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MILPITAS, Calif. (AP) _ Lumentum Holdings Inc. (LITE) on Wednesday reported fiscal third-quarter net income of $2.4 million, after reporting a loss in the same period a year earlier.
The Milpitas, California-based company said it had profit of 4 cents per share. Earnings, adjusted for one-time gains and costs, were 78 cents per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share.
The optical networking products maker posted revenue of $298.8 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $292.5 million.
For the current quarter ending in June, Lumentum expects its per-share earnings to range from 55 cents to 75 cents.
The company said it expects revenue in the range of $275 million to $300 million for the fiscal fourth quarter.
Lumentum shares have risen nearly 8 percent since the beginning of the year. The stock has risen 20 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 LITE at https://www.zacks.com/ap/LITE | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/the-associated-press-lumentum-fiscal-3q-earnings-snapshot.html |
Baltimore Mayor Catherine Pugh said Friday she has suspended Police Commissioner Darryl De Sousa with pay, a day after federal prosecutors announced they had charged him with failing to file income tax returns in three recent years.
The mayor on Thursday had expressed “full confidence” in the 53-year-old Mr. De Sousa, whom she appointed in January to lead the troubled police department.
Mr.... | ashraq/financial-news-articles | https://www.wsj.com/articles/baltimore-police-chief-suspended-after-being-charged-in-federal-tax-case-1526062939 |
May 20, 2018 / 5:28 PM / Updated an hour ago Struggling Sanchez facing fight to justify United investment Peter Hall 3 Min Read
(Reuters) - Manchester United forward Alexis Sanchez struggled to make an impact in his side’s FA Cup final defeat by Chelsea and the Chilean is now facing a crucial period to justify his big-money wages at Old Trafford. Soccer Football - FA Cup Final - Chelsea vs Manchester United - Wembley Stadium, London, Britain - May 19, 2018 Manchester United's Alexis Sanchez in action with Chelsea's Antonio Rudiger Action Images via Reuters/Lee Smith
There was much excitement at United upon the signing of Sanchez from Arsenal in January in a straight swap involving midfielder Henrikh Mkhitaryan. Fans were especially delighted to have seemingly got one over on rivals Manchester City, who had previously bid for the forward.
However, having scored just three goals in all competitions since his move to United, Sanchez, who British media say earns a club-record 600,000 pounds a week, has so far left those supporters underwhelmed.
Sanchez toiled in Saturday’s final, creating double the amount of chances of anyone else in the match, while failing to create that killer opportunity, or have a shot on target.
“His performances, well they have to improve. They can’t get any worse to be honest with you,” former United midfielder Paul Scholes told BT Sport.
“I think the first few games of next season are vital to him, he needs to get fans believing they are going to get close to City. They need a big player.”
Sanchez arrived at United having scored seven and assisted three goals in 19 league games for Arsenal in the season, on the back of his most prolific goalscoring campaign of his career in 2016-17.
His United career, though, is yet to take off. Sanchez has registered more than one shot on target in a league match just once for United in 12 starts, having done so eight times for Arsenal in 17 league matches.
There have been glimpses of what he can do — two assists in United’s 3-2 win at City and a goal and an assist against Tottenham Hotspur in the FA Cup semi-final — but on the whole, Sanchez has remained largely ineffective.
Sanchez’s only other goal contributions have come against Huddersfield Town, relegated Swansea City and League One side Yeovil Town in the FA Cup.
“Next season he will be more Alexis than he is now,” United manager Jose Mourinho said last month.
Sanchez relies on his boundless energy, consistently completing more dribbles than any team mate. However, considering he turns 30 this year, his days as a dynamic forward are limited, making next season so important.
United will need to make an explosive start to unsettle comfortable champions City, and Sanchez has shown in the past he is capable of inspiring such. Now is the time to deliver for a new club and prove his worth.
($1 = 0.7421 pounds) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-mun-sanchez/struggling-sanchez-facing-fight-to-justify-united-investment-idUKKCN1IL0OV |
(Recasts with market reaction to U.S. withdrawal from Iran deal)
* Dollar sets fresh 2018 high on Italy jitters
* U.S. stocks close mixed, pare losses after Trump announcement
By Herbert Lash
NEW YORK, May 8 (Reuters) - Crude prices pared losses that earlier on Tuesday ran as deep as 4 percent after U.S. President Donald Trump said the United States will withdraw from the Iran nuclear deal, while the dollar edged off fresh 2018 highs.
Brent futures, the global crude benchmark, briefly turned positive after Trump announced the U.S. withdrawal from the 2015 international agreement aimed at stopping Iran from obtaining a nuclear bomb.
Trump said the United States was reimposing the “highest level of economic sanctions” on Iran, but he did not provide details.
Oil prices plunged earlier as markets were rattled by media reports on doubts of whether Trump would withdraw from the Iran nuclear deal as most had expected.
U.S. crude settled down $1.67 at $69.06 per barrel and Brent settled down $1.32 at $74.85. Both contracts continued to pare losses in post trade.
It was the busiest day in U.S. front-month contracts since August, and for Brent the busiest in almost a month.
Oil prices had been supported by expectations that Trump would pull out of the deal, which could crimp Iranian crude exports and feed geopolitical tensions in the Middle East, home to one-third of the global daily oil supply.
“Trump’s announcement had been baked into the cake in recent days, hence we saw prices selling off today given the air of certainty surrounding it,” said Matt Smith, director of commodity research at ClipperData.
The dollar advanced to new highs for 2018 against a basket of six trading currencies on worries about political turmoil in Italy but later pared gains on the U.S. decision to withdraw from the Iran deal.
Commodity-linked and emerging market currencies slid on worries about the U.S. withdrawal, which would curb risk appetite in financial markets.
“Overall it doesn’t change the story on dollar strength,” said John Doyle, vice president of dealing and trading at Tempus in Washington.
The dollar index was last up 0.38 percent at 93.105. The euro slid 0.49 percent to $1.1861, after earlier hitting $1.1836, its weakest level since late December.
The Japanese yen was little changed against the dollar at 109.06 yen.
Stocks on Wall Street closed mixed. Trump’s announcement had been a telegraphed policy position and did not surprise the market, said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago.
“The door is open to try again which is probably less harsh than what he could have said,” Battle said.
MSCI’s gauge of global equity markets fell 0.03 percent while the pan-European FTSEurofirst 300 index rose 0.04 percent to close at 1,528.27.
The Dow Jones Industrial Average rose 2.75 points, or 0.01 percent, to 24,360.07. The S&P 500 fell 0.71 points, or 0.03 percent, to 2,671.92, and the Nasdaq Composite added 1.69 points, or 0.02 percent, to 7,266.90.
Italian government bond yields jumped, lifting southern European peers, as the possibility of an early election increased with the largest anti-establishment parties polling strongly.
The Italy/Germany 10-year government bond yield spread hit its widest in three weeks at 128 basis points, while Italian 10-year yields shot up to yield 1.863 percent.
Benchmark U.S. Treasury 10-year notes last fell 6/32 in price to yield 2.9741 percent.
Reporting by Herbert Lash Aadditional reporting by Caroline Valetkevitch and Sinead Carew in New York; Editing by Nick Zieminski and Leslie Adler
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-oil-pares-losses-after-u-s-exits-iran-deal-dollar-gains-idUSL1N1SF1WR |
Investor skepticism is healthy but not worried about rising rates, says strategist 1 Hour Ago Karyn Cavanaugh, Voya Investment Management senior market strategist, and Brad McMillan, Commonwealth Financial Network chief investment officer, discuss the current state of the markets and what they see going forward. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/investor-skepticism-is-healthy-but-not-worried-about-rising-rates-says-strategist.html |
May 2 (Reuters) - Enphase Energy Inc:
* Q1 REVENUE $70 MILLION VERSUS I/B/E/S VIEW $67.1 MILLION * Q1 EARNINGS PER SHARE VIEW $-0.04 — THOMSON REUTERS I/B/E/S
* SEES Q2 2018 REVENUE $72 MILLION TO $80 MILLION * SEES Q2 GAAP AND NON-GAAP GROSS MARGIN TO BE WITHIN A RANGE OF 26% TO 29%
* Q2 REVENUE VIEW $80.8 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-enphase-energy-reports-q1-loss-per/brief-enphase-energy-reports-q1-loss-per-share-0-06-idUSL8N1S85ST |
May 8, 2018 / 10:12 AM / Updated an hour ago Hawaii volcano simmers ominously, experts warn it could blow again Terray Sylvester 3 Min Read
PAHOA, Hawaii (Reuters) - A Hawaiian volcano that has been exploding for five days, destroying 35 homes and other structures as it disgorges rivers of lava and belches out toxic gas, appeared to have paused on Tuesday, but scientists warned that it could erupt again.
With 1,700 people already forced from their homes by lava flowing from some 2-1/2 miles of fissures emanating from Kilauea on the eastern side of the Big Island, emergency crews stood ready to evacuate still more residents.
“There’s still plenty of magma under the ground. Seismicity is still up,” Hawaii Civil Defense Administrator Talmadge Magno told a community meeting on Monday night. “If things get dicey, you got to get out.”
So far, no deaths or major injuries have been reported since Kilauea, which has been in constant eruption for more than three decades, began a series of major explosions on Thursday, spewing fountains of lava some 300 feet into the air and vomiting deadly volcanic gas up through cracks in the earth. (For a graphic explaining the eruption: tmsnrt.rs/2IldVyS )
Magno said at the community meeting that the evacuation area could grow as the fissure system slowly spread into new areas, threatening homes.
Kilauea predominantly pours basaltic lava flows into the ocean, but occasionally experiences more explosive events such as the one that began last week.
The southeastern corner of the island was rocked by a powerful magnitude 6.9 earthquake on the volcano’s south flank on Friday, the strongest since 1975, and more quakes and eruptions have been forecast, perhaps for months to come.
“This pause is likely temporary and resumption of lava emission or additional fissure outbreaks are possible at any time,” the Hawaiian Volcano Observatory said in a statement on its website. Fissure 12 opened shortly after fissure 11 became inactive, in the forest south of Malama Street in Leilani Estates, in Hawaii, U.S. May 7, 2018. Picture taken on May 7, 2018. USGS/Handout via REUTERS
Kilauea has opened 12 volcanic vents since it started sending out fountains and rivers of lava as hot as 2,000 degrees Fahrenheit on Thursday, officials said.
Heide Austin said she left her home just west of the eruption zone on Monday afternoon after noticing cracks appearing at the end of her driveway.
One eruption near her home “sounded like a huge blowtorch going off,” said the 77-year-old, who lives alone. “That’s when I really got into a frenzy.”
Many evacuees were allowed to return home during daylight hours on Sunday and Monday during a lull in seismic activity.
Residents of a second area, Lanipuna Gardens, were barred from returning home due to the deadly gas.
Leilani Estates, about 12 miles from the volcano, was evacuated due to the risk of sulfur dioxide gas, which can be life threatening at high levels. Slideshow (15 Images)
Hawaii’s 4,028-square-mile Big Island accounts for less than a fifth of the state’s tourism. State data show that in the first three months of 2018, 16 percent of the $4.81 billion visitors spent in Hawaii came from the Big Island, less than half of the levels seen on the islands of Oahu and Maui. Reporting by Terray Sylvester in Hawaii; additional reporting by Bernie Woodall in Fort Lauderdale, Florida; writing by Dan Whitcomb; editing by Scott Malone, James Dalgleish and Jonathan Oatis | ashraq/financial-news-articles | https://uk.reuters.com/article/us-hawaii-volcano/fissures-spread-from-hawaii-volcano-threatening-more-homes-idUKKBN1I914E |
May 14 (Reuters) - Triumph Group Inc:
* TRIUMPH GROUP ANNOUNCES UPDATE ON DIVESTITURE PROGRESS * TRIUMPH GROUP INC - REACHED AGREEMENTS FOR DIVESTITURE OF THREE BUSINESSES
* TRIUMPH GROUP INC - BUSINESSES GENERATED REVENUES OF APPROXIMATELY $165 MILLION IN TRIUMPH GROUP’S FISCAL YEAR ENDED MARCH 31, 2018
* TRIUMPH GROUP - ON MAY 3, SIGNED AGREEMENT TO SELL ASSETS OF APU REPAIR PRODUCT LINE OF TRIUMPH AVIATION SERVICES ASIA LTD TO TURBINEAERO REPAIR LTD
* TRIUMPH GROUP - ON MAY 11 SIGNED AGREEMENT TO SELL TRIUMPH AEROSPACE STRUCTURES LONG AND LARGE MACHINING AND METAL FINISHING OPERATIONS
* TRIUMPH GROUP INC - ON MARCH 28, SOLD TRIUMPH STRUCTURES - LONG ISLAND LLC TO AERO STRUCTURES LONG ISLAND INC
* TRIUMPH GROUP-TO SELL TRIUMPH AEROSPACE STRUCTURES L&L MACHINING AND METAL FINISHING OPERATIONS TO AEROSPACE SYSTEMS AND STRUCTURES,VALENCE SURFACE TECHNOLOGIES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-triumph-group-says-reached-agreeme/brief-triumph-group-says-reached-agreements-for-divestiture-of-three-businesses-idUSASC0A251 |
AUSTIN, Texas, Spindletop Capital Management ("SCM"), a healthcare growth equity and growth buyout firm, closed a recapitalization transaction and growth capital partnership with Tricity Pain Associates and Interventional Pain Management. ("TPA" or "the Companies"), both leading providers of integrated pain management care, ambulatory surgery centers and ancillary patient treatment across Texas. This investment is the first in a series of acquisitions by Spindletop to develop a premier national provider of pain management services.
SCM is partnering with TPA's physicians, all of whom will remain significant shareholders in the recapitalized Company, to aggressively expand the Company's clinical footprint across Texas and the surrounding states. Today, TPA has an established network of eleven clinical locations and ambulatory surgery centers in the San Antonio metro as well as New Braunfels, Corpus Christi , Austin and Dallas . The new partnership will grow through the acquisition of independent pain management practices, the opening of new clinical sites and acceleration of the Company's recruitment efforts. SCM's and TPA's joint mission is to create the leading provider of pain management care, consolidating providers of the highest quality pain management, physical medicine and rehabilitation (PM&R), sports medicine, and addiction medicine with integrated ancillary treatments across the region.
Dr. Urfan Dar, CEO of Tricity Pain Associates, commented, "The physicians of TPA are tremendously excited about our growth partnership with Spindletop. The fact that the Spindletop team is led by physicians who still see patients resonated with my team and me. Spindletop brings deep clinical expertise and a demonstrated track record of success in physician practice management as investors, operators, and clinicians."
"Management of chronic pain has become one of the largest costs for the healthcare system today. We believe that there are significant opportunities to improve quality of care and lower costs through minimally invasive procedures and leveraging non-opioid dependent care modalities. The future of pain management lies with an integrated, multi-disciplinary approach to providing care," noted Dr. Evan Melrose, Founding Managing Director of Spindletop Capital. He continued, "The Spindletop team is uniquely equipped to provide expertise and infrastructure to support TPA's physicians and enable them to continue to provide high-quality care. By aligning interests with our patients and providers, we enable our physicians to remain clinically independent but leverage the resources of the Spindletop organization."
This represents the third physician practice management platform Spindletop has invested in over the last year including Sanova Dermatology and HNI Healthcare.
McDermott Will & Emery provided legal counsel to SCM.
About Spindletop Capital Management
Spindletop Capital, founded in 2011, is a healthcare investment firm focused on providing expansion capital for commercial stage healthcare companies. Based in Austin, Spindletop is managed by an unrivaled team of investment professionals and advisors with deep operating, technical, and transactional experience. Spindletop Capital leverages the organization's deep experience, broad network, and proprietary access to Texas resources to enhance value for management teams and financing syndicates. Spindletop Capital invests nationally across all sectors of healthcare including medical devices, diagnostics, healthcare services, healthcare IT, specialty pharmaceuticals and biotechnology. For more information, visit www.spindletopcapital.com
Contacts
Christina Weathersbee
Christina [at] spindletopcapital.com
releases/spindletop-capital-creates-spindletop-pain-management-holdings-and-partners-with-tricity-pain-associates-and-interventional-pain-management-300648132.html
SOURCE Spindletop Capital Management | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-spindletop-capital-creates-spindletop-pain-management-holdings-and-partners-with-tricity-pain-associates-and-interventional.html |
TOKYO, May 22 (Reuters) - Sony Corp said on Tuesday it would pay about $2.3 billion to raise its stake in EMI Music Publishing to about 90 percent, resulting in a valuation gain of about 100 billion yen ($900 million).
Wholly owned unit Sony Corporation of America will buy all of the roughly 60 percent stake in EMI Music held by Mubadala Investment Company, making it a consolidated subsidiary, it said in a statement. The valuation gain, at the operating level, has not yet been reflected on its earnings forecasts for the year ending March 2019, it said.
$1 = 111.0400 yen Reporting by Makiko Yamazaki Editing by Chang-Ran Kim
| ashraq/financial-news-articles | https://www.reuters.com/article/sony-outlook-emi/sony-says-to-pay-2-3-bln-to-make-emi-music-consolidated-unit-idUST9N1RI02I |
May 7 (Reuters) - Hawaiian Holdings Inc:
* APRIL LOAD FACTOR 85.2 PERCENT, DOWN 0.1 POINTS * APRIL SYSTEM-WIDE RPMS 1.39 BILLION, UP 7.1%
* APRIL SYSTEM-WIDE ASMS 1.63 BILLION, UP 7.3% Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-hawaiian-airlines-reports-april-20/brief-hawaiian-airlines-reports-april-2018-traffic-statistics-idUSASC0A05G |
By Natasha Bach 5:15 AM EDT
Sir Richard Branson and Jeff Bezos each want to be the first to make commercial space travel a thing. And it seems that Branson is eager to personally beat the Amazon billionaire into space as well.
Branson told BBC Radio 4 over the weekend that he is undertaking a variety of training, including astronaut training, fitness training, and centrifuge, so that his body “will hopefully cope well.” As part of his training, he’s doubling his tennis playing to four sets a day. Branson reportedly hopes to become an astronaut with his company Virgin Galactic within 12 months.
Discussing who will get there first, Branson told the BBC that he and Bezos are “neck and neck as to who will put people into space first.” But, he added, they “have to do it safely,” calling it a “race with ourselves” to ensure that they each build a shuttle that is safe enough to send people to space.
Branson added that commercial space travel is “months away, not years away,” noting that “there are exciting times ahead.”
Bezos, meanwhile, hopes to start offering suborbital space tourism flights by 2019 . Calling his work with his space company Blue Origin “ the most important work ” he’s doing at the Space Development Conference last week, Bezos also highlighted a need to focus on the moon as a place for eventual settlement.
“In the not-too-distant future—I’m talking decades, maybe 100 years, it’ll start to be easier to do a lot of the things that we currently do on Earth in space, because we’ll have so much energy,” Bezos told the audience . “We will have to leave this planet. We’re going to leave it, and it’s going to make this planet better.”
Bezos claimed that “this is not something that we may choose to do; this is something we must do,” calling the alternative “stasis.”
Despite his lofty ambitions, however, Bezos did concede that the exploration and eventual settlement of the moon “won’t be done by one company.” He noted a desire to collaborate with NASA or the European space agency, but said it will ultimately require “thousands of companies working in concert over many decades.” SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/28/richard-branson-jeff-bezos-commercial-space-travel-virgin-galactic-blue-origin/ |
CLINTON, Conn., May 31, 2018 /PRNewswire/ -- Connecticut Water Service, Inc. (NASDAQ: CTWS) today announced that it and SJW Group (NYSE: SJW) have amended the terms of the companies' merger agreement.
The amended agreement, which was unanimously approved by the Connecticut Water Board of Directors, includes a new go-shop provision, pursuant to which Connecticut Water, with the assistance of its financial advisors, will actively solicit proposals for an alternative merger, acquisition or other strategic transaction involving Connecticut Water. Connecticut Water has a right under the amended merger agreement to review and negotiate any alternative proposals received from third parties until 11:59 p.m. Eastern time on July 14, 2018.
Carol Wallace, Chairman of the Connecticut Water Board of Directors, said, "The Connecticut Water Board and management team are committed to acting in the best interests of the Company and our shareholders. Before announcing our agreement with SJW Group, the Board considered various alternatives and determined that the SJW Group merger delivered on this objective, providing substantial value to our shareholders both in the near-and long-term. We have heard from many stakeholders who also believe in the value and important benefits that the SJW Group merger provides for our shareholders, customers, employees and communities. We believe this additional step and public process by the Board is appropriate to allow all of our shareholders to have full confidence in the Company's strategic direction and to know that every viable alternative has been explored."
In connection with the solicitation process, Connecticut Water and its financial advisors will begin soliciting third party indications of interest today. Eversource Energy (NYSE: ES) will be among those invited to participate, however, Connecticut Water reaffirmed that the Board does not believe that Eversource's current $63.50 per share proposal is a superior proposal to the SJW Group merger agreement. Moreover, the Connecticut Water Board has unanimously determined that it would not agree to a transaction with Eversource on the terms currently proposed, regardless of the outcome of the proposed SJW Group merger, because the Connecticut Water Board believes that the current Eversource proposal substantially undervalues Connecticut Water.
At this time, Connecticut Water remains subject to the SJW Group merger agreement, and the Connecticut Water Board has not changed its recommendation in favor of the merger of equals with SJW Group. As previously announced on March 15, 2018, under the terms of the agreement, Connecticut Water shareholders will receive 1.1375 shares of SJW Group common stock for each share of Connecticut Water common stock they own, the equivalent of $64.72 per share based on SJW Group's closing stock price as of April 25, 2018. 1 Following closing of the transaction, Connecticut Water shareholders will own approximately 40 percent of the combined company and SJW Group shareholders will own approximately 60 percent, on a fully diluted basis.
Wells Fargo Securities, LLC is serving as Connecticut Water's financial advisor and Sullivan & Cromwell LLP as its legal counsel.
About CTWS
CTWS is a publicly traded holding company headquartered in Clinton, Connecticut. CTWS is the parent company of The Connecticut Water Company, The Maine Water Company, The Avon Water Company, and The Heritage Village Water Company. Together, these subsidiaries provide water service to more than 450,000 people in Connecticut and Maine, and wastewater service to more than 10,000 people in Connecticut.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Litigation Reform Act of 1995, as amended. Some of these forward-looking statements can be identified by the use of forward-looking words such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates," "projects," "strategy," or "anticipates," or the negative of those words or other comparable terminology.
The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the following factors: (1) the risk that the conditions to the closing of the transaction are not satisfied, including the risk that required approvals from the shareholders of the Company or the stockholders of SJW Group for the transaction are not obtained; (2) the risk that the regulatory approvals required for the transaction are not obtained, or that in order to obtain such regulatory approvals, conditions are imposed that adversely affect the anticipated benefits from the proposed transaction or cause the parties to abandon the proposed transaction; (3) the risk that the anticipated tax treatment of the transaction is not obtained; (4) the effect of water, utility, environmental and other governmental policies and regulations; (5) litigation relating to the transaction; (6) uncertainties as to the timing of the consummation of the transaction and the ability of each party to consummate the transaction; (7) risks that the proposed transaction disrupts the current plans and operations of SJW Group or the Company; (8) the ability of SJW Group and the Company to retain and hire key personnel; (9) competitive responses to the proposed transaction; (10) unexpected costs, charges or expenses resulting from the transaction; (11) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transaction; (12) the combined companies' ability to achieve the growth prospects and synergies expected from the transaction, as well as delays, challenges and expenses associated with integrating the combined companies' existing businesses; and (13) legislative and economic developments. These risks, as well as other risks associated with the proposed transaction, are more fully discussed in the joint proxy statement/prospectus that is included in the Registration Statement on Form S-4 filed by SJW Group with the SEC on April 25, 2018 in connection with the proposed transaction and the Company's quarterly report on Form 10-Q for the period ended March 31, 2018 filed with the SEC on May 9, 2018.
In addition, actual results are subject to other risks and uncertainties that relate more broadly to the Company's overall business and financial condition, including those more fully described in the Company's filings with the SEC including its annual report on Form 10-K for the fiscal year ended December 31, 2017 and SJW Group's overall business, including those more fully described in SJW Group's filings with the SEC including its annual report on Form 10-K for the fiscal year ended December 31, 2017. Forward looking statements are not guarantees of performance, and speak only as of the date made, and neither the Company or its management nor SJW Group or its management undertakes any obligation to update or revise any forward-looking statements.
Additional Information and Where to Find It
In connection with the proposed transaction between the Company and SJW Group, SJW Group filed with the SEC a Registration Statement on Form S-4 that includes a joint proxy statement of the Company and SJW Group that also constitutes a prospectus of SJW Group. The Company will also file a GREEN proxy card with the SEC, and the Company and SJW Group may also file other documents with the SEC regarding the proposed transaction. This document is not a substitute for the joint proxy statement/prospectus, Form S-4 or any other document which the Company or SJW Group has filed or may file with the SEC. INVESTORS AND SECURITY HOLDERS OF THE COMPANY AND SJW GROUP ARE URGED TO READ THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS.
Investors and security holders may obtain free copies of the Form S-4 and joint proxy statement/prospectus and any other documents filed with the SEC by the Company or SJW Group through the website maintained by the SEC at www.sec.gov . Copies of documents filed with the SEC by the Company will be made available free of charge on the Company's investor relations website at https://ir.ctwater.com . Copies of documents filed with the SEC by SJW Group will be made available free of charge on SJW Group's investor relations website at https://sjwgroup.com/investor_relations .
No Offer or Solicitation
This communication is for informational purposes only and is not intended to and does not constitute an offer to sell, or the solicitation of an offer to subscribe for or buy, or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
Participants in the Solicitation
The Company, SJW Group and certain of their respective directors and officers, and other members of management and employees, may be deemed to be participants in the solicitation of proxies from the holders of the Company and SJW Group securities in respect of the proposed transaction between the Company and SJW Group. Information regarding the Company's directors and officers is available in the Company's annual report on Form 10-K for the fiscal year ended December 31, 2017 and its proxy statement for its 2018 annual meeting dated April 6, 2018, which are filed with the SEC. Information regarding the SJW Group's directors and officers is available in SJW Group's annual report on Form 10-K for the fiscal year ended December 31, 2017 and its proxy statement for its 2018 annual meeting dated March 6, 2018, which are filed with the SEC. Investors may obtain additional information regarding the interest of such participants by reading the Form S-4 and the joint proxy statement/prospectus and other documents filed with the SEC by the Company and SJW Group. These documents will be available free of charge from the sources indicated above.
