more than 10 percent after chief executive Jean-Marc Janaillac said he would resign over the rejection of a pay deal by the airline’s staff. Jean-Marc Janaillac, Chief Executive Officer of Air France-KLM Group, attends a news conference in Paris, France, May 4, 2018. REUTERS/Charles Platiau
French Finance Minister Bruno Le Maire had urged the airline and its workers to resume talks on Sunday, saying that if Air France did not become more competitive it “will disappear”.
However, pilots, cabin crew and ground staff were on strike for a fourteenth day since February on Monday and Air France said one in five flights would be cancelled on Tuesday. It estimates the industrial action has so far cost it 300 million euros ($357 million)..
Janaillac had been CEO for less than two years, running into the same union resistance to reform as his predecessor. His exit raises questions over Air France’s ability to cut costs to compete with Gulf carriers and low-cost airlines. Related Coverage Air France likely to cancel one in five flights on Tuesday over strike
“The future looks turbulent for the company,” said Gregoire Laverne, fund manager at Roche Brune Asset Management, who sold his Air France-KLM shares in September 2017.
Last year Italy’s Alitalia filed to be put under special administration for the second time in less than a decade, starting a process that will lead to the loss-making airline being overhauled, sold off or wound up. Slideshow (2 Images)
The French government, which is the national carrier’s largest shareholder with a 14 percent stake, has said it will not ride to the rescue and a meeting of Air France-KLM’s board has been called for May 15 to decide on a management transition plan.
Air France-KLM shares fell more than 14 percent before recovering some losses to trade down 10 percent at 7.28 euros ($8.68) at 1230 GMT, their lowest level since April 2017.
The stock is down almost 50 percent since the start of 2018, versus a 3.7 percent gain on the broader Paris SBF-120 .SBF120 index and a 4 percent fall on the pan-European STOXX 600 Travel & Leisure index .SXTP.
This is in sharp contrast to its performance last year, when the shares rose 160 percent as Janaillac initiated reforms to restructure and improve the finances of its French brand, said Roche Brune Asset Management’s Laverne. UNDONE BY CUTS
During Janaillac’s tenure, Air France-KLM struck deals with Delta Air Lines ( DAL.N ) and China Eastern ( 600115.SS ), which each acquired stakes of just under 9 percent.
He also oversaw the launch of Joon, a low cost subsidiary of Air France, and growth in its maintenance business. But his efforts to bring down costs proved his undoing.
Air France had offered workers a salary increase of 2 percent in 2018 and a further 5 percent over the following three years, but French unions, which have demanded 5.1 percent this year, have complained management is not serious about talks.
After negotiations reached deadlock, Janaillac called a vote last Friday, the results of which went against him.
Profits at the Dutch sister company KLM, which has succeeded in cutting costs, rose in the first quarter, contrasting with losses at Air France.
($1 = 0.8381 euros) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-air-france-klm-ceo/air-france-klm-shares-slump-as-ceo-prepares-to-quit-over-union-pay-row-idUKKBN1I80KC |
FRANKFURT, May 14 (Reuters) - Innogy can launch a structured sales process for its stake in a Czech gas networks unit, Chief Executive Uwe Tigges told journalists on Monday, following remarks by E.ON which said it will eventually own the asset.
E.ON has agreed to take over rival RWE’s 76.8 percent stake in Innogy, and has launched a bid for the remaining stake, seeking to integrate the whole company, including its Czech gas business.
Several bidders have lined up for the asset, most notably co-owner Macquarie as well as Czech investment group KKCG, which last week said it had submitted a bid to buy all local assets owned by Innogy.
E.ON in late April said that Innogy’s parent RWE would offer to buy Innogy’s stake in Czech Innogy Grid Holding, which E.ON would then have an option to buy. (Reporting by Christoph Steitz Editing by Ludwig Burger)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/innogy-results-czech-ma/innogy-can-launch-sales-process-for-stake-in-czech-grid-business-idUSL5N1SL1S4 |
May 14, 2018 / 12:15 PM / Updated 7 hours ago India April retail inflation rate climbs for first time in four months Manoj Kumar 3 Min Read
NEW DELHI (Reuters) - India’s annual retail and wholesale inflation accelerated in April, mainly due to higher fuel and food prices, and in response some economists changed their views to expect a more hawkish central bank at its next policy meeting next month. File Photo: A worker stacks food packets inside a retail outlet at a shopping mall in Kolkata August 12, 2014. REUTERS/Rupak De Chowdhuri
The Reserve Bank of India (RBI), due to hold its next policy meeting on June 6, is still widely expected to hold rates after having kept them unchanged for the fourth straight meeting in April.
But with a faster-than-expected pace of retail and wholesale inflation, some economists have changed their mind about the RBI’s next policy move.
“The Reserve Bank of India is likely to adopt a hawkish commentary in June,” said Radhika Rao, an economist at DBS Bank in Singapore.
India’s annual retail inflation accelerated in April to 4.58 percent, after easing for three straight months, government data showed on Monday, mainly driven by faster increases in food and fuel prices.
Core inflation, mainly reflecting firming up manufacturing prices touched 5.9 percent, at a 44-month high, economists estimated.
Analysts polled by Reuters had forecast April’s CPI inflation at 4.42 percent, compared with March’s 4.28 percent.
April was the sixth straight month in which inflation was higher than the RBI’s medium-term target of 4 percent.
India’s wholesale price inflation in April rose faster than expected, to 3.18 percent, separate data released by the Ministry of Commerce and Industry on Monday showed.
Annual retail food inflation, which contributes about half of the weight in the CPI index, rose 2.80 percent in April almost at the same level of 2.81 percent rise in the previous month.
Analysts worry that retail inflation could cross 5 percent mark in the next two to three months.
As the economy gathers momentum, capacity utilisation could tighten further, which will boost underlying price pressures, said Shilan Shah of Capital Economics in a note on Monday.
The biggest risk that Asia’s third-largest economy faces is rising crude oil prices, which hit $78 a barrel last week, their highest since November 2014 following prospects of new U.S. sanctions on Iran.
India meets 80 percent of its oil needs from imports.
An increase in oil price of $10 a barrel could quicken inflation by about 1 percentage point and reduce economic growth by 0.2 to 0.3 percentage points, a senior finance ministry official told Reuters, before the release of the Monday’s data.
The International Monetary Fund, however, expects India’s economic growth could rebound to 7.4 percent in fiscal year 2018/19 beginning April, from an estimated 6.6 percent in the previous fiscal year. Reporting by Manoj Kumar; Editing by Richard Borsuk and Robert Birsel | ashraq/financial-news-articles | https://in.reuters.com/article/india-economy-inflation-retail/india-april-retail-inflation-rate-climbs-for-first-time-in-four-months-idINKCN1IF1J9 |
Founding and leading Amneal Pharmaceuticals for 15 years, Mr. Patel and his brother Chirag transformed the company from a small, start-up generic manufacturer into the 5 th largest generic pharmaceutical company in the U.S. Under the leadership of Chintu and Chirag Patel, Amneal grew to manufacture hundreds of generic pharmaceutical products in all dosage forms, including high barrier-to-entry forms. A prominent philanthropist and a leader in the pharmaceutical business community, Mr. Patel is the recipient of several industry, non-profit and educational honors.
PISCATAWAY, N.J.--(BUSINESS WIRE)-- U.S.-based Adello Biologics today announced that, effective immediately, Chintu Patel has been named Chief Executive Officer of Adello Biologics, LLC, succeeding Peter Moesta, who is stepping down to pursue other opportunities.
“I am leaving Adello proud of what we have accomplished, and confident that the new leadership for the company will be able to build on the foundation we have laid over the last years,” said Moesta.
Most recently Co-Chief Executive Officer, Co-Chairman and Co-Founder of Amneal Pharmaceuticals, Chintu Patel is now a Co-Chairman of the Amneal Board of Directors. Mr. Patel’s vision of building a pharmaceutical company based upon quality and integrity led to Amneal’s founding. His passion for excellence in R&D and developing high quality, affordable medicines has been deeply rooted since his days as a student of pharmacy. Mr. Patel has more than 20 years of distinguished experience within the industry, beginning with his career at Eckerd Pharmacy. He has been recognized by his peers on numerous occasions, including the 2011 Ernst & Young National Entrepreneur of the Year Life Sciences Award®. His commitment to business growth and philanthropy is evident in the many organizations Amneal supports. Mr. Patel has been a featured speaker at the Hauppauge Industrial Association of New York and serves on the boards of the Long Island Association and the Make-a-Wish Foundation®. With his wife, Falguni, Mr. Patel created the Irada Foundation, focused on health and education issues. He holds a Bachelor’s degree in pharmacy from Rutgers College of Pharmacy and an honorary Doctor of Science from Long Island University.
“I am delighted to lead a team of distinguished scientists and professionals at Adello,” said Chintu Patel. “Together, we will harness the extraordinary potential of the biosimilars market and transform Adello into a world-class healthcare company that develops important, affordable, accessible medical treatments. I would like to thank Peter for his contributions to advancing Adello's lead biosimilar candidates towards registration. I wish him the best of luck in his new endeavors."
About Adello Biologics, LLC
Adello is a privately held, U.S.-based biotechnology company headquartered in Piscataway, NJ. The company's aim is to provide high-quality, affordable biosimilars to patients worldwide. Driven by a team of highly skilled industry veterans, Adello is advancing a pipeline of complex proteins and monoclonal antibodies with lead candidates in oncology and immunology. For more information, visit adellobio.com .
Learn more about biosimilars: http://adellobio.com/about-biosimilars/
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006059/en/
Adello Biologics, LLC
Celina Dopoulos
+1-312-320-0690
[email protected]
Source: Adello Biologics, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-chintu-patel-named-chief-executive-officer-adello-biologics-llc.html |
U.S. government bond prices fell Wednesday, retracing some of the gains from Tuesday’s rally as investors reassessed the political turmoil in Italy.
The yield on the benchmark 10-year Treasury note rose to 2.842% from 2.772% Tuesday, snapping four straight days of declines. The two-year Treasury note yield also climbed to 2.411% from 2.319% after falling the most in one day since March 2009. Yields rise as bond prices fall.
Yields... | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-government-bonds-decline-as-investors-reassess-italy-concerns-1527695568 |
Google (googl) is celebrating a little-known but hugely influential scientist with the Google Doodle today.
The Danish scientist S.P.L. (Soren Peder Lauritz) Sorensen is the man who invented the pH scale (remember those pink and blue strips from your high school chemistry class?) He developed the method of measuring acidity and alkalinity in 1909 while studying the effect of ion concentration on proteins. Today the method is hugely important for daily necessities like clean water and medicine.
Sorensen was born in Havrebjerg, Denmark 1868. He studied at the University of Copenhagen with the intention of studying medicine, but went on to have a career as a scientist. He was the head of the prestigious Carlsberg Laboratory in Copenhagen for 37 years, where he worked alongside his second wife, Margrethe Høyrup Sørensen. He worked in the lab until the year before his death at age 71.
The interactive feature of today’s Google Doodle you can learn where common foods fall on the scale. | ashraq/financial-news-articles | http://fortune.com/2018/05/29/google-doodle-spl-sorensen-ph-scale/ |
(Compares with analysts' estimates, adds details on avg. sales price)
April 30 (Reuters) - Whiting Petroleum Corp reported first-quarter profit that beat Wall Street estimates on Monday as the U.S. oil producer benefited from higher oil prices and production.
Energy companies in North America have been ramping up production in tandem with OPEC's efforts to cut global output in a bid to take advantage of rising prices.
Whiting's average sales price rose to $62.92 per barrel of oil and closely tracked the gains in U.S. crude, which averaged about $63 a barrel in the first three months of 2018, 22.5 percent above the 2017 prices.
Its production rose 8.3 percent to 11.43 million barrels of oil equivalent per day in the quarter.
The largest oil producer in North Dakota's Bakken shale formation posted a net profit of $15 million, or 16 cents per share, in the quarter ended March 31, compared with a loss of $87 million, or 96 cents per share, a year earlier.
Excluding one-time items, Whiting earned 92 cents per share. Analysts expected a profit of 26 cents per share, according to Thomson Reuters I/B/E/S.
Total operating revenue rose 39 percent to $515.08 million. (Reporting by Ahmed Farhatha; Editing by Arun Koyyur) | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/reuters-america-update-1-whiting-petroleums-profit-beats-estimates-on-higher-oil-prices.html |
PINE BLUFF, Ark., May 22, 2018 (GLOBE NEWSWIRE) -- Simmons First National Corp.’s (NASDAQ:SFNC) board of directors declared a regular $0.15 per share quarterly cash dividend payable July 5, 2018, to shareholders of record June 15, 2018. This dividend represents a $0.025 per share, or 20 percent, increase over the dividend paid for the same period in 2017. The per share data reflects the effect of the company’s two for one stock split effective February 8, 2018.
Simmons First National Corp. is a financial holding company, headquartered in Pine Bluff, Ark., with total assets of $15.6 billion as of March 31, 2018 conducting financial operations in Arkansas, Colorado, Kansas, Missouri, Oklahoma, Tennessee and Texas The company, directly and through its subsidiaries, offers comprehensive financial solutions delivered with a client-centric approach.
FOR MORE INFORMATION CONTACT:
STEPHEN C. MASSANELLI
Executive Vice President, Chief Administrative Officer and Investor Relations Officer
Simmons First National Corporation
(870) 541-1000
Source:Simmons First National Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-simmons-first-national-corporation-declares-0-point-15-per-share-dividend.html |
DraftKings is setting its sights on its future now that the Supreme Court is allowing states to legalize sports betting, CEO Jason Robins told CNBC on Wednesday.
That could mean an initial public offering, but he's not ruling out a possible merger.
"My preference has always been to IPO, but we're open to different outcomes," Robins said on " Power Lunch ."
On Monday, Irish bookmaker Paddy Power Betfair announced it has agreed to merge with fantasy sports company FanDuel to target the U.S. sports betting market.
Earlier this month, the Supreme Court upheld a 2014 New Jersey law that permitted sports betting at casinos and racetracks in the state and voided the federal Professional and Amateur Sports Protection Act.
Robins wouldn't comment on whether his company has been approached by anyone or whom it may be talking to.
"There's a lot of activity going on right now, so you can imagine everybody is kind of talking to everybody at this point," he said.
He also insisted that the FanDuel news would not change the timing for changes with DraftKings.
"We like to really focus on our own path and what we can control," Robins said. "It would be a mistake if we let it really affect our decision-making around timing for an IPO or any other sort of strategic transaction."
If anything, the Supreme Court decision is going to have a much bigger effect on timing, he added.
The company has been preparing for its sports betting business since the court decided last summer to take up the issue.
"We've been working on this product for almost a year at this point and feel very excited about the position we're in," Robins said.
"For us it's really just about finding the right partners now to bring it to market. People who help us on the licensing and distribution side."
— Disclosure: CNBC parent Comcast and NBC Sports are investors in FanDuel.
—CNBC's Michael Scheetz contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/draftkings-ceo-on-possible-ipo-and-mergers-after-sports-betting-ruling.html |
May 14, 2018 / 9:45 PM / Updated 2 hours ago Russian company charged in Mueller probe seeks grand jury materials Sarah N. Lynch 3 Min Read
WASHINGTON (Reuters) - A Russian company accused by Special Counsel Robert Mueller of funding a propaganda operation to interfere in the 2016 U.S. presidential election is asking a federal judge for access to secret information reviewed by a grand jury before it indicted the firm. Special Counsel Robert Mueller departs after briefing the U.S. House Intelligence Committee on his investigation of potential collusion between Russia and the Trump campaign on Capitol Hill in Washington, U.S., June 20, 2017. REUTERS/Aaron P. Bernstein
In a court filing on Monday, lawyers for Concord Management and Consulting LLC said Mueller had wrongfully accused the company of a “make-believe crime,” in a political effort by the special counsel to “justify his own existence” by indicting “a Russian-any Russian.”
They asked the judge for approval to review the instructions provided to the grand jury, saying they believed the case was deficient because Mueller lacked requisite evidence to show the company knowingly and “willfully” violated American laws.
Concord is one of three entities and 13 Russian individuals charged earlier this year by Mueller’s office, in an alleged criminal and espionage conspiracy to meddle in the U.S. race, boost then-presidential candidate Donald Trump and disparage his Democratic opponent Hillary Clinton.
The indictment said Concord was controlled by Russian businessman Evgeny Prigozhin, who U.S. officials have said has extensive ties to Russia’s military and political establishment.
Prigozhin, also personally charged by Mueller, has been dubbed “Putin’s cook” by Russian media because his catering business has organised banquets for Russian President Vladimir Putin and other senior political figures. He has been hit with sanctions by the U.S. government.
Concord is facing charges of conspiring to defraud the United States, and is accused of controlling funding, recommending personnel and overseeing the activities of the propaganda campaign.
It has pleaded not guilty to the charges, and its lawyers are due to appear in a federal courthouse for a status hearing Wednesday.
The legal burden to gain access to grand jury materials, such as testimony and jury instructions, is very high because such information is carefully safeguarded to protect the integrity of investigations. To win access, a defendant must show it is needed to prevent injustice and that the interest of disclosure outweighs the need for secrecy.
Concord’s attorneys said Mueller’s claim that Concord conspired to defraud the United States was fatally flawed because it does not allege the company intended to do so. The lawyers also said a foreign company could not possibly have known the intricacies of U.S. federal election and foreign lobbying laws.
“A foreign corporation with no presence in the United States
is indicted in an unprecedented case ... for conspiring to
defraud the United States purportedly by not complying with certain regulatory requirements that are unknown even to most Americans,” the lawyers argued.
A spokesman for Mueller’s office declined to comment. Reporting by Sarah N. Lynch; Editing by Tom Brown | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-russia-concord/russian-company-charged-in-mueller-probe-seeks-grand-jury-materials-idUKKCN1IF2Z1 |
BERLIN (Reuters) - The relationship between Europe and the United States should endure differences such as the diplomatic dispute about Iran’s nuclear program, German Chancellor Angela Merkel said on Wednesday.
German Chancellor Angela Merkel speaks at the lower house of parliament Bundestag in Berlin, Germany, May 16, 2018. REUTERS/Hannibal Hanschke “Despite all the difficulties that we have these days, the transatlantic relationship is and remains paramount,” Merkel told lawmakers.
“But these transatlantic relationship also must be able to deal with differences in opinion, especially as we can see these days with the withdrawal of the United States from the nuclear deal with Iran,” Merkel added.
Reporting by Michael Nienaber; Editing by Andrea Shalal
| ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-merkel-usa/merkel-transatlantic-ties-must-endure-dispute-about-iran-nuclear-deal-idUSKCN1IH0QG |
Italy has the potential to change the thesis on investing in Europe: Strategist 2 Hours Ago Global Investment Strategist Grace Peters says that: "This is the first time in a year that Europe is grappling with differences inside the euro area." | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/italy-has-the-potential-to-change-the-thesis-on-investing-in-europe-strategist.html |
Net Revenues of $1.64 Billion for the Fourth Quarter and $5.91 Billion for Fiscal Year 2018
Net revenue for fiscal year 2018 increased 7% year-over-year Product revenue for fiscal year 2018 grew 15% year-over-year All-flash array annualized net revenue run rate of $2.4 billion increased 43% year-over-year Free Cash Flow was 23% of revenue for fiscal year 2018 and increased 64% year-over-year $1.01 billion returned to shareholders in share repurchases and cash dividends in fiscal year 2018
SUNNYVALE, Calif.--(BUSINESS WIRE)-- NetApp (NASDAQ: NTAP) today reported financial results for the fourth quarter and fiscal year 2018, ended April 27, 2018.
“The fourth quarter marked a great finish to a strong year. We successfully pivoted to the growth areas of the market, expanded our opportunity with HCI and new cloud partnerships, and improved operational discipline to deliver sustained and profitable growth,” said George Kurian, chief executive officer. “Clear innovation leadership, coupled with strong go-to-market execution, has enabled us to gain share in all key product categories and in every geography. Our momentum with customers continues to accelerate and we are increasingly viewed as a critical strategic partner for data-driven digital transformations.”
Fourth Quarter Fiscal Year 2018 Financial Results
Net Revenues: $1.64 billion, increased 11% year-over-year from $1.48 billion in the fourth quarter of fiscal 2017 Net Income: GAAP net income of $271 million, compared to GAAP net income of $190 million in the fourth quarter of fiscal 2017; non-GAAP net income 1 of $288 million, compared to non-GAAP net income of $239 million in the fourth quarter of fiscal 2017 Earnings per Share: GAAP earnings per share 2 of $0.99 compared to GAAP earnings per share of $0.68 in the fourth quarter of fiscal 2017; non-GAAP earnings per share of $1.05, compared to non-GAAP earnings per share of $0.86 in the fourth quarter of fiscal 2017 Cash, Cash Equivalents and Investments: $5.4 billion at the end of fiscal 2018 Cash from Operations: $494 million, compared to $365 million in the fourth quarter of fiscal 2017 Share Repurchase and Dividend: Returned $397 million to shareholders through share repurchases and a cash dividend
Fiscal Year 2018 Financial Results
Net Revenues: $5.91 billion, increased 7% year-over-year from $5.52 billion in fiscal 2017 Net Income: GAAP net income of $76 million*, compared to GAAP net income of $509 million in fiscal 2017; non-GAAP net income of $957 million, compared to non-GAAP net income of $768 million in fiscal 2017 Earnings per Share: GAAP earnings per share of $0.28*, compared to GAAP earnings per share of $1.81 in fiscal 2017; non-GAAP earnings per share of $3.47, compared to non-GAAP earnings per share of $2.73 in fiscal 2017 Cash from Operations: $1.48 billion, compared to $986 million in fiscal year 2017 Share Repurchase and Dividend: Returned $1.01 billion to shareholders through share repurchases and cash dividends
*On December 22, 2017, The 2017 Tax Reform Reconciliation Act was enacted into law. This tax reform legislation contains several key tax provisions that affected the company, including a one-time mandatory transition tax on accumulated foreign earnings and a reduction of the U.S. corporate income tax rate to 21% effective January 1, 2018, among others. GAAP net income in fiscal year 2018 was impacted by a resulting one-time charge of approximately $850 million.
