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SAN FRANCISCO, May 23 (Reuters) - Uber has shut down its self-driving car operations in Arizona two months after a fatal crash involving one of its vehicles, the company said on Wednesday.
Uber Technologies Inc is not shuttering its entire autonomous vehicle program, a spokeswoman said, but rather is focused on more limited testing in Pittsburgh, Pennsylvania, and California. It aims to resume self-driving operations this summer.
The ride-hailing company had suspended its self-driving program in Arizona and elsewhere after one of its SUVs hit and killed a woman crossing the street in Tempe while operating in autonomous mode, marking the first fatality involving an autonomous vehicle. (Reporting by Heather Somerville Editing by Matthew Lewis)
| ashraq/financial-news-articles | https://www.reuters.com/article/autos-selfdriving-uber/uber-shutters-self-driving-program-in-arizona-idUSL2N1SU1D2 |
All numbers expressed in millions of dollars, except per share amounts and as otherwise indicated.
Q1 2018 highlights (compared to Q1 2017)
Common shareholders’ net income of $38.7 compared to $50.2 Earnings per share (basic and diluted) of $39.30 compared to $50.91 Return on common shareholders’ equity 1 (“ROE”) of 10.8% compared to 15.7% Assets under management 1 increased 5.3% to reach $17.3 billion
KINGSTON, Ontario, May 03, 2018 (GLOBE NEWSWIRE) -- The Empire Life Insurance Company (“Empire Life”) (TSX:EML.PR.A) today reported common shareholders’ net income of $38.7 million for the first quarter of 2018, compared to $50.2 million in 2017.
The earnings for the first quarter of 2018 included growth from expected profit on in-force business in the Individual Insurance product line and higher experience gains in Individual Insurance and Employee Benefits product lines. The first quarter of 2017 included gains realized from management actions in the Individual Insurance product line. These gains were not realized in the first quarter of 2018.
“All three of our product lines have performed well with net premiums up 4% year over year and core earnings in line with our expectations. The first quarter of 2017 included above normal investment gains and gains from asset and liability matching initiatives. This quarter, we have implemented the LICAT framework and we continue to have a very strong capital position,” says Mark Sylvia, President and CEO.
Financial highlights
First quarter (in millions of dollars except per share amounts) 2018 2017 Common shareholders' net income $ 38.7 $ 50.2 Earnings per share - basic and diluted $ 39.30 $ 50.91 Return on common shareholders' equity (quarterly annualized)¹ 10.8 % 15.7 %
Sources of Earnings¹ First quarter (in millions of dollars) 2018 2017 Expected profit on in-force business $ 49.0 $ 43.3 Impact of new business (3.6 ) (4.8 ) Experience gains (losses) 4.4 (0.4 ) Management actions and changes in assumptions - 29.6 Earnings on operations before income taxes 49.8 67.7 Earnings on surplus 4.5 1.8 Income before income tax $ 54.3 $ 69.5 Income taxes 12.3 17.2 Shareholders’ net income $ 42.1 $ 52.3 Dividends on preferred shares 3.4 2.1 Common shareholders’ net income $ 38.7 $ 50.2 ¹See non-IFRS measures The expected profit on in-force business for the first quarter increased by 13.1% primarily due to growth in the Individual Insurance product line and higher fee income in the Wealth Management product line. The impact of new business was primarily driven by lower new business expenses related to Individual Insurance product line, partially offset by the sales mix for segregated fund business in the Wealth Management product line relative to 2017. The experience gains for the first quarter of 2018 benefited from favourable mortality and surrender experience on the Individual Insurance product line relative to 2017 and improved health and long-term disability claims in the Employee Benefits product line. In the first quarter of 2017, the Wealth Management product line experienced higher investment gains relative to 2018. In addition, management completed several actions to improve the matching of assets and liabilities in the Individual Insurance product line. Earnings on surplus increased primarily due to lower expenses from Empire Life’s hedging program and higher assets in surplus in 2018.
Effective January 1, 2018, MCCSR has been replaced by the Life Insurance Capital Adequacy Test (LICAT). The LICAT is intended to improve the quality of available capital and provide a better alignment of the risk measures with the long-term economics of the life insurance business. The LICAT will behave differently under various economic scenarios when compared to MCCSR. As a result, LICAT ratios are not comparable to the MCCSR ratio. The LICAT total ratio was 177.5% at March 31, 2018 well above the requirements set by the Office of the Superintendent of Financial Institutions Canada (“OSFI”) as well as Empire Life’s minimum internal targets.
On April 26, 2018, Empire Life announced its intention to redeem all of the outstanding $300 million 2.870% unsecured subordinated debentures on May 31, 2018 at a redemption price equal to the principal amount together with accrued and unpaid interest to that date. The pro-forma LICAT ratio reflecting this redemption would be 162% as of March 31, 2018.
Non-IFRS measures
Empire Life uses non-IFRS measures including return on common shareholders’ equity, source of earnings, assets under management, annualized premium sales, gross and net sales for mutual funds, segregated funds and fixed annuities to provide investors with supplemental measures of its operating performance and to highlight trends in its core business that may not otherwise be apparent when relying solely on International Financial Reporting Standards financial measures. Empire Life also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers.
Additional information
All amounts are in Canadian dollars and are based on the unaudited Q1 2018 consolidated financial results of Empire Life for the period ended March 31, 2018. Additional information about Empire Life can be found in Empire Life’s long-form non-offering prospectus dated August 5, 2015, short-form prospectus dated February 5, 2016, financial filings for the year ended December 31, 2017 and Annual Information Form. These documents are filed with the Ontario Securities Commission and are available at www.sedar.com . Empire Life’s preferred shares are listed on the Toronto Stock Exchange as EML.PR.A (TSX:EML.PR.A).