Connecticut Water Contacts
Daniel J. Meaney, APR
Director, Corporate Communications
(860) 664-6016
[email protected]
Investors
Mike Verrechia / Bill Dooley
Morrow Sodali, LLC
(800) 662-5200
[email protected]
Media
Joele Frank, Wilkinson Brimmer Katcher
Sharon Stern / Barrett Golden / Joseph Sala
(212) 355-4449
1 April 25, 2018 represents the date of the last unaffected stock price before an unsolicited proposal for SJW Group was made public. The value per share of the merger of equals with SJW Group is not fixed and fluctuates based on SJW Group's stock price.
View original content: http://www.prnewswire.com/news-releases/connecticut-water-service-announces-amendment-to-merger-agreement-with-sjw-group-to-allow-for-solicitation-of-alternative-proposals-300657038.html
SOURCE Connecticut Water Service, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-connecticut-water-service-announces-amendment-to-merger-agreement-with-sjw-group-to-allow-for-solicitation-of-alternative.html |
From expansion in the South China Sea to Trump’s investigation into car and truck imports, catch up on the latest headlines with the Morning Briefing.
Students from Ar-Raudhatul Hasanah Pesantren read the Koran during the holy fasting month of Ramadan in Medan, Indonesia May 23, 2018. REUTERS/YT Haryono For all the news you need to start your day, subscribe to the News Now newsletter . The best of Reuters news delivered right into your inbox absolutely free.
CHINA
At first glance from above it looks like any clean and neatly planned small town, complete with sports grounds, neat roads and large civic buildings. But the town is on Subi reef in the Spratlys archipelago of the hotly contested South China Sea and, regional security experts believe, could soon be home to China’s first troops based in the maritime heart of Southeast Asia .
China has found no clues to explain what happened to an American citizen working at a U.S. consulate who reported suffering from “abnormal” sounds and pressure leading to a mild brain injury, a foreign ministry spokesman said today.
Trump has signaled a new direction in U.S.-China trade talks and said any deal would need “a different structure,” fueling uncertainty over current negotiations.
UNITED STATES
The Trump administration has launched a national security investigation into car and truck imports that could lead to new U.S. tariffs similar to those imposed on imported steel and aluminum in March. World shares crept higher as cars become the latest focus of U.S. protectionism worries, while Turkey’s lira slumped back after a huge emergency interest rate hike failed to stem its problems.
Trump welcomed the National Football League’s decision to fine teams if players on the field refuse to stand for the national anthem, saying in an interview broadcast on Friday that if they don’t want to stand maybe they should not be in the country.
Trump’s focus on North Korea's nuclear weapons – and his seeming willingness to put U.S. forces on the negotiating table – is missing Kim Jong Un's real leverage, writes Kent Harrington , a former senior analyst for the CIA. "Even without nuclear weapons, the North Korean army holds Seoul hostage."
WORLD
Yulia Skripal survived an assassination attempt that UK authorities blame on Russia. But the daughter of one of Russia’s most famous spies says she wants to return to her country “in the longer term”, despite the poisoning. Read our exclusive interview.
North Korea followed through on a pledge to blow up tunnels used for nuclear testing on Thursday, media reported, as part of steps that have reduced tension on the Korean peninsula and raised the possibility of a summit with the United States.
Reuters journalists Wa Lone and Kyaw Soe Oo were honored with the PEN America 2018 Barbey Freedom to Write Award . Read more on the reporters who have been detained since December 12 and are accused of violating the country's colonial-era Official Secrets Act.
BUSINESS
Vistra Energy and Dominion Energy both say they are focusing on solar instead of building combined-cycle natural gas-fired power plants. This bearish view of fossil-fuel energy, reflective of a growing acceptance by utilities of renewable power sources, poses a hurdle to John Flannery’s plan to turn around GE’s $35 billion-a-year power unit.
Deutsche Bank is slashing more than 7,000 jobs to cut costs and restore profitability, while keeping its international reach as its new CEO seeks to reassure investors and clients.
Study after study shows that money stress can be as bad for workplace productivity as back pain. That is why companies are providing a more robust menu of voluntary financial wellness benefits , sometimes with cash incentives or discounts, to help employees manage their money. Read more from the World at Work series.
REUTERS TV
The reindeer-herding Dukha people of Mongolia fear they are losing their traditions in the face of a conservation order by the government that bans unlicensed hunting on most of their traditional land.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-newsnow-may24/thursday-morning-briefing-idUSKCN1IP1OE |
CNBC's Jim Cramer felt for Tesla CEO Elon Musk after the auto chief's bizarre post-earnings conference call on Wednesday.
"Last night was absolutely, hands-down Musk's best conference call, ever. By far," the "Mad Money" host said on Thursday, not long after applauding Musk's unusual behavior on CNBC's "Squawk on the Street."
The call, which sent shares of Tesla into a nosedive during after-hours trading, followed Tesla's first-quarter earnings report . The car maker logged a narrower-than-expected loss.
Cramer particularly liked Musk's jab at the short-sellers piling into the automaker's stock: "We have no interest in satisfying the desires of day traders. I couldn't care less. Please sell our stock, don't buy it."
"Tesla's stock is unnerving, not for the faint of heart. I sure don't like it," Cramer said. "I think people don't understand the risks that are associated with it and how emotional it can be."
"That's why I was so thrilled that Elon actually broke through the truth barrier again," he continued, pointing to another one of Musk's quips:
"If people are concerned about volatility, they should definitely not buy our stock. I am not here to convince you to buy our stock. Do not buy it if volatility is scary," the Tesla chief told investors.
Musk's boorish call rattled analysts , one of whom was dismissed for asking too "boring" a question by the CEO's standards.
"We're going to go to YouTube," Musk responded to a question on the call, turning to Tesla enthusiast and YouTuber Gali Russell. "Sorry. These questions are so dry. They're killing me."
On "Mad Money," Cramer echoed his earlier prediction that this could have been Musk's last conference call.
"I think that it's time for Musk to suspend conference calls altogether and just have a big Warren-Buffett -style Berkshire Hathaway love fest," Cramer said. "I say close the Gigafactory. Just bring in the adoring public."
That would be more fitting for the daring investors who buy Tesla's stock than a formalized conference call where Musk is expected to play CEO, the "Mad Money" host said.
"Otherwise, thank you, Elon, for telling the truth: if you can't handle the heat of owning the most heavily shorted equity in the land, then get out of the kitchen, or the Gigafactory, or whatever," Cramer concluded.
"After all, the man only wants to hear congratulations and thank yous on his call. Don't bother asking anything else if you're an analyst, because you are, in his alternative security world, just plain out of line," he continued. "And if you like the car, buy the car, but not the stock, because who the heck really knows the truth about what's happening there? You sure aren't going to hear it from this guy. He's selling cars, not stock, and don't you ever forget it."
WATCH: Cramer goes over Tesla's rowdy conference call show chapters Cramer thanks Tesla CEO Elon Musk 'for telling the truth' after boorish conference call 20 Hours Ago | 06:12 Questions for Cramer?
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Questions, comments, suggestions for the "Mad Money" website? [email protected] | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/cramer-thanks-elon-musk-for-telling-the-truth-after-earnings-call.html |
May 2, 2018 / 10:10 AM / Updated 43 minutes ago BRIEF-United Therapeutics Reports Q1 Adj. Earnings Per Share Of $3.76 Reuters Staff
May 2 (Reuters) - United Therapeutics Corp: * ORATION REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 REVENUE $389 MILLION VERSUS I/B/E/S VIEW $396.1 MILLION * QTRLY NET INCOME, PER DILUTED SHARE $5.57
* QTRLY NON-GAAP EARNINGS, PER DILUTED SHARE $3.76
* Q1 EARNINGS PER SHARE VIEW $3.52 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-united-therapeutics-reports-q1-adj/brief-united-therapeutics-reports-q1-adj-earnings-per-share-of-3-76-idUSASC09YVV |
May 21, 2018 / 2:33 AM / Updated an hour ago Australia banking inquiry resumes amid deluge of misconduct submissions Paulina Duran 3 Min Read
SYDNEY (Reuters) - A powerful inquiry into the Australian banking sector resumed public hearings on Monday, with the former judge who is leading the investigation revealing he has been swamped with more than 5,500 submissions detailing misconduct. FILE PHOTO: A man walks past an illuminated logo for Australia's Westpac Bank in Sydney, Australia, September 6, 2017. REUTERS/Steven Saphore/File Photo
Kenneth Hayne, who is presiding over the Royal Commission as the inquiry is known, said the deluge meant he has had to refuse many applications to appear in the third round of hearings, which will focus on lending to small and medium-sized businesses.
About 11 percent of the 5,500-plus submissions relate to small and medium-sized business lending practices, he said.
Case studies to be presented during the two-week session are expected to include incidents where guarantors to loans lost their homes due to bad advice, according to preliminary submissions. Slideshow (3 Images)
Hayne said that all submissions to the commission were read, but the commission would continue to focus on selected cases to investigate broader wrongdoing by the banks.
“I remain of the view that proceeding by way of case studies ... is the best way of finding out what has happened, finding out what was done or not done in response to what happened,” Hayne said at the opening of Monday’s session.
Other case studies are expected to show banks providing loans without first assessing the viability of businesses, relying instead on personal guarantees and residential mortgages to back the loans, as well as loans being put in default even though business borrowers had not failed in repayments.
Alastair Welsh, head of commercial lending at Westpac Banking Corp ( WBC.AX ) , Australia’s second largest bank, is scheduled to be the first bank executive to appear before the inquiry this week.
The country’s four largest banks - Commonwealth Bank of Australia ( CBA.AX ), Westpac, National Australia Bank ( NAB.AX ) and Australia and New Zealand Banking Group ( ANZ.AX ) - dominate the mortgage and business lending market, while also holding the lion’s share of deposits and consumer credit loans.
The two previous rounds of hearings uncovered widespread abuses by the retail and wealth management units of Australia’s largest banks and financial companies, triggering the departure of many senior executives at leading wealth manager AMP Ltd ( AMP.AX ) as well as CBA.
Less than halfway into a year-long investigation, the commission has already prompted the banks to impose stricter lending conditions on borrowers, triggering fears the economy will be the victim of a new era of subdued credit growth as a result. Reporting by Paulina Duran; Editing by Jane Wardell and Edwina Gibbs | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-australia-banks-inquiry/australia-banking-inquiry-resumes-amid-deluge-of-misconduct-submissions-idUKKCN1IM05J |
Exiled musician returns to Zimbabwe, post-Mugabe 9:38am EDT - 01:48
Known as the ''Lion of Zimbabwe,'' musician Thomas Mapfumo has long been a figure of protest. But after fleeing Zimbabwe during Robert Mugabe's presidency he's now returned. Matthew Larotonda reports ▲ Hide Transcript ▶ View Transcript
Known as the "Lion of Zimbabwe," musician Thomas Mapfumo has long been a figure of protest. But after fleeing Zimbabwe during Robert Mugabe's presidency he's now returned. Matthew Larotonda reports Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://www.reuters.com/video/2018/05/05/exiled-musician-returns-to-zimbabwe-post?videoId=424101519&videoChannel=13421 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/05/exiled-musician-returns-to-zimbabwe-post?videoId=424101519 |
May 7, 2018 / 3:10 PM / Updated 43 minutes ago Rebels begin evacuation of Syria's last besieged enclave Suleiman Al-Khalidi 4 Min Read
AMMAN (Reuters) - Hundreds of rebels left the last major besieged opposition enclave in Syria on Monday, with thousands more expected to follow, responding to months of pressure by a Russian-backed government offensive, the army, rebels and residents said. Buses carrying rebels who were evacuated with their families from al-Rastan are seen in Homs countryside, Syria May 7, 2018. REUTERS/Omar Sanadiki
A first convoy of buses with hundreds of rebels and their families, accompanied by Russian military police, departed from the city of Rastan, starting a week-long evacuation from towns and villages in an enclave between the cities of Homs and Hama.
Rebels representing several major Free Syrian Army (FSA) factions capitulated to a Russian-imposed deal after marathon talks with Russian generals on May 2 in Dar al Kabira town in the northern Homs countryside.
The deal forced them to hand in heavy weapons and gave those rebels not ready to make peace with the army the option of leaving with light arms to rebel-held areas in northern Syria.
Draft dodgers would have a six-month reprieve.
Russia exerted pressure by pounding the main towns of the enclave, where over 300,000 inhabitants live, in an escalation that killed and wounded dozens, rebels and residents said.
The Russians closed a border crossing near a key road to prevent civilians fleeing, to raise pressure on mainstream rebels to accept the terms, rebels and residents said. Buses carrying rebels who were evacuated from al-Rastan are seen in Homs countryside, Syria May 7, 2018. REUTERS/Omar Sanadiki
Fears that Russia and its Syrian ally would unleash an even tougher push, on the scale that ended rebel control of Aleppo in 2016 and eastern Ghouta last month, prompted the capitulation to spare civilian lives, residents and civilian negotiators said.
“They left rebels with no option after bombing civilians and giving them no choice either to submit or obliterate their areas and make civilians pay the price,” said Abul Aziz al Barazi, one of the civilian opposition negotiators told Reuters. BOMBING
The war has been going President Bashar al-Assad’s way since Russia intervened on his side in 2015. From holding less than a fifth of Syria in 2015, Assad has recovered to control the largest chunk of the country with Russian and Iranian help.
A major bombing campaign that began last February ended the last remaining pockets of opposition resistance in the eastern Ghouta, the biggest enclave around the capital, that had for years withstood a siege and successive army onslaughts. Slideshow (2 Images)
The fall of the once heavily defended Ghouta demoralised rebels in others areas further east of the capital closer to the Iraqi border and in a southern Damascus pocket.
Now the only besieged area left is a small enclave in southern Damascus, where a few hundred Islamic State militants are making a last stand as aerial strikes devastate the once teeming major Palestinian camp of Yarmouk, Syria’s largest, and nearby Hajar al Aswad town.
The last batch of rebels in the remaining south Damascus pockets, which includes the towns of Babila, Yalda and Beit Sahem, are expected to leave in the course of this week.
The Homs and Hama rebel enclave deal leaves the mainly Sunni civilians unprotected, leaving many residents there afraid of revenge by militias from surrounding Alawite villages.
Accordingly rebels in the enclave say that under the agreement they have gained assurances that the Russian military police would spread out and man checkpoints around the enclave for a renewable six-month period. The rebels see the move as a guarantee against the entry of paramilitary pro-Assad militias.
While Syria’s conflict is in part a proxy struggle among great powers, it is also has a sectarian element pitting the mainly Sunni-led rebels against the minority Alawite community to which Assad’s family belongs.
In the latest deal and in other areas, many have opted to stay and make peace with the army rather than leave their homes for an uncertain future in refugee camps in northern Syria.
The opposition accuse the authorities of pushing demographic changes that uproot Sunnis. The authorities deny this and say many civilians were held hostage by forces they call terrorists. Reporting by Suleiman Al-Khalidi, Editing by William Maclean | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mideast-crisis-syria/rebels-begin-evacuation-of-syrias-last-besieged-enclave-idUKKBN1I81NM |
Agreement intends to broaden Company’s product portfolio within women’s reproductive health with novel clinical candidate, positioning Company with first in class candidates in contraception, sexual health and vaginal health
SAN DIEGO, May 07, 2018 (GLOBE NEWSWIRE) -- Daré Bioscience, Inc. (NASDAQ:DARE), a clinical-stage women’s biopharmaceutical company, today announced it has entered into a merger agreement with Pear Tree Pharmaceuticals, Inc., a development-stage women’s biopharmaceuticals company. Daré has entered into the above merger agreement to secure the rights, currently owned by Pear Tree, to develop PT-101, a proprietary vaginal formulation of tamoxifen, as a potential treatment for vulvar and vaginal atrophy (VVA) in patients with hormone-receptor-positive breast cancer, including estrogen receptor-positive (ER-positive) and progesterone receptor-positive (PR-positive) breast cancer. Oral tamoxifen is already approved by the FDA as a treatment for hormone-receptor-positive breast cancer. PT-101 incorporates the active ingredient tamoxifen in a tablet formulation designed to deliver the drug vaginally.
VVA is a chronic condition characterized by pain during intercourse, vaginal dryness and irritation brought on from reduced estrogen levels. For many women, first-line treatments typically include localized estrogen therapy. However, this therapeutic approach is often contraindicated for more than two million women diagnosed with, or at risk of recurrence of, ER-positive and PR-positive breast cancer. Daré intends to develop this novel local application of tamoxifen to mitigate the symptoms of VVA for patients with or at risk for hormone-receptor-positive breast cancer, including women currently on anti-cancer therapy.
If approved, PT-101 has the potential to be the first treatment specifically developed for VVA in patients with hormone-receptor positive breast cancer.
“Adding vaginal tamoxifen to our innovative portfolio of novel women’s health products aligns perfectly with our mission of meaningfully impacting women’s lives by identifying and advancing products that address therapeutic gaps in contraception, sexual health and vaginal health,” said Sabrina Martucci Johnson, President and CEO, Daré Bioscience. “We are optimistic about the potential for this clinical candidate to become the first VVA therapy designed explicitly for hormone-receptor-positive breast cancer patients.”
Approximately 10 percent of women in the U.S. will develop breast cancer. The prevalence of VVA in postmenopausal breast cancer patients is reported to be between 42 and 70 percent. Daré believes there is a large unmet need for a novel non-hormonal VVA treatment specifically developed for this subset of cancer patients and survivors.
“There is a need to find a safe and efficacious way to treat vulvar and vaginal atrophy (VVA) in women who have hormone receptor positive breast cancer,” commented Dr. Shari Goldfarb, assistant attending physician at the Memorial Sloan Kettering Cancer Center. There are currently no FDA approved treatments that have been specifically developed for use in this population, despite the significant proportion of hormone-receptor positive patients who develop VVA.”
PT-101 has been evaluated in four subjects in a proof-of-concept human study where it was shown to improve vaginal dryness and decrease vaginal pH. In 2018 Daré plans to optimize the vaginal formulation before initiating additional clinical work.
The closing of the merger with Pear Tree is subject to a number of conditions, including approval of the merger by Pear Tree’s stockholders. Upon the closing of the merger transaction, PT-101 will be incorporated into to Daré’s growing portfolio of novel clinical-stage therapeutic candidates that address unmet needs in women’s reproductive health. The pipeline currently includes Ovaprene™, a non-hormonal, monthly contraceptive ring in pre-pivotal studies, and topical sildenafil, a potential treatment for female sexual arousal disorder that is in Phase 2 development.
For more information on Daré Bioscience please visit www.darebioscience.com .
About Daré Bioscience
Daré Bioscience is a clinical-stage biopharmaceutical company committed to the advancement of innovative products for women’s reproductive health that address clear therapeutic gaps. The Company is driven by a mission to identify, develop and bring to market a diverse portfolio of novel and differentiated therapies that expand treatment options, improve outcomes and facilitate convenience for women, primarily in the areas of contraception, vaginal health, sexual health and fertility. Daré currently has two product candidates in clinical development. The first is Ovaprene, a non-hormonal monthly contraceptive ring intended to provide protection over multiple weeks between menses. The second is SST-6007 (5% Topical Sildenafil Citrate Cream), a potential treatment for Female Sexual Arousal Disorder. SST-6007 incorporates sildenafil, the same active ingredient in Viagra ® , in a proprietary cream formulation that is specifically designed to locally increase blood flow to the vulvar-vaginal tissue in women, leading to a potential improvement in genital arousal response and overall sexual experience. Daré has also entered into an agreement to acquire PT-101, a vaginal tamoxifen tablet, as a potential treatment for vulvar and vaginal atrophy in the hormone-receptor-positive breast cancer population, which includes estrogen receptor-positive (ER-positive) and progesterone receptor-positive (PR-positive) breast cancer. PT-101 incorporates the active ingredient tamoxifen, which is currently approved by the FDA in an oral form as a treatment for hormone-receptor-positive breast cancer. Daré’s preclinical portfolio includes a novel intravaginal ring technology platform that was developed by Dr. Robert Langer from the Massachusetts Institute of Technology and Dr. William Crowley from Massachusetts General Hospital and Harvard Medical School, including three preclinical candidates. Portfolio expansion opportunities include Daré’s option to enter into a license agreement for ORB-204 and ORB-214, preclinical stage injectable etonogestrel contraceptives with target 6- and 12-month durations.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995 regarding matters that are not historical facts, including statements relating to Daré’s ability to close the merger and acquire the rights to develop PT-101, expectations regarding the anticipated market demands for its products, the safety and effectiveness of its products and market acceptance of Daré’s products. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements as a result of various important factors, including the uncertainties inherent in the initiation and completion of clinical trials; availability and timing of data from ongoing and future clinical trials and the results of such trials; whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials will be indicative of the results of later clinical trials, expectations for regulatory approvals; claims of infringement and other risks relating to Daré’s owned and licensed intellectual property rights; the ability of Daré’ and Pear Tree Pharmaceuticals, Inc. to satisfy all closing conditions in the above-referenced merger agreement and close the merger transaction; and other factors discussed in the “Risk Factors” section of Daré’s Report on Form 10-K filed with the Securities and Exchange Commission on March 28, 2018. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in Daré’s reports to the Securities and Exchange Commission, including Daré’s reports on Forms 10-Q, 8-K and 10-K. In addition, any forward-looking statements included in this press release represent our views only as of the date of this release and should not be relied upon as representing our views as of any subsequent date. Daré specifically disclaims any obligation to update any forward-looking statements included in this press release.
Contacts:
Investors on behalf of Daré Bioscience, Inc.:
Ami Bavishi
Burns McClellan
[email protected]
212-213-0006
OR
Media on behalf of Daré Bioscience, Inc.:
Amanda Guisbond
Canale Communications
[email protected]
781-405-8775
Source: Daré Bioscience, Inc.
Source:Dare Bioscience, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-dara-bioscience-inc-enters-into-agreement-to-acquire-product-to-address-vulvar-and-vaginal-atrophy-in-hormone-receptor.html |
May 3 (Reuters) - Shandong Xinchao Energy Corp Ltd :
* SAYS IT SCRAPS ASSET ACQUISITION PLAN Source text in Chinese: bit.ly/2HN4TXL (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-shandong-xinchao-energy-scraps-ass/brief-shandong-xinchao-energy-scraps-asset-acquisition-plan-idUSH9N1S5022 |
LONDON (Reuters) - Britain’s Brexit minister David Davis said on Tuesday that there would be “something of a tussle” over financial services as part of negotiations with the European Union on Britain’s future relationship with the bloc after it withdraws from it.
Britain's Secretary of State for Exiting the EU David Davis, and Chief Secretary to the Treasury Liz Truss arrive in Downing Street in London, May 1, 2018. REUTERS/Simon Dawson Reporting by Elizabeth Piper, writing by Estelle Shirbon
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-eu-financials/brexit-minister-expects-tussle-over-financial-services-idUSKBN1I23YL |
* India police allege corruption and breaking rules
* Shares slide as much as 10.6 pct
* AirAsia India's planned IPO could be delayed -analyst
* Loss-making airline could need more capital -analyst (Updates share price movement)
SINGAPORE/KUALA LUMPUR, May 30 (Reuters) - AirAsia Group Bhd shares plunged on Wednesday after federal police in India filed a case against the airline accusing it of corruption - a probe that threatens to delay its India unit's IPO plans and international expansion.
The case, also filed against Chief Executive Tony Fernandes and unit AirAsia India, is a fresh blow to the airline's embattled leader, who has been under fire for supporting Malaysia's former prime minister and is being investigated over the cancellation of flights during the general election period.
"The (India) investigations could be long-drawn and will de-rail AirAsia India's plans to launch international flights from next year and defer its IPO targets too," said Corrine Png, CEO of Singapore-based transport research firm Crucial Perspective.
India's Central Bureau of Investigation (CBI) accused the airline, some of its employees and third parties of violating foreign direct investment rules while obtaining its licence to fly, and of bribing government officials in an attempt to get regulations relaxed to allow AirAsia India to fly international routes.
The CBI said it had searched five AirAsia locations in Delhi, Mumbai and Bangalore, seizing certain documents.
Shares in Asia's biggest budget airline slid as much as 10.6 percent to a one-year low on Wednesday. Since the Malaysian general election on May 9, they have shed about 20 percent, giving AirAsia a market value of roughly $2.5 billion.
By 0806 GMT, AirAsia shares were down about 8 percent, while the broader Malaysian market was down nearly 3 percent.
AirAsia India, a venture with India's Tata Sons conglomerate, said in a statement on Tuesday it refuted any allegations of wrongdoing and was co-operating with all regulators and agencies "to present the correct facts".
AirAsia on Wednesday referred requests for comment to AirAsia India.
On Twitter, Fernandes did not directly address the accusations but complained about media who reported without fact-checking. A majority shareholder in British soccer team Queens Park Rangers, he also tweeted video of himself playing a virtual reality soccer game. He did not respond to a Reuters request for comment.
INDIA PLANS
The flamboyant CEO, who co-founded AirAsia in 2001 with two aircraft, announced plans for an IPO for the India unit in January, part of a series of strategic moves to monetise assets.
AirAsia India had 14 planes at end-2017, and has plans to expand its fleet to 60 over the next five years. Under Indian rules, it can launch international flights once it has 20 planes.
Png said AirAsia India's expansion had been too aggressive, resulting in losses doubling in the quarter ended March 31.
"This raises the possibility that AirAsia Group will need to inject more capital into AirAsia India, which may not sit well with AirAsia Group's investors," she said.
AirAsia last week reported a record quarterly profit of 1.14 billion ringgit ($286 million), due in large part to the sale of a ground handling services unit.
Since the election, Fernandes has apologised for endorsing former prime minister Najib Razak in the election, saying he buckled under government pressure.
Malaysian police are investigating Fernandes at the request of regulatory body, the Malaysian Aviation Committee, which has denied Fernandes' accusations that it ordered the airline to cancel 120 flights during the election period.