First Quarter Fiscal Year 2019 Financial Outlook
The Company provided the following financial guidance for the first quarter of fiscal year 2019:
• Net revenues are expected to be in the range of $1.365 billion to $1.465 billion
GAAP
Non-GAAP
• Earnings per share is expected to be in the range of:
$0.53-$0.59 $0.76-$0.82 Full Fiscal Year 2019 Financial Outlook
The Company provided the following financial guidance for the full fiscal year 2019:
• Net revenues are expected to grow in the mid-single digits
GAAP
Non-GAAP
• Consolidated gross margins are expected to be:
~62%
~63%
• Operating margins are expected to be in the range of:
18%-19%
20%-21%
• Effective tax rate is expected to be:
~22%
~18%
Dividend
In the first quarter of fiscal year 2019, the Company will double its quarterly dividend to $0.40 per share. The quarterly dividend will be paid on July 25, 2018 to shareholders of record as of the close of business on July 6, 2018.
Fourth Quarter Fiscal Year 2018 Business Highlights
Ducati partners with NetApp to drive digital transformation of motorcycle racing in the MotoGP World Championship, counting on the NetApp™ Data Fabric as it participates in 19 races in 15 countries on 5 continents around the globe. Ducati will use NetApp technologies to modernize its IT and data protection infrastructure, enhancing data protection and security. NetApp helps customers build General Data Protection Regulation (GDPR)–compliant processes. NetApp helps customers integrate NetApp and partner technologies to enable them to identify where personal information is held, improve their data management and governance processes, and build GDPR-compliant processes into their day-to-day activities. NetApp is one of the few data management companies with a dedicated healthcare solutions team and is uniquely positioned to assist healthcare organizations providing secure access to critical information, so customers can quickly accelerate workloads and analytics and can integrate cloud data services with industry-leading simplicity and efficiency.
Webcast and Conference Call Information
NetApp will host a conference call to discuss these results today at 2:00 p.m. Pacific Time. To access the live webcast of this event, visit the NetApp Investor Relations website at investors.netapp.com . In addition, this press release, historical supplemental data tables, and other information related to the call will be posted on the Investor Relations website. An audio replay will also be available on the website after 4:00 p.m. Pacific Time today.
About NetApp
NetApp is the data authority for hybrid cloud. We provide a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with our partners, we empower global organizations to unleash the full potential of their data to expand customer touchpoints, foster greater innovation, and optimize their operations. For more information, visit www.netapp.com . #DataDriven
“Safe Harbor” Statement Under U.S. Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, all of the statements made under the First Quarter Fiscal Year 2019 Financial Outlook and the Full Fiscal Year 2019 Financial Outlook sections, statements about our ability to deliver sustained and profitable growth, and statements about the acceleration of our momentum with customers. All of these forward-looking statements involve risk and uncertainty. Actual results may differ materially from these statements for a variety of reasons, including, without limitation, general global political, macroeconomic and market conditions, changes in U.S. government spending, revenue seasonality and matters specific to our business, such as our ability to expand our total available market and grow our portfolio of products, customer demand for and acceptance of our products and services, our ability to successfully execute new business models, our ability to successfully execute on our Data Fabric strategy to generate profitable growth and stockholder return and our ability to manage our gross profit margins. These and other equally important factors are described in reports and documents we file from time to time with the Securities and Exchange Commission, including the factors described under the section titled “Risk Factors” in our most recently submitted reports on Form 10-Q and 10-K. We disclaim any obligation to update information contained in this press release whether as a result of new information, future events, or otherwise.
NetApp and the NetApp logo and the marks listed at http://www.netapp.com/TM are trademarks of NetApp, Inc. Other company and product names may be trademarks of their respective owners.
Footnotes
1 Non-GAAP net income excludes, when applicable, (a) amortization of intangible assets, (b) stock-based compensation expenses, (c) litigation settlements, (d) acquisition-related expenses, (e) restructuring charges, (f) asset impairments, (g) gains/losses on the sale of properties, and (h) our GAAP tax provision, but includes a non-GAAP tax provision based upon our projected annual non-GAAP effective tax rate for the first three quarters of the fiscal year and an actual non-GAAP tax provision for the fourth quarter of the fiscal year. NetApp makes additional adjustments to the non-GAAP tax provision for certain tax matters as described below. A detailed reconciliation of our non-GAAP to GAAP results can be found at http://investors.netapp.com . NetApp’s management uses these non-GAAP measures in making operating decisions because it believes the measurements provide meaningful supplemental information regarding NetApp’s ongoing operational performance.
2 GAAP earnings per share and non-GAAP earnings per share are calculated using the diluted number of shares.
NetApp Usage of Non-GAAP Financial Information
To supplement NetApp’s condensed consolidated financial statement information presented in accordance with generally accepted accounting principles in the United States (GAAP), NetApp provides investors with certain non-GAAP measures, including, but not limited to, historical non-GAAP operating results, non-GAAP net income, non-GAAP effective tax rate and free cash flow, and historical and projected non-GAAP earnings per diluted share.
NetApp believes that the presentation of non-GAAP net income, non-GAAP effective tax rates, and non-GAAP earnings per share data when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and results of operations. NetApp believes that the presentation of free cash flow, which it defines as the net cash provided by operating activities less cash used to acquire property and equipment, to be a liquidity measure that provides useful information to management and investors because it reflects cash that can be used to, among other things, invest in its business, make strategic acquisitions, repurchase common stock, and pay dividends on its common stock. As free cash flow is not a measure of liquidity calculated in accordance with GAAP, free cash flow should be considered in addition to, but not as a substitute for, the analysis provided in the statement of cash flows.
NetApp’s management uses these non-GAAP measures in making operating decisions because it believes the measurements provide meaningful supplemental information regarding NetApp’s ongoing operational performance. These non-GAAP financial measures are used to: (1) measure company performance against historical results, (2) facilitate comparisons to our competitors’ operating results and (3) allow greater transparency with respect to information used by management in financial and operational decision making.
NetApp excludes the following items from its non-GAAP measures when applicable:
A. Amortization of intangible assets. NetApp records amortization of intangible assets that were acquired in connection with its business combinations. The amortization of intangible assets varies depending on the level of acquisition activity. Management finds it useful to exclude these charges to assess the appropriate level of various operating expenses to assist in budgeting, planning and forecasting future periods and in measuring operational performance.
B. Stock-based compensation expenses. NetApp excludes stock-based compensation expenses from its non-GAAP measures primarily because they are non-cash expenses. While management views stock-based compensation as a key element of our employee retention and long-term incentives, we do not view it as an expense to be used in evaluating operational performance in any given period.
C. Litigation settlements. NetApp may periodically incur charges or benefits related to litigation settlements. NetApp excludes these charges and benefits, when significant, because it does not believe they are reflective of ongoing business and operating results.
D. Acquisition-related expenses. NetApp excludes acquisition-related expenses, including (a) due diligence, legal and other one-time integration charges and (b) write down of assets acquired that NetApp does not intend to use in its ongoing business, from its non-GAAP measures, primarily because they are not related to our ongoing business or cost base and, therefore, cannot be relied upon for future planning and forecasting.
E. Restructuring charges. These charges consist of restructuring charges that are incurred based on the particular facts and circumstances of restructuring decisions, including employment and contractual settlement terms, and other related charges, and can vary in size and frequency. We therefore exclude them in our assessment of operational performance.
F. Asset impairments. These are non-cash charges to write down assets when there is an indication that the asset has become impaired. Management finds it useful to exclude these non-cash charges due to the unpredictability of these events in its assessment of operational performance.
G. Gains/losses on the sale of properties. These are gains/losses from the sale of our properties. Management believes that these transactions do not reflect the results of our underlying, on-going business and, therefore, cannot be relied upon for future planning or forecasting.
H. Income tax adjustments. NetApp’s non-GAAP tax provision is based upon a projected annual non-GAAP effective tax rate for the first three quarters of the fiscal year and an actual non-GAAP tax provision for the fourth quarter of the fiscal year. The non-GAAP tax provision also excludes, when applicable, (a) tax charges or benefits in the current period that relate to one or more prior fiscal periods that are a result of events such as changes in tax legislation, authoritative guidance, income tax audit settlements and/or court decisions, (b) tax charges or benefits that are attributable to unusual or non-recurring book and/or tax accounting method changes, (c) tax charges that are a result of a non-routine foreign cash repatriation, (d) tax charges or benefits that are a result of infrequent restructuring of the Company’s tax structure, (e) tax charges or benefits that are a result of a change in valuation allowance, and (f) tax charges resulting from the integration of intellectual properties from acquisitions. Management believes that the use of non-GAAP tax provisions provides a more meaningful measure of the Company’s operational performance.
These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with GAAP, and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. NetApp believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. NetApp management compensates for these limitations by analyzing current and projected results on a GAAP basis as well as a non-GAAP basis. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with generally accepted accounting principles in the United States. The non-GAAP financial measures are meant to supplement, and be viewed in conjunction with, GAAP financial measures.
NETAPP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited) April 27, April 28, 2018 2017 ASSETS Current assets: Cash, cash equivalents and investments $ 5,391 $ 4,921 Accounts receivable 1,009 731 Inventories 126 163 Other current assets 330 383 Total current assets 6,856 6,198 Property and equipment, net 756 799 Goodwill and purchased intangible assets, net 1,833 1,815 Other non-current assets 420 681 Total assets $ 9,865 $ 9,493 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 609 $ 347 Accrued expenses 825 782 Commercial paper notes 385 500 Current portion of long-term debt — 749 Short-term deferred revenue and financed unearned services revenue 1,804 1,744 Total current liabilities
3,623 4,122 Long-term debt 1,541 744 Other long-term liabilities 961 249 Long-term deferred revenue and financed unearned services revenue 1,673 1,598 Total liabilities 7,798 6,713 Stockholders' equity 2,067 2,780 Total liabilities and stockholders' equity $ 9,865 $ 9,493 NETAPP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) (Unaudited) Three Months Ended Year Ended April 27, 2018 April 28, 2017 April 27, 2018 April 28, 2017 Revenues: Product $ 1,011 $ 852 $ 3,461 $ 3,006 Software maintenance 247 242 958 965 Hardware maintenance and other services 383 387 1,492 1,548 Net revenues 1,641 1,481 5,911 5,519 Cost of revenues: Cost of product 500 444 1,738 1,614 Cost of software maintenance 6 6 25 28 Cost of hardware maintenance and other services 113 118 449 487 Total cost of revenues 619 568 2,212 2,129 Gross profit 1,022 913 3,699 3,390 Operating expenses: Sales and marketing 461 405 1,729 1,633 Research and development 203 191 783 779 General and administrative 71 70 280 271 Restructuring charges — — — 52 Gain on sale of properties — — (218 ) (10 ) Total operating expenses 735 666 2,574 2,725 Income from operations 287 247 1,125 665 Other income (expense), net 16 1 41 — Income before income taxes 303 248 1,166 665 Provision for income taxes 32 58 1,090 156 Net income $ 271 $ 190 $ 76 $ 509 Net income per share: Basic $ 1.02 $ 0.70 $ 0.28 $ 1.85 Diluted $ 0.99 $ 0.68 $ 0.28 $ 1.81 Shares used in net income per share calculations: Basic 265 270 268 275 Diluted 273 278 276 281 Cash dividends declared per share $ 0.20 $ 0.19 $ 0.80 $ 0.76 NETAPP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended Year Ended April 27, 2018 April 28, 2017 April 27, 2018 April 28, 2017 Cash flows from operating activities: Net income $ 271 $ 190 $ 76 $ 509 Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 48 53 198 226 Stock-based compensation 36 46 161 195 Deferred income taxes 19 17 277 90 Gain on sale of properties — — (218 ) (10 ) Other items, net (19 ) 2 (27 ) (6 ) Changes in assets and liabilities, net of acquisitions of businesses:
Accounts receivable (264 ) (127 ) (272 ) 81 Inventories (28 ) (38 ) 37 (65 ) Accounts payable 147 81 262 94 Accrued expenses 104 35 162 (86 ) Deferred revenue and financed unearned services revenue
226 111 124 (37 ) Long-term taxes payable (9 ) 10 714 (6 ) Changes in other operating assets and liabilities, net
(37 ) (15 ) (16 ) 1 Net cash provided by operating activities
494 365 1,478 986 Cash flows from investing activities: Redemptions (purchases) of investments, net 168 (45 ) (10 ) (43 ) Purchases of property and equipment (48 ) (38 ) (145 ) (175 ) Proceeds from sale of properties — — 210 — Acquisitions of businesses, net of cash acquired — (8 ) (75 ) (8 ) Other investing activities, net — 4 (1 ) 6 Net cash provided by (used in) investing activities 120 (87 ) (21 ) (220 ) Cash flows from financing activities: Proceeds from issuance of common stock under employee stock award plans 16 28 173 140 Payments for taxes related to net share settlement of stock awards (8 ) (6 ) (75 ) (48 ) Repurchase of common stock (344 ) (129 ) (794 ) (705 ) Proceeds from (repayments of) commercial paper notes, net (247 ) 107 (115 ) 499 Issuance of long-term debt, net — — 795 — Repayment of short-term loan — — — (850 ) Repayment of long-term debt — — (750 ) — Dividends paid (53 ) (51 ) (214 ) (208 ) Other financing activities, net — — (6 ) (7 ) Net cash used in financing activities (636 ) (51 ) (986 ) (1,179 ) Effect of exchange rate changes on cash and cash equivalents (11 ) 4 26 (11 ) Net increase (decrease) in cash and cash equivalents (33 ) 231 497 (424 ) Cash and cash equivalents: Beginning of period 2,974 2,213 2,444 2,868 End of period $ 2,941 $ 2,444 $ 2,941 $ 2,444 NETAPP, INC. SUPPLEMENTAL DATA (In millions except net income per share, percentages, DSO, DIO, DPO, CCC and Inventory Turns) (Unaudited) Q4 FY'18 Q3 FY'18 Q4 FY'17 FY 2018 FY 2017 Revenues Product $ 1,011 $ 920 $ 852 $ 3,461 $ 3,006 Strategic $ 745 $ 647 $ 596 $ 2,449 $ 1,971 Mature $ 266 $ 273 $ 256 $ 1,012 $ 1,035 Software Maintenance $ 247 $ 237 $ 242 $ 958 $ 965 Hardware Maintenance and Other Services $ 383 $ 366 $ 387 $ 1,492 $ 1,548 Hardware Maintenance Support Contracts $ 310 $ 299 $ 313 $ 1,213 $ 1,265 Professional and Other Services $ 73 $ 67 $ 74 $ 279 $ 283 Net Revenues $ 1,641 $ 1,523 $ 1,481 $ 5,911 $ 5,519 Geographic Mix % of Q4 % of Q3 % of Q4 % of % of FY'18 FY'18 FY'17 FY 2018 FY 2017 Revenue Revenue Revenue Revenue Revenue Americas 51 % 54 % 54 % 54 % 56 % Americas Commercial
39 % 44 % 42 % 41 % 43 % U.S. Public Sector
12 % 10 % 12 % 13 % 13 % EMEA 34 % 32 % 32 % 32 % 31 % Asia Pacific 15 % 14 % 14 % 14 % 13 % Pathways Mix % of Q4 % of Q3 % of Q4 % of % of FY'18 FY'18 FY'17 FY 2018 FY 2017 Revenue Revenue Revenue Revenue Revenue Direct 21 % 22 % 22 % 21 % 22 % Indirect 79 % 78 % 78 % 79 % 78 % Non-GAAP Gross Margins Q4 FY'18 Q3 FY'18 Q4 FY'17 FY 2018 FY 2017 Non-GAAP Gross Margin 63.0 % 62.6 % 62.5 % 63.4 % 62.3 % Product 51.5 % 50.2 % 48.9 % 50.9 % 47.4 % Software Maintenance 97.6 % 97.5 % 97.5 % 97.4 % 97.1 % Hardware Maintenance and Other Services 71.0 % 71.3 % 70.3 % 70.6 % 69.4 % Non-GAAP Income from Operations, Income before Income Taxes & Effective Tax Rate Q4 FY'18 Q3 FY'18 Q4 FY'17 FY 2018 FY 2017 Non-GAAP Income from Operations $ 335 $ 310 $ 306 $ 1,126 $ 950 % of Net Revenues 20.4 % 20.4 % 20.7 % 19.0 % 17.2 % Non-GAAP Income before Income Taxes $ 351 $ 324 $ 307 $ 1,167 $ 950 Non-GAAP Effective Tax Rate 17.9 % 15.7 % 22.1 % 18.0 % 19.2 % Non-GAAP Net Income Q4 FY'18 Q3 FY'18 Q4 FY'17 FY 2018 FY 2017 Non-GAAP Net Income $ 288 $ 273 $ 239 $ 957 $ 768 Non-GAAP Weighted Average Common Shares Outstanding, Diluted 273 276 278 276 281 Non-GAAP Income per Share, Diluted $ 1.05 $ 0.99 $ 0.86 $ 3.47 $ 2.73 Select Balance Sheet Items Q4 FY'18 Q3 FY'18 Q4 FY'17 Deferred Revenue and Financed Unearned Services Revenue $ 3,477 $ 3,269 $ 3,342 DSO (days) 56 45 45 DIO (days) 19 15 26 DPO (days) 90 72 56 CCC (days) (15 ) (11 ) 15 Inventory Turns 20 24 14 Days sales outstanding (DSO) is defined as accounts receivable divided by net revenues, multiplied by the number of days in the quarter. Days inventory outstanding (DIO) is defined as net inventories divided by cost of revenues, multiplied by the number of days in the quarter. Days payables outstanding (DPO) is defined as accounts payable divided by cost of revenues, multiplied by the number of days in the quarter. Cash conversion cycle (CCC) is defined as DSO plus DIO minus DPO. Inventory turns is defined as annualized cost of revenues divided by net inventories. Select Cash Flow Statement Items Q4 FY'18 Q3 FY'18 Q4 FY'17 FY 2018 FY 2017 Net Cash Provided by Operating Activities $ 494 $ 420 $ 365 $ 1,478 $ 986 Purchases of Property and Equipment $ 48 $ 32 $ 38 $ 145 $ 175 Free Cash Flow $ 446 $ 388 $ 327 $ 1,333 $ 811 Free Cash Flow as a % of Net Revenues 27.2 % 25.5 % 22.1 % 22.6 % 14.7 % Free cash flow is a non-GAAP measure and is defined as net cash provided by operating activities less purchases of property and equipment. Some items may not add or recalculate due to rounding. NETAPP, INC. RECONCILIATION OF NON-GAAP TO GAAP INCOME STATEMENT INFORMATION (In millions, except net income per share amounts) Q4'FY18 Q3'FY18 Q4'FY17 FY2018 FY2017 NET INCOME (LOSS) $ 271 $ (506 ) $ 190 $ 76 $ 509 Adjustments: Amortization of intangible assets 12 14 13 53 48 Stock-based compensation 36 38 46 161 195 Litigation settlements — 5 — 5 — Restructuring charges — — — — 52 Gain on sale of properties — (218 ) — (218 ) (10 ) Income tax effects (31 ) 84 (10 ) 24 (26 ) Tax reform — 856 — 856 — NON-GAAP NET INCOME $ 288 $ 273 $ 239 $ 957 $ 768 COST OF REVENUES $ 619 $ 582 $ 568 $ 2,212 $ 2,129 Adjustments: Amortization of intangible assets (9 ) (10 ) (8 ) (36 ) (29 ) Stock-based compensation (3 ) (3 ) (4 ) (13 ) (17 ) NON-GAAP COST OF REVENUES $ 607 $ 569 $ 556 $ 2,163 $ 2,083 COST OF PRODUCT REVENUES $ 500 $ 468 $ 444 $ 1,738 $ 1,614 Adjustments: Amortization of intangible assets (9 ) (10 ) (8 ) (36 ) (29 ) Stock-based compensation (1 ) — (1 ) (3 ) (4 ) NON-GAAP COST OF PRODUCT REVENUES $ 490 $ 458 $ 435 $ 1,699 $ 1,581 COST OF HARDWARE MAINTENANCE AND OTHER SERVICES REVENUES $ 113 $ 108 $ 118 $ 449 $ 487 Adjustment: Stock-based compensation (2 ) (3 ) (3 ) (10 ) (13 ) NON-GAAP COST OF HARDWARE MAINTENANCE AND OTHER SERVICES REVENUES $ 111 $ 105 $ 115 $ 439 $ 474 GROSS PROFIT $ 1,022 $ 941 $ 913 $ 3,699 $ 3,390 Adjustments: Amortization of intangible assets 9 10 8 36 29 Stock-based compensation 3 3 4 13 17 NON-GAAP GROSS PROFIT $ 1,034 $ 954 $ 925 $ 3,748 $ 3,436 NETAPP, INC. RECONCILIATION OF NON-GAAP TO GAAP INCOME STATEMENT INFORMATION (In millions, except net income per share amounts) Q4'FY18 Q3'FY18 Q4'FY17 FY2018 FY2017 SALES AND MARKETING EXPENSES $ 461 $ 423 $ 405 $ 1,729 $ 1,633 Adjustments: Amortization of intangible assets (3 ) (4 ) (5 ) (17 ) (19 ) Stock-based compensation (15 ) (16 ) (20 ) (68 ) (84 ) NON-GAAP SALES AND MARKETING EXPENSES $ 443 $ 403 $ 380 $ 1,644 $ 1,530 RESEARCH AND DEVELOPMENT EXPENSES $ 203 $ 193 $ 191 $ 783 $ 779 Adjustment: Stock-based compensation (11 ) (11 ) (13 ) (49 ) (59 ) NON-GAAP RESEARCH AND DEVELOPMENT EXPENSES $ 192 $ 182 $ 178 $ 734 $ 720 GENERAL AND ADMINISTRATIVE EXPENSES $ 71 $ 72 $ 70 $ 280 $ 271 Adjustments: Stock-based compensation (7 ) (8 ) (9 ) (31 ) (35 ) Litigation settlements — (5 ) — (5 ) — NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSES $ 64 $ 59 $ 61 $ 244 $ 236 RESTRUCTURING CHARGES $ — $ — $ — $ — $ 52 Adjustment: Restructuring charges — — — — (52 ) NON-GAAP RESTRUCTURING CHARGES $ — $ — $ — $ — $ — GAIN ON SALE OF PROPERTIES $ — $ (218 ) $ — $ (218 ) $ (10 ) Adjustment: Gain on sale of properties — 218 — 218 10 NON-GAAP GAIN ON SALE OF PROPERTIES $ — $ — $ — $ — $ — OPERATING EXPENSES $ 735 $ 470 $ 666 $ 2,574 $ 2,725 Adjustments: Amortization of intangible assets (3 ) (4 ) (5 ) (17 ) (19 ) Stock-based compensation (33 ) (35 ) (42 ) (148 ) (178 ) Litigation settlements — (5 ) — (5 ) — Restructuring charges — — — — (52 ) Gain on sale of properties — 218 — 218 10 NON-GAAP OPERATING EXPENSES $ 699 $ 644 $ 619 $ 2,622 $ 2,486 NETAPP, INC. RECONCILIATION OF NON-GAAP TO GAAP INCOME STATEMENT INFORMATION (In millions, except net income per share amounts) Q4'FY18 Q3'FY18 Q4'FY17 FY2018 FY2017 INCOME FROM OPERATIONS $ 287 $ 471 $ 247 $ 1,125 $ 665 Adjustments: Amortization of intangible assets 12 14 13 53 48 Stock-based compensation 36 38 46 161 195 Litigation settlements — 5 — 5 — Restructuring charges — — — — 52 Gain on sale of properties — (218 ) — (218 ) (10 ) NON-GAAP INCOME FROM OPERATIONS $ 335 $ 310 $ 306 $ 1,126 $ 950 INCOME BEFORE INCOME TAXES $ 303 $ 485 $ 248 $ 1,166 $ 665 Adjustments: Amortization of intangible assets 12 14 13 53 48 Stock-based compensation 36 38 46 161 195 Litigation settlements — 5 — 5 — Restructuring charges — — — — 52 Gain on sale of properties — (218 ) — (218 ) (10 ) NON-GAAP INCOME BEFORE INCOME TAXES $ 351 $ 324 $ 307 $ 1,167 $ 950 PROVISION FOR INCOME TAXES $ 32 $ 991 $ 58 $ 1,090 $ 156 Adjustments: Income tax effects 31 (84 ) 10 (24 ) 26 Tax reform — (856 ) — (856 ) — NON-GAAP PROVISION FOR INCOME TAXES $ 63 $ 51 $ 68 $ 210 $ 182 NET INCOME (LOSS) PER SHARE $ 0.99 $ (1.89 ) $ 0.68 $ 0.28 $ 1.81 Adjustments: Amortization of intangible assets 0.04 0.05 0.05 0.19 0.17 Stock-based compensation 0.13 0.14 0.17 0.58 0.69 Litigation settlements — 0.02 — 0.02 — Restructuring charges — — — — 0.19 Gain on sale of properties - (0.81 ) — (0.79 ) (0.04 ) Income tax effects (0.11 ) 0.31 (0.04 ) 0.09 (0.09 ) Tax reform — 3.19 — 3.10 — NON-GAAP NET INCOME PER SHARE $ 1.05 $ 0.99 $ 0.86 $ 3.47 $ 2.73 In Q3'FY18, our GAAP net loss per share was calculated using basic shares of 268 million, as the impact of common stock equivalents would have been anti-dilutive. Additionally, each adjustment presented in the reconciliation was computed using basic shares. However, because we reported net income on a non-GAAP basis, non-GAAP net income per share was computed using diluted shares of 276 million. As a result of the difference in the number of shares, the summation of GAAP net loss per share and the adjustments does not equal non-GAAP net income per share. RECONCILIATION OF NON-GAAP TO GAAP GROSS MARGIN ($ in millions) Q4'FY18 Q3'FY18 Q4'FY17 FY2018 FY2017 Gross margin-GAAP 62.3 % 61.8 % 61.6 % 62.6 % 61.4 % Cost of revenues adjustments 0.7 % 0.9 % 0.8 % 0.8 % 0.8 % Gross margin-Non-GAAP 63.0 % 62.6 % 62.5 % 63.4 % 62.3 % GAAP cost of revenues $ 619 $ 582 $ 568 $ 2,212 $ 2,129 Cost of revenues adjustments: Amortization of intangible assets (9 ) (10 ) (8 ) (36 ) (29 ) Stock-based compensation (3 ) (3 ) (4 ) (13 ) (17 ) Non-GAAP cost of revenues $ 607 $ 569 $ 556 $ 2,163 $ 2,083 Net revenues $ 1,641 $ 1,523 $ 1,481 $ 5,911 $ 5,519 RECONCILIATION OF NON-GAAP TO GAAP PRODUCT GROSS MARGIN ($ in millions) Q4'FY18 Q3'FY18 Q4'FY17 FY2018 FY2017 Product gross margin-GAAP
50.5 % 49.1 % 47.9 % 49.8 % 46.3 % Cost of product revenues adjustments 1.0 % 1.1 % 1.1 % 1.1 % 1.1 % Product gross margin-Non-GAAP 51.5 % 50.2 % 48.9 % 50.9 % 47.4 % GAAP cost of product revenues $ 500 $ 468 $ 444 $ 1,738 $ 1,614 Cost of product revenues adjustments: Amortization of intangible assets (9 ) (10 ) (8 ) (36 ) (29 ) Stock-based compensation (1 ) — (1 ) (3 ) (4 ) Non-GAAP cost of product revenues $ 490 $ 458 $ 435 $ 1,699 $ 1,581 Product revenues $ 1,011 $ 920 $ 852 $ 3,461 $ 3,006 RECONCILIATION OF NON-GAAP TO GAAP HARDWARE MAINTENANCE AND OTHER SERVICES GROSS MARGIN ($ in millions) Q4'FY18 Q3'FY18 Q4'FY17 FY2018 FY2017 Hardware maintenance and other services gross margin-GAAP 70.5 % 70.5 % 69.5 % 69.9 % 68.5 % Cost of hardware maintenance and other services revenues adjustment 0.5 % 0.8 % 0.8 % 0.7 % 0.8 % Hardware maintenance and other services gross margin-Non-GAAP 71.0 % 71.3 % 70.3 % 70.6 % 69.4 % GAAP cost of hardware maintenance and other services revenues $ 113 $ 108 $ 118 $ 449 $ 487 Cost of hardware maintenance and other services revenues adjustment: Stock-based compensation (2 ) (3 ) (3 ) (10 ) (13 ) Non-GAAP cost of hardware maintenance and other services revenues $ 111 $ 105 $ 115 $ 439 $ 474 Hardware maintenance and other services revenues $ 383 $ 366 $ 387 $ 1,492 $ 1,548 RECONCILIATION OF NON-GAAP TO GAAP EFFECTIVE TAX RATE Q4'FY18 Q3'FY18 Q4'FY17 FY2018 FY2017 GAAP effective tax rate 10.6 % 204.3 % 23.4 % 93.5 % 23.5 % Adjustments: Income tax effects 7.3 % (12.1 )% (1.3 )% (2.1 )% (4.3 )% Tax reform — % (176.5 )% — % (73.4 )% — % Non-GAAP effective tax rate 17.9 % 15.7 % 22.1 % 18.0 % 19.2 % RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (NON-GAAP) (In millions) Q4'FY18 Q3'FY18 Q4'FY17 FY2018 FY2017 Net cash provided by operating activities $ 494 $ 420 $ 365 $ 1,478 $ 986 Purchases of property and equipment (48 ) (32 ) (38 ) (145 ) (175 ) Free cash flow $ 446 $ 388 $ 327 $ 1,333 $ 811 Some items may not add or recalculate due to rounding.