About Empire Life
Established in 1923 and a subsidiary of E-L Financial Corporation Limited, Empire Life provides individual and group life and health insurance, investment and retirement products to Canadians. Our mission is to make it simple, fast and easy for Canadians to get the investment, insurance and group benefits coverage they need to build wealth, generate income, and achieve financial security. As of March 31, 2018 Empire Life had total assets under management of $17.3 billion. Follow Empire Life on Twitter @EmpireLife or visit www.empire.ca for more information.
Contact: Laurie Swinton Director, Communication Services 613 548-1890, ext. 3374 [email protected] www.empire.ca
Source: L’Empire, Compagnie d’Assurance-Vie | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-empire-life-reports-first-quarter-2018-results.html |
BEIJING (Reuters) - North Korean leader Kim Jong Un told a visiting Chinese diplomat on Thursday that he is committed to denuclearisation, China’s foreign ministry said, as diplomatic efforts to bring lasting peace to the Korean peninsula gather pace.
China is North Korea’s most important economic and diplomatic backer, despite its anger at North Korea’ repeated nuclear and missile tests, and its support for strong U.N. sanctions against the North.
However, China has also welcomed moves by North Korea to improve ties with South Korea and the United States.
The Chinese government’s top diplomat, State Councillor Wang Yi, is visiting North Korea following last week’s historic meeting between South Korean President Moon Jae-in and the North’s Kim Jong Un, when both pledged to improve ties.
The North surprised the world several days before the summit by declaring it would dismantle its nuclear test site to “transparently guarantee” its dramatic commitment to stop all nuclear and missile tests.
Meeting in the North Korean capital, Pyongyang, Kim told Wang that recent positive changes on the peninsula were beneficial to a peaceful resolution, China’s foreign ministry said in a statement.
“Kim Jong Un said achieving the denuclearisation of the peninsula is the firm position of the North Korean side,” the ministry said.
Wang told Kim that North Korea had seized the day and made a decisive decision, bringing positive changes.
Last week’s summit talks between the leaders of the two Koreans had brought about an opportunity for a political resolution, Wang added.
China supported an end to the state of war on the peninsula, North Korea’s shift to economic development and the resolution of North Korea’s legitimate security concerns during the denuclearisation process, he said.
“China is willing to maintain communication with North Korea on this and increase coordination.”
The 1950-53 Korean War, which technically is still going on because a peace treaty has yet to be signed.
China's state councillor Wang Yi attends a meeting with North Korea's Foreign Minister Ri Yong Ho in Pyongyang in this photo released by North Korea's Korean Central News Agency (KCNA) in Pyongyang on May 3, 2018. KCNA/via REUTERS Wang also met North Korean Foreign Minister Ri Yong Ho.
‘POSITIVE ROLE’ In an earlier statement, he said China hoped dialogue between North Korea and the United States would be successful and that substantial progress would be made, referring to an upcoming meeting between Kim and U.S. President Donald Trump.
“China is willing to strengthen communication with North Korea and continue to play a positive role in seeking a political solution to the Korean peninsula issue,” Wang said.
South Korea’s presidential official said high-level inter-Korean talks would be held in mid-May to work on implementing the agreement reached by Kim and Moon.
North Korea’s Kim said at last week’s summit that he would discuss details of denuclearisation at the North Korea-U.S. summit, South Korea’s Yonhap news agency said, citing South Korean Unification Minister Cho Myoung-gyon.
China had largely sat on the sidelines while the two Koreas improved ties, until Kim made a secretive trip to Beijing to meet Chinese President Xi Jinping in late March.
Beijing has been keen to show that it has an indispensable role to play in seeking a lasting solution, concerned that its interests may be ignored, especially as Pyongyang and Washington edge closer together.
The widely read Chinese state-run tabloid the Global Times said in an editorial any suggestion China was being marginalized “is a shallow attempt to manipulate public opinion”.
China preferred quieter diplomacy, it said, pointing to the secrecy surrounding Kim’s meeting with Xi.
Slideshow (7 Images) “But Seoul, for its own political purposes, created much hype about the inter-Korean summit. U.S. President Donald Trump has started claiming credit for the Kim-Trump summit before it even starts,” it said.
(This story corrects title of Chinese diplomat in paragraph 4 to “Chinese government’s”, not “China’s”.)
Reporting by Ben Blanchard; Additional reporting by Christine Kim and Jane Chung in SEOUL and David Stanway in SHANGHAI; Editing by Paul Tait, Robert Birsel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-diplomacy-china/chinas-senior-diplomat-meets-with-north-korea-foreign-minister-kcna-idUSKBN1I331C |
LONDON, May 30 (Reuters) - French oil major Total has two months to seek exemption from U.S. sanctions after Washington’s withdrawal from the international nuclear deal, Iran’s oil minister told state news agency SHANA on Wednesday.
The minister, Bijan Zanganeh, added that failure to secure an exemption would mean Iran would bring in China’s CNPC to replace Total on the South Pars gas project.
Zanganeh also said on state television that an agreement with Europe would inspire other potential buyers of Iranian oil.
“Europe is buying only one third of Iranian oil, but an agreement with Europe is important to guarantee our sales, and find insurance for the ships ferrying the crude. Other buyers would also be inspired by this,” he said.
Reporting by Bozorgmehr Sharafedin Editing by David Goodman
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All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-oil/iran-says-total-has-two-months-to-seek-u-s-sanctions-exemption-shana-idUSL5N1T11BQ |
More than 50 dead in Gaza as US opens embassy in Jerusalem 7 Hours Ago MSNBC’s Ayman Mohyeldin reports on deadly clashes on the Gaza border following the U.S. embassy opening in Jerusalem. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/more-than-50-dead-in-gaza-as-us-opens-embassy-in-jerusalem.html |
May 4 (Reuters) - Tung Lok Restaurants (2000) Ltd:
* EXPECTING TO REPORT A NET LOSS FOR FY2018 * EXPECTED RESULT DUE TO LOWER REVENUE ACHIEVED DURING FIRST HALF OF FY2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tung-lok-restaurants-expects-to-re/brief-tung-lok-restaurants-expects-to-report-a-fy-net-loss-idUSFWN1SB0NT |
Two years ago, Australian shopping-center operator Mirvac Group launched a new effort to help retain customers amid rising competition from online retailers: combine a trip to the mall with a scenic boat ride in iconic Sydney Harbour.