Fewer flights would have made it more difficult for Malaysians abroad to fly home to vote. ($1 = 3.9900 ringgit) (Reporting by Jamie Freed in Singapore, Rozanna Latiff and Liz Lee in Kuala Lumpur; Editing by Edwina Gibbs) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/reuters-america-update-3-airasia-shares-plummet-as-probe-threatens-plans-for-india-units-ipo.html |
May 14, 2018 / 10:19 AM / Updated an hour ago Malaysia's Mahathir says faults committed by previous government will be investigated Reuters Staff 1 Min Read
KUALA LUMPUR (Reuters) - Malaysian Prime Minister Mahathir Mohamad said on Monday he would appoint a new chief of the country’s anti-graft agency and that faults of the previous government would be investigated. Malaysia's newly elected Prime Minister Mahathir Mohamad attends a news conference in Menara Yayasan Selangor, Pataling Jaya, Malaysia May 12, 2018. REUTERS/Stringer
Addressing a news conference, the 92-year-old Mahathir said
all government ministries had been instructed that no documents could be taken out or destroyed. Reporting by Joseph Sipalan, Editing by Raju Gopalakrishnan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-malaysia-politics-mahathir/malaysias-mahathir-says-faults-committed-by-previous-government-will-be-investigated-idUKKCN1IF16R |
May 7 (Reuters) - Petrus Resources Ltd:
* PETRUS RESOURCES ANNOUNCES FIRST QUARTER 2018 FINANCIAL & OPERATING RESULTS
* FIRST QUARTER AVERAGE PRODUCTION WAS 10,596 BOE/D IN 2018 COMPARED TO 9,331 BOE/D FOR THE SAME PERIOD IN 2017
* QTRLY FUNDS FLOW PER SHARE $0.24 * QTRLY CAPITAL EXPENDITURES 6.1 MILLION VERSUS 18.9 MILLION FOR Q1 2017 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-petrus-resources-announces-first-q/brief-petrus-resources-announces-first-quarter-loss-per-share-of-0-11-idUSASC0A0B1 |
North Korean official heads to U.S. to discuss summit 01:17
A senior North Korean official is headed to New York to discuss an upcoming summit, U.S. President Donald Trump said on Tuesday, the latest indication that an on-again-off-again meeting between Trump and North Korea’s leader may go ahead next month. ▲ Hide Transcript ▶ View Transcript
A senior North Korean official is headed to New York to discuss an upcoming summit, U.S. President Donald Trump said on Tuesday, the latest indication that an on-again-off-again meeting between Trump and North Korea’s leader may go ahead next month. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2L5kSBM | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/29/north-korean-official-heads-to-us-to-dis?videoId=431460312 |
May 2, 2018 / 3:13 Malaysia's opposition leader Mahathir under investigation for 'fake news' - police Reuters Staff 3 Min Read
KUALA LUMPUR (Reuters) - Malaysian authorities are investigating opposition leader Mahathir Mohamad under an anti-fake news law over claims that his plane was sabotaged in the run up to a general election next week, police said on Wednesday. Former Malaysian Prime Minister and candidate for opposition Alliance Of Hope, Mahathir Mohamad, shakes hands with his supporters after his nomination, on Langkawi island, Malaysia April 28, 2018. REUTERS/Lai Seng Sin
Malaysia is in the middle of intense campaigning for an election that pits Prime Minister Najib Razak against 92-year-old former premier Mahathir.
Najib’s government passed a law in April that criminalises “fake news”, making it one of the first countries to do so. Critics have said the law is aimed at curbing dissent and free speech ahead of Malaysia’s May 9 election.
Mahathir, the opposition’s prime ministerial candidate, said last week that he suspected sabotage of a private plane that was to fly him from Kuala Lumpur to Langkawi, where he was to file his candidacy, after the pilot discovered some damage to the aircraft just before take-off.
The government ordered an investigation, following which the Civil Aviation Authority said the inquiry found no indication of sabotage. Its chairman had said it was wrong to make such “wild and false” claims for political gain.
Kuala Lumpur police chief Mazlan Lazim told Reuters on Wednesday that officers were investigating Mahathir after receiving a complaint.
“We have opened an inquiry based on a police report made against Mahathir,” Mazlan said.
A spokesman for Mahathir did not immediately respond to request for comment.
Under the anti-fake news law, offenders could be fined up to 500,000 ringgit ($127,000) and face a maximum of six years in jail.
Just this week, a Danish citizen was convicted for inaccurate criticism of police on social media, the first person to be prosecuted under the new law.
Najib is expected to win the election despite public anger over rising costs and a financial scandal at a state fund.
A survey by independent pollster Merdeka Center predicted that Mahathir’s opposition bloc is likely to win the popular vote, but Najib is expected to retain power through a parliamentary majority.
Under Malaysia’s first-past-the-post system, the party that gets the most seats in parliament wins even if it does not win the popular vote.
Critics say the odds have been stacked in the government’s favour because of gerrymandering through electoral boundary changes made by the Election Commission in March. The Election Commission and the government have said the move was free from political interference.
($1 = 3.9330 ringgit) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-malaysia-election-mahathir/malaysias-opposition-leader-mahathir-under-investigation-for-fake-news-police-idUKKBN1I323H |
Arrested Russian director of 'Leto' misses Cannes premiere 1:42am IST - 01:08
Russian film director Kirill Serebrennikov misses the premiere of his film 'Leto' at Cannes after being put under house arrest for fraud. Rollo Ross reports. ▲ Hide Transcript ▶ View Transcript
Russian film director Kirill Serebrennikov misses the premiere of his film 'Leto' at Cannes after being put under house arrest for fraud. Rollo Ross 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/2rzXWT7 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/10/arrested-russian-director-of-leto-misses?videoId=425680361 |
May 1, 2018 / 11:42 PM / Updated 28 minutes ago Canada's Trudeau grilled on efforts to turn back asylum seekers Anna Mehler Paperny 3 Min Read
TORONTO (Reuters) - Canadian Prime Minister Justin Trudeau and his ministers faced questions in parliament on Tuesday a day after Reuters reported that Canada wants the legal authority to turn back thousands of asylum seekers crossing the border illegally. Canada's Prime Minister Justin Trudeau speaks during Question Period in the House of Commons on Parliament Hill in Ottawa, Ontario, Canada, May 1, 2018. REUTERS/Chris Wattie
A Canadian official familiar with the matter told Reuters that Canada wants to amend a bilateral agreement to allow it to block border-crossing refugee claimants but that the United States is not cooperating.
Under the Safe Third Country Agreement, or STCA, asylum seekers who arrive at a formal Canada-U.S. border crossing going in either direction are turned back and told to apply for asylum in the first country they arrived in.
Canada wants the agreement rewritten to apply to the entire border.
More than 26,000 asylum seekers have crossed illegally into Canada from the United States to file refugee claims in the past 15 months, walking over ditches and on empty roads along the world’s longest undefended border. FILE PHOTO: A group of migrants who said they were from Djibouti and Somalia walk along railway tracks after crossing the Canada-U.S. border in Emerson, Manitoba, Canada, March 27, 2017. REUTERS/Chris Wattie/File Photo
The U.S. Department of Homeland Security has said it is reviewing Canada’s proposal but has not made a decision.
Asked about the negotiations during parliamentary question period on Tuesday, Trudeau said his government had been in contact with American counterparts “for months” on “many issues relating to our border.”
Immigration and Refugee Minister Ahmed Hussen would not say what Canada is asking the U.S. for, telling reporters there were no “formal negotiations” ongoing. Canada's Prime Minister Justin Trudeau speaks during Question Period in the House of Commons on Parliament Hill in Ottawa, Ontario, Canada, May 1, 2018. REUTERS/Chris Wattie
But political opponents contrasted the Liberal government’s welcoming rhetoric with officials’ efforts to block asylum seekers.
“If we are entering into talks with the Americans ... what kind of message does it send to the Americans if you’ve got the ministers out saying: ‘We’re not negotiating?’” said Conservative immigration critic Michelle Rempel, who has called since early 2017 for the authority the government is said to be seeking.
New Democratic Party critic Jenny Kwan slammed Canada’s efforts to turn back asylum seekers, calling the idea unfeasible and saying it would force border crossers underground.
“The Liberal government has failed to come up with a plan in the face of (U.S. President Donald) Trump,” Kwan said.
Many of the asylum seekers with whom Reuters has spoken said they would have remained in the United States were it not for Trump’s policies and rhetoric.
Trudeau faces “a delicate balance” in trying to appear in control of border crossings while maintaining an image of compassion, said Ipsos pollster Darrell Bricker.
In addition to critical public opinion, Trudeau’s government has faced complaints from the province of Quebec, where the vast majority of border crossers have arrived.
Bricker said the more that migration was in the news, the more Canadians disapproved of the government’s handling of the file. Reporting by Anna Mehler Paperny; Editing by Peter Cooney | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-canada-immigration-border/canadas-trudeau-grilled-on-efforts-to-turn-back-asylum-seekers-idUKKBN1I24LS |
CHATTANOOGA, Tenn.--(BUSINESS WIRE)-- Unum Group (NYSE: UNM) announced today that it has completed an offering of $300 million aggregate principal amount of junior subordinated notes due in 2058 with an annual coupon rate of 6.250 percent. The net proceeds of the offering are expected to be used to repay, redeem or repurchase $200 million aggregate principal amount of the company’s 7% Senior Notes due 2018, which have a maturity date of July 15, 2018, with the balance of the net proceeds to be used for general corporate purposes.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities, LLC and J.P. Morgan Securities LLC were joint book-running managers.
A prospectus supplement, dated May 21, 2018, and the accompanying base prospectus, dated August 22, 2017, relating to the junior subordinated notes may be obtained by searching the company’s filings on the U.S. Securities and Exchange Commission’s website at www.sec.gov or by visiting the “SEC Filings” page on the Investors section of the company’s website at www.investors.unum.com .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer or sale of the junior notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any jurisdiction. Any offer, solicitation or sale will be made only by means of the prospectus supplement and the accompanying base prospectus.
ABOUT UNUM GROUP
Unum Group ( www.unum.com ) is a leading provider of financial protection benefits in the United States and the United Kingdom. Its primary businesses are Unum US, Colonial Life, and Unum UK. Unum’s portfolio includes disability, life, accident and critical illness, dental and vision coverage, which help protect millions of working people and their families in the event of an illness or injury. Unum also provides stop-loss coverage to help self-insured employers protect against unanticipated medical costs. The company reported revenues of $11.3 billion in 2017, and provided nearly $7 billion in benefits.
For more information visit us at www.unum.com or connect with us on Facebook , Twitter and LinkedIn .
SAFE HARBOR STATEMENT
Certain information in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those not based on historical information, but rather relate to our outlook, future operations, strategies, financial results, or other developments and speak only as of the date made. These forward-looking statements, including statements about the use of proceeds of the offering, are subject to numerous assumptions, risks, and uncertainties, many of which are beyond our control. The following factors, in addition to other factors mentioned from time to time, may cause actual results to differ materially from those contemplated by the forward-looking statements: (1) sustained periods of low interest rates; (2) fluctuation in insurance reserve liabilities and claim payments due to changes in claim incidence, recovery rates, mortality and morbidity rates, and policy benefit offsets due to, among other factors, the rate of unemployment and consumer confidence, the emergence of new diseases, epidemics, or pandemics, new trends and developments in medical treatments, the effectiveness of our claims operational processes, and changes in governmental programs; (3) unfavorable economic or business conditions, both domestic and foreign, that may result in decreases in sales, premiums, or persistency, as well as unfavorable claims activity; (4) legislative, regulatory, or tax changes, both domestic and foreign, including the effect of potential legislation and increased regulation in the current political environment; (5) investment results, including, but not limited to, changes in interest rates, defaults, changes in credit spreads, impairments, and the lack of appropriate investments in the market which can be acquired to match our liabilities; (6) a cyber attack or other security breach could result in the unauthorized acquisition of confidential data; (7) the failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cyber attack, or other event; (8) execution risk related to our technology needs; (9) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (10) changes in our financial strength and credit ratings; (11) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures; (12) actual experience in the broad array of our products that deviates from our assumptions used in pricing, underwriting, and reserving; (13) changes in accounting standards, practices, or policies; (14) effectiveness of our risk management program; (15) contingencies and the level and results of litigation; (16) availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us; (17) ineffectiveness of our derivatives hedging programs due to changes in the economic environment, counterparty risk, ratings downgrades, capital market volatility, changes in interest rates, and/or regulation; (18) fluctuation in foreign currency exchange rates; (19) ability to generate sufficient internal liquidity and/or obtain external financing; (20) recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets; and (21) terrorism, both within the U.S. and abroad, ongoing military actions, and heightened security measures in response to these types of threats.
For further discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part 1, Item 1A “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2017. The forward-looking statements in this news release are being made as of the date of this news release, and the Company expressly disclaims any obligation to update or revise any forward-looking statement contained herein, even if made available on our website or otherwise.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529006097/en/
Unum Group
Investors:
Tom White, 423-294-8996
or
Media:
Jim Sabourin, 866-750-8686
Source: Unum Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-unum-group-completes-junior-subordinated-notes-offering.html |
SAN JOSE, Calif. (AP) _ Nutanix Inc. (NTNX) on Thursday reported a loss of $85.7 million in its fiscal third quarter.
The San Jose, California-based company said it had a loss of 51 cents per share. Losses, adjusted for one-time gains and costs, came to 21 cents per share.
The results did not meet Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for a loss of 20 cents per share.
The enterprise cloud platform services provider posted revenue of $289.4 million in the period, which beat Street forecasts. Nine analysts surveyed by Zacks expected $278 million.
For the current quarter ending in July, Nutanix expects its per-share earnings to range from 20 cents to 22 cents.
The company said it expects revenue in the range of $295 million to $300 million for the fiscal fourth quarter.
Nutanix shares have risen 57 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $55.36, more than tripling 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 NTNX at https://www.zacks.com/ap/NTNX | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/the-associated-press-nutanix-fiscal-3q-earnings-snapshot.html |
May 11 (Reuters) - Genesis Land Development Corp:
* GENESIS REPORTS 2018 FIRST QUARTER RESULTS - STRONGER CASH FLOW FROM OPERATING ACTIVITIES
* Q1 EARNINGS PER SHARE C$0.02 * Q1 REVENUE C$14.4 MILLION, DOWN 8 PERCENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-genesis-q1-earnings-per-share-c002/brief-genesis-q1-earnings-per-share-c0-02-idUSASC0A1UB |
FRANKFURT (Reuters) - Dialog Semiconductor said Apple now planned to source the main power management chips (PMICs) for one of its three new iPhone models from two suppliers instead of just from the German chipmaker.
FILE PHOTO: Dialog semiconductor logo is pictured at a flag in Germering near Munich, Germany August 15, 2016. REUTERS/Michaela Rehle/File Photo That means that Apple will order 30 percent fewer of the chips from Dialog this year than it had initially expected, Dialog said in a statement on Thursday.
The news sent its shares 3.9 percent lower in late Frankfurt trade. Dialog’s stock has lost more than half of its value over the past year on investor concerns that Apple is working on its own battery-saving chips for iPhones.
Analysts reckon Dialog derives more than half its revenue from supplying Apple with PMICs.
The reduced order volume for the PMICs will shave 5 percent off the chipmaker’s 2018 revenues, but Dialog said it still expected its 2018 revenues to grow year-on-year.
The impact on 2019 revenues is likely to be similar, Chief Executive Jalal Bagherli told analysts on a conference call.
Silhouette of mobile user is seen next to a screen projection of Apple logo in this picture illustration taken March 28, 2018. REUTERS/Dado Ruvic/Illustration He said Apple had not provided a reason for the change in its sourcing of chips.
“If you think about the fact that we are qualified for all three phones, that means there is no performance-related issue. It might be a statement of intent to reduce risk on having one supplier and have an alternative source,” he said.
He also said Apple had not told him who the second, new supplier of the main PMICs was but said he saw it as very likely that it was an in-house source at Apple.
Apple did not change the projected order volume for the other power management chip that Dialog is supplying for the new iPhone models - the sub-PMIC - nor for all other PMICs, including those for tablets, wearables and notebooks.
Dialog said it would continue to explore new mixed-signal opportunities outside of power management for future Apple products.
Reporting by Maria Sheahan; Editing by Adrian Croft and Alexandra Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-apple-power-chip-dialog/dialog-says-apple-to-source-fewer-main-smartphone-power-chips-from-it-idUSKCN1IW2CI |
Kim Yong Chol: the man sent by Pyongyang 1:47pm BST - 02:08
When Kim Yong Chol lands in New York this week, he will become the most senior North Korean envoy to hold talks with American officials on U.S. soil in 18 years. The former spy chief is a trusted adviser to North Korean leader Kim Jong Un, playing a pivotal role in preparations for an historic summit between Kim and U.S. President Donald Trump.
When Kim Yong Chol lands in New York this week, he will become the most senior North Korean envoy to hold talks with American officials on U.S. soil in 18 years. The former spy chief is a trusted adviser to North Korean leader Kim Jong Un, playing a pivotal role in preparations for an historic summit between Kim and U.S. President Donald Trump. //uk.reuters.com/video/2018/05/30/kim-yong-chol-the-man-sent-by-pyongyang?videoId=431666254&videoChannel=13422 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/30/kim-yong-chol-the-man-sent-by-pyongyang?videoId=431666254 |
Comparable Store Sales Increased 2%
LITTLE ROCK, Ark.--(BUSINESS WIRE)-- Dillard’s, Inc. (NYSE: DDS) (the “Company” or “Dillard’s”) announced operating results for the 13 weeks ended May 5, 2018. This release contains certain forward-looking statements. Please refer to the Company’s cautionary statements regarding forward-looking information included below under “Forward-Looking Information.”
First Quarter Results
Dillard’s reported net income for the 13 weeks ended May 5, 2018 of $80.5 million, or $2.89 per share, compared to net income of $66.3 million, or $2.12 per share, for the prior year first quarter.
Dillard’s Chief Executive Officer, William T. Dillard, II, stated, “Our positive sales momentum continued into the first quarter. We believe this indicates our customer is more comfortable spending in this economic environment, and we hope the positive trend continues. We executed $35 million of share repurchases during the quarter, completing the amount authorized under our February 2016 program.”
Net sales for the 13 weeks ended May 5, 2018 were $1.456 billion and $1.418 billion for the 13 weeks ended April 29, 2017. Net sales includes the operations of the Company’s construction business, CDI Contractors, LLC ("CDI").
Total merchandise sales (which excludes CDI) for the 13-week period ended May 5, 2018 were $1.409 billion and $1.386 billion for the 13-week period ended April 29, 2017. Total merchandise sales increased 2% for the 13-week period ended May 5, 2018. Sales in comparable stores for the period also increased 2%. Sales of home and furniture, ladies' accessories and lingerie and juniors' and children's apparel were above the average company sales trend during the quarter. Sales were slightly above trend in men's apparel and accessories, on trend in ladies' apparel, slightly below trend in cosmetics and notably below trend in shoes. Sales were strongest in the Western region followed by the Eastern and Central regions, respectively.
Gross Margin/Inventory
Gross margin from retail operations (which excludes CDI) declined 31 basis points of sales for the 13 weeks ended May 5, 2018 compared to the prior year first quarter. Consolidated gross margin for the 13 weeks ended May 5, 2018 declined 66 basis points of sales compared to the prior year first quarter. Inventory increased 4% at May 5, 2018 compared to April 29, 2017.
Selling, General & Administrative Expenses
Selling, general and administrative expenses ("operating expenses") were $406.0 million (27.9% of sales) and $396.6 million (28.0% of sales) during the 13 weeks ended May 5, 2018 and April 29, 2017, respectively. The increase in operating expenses of $9.4 million is comprised primarily of increased selling payroll and services purchased.
Share Repurchase
During the 13 weeks ended May 5, 2018, the Company purchased $34.8 million (approximately 0.5 million shares) of Class A Common Stock completing authorized purchases under the February 2016 $500 million program. In March, 2018, the Company's Board of Directors authorized a new $500 Million share repurchase program. At May 5, 2018, $500 million authorization remained under the new program. Total shares outstanding (Class A and Class B Common Stock) at May 5, 2018 and April 29, 2017 were 27.6 million and 30.5 million, respectively.
Store Information
Dillard's operates 267 Dillard's locations and 25 clearance centers spanning 29 states and an Internet store at www.dillards.com . Total store square footage is 49.1 million.
Revenue Recognition
During the first quarter of fiscal 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The Company adopted the standard using the full retrospective method, and the condensed consolidated statements of income, balance sheets and statements of cash flows for the 13 weeks ended April 29, 2017 have been recast. The impact of the adoption on the condensed consolidated statements of income for both the 13 weeks ended May 5, 2018 and April 29, 2017 was immaterial. The condensed consolidated balance sheets reflect the impact of recording the allowance for sales returns on a gross basis rather than as a net liability. The return asset totaled $11.7 million and $11.6 million at May 5, 2018 and April 29, 2017, respectively, and the allowance for sales returns totaled $20.0 million at May 5, 2018 and April 29, 2017.
Pension Presentation
Additionally during the first quarter of fiscal 2018, the Company retrospectively adopted ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The impact of the adoption for the 13 weeks ended May 5, 2018 and April 29, 2017 was a reclass of $1.9 million and $1.8 million, respectively, from selling, general and administrative expenses to other expense for the non-service component of net periodic benefit costs.
There is no impact to net earnings or earnings per share as a result of the adoption of these standards for the periods presented.
Dillard’s, Inc. and Subsidiaries Condensed Consolidated Statements of Income (Unaudited) (In Millions, Except Per Share Data) 13 Weeks Ended May 5, 2018 April 29, 2017 Amount % of
Net
Sales
Amount % of
Net
Sales
Net sales $ 1,456.3 100.0 % $ 1,418.2 100.0 % Service charges and other income 34.4 2.4 34.6 2.4 1,490.7 102.4 1,452.8 102.4 Cost of sales 903.0 62.0 870.0 61.3 Selling, general and administrative expenses 406.0 27.9 396.6 28.0 Depreciation and amortization 56.0 3.8 60.0 4.2 Rentals 6.5 0.4 6.2 0.4 Interest and debt expense, net 14.0 1.0 15.7 1.1 Other expense 1.9 0.1 1.8 0.1 Loss on disposal of assets 0.1 0.0 — 0.0 Income before income taxes 103.2 7.1 102.5 7.2 Income taxes 22.7 36.2 Net income $ 80.5 5.5 % $ 66.3 4.7 % Basic and diluted earnings per share $ 2.89 $ 2.12 Basic and diluted weighted average shares 27.8 31.3 Dillard’s, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (In Millions) May 5, 2018 April 29, 2017 Assets Current Assets: Cash and cash equivalents $ 164.1 $ 301.5 Restricted cash 1.9 — Accounts receivable 43.5 40.4 Merchandise inventories 1,780.8 1,713.9 Other current assets 55.1 48.6 Total current assets 2,045.4 2,104.4 Property and equipment, net 1,662.9 1,764.5 Other assets 73.2
257.6 Total Assets $ 3,781.5 $ 4,126.5 Liabilities and Stockholders' Equity Current Liabilities: Trade accounts payable and accrued expenses $ 1,052.3 $ 1,069.9 Current portion of long-term debt and capital leases 162.1 90.5 Federal and state income taxes 63.9 86.9 Total current liabilities 1,278.3 1,247.3 Long-term debt and capital leases 368.0 529.9 Other liabilities 240.5 238.3 Deferred income taxes 12.6 220.6 Subordinated debentures 200.0 200.0 Stockholders' equity 1,682.1 1,690.4 Total Liabilities and Stockholders' Equity $ 3,781.5 $ 4,126.5 Dillard’s, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) (In Millions) 13 Weeks Ended May 5, 2018 April 29, 2017 Operating activities: Net income $ 80.5 $ 66.3 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization of property and other deferred cost 56.5 60.6 Loss on disposal of assets 0.1 — Changes in operating assets and liabilities: (Increase) decrease in accounts receivable (5.1 ) 6.9 Increase in merchandise inventories (317.2 ) (307.5 ) Increase in other current assets (4.7 ) (1.1 ) (Increase) decrease in other assets (1.4 ) 1.4 Increase in trade accounts payable and accrued expenses and other liabilities 224.4 215.7 Increase in income taxes payable 22.3 35.1 Net cash provided by operating activities 55.4 77.4 Investing activities: Purchase of property and equipment (39.2 ) (34.5 ) Proceeds from disposal of assets 1.9 — Proceeds from insurance — 1.9 Distribution from joint venture 0.8 0.3 Net cash used in investing activities (36.5 ) (32.3 ) Financing activities: Principal payments on long-term debt and capital lease obligations (0.3 ) (0.2 ) Cash dividends paid (2.8 ) (2.3 ) Purchase of treasury stock (36.8 ) (88.1 ) Net cash used in financing activities (39.9 ) (90.6 ) Decrease in cash, cash equivalents and restricted cash (21.0 ) (45.5 ) Cash, cash equivalents and restricted cash, beginning of period 187.0 347.0 Cash, cash equivalents and restricted cash, end of period $ 166.0 $ 301.5 Non-cash transactions: Accrued capital expenditures $ 8.1 $ 3.2 Accrued purchases of treasury stock — 3.0 Estimates for 2018
The Company is providing the following estimates for certain financial statement items for the fiscal year ending February 2, 2019 based upon current conditions. Actual results may differ significantly from these estimates as conditions and factors change - See “Forward-Looking Information.”
In Millions 2018 2017 Estimated Actual Depreciation and amortization $ 225 $ 232 Rentals 29 28 Interest and debt expense, net 50 63 Capital expenditures 140 130 Forward-Looking Information
The foregoing contains certain “forward-looking statements” within the definition of federal securities laws. The following are or may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995: statements including (a) words such as “may,” “will,” “could,” “believe,” “expect,” “future,” “potential,” “anticipate,” “intend,” “plan,” “estimate,” “continue,” or the negative or other variations thereof, and (b) statements regarding matters that are not historical facts. The Company cautions that forward-looking statements contained in this report are based on estimates, projections, beliefs and assumptions of management and information available to management at the time of such statements and are not guarantees of future performance. The Company disclaims any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise. Forward-looking statements of the Company involve risks and uncertainties and are subject to change based on various important factors. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements made by the Company and its management as a result of a number of risks, uncertainties and assumptions. Representative examples of those factors include (without limitation) general retail industry conditions and macro-economic conditions; economic and weather conditions for regions in which the Company’s stores are located and the effect of these factors on the buying patterns of the Company’s customers, including the effect of changes in prices and availability of oil and natural gas; the availability of consumer credit; the impact of competitive pressures in the department store industry and other retail channels including specialty, off-price, discount and Internet retailers; changes in consumer spending patterns, debt levels and their ability to meet credit obligations; changes in tax legislation; changes in legislation, affecting such matters as the cost of employee benefits or credit card income; adequate and stable availability and pricing of materials, production facilities and labor from which the Company sources its merchandise; changes in operating expenses, including employee wages, commission structures and related benefits; system failures or data security breaches; possible future acquisitions of store properties from other department store operators; the continued availability of financing in amounts and at the terms necessary to support the Company’s future business; fluctuations in LIBOR and other base borrowing rates; potential disruption from terrorist activity and the effect on ongoing consumer confidence; epidemic, pandemic or other public health issues; potential disruption of international trade and supply chain efficiencies; world conflict and the possible impact on consumer spending patterns and other economic and demographic changes of similar or dissimilar nature. The Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended February 3, 2018, contain other information on factors that may affect financial results or cause actual results to differ materially from forward-looking statements.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517005638/en/
Dillard’s, Inc.