NETAPP, INC. RECONCILIATION OF NON-GAAP GUIDANCE TO GAAP EXPRESSED AS EARNINGS PER SHARE FIRST QUARTER FISCAL 2019 First Quarter Fiscal 2019 Non-GAAP Guidance - Net Income Per Share $0.76 - $0.82 Adjustments of Specific Items to Net Income Per Share for the First Quarter Fiscal 2019: Amortization of intangible assets (0.05 ) Stock-based compensation expense (0.15 ) Restructuring charges (0.07 ) Income tax effects 0.04 Total Adjustments (0.23 ) GAAP Guidance - Net Income Per Share $0.53 - 0.59 NETAPP, INC. RECONCILIATION OF NON-GAAP GUIDANCE TO GAAP FISCAL 2019 (Unaudited) GROSS MARGIN Gross Margin - Non-GAAP Guidance ~63% Adjustment: Cost of revenues adjustments (1)% Gross Margin - GAAP Guidance ~62% OPERATING MARGIN Operating Margin - Non-GAAP Guidance 20% - 21% Adjustments: Amortization of intangible assets (1)% Stock-based compensation expense (2)% Gain on sale of properties 1% Operating Margin - GAAP Guidance 18% - 19% EFFECTIVE TAX RATE Effective Tax Rate - Non-GAAP Guidance ~18% Adjustment: Income tax effects 4% Effective Tax Rate - GAAP Guidance ~22% Some items may not add or recalculate due to rounding
View source version on businesswire.com: https://www.businesswire.com/news/home/20180523006284/en/
NetApp
Press Contact:
Madge Miller, 1 408-419-5263
[email protected]
or
Investor Contact:
Kris Newton, 1 408-822-3312
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Source: NetApp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-netapp-reports-fourth-quarter-and-fiscal-year-2018-results.html |
Facebook smart speakers may come to international markets first, will include 'M' smart assistant
Facebook is considering launching its smart speakers internationally first to avoid U.S. public scrutiny of data privacy issues, sources say. The two speakers will include a voice assistant based on the same underlying technology that powered its "M" chatbot, which was discontinued in January. Michelle Castillo | Jordan Novet
Facebook is mulling a plan to sell its upcoming smart speakers internationally before launching them in the U.S., as American users and politicians have increased their focus on Facebook and user privacy, according to two people who have had discussions with the company about the devices.
The two devices, which Facebook had intended on announcing at its F8 Developer Conference on Tuesday, are the company's answer to Amazon's Echo and Alphabet's Google Home products. The speakers, one of which will come with a camera and a touch screen, will connect directly to Facebook Messenger to make chatting with friends and family through the service much easier.
The devices will also come equipped with a smart voice assistant that's tied to Facebook's artificial intelligence program, M.
Among other uses, M previously powered a personal assistant chatbot on Messenger, but Facebook shut that incarnation down in January.
The M program was not completely shut down, however. Multiple sources say Facebook will now be taking the program and developing it into a voice assistant, complete with voice commands. Facebook has previously worked on speech recognition systems .
On Tuesday at F8, Facebook announced M Translations, a Messenger and Marketplace feature that translates foreign languages into a Messenger user's default language. Having a translation feature would be necessary for an international rollout.
The company has played around with calling the assistant by some name that begins with the letter "M," multiple sources said. One source noted a potential name was "Marvin."
Bad messaging
Facebook delayed the announcement of the speakers because of recent public scrutiny over how personal information is collected and used by Facebook and its partners.
After news that political research firm Cambridge Analytica was able to gain access to unauthorized user data through the guise of a personality quiz, Facebook found itself in hot water. CEO Mark Zuckerberg testified in Congress over data privacy issues in April , and the company has made several moves to allow users to control which companies have access to their data.
Having a smart speaker potentially listening to what customers say at home could have drawn new attention to the user data issue.
An international rollout could also help Facebook make a bigger splash in markets where competitors are weaker. Many marketers said Facebook's foray seemed a little too late considering that Amazon and Google's smart speakers already have a robust ecosystem of apps. In October, Amazon CEO Jeff Bezos said in a press release that the company had sold "tens of millions" of Alexa-enabled devices.
Facebook declined comment on this story.
About CNBC:
With CNBC in the U.S., CNBC inAsia Pacific, CNBC in Europe, Middle East and Africa, and CNBC World, CNBC isthe recognized world leader in business news and provides real-time financialmarket coverage and business information to more than 409 million homesworldwide, including more than 91 million households in the United States andCanada. CNBC also provides daily business updates to 400 million householdsacross China. The network's 15 live hours a day of business programming inNorth America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC'sglobal headquarters in Englewood Cliffs, N.J., and includes reports from CNBCNews bureaus worldwide. CNBC at night features a mix of new realityprogramming, CNBC's highly successful series produced exclusively for CNBC anda number of distinctive in-house documentaries.
CNBC also has a vast portfolioof digital products which deliver real-time financial market news andinformation across a variety of platforms including: CNBC.com; CNBC PRO, thepremium, integrated desktop/mobile service that provides live access to CNBCprogramming, exclusive video content and global market data and analysis; asuite of CNBC mobile products including the CNBC Apps for iOS, Android andWindows devices; and additional products such as the CNBC App for the AppleWatch and Apple TV.
Members of the media canreceive more information about CNBC and its programming on the NBCUniversalMedia Village Web site at http://www.nbcumv.com/programming/cnbc .
For more information aboutNBCUniversal, please visit http://www.NBCUniversal.com . | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/cnbcs-michelle-castillo-and-jordan-novet-facebook-smart-speakers-may-come-to-international-markets-first-will-include-m-smart-assistant.html |
(Reuters) - Xerox Corp ( XRX.N ) shares fell 4 percent on Monday after the photocopier pioneer said it scrapped a planned $6.1 billion deal to merge with Fujifilm Holdings Corp ( 4901.T ).
FILE PHOTO: The logo of Xerox company is seen on a building in Minsk, Belarus, March 21, 2016. REUTERS/Vasily Fedosenko The decision hands victory in one of the biggest ongoing U.S. proxy fights to activist investors Carl Icahn and Darwin Deason, who say they can secure better offers for the company than the deal with Fujifilm.
Some Tokyo-based analysts warned a long renegotiation of price and terms as well as attempts to restructure the pair’s existing joint venture could damage both companies.
“There is a large gap between our assessment and Xerox’s largest investors’ assessment of Xerox’s value,” said Ryosuke Katsura, senior analyst at SMBC Nikko Securities.
“We think that it would be negative for both firms if a break-off in negotiations is followed by a protracted period of uncertainty.”
Xerox shares fell 7.4 percent to $27.82, while Fujifilm shares rose 1.5 percent.
The share price decline shows that the scrapping of the deal will result in the loss of a $9.80 special dividend, said David Holt, analyst at CFRA research.
Holt also said there are potential interests from other competitors such as HP Inc ( HPQ.N ).
“When you put these two companies together, the value proposition looks attractive,” Holt added.
Xerox and Fuji agreed in January to a complex deal thatwould have merged Xerox into their Asia joint venture Fuji Xeroxand given Fujifilm control. That prompted Icahn and Deason, who control 15 percent of the company, to demand changes to the board.
The settlement with the billionaire investors outlined by Xerox on Sunday puts the Japanese company further on the back foot in any new negotiations with Xerox, although a number of analysts have said Fujifilm is under no pressure to rush.
Xerox said it had repeatedly tried to convince Fujifilm to start talks on improved terms for buyout to no avail. Fujifilm said on Sunday it disputed Xerox’s right to terminate the deal and would look at all options including legal action seeking damages.
Icahn and Deason have said they believe other investors are”waiting in the wings” for Xerox, while people familiar with the matter have previously said that buyout firm Apollo GlobalManagement LLC ( APO.N ) has expressed interest in a bid forXerox.
Reporting by Patrick Graham in Bengaluru and Makiko Yamazaki in Tokyo; Editing by Arun Koyyur
| ashraq/financial-news-articles | https://www.reuters.com/article/us-xerox-stocks/xerox-shares-plunges-after-scrapping-fuji-deal-idUSKCN1IF2EW |
May 3 (Reuters) - Suntec Real Estate Investment Trust :
* SUNTEC REIT MTN PTE. LTD TO ISSUE NOTES FOR S$100 MILLION AT 3.40 PER CENT DUE 2023
* NOTES WILL BE ISSUED AT ISSUE PRICE OF 100 PERCENT OF THEIR PRINCIPAL AMOUNT AND IN DENOMINATIONS OF S$250,000 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-suntec-real-estate-investment-trus/brief-suntec-real-estate-investment-trust-says-suntec-reit-mtn-to-issue-notes-for-s100-mln-idUSFWN1SA0IX |
A New York lawyer on Friday asked a federal judge to ensure that documents related to two women who claimed to have been “sexually victimized” by former New York Attorney General Eric Schneiderman don’t surface publicly in the criminal investigation of Trump lawyer Michael Cohen.
The lawyer, Peter J. Gleason, said in a letter to U.S. District Judge Kimba Wood that the women recounted their allegations to him in 2013, and that he spoke to Mr. Cohen for advice on how to handle the matter.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/new-york-lawyer-says-he-discussed-schneiderman-sexual-abuse-claims-with-michael-cohen-1526074640 |
* Oil producer seeks to cut food import bill
* Government offers incentives to farmers
* Drought-hit farms rely heavily on rains
BOURKIKA, Algeria, May 1 (Reuters) - Algerian farmer Hassen Miri trudges through mud to inspect his durum wheat field, helping the oil producing nation in its efforts to boost agricultural output and reduce food imports.
"Things are moving slowly but better than in past years," said Miri, who has fields of cereals and vegetables in Bourkika, about 80 km (50 miles) south of the capital Algiers.
"I'm optimistic," he said, after weeks of heavy rain relieved a long period of drought in the North African country.
Algeria, a member of Organization of the Petroleum Exporting Countries, has long neglected its farmers and focused on its oil and gas industry that generates about 60 percent of state revenues.
But a crash in oil prices from above $100 a barrel in 2014 to below $30 in 2016, left the nation struggling to fund its $50 billion annual import bill and has prompted the government to look for ways to ease the strain on its coffers.
With 20 percent of the import bill going on food, the government has launched a drive to increase local production, seeking to encourage farmers with incentives such as low interest loans and free vaccinations for livestock.
It is also expanding the use of irrigation to cover 2 million hectares in 2019 from 1.3 million hectares now, officials say, helping farmers who rely on rains that can fail.
The government is building 15 new dams to add to the 80 existing ones to water cereals covering an area of 600,000 hectares, up from just 60,000 hectares now.
"Now Algeria is offering the agricultural sector with great support, with huge funds to help the production and to provide food for all Algerians," said Mohamed Djahed, head of the parliamentary agriculture committee.
The government wants to boost output of wheat - one of the main items on the food import bill - to 5.3 million tonnes by 2022 from 3.5 million tonnes in 2017.
Algeria, one of the world's biggest wheat importers, is expected to consume 10.55 million tonnes of the grain in the 2018/19 season, the U.S. foreign agricultural service said.
Algeria also wants to double output for other products such as potatoes, milk and meat over four years.
In addition to promoting Algerian production, the government has drawn up a list of 851 items that it now bans from being imported, including some food products.
But government initiatives are taking time to feed through. Official figures show the overall value of food imports fell by just 0.2 percent in the first quarter of 2018 compared with a year earlier, while the value of cereal and milk imports rose.
"Algeria has all the tools needed to promote production," said an economics professor at Algiers university, asking not to be identified. "But, as usual, the implementation will take time because of bureaucracy."
Nevertheless, farmers are responding to the government push.
Mohamed Amine Abid, who breeds dairy cattle, has increased his herd to 70 cows from 40 since starting up in 2013, helped by state aid that included an extra piece of land.
"Our objective is to develop the Algerian cow. We want it to be born in and raised in Algeria to get used to our climate," he said.
The state budget is still stretched, even as oil prices have been recovering, so some government initiatives have been scrapped. But Prime Minister Ahmed Ouyahia said agriculture spending, worth about $2 billion this year, would not be cut in 2019.
However, analysts say providing aid is not sufficient to achieve the government's goal of increasing agriculture's share of economic output from 12 percent now, as long as youths are losing interest in the land and looking elsewhere for jobs.
"We need to win the food security battle," said 50-year-old farmer Ahmed Moussaoui. (Editing by Ulf Laessing and Edmund Blair) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/reuters-america-volatile-oil-prices-prompt-algerian-agricultural-drive.html |
MOSCOW (Reuters) - Russia’s Finance Ministry said on Tuesday it would offer 30.09 billion rubles ($492 million) worth of OFZ treasury bonds at two auctions on Wednesday.
FILE PHOTO: A woman holds new 200 and 2,000 rouble banknotes in a bank in Moscow, Russia November 21, 2017. REUTERS/Maxim Shemetov The ministry said it would offer 15 billion rubles of OFZs maturing in February 2024 RU26223=MM and 15.093 billion rubles of OFZs maturing in February 2028 RU52002=MM.
Reporting by Andrey Ostroukh; editing by Polina Devitt
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-ofz-auction/russia-finance-ministry-to-offer-30-09-billion-rubles-of-ofz-bonds-on-wednesday-idUSKCN1IN1R2 |
PLANO, Texas, May 21, 2018 (GLOBE NEWSWIRE) -- via Network Wire -- Sharing Services (OTC Markets:SHRV), Inc. today announces it has signed an agreement with Legacy Direct LLC. that gives Sharing Services 100 percent management control over Legacy Direct and allows for immediate expansion of the company’s products and services.
"Sharing Services is pleased to announce it has executed an agreement with Legacy Direct to take over control of the company starting June 1, 2018,” Sharing Services CEO, John “JT” Thatch, said. “We have been working with Legacy Direct for several months to establish this deal, which will greatly enhance the ability of both companies to expand their sales and content by utilizing the sales force of Sharing Service’s wholly owned subsidiary, 'Elepreneurs.'"
Robert Oblon, Sharing Services Chairman, stated, “The Legacy delivery system will allow us to exponentially grow our training and marketing capabilities tied to our growing army of Elepreneurs. The ability to control the content, the customer dashboard and stream live 24/7 is unparalleled for a direct selling company.”
Christian Rosario, President of Legacy Direct, said the agreement is a win-win for both companies.
“Joining forces with a company like Elepreneurs as part of a publicly traded company exceeds our original aspirations to take our unique products to market,” Rosario said. “We look forward to working with the Elepreneur network to help grow the company and create more shareholder value for everyone.”
About Legacy Direct
Legacy Direct, founded in 2015, is a leading designer and manufacturer of the latest state-of-the-art home entertainment hardware and streaming platforms. As the amount of original content increases around the world, Legacy Direct is poised to deliver a unique system allowing anyone to create their own channel and stream original content to audiences everywhere with a pay-per-view option. Legacy Direct is focused on designing products to enhance the entertainment and learning experience for viewers around the globe.
About Elepreneur
Elepreneurs are home-based independent contractors who work to elevate the lives of others through sharing of products, services, business opportunity and access to learning and guidance focused on personal and skill development.
About Sharing Services, Inc.
Sharing Services, Inc. is a diversified holding company specializing in the direct selling industry. SHRV owns, operates, or controls an interest in a variety of companies that either sell products to the consumer directly through independent representatives or offers services that range from manufacturing, processing, training, and travel benefits. Visit http://www.sharingservicesinc.com , call 714.203.6717, or email [email protected] , to learn more.
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 31E of the Securities Exchange Act of 1934, including statements regarding the Company's expectations, hopes, beliefs, intentions, or strategies regarding the future constitute forward-looking statements. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. All forward-looking statements included in this document are based on information available to the Company on the date hereof and the Company assumes no obligation to update any such forward-looking statement. Prospective investors should also consult the risks described from time to time in the Company's Reports on Forms 10-K, 10-Q and 8-K and Annual Reports to Shareholders.
Contact:
Sharing Services, Inc.
Investor Relations
(714) 203-6717
[email protected]
Source: Sharing Services, Inc.