The so-called Shopper Hopper service has ferried 23,000 customers to two Mirvac malls along the coast, part of a continuing initiative to convince shoppers that a mall visit offers unique experiences that can’t be found in front of a computer.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/australias-mall-owners-gird-themselves-for-battle-with-amazon-1525179600 |
Kevin Fiala’s backhander at 5:37 of the second overtime Sunday night lifted the Nashville Predators to a 5-4 win over the visiting Winnipeg Jets and tied the teams’ second-round Western Conference playoff series at one game apiece.
Fiala took a pass from Craig Smith and deked to his backhand, lifting a shot just off the glove of goalie Connor Hellebuyck for his third goal of the playoffs and his second of the series.
The teams next head to Winnipeg for Game 3 on Tuesday night.
The Jets forced extra hockey with an extra attacker. Mark Scheifele scored his second goal of the game at 18:55 of the third period when he roofed his NHL-high eighth goal of the playoffs and fourth marker of the series.
Ryan Johansen’s second goal of the contest gave Nashville a 4-3 edge at 5:45 of the third period, answering Brandon Tanev’s equalizer 34 seconds earlier off a Predators turnover.
In most ways, Winnipeg played a far better game than it did on Friday night, when it was outshot 48-19. The Jets carried play for most of the third period and finished the evening with a 50-41 advantage in shots on goal.
But Hellebuyck, who was easily the best player on the ice in Game 1, was merely human in this one. He made 36 saves, although he played better as the night progressed.
Pekka Rinne, who was pulled from Game 1 following the second period after permitting three goals on 16 shots, bounced back with 46 saves for Nashville.
Johansen put Nashville ahead just 27 seconds into the game with his first goal, skating into the slot and wiring a wrister just inside the right post off a Filip Forsberg feed.
Winnipeg responded with two goals in a 29-second span late in the opening period. Dustin Byfuglien bagged his first playoff goal at 12:47 with a sharp-angle wrister from the right circle through Rinne’s pads, and Scheifele tallied on the power play.
The Predators answered with two second-period markers. P.K. Subban bombed a point shot off the left post on the power play at 5:04 for his first goal of the postseason, and Arvidsson registered his third at 18:41 on a slapper from the right faceoff dot.
Forsberg wound up with three assists while Arvidsson had two. Scheifele had a three-point game. Byfuglien and Subban each had a goal and an assist.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/icehockey-nhl-nsh-wpg-recap/predators-even-series-with-2ot-win-over-jets-idUSMTZEE4UZ9ZM8B |
May 18, 2018 / 11:03 AM / Updated an hour ago Russia's Putin, France's Macron to discuss Iran in St Petersburg - Kremlin Reuters Staff 1 Min Read
MOSCOW (Reuters) - Russian President Vladimir Putin and French President Emmanuel Macron will discuss Iran, Syria and Ukraine when Macron visits St Petersburg on May 24-25, the Kremlin said on Friday. FILE PHOT: French President Emmanuel Macron shakes hands Russian President Vladimir Putin (L) at the Chateau de Versailles as they meet for talks before the opening of an exhibition marking 300 years of diplomatic ties between the two countyies in Versailles, France, May 29, 2017. REUTERS/Philippe Wojazer
Macron is set to visit Russia to attend an economic forum in St Petersburg next week. The Kremlin also said Japanese Prime Minister Shinzo Abe would be a guest of honour at the forum and would hold talks with Putin on May 26. Reporting by Polina Devitt; Writing by Tom Balmforth; Editing by Hugh Lawson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-france-russia-macron-putin/russias-putin-frances-macron-to-discuss-iran-in-st-petersburg-kremlin-idUKKCN1IJ1AR |
BOSTON, May 21, 2018 /PRNewswire/ -- Block & Leviton LLP ( www.blockesq.com ), a securities litigation firm representing investors nationwide, announces that a class action lawsuit has been filed against PPG Industries, Inc. ("PPG" or the "Company") (NYSE: PPG) and certain of its officers and directors alleging violations of the federal securities laws. Class members interested in serving as lead plaintiff are reminded of the July 19, 2018 lead plaintiff deadline.
The lawsuit, filed in the United States District Court for the Central District of California (No. 2:18-cv-04231), alleges that throughout the Class Period, defendants released materially false and/or misleading financial statements that contained improper accounting entries and failed to maintain adequate internal controls.
On May 10, 2018, after the market closed, PPG announced a late filing of its 10-Q ended March 2018. The Company stated "[a]s previously disclosed on April 19, 2018, PPG received a report through its internal reporting system alleging violations of PPG's accounting policies and procedures regarding the failure to accrue certain specified expenses in the first quarter of 2018." The Audit Committee of the Company's Board of Directors is overseeing an investigation of the matters set forth in the report, with the assistance of outside counsel and forensic accountants.
In addition to the matters identified by the investigation relating to the quarter ended March 31, 2018, the investigation to date has also identified improper reclassifications of gains from income in 2017. As such, PPG has stated that its consolidated financial statements for the year ended December 31, 2017 included in its Annual Report on Form 10-K should no longer be relied upon. The investigation has also found evidence that the improper accounting entries were made by certain employees at the direction of the Company's former vice president and controller.
If you purchased or otherwise acquired PPG securities between April 24, 2017 and May 10, 2018 and have questions about your legal rights or possess information relevant to this investigation, you are encouraged to contact Attorney John DeFelice at (888) 868-2385, by email at [email protected] or by visiting http://shareholder.law/ppg .
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 50 years and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing were recently covered by the New York Times.
This notice may constitute attorney advertising.