Julie Johnson Guymon, 501-376-5965
[email protected]
Source: Dillard’s, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-dillardas-inc-reports-first-quarter-results.html |
May 15 (Reuters) - Global Self Storage Inc:
* Q1 SAME STORE SALES ROSE 12.4 PERCENT * Q1 REVENUE ROSE 12.1 PERCENT TO $2.0 MILLION Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-global-self-storage-reports-q1-ffo/brief-global-self-storage-reports-q1-ffo-per-share-0-05-idUSASC0A2FB |
Anyone who still thinks that world peace and order can be enforced from something called the United Nations might want to consider that Syria this week assumed the rotating presidency of the U.N.-backed Conference on Disarmament. That’s Syria as in Bashar Assad, as in sarin gas, as in barrel bombs dropped on innocent civilians.
The Conference is a multinational body based in Geneva that was established in 1979 to promote reductions in armaments, especially weapons of mass destruction. Though independent from the U.N., it reports... | ashraq/financial-news-articles | https://www.wsj.com/articles/assads-disarmament-chair-1527633758 |
MILWAUKEE, May 4, 2018 /PRNewswire/ -- Weyco Group, Inc. (NASDAQ: WEYS) (the "Company") today announced financial results for the quarter ended March 31, 2018.
Net sales for the first quarter of 2018 were $69.5 million, up 1% compared to first quarter 2017 net sales of $69.1 million. Earnings from operations were $3.6 million in the first quarter of 2018, an increase of 3% compared to $3.5 million in the first quarter of 2017. Net earnings attributable to the Company rose 35% to $3.0 million in the first quarter of 2018, from $2.2 million in last year's first quarter. This increase was primarily due to the lower U.S. federal tax rate of 21% effective January 1, 2018, compared to 35% in 2017, which resulted from the passing of the Tax Cuts and Jobs Act. Diluted earnings per share were $0.29 per share in the first quarter of 2018, compared to $0.21 per share in the first quarter of 2017.
Net sales in the North American wholesale segment, which include North American wholesale sales and licensing revenues, were $53.8 million in the first quarter of 2018, up 2% compared to $52.9 million in the first quarter of 2017. Within the wholesale segment, net sales of the Florsheim brand were up 21% for the quarter, primarily due to higher sales to department stores. This increase was partially offset by lower sales of the Nunn Bush brand. Nunn Bush sales were down 10% for the quarter, mainly due to lower sales to department stores and national shoe chains. BOGS sales were down 2% and Stacy Adams sales were up 1% for the first quarter. Licensing revenues were $793,000 in the first quarter of 2018, and $701,000 in last year's first quarter.
Gross earnings for the North American wholesale segment were 33.1% of net sales in the first quarter of 2018, compared to 30.8% of net sales in last year's first quarter. Earnings from operations for the wholesale segment increased 7% to $3.4 million in the first quarter of 2018, from $3.2 million in the first quarter of 2017, mainly due to higher gross margins.
Net sales in the North American retail segment, which include sales from the Company's Florsheim retail stores and its internet business in the United States, were flat at $4.9 million in both the first quarters of 2018 and 2017. Same stores sales (which include U.S. internet sales) were up 6% for the quarter, primarily due to higher sales from the Company's websites. Retail earnings from operations increased to $206,000 this quarter, from $43,000 in last year's first quarter, due mainly to higher operating earnings from the Company's websites.
Other net sales, which include the wholesale and retail sales of Florsheim Australia and Florsheim Europe, were $10.8 million in the first quarter of 2018, down 5% compared to $11.3 million in the first quarter of 2017. This decrease was primarily due to lower net sales at Florsheim Australia. Florsheim Australia's net sales were down 6% for the quarter, with lower sales in both its retail and wholesale businesses. Collectively, Florsheim Australia and Florsheim Europe had operating losses of $29,000 in the first quarter of 2018, compared to operating earnings of $250,000 in the first quarter of 2017. The decline between years was mainly due to lower sales at Florsheim Australia.
"Given the tough retail environment, we had a good first quarter," stated Thomas Florsheim, Jr., the Company's Chairman and CEO. "Our earnings increase reflects, in part, the strong performance of our Florsheim brand and improved gross margins in our North American wholesale business; we also benefited from the tax rate cut that went into effect this year."
On May 3, 2018, the Company's Board of Directors declared a cash dividend of $0.23 per share to all shareholders of record on May 28, 2018, payable June 29, 2018. This represents an increase of 5% above the previous quarterly dividend rate of $0.22.
Conference Call Details:
Weyco Group will host a conference call on May 7, 2018, at 11:00 a.m. Eastern Time to discuss the first quarter financial results in more detail. To participate in the call, you will first need to pre-register online. Pre-registration takes only a few minutes and you may pre-register at any time, including up to and after the call start time. To pre-register please go to: https://www.yourconferencecenter.com/confcenter/PinCode/Pin_Code.aspx?100374&o=UNgPvTryVsLlSI . The pre-registration process will provide the conference call phone number and a passcode required to enter the call. A replay will be available for one year beginning about two hours after the completion of the call at the following webcast link: https://edge.media-server.com/m6/p/khmdx24s . A recording of the conference call will also be available in the investor relations section of Weyco Group's website at www.weycogroup.com .
About Weyco Group:
Weyco Group, Inc., designs and markets quality and innovative footwear principally for men, but also for women and children, under a portfolio of well-recognized brand names including: Florsheim, Nunn Bush, Stacy Adams, BOGS, and Rafters. The Company's products can be found in leading footwear, department, and specialty stores worldwide. Weyco Group also operates Florsheim concept stores in the United States and Australia, as well as in a variety of international markets.
Forward-Looking Statements
This press release contains certain within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Various factors could cause the results of Weyco Group to be materially different from any future results expressed or implied by such . Such factors include, but are not limited to, the Company's ability to: (i) successfully market and sell its products in a highly competitive industry and in view of changing consumer trends, consumer acceptance of products and other factors affecting retail market conditions; (ii) procure its products from independent manufacturers; and (iii) other factors, including those detailed from time to time in Weyco Group's filings made with the SEC. Weyco Group undertakes no obligation to update publicly any , whether as a result of new information, future events, or otherwise.
WEYCO GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended March 31,
2018
2017
(In thousands, except per share amounts)
Net sales
$ 69,526
$ 69,120
Cost of sales
42,901
43,892
Gross earnings
26,625
25,228
Selling and administrative expenses
23,058
21,769
Earnings from operations
3,567
3,459
Interest income
233
179
Interest expense
-
(7)
Other expense, net
(43)
(135)
Earnings before provision for income taxes
3,757
3,496
Provision for income taxes
941
1,381
Net earnings
2,816
2,115
Net loss attributable to noncontrolling interest
(171)
(102)
Net earnings attributable to Weyco Group, Inc.
$ 2,987
$ 2,217
Weighted average shares outstanding
Basic
10,173
10,435
Diluted
10,361
10,498
Earnings per share
Basic
$ 0.29
$ 0.21
Diluted
$ 0.29
$ 0.21
Cash dividends declared (per share)
$ 0.22
$ 0.21
Comprehensive income
$ 2,815
$ 2,875
Comprehensive (loss) income attributable to noncontrolling interest
(205)
166
Comprehensive income attributable to Weyco Group, Inc.
$ 3,020
$ 2,709
WEYCO GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)
March 31,
December 31,
2018
2017
(Dollars in thousands)
ASSETS:
Cash and cash equivalents
$ 30,082
$ 23,453
Marketable securities, at amortized cost
5,326
5,970
Accounts receivable, net
50,771
49,451
Income tax receivable
176
669
Inventories
51,087
60,270
Prepaid expenses and other current assets
3,237
5,770
Total current assets
140,679
145,583
Marketable securities, at amortized cost
18,186
17,669
Deferred income tax benefits
741
750
Property, plant and equipment, net
30,758
31,643
Goodwill
11,112
11,112
Trademarks
32,978
32,978
Other assets
23,096
23,097
Total assets
$ 257,550
$ 262,832
LIABILITIES AND EQUITY:
Accounts payable
$ 5,263
$ 8,905
Dividend payable
-
2,228
Accrued liabilities
11,027
14,031
Total current liabilities
16,290
25,164
Deferred income tax liabilities
2,237
2,069
Long-term pension liability
27,643
27,766
Other long-term liabilities
2,016
2,174
Total liabilities
48,186
57,173
Common stock
10,268
10,162
Capital in excess of par value
59,013
55,884
Reinvested earnings
151,080
150,350
Accumulated other comprehensive loss
(17,826)
(17,859)
Total Weyco Group, Inc. equity
202,535
198,537
Noncontrolling interest
6,829
7,122
Total equity
209,364
205,659
Total liabilities and equity
$ 257,550
$ 262,832
WEYCO GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended March 31,
2018
2017
(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings
$ 2,816
$ 2,115
Adjustments to reconcile net earnings to net cash
provided by operating activities -
Depreciation
962
1,001
Amortization
92
97
Bad debt expense
105
133
Deferred income taxes
135
10
Net foreign currency transaction (gains) losses
(14)
1
Stock-based compensation
351
369
Pension expense
213
266
Increase in cash surrender value of life insurance
(135)
(135)
Changes in operating assets and liabilities -
Accounts receivable
(1,415)
2,823
Inventories
9,165
14,765
Prepaid expenses and other assets
2,590
3,210
Accounts payable
(3,586)
(7,096)
Accrued liabilities and other
(3,402)
(1,276)
Accrued income taxes
490
981
Net cash provided by operating activities
8,367
17,264
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities
(1,241)
(250)
Proceeds from maturities of marketable securities
1,350
1,850
Purchases of property, plant and equipment
(125)
(416)
Net cash (used for) provided by investing activities
(16)
1,184
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid
(4,471)
(4,378)
Cash dividends paid to noncontrolling interest of subsidiary
(88)
(204)
Shares purchased and retired
-
(2,393)
Proceeds from stock options exercised
2,884
356
Proceeds from bank borrowings
-
6,816
Repayments of bank borrowings
-
(11,084)
Net cash used for financing activities
(1,675)
(10,887)
Effect of exchange rate changes on cash and cash equivalents
(47)
202
Net increase in cash and cash equivalents
$ 6,629
$ 7,763
CASH AND CASH EQUIVALENTS at beginning of period
23,453
13,710
CASH AND CASH EQUIVALENTS at end of period
$ 30,082
$ 21,473
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net of refunds
$ 146
$ 308
Interest paid
$ -
$ 7
View original content: http://www.prnewswire.com/news-releases/weyco-reports-first-quarter-sales-and-earnings-300642564.html
SOURCE Weyco Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-weyco-reports-first-quarter-sales-and-earnings.html |
May 28, 2018 / 3:29 PM / Updated 43 minutes ago Netanyahu to discuss Iran with French, German leaders next week Reuters Staff 2 Min Read
JERUSALEM (Reuters) - Israeli Prime Minister Benjamin Netanyahu will meet the leaders of France, Germany and possibly Britain next week to discuss ways to stop what he called Iran’s nuclear ambitions and regional expansionism, he said on Monday. FILE PHOTO: Israeli Prime Minister Benjamin Netanyahu attends the weekly cabinet meeting at the prime minister's office in Jerusalem, May 27, 2018. Menahem Kahana/Pool via REUTERS/File Photo
His European tour follows the U.S. withdrawal from the 2015 nuclear deal which the European signatories, France, Germany and Britain, have said they will stick to. Netanyahu called the pact, which lifted economic sanctions on Iran in exchange for limits on its nuclear programme, a “disaster”.
“I will go to Europe next week. I will meet German Chancellor Angela Merkel, French President Emmanuel Macron and possibly British Prime Minister Theresa May,” Netanyahu said in broadcast remarks.
“I will discuss with them halting Iran’s nuclear aspirations and also stopping Iran’s expansion in the Middle East. I will present our positions as clearly as possible. There were years when we stood alone in the face of these two threats. I think the situation has changed for the better.”
U.S. President Donald Trump said he quit the nuclear accord, completed under his predecessor Barack Obama, because it did not cover Iran’s ballistic missile programme, its influence in neighbouring countries, or address what happens after the deal begins to expire in 2025.
Macron has said he wants to tackle those concerns in a broader international dialogue to complement the nuclear deal.
French diplomats said Iran would be a key issue when Netanyahu visits Paris on June 5, and when he meets Merkel in Berlin.
Since Trump’s decision to abandon the nuclear deal, European states have been trying to ensure Tehran receives enough benefits to persuade it to maintain the accord. Iran is pressing Europe for a package of economic measures to offset the effects of the U.S. pullout. Reporting by Jeffrey Heller in Jerusalem and John Irish in Paris; Writing by Jeffrey Heller; Editing by Robin Pomeroy | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear-israel/netanyahu-to-discuss-iran-with-french-german-leaders-next-week-idUKKCN1IT1KV |
May 18 (Reuters) - Compagnie Financiere Richemont SA :
* CFO SAYS JEWELLERY MAISON MARGINS ARE AT HIGH LEVEL, MUST TAKE CARE TO PROTECT THOSE MARGINS
* CFO SAYS CARTIER IS IN A VERY HEALTHY SITUATION * CFO SAYS HEALTHY RETAIL SELL-OUT IS ENCOURAGING, WHOLESALE SELL-OUT SHOULD ALSO IMPROVE
* CFO SAYS YNAP ACQUISITION, DUFRY STAKE DO NOT MEAN RICHEMONT SEEKS MORE EXPOSURE TO SOFT LUXURY CATEGORIES, RATHER ACCESS TO NEW DISTRIBUTION CHANNELS
* CFO SAYS NOT MANY TARGETS IN LEATHER GOODS, PRIORITY TO GROW THIS BUSINESS ORGANICALLY
* CFO SAYS WANTS TO GROW DIVIDEND YEAR AFTER YEAR * CARTIER CEO SAYS AVERAGE PRICING IS INCREASING AT CARTIER
* CFO SAYS NOT HAPPY TO LOSE MARKET SHARE IN WATCHES, BUT LONG-TERM DEVELOPMENT IS MORE IMPORTANT
* CARTIER CEO SAYS CONFIDENT TO REGAIN MARKET SHARE Further company coverage: (Reporting by Silke Koltrowitz)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-richemont-says-cartier-healthy-now/brief-richemont-says-cartier-healthy-now-to-regain-market-share-idUSFWN1SP0AQ |
May 14 (Reuters) - Village Farms International Inc:
* VILLAGE FARMS INTERNATIONAL REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND ANNOUNCES COMMENCEMENT OF COMMERCIAL-SCALE GROWING AT DELTA 3 GREENHOUSE
* Q1 LOSS PER SHARE $0.03 * Q1 SALES FELL 6 PERCENT TO $29.5 MILLION Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-village-farms-international-q1-los/brief-village-farms-international-q1-loss-per-share-0-03-idUSASC0A24E |
Nude painting sets record at $157 million 3:31pm BST - 01:25
A nude portrait by Amedeo Modigliani sold for $157.2 million at Sotheby’s on Monday, achieving the 4th-highest price for any work of art at auction.
A nude portrait by Amedeo Modigliani sold for $157.2 million at Sotheby’s on Monday, achieving the 4th-highest price for any work of art at auction. //reut.rs/2rJwLFz | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/15/nude-painting-sets-record-at-157-million?videoId=427138606 |
BEIRUT (Reuters) - Sunni leader Saad al-Hariri is set to form his third Lebanese government after being designated prime minister by President Michel Aoun on Thursday.
Lebanese prime minister Saad al-Hariri reacts during a news conference in Beirut, Lebanon May 7, 2018. REUTERS/Mohamed Azakir Below are some key phases in his political career:
- Hariri, 48, has been Lebanon’s leading Sunni since the 2005 assassination of his father, Rafik. The early years of his political career were defined by his close alliance with Saudi Arabia and confrontation with Lebanese allies of Syria and Iran, chief among them the heavily armed Shi’ite group Hezbollah.
A U.N.-backed court has charged five Hezbollah members over his father’s killing. The group denies any role.
- Hariri formed his first coalition government in 2009 after the anti-Syria and anti-Hezbollah coalition he led at the time won a parliamentary majority with Saudi backing. That “March 14” alliance has gradually disintegrated since.
His cabinet was toppled in early 2011 when Hezbollah and its allies quit over tensions linked to the Hariri tribunal. In the following years, Hariri mostly stayed outside Lebanon on security grounds.
As the war in Syria escalated, the Lebanese government became paralysed by tensions linked to the conflict. Hariri spoke out against Hezbollah’s role fighting in support of President Bashar al-Assad. Political deadlock meant the presidency fell vacant when Michel Suleiman’s term ended in 2014.
- In 2016, Hariri stunned Lebanon with a proposal that would see him return as prime minister and deliver the presidency to Maronite politician Suleiman Franjieh, a Hezbollah ally and a close friend of Assad. The idea failed to gain traction as Hezbollah stuck by another of its Christian allies, Michel Aoun, as its candidate for the presidency.
- Later in 2016, Hariri became prime minister for a second time after striking a deal with Aoun that made him president. Hariri formed his second coalition government. He remained an opponent of Hezbollah but his focus was largely Lebanon’s economic problems and coping with the Syrian refugee crisis.
Anti-Hezbollah hawks such as Sunni politician Ashraf Rifi accused him of compromising with the Shi’ite group and abandoning the original principles of “March 14”.
- Hariri’s ties with Saudi Arabia have suffered in recent years, hitting a low in November when it is widely acknowledged that Riyadh forced him to resign and held him in the kingdom. Saudi Arabia and Hariri publicly deny this version of events.
After French intervention, Hariri returned to Beirut and retracted his resignation, with the Lebanese government reiterating its policy of neutrality in regional conflicts. This mainly aimed to address Saudi concerns about Hezbollah’s support for the Houthi rebels in Yemen.
Hariri remains a focal point for Western support. In April, France hosted an international conference where donors pledged more than $11 billion in assistance on condition Lebanon carries out long-delayed economic reforms.
- The collapse of Hariri’s Saudi-based construction firm Saudi Oger has weighed on the finances of his political network in Lebanon in recent years. Saudi Oger was the source of much of the wealth that helped establish the Hariris as Lebanon’s leading Sunni family after the 1975-90 civil war.
- Hariri’s Future Movement lost more than a third of its seats in the 2018 parliamentary election, including to Hezbollah allies. Hariri attributed this to a new election law that awarded seats on a proportional basis. He has also blamed shortcomings by Future and has sacked some top party officials.
Writing by Tom Perry; editing by Andrew Roche
| ashraq/financial-news-articles | https://in.reuters.com/article/lebanon-election-hariri-factbox/factbox-hariri-set-to-form-his-third-lebanese-government-idINKCN1IP2OK |
NAIL GROOMING is a lesson parents generally impart to their kids as a terse one-liner about looking unembarrassing: “Clip those gnarly-looking nails, now!” Sticking to the bare minimum—a hasty, resentful clipping—may suffice for a youngster, but when you’re an adult, it can leave you with “Edward Scissorhands” points and raggedy cuticles that signal a laissez-faire attitude about hygiene.
“Someone once told me, ‘Your hands are your greeters: When you meet someone, they look into your eyes, then down at your hands for a handshake,’”... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-he-manicure-a-guide-to-ceo-worthy-nails-1525280568 |
5/14/2018 1:51PM NBA's Adam Silver on Why He Supports Legal Sports Betting The Supreme Court overturned a federal ban on sports betting in a decision announced Monday. NBA Commissioner Adam Silver explains why that could bring greater transparency and integrity as well as business opportunities. He spoke with WSJ's Jason Gay at the Future of Everything Festival in New York on May 8. | ashraq/financial-news-articles | http://www.wsj.com/video/nba-adam-silver-on-why-he-supports-legal-sports-betting/27DC4F82-D2D1-4890-AF3D-C551375620A2.html |
May 31, 2018 / 11:55 AM / a few seconds ago Cash remains king for Swiss households: national bank survey Reuters Staff 3 Min Read
ZURICH (Reuters) - The typical Swiss carries 133 francs ($135) around in cash and prefers debit cards to credit cards and online payments, a survey by the Swiss central bank showed, underscoring the traditional Swiss fondness for banknotes. FILE PHOTO: The new 50 Swiss Franc note seen on a screen of the Swiss National Bank (SNB), April 6, 2016. REUTERS/Ruben Sprich/File Photo
National Bank officials said the perceived convenience and efficiency of cash made it the payment choice for most households in wealthy Switzerland, although younger people and high earners often favor using cards.
The survey put Swiss behavior in line with counties in the euro zone, somewhere in the middle between the cash-oriented countries of German-speaking and southern Europe and cashless-oriented French-speaking and northern euro area countries.
Of more than 22,500 payments recorded by 2,000 Swiss in the week-long survey late last year, 70 percent were processed with cash, though cash accounted for just 45 percent of expenditures in terms of value as it was often used for smaller transactions.
Swiss in the survey also said they use large denomination bills, at least occasionally: 40 percent had at least one 1,000-Swiss franc note in their possession in the last two years, a figure that rises to 66 percent with the 200-franc note.
SNB Vice Chairman Fritz Zurbruegg said people like big banknotes for making big-ticket purchases of things like cars, electrical appliances and furniture and for paying bills at post office counters.
The Swiss - especially those on lower incomes - also like cash as a way to keep a firm grip on household budgets, he said.
By contrast, people aged 15–34 or from high-income households prefer card payments.
He reiterated that the SNB had no intention of abolishing the 1,000-franc note despite moves by other central banks including the ECB to get rid of large-denomination bills for fear they can be abused by criminals.
The survey found scant evidence that people were hoarding cash given negative interest rates in Switzerland.
“Only a small minority of respondents report that they have increased their cash holdings for fear of negative interest being charged on account balances,” the survey found.
The survey was the first conducted by the SNB to measure how people make payments and better understand their transaction behavior, in part to help it react to changes in people’s preferences and as new payment alternatives become available. Reporting by John Miller and Michael Shields; Editing by Mark Heinrich | ashraq/financial-news-articles | https://uk.reuters.com/article/us-swiss-snb-payment-methods/cash-remains-king-for-swiss-households-national-bank-survey-idUKKCN1IW1KD |
May 25, 2018 / 8:57 AM / Updated 9 hours ago Third Indian state checks suspect cases in outbreak of rare brain-damaging virus Zeba Siddiqui 3 Min Read
MUMBAI (Reuters) - Officials in a third Indian state were checking on Friday if two people had been infected with the brain-damaging Nipah virus that has killed 12 in southern Kerala, although the government described the outbreak as minor. Relatives wearing masks attend the funeral a victim, who lost his battle against the brain-damaging Nipah virus, at a burial ground in Kozhikode, in the southern Indian state of Kerala, India, May 24, 2018. REUTERS/Stringer
Such outbreaks are a concern in a country where hundreds die from infectious diseases each year for lack of vigorous disease tracking systems. There is no vaccine for the virus, carried by fruit bats, and the only treatment is supportive care.
The virus has not spread beyond Kerala, the government said after investigation by health officials linked the initial deaths to a well colonized by bats whose water the victims had been using.
“The Nipah virus disease is not a major outbreak and is only a local occurrence,” the government said in a statement, adding that a team of experts continued to monitor the situation.
Blood samples from two men who showed the flu-like symptoms of the virus were sent for testing, said a health official in Telangana, a state neighboring Kerala.
“We just sent them as a precaution,” said K Shankar, medical superintendent of the Sir Ronald Ross Institute of Tropical and Communicable Diseases in Hyderabad.
Two suspect cases in Karnataka, another state bordering Kerala, proved negative, said a medical official there.
All the confirmed infections have involved people who caught the virus from the first victim while he was being treated, said microbiologist G. Arun Kumar.
“Hospital-acquired infections are a major path of human to human transmission,” added Kumar, who heads the Manipal Centre for Virus Research that is testing virus samples.
The virus, spread through contact with bodily fluids, has a mortality rate of about 70 percent.
A global coalition to fight epidemics this week struck a $25-million deal with two U.S. biotech groups to speed work on a vaccine.
A clutch of dead bats discovered on the roof of a school in the northern state of Himachal Pradesh triggered a brief scare, but there are no suspected human infections, said health official Sanjay Sharma.
The finding of dead bats was not an unusual event, said one state forest official.
“This is not unusual, but the department has sent bat samples for tests as a precautionary measure,” said the official, Ramesh Kang. Additional reporting by Subrat Patnaik in Mumbai; Editing by Clarence Fernandez | ashraq/financial-news-articles | https://www.reuters.com/article/us-india-virus-nipah/third-indian-state-checks-suspect-cases-in-outbreak-of-rare-brain-damaging-virus-idUSKCN1IQ0Z7 |
HELSINKI (Reuters) - Nokia ( NOKIA.HE ) said it plans to sell its small digital health business, including activity trackers and smartwatches, to a co-founder of the venture.
The Nokia logo is seen at the Mobile World Congress in Barcelona, Spain, February 28, 2018. REUTERS/Sergio Perez Digital health was one of the areas Nokia had been counting on for future growth opportunities amid a tough market for its mainstay telecom network equipment business. But the business failed to meet growth expectations, an internal memo showed in February after Nokia started a strategic review of it.
On Wednesday the Finnish company said it had entered into exclusive negotiations with Eric Carreel, co-founder and former chairman of the digital health business, Withings, a French company Nokia bought in 2016 as its first move into the market.
“The transaction is subject to terms agreed in the negotiations and completion of the information consultation with the Works Council of Nokia Technologies (France) S.A., with the deal expected to close in late Q2 2018,” Nokia said in a statement. It did not give an indication of the sale price.