Corporate Communications Contact:
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Source:Sharing Services, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-sharing-services-inc-acquires-leading-tv-radio-broadcast-network-company-legacy-direct-announces-expansion-plans.html |
NEW YORK, May 14, 2018 (GLOBE NEWSWIRE) -- Incysus Therapeutics, Inc., a biopharmaceutical company focused on delivering an innovative gamma-delta (γδ) T cell immunotherapy for the treatment of cancers, announced today that Joy E. Bessenger has been appointed Senior Vice President, Finance and Strategy.
Ms. Bessenger has more than 25 years of experience in finance and biotechnology. She most recently served as Chief Financial Officer at 3D Forensic, a San Francisco-based technology company from 2012 until earlier this year. Prior to 3D Forensic, she was the Vice President of Strategy and Development at deCODE Genetics, a global leader in analyzing and understanding the human genome. In that role, Ms. Bessenger led and coordinated strategic financial planning and capital formation, raising over $270 million through multiple transactions. Earlier in her career, Ms. Bessenger held several senior positions in investor relations and investment banking at institutions including Noonan/Russo Communications, Volpe Brown Whelan & Company, Genesis Merchant Group, and Robertson Stephens & Company. Ms. Bessenger received her B.A. from the University of South Florida.
“I am excited to join Incysus at such a pivotal time for the company,” said Ms. Bessenger. “Incysus has already created significant value by understanding the science of genetically modified γδ T cells and; 2018 is expected to be a transformative year as the Company seeks to initiate its clinical programs in leukemia and lymphoma patients undergoing haploidentical stem cell transplantation, and for the treatment of glioblastoma.”
William Ho, Chief Executive Officer of Incysus said, “Ms. Bessenger’s strong background in both biotechnology and finance, as well as her numerous relationships within the investment community make her an excellent choice to help us advance through our next stage of growth. In addition to her financial background, Joy brings significant management experience that will be invaluable as we continue to build Incysus.”
About Incysus Therapeutics, Inc.
Incysus is focused on delivering a novel off-the-shelf cell therapy for the treatment of cancer. By using genetically modified gamma-delta (γδ) T cells, our technology addresses the challenges that immunotherapies face targeting cold, low mutation cancers. Incysus’ immuno-oncology programs include activated and gene-modified adoptive cellular therapies that protect cells from chemotherapy and allow novel combinations to disrupt the tumor microenvironment and more selectively target cancer cells. For more information, visit www.incysus.com .
Contact:
Incysus Therapeutics, Inc.
(646) 820-8474
[email protected]
Source:Incysus Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-incysus-announces-appointment-of-joy-bessenger-as-senior-vice-president-finance-and-strategy.html |
MILAN (Reuters) - Milan prosecutors have asked for a probe into a former Treasury official accused of having sold confidential government information to her previous employer Ernst & Young to be dropped, judicial sources and a lawyer said on Wednesday.
Magistrates had suspected Susanna Masi was paid some 220,000 euros ($257,004) between 2013-2015 in return for sensitive material that could have given Ernst & Young an unfair advantage.
But prosecutors decided there was no case to answer since the Treasury had been aware that Masi was also being paid by her previous employer, the sources said.
Ernst & Young did not comment.
The request for the case to be dropped now needs to be approved by a judge.
Reporting by Emilio Parodi; Writing by Stephen Jewkes; Editing by Matthew Mpoke Bigg
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-probe-ernst-young/milan-prosecutors-ask-for-probe-into-ex-treasury-official-selling-secrets-be-dropped-idUSKCN1IO2TR |
IRVINE, Calif. (AP) _ Masimo Corp. (MASI) on Wednesday reported first-quarter profit of $45.6 million.
The Irvine, California-based company said it had net income of 82 cents per share. Earnings, adjusted for non-recurring gains, were 75 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 70 cents per share.
The medical technology company posted revenue of $213 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $206.2 million.
Masimo expects full-year earnings in the range of $2.80 to $2.88 per share, with revenue in the range of $808 million to $818 million.
Masimo shares have climbed 8 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $91.75, a drop of 11 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on MASI at https://www.zacks.com/ap/MASI | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/the-associated-press-masimo-1q-earnings-snapshot.html |
FRANKFURT, May 14 (Reuters) - German biotech firm Medigene has secured a wider remit under a collaboration with U.S. peer Bluebird Bio on technology that boosts the immune response to cancer, increasing the pool of potential milestone payments to $1.5 billion.
The number of projects in the alliance, which has Medigene contributing screening tools to identify promising T-cell receptors (TCR), will rise from four to six, Medigene said in a statement on Monday.
“If successfully developed and marketed through several indications and markets, Medigene could receive up to $250 million in milestone payments per TCR program in addition to tiered royalty payments on net sales up to a double-digit percentage,” Medigene said.
Medigene agreed its alliance with Bluebird in September 2016.
Reporting by Ludwig Burger; editing by John Stonestreet
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/medigene-bluebird-bio/medigene-broadens-alliance-on-t-cell-receptors-with-bluebird-bio-idUSFWN1SL08I |
GERMANTOWN, Tenn., May 22, 2018 /PRNewswire/ -- MAA (NYSE: MAA) today announced that its board of directors approved a quarterly dividend payment of $0.9225 per share of common stock to be paid on July 31, 2018 to shareholders of record on July 13, 2018. This will be the 98 th consecutive quarter MAA has paid a cash dividend on its shares of common stock. The cash dividend has never been reduced or suspended over this time frame.
As established in prior quarters, the board of directors declared the quarterly common dividend in advance of MAA's earnings announcement that is expected to be made on August 1, 2018.
About MAA
MAA is a self-administered real estate investment trust (REIT) and member of the S&P 500. MAA owns or has ownership interest in apartment communities throughout the Southeast and Southwest regions of the U.S. focused on delivering strong, full-cycle investment performance. For further details, please refer to www.maac.com or contact Investor Relations at [email protected] .
Certain matters in this press release may constitute forward-looking statements within the meaning of Section 27-A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. Such statements include statements made about the payment of common dividends. The ability to meet the payment of common dividends in or contemplated by the forward-looking statements could differ materially from the projection due to a number of factors, including a downturn in general economic conditions or the capital markets, changes in interest rates and other items that are difficult to control such as increases in real estate taxes in many of our markets, as well as the other general risks inherent in the apartment and real estate businesses. Reference is hereby made to the filings of Mid-America Apartment Communities, Inc. with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, reports on Form 8-K, and its annual report on Form 10-K, particularly including the risk factors contained in the latter filing.
View original content with multimedia: http://www.prnewswire.com/news-releases/maa-announces-quarterly-common-dividend-300653081.html
SOURCE MAA | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-maa-announces-quarterly-common-dividend.html |
April 30 (Reuters) - China Development Financial Holding Corp
* Says its unit CDIB Capital Group disposes 149.5 million shares of Qisda Corp, at the average price of T$22.954 per share, for T$3.43 billion in total
* Gain from the disposition is about T$432.9 million
Source text in Chinese: goo.gl/oK9gHf
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-china-development-financial-holdin/brief-china-development-financial-holding-unit-disposes-stake-in-qisda-for-t3-43-bln-idUSL3N1S72EG |
8 COMMENTS Anyone watching last week’s carefully choreographed meeting between China’s President Xi Jinping and India’s Prime Minister Narendra Modi could be forgiven for forgetting that barely eight months earlier the two nations’ troops had a tense 72-day border standoff in the Himalayas.
In the central Chinese city of Wuhan—where Mao Zedong once swam across the Yangtze River along with 5,000 followers—Mr. Xi and his guest struck a series of poses that suggested bonhomie and goodwill between the leaders of the world’s two most populous countries.
Standing beneath a stone arch, they admired vivid pink plum blossoms. They sipped tea together on a boat. At a local museum, a classical Chinese orchestra serenaded Messrs. Modi and Xi with a 1980s Bollywood tune. Between these excursions, the two leaders held talks, flanked by dark-suited officials.
For India, which seeks to be seen as China’s peer, the visit hit the right public notes. A Chinese Foreign Ministry statement referred repeatedly to the two countries’ celebrated “oriental civilizations.” A Chinese official pointed out that Mr. Xi had only stepped out of Beijing twice to host a foreign leader—both times for Mr. Modi.
Ahead of the visit, an op-ed in China’s state-owned Global Times declared a “new chapter in Sino-Indian relations.” During last year’s Himalayan standoff, the same newspaper launched a series of diatribes against impertinent India.
If China and India were indeed in the midst of a reset, to borrow the overused term, the consequences would ripple across the region and beyond. The Trump administration would need to reconsider casting India as one of two “bookends of stability” (along with the U.S.) of a “free and open Indo-Pacific.” Smaller nations, long used to Beijing and New Delhi jostling for influence, would have to adapt.
In reality, however, even the best Chinese orchestra cannot serenade away the deep-rooted problems between the two countries.
“The Wuhan summit is not an entirely new path. It’s more like getting back to an even keel,” says Tanvi Madan, an expert on India-China ties at the Brookings Institution in Washington. “India and China have tried this before, and it hasn’t changed things.”
Indian suspicion toward communist China dates back to 1962, when the two countries fought a brief but bitter border war, which China won. Despite 20 rounds of talks, their 2,200-mile border remains disputed. Over the decades China has helped Pakistan develop nuclear weapons and missile expertise.
More recently, China has stalled India’s entry into the Nuclear Suppliers Group, a consortium of nations that governs trade in civilian nuclear technology. China has also prevented the United Nations Security Council from blacklisting Masood Azhar, the Pakistan-based founder of the terrorist group Jaish-e-Mohammed. The group was implicated in a 2001 attack on India’s Parliament and has long been designated as a foreign terrorist organization by the U.N. and the U.S. State Department.
Meanwhile China continues to make inroads in South Asia, vying to displace Indian influence in smaller countries such as the Maldives, Sri Lanka and Nepal. Last year’s Himalayan crisis, in which Indian troops blocked Chinese efforts to build a road on territory claimed by Indian ally Bhutan, was widely viewed in New Delhi as a Chinese bid to increase its influence in the tiny Himalayan kingdom.
On the whole, Mr. Modi has appeared more willing to play hardball with China than his predecessors. India was the only major country to skip last year’s glittering Belt and Road Forum in Beijing. The U.S. and European nations later echoed some of New Delhi’s concerns about Chinese infrastructure projects, including the contention that they often place an unsustainable debt burden on poor countries.
Chinese expansionism has pushed India closer to the U.S. and Japan. Last year India allowed the revival of the so-called Quad, a loose grouping of the region’s four leading democracies: the U.S., Japan, Australia and India. And New Delhi publicly shares international concerns about maintaining open sea lanes in the South China Sea despite Beijing’s expansive territorial claims in the region.
Against this backdrop, the Wuhan visit contained an undeniable element of Indian kowtowing. In order not to offend Beijing, India appears to have swallowed its concerns about the Maldives’ tilting toward China. India has also turned down an Australian request to give the Quad teeth by joining this year’s Malabar naval exercises with India, the U.S. and Japan. In February, the Indian government issued a circular advising government officials to skip Tibetan commemorations marking 60 years of the Dalai Lama’s exile in India.
In an interview in Washington last month, Lobsang Sangay, president of the Dharamsala, the India-based Tibetan government in exile, said the circular sent a mixed message to neighboring countries. “It appears that the Chinese put a lot of pressure and India gave a concession,” Mr. Sangay said.
Whether intentionally or not, Mr. Modi’s visit signals weakness. Several analysts speculate that the prime minister worries about a border skirmish with China jeopardizing his re-election prospects next year.
Nonetheless, making nice with a powerful neighbor at a sensitive time is a lot easier than reorienting an entire country. Nearly 60 years of India-China rivalry cannot be reversed by even the prettiest photo opportunities. | ashraq/financial-news-articles | https://www.wsj.com/articles/modi-signals-weakness-by-making-nice-with-chinas-xi-1525388274 |
* Central bank to decide rates on May 17
* Core inflation sees first rise since last July
* Expected fuel subsidy cuts could push prices higher (Adds core inflation, comment)
CAIRO, May 10 (Reuters) - Egypt’s annual inflation rates were mixed in April, with one of its key readings showing an increase for the first time in eight months, data showed on Thursday, a week before the central bank will decide on interest rates.
Inflation last year surged on the back of economic reforms tied to a $12 billion IMF loan programme Egypt signed in late 2016 that includes deep cuts to energy subsidies and tax hikes.
Prices soared in particular after the import-dependent country floated its pound currency in November 2016, reaching a record high of 33 percent in July 2017, though inflation rates have since gradually eased, reaching their lowest levels in almost two years in March.
Core inflation, which strips out volatile items like food, increased marginally to 11.62 percent year-on-year in April from 11.59 percent in March, ending an eight-month streak of declining rates, according to central bank data.
Annual urban consumer price inflation meanwhile decreased, but marginally, to 13.1 percent year-on-year in April from 13.3 percent in March, the official statistics agency CAPMAS said, a smaller drop than in recent months.
The central bank hiked interest rates by 700 basis points amid the price rises but has since brought those rates back down, cutting them by 100 basis points at each of its last two meetings.
The bank will next meet on May 17 to set rates and analysts said that the latest readings and the prospect of additional fuel subsidy cuts expected in coming months could prompt it to hold back on further monetary easing.
“The latest data on inflation should make the case harder for the central bank to implement another interest rate cut in the upcoming monetary policy committee meeting,” said head of research at Naeem Brokerage Allen Sandeep. (Reporting by Eric Knecht and Amina Ismail)
| ashraq/financial-news-articles | https://www.reuters.com/article/egypt-economy-inflation/update-1-egypt-inflation-sees-first-rise-in-eight-months-before-rate-meeting-idUSL8N1SH5HD |
SAO PAULO (Reuters) - Brazilian President Michel Temer has authorized the military to clear nationwide blockades on vital roadways across the country if truck drivers do not end a five-day protest, a government source with direct knowledge of the matter said on Friday.
The government reached an agreement late on Thursday with several groups representing truckers to suspend the protests for 15 days, but the blockades persisted in most states on Friday.
Reporting by Eduardo Simoes; Writing by Brad Brooks; Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-brazil-transport-military/brazil-authorizes-military-to-clear-highway-blockades-source-idUSKCN1IQ2DD |
STOCKHOLM, May 29 (Reuters) - Sweden’s economy is strong but the financial sector remains sensitive to shocks due to high levels of household debt and asset prices, the financial watchdog said on Tuesday.
“The strong economic growth has ... resulted in greater optimism, high asset prices and high debt, the FSA said in its twice-yearly Financial Stability Report.
“This increases sensitivity in both the financial system and the economy at large.”
The FSA also said that there were signs that liquidity is a problem in parts of the bond market. (Reporting by Stockholm Newsroom; Editing by Simon Johnson)
| ashraq/financial-news-articles | https://www.reuters.com/article/sweden-fsa/fsa-says-financial-sector-risks-from-debt-asset-prices-stability-report-idUSS3N1R8008 |
Adidas scores against Nike in World Cup deals 2:42am EDT - 01:18
Adidas can declare itself the winner over arch rival Nike in the upcoming soccer World Cup even before the first match kicks off as it is kitting out the most teams.
Adidas can declare itself the winner over arch rival Nike in the upcoming soccer World Cup even before the first match kicks off as it is kitting out the most teams. //reut.rs/2H43oTX | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/31/adidas-scores-against-nike-in-world-cup?videoId=431833914 |
At NRA meeting a strong show of gun startups 02:09
While much of corporate America has turned its back on firearms-related business following mass shootings such as the Feb. 14 massacre at a high school in Parkland, Florida, that killed 17 people, pro-gun entrepreneurs are creating their own start-ups to fill the void.
While much of corporate America has turned its back on firearms-related business following mass shootings such as the Feb. 14 massacre at a high school in Parkland, Florida, that killed 17 people, pro-gun entrepreneurs are creating their own start-ups to fill the void. //reut.rs/2KCUhN6 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/05/at-nra-meeting-a-strong-show-of-gun-star?videoId=424205625 |
(Adds background)
LONDON, May 21 (Reuters) - Britain’s media regulator on Monday opened a further three investigations into Russian news channel RT to see whether it had breached impartiality rules in its reporting.
Ofcom has previously warned that RT producer TV Novosti could lose its right to broadcast in Britain after it said it had found a number of cases of impartiality following a nerve agent attack on former Russian spy Sergei Skripal in March.
The poisoning, which Britain blamed on Russia, strained relations between the two countries and led to the biggest Western expulsions of diplomats since the height of the Cold War. Russia has denied any involvement.
Ofcom said on Monday it was now investigating 11 RT programmes for breaching impartiality rules, with the latest three cases concerning its coverage of U.S. foreign policy, the policies of Ukraine’s government and fracking in Britain.
The investigations will examine whether the coverage was sufficiently balanced. Ofcom, which is independent of the government, has previously said there was a high threshold for finding that a broadcaster was not fit to hold a licence.
“We note the new investigations by Ofcom, and will work with the regulator through its processes,” a spokesman for RT said. (Reporting by Kate Holton; editing by Michael Holden)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-russia-ofcom/update-1-russias-rt-faces-three-new-impartiality-investigations-in-britain-idUSL5N1SS2Q2 |
Home / Insurance News Articles Updates / Swiss Re, Softbank call off talks on potential investment Swiss Re, Softbank call off talks on potential investment
Christian Hartmann | Reuters
The Swiss Re building in Zurich is shown in this Feb. 19, 2009 photo.
Insurance company Swiss Re and Softbank have agreed to end discussions about a potential minority investment by the Japanese technology conglomerate.
Swiss Re didn’t give reasons for the move in a brief statement Monday. The companies had announced in February that they were in preliminary discussions.
Zurich-based Swiss Re is one of the world’s biggest reinsurers, which provide backup policies to companies that write primary insurance policies.
The company said it will “further explore business ideas between Swiss Re’s operative entities and the portfolio companies of Softbank.” | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/28/swiss-re-softbank-call-off-talks-on-potential-investment.html/ |
May 15 (Reuters) - BELLUS Health Inc:
* BELLUS HEALTH REPORTS FINANCIAL AND OPERATING RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2018
* BELLUS HEALTH INC QTRLY LOSS PER SHARE $0.02 * BELLUS HEALTH INC - EXPECTS TO SUBMIT CTA TO HEALTH CANADA IN Q2 OF 2018 TO INITIATE A PHASE 1 CLINICAL STUDY ON HUMANS IN Q3 OF 2018 FOR BLU-5937 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-bellus-health-inc-reports-qtrly-lo/brief-bellus-health-inc-reports-qtrly-loss-per-share-0-02-idUSASC0A2FZ |
CALGARY, Alberta, May 30, 2018 (GLOBE NEWSWIRE) -- Eguana Technologies Inc. ("Eguana" or the "Company") (TSX-V:EGT) (OTCQB:EGTYF) today announced results for its second quarter ended March 31, 2018.
Highlights
Continued shipments into the Hawaiian residential market resulted in energy storage system revenue of $2.4 million CAD, representing a +400% increase for the six months ending March 31, as compared to the same period in 2017 Achieved 15% gross margin on product sales for the first half of the year as compared to (11%) for the same period in 2017 Launched the Elevate and Evolve commercial and residential energy storage product lines into the US market Broadened relationship with German automotive partner to expand Eguana distribution network into key global markets
Outlook for 2018
Launch of the Enduro all-in-one product for the European market, to be showcased at Intersolar Munich Evolve Energy Storage product launch in Australia with select distribution partners Completion of the Commercial AC Battery certification with initial shipments to Southern California Expand distributor partnerships in key global markets for Evolve, Enduro, and Elevate product lines Complete partnership with renewable energy power company to put Evolve product line into solar financing channels Expand sales and marketing, and after sales support teams to coincide with expanding global presence
Eguana maintained deliveries into Hawaii as planned, which resulted in a first half revenue increase of 400%. The Company expects increased growth and additional sales orders as the Hawaiian residential solar market continues to recover from a series of regulatory changes and consolidation during the past two years. Product margins for the Evolve product line continue to track upwards as compared to 2017, hitting 15% through the first half of the year.
The Company is currently launching products in Australia, Europe, and the United States and as a result will rapidly expand its distribution coverage in key global markets. All products will be on display at the Munich Intersolar show in June.
“With fully integrated product solutions, including the energy management system (EMS), currently launching in multiple markets with multiple channels we expect to see significant revenue growth in North America and international markets across the balance of the 2018,” commented Justin Holland, Chief Executive Officer of Eguana Technologies. “The development team has done a tremendous job designing and certifying a suite of products that are installer friendly, have advanced features, are easily aggregated for fleet management and grid services applications and importantly, available globally.”
With current sales projections and planned cash sources the Company confirmed it has sufficient resources to finance the business well into 2019 without a new equity issuance.
About Eguana Technologies Inc.
Eguana Technologies Inc. (TSX.V:EGT) (OTCQB:EGTYF) designs and manufactures high performance power controls for residential and commercial energy storage systems. Eguana has more than 15 years’ experience delivering grid edge power electronics for fuel cell, photovoltaic and battery applications and delivers proven, durable, high quality solutions from its high capacity manufacturing facilities in Europe, Australia and North America.
With thousands of its proprietary energy storage inverters deployed in the European and North American markets, Eguana is one of the leading suppliers of power controls for solar self-consumption, grid services and demand charge applications at the grid edge.
To learn more, visit www.EguanaTech.com or follow us on Twitter @EguanaTech
Company Inquiries Justin Holland CEO, Eguana Technologies Inc. +1.416.728.7635 [email protected]
Forward-Looking Statements
This press release contains forward-looking information and forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws that and are based on certain assumptions and analysis made by the Company's management as of the date of this press release. Forward-looking statements include, without limitation, statements with respect to strategy, the development plans of the Company, availability of customers, market penetration, the Company's intentions, business prospects and opportunities, extent of solar resource usage and future growth and performance opportunities. The words "believes", "expects", "expected", "plans", "may", "will", "projects", "anticipates", "estimates", "would", "could", "should", "endeavours", "seeks", "predicts", "intends", "potential", "opportunity", "target" or variations of such words of similar expressions thereto and the negatives thereof, identify forward-looking statements. Forward-looking statements are necessarily based upon management’s perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by the Company as of the date of such statements, outside of the Company's control and are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue.