CONTACT:
BLOCK & LEVITON LLP
John DeFelice
(617) 398-5600 phone
155 Federal Street, Suite 400
Boston, MA 02110
[email protected]
View original content: http://www.prnewswire.com/news-releases/ppg-shareholder-alert-securities-fraud-class-action-filed-against-ppg-industries-ppg-block--leviton-encourages-shareholders-to-contact-the-firm-300652004.html
SOURCE Block & Leviton LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-ppg-shareholder-alert-securities-fraud-class-action-filed-against-ppg-industries-ppg-block-leviton-encourages-shareholders-to.html |
May 1 (Reuters) - Smartsheet Inc:
* SMARTSHEET ANNOUNCES INTEGRATION WITH WORKPLACE BY FACEBOOK Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-smartsheet-announces-integration-w/brief-smartsheet-announces-integration-with-workplace-by-facebook-idUSFWN1S80LL |
May 1, 2018 / 4:21 PM / Updated 17 minutes ago Buffett-backed USG to open sale talks with Germany's Knauf Jonathan Stempel 3 Min Read
(Reuters) - U.S. building products company USG Corp ( USG.N ) on Tuesday said it agreed to open talks to sell itself to Germany’s Gebr Knauf AG, a sale that could benefit Warren Buffett’s Berkshire Hathaway Inc ( BRKa.N ), USG’s largest shareholder.
Shares of USG rose to their highest since August 2007.
USG had in March rejected a $5.9 billion takeover proposal by Knauf, its second-largest shareholder, that valued the wallboard maker at $42 per share.
But USG changed its mind after Berkshire, which holds a roughly 31 percent stake, and two major proxy advisory firms recommended voting against four USG board nominees at the Chicago-based company’s May 9 annual meeting.
Merger talks may not succeed. USG signaled it might hold out for more than $42 per share and that Knauf “will see value in excess” of its original bid.
“Given USG’s having publicly endorsed in a recent investor presentation that it views its intrinsic value at $45 to $52 per share, I don’t think they’re that far apart from getting a deal over the finish line,” said Garik Shmois, a senior analyst at Longbow Research, who rates USG “neutral.”
Knauf, which recently held a 10.5 percent USG stake, said it was encouraged by USG’s change of heart, although its original all-cash offer still reflected “full and fair” value.
“We are pleased that the board has acknowledged shareholders want to see a transaction,” Knauf said.
Berkshire did not immediately respond to a request for comment.
In afternoon trading, USG shares were up $1.72, or 4.3 percent, at $41.95 on the New York Stock Exchange.
Berkshire has owned a USG stake since 2000, held on as asbestos liabilities helped push USG into a five-year bankruptcy, and provided a $300 million lifeline in 2008 after the housing market imploded.
At Berkshire’s 2017 annual shareholder meeting, Buffett called USG “not one of my great ideas” but “no disaster.”
Berkshire had in March offered to sell its 43.4 million USG shares for at least $42 each, if Knauf bought the rest of USG for that price or more. Knauf would have paid Berkshire $2 per share up front for that privilege.
“It shows that Berkshire has been frustrated with its investment in USG” and that Knauf’s bid was “close enough,” Shmois said.
A sale would add to Berkshire’s roughly $116 billion of cash and equivalents, giving Buffett more ammunition for one or more of the “huge” non-insurance acquisitions he has said he wants.
Berkshire’s 2018 annual meeting will be held on Saturday. Reporting by Jonathan Stempel in New York; editing by Bill Trott and Rosalba O'Brien | ashraq/financial-news-articles | https://www.reuters.com/article/us-usg-m-a-knauf-berkshire/usg-to-open-sale-talks-with-knauf-in-possible-victory-for-buffett-idUSKBN1I23ZQ |
Highlights for First Quarter 2018:
Revenues of $70.9 million; Recurring revenues up 3% sequentially, 8% year over year; TruBridge revenues up 22% year over year; 12-month backlog of $264.6 million; Quarterly bookings of $22.1 million; GAAP earnings per diluted share of $0.29 and non-GAAP earnings per diluted share of $0.59; GAAP net income of $4.0 million and Adjusted EBITDA of $12.7 million; Cash provided by operations of $3.1 million; and Quarterly dividend of $0.10 per share.
MOBILE, Ala.--(BUSINESS WIRE)-- CPSI (NASDAQ: CPSI), a community healthcare solutions company, today announced results for the first quarter ended March 31, 2018.
The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per share, payable on June 1, 2018, to stockholders of record as of the close of business on May 17, 2018.
Total revenues for the first quarter ended March 31, 2018, were $70.9 million, compared with total revenues of $64.1 million for the prior-year period. Net income for the quarter ended March 31, 2018, was $4.0 million, or $0.29 per diluted share, compared with net income of $0.2 million, or $0.02 per diluted share, for the quarter ended March 31, 2017. Cash provided by operations for the first quarter was $3.1 million, compared with cash provided by operations of $9.7 million for the prior-year period.
“Our first quarter results were solid from a revenue and earnings standpoint, including a 22% increase in revenue year over year from TruBridge, our business management, consulting, and managed IT services business,” said Boyd Douglas, president and chief executive officer of CPSI. “We also welcomed 14 community hospitals to the CPSI family this quarter. With this strong start and a healthy sales pipeline, we remain well positioned for continued revenue and earnings growth in 2018.”
Commenting on the Company’s financial performance for the quarter, Matt Chambless, chief financial officer of CPSI, stated, “Robust revenue growth at TruBridge, coupled with our continued sales of EHR systems pursuant to CMS’ healthcare IT initiatives, resulted in total revenues and non-GAAP earnings per share for the quarter that were our second highest since the Healthland acquisition. These results were only surpassed by those during the fourth quarter of 2017, where revenues related to stage 3 of “meaningful use” propelled a strong finish to the year. Optically, cash flow provided by operations appear light, decreasing $6.6 million from the first quarter of 2017. This decrease was primarily driven by the payment of 2017 annual bonuses and the timing of payroll expenditures, which required approximately $6.0 million in cash during the first quarter. Despite this decrease in operating cash flows, we were able to achieve an incremental reduction in amounts outstanding under our credit facilities and move closer toward reaching our target leverage of 2.5 times Adjusted EBITDA, which we hope to achieve by the end of 2018.”