Nokia paid 170 million euros ($204 million) for Withings but last year wrote down 141 million euros of goodwill on it.
Nokia’s total sales fell 3 percent last year to around 23 billion euros.
It shares were flat on Wednesday. They have fallen 7 percent in the past 12 months on weak global demand for network equipment. ($1 = 0.8334 euros)
Reporting by Jussi Rosendahl, editing by Terje Solsvik and Susan Fenton
| ashraq/financial-news-articles | https://www.reuters.com/article/us-nokia-health/nokia-says-close-to-a-deal-to-sell-its-digital-health-venture-idUSKBN1I312R |
Turkey may have made a long overdue move to raise interest rates in an attempt to rescue its plummeting national currency , but investors are still in doubt over the independence of its central bank ahead of national elections in June.
On Friday, aiming to allay market fears over its monetary policy and rising inflation , Turkish Deputy Prime Minister Mehmet Simsek announced that the country would not step back from a rules-based economy and that its central bank would "deliver additional reaction if needed," hinting at further rate hikes.
The central bank on Wednesday convened an extraordinary meeting to hike rates by 300 basis points to 16.5 percent, amid a currency rout and double-digit inflation. Analysts have called it the "bare minimum," however — and the biggest casualty of this damaged credibility may continue to be the Turkish lira.
Turkey's currency was in free-fall as the central bank, under pressure from President Recep Erdogan — who has called interest rates "the mother of all evil" — wouldn't lift rates to curb the country's ballooning inflation, which in April stood at 10.85 percent. UBS in a note Friday described the hike as having been delivered belatedly, "but should help in stabilizing the lira in the short term."
"Looks like Erdogan got the message — Simsek been told to go out and do whatever it takes to stabilize the market," said Timothy Ash, senior emerging markets sovereign strategist at Bluebay Asset Management. But asked if this changed his mind on the central bank's independence, he said, "Not really."
He described the last rate hike as being "for some, too little, too late," adding that "they never seem to learn... until it is too late."
show chapters Strategist: Dollar rebound triggered emerging market sell-off 4:38 AM ET Mon, 14 May 2018 | 03:15 Before the rate rise, the lira was at a record low of 4.929 to the dollar, down 20 percent against the greenback since the start of this year, according to Reuters. The bank's move pulled the lira back up by 2 percent on the day to 4.565, but it's slipped back down to 4.741 as of 12:38 a.m. Friday, Istanbul time (5:38 a.m. ET).
The central bank has been under pressure to keep rates down in favor of fueling its growth rate, which led the G20 at more than 7 percent in 2017. The president's interventionist tendencies have damaged the government's credibility when it comes to monetary policy and given investors little reason to believe in the independence of its central bank, even after Wednesday's rate hike.
'An urgent problem' "It's really an urgent problem about the central bank credibility and… the president steps in and casts further doubt on that," said James McCormack, global head of sovereigns rating at Fitch ratings. "We've had issues with the central bank and their policy credibility over the past couple of years."
Turkey also suffers from a widening current account deficit (CAD), which by March had hit $4.8 billion, a $1.7 billion increase on the previous year.
Erdogan said this week that Turkey would bring in "new and serious" measures to battle inflation and lower the CAD after the upcoming June election , which he mandated as an early vote instead of the original election date scheduled for November 2019.
The move was widely seen as a power grab and an attempt to secure reelection before the economy got any worse. If victorious, Erdogan will be able to eliminate the role of prime minister and heavily consolidate executive power.
Contradicting policy promises Observers, meanwhile, aren't entirely convinced by Erdogan's economic pledges.
"Some of the things the president has said, it's not quite clear how those are going to be delivered," McCormack said. "He's talked about lowering inflation, but doesn't want to hike interest rates; talked about bringing the current account deficit in, but also talking about fiscal expansion. Those two things go in opposite directions."
Turkey's high inflation has been a longstanding problem that's focused markets on its external financing needs, which McCormack says are around $200 billion a year — more than twice what its foreign reserves are.
It's thanks to Turkey's international financing needs that the lira's battering stands out among emerging market currencies, many of which are being squeezed on the back of a strengthening dollar and rising U.S. Treasury yields.
In the meantime, more action will be required from Turkey's policy leaders in order to convince markets that the central bank's rate turnaround wasn't just political show.
"Electoral necessity won the day, and I don't think Erdogan's underlying views on interest rates changed," Ash said of Wednesday's move. "It still leaves a bad taste over how economic policy will be made under the new executive presidency and Erdogan with a lack of real checks and balances." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/turkeys-leadership-scrambles-to-regain-investor-confidence-in-its-monetary-policy.html |
The Late Morning Rundown: May 1, 2018 18 Mins Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/the-late-morning-rundown-may-1-2018.html |
PARIS (Reuters) - Wine connoisseurs have the chance to buy a truly vintage tipple on Saturday when three bottles of “yellow wine” dating from 1774 go under the hammer in France.
Two bottles, of three vintage bottles of vin jaune "yellow wine" from 1774, are presented in a cellar in Arbois, France, May 22, 2018 before the three bottles are put up for auction in Lons le Saunier on May 26th. REUTERS/Jean-Pierre Amet The bottles of Arbois Vin Jaune, among the oldest wines in the world, are estimated at 15,000 euros - 20,000 euros ($17,000 -$23,000) each, according to auction house Jura Encheres, which will conduct the sale in the eastern town of Lons-le-Saunier.
Auctioneer Philippe Etievant said a group of experts in 1994 tasted a bottle of the 1774 wine and scored it 9.4 out of 10. In 2011, a similar bottle sold for 57,000 euros at auction.
The wine is still made in the Jura region.
Writing by Marie-Louise Gumuchian; editing by Andrew Roche
| ashraq/financial-news-articles | https://in.reuters.com/article/us-france-wine-auction/bottles-of-1774-wine-for-sale-at-french-auction-idINKCN1IQ2CD |
* Dollar Index at new 2018 high
* Turkish lira hits record low
* Fed minutes awaited (New throughout, updates rates, comments as of U.S. market open; changes dateline; previous LONDON)
By Saqib Iqbal Ahmed
NEW YORK, May 23 (Reuters) - The dollar rose to a six-month high against the euro on Wednesday as data indicating a slowdown in European business activity hurt the common currency, while broader risk aversion hurt the dollar against the Japanese yen.
The dollar index, which measures the greenback against a basket of six other currencies, was up 0.4 percent at 93.982, after rising as high as 94.116, its strongest since December 12. The euro slipped 0.62 percent against the greenback to $1.1705, its weakest since mid November.
Euro zone economic growth slowed much more sharply than expected this month, a business survey showed, boosting concerns that there will be no return to the bloc’s recent boom times.
“There are some concerns of economic growth sort of moderating,” said Peter Ng, senior FX trader at Silicon Valley Bank in Santa Clara, California.
The slowdown casts a shadow over the timing of the European Central Bank’s rate hike, he said.
“Although ending the quantitative easing program was expected for September, if these growth concerns continue, there is probability they could extend that to December,” said Ng.
The euro was also hurt by worries that an incoming coalition Italian government comprised of the two anti-establishment parties - the League and 5-Star - looks likely to implement big-spending policies that could add to the country’s large debt and lead to Rome clashing with the European Union.
Traders were also concerned about Turkey, with the country seemingly headed for a full-blown economic crisis as the Turkish lira plunged to record lows.
The dollar slipped 0.85 percent against the Japanese yen, on pace for its worst day since late March, a day after U.S. President Donald Trump tempered optimism over progress made in trade talks with China.
The yen tends to rise in times of market turbulence since Japan is the world’s largest creditor nation and traders tend to assume Japanese investors would repatriate funds at times of crisis.
Investors are looking to the release later on Wednesday of the minutes of the Federal Reserve’s most recent meeting, when it kept interest rates steady.
In its post-meeting statement issued in early May, the Fed also said inflation had “moved close” to its target and that “on a 12-month basis is expected to run near the Committee’s symmetric 2 percent objective over the medium term.”
“We want to see the voice behind this optimism and what was the thinking behind it,” said Ng.
Meanwhile, sterling fell to a 2018 low after weaker-than-expected UK inflation cast doubt on whether the Bank of England will raise interest rates this year.
The Canadian dollar weakened to a more than one-week low against its U.S. counterpart as stocks and oil prices slipped.
Reporting by Saqib Iqbal Ahmed; Editing by Dan Grebler
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-up-as-euro-zone-growth-worries-hobble-euro-idUSL5N1SU4CX |
(Reuters Health) - It’s hard to say whether creams, moisturizers or other preventive measures might help protect workers in many industries from skin damage on their hands that can lead to painful blisters, cracks and infections, a research review suggests.
The analysis focused on so-called occupational irritant hand dermatitis, which can affect employees who regularly come in contact with water, detergents, chemicals and other irritants or who wear gloves during their work day. People at risk include nurses, construction workers, hairdressers, farm workers, restaurant employees and individuals who work in dye, printing and metal industries.
Researchers examined data from nine previous studies with a total of 2,888 workers. The studies lasted anywhere from four weeks to three years; all of them examined the effectiveness of preventive measures like protective gloves, employee education, moisturizers and creams.
Moisturizers, and to a lesser extent barrier creams, were both associated with fewer people getting dermatitis but the quality of this evidence was low, the analysis found.
“We come into contact with lots of different chemicals and other factors every day that will either physically disrupt the natural barrier of the skin or deplete the natural moisturizing factors which then causes disruption to the skin barrier function,” said Dr. Saxon Smith, author of an editorial accompanying the study and a dermatologist at the University of Sydney in Australia.
“The body reacts to these changes and develops inflammation which presents as red, dry, scaley skin on the hands,” Smith said by email.
Topical moisturizers can help replenish moisture lost when the skin is exposed to harsh chemicals, detergents or other things that can damage skin, Smith said. Topical corticosteroids and other immunosuppressive drugs known as calcineurin inhibitors can help ease inflammation in the skin caused by certain types of work.
Gloves and barrier creams can help to diminish the impact and direct contact of the irritating chemicals on the skin, Smith added. But chemicals can sometimes penetrate gloves and barrier creams, and this may explain why the study found this approach less effective than moisturizers for preventing dermatitis - a result Smith said was surprising.
Four studies in the analysis that focused on barrier creams found 29 percent of people who used this method for preventing hand skin irritation developed this problem, compared with 33 percent of workers who didn’t use barrier creams.
Three studies focused on moisturizers found 13 percent of people who used this method for preventing skin issues developed these problems on their hands, compared with 19 percent who didn’t use moisturizers.
Two of the smaller studies in the analysis examined the combination of both barrier creams and moisturizers. Eight percent of people using both methods of prevention developed dermatitis on their hands, compared to 13 percent who didn’t.
It’s not clear based on the study results whether skin protection education is associated with a lower risk of skin irritation on the hands, the analysis found.
Only a few people in the studies reported side effects from moisturizers or barrier creams, and these were generally mild reactions like itching or reddening of the skin.
One limitation of the analysis is that the smaller studies used a variety of methods to assess the effectiveness of approaches to skin irritation and examined a number of different prevention options, Dr. Andrea Bauer of Technical University Dresden in Germany and colleagues write in the Cochrane Database of Systematic Reviews. Dr. Bauer didn’t respond to emails seeking comment.
Still, the results highlight a need for workers in a wide range of industries to educate themselves about the best ways to prevent skin problems that may be associated with their specific job, Smith said.
“If you work in a job that is known to have a high rate of irritant and allergic contact dermatitis, educate yourself about the best workplace practices and look after the care of your hands with soap-free wash, regular moisturizer, and minimal wet work with your hands where possible,” Smith advised.
SOURCE: bit.ly/2spk3vU Cochrane Database of Systematic Reviews, online April 30, 2018.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-skin-contact-dermatitis/for-job-related-skin-problems-best-prevention-unclear-idUSKCN1IU2TT |
May 3 (Reuters) - SUNRISE COMMUNICATIONS GROUP AG:
* SAYS REVENUE INCREASE OF +6.4% (INCL. IFRS 15: +6.3%) IN Q1, DRIVEN BY HARDWARE REVENUE
* Q1 TOTAL REVENUE INCREASED BY +6.4% (INCL. IFRS 15 +6.3%) YOY TO CHF 459M
* Q1 GROSS PROFIT ROSE BY +2.9% (INCL. IFRS 15 +2.4%) YOY TO CHF 295M
* 2018 GUIDANCE REITERATED * SUNRISE EXPECTS TO PROPOSE A DIVIDEND IN RANGE OF CHF 4.15-4.25 PER SHARE FOR FY’18
* Q1 ADJUSTED EBITDA FELL -3.5% (INCL. IFRS 15 -1.9%) TO CHF 138M
* Q1 NET INCOME SLIGHTLY IMPROVED TO CHF 17M Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-sunrise-communications-group-q1-ne/brief-sunrise-communications-group-q1-net-income-at-chf-17-mln-idUSFWN1S91FV |
May 2, 2018 / 8:36 PM / Updated 9 minutes ago Fitbit's current-quarter revenue forecast misses estimates Reuters Staff 2 Min Read
(Reuters) - Wearable device maker Fitbit Inc’s forecast for current-quarter revenue missed Wall Street estimates, hurt by a drop in sales of fitness trackers. FILE PHOTO: A visitor uses a Fitbit Ionic watch at the IFA Electronics Show in Berlin, Germany, September 1, 2017. REUTERS/Fabrizio Bensch/File Photo
Shares of the company fell 1.6 percent to $5.41 in after-market trading on Wednesday after the company said it expects a 19 percent drop in the second-quarter revenue.
The company said it sold 2.2 million devices in the quarter at an average selling price of $112 per device, below analysts’ estimate of 2.33 million devices, according to financial data analytics firm FactSet.
Fitbit said it expects revenue for the current quarter to be in a range of $275 million to $295 million, below analysts estimate of $309.9 million, according to Thomson Reuters I/B/E/S.
In April, Fitbit announced the worldwide launch of its latest smartwatch ‘Versa’ after Chief Executive Officer James Park promised to launch a more ‘mass appeal watch’ in 2018 compared with ‘Iconic’, the company’s first smartwatch that had failed to impress.
New devices introduced in the last 12 months represented 34 percent of device sales, but failed to offset the drop in sales of older fitness trackers.
The company’s net loss widened to $80.9 million, or 34 cents per share, in the first quarter ended March 31, from a loss of $60.1 million, or 27 cents per share, a year earlier.
On an adjusted basis, the company reported a loss of 17 cents, beating the average analyst estimate of a loss of 19 cents, according to Thomson Reuters I/B/E/S.
Fitbit’s revenue fell to $247.9 million from $298.9 million, beating analysts estimate of $247.3 million. Reporting by Munsif Vengattil and Shariq Khan in Bengaluru; Editing by Arun Koyyur | ashraq/financial-news-articles | https://www.reuters.com/article/us-fitbit-results/fitbits-current-quarter-revenue-forecast-misses-estimates-idUSKBN1I32V8 |
Eugenio Suarez hit his third career grand slam and Jesse Winker added a solo homer Thursday as the Cincinnati Reds hung on to top the visiting Pittsburgh Pirates 5-4.
Cincinnati’s Brandon Dixon was 3-for-4 with two singles and a double, his first three major league hits.
The Reds have won two straight and took the series after the teams split the first two games.
Pittsburgh has lost five of its past six games.
Reds starter Luis Castillo (4-4) gave up two runs and four hits in six innings, with five strikeouts and two walks. He is 3-1 in five May starts.
Reliever Jared Hughes got the final two outs for his second save.
Pittsburgh starter Ivan Nova (2-5) allowed five runs, four of them earned, and seven hits in 5 1/3 innings, with four strikeouts and two walks. He has not won since April 15, going 0-4 with three no-decisions in that span.
Nova had a rough third inning.
After giving up just eight walks in 56 1/3 innings entering the game, he walked his counterpart Castillo on five pitches to begin the third. Winker followed with a base hit, moving Castillo to second.
An out later, Nova loaded the bases with a throwing error — his third, the most among National League pitchers — on Scooter Gennett’s grounder. That set up Suarez, who hit a 2-2 hanging curveball into the stands in left for his eighth homer and a 4-0 Reds lead. Suarez is among the NL leaders with 38 RBIs.
Winker led off the fifth with his first homer of the season, to left-center, to make it 5-0.
In the sixth, Adam Frazier walked with one out for the Pirates, and David Freese followed with his fourth homer to cut the lead to 5-2.
In the ninth, Corey Dickerson opened with an infield hit for the Pirates. After Jose Osuna struck out, rookie Austin Meadows hit his third homer to close the gap to 5-4, chasing reliever Amir Garrett.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-cin-pit-recap/suarezs-slam-powers-reds-past-pirates-5-4-idUSMTZEE5O903K30 |
Italy is likely headed back to the polls: Strategist 1 Hour Ago Mitul Kotecha of TD Securities says Italy could be moving toward another round of elections "if we don't see something concrete in the next day or so." | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/italy-is-likely-headed-back-to-the-polls-strategist.html |
May 18, 2018 / 8:48 PM / Updated 4 minutes ago Boeing's foldable wingtip for new 777s gets approval Reuters Staff 1 Min Read
(Reuters) - Boeing Co ( BA.N ) on Friday won approval from the U.S. regulator Federal Aviation Administration for the company’s new foldable wingtips for its latest 777 jets. FILE PHOTO: A 777X banner is pictured above the 777 Wing Horizontal Build Line at Boeing's production facility in Everett, Washington, U.S. June 1, 2017. REUTERS/Jason Redmond/File Photo
The design, which will be incorporated in the world’s largest commercial planemaker’s Model 777-8 and 777-9 models, would allow the bigger wings to fit into the standard-sized airport parking space.
The feature will help reduce the wingspan to 212 feet from 235 feet when folded during ground operations.
Twin-engine, long-haul aircraft seating around 350 to 410 passengers is seen as the industry’s next big battle with both Boeing and rival Airbus ( AIR.PA ) competing for a potential market of several thousand. Reporting by Munsif Vengattil in Bengaluru; Editing by Sriraj Kalluvila | ashraq/financial-news-articles | https://www.reuters.com/article/us-boeing-faa/boeings-foldable-wingtip-for-new-777s-gets-approval-idUSKCN1IJ2PM |
NEW YORK--(BUSINESS WIRE)-- Mercer , a global consulting leader in advancing health, wealth and career, and a wholly owned subsidiary of Marsh & McLennan Companies (NYSE:MMC), recently launched their third global research report in a series of continuing M&A Readiness Research: Culture in M&A: Can You Afford to Get it Wrong? This report will help organizations better understand how managing culture in M&A drives economic value.
Business leaders are encouraged to take the survey before the June 15 th closing date. A complimentary copy of the research report will be available for all survey participants. Mercer will donate US$25 on behalf of each of the first 500 participants to one of two global charities: Doctors without Borders or ProLiteracy.
“As M&A transactions become increasingly complex, the findings of this survey will uncover data, tangible insights and practical direction that will be of value to both buyers and sellers as they consider their next transaction,” said Jeff Cox, Senior Partner and Mercer’s Global M&A Transaction Services Leader.
“Culture in M&A” joins “ People Risks in M&A Transactions ” and “ Flight Risk in M&A ” as the third in a series of M&A Readiness Research reports from Mercer’s M&A Transaction Services practice that analyze and recommend best practices in people-related deal issues. To learn more, please visit www.mercer.com/culture .
About Mercer
Mercer delivers advice and technology-driven solutions that help organizations meet the health, wealth and career needs of a changing workforce. Mercer’s more than 23,000 employees are based in 44 countries and the firm operates in over 130 countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With nearly 65,000 colleagues and annual revenue over $14 billion, through its market-leading companies including Marsh , Guy Carpenter and Oliver Wyman , Marsh & McLennan helps clients navigate an increasingly dynamic and complex environment. For more information, visit www.mercer.com . Follow Mercer on Twitter @Mercer .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005211/en/
Mercer
Micaela McPadden, +1-212-345-0806
[email protected]
Source: Mercer | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-mercer-launches-3rd-global-research-effort-how-managing-culture-drives-ma-success.html |
(New throughout, updates prices, market activity) * Canadian dollar at C$1.2975, or 77.07 U.S. cents * Loonie touches its weakest since May 8 at C$1.2988 * Oil prices fall 4 percent * Bond prices higher across a flatter yield curve By Fergal Smith TORONTO, May 25 (Reuters) - The Canadian dollar weakened to a more than two-week low against its U.S. counterpart on Friday, pressured by a nearly $3 drop in the price of oil and broader gains for the greenback. At 4 p.m. EDT (2000 GMT), the Canadian dollar was trading 0.7 percent lower at C$1.2975 to the greenback, or 77.07 U.S. cents, its biggest decline since April 20. The currency touched its weakest level since May 8 at C$1.2988. "Today's move mostly had to do with the pressure on oil," said Ronald Simpson, managing director, global currency analysis at Action Economics. The price of oil, one of Canada's major exports, tumbled after Saudi Arabia and Russia discussed easing supply curbs that have helped push crude prices to their highest since 2014. U.S. crude oil futures settled 4 percent lower at $67.88 a barrel, while the U.S. dollar climbed against a basket of major currencies as rising bond yields in Italy and brewing political instability in Spain weighed on the euro. Speculators have boosted bearish bets on the Canadian dollar, data from the U.S. Commodity Futures Trading Commission and Reuters calculations showed. As of May 22, net short positions had increased to 26,212 contracts from 23,656 a week earlier. For the week, the loonie fell 0.7 percent. On Thursday, it had been pressured by the potential imposition of U.S. auto tariffs, after the Trump administration launched a national security investigation into car and truck imports. Canada is a major exporter of autos to the United States so its economy could be hurt by U.S. auto tariffs. Uncertain trade policy, including renegotiation of the North American Free Trade Agreement, and indebted consumers will encourage the Bank of Canada to leave its policy interest rate on hold at 1.25 percent next week, a Reuters poll predicted. But Action Economics and some other forecasters expect the Bank of Canada, which has raised interest rates three times since last summer, to hike at the subsequent policy decision in July. That would help narrow the gap between Canadian and U.S. rates and boost the Canadian dollar, Simpson said. There is about a 40-percent chance of concluding the renegotiation of NAFTA before Mexico's presidential election on July 1, Mexican Economy Minister Ildefonso Guajardo said. Canadian government bond prices were higher across a flatter yield curve in sympathy with U.S. Treasuries, with the 10-year rising 56 Canadian cents to yield 2.348 percent. (Reporting by Fergal Smith; Editing by David Gregorio)
| ashraq/financial-news-articles | https://www.reuters.com/article/canada-forex/canada-fx-debt-c-has-biggest-slide-in-a-month-as-oil-prices-slump-idUSL2N1SW1YU |
May 18, 2018 / 10:18 AM / in 25 minutes SE Asia Stocks-Most markets close lower; US-China trade talks in focus Reuters Staff 4 Min Read * Philippines falls, industrials and financials top drag * Indonesia stocks reverse early gains to close lower * Thai shares close slightly higher on telecom stocks By Susan Mathew May 18 (Reuters) - Most Southeast Asian stock markets edged down on Friday amid caution over developments in U.S.-China trade negotiations, while Vietnam shares rose 1 percent after two straight sessions of sharp falls. China denied that it had offered a package to slash the U.S. trade deficit by up to $200 billion, hours after it dropped an anti-dumping probe into U.S. sorghum imports in a conciliatory gesture as top officials meet in Washington. Philippine shares closed 0.3 percent lower as industrials and financials tumbled. SM Investments dropped 2.6 percent, while Ayala Corp declined 1.2 percent. Foreign investors net sold 715.3 million shares on Friday. The Philippine key stock index shed a little more than 1 percent this week following a 2.7 percent gain last week. Indonesian shares rose in early trade before erasing the gains to close lower. The central bank raised the benchmark interest rate on Thursday to support the rupiah, but the currency fell to a more than 2-1/2-year low on Friday. Bank Indonesia's (BI) governor stressed that the central bank is ready to act again to "ensure stability". BI's next policy meeting is on June 27-28, about two weeks after a U.S. Federal Reserve meeting. Automotive company Astra International was the top drag, followed by Bank Negara. They declined nearly 3 percent each. Indonesian shares declined 3 percent this week, erasing last week's 2.8 percent gain. In Vietnam, consumer stocks were the top gainers. Vietnam Dairy Products rose 3.7 percent and Saigon Beer Alcohol Beverage Corp gained 4.5 percent. Thai stocks rose 0.2 percent with telecoms driving the gains. True Corp, Thailand's second largest mobile operator, climbed 5.9 percent after the company said it will not bid in an 1800-megahertz spectrum auction in August. Sector bellwether Advanced Info Service gained 1.9 percent, while Total Access Communications, the country's third-ranked mobile operator, rose 6.8 percent. For the week, Thai stocks declined 0.7 percent, in their second straight weekly drop. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Market Current Previous close Pct Move Singapore 3529.27 3536.76 -0.21 Bangkok 1754.17 1751.2 0.17 Manila 7672.28 7694.12 -0.28 Jakarta 5783.31 5815.92 -0.56 Kuala Lumpur 1854.5 1854.44 0.00 Ho Chi Minh 1040.54 1030.64 0.96 Change on year Market Current End 2017 Pct Move Singapore 3529.27 3402.92 3.71 Bangkok 1754.17 1753.71 0.03 Manila 7672.28 8558.42 -10.35 Jakarta 5783.31 6355.654 -9.01 Kuala Lumpur 1854.5 1796.81 3.21 Ho Chi Minh 1040.54 984.24 5.72 (Reporting by Susan Mathew in Bengaluru; Editing by Subhranshu Sahu) | ashraq/financial-news-articles | https://www.reuters.com/article/southeast-asia-stocks/se-asia-stocks-most-markets-close-lower-us-china-trade-talks-in-focus-idUSL3N1SP3J2 |
May 24, 2018 / 11:45 AM / Updated 2 hours ago Rattled by bombings, Indonesia set to pass tough anti-terror laws Tabita Diela 4 Min Read
JAKARTA (Reuters) - Indonesia’s parliament is expected to adopt tough anti-terrorism laws on Friday as it seeks to combat a surge in homegrown Islamist militancy days after the deadliest attacks since 2002 bombings on the tourist island of Bali. FILE PHOTO: A policeman stands guard outside a church, one of the three hit by suicide bombers in Surabaya, Indonesia May 13, 2018. REUTERS/Beawiharta/File Photo
Revising a 2003 law became a top priority for the world’s biggest Muslim-majority after suicide bombings claimed by Islamic State killed more than 30 people in the country’s second-biggest city of Surabaya this month.