Forward-looking statements contained in this press release are based on various assumptions, including, but not limited to the following: (i) the Company's ability to achieve its growth strategy; (ii) the demand for the Company’s products and fluctuations in future revenues; (iii) the Company's business model and assumptions; and (iv) expectations of growth in the industry in which the Company operations and the markets in which the company's products are sold. By their nature, forward-looking statements are subject to known and unknown risks and uncertainties, many of which are beyond the Company's control, that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. All of the forward-looking statements contained in this press release are qualified by these cautionary statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Eguana Technologies Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-eguana-announces-2nd-fiscal-2018-quarter-financial-results-and-provides-2018-outlook.html |
Enphase Energy Inc:
* ENPHASE ENERGY ANNOUNCES CHIEF FINANCIAL OFFICER RESIGNATION
* CHIEF FINANCIAL OFFICER, BERT GARCIA, IS LEAVING COMPANY TO PURSUE OTHER OPPORTUNITIES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-enphase-energy-announces-chief-fin/brief-enphase-energy-announces-chief-financial-officer-resignation-idUSASC09YQU |
MINNEAPOLIS, April 30, 2018 (GLOBE NEWSWIRE) -- Ceridian HCM Holding Inc. (“Ceridian”), a global human capital management software company, announced today the closing of its initial public offering of 24,150,000 shares of common stock, which includes 3,150,000 shares of common stock issued pursuant to the exercise by the underwriters of their over-allotment option. The offering was priced at $22.00 per share, resulting in gross proceeds of $631,300,000 when combined with the concurrent $100.0 million private placement and before deducting underwriting discounts and commissions and other offering expenses payable by Ceridian.
Ceridian’s shares of common stock began trading on the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbol “CDAY” on April 26, 2018.
Ceridian intends to use the net proceeds that it receives from this offering and the concurrent $100.0 million private placement to redeem the $475.0 million principal amount of its outstanding 11% Senior Notes due 2021 as well as to pay a portion of the interest on the Senior Notes that will have accrued at the time of the redemption. Concurrently with the closing of the offering, Ceridian redeemed the Senior Notes and refinanced its remaining indebtedness with new senior credit facilities consisting of a $680.0 million term loan debt facility and a $300.0 million revolving credit facility.
Goldman Sachs & Co. LLC, J.P. Morgan, Credit Suisse and Deutsche Bank Securities acted as joint lead book-running managers, and Goldman Sachs & Co. LLC and J.P. Morgan acted as representatives of the underwriters for the offering. Barclays, Citigroup, Jefferies LLC, CIBC Capital Markets and Wells Fargo Securities also acted as book-running managers for the offering. Baird, Canaccord Genuity, Piper Jaffray, William Blair and MUFG acted as co-managers for the offering. The offering of these securities was made only by means of a prospectus, copies of which may be obtained by contacting:
Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, via telephone: 1-866-471-2526, or via email: [email protected];
J.P. Morgan Securities LLC, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, or via telephone: 1-866-803-9204;
Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, by telephone at (800) 221-1037, or by email at [email protected];
Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005, Telephone: 800-503-4611, or email: [email protected] ; or
CIBC World Markets Inc., Attention: Lovena Doodahnand, 161 Bay Street, Toronto, ON M5R 1C5, by telephone at (416) 594-7270, or by email at [email protected] .
A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission on April 25, 2018. Ceridian has obtained a receipt for a final base PREP prospectus filed with the securities commissions or similar securities regulatory authorities in each of the provinces and territories of Canada (except Quebec) on April 25, 2018 and filed a supplemented PREP prospectus containing pricing information and other important information relating to the common stock with such securities commissions or regulatory authorities on April 26, 2018. A copy of the supplemented PREP prospectus may be obtained from the underwriters at the addresses set out above and is available on the SEDAR website at www.sedar.com under Ceridian’s profile.
No securities regulatory authority has either approved or disapproved the contents of this press release. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Ceridian HCM Holding Inc.
Ceridian. Makes Work Life Better™.
Ceridian is a global human capital management software company. Dayforce, our flagship cloud HCM platform, provides human resources, payroll, benefits, workforce management, and talent management functionality. Our platform is used to optimize management of the entire employee lifecycle, including attracting, engaging, paying, deploying, and developing people. Ceridian has solutions for organizations of all sizes.
For more information, contact:
Jeremy Johnson
Vice President, Finance and Investor Relations
Ceridian HCM Holding Inc.
(952) 853-3740
[email protected]
Source:Ceridian HCM Holding Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/globe-newswire-ceridian-hcm-holding-inc-completes-initial-public-offering-and-debt-refinancing.html |
EASTLAKE, Ohio, May 08, 2018 (GLOBE NEWSWIRE) -- US Lighting Group (OTC:USLG) today announced that its Board of Directors has appointed Ms. Susan Tubbs as Chief Financial Officer.
“We are very pleased to have brought on such a talented financial professional as Ms. Tubbs as part of our executive team,” said US Lighting Group, Inc. President, Paul Spivak. “Susan will be working on improving our operations and controls to advance our overall performance for our shareholders as we grow the Company.”
Before joining US Lighting Group, Inc., Ms. Tubbs was CFO of Preferred Acquisitions Company LLC, an Indiana-based commercial and industrial roofing, painting and floor coatings company headquartered in Cleveland OH, which under her tenure, grew from $3 million in revenue to over $30 million today, having completed three acquisitions in Colorado, Florida and Texas. Prior to that, Ms. Tubbs served as CFO of International Metals where she was instrumental in concluding an acquisition.
About US Lighting Group
US Lighting Group (OTC:USLG), through its wholly-owned subsidiary, Intellitronix , is a manufacturer of LED lighting, LED gauges and panels, which are energy-saving devices of high-quality automotive after-market products that are also available to consumers through vendors such as Home Depot and Wal-Mart. The Company also manufactures an array of LED energy-saving light bulbs. All of the Company’s products are 'Made in the USA' at its own manufacturing facility located near Cleveland, Ohio.
Forward-Looking Statements
Statements included in this press release, other than statements of historical fact, are forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are typically, but not always, identified by the words: believe, expect, anticipate, intend, estimate, and similar expressions or which by their nature refer to future events. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements.
For further information, contact US Lighting Group: (216) 896-7000, or [email protected]
Source:US Lighting Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-us-lighting-group-appoints-susan-tubbs-cfo.html |
May 1 (Reuters) - Charter Hall Retail REIT:
* REIT’S FY18 GUIDANCE FOR OPERATING EARNINGS EXPECTED TO BE 30.40 TO 30.60 CENTS PER UNIT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-charter-hall-retail-reit-updates-o/brief-charter-hall-retail-reit-updates-on-reits-fy18-guidance-for-operating-earnings-idUSFWN1S71H5 |
(Reuters) - A broad area of low pressure, moving slowly northward across the eastern Gulf of Mexico, has a 30 percent chance of strengthening into a tropical cyclone in the next 48 hours, the U.S. National Hurricane Center (NHC) said on Monday.
The system, regardless of subtropical or tropical cyclone formation, will enhance rainfall across portions of Florida and the northeastern Gulf Coast during the next few days, the Miami-based weather forecaster said.
Reporting by Vijaykumar Vedala in Bengaluru; Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-storm-atlantic-nhc/nhc-sees-30-percent-chance-of-cyclone-near-eastern-gulf-of-mexico-idUSKCN1IF232 |
CHICAGO, Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired the shares of Carlton Insurance Brokers Inc. (C.I.B.). Terms of the acquisition were not disclosed.
Headquartered in Jasper, Alberta, C.I.B. offers personal and commercial insurance and specializes in solutions for the transportation industry. C.I.B's focus on the transportation industry supports Hub's recent launch of its Specialty practices by complementing and strengthening Hub's existing solutions in Canada.
The C.I.B. team will join Hub Barton, and Tony Carlton, CEO of C.I.B., will report to Doug Lyall, VP of Sales, Hub Barton, and Elizabeth Fiegehen, VP of Operations, HUB Barton.
About Hub's M&A Activities
Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. For more information on the Hub M&A experience, visit WeAreHub.com .
About Hub International
Headquartered in Chicago, Illinois, Hub International Limited (Hub) is a leading full-service global insurance broker providing property and casualty, life and health, employee benefits, investment and risk management products and services. From offices located throughout North America, HUB's vast network of specialists provides peace of mind on what matters most by protecting clients through unrelenting advocacy and tailored insurance solutions. For more information, please visit hubinternational.com .
CONTACT:
Media: Marni Gordon
Phone: 312-279-4601
[email protected]
M&A: Clark Wormer
Phone: 312.279.4848
[email protected]
releases/hub-international-acquires-alberta-canada-based-carlton-insurance-brokers-inc-300641810.html
SOURCE Hub International Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-hub-international-acquires-alberta-canada-based-carlton-insurance-brokers-inc.html |
May 28, 2018 / 12:23 PM / a few seconds ago Brazil's Petrobras - diesel prices to change monthly, will not pay for subsidies Reuters Staff 1 Min Read
SAO PAULO, May 28 (Reuters) - Brazil’s state-controlled oil company Petroleo Brasileiro SA said in a securities filing that its diesel prices will be fixed for 60 days and after that will be adjusted monthly.
Petrobras, as the company is known, will not pay for the subsidies to reduce diesel prices, it said. Finance minister Eduardo Guardia said earlier on Monday that a Petrobras board meeting on Tuesday will change the company’s pricing policy. (Reporting by Tatiana Bautzer Editing by James Dalgleish) | ashraq/financial-news-articles | https://www.reuters.com/article/petrobras-prices/brazils-petrobras-diesel-prices-to-change-monthly-will-not-pay-for-subsidies-idUSE6N1SA03G |
May 10, 2018 / 10:28 AM / Updated 12 minutes ago BRIEF-Univar Reports Q1 Adjusted Earnings Per Share Of $0.42 Reuters Staff
May 10 (Reuters) - Univar Inc: * Q1 EARNINGS PER SHARE $0.46
* Q1 EARNINGS PER SHARE VIEW $0.36 — THOMSON REUTERS I/B/E/S
* UNIVAR - FOR FY 18 REMAINS ON TRACK TO DELIVER LOW DOUBLE DIGIT GROWTH IN ADJUSTED EBITDA AND IS INCREASING ITS OUTLOOK FOR ADJUSTED EARNINGS PER SHARE TO $1.65- $1.85 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-univar-reports-q1-adjusted-earning/brief-univar-reports-q1-adjusted-earnings-per-share-of-0-42-idUSASC0A1AR |
May 27, 2018 / 12:17 PM / Updated 7 hours ago Saudi hires ex-Canary Wharf executive for Red Sea tourism project Reuters Staff 3 Min Read
RIYADH, May 27 (Reuters) - Saudi Arabia’s Red Sea Project, a vast tourist development aimed at opening the economy, has been registered as a standalone company and will be headed by a former director of London’s Canary Wharf business zone, the country’s sovereign wealth fund said on Sunday.
In July, the Saudi government revealed plans to develop resorts on some 50 islands off the kingdom’s Red Sea coast and said the Public Investment Fund (PIF), the country’s sovereign wealth fund, will make initial investments and seek partnerships with international investors and hoteliers.
The Red Sea Project, part of an ambitious strategy to open the economy and ease social restrictions, will be built between the cities of Amlaj and al-Wajh, will offer a nature reserve, heritage sites and diving in coral reefs. It will break ground in the third quarter of 2019 and complete its first phase in late 2022.
PIF has two other major initiatives: NEOM - a $500 billion business and industrial zone extending into Egypt and Jordan - and Qiddiya, a multi-billion dollar entertainment resort that will be 2-1/2 times the size of Disney World.
“The Ministry of Commerce and Investment has registered The Red Sea Development Company (TRSDC) as a closed joint-stock company wholly owned by PIF,” a statement emailed to Reuters said.
John Pagano, the former managing director for development, of the Canary Wharf Group in London, has been appointed as chief executive officer, it said.
The Red Sea Development Co will create a special economic zone with its own regulatory framework, visas on entry, relaxed social norms, and improved business regulations, the statement said, adding this will enable it to develop and deliver a world-class international tourist destination.
The fund, chaired by Crown Prince Mohammed bin Salman, is believed to have assets totalling about $183 billion and is set to receive a cash injection next year after the share sale of state oil giant Saudi Aramco.
The crown prince has said more than half of the proceeds from that sale would be reinvested domestically to develop promising Saudi non-oil sectors. (Reporting by Marwa Rashad; Editing by Saeed Azhar and Alexandra Hudson) | ashraq/financial-news-articles | https://www.reuters.com/article/saudi-tourism-pif/saudi-hires-ex-canary-wharf-executive-for-red-sea-tourism-project-idUSL5N1SY09K |
May 21, 2018 / 10:43 AM / Updated 11 minutes ago Ex-divs to take 3.2 points off FTSE 100 on May 24 Reuters Staff 2 Min Read LONDON, May 21 (Reuters) - The following FTSE 100 companies will go ex-dividend on Thursday, after which investors will no longer qualify for the latest dividend payout. According to Reuters calculations at current market prices, the effect of the resulting adjustment to prices by market-makers would take 3.20 points off the index. COMPANY (RIC) DIVIDEND STOCK OPTION IMPACT (pence) Bunzl 32 0.42 Carnival 50 (USc) 0.25 DCC 82.09 0.28 Imperial Brands 28.435 1.05 Morrisons 8.43 0.70 Whitbread 69.75 0.50 Among FTSE 250 companies going ex-dividend are: COMPANY (RIC) DIVIDEND (pence) Tritax Big Box 1.34 Brewin Dolphin 4.4 Bellway 48 Countryside 4.2 Diploma 7.7 Euromoney Institutional Investor 10.2 FDM Group Holdings 14 Grainger 1.74 HICL Infrastructure Company 1.97 Hill & Smith 20.6 Howden Joinery Group 7.5 Marston's 2.7 Spectris 37.5 (Reporting by Helen Reid, Editing by Kit Rees) | ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks-exdiv/ex-divs-to-take-3-2-points-off-ftse-100-on-may-24-idUSL5N1SS1ZD |
May 3, 2018 / 2:21 AM / Updated an hour ago U.S. trade team arrives in Beijing for talks, China media cautious Michael Martina , Ben Blanchard 5 Min Read
BEIJING (Reuters) - A U.S. trade delegation arrived in Beijing on Thursday for key talks over tariffs, with Chinese state media saying China will stand up to U.S. bullying if needed but that it was still better to hash things out around the negotiating table. U.S. Treasury Secretary Steven Mnuchin (C) is seen as he and the U.S. delegation arrive at a hotel in Beijing, China May 3, 2018. REUTERS/Jason Lee
A breakthrough deal to fundamentally change China’s economic policies is viewed as highly unlikely during the two-day visit, though a package of short-term Chinese measures could delay a U.S. decision to impose tariffs on around $50 billion worth of Chinese exports.
The discussions, led by U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He, are expected to cover a wide range of U.S. complaints about China’s trade practices, from allegations of forced technology transfers to state subsidies for technology development.
“Thrilled to be here. Thank you,” Mnuchin told Reuters upon arriving at his hotel, when asked if he expected progress. He made no other comments.
As Mnuchin arrived, U.S. President Donald Trump tweeted: “Our great financial team is in China trying to negotiate a level playing field on trade! I look forward to being with President Xi in the not too distant future. We will always have a good (great) relationship!” Related Coverage Key sticking points in the U.S.-China trade dispute
Throughout his 2016 election campaign, Trump routinely threatened to impose a 45 percent across-the-board tariff on Chinese goods as a way to level the playing field for American workers. At the time, he was also accusing China of manipulating its currency to gain an export advantage, a claim that his administration has since dropped.
The U.S. Embassy in Beijing said the delegation planned meet Chinese officials on both days, in addition to U.S. Ambassador Terry Branstad, before departing on Friday evening.
In an editorial, the official China Daily said Beijing wanted the talks to produce “feasible solutions to put an end to the ongoing feud” and that they could go well if the U.S. delegation genuinely wants to listen as well as talk. Members of a U.S. delegation for trade talks with China arrive at a hotel in Beijing, China May 3, 2018. REUTERS/Jason Lee
China “will stand up to the U.S.’ bullying as necessary. And as a champion of globalisation, free trade and multilateralism, it will have strong support from the international community”, the English-language paper added.
“The U.S. wants greater access to China’s market, but it should not use trade actions as a battering ram to force China to open its doors. It is already in the process of opening them wider,” the paper said.
In doing so, China expected Washington to reciprocate and open its market to Chinese investments and competition, it added. “NEGOTIATIONS THE BEST WAY”
Widely-read Chinese tabloid the Global Times, published by the ruling Communist Party’s People’s Daily, said it hoped the talks were the start of a resolution to the dispute. Slideshow (3 Images)
“Washington and Beijing should be clear: neither side can scare the other down. Negotiations are the best way to resolve the problem.”
The first round of threatened tariffs under the U.S. government’s “Section 301” intellectual property probe focused heavily on technology products benefiting from the “Made in China 2025” program to upgrade China’s domestic manufacturing base with more advanced products.
The U.S. tariffs could go into effect in June following the completion of a 60-day consultation period.
China, which denies it coerces technology transfers, has threatened retaliation in equal measure, including tariffs on U.S. soybeans and aircraft.
U.S.-based trade experts said they expected Beijing to offer Trump’s team a package of policy changes that may include some previously announced moves, such as a phase-out of joint venture requirements for some sectors, autos tariff reductions and increased purchases of U.S. goods.
Trump has demanded a $100 billion annual reduction in the $375 billion U.S. goods trade deficit with China.
But the divergent U.S. trade delegation is likely to have differing views on the merits of such an offer.
The group includes Commerce Secretary Wilbur Ross along with noted China hawks Robert Lighthizer, the U.S. trade representative, and White House trade and manufacturing adviser Peter Navarro. Reporting by Ben Blanchard and Michael Martina. Editing by Lincoln Feast. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-trade-china/u-s-trade-delegation-to-arrive-in-china-on-thursday-idUKKBN1I404R |
VIENNA (Reuters) - Irreversibly closing North Korea’s nuclear test site is an important step that could pave the way for progress at talks between U.S. President Donald Trump and North Korean leader Kim Jong Un, U.N. Secretary-General Antonio Guterres said on Monday.
U.N. Secretary-General Antonio Guterres arrives for a news conference in Vienna, Austria, May 14, 2018. REUTERS/Leonhard Foeger North Korea gave details on Saturday on the planned dismantling of the Punggye-ri site where it is believed to have carried out all six of its nuclear tests.
The official Korean Central New Agency said it would take place between May 23 and 25 and involve collapsing all the site’s tunnels with explosions, blocking its entrances, and removing all observation facilities, research buildings and security posts.
“I would like to welcome that and to say that the irreversible closure of the site will be an important confidence-building measure that will contribute to further efforts towards sustainable peace and verifiable denuclearization of the Korean peninsula,” Guterres said in a statement after meeting Austria’s chancellor in Vienna.
“And I look forward to this positive momentum being consolidated at the summit between the leaders of the United States and North Korea,” he said in the remarks to reporters after his meeting with Chancellor Sebastian Kurz.
Trump and Kim are due to hold talks in Singapore on June 12, the first-ever meeting between a sitting U.S. president and a North Korean leader.
After North Korea’s announcement on Saturday, Trump said on Twitter: “Thank you, a very smart and gracious gesture!”
Reporting by Francois Murphy; Editing by Toby Chopra
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-nuclear-un/closing-north-korea-nuclear-test-site-an-important-step-u-n-chief-says-idUSKCN1IF1WP |
May 7, 2018 / 9:10 AM / Updated an hour ago Italy's 5-star says will not back technocrat government Reuters Staff 1 Min Read
ROME (Reuters) - The leader of Italy’s anti-establishment 5-Star Movement said on Monday his party would not back any stop-gap, technocrat government put together to end two months of political deadlock. FILE PHOTO: FILE PHOTO: Anti-establishment 5-Star Movement Luigi Di Maio looks on during a news conference at the Foreign Press Club in Rome, Italy, March 13, 2018. REUTERS/Tony Gentile/File Photo
Speaking to reporters after meeting with President Sergio Mattarella, Luigi Di Maio said if it is not possible to put together a government based on a political deal between 5-Star and the far-right League, then a snap repeat election should be held. Reporting By Gavin Jones; editing by Philip Pullella | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-italy-politics-5star/italys-5-star-says-will-not-back-technocrat-government-idUKKBN1I80RR |
Argentina went from robust to bust in a matter of months, leaving investors scratching their heads. Among the mysteries: why the country’s record hoard of currency reserves—often seen as shield against foreign-exchange volatility—did so little to stem the crisis.