Douglas added, “CPSI has an eye to the future, as we are nearing the conclusion of a period focused on assisting our customers with meeting federally mandated EHR requirements. We are encouraged by meaningful growth opportunities in revenue cycle management and other community healthcare solutions, as we see continued demand from our clients to help them make the shift to value-based care.”
CPSI will hold a live webcast to discuss first quarter 2018 results today, Thursday, May 3, 2018, at 4:30 p.m. Eastern time. A 30-day online replay will be available approximately one hour following the conclusion of the live webcast. To listen to the live webcast or access the replay, visit the Company’s website, www.cpsi.com .
About CPSI
CPSI is a leading provider of healthcare solutions and services for community hospitals plus other healthcare systems and post-acute care facilities. Founded in 1979, CPSI is the parent of four companies – Evident, LLC, TruBridge, LLC, Healthland Inc. and American HealthTech, Inc. Our combined companies are focused on helping improve the health of the communities we serve, connecting communities for a better patient care experience, and improving the financial operations of our customers. Evident provides comprehensive EHR solutions and services for community hospitals and their affiliated clinics. TruBridge focuses on providing business, consulting and managed IT services, along with its complete RCM solution for all care settings. Healthland provides integrated technology solutions and services to small rural and critical access hospitals. American HealthTech is one of the nation’s largest providers of financial and clinical technology solutions and services for post-acute care facilities. For more information, visit www.cpsi.com .
Forward-Looking Statements
This press release contains within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These can be identified generally by the use of forward-looking terminology and words such as “expects,” “anticipates,” “estimates,” “believes,” “predicts,” “intends,” “plans,” “potential,” “may,” “continue,” “should,” “will” and words of comparable meaning. Without limiting the generality of the preceding statement, all statements in this press release relating to estimated and projected earnings, leverage ratio, margins, costs, expenditures, cash flows, growth rates, the Company’s level of recurring and non-recurring revenue and backlog, the Company’s shareholder returns and future financial results are . We caution investors that any such are only predictions and are not guarantees of future performance. Certain risks, uncertainties and other factors may cause actual results to differ materially from those projected in the . Such factors may include: overall business and economic conditions affecting the healthcare industry, including the potential effects of the federal healthcare reform legislation enacted in 2010, and implementing regulations, on the businesses of our hospital customers; government regulation of our products and services and the healthcare and health insurance industries, including changes in healthcare policy affecting Medicare and Medicaid reimbursement rates and qualifying technological standards; changes in customer purchasing priorities, capital expenditures and demand for information technology systems; saturation of our target market and hospital consolidations; general economic conditions, including changes in the financial and credit markets that may affect the availability and cost of credit to us or our customers; our substantial indebtedness, and our ability to incur additional indebtedness in the future; our potential inability to generate sufficient cash in order to meet our debt service obligations; restrictions on our current and future operations because of the terms of our senior secured credit facilities; market risks related to interest rate changes; our ability to successfully integrate the businesses of Healthland, American HealthTech and Rycan with our business and the inherent risks associated with any potential future acquisitions; our ability to remediate a material weakness in our internal control over financial reporting; competition with companies that have greater financial, technical and marketing resources than we have; failure to develop new or enhance current technology and products in response to market demands; failure of our products to function properly resulting in claims for losses; breaches of security and viruses in our systems resulting in customer claims against us and harm to our reputation; failure to maintain customer satisfaction through new product releases or enhancements free of undetected errors or problems; interruptions in our power supply and/or telecommunications capabilities, including those caused by natural disaster; our ability to attract and retain qualified customer service and support personnel; failure to properly manage growth in new markets we may enter; misappropriation of our intellectual property rights and potential intellectual property claims and litigation against us; changes in accounting principles generally accepted in the United States; fluctuations in quarterly financial performance due to, among other factors, timing of customer installations; and other risk factors described from time to time in our public releases and reports filed with the Commission, including, but not limited to, our most recent Annual Report on Form 10-K. Relative to our dividend policy, the payment of cash dividends is subject to the discretion of our Board of Directors and will be determined in light of then-current conditions, including our earnings, our leverage, our operations, our financial conditions, our capital requirements and other factors deemed relevant by our Board of Directors. In the future, our Board of Directors may change our dividend policy, including the frequency or amount of any dividend, in light of then-existing conditions. We also caution investors that the forward-looking information described herein represents our outlook only as of this date, and we undertake no obligation to update or revise any to reflect events or developments after the date of this press release.