The death toll was the highest since 2002 bomb attacks on nightclubs in Bali, when 202 people, most of them foreign tourists, were killed.
Indonesia subsequently scored some major successes tackling militancy.
But in recent years there has been a resurgence of militant violence and scores of Indonesians have gone to the Middle East to fight for Islamic State, with thousands more believed to be drawing inspiration from the group at home.
The revised law will allow police to preemptively detain suspects for longer and prosecute those who join or recruit for militant groups, according to a draft reviewed by Reuters.
Law enforcement agencies have complained that they lack the power to detain militants suspected of plotting attacks unless a threat is made or an attack actually carried out.
Under the revised law, anyone suspected of planning an attack can be held for up to 21 days, instead of a week, for an initial investigation.
Suspects can then be detained for a formal investigation for up to 120 days without trial and up to 200 days with court approval, compared with 180 days now.
Suspects will also be open to prosecution for joining a “terrorist” organisation, disseminating their teachings, or taking part in military-style training. FILE PHOTO: Indonesia President Joko Widodo (R) visits a church following an attack, in Surabaya, Indonesia May 13, 2018. REUTERS/Beawiharta/File Photo
Those convicted of smuggling explosives or other chemicals and weapons into or out of the country for “terrorism” will face jail of up to 20 years. MILITARY INVOLVEMENT
The revised bill was proposed by President Joko Widodo’s government in early 2016, after a gun and suicide-bomb attack in Jakarta, which at the time was the first Islamic State-linked attack in Southeast Asia.
But the bill languished in parliament amid concern over intrusions on human rights and after some parties objected to clauses that could mean greater military involvement in internal security.
The new bill is expected to retain a clause stipulating the military can get involved in anti-terrorism operations only on a request by police and with the approval of the president.
Separately, Widodo’s government has also proposed setting up a special military task force to boost the efforts of the elite counter-terrorism police squad, Detachment, or “Densus”, 88.
Widodo has pledged to use his executive powers to override parliament if it failed to pass the bill by the end of June.
The attacks this month, in which two families, including children as young as eight, carried out suicide attacks on churches and a police station in Surabaya, have added a sense of urgency to the legislation.
Even so, the laws will still not be as tough as some other countries in the region.
Malaysia in 2015 reintroduced a law under which suspects can be detained without trial for up to two years with two-year extensions thereafter. Additional reporting by Agustinus Beo Da Costa and Gayatri Suroyo; Writing by Kanupriya Kapoor; Editing by Ed Davies and Robert Birsel | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-indonesia-security-bill/rattled-by-bombings-indonesia-set-to-pass-tough-anti-terror-laws-idUKKCN1IP1RG |
May 2 (Reuters) - Western Forest Products Inc:
* Q1 EARNINGS PER SHARE C$0.05 * Q1 EARNINGS PER SHARE VIEW C$0.06 — THOMSON REUTERS I/B/E/S
* BOARD HAS APPROVED A 12.5% INCREASE IN COMPANY’S QUARTERLY DIVIDEND TO $0.0225 PER COMMON SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-western-forest-products-reports-q1/brief-western-forest-products-reports-q1-eps-c0-05-idUSASC09ZAX |
Nvidia: Best-in-show stock a buy 14 Hours Ago 01:11 01:11 | 18 Hrs Ago 04:57 04:57 | 18 Hrs Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/nvidia-best-in-show-stock-a-buy.html |
BEIJING (Reuters) - Anbang Insurance Group Co’s [ANBANG.UL] Century Securities was put up for sale on Tuesday with a price tag of at least $560 million - the first of planned asset sales under the watch of the state takeover group that has seized control of the troubled firm.
FILE PHOTO: The headquarters building of Anbang Insurance Group is pictured in Beijing, China, August 25, 2016. REUTERS/Jason Lee/File Photo The government took control of Anbang in February, accusing the group’s former chairman of economic crimes - part of a sweeping campaign to reduce financial risk and discourage what it sees as profligate investing by large private conglomerates.
The state takeover group will control Anbang for at least one year and plans to overhaul its equity structure and seek fresh capital from strategic investors in the private sector. It plans a number of asset disposals though it has not clarified how many or which assets they will be.
Anbang’s 91.65 percent stake in the brokerage has been put up for sale for at least 3.56 billion yuan ($558.5 million), the state takeover group said in filings to China Beijing Equity Exchange.
The exchange will conduct an auction if there is more than one bidder.
Preferred investors for the equity transaction should have sufficient capital strength and strong corporate governance, a filing said.
The sale comes two weeks after Wu Xiaohui, the former chairman of Anbang, was found guilty of fraud and embezzlement and sentenced to 18 years in prison in a high-profile trial.
Anbang, once among China’s most aggressive overseas dealmakers and famed for buying New York’s Waldorf Astoria hotel, bought the stake in Century Securities from a group of investors led by Beijing Tourism Group in 2013.
Reporting By Shu Zhang and Ryan Woo
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-anbang-group-divestiture/anbangs-century-securities-put-up-for-sale-at-least-560-million-sought-idUSKCN1IN0EP |
May 23, 2018 / 4:03 PM / Updated 24 minutes ago U.S. veteran pleads guilty to airport killings to avoid death penalty Zachary Fagenson 2 Min Read
MIAMI (Reuters) - A U.S. veteran of the war in Iraq on Wednesday pleaded guilty to fatally shooting five people to death at Fort Lauderdale International Airport in January 2017, in a deal approved by a federal judge that spared him the death penalty. FILE PHOTO: Esteban Santiago is taken from the Broward County main jail as he is transported to the federal courthouse in Fort Lauderdale, Florida, U.S. on January 9, 2017. Courtesy Amy Beth Bennett/South Florida Sun Sentinel via REUTERS/File Photo
Esteban Santiago, 28, agreed in U.S. District Court in Miami to a plea deal that calls for him to serve five consecutive life sentences followed by 120 years in prison without a right to appeal. He is due to be sentenced on Aug. 17.
Santiago flew from his home in Anchorage, Alaska, to Fort Lauderdale, retrieved a Walther 9mm pistol and two clips of ammunition that he had checked on the flight and opened fire near a baggage carousel.
Six people were wounded in addition to the five he killed, according to court papers.
After running out of bullets, he placed his weapon on the ground and surrendered to police. At the end of Wednesday’s court hearing, U.S. District Judge Beth Bloom asked Santiago why he committed the violent act.
“I don’t know. I wasn’t thinking about it at the time,” said Santiago, shackled in a beige jumpsuit. “There were a lot of things going on in my mind, messages.”
Santiago, who served in the Puerto Rico and Alaska National Guard, was deployed to Iraq from 2010 to 2011.
Prosecutors said Santiago told law enforcement agents he chose Florida to carry out an attack. Shortly after his arrest, Santiago told federal officials he participated in online jihadi chatrooms, but federal investigators said there was no evidence of that, the Miami Herald reported.
A psychologist who would meet with Santiago periodically was present at Wednesday’s hearing and told the judge that he was diagnosed with schizophrenia.
Though he had been taking psychiatric medicine, a federal judge in March 2017 said Santiago was mentally fit to stand trial. While in custody Santiago had refused for a short time to take his medicine. Reporting by Zachary Fagenson in Miami; writing by Gina Cherelus; editing by Scott Malone and G Crosse | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-florida-shooting/u-s-iraq-war-veteran-pleads-guilty-to-deadly-florida-airport-shooting-idUKKCN1IO2I7 |
RICHMOND, Va.--(BUSINESS WIRE)-- Performance Food Group Company (“PFG”) (NYSE: PFGC) today announced that it has appointed Randall N. Spratt as an independent director to serve on its Board of Directors effective immediately.
Mr. Spratt served as Executive Vice President, Chief Information Officer (CIO) and Chief Technology Officer (CTO) for McKesson Corporation, a global pharmaceutical distribution services company, from 2005-2015. Mr. Spratt was a member of McKesson’s executive committee. As CIO, Mr. Spratt was responsible for all internal technology initiatives and operations.
“Randy has an extensive background in information technology and will bring that expertise to our Board of Directors,” said Douglas M. Steenland, PFG’s Chairman of the Board. “We look forward to Randy joining our board and believe that he will provide valuable insight as we execute our business strategy and drive long-term value for shareholders.”
Mr. Spratt also serves on the Board of Directors of Imperva, Inc. (NYSE: IMPV) and of Interactive Health Holdings Corporation.
Mr. Spratt holds a bachelor’s degree in biology with a minor in computer science from the University of Utah.
About Performance Food Group Company
Through its family of leading foodservice distributors – Performance Foodservice, Vistar and PFG Customized – Performance Food Group Company (PFG) markets and distributes more than 150,000 food and food-related products from 76 distribution centers to over 150,000 customer locations across the United States. PFG’s 15,000+ associates serve a diverse mix of customers, from independent and chain restaurants to schools, business and industry locations, hospitals, vending distributors, office coffee service distributors, big box retailers, and theaters. The Company sources its products from more than 5,000 suppliers and serves as an important partner to its suppliers by providing them access to the Company's broad customer base. For more information, visit www.pfgc.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516006300/en/
Performance Food Group Company
Investor Contact:
Michael Neese
Vice President, Investor Relations
804-287-8126
[email protected]
or
Media Contact:
Joe Vagi
Manager, Corporate Communications
804-839-4995
[email protected]
Source: Performance Food Group Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-performance-food-group-company-appoints-randy-spratt-to-board-of-directors.html |
May 1 (Reuters) - Serko Ltd:
* APPLIED TO AUSTRALIAN STOCK EXCHANGE (ASX) TO LIST AS AN ASX FOREIGN EXEMPT LISTING
* INTENDS TO RETAIN ITS PRIMARY LISTING ON NEW ZEALAND STOCK EXCHANGE
* ASSUMING ASX ACCEPTS APPLICATION, SERKO INTENDS TO LIST IN JUNE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-serko-ltd-applies-for-asx-listing/brief-serko-ltd-applies-for-asx-listing-as-foreign-exempt-listing-idUSFWN1S71CF |
April 30 (Reuters) - KARSU TEKSTIL:
* Q1 REVENUE OF 56.9 MILLION LIRA VERSUS 52.7 MILLION LIRA YEAR AGO
* Q1 NET LOSS OF 2.0 MILLION LIRA VERSUS LOSS OF 1.7 MILLION LIRA YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-karsu-tekstil-q1-net-loss-widens-t/brief-karsu-tekstil-q1-net-loss-widens-to-2-0-million-lira-idUSFWN1S711X |
May 6, 2018 / 12:00 PM / Updated 13 minutes ago Apple and Buffett saw value, and acted Noel Randewich 4 Min Read
SAN FRANCISCO, May 6 (Reuters) - Apple Inc was not the only one to leap on a chance to buy its stock at a fat discount last quarter as Warren Buffett stepped in to scoop up an additional 75 million shares for Berkshire Hathaway at the same time.
Between them - the two biggest players in the iPhone maker’s shares - they bought nearly one of every 10 Apple shares traded during the quarter, according to Thomson Reuters calculations.
But the discount window did not stay open long, with Apple’s stock back at a record high above $183 on Friday after trading in the mid-$150s for part of the first quarter.
The recovery in the share prices makes it less opportune for Apple’s corporate treasury to execute purchases as it proceeds with an additional $100 billion of buybacks in an effort to further winnow down its mountain of cash.
Apple bought more than $23 billion of its own shares in the first three months of the year at an average price of $171.48, the company said this week. A Buffett representative on Friday confirmed Berkshire Hathaway increased its stake in Apple by 75 million shares, for which the company looks to have paid between $12 billion and $13 billion, based on the stock’s trading range during the period.
Funds from the repatriation of Apple’s $252 billion overseas cash hoard arrived at an convenient time for traders working on behalf of Apple. The Cupertino, California, company’s massive share purchase in the March quarter coincided with a 10 percent slump in the S&P 500 between Jan 26 and Feb 8.
That drop raised fears across Wall Street that a nine-year bull market was ending and made it easier for big players amassing shares in a company to find willing sellers.
Apple shares fell even more than the broader market, tumbling over 13 percent from their record high close. But while the S&P 500 has remained in correction territory, Apple shares quickly recovered, and it seems the company and Berkshire were there to help.
Buffett, a billionaire bargain hunter, increased his company’s stake to 240.3 million shares worth $42.5 billion during first quarter.
At its low in February, the stock was available for as little as $150, an 18 percent discount to its current price.
On more than a third of the trading days during the March quarter, Apple’s stock traded below its volume weighted average price, or VWAP, for the prior 60 days.
On Feb 8, when it closed at $155.15, the low for the quarter, it was at a nearly 10 percent discount from its 60-day average VWAP. The stock had not been available at such a large discount to its prevailing average since May 2016, which happens to be when Buffett bought his first-ever shares of Apple.
At its close of $183.83 on Friday, however, Apple now stands at a premium of nearly 7 percent to its 60-day VWAP of $172.11.
Prior to last quarter, Apple’s largest-ever quarterly repurchase occurred in early 2014, a year after it initiated its first $210 billion buyback program. The stock traded at a discount to its 60-day VWAP through much of the quarter, and Apple spent $18 billion to buy up its own shares, according to filings. (Reporting by Noel Randewich Editing by Dan Burns and Cynthia Osterman) | ashraq/financial-news-articles | https://www.reuters.com/article/apple-stock/apple-and-buffett-saw-value-and-acted-idUSL1N1SB1GK |
May 30, 2018 / 5:07 PM / Updated 22 minutes ago Tennis: Dimitrov survives Donaldson dogfight to reach third round Martyn Herman 2 Min Read
PARIS (Reuters) - Claycourt tennis has never come easy for silky Bulgarian Grigor Dimitrov and his struggle to master the dirt was evident again in a four-hour dogfight with Jared Donaldson in the French Open second round on Wednesday. Tennis - French Open - Roland Garros, Paris, France - May 30, 2018 Bulgaria's Grigor Dimitrov celebrates winning his second round match against Jared Donaldson of the U.S. REUTERS/Charles Platiau
Try as he could on a sun-baked Court 18, fourth seed Dimitrov could never tame the 57th-ranked American youngster but he eventually prevailed 6-7(2) 6-4 4-6 6-4 10-8 to collect the 50th Grand Slam win of his career.
Twice he needed to serve to stay in the match in the deciding set before breaking a cramping Donaldson to love in the 15th game, only to drop serve immediately.
Dimitrov broke again, though, at 9-9 and at the second time of asking he brought up match point with his 17th ace and sealed victory with a hefty first serve. Slideshow (7 Images)
It is only the third time the 27-year-old has reached the third round at Roland Garros in eight attempts and he has never gone further — a surprisingly poor record for a player blessed with such a wide range of weapons.
Things will not get any easier if Dimitrov is to break new ground with Spaniard Fernando Verdasco next up.
Donaldson did little wrong and was 0-30 when Dimitrov served at 5-6 in the decider, only for the Bulgarian to unleash a succession of winners to stay alive.
The 21-year-old served an underarm second serve to hold serve in the next game as he was clearly struggling physically but Dimitrov eventually scrambled over the line. Reporting by Martyn Herman, editing by Ed Osmond | ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-dimitrov/tennis-dimitrov-survives-donaldson-dogfight-to-reach-third-round-idUSKCN1IV2BF |
May 11, 2018 / 12:00 PM / in 7 hours NBA notebook: Aldridge talks trade, Hornets officially hire Borrego Reuters Staff 5 Min Read
When things were going badly between LaMarcus Aldridge and the Spurs during the 2016-17 season, the star forward had told coach Gregg Popovich he wanted to be traded. Apr 19, 2018; San Antonio, TX, USA; Golden State Warriors power forward Draymond Green (behind) blocks a shot attempt by San Antonio Spurs power forward LaMarcus Aldridge (12) in game three of the first round of the 2018 NBA Playoffs at AT&T Center. Mandatory Credit: Soobum Im-USA TODAY Sports
His desire to change teams was so strong that he asked former teammate Damian Lillard if he could talk to Trail Blazers general manager Neil Olshey about bringing him back to Portland, according to a report from Bleacher Report published Thursday.
Aldridge was said to have left the Blazers on bad terms when he signed with the Spurs in 2015, though he has remarked in recent interviews that his relationship with Lillard has improved. Aldridge is coming off his best season with the Spurs, in which he averaged 23.1 points and 8.5 rebounds, after meeting with Popovich several times last summer to iron out their differences.
— The Charlotte Hornets hired longtime San Antonio Spurs assistant James Borrego as head coach on Thursday.
The sides agreed to a three-year deal with a team option in the fourth year, according to multiple reports.
Borrego, 40, spent the past three seasons as an assistant coach for the San Antonio Spurs and had a previous stint (2003-10) in the same role under Gregg Popovich. Borrego becomes the 11th head coach in franchise history and is the first Latino coach in league history.
“We are thrilled to have James join our franchise,” Hornets president of basketball operations Mitch Kupchak said in a statement. “He brings a wealth of experience and a strong track record of player development from his time as a coach in San Antonio, New Orleans and Orlando. ... James is considered one of the NBA’s most well-regarded assistant coaches and it’s great to have him as part of our team.” Jan 24, 2018; Dallas, TX, USA; Dallas Mavericks forward Dirk Nowitzki (41) shoots against Houston Rockets guard Chris Paul (3) and center Clint Capela (15) in the first quarter at American Airlines Center. Mandatory Credit: Matthew Emmons-USA TODAY Sports
—Neither team with homecourt advantage in the NBA conference finals is in the favorite’s position to reach the NBA Finals.
At least that’s the view of the Westgate SuperBook in Las Vegas. The entity has the Golden State Warriors and Cleveland Cavaliers on a collision course to meet in the finals for the fourth straight season. The second-seeded Warriors opened as -185 favorites to beat the top-seeded Houston Rockets in the Western Conference finals, while the fourth-seeded Cavaliers were installed as hefty -275 favorites against the top-seeded Boston Celtics in the Eastern Conference finals. S
Houston won two of three regular-season meetings with Golden State and is a slight favorite to win Monday’s Game 1. Cleveland took two of three from Boston, but Sunday’s opener is rated as even per the Westgate betting line.
—Dallas Mavericks forward Dirk Nowitzki shed the walking boot on his left ankle and said he isn’t ready to declare that the 2018-19 NBA season will be the last of his career. Dec 17, 2016; Oklahoma City, OK, USA; Phoenix Suns guard Eric Bledsoe (2) runs into Oklahoma City Thunder forward Nick Collison (4) during the second quarter at the Chesapeake Energy Arena. Mandatory Credit: Jerome Miron-USA TODAY Sports
Nowitzki, who turns 40 next month, missed the final four games of the regular season after undergoing a surgical debridement of the ankle in early March. He said he is progressing on schedule and is not rushing his rehab, which could take much of the summer.
The 20-year-veteran also said he is planning on suiting up next season while not ruling out playing beyond that, depending on how he feels on a year-to-year basis. If Nowitzki does keep playing, he will become the first person to suit up in more than 20 NBA seasons with the same team, breaking the record he currently shares with Kobe Bryant.
—Oklahoma City Thunder forward Nick Collison announced his retirement after 15 seasons in the NBA.
“My goal was always to make a career out of basketball, and I was blessed to be in the NBA for 15 seasons,” Collison said in a team release. “As my time as a basketball player comes to an end, I’m so grateful for my family, friends, teammates, coaches, fans, my hometown, Kansas University, the Thunder organization and everyone else who has helped me along the way. From the bottom of my heart, thank you. It has been an incredible journey that I’m proud of, and it would not have been possible to do it on my own.”
Collison, 37, spent his entire career as a member of the Thunder organization after he was selected 12th overall out of Kansas in the 2003 draft by the then-Seattle Supersonics. His decorated career with the Jayhawks included being named national college player of year in 2003.
—Sacramento Kings center Kosta Koufos will exercise his $8.7 million player option for the 2018-19 season, according to a report from ESPN.
Koufos joined the Kings on a four-year, $33 million deal in 2015. The 29-year-old averaged 6.7 points and 6.6 rebounds in 71 games (12 starts) last season.
Koufos has career averages of 5.8 points and 5.1 rebounds in 10 NBA seasons played with the Kings, Memphis Grizzlies (2013-15), Denver Nuggets (2011-13), Minnesota Timberwolves (2010-11) and Utah Jazz (2008-09). He was the No. 23 pick in the 2008 draft by the Jazz.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-baskbetball-nba/nba-notebook-aldridge-talks-trade-hornets-officially-hire-borrego-idUSKBN1IC1BR |
May 8 (Reuters) - MDU Resources Group Inc:
* MDU RESOURCES ANNOUNCES DIRECTOR HOLADAY’S RETIREMENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mdu-resources-announces-director-h/brief-mdu-resources-announces-director-holadays-retirement-idUSASC0A0SE |
NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) -- BeyondSpring Inc. (NASDAQ:BYSI) (“BeyondSpring”), a global, clinical-stage biopharmaceutical company focused on the development and commercialization of innovative cancer therapies, today announced that it has raised aggregate gross proceeds of $20 million through a registered direct offering of its ordinary shares to certain strategic investors (the “Investors”).
On May 29, 2018, BeyondSpring entered into a series of securities purchase agreements (collectively, the “Purchase Agreements”) with the Investors pursuant to which the Company agreed to issue and sell, in a registered offering by the Company, an aggregate of 739,095 shares of the Company’s ordinary shares, par value $0.0001 per share (the “Shares”), at a purchase price of $27.06 per share, for aggregate gross proceeds of $20 million, before deducting offering expenses. The closing price of BeyondSpring’s ordinary shares on May 25, 2018, as reported on NASDAQ was $26.90.
Investors participating in this registered direct offering included New China Asset Management (Hong Kong) Limited; Everbright Sun Hung Kai Co., Ltd.; CSOP Asset Management Limited, one of the largest Renminbi Qualified Foreign Institutional Investor (RQFII) asset managers globally; and Tianyi HongKong Development Ltd., an investment firm which owns a leading pharmacy retail chain in China.
Under the terms of the Purchase Agreements, the Shares were offered pursuant to a registration statement on Form F-3 (File No. 333-224437), which was filed with the United States Securities and Exchange Commission on April 25, 2018, and was declared effective on May 3, 2018.
The Investors agreed to a lock-up period for sixty (60) days from the date of closing, during which time the Investors agreed not to sell the Shares, enter into any derivative transactions with respect to the Shares or publicly disclose the intention to do any of the foregoing, in each case without the Company’s prior written consent, subject to certain exceptions.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About BeyondSpring
BeyondSpring is a global, clinical-stage biopharmaceutical company developing innovative immuno-oncology cancer therapies with a robust pipeline from internal development and from collaboration with University of Washington in de novo drug discovery using ubiquitination platform. BeyondSpring’s lead asset, Plinabulin, is in a Phase 3 global clinical trial as a direct anticancer agent in the treatment of non-small cell lung cancer (NSCLC) and two Phase 2/3 clinical programs in the prevention of chemotherapy-induced neutropenia (CIN). BeyondSpring has a seasoned management team with many years of experience bringing drugs to the global market.
About Plinabulin
Plinabulin, a marine-derived small-molecule, is BeyondSpring’s lead asset and is currently in late-stage clinical development for the prevention of CIN and as an anticancer therapy in NSCLC. Studies of Plinabulin's mechanism of action indicate that Plinabulin activates GEF-H1, a guanine nucleotide exchange factor. GEF-H1 activates downstream transduction pathways leading to the activation of the protein c-Jun. Activated c-Jun enters the nucleus of dendritic cells to up-regulate immune-related genes, which contributes to the up-regulation of a series of genes leading to dendritic cell maturation, T-cell activation and other effects that prevent neutropenia by reducing the neutrophil breakdown.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements that are not historical facts. Words such as "will," "expect," "anticipate," "plan," "believe," "design," "may," "future," "estimate," "predict," "objective," "goal," or variations thereof and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are based on BeyondSpring's current knowledge and its present beliefs and expectations regarding possible future events and are subject to risks, uncertainties and assumptions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors including, but not limited to, the anticipated amount needed to finance the company's future operations, unexpected results of clinical trials, delays or denial in regulatory approval process, our expectations regarding the potential safety, efficacy or clinical utility of our product candidates, or additional competition in the market and other risk factors referred to in BeyondSpring’s current Form 20-F on file with the U.S. Securities and Exchange Commission. The forward-looking statements made herein speak only as of the date of this release and BeyondSpring undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law.
Media Relations:
Caitlin Kasunich / Amy Singh
KCSA Strategic Communications
212.896.1241 / 212.896.1207
[email protected] / [email protected]
Investor Relations:
Laura Perry / Joe Rayne
Argot Partners
212.600.1902
[email protected]
Source:BeyondSpring, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-beyondspring-announces-20-million-registered-direct-offering.html |
May 7 (Reuters) - Shandong Longlive Bio-Technology Co Ltd :
* SAYS CREDITOR APPLIES TO LOCAL COURT FOR COMPANY RESTRUCTURING AS COMPANY FAILED TO REPAY DEBTS ON TIME Source text in Chinese: bit.ly/2HTzjf3 (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-shandong-longlive-bio-technology-s/brief-shandong-longlive-bio-technology-says-creditor-applies-to-local-court-for-companyrestructuring-idUSH9N1S902C |
CARACAS (Reuters) - The latest round of sanctions imposed by the United States on Venezuela will have a “more serious” effect on the South American country’s financial system, Trade Minister Jose Vielma told Reuters in an interview on Tuesday.
It was not immediately clear what Vielma was comparing the impact of the sanctions to.
Vielma said the OPEC member would continue to ship fuel and oil to the United States despite increasingly hostile bilateral relations between the ideological foes.
Reporting by Deisy Buitrago; Writing by Luc Cohen; Editing by Chris Reese
| ashraq/financial-news-articles | https://www.reuters.com/article/us-venezuela-election-sanctions/latest-u-s-sanctions-to-have-more-serious-impact-venezuela-minister-idUSKCN1IN2SB |
DERBY, England (Reuters) - The chief executive of Britain’s Rolls-Royce ( RR.L ) said he hoped to “soon” be able to provide an update on the outcome of a strategic review of the company’s commercial marine business.
FILE PHOTO: A Rolls-Royce logo is pictured on the company booth during the European Business Aviation Convention & Exhibition (EBACE) at Cointrin airport in Geneva, Switzerland, May 24, 2016. REUTERS/Denis Balibouse/File Photo The company said in January that it could sell the loss-making commercial marine unit, a part of its business which designs and makes equipment used in oil and gas extraction.