The lesson seems to be that loads of dollar reserves alone can’t make up for weakness in a country’s economic underpinnings. Foreign investors who had been burned by Argentina’s repeated defaults over the years, reassured by the country’s rising reserve bulwark, edged... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/argentinas-warning-currency-reserves-arent-everything-1525947711 |
Starbucks closes 8,000 stores for racial bias training 22 Hours Ago CNBC's Kate Rogers reports Starbucks is not making the training mandatory, but for employees who want to make the company a more "welcoming and inclusive space." | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/starbucks-closes-8000-stores-for-racial-bias-training.html |
May 7 (Reuters) - Zee Learn Ltd:
* MARCH QUARTER NET PROFIT 176.9 MILLION RUPEES VERSUS PROFIT OF 159.6 MILLION RUPEES YEAR AGO
* MARCH QUARTER REVENUE FROM OPERATIONS 675.6 MILLION RUPEES VERSUS 599.5 MILLION RUPEES YEAR AGO
* RECOMMENDED DIVIDEND OF 0.10 RUPEES PER SHARE Source text - reut.rs/2HVpQUz
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-zee-learn-march-qtr-profit/brief-indias-zee-learn-march-qtr-profit-rises-idUSFWN1SE0C3 |
May 18, 2018 / 10:25 AM / Updated 14 minutes ago BRIEF-Deere & Co Reports Q2 Earnings Per Share Of $3.67 Reuters Staff
May 18 (Reuters) - Deere & Co:
* DEERE REPORTS SECOND-QUARTER NET INCOME OF $1.208 BILLION * QUARTERLY EARNINGS PER SHARE $3.67
* Q2 WORLDWIDE NET SALES AND REVENUE INCREASED 29 PERCENT TO $10.720 BILLION
* Q2 EARNINGS PER SHARE VIEW $3.31, REVENUE VIEW $9.79 BILLION — THOMSON REUTERS I/B/E/S
* SAYS COMPANY EQUIPMENT SALES ARE PROJECTED TO INCREASE BY ABOUT 30 PERCENT FOR FISCAL 2018 - SEC FILING
* SAYS COMPANY EQUIPMENT SALES ARE PROJECTED TO INCREASE BY ABOUT 35 PERCENT FOR Q3 * QUARTERLY AGRICULTURE & TURF SALES ROSE 22 PERCENT
* CONSTRUCTION AND FORESTRY SALES INCREASED 84 PERCENT FOR THE QUARTER
* SAYS NET SALES AND REVENUES ARE EXPECTED TO INCREASE BY ABOUT 26 PERCENT FOR FISCAL 2018
* SAYS NET INCOME ATTRIBUTABLE TO CO FORECAST TO BE ABOUT $2.3 BILLION FOR FISCAL 2018
* WITHOUT ADJUSTMENTS DUE TO U.S. TAX REFORM LEGISLATION, NET INCOME ATTRIBUTABLE FOR QUARTER WOULD HAVE BEEN $3.14 PER SHARE
* SAYS 2018 NET INCOME FORECAST INCLUDES $803 MILLION OF PROVISIONAL INCOME TAX EXPENSE ASSOCIATED WITH TAX REFORM
* Q2 RESULTS INCLUDED FAVORABLE NET ADJUSTMENT TO PROVISIONAL INCOME TAXES OF $174 MILLION
* SAYS 2018 ADJUSTED NET INCOME ATTRIBUTABLE TO CO EXCLUDING PROVISIONAL INCOME TAX ADJUSTMENTS ASSOCIATED WITH TAX REFORM IS FORECAST TO BE ABOUT $3.1 BILLION
* DEERE’S WORLDWIDE SALES OF AGRICULTURE AND TURF EQUIPMENT ARE FORECAST TO INCREASE BY ABOUT 14 PERCENT FOR FISCAL-YEAR 2018
* WORLDWIDE SALES OF CONSTRUCTION AND FORESTRY EQUIPMENT ARE ANTICIPATED TO BE UP ABOUT 83 PERCENT FOR 2018
* DEERE SAYS FARM MACHINERY SALES IN NORTH, SOUTH AMERICA ARE MAKING “SOLID GAINS” AND CONSTRUCTION EQUIPMENT SALES ARE CONTINUING TO MOVE SHARPLY HIGHER
* DEERE SAYS EXPERIENCING HIGHER RAW-MATERIAL AND FREIGHT COSTS, BEING ADDRESSED THROUGH FOCUS ON STRUCTURAL COST REDUCTION, FUTURE PRICING ACTIONS
* 2018/2019 PROJECTION FOR U.S. FARM COMMODITY PRICES FOR CORN IS $3.90 PER BUSHEL
* 2018/2019 PROJECTION FOR U.S. FARM COMMODITY PRICES FOR SOYBEANS IS $9.55 PER BUSHEL
* SEES EQUIPMENT OPERATIONS’ PENSION/OPEB CONTRIBUTIONS FOR FISCAL 2018 ABOUT $1,100 MILLION, UP FROM ABOUT $140 MILLION PREVIOUSLY FORECAST
* SEES FY 2018 TOTAL U.S. FARM CASH RECEIPTS OF $374.9 BILLION
* FY2018 EARNINGS PER SHARE VIEW $9.50, REVENUE VIEW $33.48 BILLION -- THOMSON REUTERS I/B/E/S Source text: bit.ly/2wRSpgv Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-deere-co-reports-q2-earnings-per-s/deeres-q2-profit-up-49-percent-y-y-idUSFWN1SP0FL |
U.S. President Donald Trump spoke by phone on Friday with British Prime Minister Theresa May and the two leaders condemned Iran’s rocket attacks on Israel from Syria, the White House said in a statement.
FILE PHOTO: U.S. President Donald Trump holds a rally with supporters at North Side middle school in Elkhart, Indiana, U.S., May 10, 2018. REUTERS/Leah Millis “Both leaders condemned the Iranian regime’s provocative rocket attacks from Syria against Israeli citizens,” the statement said.
“The leaders discussed how best to address Iran’s destabilizing behavior,” it said.
Reporting by Eric Beech; Editing by Eric Walsh
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-usa-britain/trump-may-condemn-iran-rocket-attacks-on-israel-white-house-idUSKBN1IC2KU |
CNBC’S ‘THE PROFIT’ IS BACK TO RESCUE SMALL BUSINESSES ON TUESDAY, JUNE 12 AT 10PM ET/PT Published 12:05 PM ET Tue, 8 May 2018 Updated 9:54 AM ET Wed, 9 May 2018 CNBC.com
Marcus Lemonis has invested $75 MILLION of His Own Money to Date in the Companies Featured on the Series
ENGLEWOOD CLIFFS, N.J. — May 8, 2018 — Serial entrepreneur and investor Marcus Lemonis is back putting his own money on the line to help save and grow struggling businesses across the country. Beginning Tuesday, June 12 at 10PM ET/PT , "The Profit" Season 5 returns with ten all-new episodes and ten small businesses in need of a life-changing investment. Marcus evaluates businesses with his 3 P's principle – People, Process, Product – that can be the difference between success and failure. Whether its poor leadership or mismanaging finances, it doesn't take long for Marcus to figure out what a business is doing wrong and establish a plan for success.
The new businesses featured (*alphabetical order; air dates to be announced): Baby Bump Maternity – New Orleans, LA The Casery – Santa Monica, CA Diaper Dude – Los Angeles, CA Ellison Eyewear – Chicago, IL NYC Bagel Deli – Chicago, IL Queork – New Orleans, LA Simply Slices – Chicago, IL Tankfarm & Co. – Seal Beach and Huntington Beach, CA
Since "The Profit" first premiered, Marcus Lemonis, Chairman and CEO of Camping World and Good Sam Enterprises, has invested $75 million of his own money in the companies featured on the series.
In each episode, Lemonis makes an offer that's impossible to refuse; his cash for a piece of the business and a percentage of the profits. And once inside these companies, he'll do almost anything to save the business and make himself a profit; even if it means firing the president, promoting the secretary or doing the work himself.
"The Profit" is produced for CNBC by Machete Productions with Amber Mazzola serving as executive producer. Jim Ackerman and Luke Bauer are the executive producers for CNBC.
To learn more about "The Profit," visit: theprofit.cnbc.com . Like us on Facebook: https://www.facebook.com/TheProfitCNBC/ and follow us on Twitter: @TheProfitCNBC #TheProfit, and Instagram: @TheProfitCNBC .
About CNBC:
With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, and CNBC World, CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to more than 409 million homes worldwide, including more than 91 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries.
CNBC Digital delivers more than 50 million multi-platform unique visitors each month. CNBC.com provides real-time financial market news and information to CNBC's investor audience. CNBC Make It is a digital destination focused on making you smarter about how you earn, save and spend your money by zeroing in on careers, leadership, entrepreneurship and personal finance.
CNBC has a vast portfolio of digital products across a variety of platforms including: CNBC.com; CNBC PRO, the premium, integrated desktop/mobile service that provides live access to CNBC programming, exclusive video content and global market data and analysis; a suite of CNBC mobile products including the CNBC Apps for iOS, Android and Windows devices; and additional products such as the CNBC App for the Apple Watch and Apple TV.
Members of the media can receive more information about CNBC and its programming on the NBCUniversal Media Village Web site at http://www.nbcumv.com/programming/cnbc .
For more information about NBCUniversal, please visit http://www.NBCUniversal.com .
About Machete Productions:
Founded in 2011, Machete Productions is the brainchild of Emmy-nominated Executive Producer Amber Mazzola. Since its formation, Amber and Machete have produced the first unscripted series under the CNBC prime banner, "Treasure Detectives," and then went on to produce "The Profit," the #1 original series on CNBC now in its fourth season. Machete also produces several series for E! Entertainment including the WAGs franchise and now "Nat & Liv."
For more information please visit www.machetetv.com . More From CNBC News Releases | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/cnbcs-the-profit-is-back-to-rescue-small-businesses-on-tuesday-june-12-at-10pm-etpt.html |
SHANGHAI, May 26 (Reuters) - Chinese fighter pilots have carried out night landings on the country’s first aircraft carrier, the official China Daily reported on Saturday, the latest demonstration of Beijing’s push to modernise its military forces.
Pilots flying J-15 jets landed at night on the Liaoning, the official paper said citing a video posted by China’s navy. It said this was a complex manoeuvre that marked a “huge leap towards gaining full combat capability”.
China has ambitious plans to overhaul its armed forces as it ramps up its presence in the disputed South China Sea and around self-ruled Taiwan, an island China considers its own.
China’s first domestically developed aircraft carrier set off on sea trials earlier this month. The Liaoning, which is expected to serve more as a training vessel, was bought second-hand from Ukraine in 1998.
Its navy has also been taking an increasingly prominent role in recent months, with the Liaoning sailing around Taiwan and new Chinese warships popping up in far-flung places.
State media has Quote: d experts as saying China needs at least six carriers. The United States operates 10 and plans to build two more.
Many experts agree that developing such a force would be a decades-long endeavour but that the drive to bolster its forces at sea will be crucial in the longer term as China looks to erode U.S. military prominence in the region. (Reporting by Adam Jourdan Editing by Paul Tait)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-defence/chinese-j-15-jets-complete-night-landings-on-carrier-in-push-to-modernise-idUSL3N1SX01O |
Ashanti: The music industry is hard 59 Mins Ago Ashanti discusses the impact of streaming, owning her own label, and the challenges in being a successful female artist in a male dominated industry. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/ashanti-the-music-industry-is-hard.html |
In 2014, Ginkgo Bioworks entered Y Combinator as the first biotech company ever accepted by the famed accelerator. Four years later the Boston-based synthetic biology start-up, founded by a team of MIT scientists in 2009, has raised $429 million, including from Cascade Investment, the asset management firm of Bill Gates, and is reportedly worth $1 billion.
Over the last several years, Ginkgo has developed an automated process for combining genetic parts that has made it the largest designer of printed DNA in the world. That breakthrough has positioned the start-up to change the face of a variety of industries and helped to earn it the No. 21 spot on the 2018 CNBC Disruptor 50 list.
Last October, Ginkgo entered into a $100 million partnership with the global health-care and agriculture giant Bayer to engineer microbes capable of producing fertilizer for crops, like corn, wheat and rice.
"We're really building the platform that lets you design organisms," said CEO Jason Kelly, who studied chemical engineering at MIT.
‹ Meet the 2018 CNBC Disruptor 50 companies How we chose the 2018 CNBC Disruptor 50 innovators A look back at the CNBC Disruptor 50: 6 years, 167 companies › Essentially, synthetic biology involves reconfiguring the genome of an organism to get it to do something entirely new. Kelly likens it to computer programming, only with genetic sequences. So think of DNA as computer code, and then imagine you can design sequences of DNA on the computer, physically print out those sequences, and insert them into microorganisms such as yeast and bacteria so they make products like rose-scented oil for perfume or sweeteners for beverages.
"We're learning how to rewrite the code of life," said Frances Arnold, a professor of chemical engineering, bioengineering, and biochemistry at the California Institute of Technology. "We're seeing a move toward making things that either chemistry cannot make or can't make efficiently but biology does."
The idea of modifying the DNA of organisms precedes the moniker of synthetic biology by many years. Genetic modification dates back to the 1980s, and genetic engineering for biofuels in the agricultural, pharmaceutical and energy industry has been common practice for some time. Think of Monsanto's Bt corn, which uses a modified bacteria to protect crops from damaging insects, and you have the idea. Such work has normally been the purview of highly trained scientists, but companies like Ginkgo are catching fire now, thanks to a confluence of factors.
"We can read DNA and write DNA very cheaply now. We can synthesize DNA in ways we couldn't just five years ago," Arnold said.
Senior automation engineer optimizing automated lab protocol on colony picker. Last December, Ginkgo opened Bioworks3, its third laboratory space. It also closed a $275 million funding round, money that will go toward financing a fourth lab space set to open later this year.
At Ginkgo's labs the difficult work of synthetic biology is conducted through computer software and run by robotics. This is the platform idea that animates Kelly's company: By figuring out a standardized way to combine genetic parts, the same process can be applied across a number of industries to produce goods at fractions of their current costs or to create entirely new products.
"That's the core idea we have: DNA is code, and you can read and write it in these factories and test how it works," Kelly said. "So you're going to go to your computer, specify the exact sequence you want, print it, put the DNA into a tube or into an organism and test how it works."
The fertilizer market is ripe for a huge disruption That's why Bayer chose to partner with Ginkgo. The artificial fertilizers commonly used across the United States are produced by sucking in atmospheric nitrogen gas, which plants can't use, into chemical plants that then convert the gas into a solid form plants can use. But nitrogen fertilizer products from chemical plants are notorious for releasing tons of carbon into the atmosphere.
"Agriculture has exploded because we've been able to provide synthetic nitrogen fertilizers. What a lot of people are looking for today is a more sustainable long-term approach," said Mike Miille, CEO of Joyn Bio, the joint venture Bayer and Ginkgo formed last fall.
Crops like soybeans and peanuts have microbes in their roots that perform the same reaction that chemical plants do — such crops, in other words, produce their own fertilizer. Corn, wheat and rice, however, do not. Joyn Bio plans to use the genetic engineering expertise Ginkgo has developed to modify the microbes of such plants so that they, too, can pull nitrogen gas from the air and convert it into fertilizer.
"There are thousands of companies trying to create agricultural breakthroughs, and one or more of these ideas could be huge one day." -Mark Connelly, Stephens analyst who covers fertilizer companies Joyn Bio plans to develop other disruptive agriculture tech, still unspecified, over time, but nitrogen fixation is its first target for a reason. Hundreds of millions of tons of fertilizer flow into the global agricultural market each year, generating sales of nitrogen fertilizer worth billions of dollars to the biggest companies, such as Nutrien and CF Industries .
The global fertilizer companies are acting as if their dominance will continue. Stephens analyst Mark Connelly said the major fertilizer companies continue to focus major capital expenditures, in the billions, on building traditional fertilizer plants, an indication they don't see a need to invest in heavily in potential disruptive technologies. The total global fertilizer market is expected to reach as high as $250 billion in the coming years, though potash-based fertilizers are also a significant component of supply in addition to nitrogen-based soil nutrients.
It's not entirely new to attempt to disrupt the nitrogen supply chain in agriculture. Monsanto , for example, created a venture with Evogene in 2007 to create a nitrogen gene technology that would increase crop yields. It never came to market.
More from CNBC Disruptor 50:
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"In general, agricultural applications appear to be serving as testing grounds for many genetic engineering companies for whom the human market is years away," said John Prendergass, an associate director at Ben Franklin Technology Partners in Philadelphia. "Given lower regulatory barriers and potential for early revenue generation, partnerships like this make a lot of sense."
Connelly said these microbial start-ups that are working on ag replacement products, such as microbes rather than fertilizer to fix nitrogen, are a huge area of interest and activity. "There are thousands of companies trying to create agricultural breakthroughs, and one or more of these ideas could be huge one day, but it is also currently a huge space. It's the Wild West right now, but there will be some real prizes in there," he said.
Bayer's $100 million investment in Ginkgo is "a lot of money," Connelly said. "It is basically giving them the mezzanine financing now so they won't be forced to buy this start-up from a PE company in five years."
Synthetic biology is also being extended to consumer goods, like foods, fragrances and clothing. As a result, companies like Ginkgo are becoming increasingly attractive bets for investors. From 2012 to 2016, investment in synthetic biology start-ups increased from $374 million to $1.2 billion, according to data from CB Insights.
"Investors love platforms, and DNA is the ultimate platform," Prendergass said.
What remains challenging is generating profits, and that's a direct result of how tricky the concept of synthetic biology is. Composing sequences of genetic parts that effectively produce a new drug or can enable the microbes of the corn plant to produce its own fertilizer are complex problems.
"Inside of a living cell there are thousands of proteins that enable it to make more of itself and make your malaria drug, for instance. We don't understand those. We don't understand how they work together," Arnold said.
That's a challenge that Ginkgo Bioworks is tackling head-on in 2018. In addition to the money the start-up raised last year, it also acquired Gen9, a Boston company that prints DNA. Buying the company enabled Ginkgo to begin printing sequences of DNA very cheaply, Kelly said. Ginkgo has been building up what Kelly called a "code library of usable genetic code."
Again, think of it like software: When a programmer begins writing an app for the iPhone, they don't start that project from scratch. There are programming languages already available. The same is true for the synthetic biology projects of tomorrow, Kelly said.
"As the cost comes down, this technology can apply to other areas," Kelly said. "The whole idea behind Ginkgo is that it's the same kind of work regardless of what you're engineering." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/bill-gates-is-betting-on-this-synthetic-biology-start-up.html |
A federal magistrate judge on Wednesday said she wanted to move swiftly in assessing claims by victims seeking a cut of a U.S. Justice Department settlement with Aegerion Pharmaceuticals Inc over its improper marketing of a cholesterol drug.
U.S. Magistrate Judge Marianne Bowler at a hearing in Boston sought to assess the best path to distributing up to $7.2 million set aside for patients who were harmed after using Juxtapid, a drug produced by Aegerion, a Novelion Therapeutics Inc unit.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2rjk4Rs
| ashraq/financial-news-articles | https://www.reuters.com/article/health-aegerion/judge-sets-swift-schedule-for-assessing-aegerion-victim-claims-idUSL1N1SA02D |
HOUSTON, May 16, 2018 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI), ("Group 1" or the "Company"), an international, Fortune 500 automotive retailer, today announced that its board of directors increased the Company's common stock share repurchase authorization by $100.0 million to $125.7 million. To date, during the second quarter of 2018, the Company has repurchased 222,098 shares at an average price per common share of $66.26, for a total of $14.7 million. Purchases may be made from time to time, based on market conditions, legal requirements and other corporate considerations, in the open market or in privately negotiated transactions. The Company expects that any repurchase of shares will be funded by cash from operations. Repurchased shares will be held in treasury.
Group 1's board of directors also declared a cash dividend of $0.26 per share for the first quarter of 2018. The dividend will be payable on June 15, 2018, to stockholders of record on June 1, 2018.
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 181 automotive dealerships , 239 franchises, and 48 collision centers in the United States, the United Kingdom and Brazil that offer 32 brands of automobiles. Through its dealerships, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts.
Investors please visit www.group1corp.com , www.group1auto.com , www.group1collision.com , www.facebook.com/group1auto , and www.twitter.com/group1auto , where Group 1 discloses additional information about the Company, its business, and its results of operations.
FORWARD-LOOKING STATEMENTS
This press release contains " " within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements related to future, not past, events and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. In this context, the often include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should," "foresee," "may" or "will" and similar expressions. While management believes that these are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of manufacturer incentives, (c) the future regulatory environment, (d) our ability to obtain an inventory of desirable new and used vehicles, (e) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (f) our cost of financing and the availability of credit for consumers, (g) our ability to complete acquisitions and dispositions and the risks associated therewith, (h) foreign exchange controls and currency fluctuations, and (i) our ability to retain key personnel. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on , which speak only as of the date hereof. We undertake no obligation to publicly update or revise any after the date they are made, whether as a result of new information, future events or otherwise.
Investor contacts:
Sheila Roth
Manager, Investor Relations
Group 1 Automotive, Inc.
713-647-5741 | [email protected]
Media contacts:
Pete DeLongchamps
V.P. Manufacturer Relations, Financial Services and Public Affairs
Group 1 Automotive, Inc.
713-647-5770 | [email protected]
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | [email protected]
View original content: http://www.prnewswire.com/news-releases/group-1-automotive-increases-share-repurchase-authorization-by-100-million-to-126-million-300649848.html
SOURCE Group 1 Automotive, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-group-1-automotive-increases-share-repurchase-authorization-by-100-million-to-126-million.html |
Published: May 9, 2018 10:22 a.m. ET Share
Controversial proposal calls for creating a ‘hybrid driver’ position that would earn as little as $15 an hour Reuters The two sides are negotiating one of the largest collective bargaining agreements in the U.S., covering about 280,000 UPS employees.
By Paul Ziobro
United Parcel Service Inc. and the Teamsters union are discussing a two-tier wage system that would allow the company to hire lower-paid workers to deliver packages on weekends, including Sundays, as the parcel giant seeks ways to manage the surge in e-commerce.
The proposal, raised in recent contract negotiations, calls for creating a “hybrid driver” position that would earn as little as $15 an hour and top out at an hourly wage of $30. These employees’ regular schedule would be Sunday to Thursday or Tuesday to Saturday, avoiding costly overtime.
Under the current contract, most package-truck drivers work Monday to Friday shifts and earn higher wages on weekends. The union says they are entitled to double-time wages in some areas for working on a Sunday, or hourly rates of nearly $74.
The hybrid driver role would allow UPS UPS, +0.12% to start regular Sunday delivery of packages, a service the U.S. Postal Service provides for customers such as Amazon.com Inc. AMZN, +0.98% UPS started Saturday package delivery in some markets in 2017 but hasn’t disclosed any plans to start delivering on Sundays.
A Teamsters spokeswoman said the proposals between the union and UPS were part of the negotiating process and the two sides hadn’t come to any agreement about hybrid drivers. A UPS spokesman on Tuesday declined to comment on contract negotiations. | ashraq/financial-news-articles | https://www.wsj.com/articles/ups-and-teamsters-discuss-two-tier-wages-sunday-deliveries/ |
May 2, 2018 / 9:28 AM / Updated 37 minutes ago FTSE pushes higher as earnings season gathers pace Julien Ponthus 3 Min Read
LONDON (Reuters) - British shares traded higher on Wednesday, posting a fifth session of gains in a row as metal prices boosted miners and first-quarter earnings reports lifted the London stock market. FILE PHOTO: A broker looks at his computer screen on the dealing floor at ICAP in London, Britain January 3, 2018. REUTERS/Simon Dawson
The FTSE index ended the session up 0.3 percent at 7,543.20 points, its highest since the end of January, when sterling was, however, about 4 percent higher than it is now against the dollar.
“The pound’s sustained slump has finally given the FTSE the gumption to cross 7,560, a level not seen in three months,” Spreadex analyst Connor Campbell said.
“Whether the index can maintain those highs, or if sterling can be dragged out of its current funk, may be down to April’s construction PMI (purchasing managers’ index),” Campbell added ahead of the publication of the data.
The release of construction PMI data showed British construction activity rebounding faster than expected, pushing the pound slightly higher but with little effect on the FTSE.
A recent run of weak economic indicators have convinced investors that the Bank of England will not raise interest rates next week, sending the pound lower but boosting dollar-earning companies headquartered in the UK.
London-listed miners added the most points to the index as copper prices recovered on strong China factory data.
Fresnillo, Antofagasta and Glencore rose between 2.2 and 3.2 percent, with the latter, according to a report, winning a temporary injunction against Israeli billionaire Dan Gertler over alleged unpaid royalties.
British satellite firm Inmarsat was the best performing stock on the pan-European STOXX 600 after its first-quarter revenue rose 5 percent, building on the momentum achieved last year in its maritime and aviation services operations. Its shares rose more than 8 percent.
Ocado also shone, up 3.5 percent after the British online grocer and technology company announced a new partnership deal with ICA Group to develop the Swedish company’s online business.
Potential deals with overseas grocers are seen as the key influence on Ocado’s stock market valuation with past deals, such as with France’s Casino, prompting a surge in its share price.