COMPUTER PROGRAMS AND SYSTEMS, INC. Unaudited Condensed Consolidated Statements of Income
(In thousands, except per share data)
Three Months Ended March 31,
2018 2017 Sales revenues: System sales and support $ 45,751 $ 43,423 TruBridge 25,131 20,652 Total sales revenues 70,882 64,075 Costs of sales: System sales and support 18,417 19,512 TruBridge 13,380 11,863 Total costs of sales 31,797 31,375 Gross profit 39,085 32,700 Operating expenses: Product development 8,757 8,077 Sales and marketing 7,714 7,127 General and administrative 12,364 11,661 Amortization of acquisition-related intangibles 2,602 2,601 Total operating expenses 31,437 29,466 Operating income 7,648 3,234 Other income (expense): Other income 198 70 Interest expense (1,978 ) (1,807 ) Total other income (expense) (1,780 ) (1,737 ) Income before taxes 5,868 1,497 Provision for income taxes 1,901 1,251 Net income $ 3,967 $ 246 Net income per common share – basic and diluted $ 0.29 $ 0.02 Weighted average shares outstanding used in per common share computations – basic and diluted 13,475 13,374
COMPUTER PROGRAMS AND SYSTEMS, INC. Condensed Consolidated Balance Sheets
(In thousands, except per share data)
March 31,
2018
Dec. 31,
2017
(Unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,727 $ 520 Accounts receivable, net of allowance for doubtful accounts of $2,876 and $2,654, respectively 40,664 38,061 Financing receivables, current portion, net 15,482 15,055 Inventories 1,358 1,417 Prepaid expenses and other 5,935 2,824 Total current assets 65,166 57,877 Property and equipment, net 11,223 11,692 Financing receivables, net of current portion 13,245 11,485 Other assets, net of current portion 1,191 - Intangible assets, net 94,111 96,713 Goodwill 140,449 140,449 Total assets $ 325,385 $ 318,216 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 7,738 $ 7,620 Current portion of long-term debt 5,825 5,820 Deferred revenue 12,637 8,707 Accrued vacation 4,421 3,794 Income taxes payable 407 810 Other accrued liabilities 9,539 14,098 Total current liabilities 40,567 40,849 Long-term debt, less current portion 136,231 136,614 Deferred tax liabilities 6,019 4,667 Total liabilities 182,817 182,130 Stockholders’ Equity: Common stock, $0.001 par value; 30,000 shares authorized; 13,760 and 13,533 shares issued and outstanding 14 14 Additional paid-in capital 157,017 155,078 Retained earnings (14,463 ) (19,006 ) Total stockholders’ equity 142,568 136,086 Total liabilities and stockholders’ equity $ 325,385 $ 318,216
COMPUTER PROGRAMS AND SYSTEMS, INC. Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)
Three Months Ended March 31
2018 2017 Operating activities: Net income $ 3,967 $ 246 Adjustments to net income: Provision for bad debt 646 174 Deferred taxes 777 1,124 Stock-based compensation 1,939 1,281 Depreciation 529 718 Intangible amortization 2,602 2,601 Amortization of deferred finance costs 86 182 Changes in operating assets and liabilities: Accounts receivable (3,004 ) (801 ) Financing receivables (2,432 ) (147 ) Inventories 59 480 Prepaid expenses and other (527 ) (154 ) Accounts payable 118 927 Deferred revenue 2,700 3,903 Other liabilities (3,932 ) (480 ) Income taxes payable (403 ) (367 ) Net cash provided by operating activities 3,125 9,687 Investing activities: Purchases of property and equipment (60 ) - Net cash used in investing activities (60 ) - Financing activities: Dividends paid (1,394 ) (3,384 ) Proceeds from long-term debt 8,330 - Payments of long-term debt (8,794 ) (6,635 ) Net cash used in financing activities (1,858 ) (10,019 ) Net increase (decrease) in cash and cash equivalents 1,207 (332 ) Cash and cash equivalents, beginning of period 520 2,220 Cash and cash equivalents, end of period $ 1,727 $ 1,888
COMPUTER PROGRAMS AND SYSTEMS, INC. Unaudited Other Supplemental Information
Consolidated Bookings
(In thousands)
Three Months Ended March 31,
2018 2017 System sales and support (1) $ 18,232 $ 16,955 TruBridge (2) 3,818 6,594 Total $ 22,050 $ 23,549 (1) Generally calculated as the total contract price (for system sales) and annualized contract value (for support).
(2) Generally calculated as the total contract price (for non-recurring, project-related amounts) and annualized contract value (for recurring amounts).
COMPUTER PROGRAMS AND SYSTEMS, INC. Unaudited Reconciliation of Non-GAAP Financial Measures
(In thousands)
Adjusted EBITDA Three Months Ended
March 31, 2018 2017 Net income, as reported $ 3,967 $ 246 Depreciation expense 529 718 Amortization of acquisition-related intangible assets 2,602 2,601 Stock-based compensation 1,939 1,281 Transaction-related costs - 5 Non-recurring severance - 397 Interest expense and other, net 1,780 1,737 Provision for income taxes 1,901 1,251 Adjusted EBITDA $ 12,718 $ 8,236 The performance measure of Adjusted EBITDA, as presented above, excludes the cash benefits derived from the utilization of net operating loss carryforwards acquired in the Healthland acquisition (“NOL Utilization”), which is included as an adjustment to net income in order to calculate Consolidated EBITDA per the terms of our credit facility. NOL Utilization was approximately $0.8 million for the three months ended March 31, 2018, compared to $1.3 million for the three months ended March 31, 2017.
COMPUTER PROGRAMS AND SYSTEMS, INC. Unaudited Reconciliation of Non-GAAP Financial Measures
(In thousands, except per share data)
Non-GAAP Net Income and Non-GAAP Earnings Per Share (“EPS”) Three Months Ended
March 31, 2018 2017 Net income, as reported $ 3,967 $ 246 Pre-tax adjustments for Non-GAAP EPS: Amortization of acquisition-related intangible assets 2,602 2,601 Stock-based compensation 1,939 1,281 Transaction-related costs - 5 Non-recurring severance - 397 Non-cash interest expense 86 182 After-tax adjustments for Non-GAAP EPS: Tax-effect of pre-tax adjustments, at 21% and 35%, respectively (972 ) (1,563 ) Tax shortfall from stock-based compensation 362 764 Non-GAAP net income $ 7,984 $ 3,913 Weighted average shares outstanding, diluted 13,475 13,347 Non-GAAP EPS $ 0.59 $ 0.29
Explanation of Non-GAAP Financial Measures
We report our financial results in accordance with accounting principles generally accepted in the United States of America, or “GAAP.” However, management believes that, in order to properly understand our short-term and long-term financial and operational trends, investors may wish to consider the impact of certain non-cash or non-recurring items, when used as a supplement to financial performance measures that are prepared in accordance with GAAP. These items result from facts and circumstances that vary in frequency and impact on continuing operations. Management uses these non-GAAP financial measures in order to evaluate the operating performance of the Company and compare it against past periods, make operating decisions, and serve as a basis for strategic planning. These non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in our ongoing business by eliminating certain non-cash expenses and other items that management believes might otherwise make comparisons of our ongoing business with prior periods more difficult, obscure trends in ongoing operations, or reduce management’s ability to make useful forecasts. In addition, management understands that some investors and financial analysts find these non-GAAP financial measures helpful in analyzing our financial and operational performance and comparing this performance to our peers and competitors.