Asked about Rolls-Royce’s problematic Trent 1000 engines which power the Boeing ( BA.N ) Dreamliner 787, CEO Warren East told shareholders at an annual meeting that he expected the current grounded aircraft situation to be over much sooner than 2022.
Some engines are requiring extra inspections due to parts not lasting as long as expected meaning that airlines are having to ground approximately 30 Trent 1000-powered aircrafts at any one time.
“Based on where we are at the moment, we would expect to remove the aircraft on the ground situation much, much faster than 2022,” East said.
Rolls has said that the problems will be fully resolved by 2022.
Reporting by Sarah Young; editing by Kate Holton
| ashraq/financial-news-articles | https://www.reuters.com/article/us-rolls-royce-hldg-outlook/rolls-royce-ceo-says-will-soon-provide-update-on-commercial-marine-unit-review-idUSKBN1I418F |
May 26, 2018 / 5:45 AM / Updated an hour ago ICC investigating another corruption scandal Reuters Staff 3 Min Read
(Reuters) - The International Cricket Council has launched an investigation into corruption allegations in the sport made in a documentary to be aired by news organisation Al Jazeera on Sunday.
The documentary allegedly uncovers a groundsman agreeing to doctor pitches for test matches involving some of the world’s top teams.
“The ICC is aware of an investigation into corruption in cricket by a news organisation and as you would expect we will take the contents of the programme and any allegations it may make very seriously,” the governing body said in a statement on its website.
“We have already launched an investigation working with anti-corruption colleagues from Member countries based on the limited information we have received.
“We have made repeated requests that all evidence and supporting materials relating to corruption in cricket is released immediately to enable us to undertake a full and comprehensive investigation.”
The Australian newspaper reported on Saturday the documentary will allege spot-fixers bribed the groundsman at Galle to doctor the pitch used for the 2016 second test between hosts Sri Lanka and Australia.
The touring side were bowled out for 106 and 183 in the match and lost by 229 runs in less than three days.
Last year’s test between Sri Lanka and India at Galle was also under suspicion, while match-fixers have also targeted England’s test at the same venue in November, according to The Australian.
Sri Lanka Cricket later said in a statement that it would fully cooperate with the world governing body as they probe the allegations and that their CEO Ashley De Silva was in contact with ICC’s anti-corruption unit and CEO David Richardson.
“Sri Lanka Cricket wishes to state that it has zero tolerance towards corruption and will take immediate action against any person involved in the alleged incident, if found guilty,” the statement added.
Match-fixing has become a major concern for the sport in recent years with a high-profile incident involving Pakistan on a previous tour to England forming one of cricket’s low points.
Pakistani trio Salman Butt, Mohammad Asif and Mohammad Amir, who is back playing for the national team, were part of a gambling-inspired plot to bowl no-balls at pre-arranged times during a test match against England at Lord’s in August 2010.
All three players served time in prison and were handed multi-year bans from the game after an ICC tribunal found them guilty of spot-fixing. Reporting by Sudipto Ganguly in Mumbai; editing by Greg Stutchbury and Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-sri-lanka-corruption/icc-investigating-another-corruption-scandal-idUKKCN1IR068 |
May 22, 2018 / 3:31 PM / Updated an hour ago Swedish DJ Avicii to have private funeral: publicist Reuters Staff 2 Min Read
STOCKHOLM (Reuters) - Swedish DJ and music producer Avicii, who was found dead last month in Oman at the age of 28, will be given a private funeral, his publicist said on Tuesday. FILE PHOTO: Avicii accepts the favorite electronic dance music artist award at the 41st American Music Awards in Los Angeles, California November 24, 2013. REUTERS/Lucy Nicholson/File Photo
Avicii, whose real name was Tim Bergling, was one of the biggest stars in electronic dance music.
“The Bergling family has now confirmed that the funeral will be private, in the presence of the people who were closest to Tim,” his Swedish publicist Ebba Lindqvist said in a statement, without providing any more details. FILE PHOTO: DJ Avicii performs during a concert at Brooklyn's Barclay's Center in New York June 28, 2014. REUTERS/Eduardo Munoz/File Photo
No cause of death has been released, but in a statement last month Bergling’s family appeared to suggest he took his own life, saying that he struggled with his thoughts and “could not go on any longer”.
Avicii, known for international hits such as “Wake Me Up” and “Hey Brother”, announced in 2016 that he was retiring from touring for health reasons, but he kept making music and was nominated for a Billboard music award in April.
News of his death shocked fans, particularly in Europe where he had for years been a popular headline act at festivals and dance clubs before retiring. Reporting by Johan Ahlander; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/us-people-avicii/swedish-dj-avicii-to-have-private-funeral-publicist-idUKKCN1IN24T |
May 14 (Reuters) - Cambium Learning Group Inc:
* CAMBIUM LEARNING GROUP REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* CAMBIUM LEARNING GROUP INC Q1 REVENUE ROSE 2 PCT TO $36.6 MLN
* CAMBIUM LEARNING GROUP INC SAYS REAFFIRMING FULL-YEAR OUTLOOK
* CAMBIUM LEARNING GROUP INC SAYS ANNOUNCES REVIEW OF STRATEGIC ALTERNATIVES TO MAXIMIZE SHAREHOLDER VALUE
* CAMBIUM LEARNING GROUP INC SAYS ENTERS INTO DEFINITIVE AGREEMENT TO ACQUIRE VKIDZ
* CAMBIUM LEARNING GROUP INC SAYS CAPITAL EXPENDITURES IN 2018 ARE EXPECTED TO BE ROUGHLY CONSISTENT WITH 2017
* CAMBIUM LEARNING GROUP INC SAYS STRATEGIC ALTERNATIVES COULD INCLUDE SALE OF COMPANY OR SALE OF DIVISION OR DIVISIONS THEREOF
* CAMBIUM LEARNING GROUP - HAS ENGAGED MACQUARIE CAPITAL AS FINANCIAL ADVISOR AND LOWENSTEIN SANDLER LLP AS LEGAL ADVISOR TO ASSIST IN STRATEGIC REVIEW
* CAMBIUM LEARNING SAYS VKIDZ’S PURCHASE PRICE WILL INCLUDE ISSUANCE OF 6.7 MILLION CAMBIUM LEARNING COMMON SHARES, PLUS PAYMENT OF OUTSTANDING DEBT OF VKIDZ
* CAMBIUM LEARNING GROUP INC QUARTERLY SHR $0.05 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cambium-learning-group-initiates-r/brief-cambium-learning-group-initiates-review-of-strategic-alternatives-including-sale-of-co-idUSASC0A1VG |
Tesla CEO Elon Musk has always been peculiar, but his behavior during the electric carmaker's quarterly earnings call raises a red flag, said Herb Greenberg , a partner at Pacific Square Research.
"What was important about this is, when you start trying to divert attention away from the quarters, … that is a significant change in behavior," Greenberg, the CNBC contributor, told " Halftime Report " on Thursday. "He's always been bizarre. But this one [is] off the charts."
During a conference call following the release of Tesla's quarterly results, Musk dismissed some questions from analysts, including Bernstein's Toni Sacconaghi. Musk said Sacconaghi's questions we're "boring" and "boneheaded."
Aaron P. Bernstein | Reuters Elon Musk Musk's comments helped send Tesla shares down by more than 6.5 percent despite the company's quarterly results coming in above expectations.
"When you look at that dismissiveness of your investors and that arrogance toward your investors, I don't think that's a good sign," said Greenberg. "The fact is you're talking about questions any investor in this company wants answers to. They aren't even as much about the quarter as they are about how is the business doing."
"If he doesn't like this quarter-to-quarter thing, don't have conference calls. Don't communicate with the Street. Be like Google back in the day." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/musks-behavior-during-call-is-not-a-good-sign-says-herb-greenberg.html |
LONDON (Reuters) - Algeria’s state energy firm Sonatrach plans to buy ExxonMobil’s ( XOM.N ) 175,000 barrel-per-day Augusta refinery in Sicily, Italy, the companies said on Wednesday, as the North African oil producer seeks to cut its hefty fuel bills.
Algeria, which needs to meet surging domestic fuel demand, paid $800 million for fuel imports in 2016 but that more than tripled in 2017 to a record $2.5 billion, because of refining problems.
Exxon’s Italian subsidiary said the deal included three fuel storage terminals and related pipelines in Augusta, Palermo and Naples, and the transaction was expected to close at the end of 2018. Financial terms were not disclosed.
The deal would be Sonatrach’s first overseas acquisition, reflecting a more flexible and open approach under CEO Abdelmoumen Ould Kaddour.
The Augusta refinery is able to process Sahara blend and residual fuel from Algeria’s Skikda plant, “and will be directly integrated into Sonatrach’s refinery system”, the Algerian company said in a statement.
“It will also be able to process directly products that are surplus in Algeria in order to re-import products that are in deficit like diesel and petrol,” Sonatrach said.
Ould Kaddour said Sicily made sense geographically and because of “possible synergies with Skikda refinery”.
“We are extremely proud to make our first investment in international refining in Italy,” Ould Kaddour said.
Ould Kaddour also told French news outlet Les Echos that Sonatrach was about to sign a deal with French oil company Total ( TOTF.PA ) to build a petrochemical plant in Algeria.
“It will be the first unit to produce propylene and polypropylene in Algeria ... most of it will be exported to Europe,” Ould Kaddour told Les Echos.
A spokesman for Total declined to comment.
Algeria has struggled to attract foreign investment in recent years and has seen its oil and gas production stagnate.
Since Ould Kaddour took the helm of Sonatrach in March last year, he has been trying to make Sonatrach’s culture more business-friendly and resolve long-standing legal disputes with foreign companies.
Sonatrach said in January it had signed a crude for refined products deal with the world’s largest oil trader Vitol to cut its fuel bills, the first deal of its kind in decades. It also said it was looking to invest in a foreign refinery.
Additional reporting by Bate Felix in Paris and Ahmad Ghaddar in London; Writing by Aidan Lewis; Editing by Jane Merriman and Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/us-sonatrach-exxon-mobil/sonatrach-to-buy-exxonmobils-augusta-oil-refinery-in-sicily-idUSKBN1IA2R4 |
Mt. Sinai CEO: May need legislation to control drug prices 2 Hours Ago Dr. Ken Davis, CEO of Mt. Sinai Health System, discusses how to control the cost of drugs and health care. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/mt-sinai-ceo-may-need-legislation-to-control-drug-prices.html |
Not for distribution to US news wire services or for US dissemination.
VANCOUVER, British Columbia, May 28, 2018 (GLOBE NEWSWIRE) -- Diversified Royalty Corp. (TSX:DIV)(TSX:DIV.DB) (the “Corporation” or “DIV”) announces that it has filed its management information circular and other meeting materials (collectively, the “Meeting Materials”) in respect of its annual meeting of shareholders to be held on June 25, 2018 (the “Meeting”) and the nomination of three new independent director candidates to replace two independent directors, Messrs. Mitchell Gropper and Murray Coleman, who will retire from DIV’s Board of Directors at the conclusion of the Meeting.
The new independent director nominees are:
Anita Anand. Ms. Anand holds the J.R. Kimber Chair in Investor Protection and Corporate Governance at the Faculty of Law, University of Toronto where she is a full professor and has been employed since 2006. Prior to 2006, she held various other academic positions, including as a law professor at the Faculty of Law, Queen’s University. Ms. Anand is also currently a member of the Securities Advisory Committee of the Ontario Securities Commission. She was called to the Bar in the Province of Ontario and practiced corporate law at a major Toronto law firm from 1994-1997 with a leave to complete her LL.M. Ms. Anand also serves as a Director on several non-profit organizations.
Garry Herdler. Mr. Herdler has significant finance, operations and capital markets expertise with over 25 years as a Chief Financial Officer, an investment banker, a KPMG CPA/CA and tax advisor, and a private equity management consultant in several industries. Mr. Herdler has been the Chief Financial Officer of several companies, including one U.S. publicly listed company, six U.S. private equity-owned companies and one global real estate company, in high change and growth situations in integration, operational improvement, IT conversions and turnarounds. Mr. Herdler is currently Chief Financial Officer of QuadReal Property Group in Vancouver, BC, which manages over a $25 billion global portfolio of income properties, developments and investments. Previously, he was a Senior Director with Alvarez & Marsal Private Equity Performance Improvement Group, LLC in New York, NY. In addition, Mr. Herdler spent nearly ten years in investment banking, leveraged finance and equity capital markets at Deutsche Bank Securities, Bankers Trust and CIBC World Markets.
Lorraine McLachlan. Ms. McLachlan was the President and Chief Executive Officer of the Canadian Franchise Association (“CFA”), the authoritative voice of franchising in Canada, from October 2006 to May 2018. Ms. McLachlan has held senior leadership roles in trade associations and not-for-profit organizations for over 25 years. Prior to joining CFA, Lorraine served for 10 years as Vice President of the Canadian Marketing Association and also held senior fundraising roles for a number of social service agencies. Ms. McLachlan has also served as a director of several non-profit organizations. She is a graduate of the University of Toronto and holds an MBA from Royal Roads University in British Columbia.
"We are pleased to have these three highly qualified independent director nominees stand for election at our 2018 Meeting. The combination of diverse skills, experience and expertise of these nominees will enhance the skill set of our Board of Directors," said Lawrence Haber, Chair of DIV’s Board of Directors. "In addition, we want to thank Mr. Gropper and Mr. Coleman for their diligent service and considerable contributions as directors throughout their tenures."
In the event these three new director nominees as well as returning director nominees Mr. Lawrence Haber, Ms. Paula Rogers and Mr. Johnny Ciampi are elected at the Meeting, the Board of Directors will be composed of six directors. Additional details regarding all director nominees are contained in the Meeting Materials, which are available on SEDAR at www.sedar.com and on the Company's website at www.diversifiedroyaltycorp.com .
About Diversified Royalty Corp.
DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.
DIV currently owns the Sutton, Mr. Lube and AIR MILES ® trademarks in Canada. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada with over 200 offices across Canada. Mr. Lube is the leading quick lube service business in Canada with 174 locations across Canada and over $225 million of annual system sales. AIR MILES ® is Canada’s largest coalition loyalty program with over 200 leading brand-name sponsors; approximately two-thirds of Canadian households actively participate in the AIR MILES ® Program.
DIV expects to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV expects to pay a predictable and stable dividend to shareholders and increase the dividend as cash flow per share increases allow.
Forward Looking Statements
Certain statements contained in this news release may constitute forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intends” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specifically, forward-looking statements in this news release include, but are not limited to, statements made in relation to: the time of the Meeting; the skills, experience and expertise the independent director nominees would bring to the DIV Board of Directors if elected; the retirement of Messrs. Gropper and Coleman from the DIV Board of Directors following the Meeting; the size of the DIV Board of Directors if all nominees are elected; DIV’s ability to pay a predictable and stable dividend to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to those anticipated or implied in such forward-looking statements. DIV believes that the expectations reflected in these forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that : the nominees for election to the DIV Board of Directors will be elected at the Meeting; DIV will be able to make monthly dividend payments to the holders of its common shares; or DIV will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking statements included in this news release are not guarantees of future performance, and such forward-looking statements should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 28, 2018, which is available under DIV’s profile on SEDAR at www.sedar.com .
In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations and that the nominees for election to the DIV Board of Directors identified in the Meeting Materials will be elected to the DIV Board of Directors at the Meeting . These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.
All of the forward-looking statements made in this news release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, DIV. The forward-looking statements are made as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
Additional Information
Additional information relating to the Corporation and other public filings, is available on SEDAR at www.sedar.com .
Contact:
Sean Morrison, President and Chief Executive Officer
Diversified Royalty Corp.
(604) 235-3146
Greg Gutmanis, Chief Financial Officer and VP Acquisitions
Diversified Royalty Corp.
(604) 235-3146
Source: Diversified Royalty Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/28/globe-newswire-diversified-royalty-corp-files-annual-meeting-materials-and-announces-board-changes.html |
May 12, 2018 / 7:50 AM / Updated 38 minutes ago India's Modi fights to capture southern Indian state Manoj Kumar 3 Min Read
NEW DELHI (Reuters) - Polling began on Saturday in India’s southern state of Karnataka, where Prime Minister Narendra Modi is seeking to wrest control over one of the few places left in the hands of the opposition Congress party. India's Prime Minister Narendra Modi addresses an election campaign rally ahead of the Karnataka state assembly elections in Bengaluru, India, May 8, 2018. REUTERS/Abhishek N. Chinnappa
Modi faces a general election within 12 months, and how his Bharatiya Janata Party fares in Karnataka, the only southern state where it has ever made significant inroads, could give an indication whether the tide is still with him.
The BJP and its allies are currently in power in 22 of India’s 29 states, but after Karnataka, three more state elections will fall due by the end of the year.
Both Modi and Congress leader Rahul Gandhi, the scion of the Nehru-Gandhi dynasty that has dominated Indian politics since independence, have campaigned hard in Karnataka, a state of 66 million people with diverse constituencies.
Karnataka is the only place in South India where the Hindu nationalist BJP has ever managed to win control of the state government.
State capital Bengaluru is regarded as the home of India’s “Silicon Valley”, while voters in farming and mining areas have very different priorities from urban dwellers.
Both parties have promised farm loan waivers if they came to power, joining the states of Uttar Pradesh, Maharashtra and Punjab which have announced loan waivers estimated at $15 billion, which would increase the fiscal burden of those states over the medium term.
Opinion polls have forecast neither the BJP or Congress would emerge as a clear winner when Karnataka finalises the poll results on May 15. Such an outcome could result in Janata Dal (S), a regional group, taking the role of kingmaker in the 224-member state assembly.
Voter surveys in India are often unreliable, however.
Whereas voters elected Modi in 2014 thanks to his promise of reforms that could unlock growth in the economy there has been disquiet over his stance toward India’s non-Hindu minorities, and the pain resulting from some of the economic steps taken.
The implementation of a new national Goods and Services Tax (GST) last July, was beset with problems, hurting small businesses and hitting economic growth.
“The markets will view the results as a testament of the government’s popularity in midst of wider GST-led disruptions and asset market volatility,” Radhika Rao, an economist of DBS Bank said in a note earlier this week. Reporting by Manoj Kumar; Editing by Simon Cameron-Moore | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-india-election/indias-modi-fights-to-capture-southern-indian-state-idUKKBN1ID074 |
Dow rises more than 100 points 5 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/dow-rises-more-than-100-points.html |
BRUSSELS, May 24 (Reuters) - The European Commission proposed on Thursday to set up a new class of sovereign bond-backed securities to encourage banks and investors to diversify their holdings of euro zone bonds.
The plan is meant to address a weakness in the currency bloc that came to light in the 2010-2012 euro zone debt crisis, when banks’ high exposure to their sovereigns’ own debt exacerbated the problems facing banks and euro zone authorities alike.
EU officials said the new product would reduce investors’ bias towards their own countries and increase the financial stability of the euro zone. (Reporting by Francesco Guarascio; editing by Philip Blenkinsop)
| ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-sovereign-sbbs/eu-commission-proposes-new-sovereign-bond-backed-securities-idUSL5N1SV34D |
Oral injuries lead to recall of Spam, other Hormel product Published 2:30 PM ET Sun, 27 May 2018 The Associated Press
AUSTIN, Minn. (AP) — The U.S. Department of Agriculture is recalling more than 228,000 pounds of Spam and another product made by Minnesota-based Hormel after four consumers complained about metal objects in the food.
The USDA's Food Safety and Inspection Service says the canned chicken and pork in question was produced in February at the company's plant in Fremont, Nebraska. The agency says "minor oral injuries" have been reported.
The recall covers 12-ounce metal cans containing "SPAM Classic" with a "Best By" date of February 2021 date. Those products were shipped throughout the U.S.
The production codes are F020881, F020882, F020883, F020884, F020885, F020886, F020887, F020888 and F020889.
The recall also includes 12-ounce metal cans of "Hormel Foods Black-Label Luncheon Loaf" with a "Best By" date of February 2021. Those products were shipped only to Guam, with production codes F02098 and F02108. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/27/the-associated-press-oral-injuries-lead-to-recall-of-spam-other-hormel-product.html |
May 5, 2018 / 3:47 PM / Updated an hour ago Simeone calls on UEFA to change away-goals rule Reuters Staff 2 Min Read
MADRID (Reuters) - Atletico Madrid coach Diego Simeone has called on UEFA to change the away-goals rule, suggesting sides playing the second legaway have an unfair advantage under current regulations. The Argentine, who was sent off in the first leg of Atletico’s 2-1 aggregate Europa League semi-final victory over Arsenal, received a four-game suspension from European soccer’s governing body for the incident which led to him being sent to the stands. Soccer Football - Europa League Semi Final Second Leg - Atletico Madrid v Arsenal - Wanda Metropolitano, Madrid, Spain - May 3, 2018 Atletico Madrid coach Diego Simeone looks on from the stands before the match REUTERS/Sergio Perez
Simeone, 48, has served the first match of the ban and local media reported that he will contest the punishment, which if upheld would mean he cannot sit in the dugout during the final against Olympique de Marseille on May 16 in Lyon.
“UEFA needs to have a look at how difficult it is to play a second leg at home, with your opponent having 30 extra minutes in which one of their goals counts double, when as the home side you don’t have this advantage,” Simeone told a news conference on Saturday.
“I invite those within sporting justice to have a look at this. There’s no reason that the side playing the second leg away from home should have 30 extra minutes and the chance to score a more valuable goal.
“I’m sure they’re very capable of seeing it and it’d help it be more even for everyone, because if not, injustices start to appear.” Reporting by Joseph Cassinelli, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-spain-atm-esy-simeone/simeone-calls-on-uefa-to-change-away-goals-rule-idUKKBN1I60LT |
(Reuters) - Indian shares ended higher on Monday, boosted by bank stocks such as ICICI Bank, which gained 3.6 percent ahead of its March-quarter results later in the day.
Brokers trade at their computer terminals at a stock brokerage firm in Mumbai, India, August 25, 2015. REUTERS/Shailesh Andrade/Files The benchmark BSE Sensex closed up 0.84 percent at 35,208.14, following two consecutive sessions of losses.
The broader NSE Nifty ended 0.92 percent higher at 10,715.5 after losing 1.13 percent in the previous three sessions.
Reporting by Arnab Paul in Bengaluru; Editing by Amrutha Gayathri
| ashraq/financial-news-articles | https://in.reuters.com/article/india-sensex-nifty-stocks/sensex-nifty-rise-banks-gain-oil-marketing-companies-down-idINKBN1I80IK |
BERWYN, Pa., May 9, 2018 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced that its Board of Directors has elected David R. Samyn as Vice President and General Manager of AMETEK's Materials Analysis Division within the Electronic Instruments Group.
"I am pleased to welcome Dave to AMETEK. He brings a broad management background and extensive experience leading international industrial businesses. We expect him to play a key role in the continued growth and success of our Materials Analysis Division," comments David A. Zapico, AMETEK Chairman and Chief Executive Officer.
Mr. Samyn has more than 35 years of experience across various engineering, business development and senior management roles, most recently as Chief Operating Officer at Industrial Service Solutions (ISS), a provider of industrial equipment services. Prior to ISS, he was President, Electronic Assembly Group of Illinois Tool Works. Prior to that, Mr. Samyn held various roles with increasing responsibilities at Littlefuse, Airfiber, Tyco, and Eaton.
Mr. Samyn holds a Bachelor of Science degree in General Engineering from the University of Illinois Champaign/Urbana and a Master of Business Administration degree from Northwestern University's Kellogg Graduate School of Management.
Corporate Profile
AMETEK is a leading global manufacturer of electronic instruments and electro-mechanical devices with annualized sales of more than $4.7 billion. AMETEK's Corporate Growth Plan is based on Four Key Strategies: Operational Excellence, Strategic Acquisitions, Global & Market Expansion and New Products. AMETEK's objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. The common stock of AMETEK is a component of the S&P 500 Index.
Contact:
AMETEK, Inc.
Kevin Coleman
Vice President, Investor Relations
1100 Cassatt Road
Berwyn, Pennsylvania 19312
[email protected]
Phone: 610.889.5247
View original content: http://www.prnewswire.com/news-releases/david-r-samyn-elected-vice-president-and-general-manager-materials-analysis-division-300644860.html
SOURCE AMETEK, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-david-r-samyn-elected-vice-president-and-general-manager-materials-analysis-division.html |
TORONTO, May 1, 2018 /PRNewswire/ - Russel Metals Inc. (RUS - TSX) announces financial results for the first quarter ended March 31, 2018.
Three Months Ended
March 31,
2018
2017
Revenues
$
931
$
804
EBIT 1
$
61
$
48
Net Income
$
38
$
30
Earnings per Share
$
0.62
$
0.48
Free Cash Flow 1
$
60
$
51
Dividends paid per common share
$
0.38
$
0.38
All amounts are reported in millions of Canadian dollars except per share figures,
which are in Canadian dollars
1 EBIT and Free Cash Flow are non-GAAP measures. EBIT represents earnings
before interest, finance expense and taxes. Free cash flow represents cash from
operating activities before change in working capital less capital expenditures.
For the 2018 first quarter, we reported net income of $38 million or $0.62 per share on increased revenues of $931 million compared to net income of $30 million or $0.48 per share in the first quarter of 2017. Higher steel prices and volumes led to higher gross margin dollars. This growth, along with our operating efficiencies, led to improved operating profits in all of our segments.
First quarter revenues in our metals service centers increased 18% to $455 million compared to the same period in 2017 as same store tons shipped were approximately 7% higher. The average selling price improved 8% over first quarter 2017 and 5% over 2017 fourth quarter due to steel price increases and continued growth in value-added processing. Gross margins were 22.1% compared to 22.4% in the same quarter last year. Operating profits in this segment increased by $7 million to $29 million from $22 million and, as a percentage of revenues, increased to 6.3% compared to 5.6% in the first quarter of 2017.
First quarter 2018 revenues in our energy products segment increased 13% to $382 million compared to $339 million in the 2017 first quarter due to increased valves and fittings revenues at our North American field stores, increased line pipe activity and improved pipe prices. Drilling activity in Canada was slightly lower than the 2017 first quarter which impacted our Canadian downhole operations. Gross margins were 19.3% compared to 17.3% for the 2017 first quarter due to rising prices and product mix. Operating profits as a percentage of revenues were 8.5% compared to 7.0% in first quarter 2017. Segment operating profits of $32 million improved substantially compared to $24 million in the same quarter last year.