Shares in ConvaTec rose 3.8 percent after the British medical devices maker posted a 13.7 percent rise in first-quarter revenue, as acquisitions and favourable currency moves helped offset supply chain disruptions.
Standard Chartered retreated 1 percent as a better-than-expected 20 percent rise in pretax profit didn’t change the overall picture for the bank, Jefferies argued.
“We do not see consensus estimates moving up on today’s release”, its analysts said.
Among other disappointments, Paddy Power Betfair was the worst-performer on the FTSE 100 after first-quarter earnings fell. The bookmaker’s shares dropped 6.3 percent. Reporting by Julien Ponthus and Kit Rees; Editing by Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-stocks/ftse-sticks-to-upwards-trend-as-earnings-season-gathers-pace-idUKKBN1I3137 |
The Echo device in your room could be secretly recording your conversation — and in some cases, could send it to a random person, according to a report from local Seattle TV network KIRO7 .
That's what happened to a family in Portland, who had their conversation at home recorded and sent to a random person on their contact list.
The report said the family was alerted by a colleague in Seattle who had received the audio file. After confirming the audio file was indeed a recording of their private conversation, the family went on to unplug all of their Alexa-powered devices, the report said.
show chapters Is Amazon Alexa spying on you? 21 Hours Ago | 02:13 When contacted by the family, Amazon said it takes privacy "very seriously," but downplayed the incident as an "extremely rare occurrence."
In a statement to CNBC, Amazon blamed Alexa misinterpreting background conversation as a set of commands to send a message to a contact:
Echo woke up due to a word in background conversation sounding like "Alexa." Then, the subsequent conversation was heard as a "send message" request. At which point, Alexa said out loud "To whom?" At which point, the background conversation was interpreted as a name in the customers contact list. Alexa then asked out loud, "[contact name], right?" Alexa then interpreted background conversation as "right". As unlikely as this string of events is, we are evaluating options to make this case even less likely.
The incident raises privacy concerns of voice-assistant devices, like the Echo, as they gain more popularity. These devices are typically placed in living rooms and kitchens, and are capable of listening to private conversations, although Amazon claims that they are only supposed to be activated when the "Alexa" command word is triggered.
WATCH: Amazon responds to claim Alexa device sent private message show chapters Amazon responds to claim that device sent private conversation 7 Hours Ago | 04:10 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/amazon-echo-recorded-conversation-sent-to-random-person-report.html |
(Reuters) - Insys Therapeutics Inc said on Tuesday that it believed a previously estimated $150 million would be sufficient to cover expenses from an ongoing litigation related to the company’s sales practises.
The news comes a day after the U.S. Department of Justice joined a whistleblower lawsuit alleging Insys paid kickbacks to doctors.
The company continues to have an ongoing dialogue with the DOJ regarding this investigation, Insys said on Tuesday.
“This ongoing dialogue has not resulted in information that would cause the company to revise this estimate (of $150 million),” the company said.
The government’s involvement was disclosed in a filing made public on Monday. It adds firepower to the civil litigation as Insys tries to resolve a federal probe into its marketing of Subsys, a spray form of fentanyl.
Reporting by Manas Mishra in Bengaluru; Editing by Shounak Dasgupta
| ashraq/financial-news-articles | https://www.reuters.com/article/us-insys-opioids/insys-sees-no-change-in-estimated-litigation-costs-idUSKCN1IG2U4 |
Chinese smartphone maker Coolpad Group said its unit has sued three group firms of Xiaomi, which last week filed for a Hong Kong IPO that could be worth up to $10 billion, for patent infringement.
Coolpad said in a statement late on Thursday its subsidiary, Yulong Computer Telecommunication Scientific (Shenzhen) filed a lawsuit against Xiaomi Telecom Technology, Xiaomi Technology and Xiaomi Factory in a court in Jiangsu province for using its patent without authorization.
Yulong demanded that the Xiaomi companies should immediately stop production and sale of some smartphone models, including the Mi MIX2, Coolpad said.
Yulong had filed a similar legal case against Xiaomi in a Shenzhen court in January.
"It is because the IP (intellectual property) protection environment in China improved that Coolpad launched the lawsuit in January this year," Coolpad's global chief patent officer Nancy Zhang told a press conference on Friday, denying they were timed with Xiaomi's upcoming IPO.
Xiaomi last week filed its IPO plans, which could be the largest listing globally in almost four years.
Coolpad has alleged that Xiaomi violated its patented multi-simcard design and other technology related to user interface. It demanded that Xiaomi compensate it for losses due to the alleged infringement, though Zhang declined to give a figure.
In a statement, Xiaomi said it has requested patent authorities to invalidate patent rights that are the subject of the lawsuit filed in Shenzhen. It said it will fully cooperate in the investigation by authorities on the matter.
Coolpad, a Shenzhen-based smartphone maker founded 25 years ago, was once a unit of Jia Yueting's LeEco conglomerate, which has been struggling financially over the past year and a half. LeEco sold off all its interest in Coolpad in January.
Coolpad shares have been suspended since March 2017. It has been unable to report its 2017 annual result on time and only just filed its 2016 annual report last month after repeated delays due to audit problems. It reported a loss of HK$4.38 billion for 2016 versus a profit of HK$2.32 billion in 2015. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/xiaomi-sued-for-alleged-patent-infringement-ahead-of-blockbuster-ipo.html |
May 2, 2018 / 3:47 PM / Updated 23 minutes ago As Trump visits State Department, Pompeo says North Korea must denuclearise Lesley Wroughton 3 Min Read
WASHINGTON (Reuters) - North Korea must commit to dismantling its nuclear weapons programme, new U.S. Secretary of State Mike Pompeo said on Wednesday as he formally took the reins of the State Department with a strong endorsement from U.S. President Donald Trump.
Trump made his first visit to the State Department, where he was greeted by loud applause from several hundred people gathered in the Benjamin Franklin dining room.
“That’s more spirit than I’ve heard from the State Department in a long time,” Trump joked, praising Pompeo’s credentials and record as CIA director.
Trump fired his first secretary of state, Rex Tillerson, in March after public disagreements over North Korea, Iran and Russia. The department had been sidelined on major foreign policy issues and shaken by the resignation of senior diplomats.
“I have no doubt that you will make America proud as our nation’s chief diplomat,” Trump told Pompeo before Vice President Mike Pence administered the oath in a ceremonial swearing in.
Pompeo, who secretly met with North Korean leader Kim Jong Un over the Easter weekend, said North Korea must commit to immediately dismantling its weapons programme, adding that efforts to denuclearize Pyongyang were still in the “beginning stages” and the outcomes “unknown.”
“We are committed to the permanent, verifiable, irreversible dismantling of North Korea’s weapons of mass destruction programme and to do so without delay,” he said as Trump prepares for a historic meeting with Kim to convince Pyongyang to abandon its nuclear missile programme.
Listing other major challenges, he said the United States was deciding on next steps of a “flawed” nuclear deal with Iran and confronting Moscow’s “acts of aggression”.
“My team and I will be unrelenting in confronting those threats,” said Pompeo. “We will deploy tough diplomacy when necessary to put the interest of the American people first,” he added.
Pompeo sought to quickly put his mark on his new role as secretary of state by rushing off to meet allies in Europe and the Middle East moments after he was confirmed on Thursday.
In his talks with NATO foreign ministers in Brussels, Pompeo emphasized Russian aggression and pushed for higher defence spending.
In the Middle East, he warned of Iran’s “malign behaviour” as he discussed changes to the 2015 Iran nuclear deal.
He stressed that the United States had not decided whether to withdraw from the deal struck with Iran and six major powers including France, Germany, Britain, Russia and China. North Korea's leader Kim Jong Un is seen as the newly developed intercontinental ballistic rocket Hwasong-15's test was successfully launched, in this undated photo released November 30, 2017. REUTERS/KCNA Additional reporting by Steve Holland, Lisa Lambert and Susan Heavey; Editing by Cynthia Osterman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-northkorea-missiles-usa-pompeo/u-s-top-diplomat-north-korea-must-dismantle-weapons-programme-idUKKBN1I326Z |
May 24, 2018 / 10:28 AM / Updated an hour ago SE Asia Stocks-Indonesia jumps most in 22 months; Malaysia falls further Reuters Staff 4 Min Read * Malaysia marks lowest close since December 2017 * Philippines closes higher for first time in 7 sessions By Karthika Suresh Namboothiri May 24 (Reuters) - Indonesian stocks jumped 2.7 percent on Thursday, the most since August 2016, while Malaysian shares fell for a fourth straight session as a widening probe over corruption linked to the previous government and continued capital outflows weighed on investor sentiment. Financials accounted for most of the gains in Indonesia with Unilever Indonesia rising 3.7 percent and Bank Central Asia climbing 2.1 percent. Movements in financials were valuation-driven, said Nomura Indonesia analyst Elvira Tjandrawinata. There has been little downgrade in terms of earnings but valuation has come down because of receding share prices, she said. The financial subindex trades at price to current fiscal year's earnings ratio of 13.47, compared with last one year's average of 14.87. Reports that the government plans to disburse a higher Eid holiday bonus are also likely to push the Jakarta stock index higher, Trimegah Securities said in a note. Malaysian shares fell 1.6 percent to their lowest close since Dec. 27, dragged by financials. Malayan Banking Bhd was the biggest drag with a drop of 3.9 percent. "The political malaise is weakening MYR (ringgit) and that usually triggers some outflows. But I also believe the local markets are caught up in risk aversion," said Stephen Innes, head of trading APAC at Oanda. Finance Minister Lim Guan Eng had said earlier this week that the previous government led by Najib Razak deceived the public and parliament over the country's financial situation and 1MDB. Philippine shares snapped six straight sessions of fall to close 1.2 percent higher, while Singapore stocks rose nearly 1 percent. Lenders Oversea-Chinese Banking Corp and DBS Group Holdings were the top boost in Singapore, rising 1.6 percent and 0.8 percent, respectively. Thai shares declined 1.2 percent, dragged by energy stocks. PTT PCL ended 5.1 percent lower and PTT Exploration and Production fell 3.1 percent with crude oil prices declining on the prospect of the first increase in OPEC output since 2016. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS: Change on the day Market Current Previous close Pct Move Singapore 3528.92 3496.27 0.93 Bangkok 1732.51 1753.6 -1.20 Manila 7652.53 7560.47 1.22 Jakarta 5946.538 5792.001 2.67 Kuala Lumpur 1775.66 1804.25 -1.58 Ho Chi Minh 985.92 988.94 -0.31 Change on year Market Current End 2017 Pct Move Singapore 3528.92 3402.92 3.70 Bangkok 1732.51 1753.71 -1.21 Manila 7652.53 8558.42 -10.58 Jakarta 5946.538 6355.654 -6.44 Kuala Lumpur 1775.66 1796.81 -1.18 Ho Chi Minh 985.92 984.24 0.17 (Reporting by Karthika Suresh Namboothiri; additional reporting by Binisha H. Ben and Gaurav Dogra; Editing by Subhranshu Sahu) | ashraq/financial-news-articles | https://www.reuters.com/article/southeast-asia-stocks/se-asia-stocks-indonesia-jumps-most-in-22-months-malaysia-falls-further-idUSL3N1SV401 |
May 24 (Reuters) - Fitch:
* FITCH SAYS POTENTIAL BUDGETARY IMPACT OF LEGALIZING MARIJUANA FOR RECREATIONAL USE IN NY STATE WOULD BE MODEST FOR NYC WITH NO IMPACT ON CREDIT QUALITY
* FITCH SAYS EXPECTS DECISION TO LEGALIZE MARIJUANA IN NY STATE WILL BE BASED ON POLITICAL AND PUBLIC POLICY CONSIDERATIONS RATHER THAN BUDGETARY ONES Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fitch-says-budget-impact-of-mariju/brief-fitch-says-budget-impact-of-marijuana-legalization-modest-for-nyc-idUSFWN1SV0Z0 |
Mitch Garver’s RBI double in the top of the 12th inning snapped a 3-3 tie and helped lift the Minnesota Twins to a 5-3 victory over the Los Angeles Angels on Saturday night at Angel Stadium.
Garver’s game-winner, off Angels right-hander Noe Ramirez, ended a battle of bullpens that saw relievers from both teams put up zeroes after the seventh inning and into the 12th.
Ramirez, the last of four Angels relievers, had pitched two scoreless innings before being sent out for the 12th. But Eddie Rosario led off with an infield single and then scored on Garver’s double.
One out later, Garver scored on a single by Gregorio Petit, who played for the Angels two seasons ago, to make it 5-3.
Fernando Rodney, the last of five Twins relievers, pitched a scoreless inning in the bottom of the 12th for his seventh save. Trevor Hildenberger (1-0) earned the win over Ramirez (1-2).
The Twins got on the scoreboard first, scoring three runs in the third off Angels starter Nick Tropeano, who was coming off his best performance of the season.
Back on May 1, Tropeano shut out the Orioles on one hit over 6 1/3 innings. But Tropeano was on the disabled list the next day because of an inflamed right shoulder.
Against the Twins, he retired the first six hitters he faced before walking Logan Morrison to begin the third. Minnesota then strung together three consecutive hits, including an RBI double by Byron Buxton and an RBI single by Joe Mauer.
Brian Dozier drove in the third run of the inning with a sacrifice fly.
The Angels got one back in the bottom of the third against Twins starter Kyle Gibson after Zack Cozart’s ground-rule double with one out. Cozart went to third on a wild pitch, and after a walk to Mike Trout, scored when Justin Upton grounded into a force play.
Gibson and Tropeano both settled in from there, neither team scoring again until the Angels pushed one across in the bottom of the sixth, when Andrelton Simmons tripled and scored on a sacrifice fly by Luis Valbuena.
Gibson finished the inning but was done for the night. He gave up two runs on three hits and four walks in six innings. He struck out six and made 92 pitches.
Tropeano had just the one bad inning, giving up three runs on five hits and three walks in six innings. He struck out two and made 87 pitches.
The Angels got even in the seventh against Twins reliever Ryan Pressly. Kole Calhoun walked and reached second on a wild pitch. With two out, Mike Trout walked and Upton followed with single to left, scoring Calhoun to tie the game at 3-3.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-laa-min-recap/garvers-12th-inning-rbi-double-leads-twins-past-angels-idUSMTZEE5DNJYPXY |
May 2 (Reuters) - Leed Corp :
* Says it plans to buy entire 102,640 shares of Isolution, a camerabased ADAS firm, for 3 billion won
Source text in Korean : goo.gl/AyPGdD
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-leed-to-buy-isolution-for-3-bln-wo/brief-leed-to-buy-isolution-for-3-bln-won-idUSL3N1S90QU |
MUMBAI (Reuters) - The Securities and Exchange Board of India (SEBI) eased rules for foreign investors to trade in securities at a new international finance centre, stepping up competition with markets such as Singapore and Dubai that are seen as more investment-friendly.
FILE PHOTO: A worker folds the cable of a welding machine in front of two office buildings at the Gujarat International Finance Tec-City (GIFT) at Gandhinagar, Gujarat, April 10, 2015. REUTERS/Amit DavE/File Photo The government has been trying to lure foreign investors to Gujarat International Finance Tec-City, or GIFT City, which is being developed in Prime Minister Narendra Modi’s home state in western India and offers close to zero tax, dollar contracts, and top-notch infrastructure.
Still, daily trading volumes have been a fraction of the tens of billions of dollars on the country’s two main stock exchanges.
On Thursday, the SEBI allowed most foreign investors to route their orders for trading at GIFT City through segregated nominee account providers without having to register themselves.
Earlier, overseas investors had to follow a cumbersome registration process or stringent know-your-customer rules to be able to trade at the international finance centre.
“This will expand the set of global investors who can now access Indian capital markets,” said Tejas Desai, a partner at EY’s India practice, adding the move is a step in building liquidity at the international finance centre.
The nominee account providers can be trading and clearing members of international stock exchanges and clearing corporations, registered foreign portfolio investors and registered brokers in the finance centre, the SEBI said in a notice on its website.
Stock exchanges at GIFT City will assign a unique client code to each investor and the providers of segregated nominee accounts must ensure due-diligence, including compliance with rules on know-your-customer and anti-money-laundering, the SEBI said.
If asked, they will also have to disclose trading information and customer identities to the SEBI, the regulator said.
Investments in derivatives in India had taken a hit after SEBI banned inflows through participatory notes, or P-notes, because of fears these investments are a conduit for money laundering or the channelling of unaccounted wealth held by Indians abroad into domestic markets.
“The structure allowed on Thursday is similar to p-notes and will boost trading at GIFT City as foreigners can access the same set of derivatives there,” said Suresh Swamy, a partner at PwC in Mumbai.
Reporting by Abhirup Roy; Editing by Dale Hudson
| ashraq/financial-news-articles | https://in.reuters.com/article/india-sebi-foreigninvestors/sebi-eases-foreign-investors-access-to-international-finance-hub-idINKCN1IP32P |
Macron needs to reform public finances, economist says 7 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/macron-needs-to-reform-public-finances-economist-says.html |
May 15, 2018 / 5:55 AM / Updated 37 minutes ago Taliban fighters close in on provincial city in western Afghanistan Reuters Staff 3 Min Read
HERAT, Afghanistan (Reuters) - Taliban fighters threatened the provincial capital of Farah in western Afghanistan on Tuesday, with fighting underway on the outskirts of the city where government forces were defending two police districts, officials and residents said.
A Farah government official and several residents said security forces were engaged in police districts two and three, around 4 km (2.5 miles) from the city centre.
“The Taliban are moving very fast, if the government does not take serious and speedy action, the province is going to collapse to Taliban,” said Hamidullah, a resident of the city reached by telephone.
Other residents, who spoke on condition of anonymity because of fears of possible Taliban retribution, said Taliban forces began their operation at around 2.00 a.m. (2130 GMT Monday), attacking the city from several directions.
Noorulhaq Khaliqi, a military spokesman in Farah, said Afghan security forces had repelled the attack but some residents said the Taliban had already set up checkpoints around the city and were checking identity cards and preventing people from fleeing.
The fighting adds to the growing number of crisis points around Afghanistan since the Taliban began their annual spring offensive last month, including a series of deadly suicide attacks in the capital, Kabul.
District centres have been lost or threatened in the northern provinces of Baghlan and Badakhshan and there has been heavy fighting in Faryab in the northwest and Ghazni and Zabul, south of Kabul.
Farah, a remote and sparsely populated province on the border with Iran, has seen months of heavy fighting, with hundreds of police and soldiers killed and severe losses inflicted even on elite special forces units.
Residents in Farah have long warned that the city was vulnerable. The governor of the province stepped down in January, blaming the worsening security situation and what he said was political interference and corruption.
The province, which also borders the opium-rich Taliban heartland of Helmand province, has key smuggling routes into Iran. Hundreds of fighters have moved there as U.S. and Afghan forces have stepped up operations in Helmand.
A doctor from the provincial hospital in Farah, who did not want to be identified, said so far two dead and 16 wounded members of the Afghan security forces, as well as five wounded civilians including women and children, had been taken to the hospital. Reporting by Storay Karimi and Mohammad Stanekzai in LASHKAR GAH; Writing by James Mackenzie; Editing by Paul Tait | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-afghanistan-taliban/taliban-fighters-close-in-on-provincial-city-in-western-afghanistan-idUKKCN1IG0L1 |
NEW YORK, May 1, 2018 /PRNewswire/ -- TickPick , the no-fee ticket marketplace that is transforming the industry, announced today the company's acquisition of Razorgator , an established ticket reseller founded in 2001. TickPick purchased Razorgator for an undisclosed amount and will retain the Razorgator site and name. The acquisition was completed in response to the market consolidation occurring throughout the secondary ticket marketplace, and TickPick will continue to further build its brand through new targeted acquisitions and partner opportunities. The acquisition does not cover the corporate ticketing business that Razorgator operates with select corporate partners. Razorgator management will function as consultants after the acquisition to ensure a smooth transition of the Razorgator brand name and customers.
Razorgator customers will receive multiple benefits with TickPick, including its "Best Price Guarantee," which will beat any competitor's pricing for the exact same ticket (based on the total final price). They'll also enjoy access to only the most trustworthy resellers, an updated and faster website, and the company's amazing customer service.
The acquisition marks the first implementation of the new TickPick white label solution, and the launch of a newly rebranded and improved Razorgator website allows the company to showcase its white label capabilities. TickPick will also leverage some of the back-end technology owned by Razorgator, including consumer-friendly pricing engines. These technologies will complement TickPick's industry-leading approach that offers all-in pricing and reduced fees, for buyers. TickPick uses simplified transactions without hidden fees or commissions, which compare favorably to the 25% or more in total fees charged by competitors.
Razorgator has delivered a quality service and a secure ticket-buying process to more than one million customers. The company has sold more than 3.5 million tickets to over 250,000 different sporting, musical, and theater events throughout the United States. Razorgator founded Primesport in 2010, a subsidiary that combined tickets with travel packages, and was later acquired by NFL On Location. It also attracted a funding investment of more than $60 million over the years from firms including Oak Investment Partners, Kleiner, Perkins, Caufield & Byers and Steamboat Ventures.
"We're excited to complete this acquisition of the longstanding Razorgator brand and customer base," said Brett Goldberg, cofounder and co-CEO of TickPick. "The Razorgator brand has significant value, as the average customer orders nearly $500 (in tickets) each time they place an order and they're extremely loyal to the brand. We're going to further improve the brand through our white label capabilities, which features our smooth back-end technology and amazing customer service. We're bringing the best TickPick has to offer to the one million Razorgator customers through our 'Best Price Guarantee' and low transparent fees, which make our tickets consistently less expensive than those offered by competitors."
About TickPick:
Founded in 2011, TickPick is reshaping the secondary event ticket marketplace with its no-fees approach. The company does not charge any fees for buyers, setting it apart from competitive firms that charge steep transaction fees. It also leverages its algorithms to look at the price/value ratio for tickets, and then offers value grading for buyers so they can get the optimal experience for their money. Users can also bid on tickets in a process that is similar to financial markets where supply and demand creates a more efficient marketplace.
TickPick was founded by Co-CEOs Christopher O'Brien and Brett Goldberg who saw inefficiencies in the ticket marketplace and decided to build a more transparent and cost-effective solution. For more information, visit www.tickpick.com .
About Razorgator:
Founded in 2001, Razorgator is one of the largest ticket marketplaces in the world. It was built by passionate sports, music and theater fans who desired to offer customers a trusted platform for purchasing select tickets. The company has securely and efficiently provided tickets to more than one million customers who have purchased over 3.5 million tickets to a variety of events throughout the United States. For more information about Razorgator, visit https://www.razorgator.com/about/ .