As such, to supplement the GAAP information provided, we present in this press release the following non-GAAP financial measures: Adjusted EBITDA, Non-GAAP net income, and Non-GAAP earnings per share (“EPS”).
We calculate each of these non-GAAP financial measures as follows:
Adjusted EBITDA – Adjusted EBITDA consists of GAAP net income (loss) as reported and adjusts for: (i) depreciation; (ii) amortization of acquisition-related intangible assets; (iii) stock-based compensation; (iv) transaction-related costs; (v) non-recurring severance; (vi) interest expense and other, net; and (vii) the provision for income taxes. Non-GAAP net income – Non-GAAP net income consists of GAAP net income (loss) as reported and adjusts for (i) amortization of acquisition-related intangible assets; (ii) stock-based compensation; (iii) transaction-related costs; (iv) non-recurring severance; (v) non-cash charges to interest expense and other; and (vi) the total tax effect of items (i) through (v). Non-GAAP EPS – Non-GAAP EPS consists of Non-GAAP net income, as defined above, divided by weighted average shares outstanding (diluted) in the applicable period.
Certain of the items excluded or adjusted to arrive at these non-GAAP financial measures are described below:
Amortization of acquisition-related intangible assets - Acquisition-related amortization expense is a non-cash expense arising primarily from the acquisition of intangible assets in connection with acquisitions or investments. We exclude acquisition-related amortization expense from non-GAAP financial measures because we believe (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expenses can vary significantly between periods as a result of new acquisitions and full amortization of previously acquired intangible assets. Investors should note that the use of these intangible assets contributed to revenue in the periods presented and will contribute to future revenue generation, and the related amortization expense will recur in future periods. Stock-based compensation - Stock-based compensation expense is a non-cash expense arising from the grant of stock-based awards. We exclude stock-based compensation expense from non-GAAP financial measures because we believe (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expenses can vary significantly between periods as a result of the timing and valuation of grants of new stock-based awards, including grants in connection with acquisitions. Investors should note that stock-based compensation is a key incentive offered to employees whose efforts contributed to the operating results in the periods presented and are expected to contribute to operating results in future periods, and such expense will recur in future periods. Non-recurring expenses and transaction-related costs - Non-recurring expenses relate to certain severance and other charges incurred in connection with activities that are considered one-time. Transaction-related costs are the non-recurring costs related to specific acquisitions (such as the Healthland acquisition). We exclude non-recurring expenses and transaction-related costs from non-GAAP financial measures because we believe (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expenses can vary significantly between periods. Non-cash charges to interest expense and other - Non-cash charges to interest expense and other includes amortization of deferred debt issuance costs. We exclude non-cash charges to interest expense and other from non-GAAP financial measures because we believe these non-cash amounts relate to specific transactions and, as such, may not directly correlate to the underlying performance of our business operations. Tax shortfall (excess tax benefit) from stock-based compensation – ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, became effective for the Company during the first quarter of 2017 and changes the treatment of tax shortfall and excess tax benefits arising from stock-based compensation arrangements. Prior to ASU 2016-09, these amounts were recorded as an increase (for excess benefits) or decrease (for shortfalls) to additional paid-in capital. With the adoption of ASU 2016-09, these amounts are now captured in the period’s income tax expense. We exclude this component of income tax expense from non-GAAP financial measures because we believe (i) the amount of such expenses or benefits in any specific period may not directly correlate to the underlying performance of our business operations; (ii) such expenses or benefits can vary significantly between periods as a result of the valuation of grants of new stock-based awards, the timing of vesting of awards, and periodic movements in the fair value of our common stock; and (iii) excluding these amounts assists in the comparability between current period results and results during periods prior to the adoption of ASU 2016-09.
Management considers these non-GAAP financial measures to be important indicators of our operational strength and performance of our business and a good measure of our historical operating trends, in particular the extent to which ongoing operations impact our overall financial performance. In addition, management may use Adjusted EBITDA, Non-GAAP net income and/or Non-GAAP EPS to measure the achievement of performance objectives under the Company’s stock and cash incentive programs. Note, however, that these non-GAAP financial measures are performance measures only, and they do not provide any measure of cash flow or liquidity. Non-GAAP financial measures are not alternatives for measures of financial performance prepared in accordance with GAAP and may be different from similarly titled non-GAAP measures presented by other companies, limiting their usefulness as comparative measures. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Additionally, there is no certainty that we will not incur expenses in the future that are similar to those excluded in the calculations of the non-GAAP financial measures presented in this press release. Investors and potential investors are encouraged to review the “Unaudited Reconciliation of Non-GAAP Financial Measures” above.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006465/en/
CPSI
Tracey Schroeder, 251-639-8100
Chief Marketing Officer
[email protected]
Source: CPSI | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-cpsi-announces-first-quarter-2018-results.html |
May 30, 2018 / 5:28 AM / Updated 2 hours ago World Cup can launch Azmoun towards big club move, says Daei Michael Church 3 Min Read
HONG KONG (Reuters) - Iran great Ali Daei has backed compatriot Sardar Azmoun to be one of the breakout stories of the World Cup finals and use the tournament as a springboard to sign for a top club side. Soccer Football - International Friendly - Turkey vs Iran - Basaksehir Fatih Terim Stadium, Istanbul, Turkey - May 28, 2018 Turkey's Okay Yokuslu in action with Iran's Sardar Azmoun REUTERS/Osman Orsal
Daei, who is lauded as Iran’s greatest player following a career that saw him crowned Asia’s Player of the Year in 1999 and play for Bayern Munich and Hertha Berlin, says the future is bright for Iran, as they look to get through the group phase at a World Cup for the first time.