Revenues in our steel distributors segment increased by 21% to $94 million in the 2018 first quarter compared to first quarter of 2017 reflecting higher North American steel prices and stronger demand in the Canadian operation. Gross margins were 21.6% in the first quarter of 2018 and 2017. Segment operating profits increased to $11 million from $8 million in 2017 as operating profits as a percentage of revenues rose to 11.4% compared to 10.8% in the first quarter of 2017.
Mr. John G. Reid, President and COO, commented, "Steel prices continued to improve throughout the quarter benefiting our metals service centers and steel distributors which also enjoyed improved demand. Details of the 232 trade actions in the U.S. are coming into focus around exemptions and quota announcements that to date have improved the overall mill utilization rates and pricing. We continue to expand our geographic footprint and systematically invest in our value-added processing capabilities."
Mr. Reid continued, "Our energy products operations benefited from the pricing recovery, improved demand and better industry-wide inventory management. U.S. line pipe projects have been particularly robust as well as continued growth in our field store operations. The extent of the duration of the seasonal road closures could impact certain of our Canadian energy products operations. Entering the second quarter, we remain encouraged with current demand and pricing levels."
The Board of Directors approved a quarterly dividend of $0.38 per common share payable June 15, 2018 to shareholders of record as of May 28, 2018.
The Company will be holding an Investor Conference Call on Wednesday, May 2, 2018 at 9:00 a.m. ET to review its 2018 first quarter results. The dial-in telephone numbers for the call are 416-764-8688 (Toronto and International callers) and 1-888-390-0546 (U.S. and Canada). Please dial in 10 minutes prior to the call to ensure that you get a line.
A replay of the call will be available at 416-764-8677 (Toronto and International callers) and 1-888-390-0541 (U.S. and Canada) until midnight, Wednesday, May 16, 2018. You will be required to enter pass code 245814 in order to access the call.
Additional supplemental financial information is available in our investor conference call package located on our website at www.russelmetals.com .
Russel Metals is one of the largest metals distribution companies in North America. It carries on business in three metals distribution segments: metals service centers, energy products and steel distributors, under various names including Russel Metals, A.J. Forsyth, Acier Leroux, Acier Loubier, Alberta Industrial Metals, Apex Distribution, Apex Monarch, Apex Remington, Apex Western Fiberglass, Arrow Steel Processors, B&T Steel, Baldwin International, Color Steels, Comco Pipe and Supply, DuBose Steel, Fedmet Tubulars, JMS Russel Metals, Leroux Steel, McCabe Steel, Mégantic Métal, Métaux Russel, Métaux Russel Produits Spécialisés, Milspec, Norton Metals, Pioneer Pipe, Russel Metals Processing, Russel Metals Specialty Products, Russel Metals Williams Bahcall, Spartan Energy Tubulars, Sunbelt Group, Triumph Tubular & Supply, Wirth Steel and York-Ennis.
Cautionary Statement on Forward-Looking Information
Certain statements contained in this press release constitute forward-looking statements or information within the meaning of applicable securities laws, including statements as to our future capital expenditures, our outlook, the availability of future financing and our ability to pay dividends. Forward-looking statements relate to future events or our future performance. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by us, inherently involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the factors described below.
We are subject to a number of risks and uncertainties which could have a material adverse effect on our future profitability and financial position, including the risks and uncertainties listed below, which are important factors in our business and the metals distribution industry. Such risks and uncertainties include, but are not limited to: the volatility in metal prices; volatility in oil and natural gas prices; cyclicality of the metals industry and the industries that purchase our products; decreased capital and other expenditures in the energy industry; product claims from customers; significant competition that could reduce our market share; the interruption in sources of metals supply; manufacturers selling directly to our customer base; material substitution; credit risk of our customers; lack of credit availability; change in our credit ratings; currency exchange risk; restrictive debt covenants; non-cash asset impairments; the unexpected loss of key individuals; decentralized operating structure; the availability of future acquisitions and their integration; the failure of our key computer-based systems, including our enterprise resource and planning systems, failure to renegotiate any of our collective agreements and work stoppages; litigious business environment; environmental liabilities; environmental concerns or changes in government regulations; legislation on carbon emissions; workplace health and safety laws and regulations; significant changes in laws and governmental regulations; fluctuation of our common share price; dilution; and variability of dividends.
While we believe that the expectations reflected in our forward-looking statements are reasonable, no assurance can be given that these expectations will prove to be correct, and our forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release and, except as required by law, we do not assume any obligation to update our forward-looking statements. Our actual results could differ materially from those anticipated in our forward-looking statements including as a result of the risk factors described above and under the heading "Risk" in our MD&A and under the heading "Risk Management and Risks Affecting Our Business" in our most recent Annual Information Form and as otherwise disclosed in our filings with securities regulatory authorities which are available on SEDAR at www.sedar.com .
If you would like to unsubscribe from receiving Press Releases, you may do so by emailing [email protected] ; or by calling our Investor Relations Line: 905-816-5178.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
Quarters ended March 31
(in millions of Canadian dollars, except per share data)
2018
2017
Revenues
$
931.3
$
803.5
Cost of materials (Note 5)
736.7
641.2
Employee expenses (Note 14)
77.9
66.6
Other operating expenses (Note 14)
52.8
47.8
Asset impairment (Note 6)
3.3
-
Earnings before interest, finance expense and provision for income taxes
60.6
47.9
Interest expense (Note 15)
6.7
5.0
Other finance expense (Note 15)
1.2
-
Earnings before provision for income taxes
52.7
42.9
Provision for income taxes (Note 16)
14.2
13.3
Net earnings for the period
$
38.5
$
29.6
Basic earnings per common share (Note 13)
$
0.62
$
0.48
Diluted earnings per common share (Note 13)
$
0.62
$
0.48
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Quarters ended March 31
(in millions of Canadian dollars)
2018
2017
Net earnings for the period
$
38.5
$
29.6
Other comprehensive income
Items that may be reclassified to earnings
Unrealized foreign exchange gains (losses) on translation
of foreign operations
13.2
(4.4)
Items that may not be reclassified to earnings
Actuarial gains on pension and similar obligations,
net of taxes of $0.8 million (2017: $0.7 million)
2.1
2.0
Other comprehensive income (loss)
15.3
(2.4)
Total comprehensive income
$
53.8
$
27.2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
March 31
December 31
(in millions of Canadian dollars)
2018
2017
ASSETS
Current
Cash and cash equivalents
$
136.0
$
125.8
Accounts receivable
548.7
446.2
Inventories (Note 5)
870.4
819.9
Prepaid expenses
19.6
17.2
Income taxes
2.1
4.5
1,576.8
1,413.6
Property, Plant and Equipment (Note 6)
248.9
246.8
Deferred Income Tax Assets
4.6
4.7
Financial and Other Assets
4.5
3.5
Goodwill and Intangibles (Note 7)
89.4
90.5
$
1,924.2
$
1,759.1
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Bank indebtedness (Note 8)
$
115.9
$
207.7
Accounts payable and accrued liabilities
467.5
365.7
Income taxes payable
1.7
21.6
Current portion long-term debt (Note 9)
0.1
0.1
585.2
595.1
Long-Term Debt (Note 9)
442.6
296.5
Pensions and Benefits (Note 10)
8.8
12.0
Deferred Income Tax Liabilities
18.7
17.7
Provisions and Other Non-Current Liabilities (Note 17)
9.7
11.0
1,065.0
932.3
Shareholders' Equity (Note 11)
Common shares
539.0
536.6
Retained earnings
207.5
190.5
Contributed surplus
15.8
16.0
Accumulated other comprehensive income
96.9
83.7
Total Shareholders' Equity
859.2
826.8
Total Liabilities and Shareholders' Equity
$
1,924.2
$
1,759.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)
Quarters ended March 31
(in millions of Canadian dollars)
2018
2017
Operating activities
Net earnings for the period
$
38.5
$
29.6
Depreciation and amortization
8.4
8.5
Provision for income taxes
14.2
13.3
Interest expense
6.7
5.0
Loss (gain) on disposal of property, plant and equipment
3.2
(0.1)
Share-based compensation
0.1
0.2
Difference between pension expense and amount funded
(0.2)
-
Debt accretion, amortization and other
0.2
0.2
Change in fair value of contingent consideration
1.2
-
Interest paid
(1.3)
(0.4)
Cash from operating activities before non-cash working capital
71.0
56.3
Changes in non-cash working capital items
Accounts receivable
(99.4)
(107.6)
Inventories
(44.3)
(14.3)
Accounts payable and accrued liabilities
96.3
42.8
Other
(2.4)
(3.3)
Change in non-cash working capital
(49.8)
(82.4)
Income taxes (paid) refund, net
(31.2)
0.7
Cash used in operating activities
(10.0)
(25.4)
Financing activities
(Decrease) increase in bank indebtedness
(91.9)
43.5
Issue of common shares
2.0
1.1
Dividends on common shares
(23.6)
(23.5)
Issuance of long-term debt
146.0
-
Deferred financing costs
(1.1)
-
Cash from financing activities
31.4
21.1
Investing activities
Purchase of property, plant and equipment
(10.9)
(5.6)
Proceeds on sale of property, plant and equipment
0.3
0.2
Payment of contingent consideration
(4.5)
-
Cash used in investing activities
(15.1)
(5.4)
Effect of exchange rates on cash and cash equivalents
3.9
(3.3)
Increase (decrease) in cash and cash equivalents
10.2
(13.0)
Cash and cash equivalents, beginning of the period
125.8
181.8
Cash and cash equivalents, end of the period
$
136.0
$
168.8
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
Accumulated
Other
Common
Retained
Contributed
Comprehensive
(in millions of Canadian dollars)
Shares
Earnings
Surplus
Income
Total
Balance, January 1, 2018
$
536.6
$
190.5
$
16.0
$
83.7
$
826.8
Payment of dividends
-
(23.6)
-
-
(23.6)
Net earnings for the period
-
38.5
-
-
38.5
Other comprehensive income for the period
-
-
-
15.3
15.3
Recognition of share-based compensation
-
-
0.1
-
0.1
Share options exercised
2.4
-
(0.3)
-
2.1
Transfer of net actuarial gains on defined benefit plans
-
2.1
-
(2.1)
-
Balance, March 31, 2018
$
539.0
$
207.5
$
15.8
$
96.9
$
859.2
Accumulated
Other
Common
Retained
Contributed
Comprehensive
(in millions of Canadian dollars)
Shares
Earnings
Surplus
Income
Total
Balance, January 1, 2017
$
532.4
$
161.9
$
15.9
$
115.1
$
825.3
Payment of dividends
-
(23.5)
-
-
(23.5)
Net earnings for the period
-
29.6
-
-
29.6
Other comprehensive loss for the period
-
-
-
(2.4)
(2.4)
Recognition of share-based compensation
-
-
0.2
-
0.2
Share options exercised
1.2
-
(0.1)
-
1.1
Transfer of net actuarial gains on defined benefit plans
-
2.0
-
(2.0)
-
Balance, March 31, 2017
$
533.6
$
170.0
$
16.0
$
110.7
$
830.3
View original content: http://www.prnewswire.com/news-releases/russel-metals-announces-strong-2018-first-quarter-results-300640508.html
SOURCE Russel Metals Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-russel-metals-announces-strong-2018-first-quarter-results.html |
Royalty meets showbiz as Harry and Meghan wed 7:42am EDT - 02:28
Prince Harry told the Archbishop of Canterbury he would take Meghan Markle to be his wife at a glittering display of royal pageantry that supporters hope will inject a measure of modern Hollywood glamour into the 1,000-year-old monarchy. ▲ Hide Transcript ▶ View Transcript
Prince Harry told the Archbishop of Canterbury he would take Meghan Markle to be his wife at a glittering display of royal pageantry that supporters hope will inject a measure of modern Hollywood glamour into the 1,000-year-old monarchy. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KDYlfo | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/19/royalty-meets-showbiz-as-harry-and-megha?videoId=428399225 |
YEREVAN, May 2 (Reuters) - Armenian president Armen Sarkissian on Wednesday called for talks to take place this week to resolve the political crisis that has engulfed the small ex-Soviet state since protests led to the prime minister’s resignation last week.
“I deeply regret that the political crisis continues despite the fact that everyone is talking about how dangerous it is for the future of the country,” Sarkissian said, in a statement published by his press service.
“I call for consultations to be continued this coming week, to find a way out of the crisis,” he said. (Reporting by Hasmik Mkrtchyan; Writing by Polina Ivanova; Editing by Christian Lowe)
| ashraq/financial-news-articles | https://www.reuters.com/article/armenia-politics-protests-talks/armenian-president-calls-for-talks-to-resolve-crisis-idUSR4N1S400R |
May 13, 2018 / 8:49 PM / Updated 7 hours ago Golf-Simpson leads by five halfway through final round at Players Andrew Both 1 Min Read
PONTE VEDRA BEACH, Fla., May 13 (Reuters) - American Webb Simpson had his lead cut to five strokes, but remained in control halfway through the final round at the Players Championship on Sunday.
Simpson started the day with a record seven-stroke advantage, and remained at 19-under after one birdie and one bogey on the front nine on another perfect day for low scoring at TPC Sawgrass.
New Zealander Danny Lee picked up two early birdies to creep to 14-under, but squandered a golden chance to put some pressure on the leader when he missed a six-foot birdie at the par-five ninth hole.
Tiger Woods, after a 65 on Saturday, continued his strong form to vault into a tie for third with Jason Day and Jason Dufner at 13-under.
Woods picked up five strokes in 11 holes as his comeback from last year’s successful spinal fusion gathered a full head of steam.
Day, the 2016 champion, holed a 55-foot bunker shot at the ninth hole. (Reporting by Andrew Both Editing by Toby Davis) | ashraq/financial-news-articles | https://in.reuters.com/article/golf-players-halfway/golf-simpson-leads-by-five-halfway-through-final-round-at-players-idINL2N1SK0CA |
(Repeats to add PIX and TV, no changes to text)
By John Davison and Ali Sultan
KIRKUK/SULAIMANIYA, Iraq, May 13 (Reuters) - No sooner had polls closed in Iraq’s Kurdish city of Sulaimaniya than anger at an unexpected sweep for its maligned dominant party boiled over. Gunfire between rival militias quickly erupted.
The nighttime clashes had subsided by Sunday morning as Iraq’s election commission tallied the final results of a nationwide legislative vote.
But Kurdish opposition parties, backed by their gunmen, demand another vote amid accusations of fraud. In this climate, many fear that Iraq’s northern Kurdish-majority areas might turn into a factional battleground.
The clashes in Sulaimaniya, heartland of the Iran-allied Patriotic Union of Kurdistan party (PUK), were an immediate sign of internecine struggles that are feared after Iraq’s first election following the defeat of Islamic State.
After the Saturday vote Prime Minister Haider al-Abadi appears marginally ahead in a tight race. The Shi’ite Arab premier, a rare ally of both the United States and Iran, is trying to fend off powerful Shi’ite groups that could pull Baghdad closer to Tehran.
Some 200 miles (322 km) north of the Iraqi capital, the Kurdish areas are caught in a somewhat different dynamic.
New Kurdish parties hoped to exploit discontent with a political elite accused of gambling away 27 years of hard-fought autonomy in a failed bid for independence last year.
Veteran PUK leader Jalal Talabani, who served as Iraqi president, died last year, and the KDP’s Masoud Barzani has been weakened since the catastrophic independence referendum that he championed.
But initial results show a strong win for the old guard, which the opposition reject outright.
With many voters complaining also of corruption, the new parties were expected to snatch seats from the PUK in Sulaimaniya, and from the Kurdistan Democratic Party (KDP), which rules the wider autonomous Kurdish region from nearby Erbil.
After the shock initial results, the situation in Sulaimaniya was particularly tense.
Veteran politician Hoshyar Zebari, a former Iraqi foreign minister, travelled there from Erbil to mediate.
“Armed groups are currently deployed in force inside the headquarters of the Movement for Change and the Coalition for Democratic and Justice,” he told Reuters by telephone.
The two opposition parties had hoped to make gains in the vote. An initial tally suggested the Movement for Change (known as Gorran) and the CDJ had won three and two parliamentary seats, respectively, with the PUK well ahead on eight.
“If the results were correct, maybe the PUK would have got four seats - maybe,” Zebari, a senior KDP leader, said.
“I spoke to all sides. From what they said...it looks like if there is not a (satisfactory) result from this election, they will resort to armed combat on the streets of Sulaimaniya.”
During Saturday’s clashes, PUK militiamen fired at the Gorran headquarters and Gorran gunmen fired back, Zebari and witnesses said. A video showed tracer fire hitting the building.
The opposition groups demanded the vote be conducted again in a joint statement on Sunday, threatening “political action” in Baghdad and neighbouring countries if their demands were not met.
The Erbil government urged sides to halt violence and resolve their disputes through official channels such as the election commission.
KURDISH ELITES SHUNNED The PUK has long been the dominant political force in Sulaimaniya, although it rivals the KDP which dominates much of the wider Kurdish region.
Many Kurds accuse both parties of backing down as Iraqi government forces and Shi’ite militias moved to recapture the oil-rich Kirkuk region in October, bringing it back under Baghdad’s control.
Kurdish fighters captured Kirkuk from Islamic State in 2014 after the Iraqi military fled. With that, the city many Kurds hoped for as capital of an eventual state came under their control for the first time.
But the fatal decision to include Kirkuk in a referendum on Kurdish independence precipitated the advance by the Iraqi army, shattering that dream.
In this atmosphere, many subdued Kurdish voters said they would vote for Gorran and the CDJ, which both splintered from the PUK campaigning on anti-corruption platforms.
Those voters were shocked at the exit polls.
“People put one name in the ballot box and another comes out, it’s ridiculous. It’s overt fraud,” 33-year-old sound engineer Abdullah Kurdi said in Kirkuk.
Opposition officials and some voters said a new electronic voting system was to blame, suggesting it had been rigged by the PUK and the Baghdad government.
‘BALLOTS, NOT BULLETS’ “The fraud took place in the ballot boxes, and we’re demanding a count by hand. The ruling parties, the KDP and PUK are behind this rigging and behind them are Iran and other countries,” CDJ candidate Shirin Mohammed charged.
The PUK denies making deals with Baghdad and Tehran over Kirkuk, and rejected accusations of voter fraud.
“The allegations are false. The election commission has said that the elections were clean,” Karwan Anwar, a PUK leader, said.
Iraq’s election commission said the new voting system would improve speed an ensure the accuracy of results.
Far from regional politics, ordinary Kurds say the dispute has left them even more disillusioned.
“We voted to change our tired situation and finish with the parties who spread corruption,” said Arslan Qader, 55.
“But it looks like things won’t change because of this dictatorial mindset. They don’t understand that it has to happen through ballots, not bullets.” (Additional reporting by Mustafa Mahmoud; Editing by Angus MacSwan)
| ashraq/financial-news-articles | https://www.reuters.com/article/iraq-election-kurds/rpt-kurdish-clashes-raise-tension-as-opposition-cries-foul-in-iraq-vote-idUSL5N1SK0RJ |
HILTON HEAD ISLAND, S.C., May 16, 2018 /PRNewswire/ -- Hargray Communications announced today that it has closed the previously announced acquisition of ComSouth, an integrated independent telecommunications company serving middle Georgia including the cities of Hawkinsville, Perry, Fort Valley, Cochran, Unadilla, Pinehurst, Marshallville, Kathleen, Bonaire, and Warner Robins. The transaction further expands Hargray's network in the southeast and positions the company to offer ComSouth's residential and commercial customers a more robust suite of communications services.
David Armistead, Senior Vice President for Hargray Communications, said, "On behalf of our more than 550 Hargray colleagues, we are pleased to announce the closing of the acquisition of ComSouth and the resulting expansion of our already growing presence in Georgia. Having recently launched our fiber-based services in Macon and Warner Robins, the ComSouth acquisition is a natural fit for Hargray and another step toward becoming the premier communications provider in the southeastern United States. Our purpose is to fuel the growth of southeastern communities like those in middle Georgia with the highest broadband speeds available and superior local service that you cannot get from the massive, nationwide providers. We look forward to enhancing broadband and video services for ComSouth customers over the next year and building upon the great culture of community and customer service exhibited by the Jennings family over the last 105 years."
Elizabeth Jackson, Hargray's Director of Integration, noted that, "Hargray is deeply rooted in a number of Georgia communities, and we look forward to the opportunity to join, serve, and engage local residents and businesses of this beautiful region in the neighborly spirit cultivated by ComSouth. We will deliver the same high quality suite of residential and commercial services and customer support that we are known for in South Carolina and Georgia, including the fastest Internet speeds."
Mansfield Jennings III, Chairman of the Board for ComSouth, added, "My family has owned and operated ComSouth since it was founded by my great-grandfather in 1913. Speaking on behalf of the Jennings family and ComSouth employees, we have worked very hard to establish a legacy as a forward-looking organization dedicated to providing the latest technology to the communities we serve. As we look toward the future of communications and entertainment services, it is our belief that Hargray's larger scale and unique combination of technological expertise and community focus makes them the best possible choice to provide advanced telecommunications services to our communities while maintaining the personal touch that our customers value. During my career with ComSouth, I have always admired and respected Hargray. As we close this transaction, I will do all I can to ensure this acquisition is a success for Hargray, ComSouth, and for our local communities."
Hargray will be investing heavily in ComSouth's network to provide advanced products and services including Gigabit Internet speeds, Wall to Wall Wi-Fi, Stellar Television with access to on-the-go streaming content and thousands of titles on-demand, and telephone service featuring nationwide local calling and additional calling features. Business customers will enjoy enhanced data, voice, and video services including hosted IP/PBX and VoIP service, metro ethernet and symmetrical Internet, and video services customized for various commercial applications.
These service upgrades will occur over the next twelve to eighteen months. As such, ComSouth customers will not immediately experience any change to their existing services. Detailed notifications will be sent to customers to explain changes as and when they occur. Until such time, existing ComSouth customers will continue to receive the same services and should continue to pay their bills as in the past.
ComSouth customers seeking more information about Hargray are encouraged to visit www.hargray.com/about-us/welcome-ComSouth-customers to view recent news and get answers to frequently asked questions or, alternatively, customers may call 800.599.7470 to speak with one of Hargray's customer care specialists.
About Hargray
Founded in 1949, Hargray provides state-of-the-art communications and entertainment services in a growing set of markets in the southeastern United States. Hargray delivers the most advanced technology and the best service for its customers and is active in the communities it serves by supporting a wide range of local charities, organizations, projects and events, including the Hargray Caring Coins Foundation which raises money for community organizations by allowing customers to round up their bills. For more information, please visit www.hargray.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/hargray-acquires-georgia-based-comsouth-and-expands-southeastern-footprint-300649963.html
SOURCE Hargray Communications | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-hargray-acquires-georgia-based-comsouth-and-expands-southeastern-footprint.html |
Breakingviews TV: Zuck’s Up 1:06pm EDT - 04:38
Facebook’s developers are worried, and perhaps WhatsApp users should be. Rob Cox and Richard Beales explore how Mark Zuckerberg’s $500 billion social network could squeeze financial juice out of both of them. ▲ Hide Transcript ▶ View Transcript
Facebook’s developers are worried, and perhaps WhatsApp users should be. Rob Cox and Richard Beales explore how Mark Zuckerberg’s $500 billion social network could squeeze financial juice out of both of them. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2Kqqg30 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/01/breakingviews-tv-zucks-up?videoId=422982474 |
War writing occupies a curious space in contemporary literature. It’s important, of course, imbued with an urgency and significance that writing about other topics may struggle for. One would be hard-pressed to find a book of war literature that didn’t carry with it descriptors like “grave” and “essential.” But what about its relevance to broader literary culture?
Irish book critic Edna Longley once labeled war writing a “ghetto” of literature. She was mocking its stigma, of course, but also identifying it. I myself confronted... | ashraq/financial-news-articles | https://www.wsj.com/articles/on-war-and-writing-review-the-rifle-and-the-pen-1527201495 |
May 26, 2018 / 1:05 AM / Updated 13 hours ago Tesla seeks to dismiss securities fraud lawsuit: U.S. court document Alexandria Sage 3 Min Read
SAN FRANCISCO (Reuters) - Tesla Inc on Friday asked a court to dismiss a securities fraud lawsuit by shareholders who said the electric vehicle maker gave false public statements about the progress of producing its new Model 3 sedan. A Tesla dealership is seen in West Drayton, just outside London, Britain, February 7, 2018. REUTERS/Hannah McKay
In a filing in federal court in San Francisco, Tesla said that its statements about the challenges the company faced with Model 3 were “frank and in plain language,” including repeated disclosures by Chief Executive Elon Musk of “production hell.”
Tesla did not seek to hide the truth, its motion to dismiss said.
The company says its Model 3 has experienced numerous “bottlenecks” from problems with Tesla’s battery module process at its Nevada Gigafactory to general assembly at its Fremont plant.
Tesla is under pressure to deliver the Model 3 to reap revenue and stem massive spending that has put Tesla’s finances in the red. The ramp of the Model 3, Tesla said in the court filing, was “the first of its kind,” with difficulties likely to crop up after it got underway.
The lawsuit filed last October seeks class action status for shareholders who bought Tesla stock between May 4, 2016 through October 6, 2017, inclusive. It said shareholders bought “artificially inflated” shares because Musk and other executives misled them with their statements.
Tesla made such statements during the lead-up to, and early production of, its Model 3 sedan and failed to disclose that the company was “woefully unprepared” for the vehicle’s production, the lawsuit said.
A hearing is scheduled for August.
The Tesla response chronicled disclosures of production bottlenecks the company faced in its third quarter of 2017 when it fell short of its targets.
Tesla’s statements that its Model 3 production was “on track” in May and August of 2017 - which plaintiffs argue were false - were made before production problems began to surface, Tesla argued.
Tesla said its “good faith belief” in the Model 3 program is reflected in everything it has done: a $4 billion investment, the build-out of its Gigafactory battery factory in Nevada and the high-volume equipment it commissioned. Reporting By Alexandria Sage; Editing by Peter Henderson and Grant McCool | ashraq/financial-news-articles | https://www.reuters.com/article/us-tesla-lawsuit/tesla-seeks-to-dismiss-securities-fraud-lawsuit-u-s-court-document-idUSKCN1IR01C |
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