MEDIA CONTACT:
Jonathan Gluskin
Interdependence PR
[email protected]
949-777-2490
View original content: http://www.prnewswire.com/news-releases/tickpick-acquires-secondary-ticket-marketplace-razorgator--doubles-user-base-by-adding-one-million-razorgator-customers-who-can-now-access-tickpicks-best-price-guarantee-and-reduced-fees-300640215.html
SOURCE TickPick LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-tickpick-acquires-secondary-ticket-marketplace-razorgator--doubles-user-base-by-adding-one-million-razorgator-customers-who.html |
VANCOUVER, British Columbia, May 24, 2018 (GLOBE NEWSWIRE) -- Westhaven Ventures Inc. (TSX-V:WHN) announces that Grenville Thomas will be moving into the role of Chairman of the Board. Mr. Thomas is the largest shareholder of Westhaven. Gareth Thomas, Westhaven’s founder and Director, will assume the roles of President & CEO. In addition, Hannah McDonald, LLB has joined Westhaven’s board as an independent Director.
Grenville Thomas, Director of Westhaven stated, “Gareth, the founder of Westhaven, has been instrumental in building the Company and its dominant land package on the Spences Bridge Gold Belt. His continued commitment to proving the gold potential of this newly discovered gold belt is imperative to the long-term success of the Company.” Thomas adds, “We are very pleased to welcome Ms. McDonald to our Board. Her experience will add greatly to Westhaven’s management depth.”
Ms. McDonald has spent the majority of her career advising on land, resource issues and governance. Hannah graduated from the University of British Columbia Law School and holds an undergraduate degree in Communications from Simon Fraser University.
The Spences Bridge Gold Belt (SBGB)
Westhaven owns a 100% interest in over 35,000 hectares within the prospective SBGB, which is situated within a geological setting similar to those which host other significant epithermal systems. It is close to existing transportation and infrastructure allowing for cost-effective exploration. The SBGB is a 110 kilometre northwest-trending belt of intermediate to felsic volcanic rocks dominated by the Cretaceous Spences Bridge group. Westhaven has been working on the SBGB since 2011 and believes these relatively underexplored volcanic rocks are highly prospective for epithermal style gold mineralization.
On behalf of the Board of Directors
WESTHAVEN VENTURES INC.
"Shaun Pollard"
Shaun Pollard, CFO & Director
About Westhaven Ventures Inc.
Westhaven Ventures Inc. is a Canadian based exploration company focused on the acquisition and exploration of prospective resource properties. Westhaven is focused on advancing its Shovelnose, Prospect Valley, Skoonka and Skoonka North gold projects in British Columbia. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5558 or visit Westhaven’s website at www.westhavenventures.com .
Source: Westhaven Ventures Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-westhaven-announces-board-and-management-changes.html |
May 8, 2018 / 11:18 PM / Updated 2 hours ago Soccer - Argentina to face Haiti in World Cup warm up Reuters Staff 1 Min Read
BUENOS AIRES (Reuters) - Argentina will play Haiti in a World Cup warm-up match on May 29 at Boca Juniors’ ground, the Argentine Football Association said on Tuesday.
The game will be their last in Argentina before heading across the Atlantic, where they face Israel in a friendly on June 9 before beginning their World Cup campaign in Russia on June 16.
Argentina have been drawn in Group D with Iceland, Croatia and Nigeria.
Haiti are ranked 108th in the world, 103 places behind the twice World Cup winners. Reporting by Andrew Downie; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-arg-haiti/soccer-argentina-to-face-haiti-in-world-cup-warm-up-idUKKBN1I93H6 |
May 22 (Reuters) - Rogers Sugar Inc:
* ROGERS SUGAR RECEIVES TORONTO STOCK EXCHANGE APPROVAL FOR NORMAL COURSE ISSUER BID
* ROGERS SUGAR INC - RECEIVED APPROVAL OF TORONTO STOCK EXCHANGE TO PROCEED WITH A NCIB TO PURCHASE UP TO 1.5 MILLION COMMON SHARES
* ROGERS SUGAR INC - BID WILL COMMENCE ON MAY 24, 2018, AND TERMINATE ON MAY 23, 2019
* ROGERS SUGAR INC - ALSO IMPLEMENTED AN AUTOMATIC REPURCHASE PLAN WITH A BROKER IN ORDER TO FACILITATE REPURCHASES OF ITS SHARES UNDER ITS NCIB Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rogers-sugar-receives-toronto-stoc/brief-rogers-sugar-receives-toronto-stock-exchange-approval-for-normal-course-issuer-bid-idUSFWN1ST0D1 |
May 1 (Reuters) - Energy Transfer Partners LP:
* ENERGY TRANSFER ANNOUNCES FERC APPROVAL TO PLACE ADDITIONAL FACILITIES ON ROVER PIPELINE’S PHASE 2 INTO SERVICE
* APPROVAL FROM FERC GRANTED TODAY ALLOWS FOR FULL COMMERCIAL OPERATION CAPABILITY OF MARKET ZONE NORTH SEGMENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-energy-transfer-announces-ferc-app/brief-energy-transfer-announces-ferc-approval-to-place-additional-facilities-on-rover-pipelines-phase-2-into-service-idUSFWN1S80LV |
May 3 (Reuters) -
* INTACT VASCULAR ANNOUNCES ENROLLMENT COMPLETION OF THE TACK OPTIMIZED BALLOON ANGIOPLASTY III (TOBA III) CLINICAL TRIAL Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-intact-vascular-announces-enrollme/brief-intact-vascular-announces-enrollment-completion-of-clinical-trial-idUSASC09ZG0 |
May 11, 2018 / 10:44 AM / Updated 19 minutes ago Thomson Reuters sees low single digit growth in 2018 revenue Reuters Staff 1 Min Read
(Reuters) - Thomson Reuters Corp <TRI.N ( TRI.TO ) on Friday reported slightly higher-than-expected first-quarter sales and earnings, and forecast low single-digit growth in 2018 revenue in its remaining business. FILE PHOTO: The Thomson Reuters logo is seen on the company building in Times Square, New York, U.S., January 30, 2018. REUTERS/Andrew Kelly
The news and information company announced earlier this year that it is selling a majority stake of its Financial & Risk unit to private equity firm Blackstone Group LP ( BX.N ).
Thomson Reuters reported quarterly revenue of $1.38 billion (1.02 billion pounds), up from $1.33 billion a year ago. Adjusted for special items, first-quarter earnings were 28 cents per share.
Analysts on average were expecting revenues of $1.36 billion and earnings of $0.27 per share, according to Thomson Reuters I/B/E/S.
Thomson Reuters, the parent of Reuters News, competes for financial customers with Bloomberg LP as well as News Corp’s ( NWSA.O ) Dow Jones unit. Reporting By Jessica Toonkel; Editing by Nick Zieminski | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-thomsonreuters-results/thomson-reuters-sees-low-single-digit-growth-in-2018-revenue-idUKKBN1IC145 |
SAN FRANCISCO--(BUSINESS WIRE)-- Evergreen Services Group, a portfolio of IT services companies, today announced an investment in Interlaced LLC, the leading provider of IT services in the Apple space. This deal positions Interlaced to continue operating independently, while also spearheading a new Evergreen division that focuses exclusively on delivering IT to companies who leverage Apple products. Interlaced leadership includes CEO Jill Greenberg, President, Jeff Gaines, and Vice President, Noah Pettit. Founders Adam and Wesley Pettit exited Interlaced earlier this year to focus on a new venture.
This investment will allow Interlaced to scale its business, with key investments in forthcoming products that are anticipated to heavily disrupt the IT marketplace. The vision is that startups and SMBs will for the first time have access to IT Strategy, Device Management & Security, and 24/7 live chat support via Slack, SMS, and Social channels all at an attractive price point.
Interlaced has identified the major challenges that plague SMBs and startups today, and they’ve designed their product offering to solve the most challenging and underserved IT issues. This begins with the roadblocks that businesses encounter when they are looking to scale.
“The most significant IT-related issue that growing businesses face is their inability to onboard new users efficiently,” said Interlaced Vice President, Noah Pettit. “We’ve recognized that non-IT resources are being asked to manage IT responsibilities during a company’s initial growth phase, and as a result the user experience tends to suffer. We solve for this by managing procurement and introducing automations to quickly provision apps, accounts, and settings. Not only does this drastically reduce resource burden, but it ensures that new users have a positive first experience with their technology."
Interlaced is the fourth IT services company to join the Evergreen family, following investments in JENLOR, Wolf Consulting, and Executech earlier this year. Evergreen continues to actively invest in leading managed services providers throughout the United States, where it can serve as a long-term capital partner and support future growth.
Leading the Apple Space
Interlaced’s contributions as a leading IT provider in the Apple space first caught the attention of Evergreen in late 2017. Evergreen CEO, Jeff Totten, and Head of M&A, Ramsey Sahyoun, were impressed with Interlaced’s proven track record, tight-knit relationship with Apple, and modern, cloud-first approach to IT. Recognizing the upward trend of Apple device adoption in the workplace, as well as the proliferation of cloud technologies, Evergreen made the move to acquire Interlaced.
“Today’s workforce is comprised of a more tech-savvy user base. This is particularly true in the Apple-centric market segment,” said Interlaced President Jeff Gaines. “Rather than focusing our efforts on a conventional, bloated solution, we’ve instead set out to solve for all of the ways in which traditional providers are falling short. Our goal has been to make IT easy to consume with a service that is easy to understand. This starts with transparent, affordable pricing plans that are available through a frictionless sign-up process, and it extends to services that can be accessed 24/7 in a number of convenient ways including Slack and SMS.”
About Interlaced
Interlaced is a team of consultants, engineers, and strategists, and is one of only a few sophisticated Apple-centric IT providers in the world. They use industry-leading support tools to simplify technology and deliver an easy-to-consume IT experience. Interlaced works with a diverse client base ranging from startups to established organizations across a variety of verticals including design & creative, healthcare, software, biotech, and law. To learn more about Interlaced, visit interlaced.io .
About Evergreen Services Group
Evergreen Services Group is a family of leading IT Services companies operated by world-class leadership teams and service professionals. Evergreen partners with owners of IT Services companies to provide operational assistance and capital in support of growth and exceptional service delivery. Evergreen differentiates itself by providing a permanent home for founder-led businesses that care deeply about their customers and employees. For more Evergreen Services Group news and information, visit www.evergreensg.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180531005895/en/
Evergreen Services Group
Ramsey Sahyoun, 415-591-1318
Head of M&A
[email protected]
Source: Evergreen Services Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/business-wire-evergreen-bets-big-on-disrupting-the-it-marketplace-for-apple-centric-businesses-with-acquisition-of-interlaced.html |
May 7 (Reuters) - PLDT Inc:
* ACCEPTED 6.8 MILLION ROCKET SHARES TENDERED BY PLDT ONLINE INVESTMENTS PTE LTD AT OFFER PRICE OF EUR24 PER SHARE FOR EUR 163.2 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-pldt-inc-accepts-68-mln-rocket-sha/brief-pldt-inc-accepts-6-8-mln-rocket-shares-tendered-by-pldt-online-investments-pte-idUSFWN1SD04A |
- Net Sales of $257.9 Million
- Net Loss of $10.4 Million
- Adjusted EBITDA of $10.1 Million and Adjusted Net Loss of $6.1 Million
- Reaffirms Outlook for Full Year 2018
LANCASTER, Pa.--(BUSINESS WIRE)-- Armstrong Flooring, Inc. (NYSE:AFI) (“Armstrong Flooring” or the “Company”), North America’s largest producer of resilient and wood flooring products, today reported financial results for the first quarter ended March 31, 2018.
Don Maier, Chief Executive Officer, commented, “Our strategic investments, product innovation, and distributor relationships generated significant sales growth in Vinyl Composition Tile (“VCT”) and Luxury Vinyl Tile (“LVT”). While first quarter 2018 net sales were lower due to continued challenges in certain legacy categories and higher distributor inventory levels at year-end 2017, we delivered Adjusted EBITDA in line with our full year plan. Looking to the balance of 2018, we believe our strategic initiatives are on track to accelerate net sales growth in the second half of the year. Additionally, we anticipate the combined impact of pricing, productivity and previously-announced cost saving actions will offset intensifying inflationary pressures within the industry, and we reaffirm our full-year 2018 outlook.”
First Quarter of 2018 Results Compared with First Quarter of 2017 Results
Consolidated Results
(Dollars in millions except per share data) Three Months Ended March 31, 2018
2017
Change
Net sales $ 257.9 $ 265.2 (2.7 %) Operating (loss) ($8.9 ) ($8.5 ) NM Net (loss) ($10.4 ) ($7.8 ) NM Diluted (loss) per share ($0.40 ) ($0.28 ) NM Adjusted EBITDA $ 10.1 $ 9.1 11.0 % Adjusted EBITDA margin 3.9 % 3.4 % 50 bps Adjusted net (loss) ($6.1 ) ($3.5 ) NM Adjusted diluted (loss) per share ($0.24 ) ($0.13 ) NM In the first quarter of 2018, net sales were $257.9 million as compared to $265.2 million in the first quarter of 2017 due to a decline in Wood segment net sales.
First quarter 2018 net loss was $10.4 million, or a diluted loss per share of $0.40, as compared to a net loss of $7.8 million, or diluted loss per share of $0.28, in the prior year quarter. In connection with the previously-announced changes to our residential go-to-market strategy, during the first quarter 2018 the Company incurred one-time charges of $3.1 million primarily related to severance, which is expected to achieve $10 million to $12 million of annualized savings. Adjusted net loss was $6.1 million, or $0.24 adjusted diluted loss per share, as compared to an adjusted net loss of $3.5 million, or adjusted diluted loss per share of $0.13, in the prior year quarter.
First quarter 2018 adjusted EBITDA was $10.1 million, as compared to $9.1 million in the prior year quarter, with the increase primarily due to lower SG&A spending, including $4.3 million of customer reimbursements for prior investments in merchandising as well as the benefit of strong plant productivity and the previously announced plant closures, which more than offset the impact of lower sales and higher input costs.
Resilient Flooring Segment
Three Months Ended March 31, (Dollars in millions) 2018
2017
Change
Net sales $ 163.5 $ 160.5 1.9 % Operating (loss) ($3.8 ) ($4.0 ) NM Adjusted EBITDA $ 9.7 $ 7.9 23.1 % Adjusted EBITDA margin 5.9 % 4.9 % 100 bps Net sales were $163.5 million as compared to $160.5 million in the prior year period. The increase in net sales was primarily due to double-digit growth in both VCT, helped by the acquisition of the VCT assets of Mannington Mills, and LVT. This improvement was partially offset by declines in legacy product categories.
Operating loss was $3.8 million in the quarter as compared to an operating loss of $4.0 million in the prior year quarter. Adjusted EBITDA was $9.7 million as compared to $7.9 million in the prior year quarter, driven by improved SG&A and manufacturing costs, along with productivity gains, which more than offset higher input costs.
Wood Flooring Segment
Three Months Ended March 31, (Dollars in millions) 2018
2017
Change
Net sales $ 94.4 $ 104.7 (9.8 %) Operating (loss) ($5.1 ) ($4.5 ) NM Adjusted EBITDA $ 0.4 $ 1.2 (65.6 %) Adjusted EBITDA margin 0.5 % 1.2 % (70) bps Net sales were $94.4 million as compared to $104.7 million in the prior year quarter, with the decline driven by lower volumes in both solid and engineered wood. Volume was most impacted in the traditional channel.
Operating loss was $5.1 million, compared to an operating loss of $4.5 million in the prior year quarter. Adjusted EBITDA was $0.4 million as compared to $1.2 million in the prior year quarter, primarily attributable to the impact of lower net sales and higher input costs, which were partially offset by lower manufacturing and SG&A costs.
Share Repurchase Program
Since the inception of the program, the Company has repurchased approximately 2.5 million shares at an aggregate value of $41.0 million under its share repurchase program authorized in March 2017.
Full Year 2018 Outlook
For the full year 2018, the Company continues to expect adjusted EBITDA to be in the range of $70 million to $80 million. The adjusted EBITDA outlook assumes sales growth in the low single-digits, weighted towards the second half of full year 2018. The Company continues to expect capital expenditures to be in the range of $40 million to $45 million for the full year 2018 while delivering another year of free cash flow in line with recent years.
Conference Call and Webcast
The Company will host a live webcast and conference call to review first quarter results on Tuesday, May 8, 2018 at 11:00 a.m. ET. The live webcast and accompanying slide presentation will be available in the Investors section of the Company’s website at www.armstrongflooring.com . To participate in the call, please dial 877-407-0789 (domestic) or 201-689-8562 (international). A replay of the conference call will be available for 90 days, by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13678572.
About Armstrong Flooring
Armstrong Flooring, Inc. (NYSE: AFI) is a global leader in the design and manufacture of innovative flooring solutions that inspire spaces where people live, work, learn, heal and play SM . Headquartered in Lancaster, Pa., Armstrong Flooring is the #1 manufacturer of resilient and wood flooring products across North America. The Company safely and responsibly operates 15 manufacturing facilities in three countries and employs approximately 3,500 individuals, all working together to provide the highest levels of service, quality and innovation to ensure it remains as strong and vital as its 150-year heritage. Learn more at www.armstrongflooring.com .
Forward Looking Statements
Disclosures in this release and in our other public documents and comments contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Those statements provide our future expectations or forecasts and can be identified by our use of words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “outlook,” “target,” “predict,” “may,” “will,” “would,” “could,” “should,” “seek,” and other words or phrases of similar meaning in connection with any discussion of future operating or financial performance. Forward-looking statements, by their nature, address matters that are uncertain and involve risks because they relate to events and depend on circumstances that may or may not occur in the future. As a result, our actual results may differ materially from our expected results and from those expressed in our forward looking statements. A more detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those projected, anticipated or implied is included in our reports filed with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update any forward-looking statements beyond what is required under applicable securities law.
Armstrong Flooring, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) (Dollars in millions except per share data) Three months ended
March 31,
2018 2017 Net sales $ 257.9 $ 265.2 Cost of goods sold 218.6 217.3 Gross profit 39.3 47.9 Selling, general, and administrative expense 48.2 56.4 Operating (loss) (8.9 ) (8.5 ) Interest expense 0.9 0.5 Other expense 0.6 0.9 (Loss) before income taxes (10.4 ) (9.9 ) Income tax (benefit) -- (2.1 ) Net (loss) $ (10.4 ) $ (7.8 ) Weighted average number of common shares outstanding - Basic 25.9 28.0 Basic (loss) per share of common stock $ (0.40 ) $ (0.28 ) Weighted average number of common shares outstanding - Diluted 25.9 28.0 Diluted (loss) per share of common stock $ (0.40 ) $ (0.28 ) Condensed Consolidated Balance Sheet (Dollars in millions) March 31,
2018
December 31,
2017
Assets (unaudited) Current Assets: Cash $ 28.9 $ 39.0 Accounts and notes receivable, net 87.0 79.7 Inventories, net 235.6 236.0 Other current assets 35.3 35.6 Total current assets 386.8 390.3 Property, plant, and equipment, net 415.7 418.1 Other non-current assets 70.6 71.1 Total assets $ 873.1 $ 879.5 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable and accrued expenses $ 148.9 $ 150.2 Income taxes payable 0.7 0.8 Total current liabilities 149.6 151.0 Long-term debt 91.0 86.0 Postretirement benefit liabilities 71.4 72.7 Pension benefit liabilities 4.7 5.7 Other long-term liabilities 13.4 14.1 Total liabilities 330.1 329.5 Total stockholders’ equity 543.0 550.0 Total liabilities and stockholders’ equity $ 873.1 $ 879.5 Supplemental Reconciliations of GAAP to non-GAAP Results (unaudited)
To supplement its consolidated financial statements presented in accordance with accounting principles generally accepted in the United States (GAAP), the Company provides additional measures of performance adjusted to exclude the impact of restructuring charges and related costs, impairments, the non-cash impact of the U.S. pension plan, and certain other gains and losses. Free cash flow is defined as net cash from operating activities less purchases of property, plant and equipment plus proceeds from the sale of property, plant and equipment. The Company uses these adjusted performance measures in managing the business, including in communications with its Board of Directors and employees, and believes that they can provide users of this financial information with meaningful comparisons of operating performance between current and prior periods. The Company believes that these non-GAAP financial measures are appropriate to enhance understanding of its past performance, as well as its prospects for future performance. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures is included in this release and on the Company’s website. These non-GAAP measures should not be considered in isolation or as a substitute for the most comparable GAAP measures. Non-GAAP financial measures utilized by the Company may not be comparable to non-GAAP financial measures used by other companies. The Company does not provide financial guidance for forecasted net income since certain items that impact net income are outside of our control and cannot be reasonably predicted. Therefore, the Company is unable to provide a reconciliation of its Adjusted EBITDA guidance to net income, the most comparable financial measure calculated in accordance with GAAP.
(Dollars in millions except per share data)
Three Months Ended March 31, 2018 2017 Total Resilient Wood Total Resilient Wood Net (loss) ($10.4 ) ($ 7.8 ) Interest Expense 0.9 0.5 Other Expense 0.6 0.9 Taxes -- (2.1 ) Operating (Loss) (8.9 ) (3.8 ) (5.1 ) (8.5 ) (4.0 ) (4.5 ) Depreciation and amortization 13.8 10.8 3.0 11.6 8.2 3.4 Expense related to plant closures, cost reductions, and multilayered wood flooring duties 4.2 1.9 2.4 4.7 2.7 2.0 U.S. pension expense 0.9 0.8 0.1 1.4 1.1 0.3 Adjusted EBITDA $ 10.1 $ 9.7 $ 0.4 $ 9.1 $ 7.9 $ 1.2 Three Months Ended March 31, 2018 2017 $ million Per diluted share $ million Per diluted share Net (loss) ($10.4 ) ($0.40 ) ($7.8 ) ($0.28 ) Expenses related to plant closures (including accelerated depreciation), cost reductions, and multilayered wood flooring duties 4.2 4.7 U.S. pension expense 0.9 1.4 Other Expense 0.6 0.9 Tax impact of adjustments at statutory rate (1.4 ) (2.6 ) Adjusted Net Loss ($6.1 ) ($0.24 ) ($3.5 ) ($0.13 ) Columns may not foot due to rounding.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508005261/en/
Investors:
Douglas Bingham, 717-672-9300
VP, Treasury and Investor Relations
[email protected]
or
Media:
Steve Trapnell, 717-672-7218
Corporate Communications Manager
[email protected]
Source: Armstrong Flooring, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-armstrong-flooring-reports-first-quarter-2018-results.html |
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