Now 49 and coaching Iranian club side Saipa, the former striker represented his country at the World Cup in 1998 and 2006 and he said the highly-rated Azmoun can use this summer’s tournament to further his career.
“I don’t like to talk about myself, but I can say that Sardar is a big player, along with someone like Karim Ansarifard,” Daei, who holds the record for most goals scored in international football (109), told Reuters.
“We have young strikers and the future will belong to them, especially Sardar because he’s really young.
“He can have a bright future. I’m hoping he can choose the right route, that he can go in the right direction in the future for himself and also for our national team.”
Iran have been drawn in Group B alongside Portugal, Spain and Morocco at the June 14 to July 15 World Cup.
Azmoun, who currently plays in the Russian Premier League for Rubin Kazan, has already featured on the biggest stage in European club football after playing in the Champions League and the Europa League during a spell with FC Rostov.
He was on target against Bayern Munich and Atletico Madrid in the Champions League and Daei said he had the attributes to follow in his footsteps and play for one the game’s top sides.
“The World Cup could be a jumping point for many players to change everything,” said Daei. “I’m quite confident Sardar can make a move from Russia to a top level club.”
Azmoun is one of a group of young Iranian players who will be making their first appearance at the World Cup.
Daei hopes this new generation will also lead them to their first Asian Cup crown since 1976 when the tournament is held in the United Arab Emirates next January.
“I’m very hopeful that this team will perform well and can become Asian champions,” he said.
“We have a good team, we’re not an easy team for any Asian team to play against and if we can keep up our standards then there’s no reason why we can’t do well.” Editing by Peter Rutherford | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-irn-daei/world-cup-can-launch-azmoun-towards-big-club-move-says-daei-idUKKCN1IV0EQ |
(Updates yields, auction details, table) By Kate Duguid NEW YORK, May 11 (Reuters) - The Treasury yield curve on Friday was the flattest it had been since July 2007 as shorter-dated yields rose on expectations the Federal Reserve would hike U.S. interest rates in spite of weaker-than-expected economic data this week. The spread between the five-year and 30-year bond yields reached a session low of 26.2 basis points, its narrowest since before the financial crisis in 2007. The spread between two- and 10-year note yields bottomed out at 41.0 basis points, the lowest since September 2007. Yields on shorter-dated notes have been rising faster than those on longer-dated bonds. The short end of the curve, and the two-year yield in particular, reflects traders' expectations that the Fed will raise interest rates. The long end, notably the 10-year yield, indicates market sentiment about the future health of the economy and levels of inflation. The yield on the 10-year benchmark government bond fell on Thursday as a smaller-than-expected increase in the consumer price index in April reduced fears that domestic inflation is picking up steam as the labor market tightens. "The data yesterday did not do any favors for the bearish camp, given how low core CPI was," said Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets in New York. Bond bears bet rising inflation and other economic and technical factors will prompt investors to sell Treasuries, lowering prices and lifting yields. Yields at the long end of the curve also fell this week as the Treasury Department's auction of $73 billion in new supply of U.S. debt was met with strong demand. The 30-year bonds sold at a yield of 3.130 percent, the highest for that maturity at an auction since March 2017, Treasury data showed. The yield at auction for the $25 billion in 10-year notes was 2.995 percent, the highest since January 2014. The 10-year yield on Friday rose to a session high of 2.995 percent, still below the 3 percent level it broke above on Wednesday. The two-year yield hit a weekly high of 2.543 percent on both Thursday and Friday. Trader expectations that the Fed will raise rates in June is 100 percent, according to CME Group's FedWatch Tool. For a rate hike in September, the current probability is 73.6 percent, while the market remains divided over whether the Fed will make a fourth rate hike at the December meeting. May 11 Friday 2:28PM New York / 1828 GMT Price US T BONDS JUN8 143-1/32 -0-5/32 10YR TNotes JUN8 119-100/256 0 Price Current Net Yield % Change (bps) Three-month bills 1.87 1.9046 0.015 Six-month bills 2.0025 2.0506 0.000 Two-year note 99-174/256 2.5431 0.005 Three-year note 99-204/256 2.6959 0.006 Five-year note 99-150/256 2.8399 0.007 Seven-year note 99-144/256 2.9448 0.005 10-year note 99-36/256 2.975 0.004 30-year bond 100-56/256 3.1137 -0.007 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 21.50 -3.00 spread U.S. 3-year dollar swap 16.00 -2.50 spread U.S. 5-year dollar swap 8.75 -2.25 spread U.S. 10-year dollar swap 2.75 -1.75 spread U.S. 30-year dollar swap -9.75 -1.25 spread (Reporting by Kate Duguid; Editing by David Gregorio)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds/treasuries-rate-hikes-soft-data-flatten-yield-curve-to-decade-low-idUSL1N1SI1BH |
HOUSTON, May 10, 2018 /PRNewswire/ -- Parker Drilling Company (NYSE: PKD) today declared a cash dividend of $1.8125 per share on its 7.25% Series A Mandatory Convertible Preferred Stock, payable on June 30, 2018, to holders of record at the close of business on June 15, 2018. The dividend is for the period beginning on March 31, 2018, and ending on June 29, 2018.
Company Description
Parker Drilling provides drilling services and rental tools to the energy industry. The Company's Drilling Services business serves operators in the inland waters of the U.S. Gulf of Mexico utilizing Parker Drilling's barge rig fleet and in select U.S. and international markets and harsh-environment regions utilizing Parker-owned and customer-owned equipment. The Company's Rental Tools Services business supplies premium equipment and well services to operators on land and offshore in the U.S. and international markets. More information about Parker Drilling can be found on the Company's website at www.parkerdrilling.com .
Contact: Nick Henley, Investor Relations Director, (+1) (281) 406-2082, [email protected]
View original content: http://www.prnewswire.com/news-releases/parker-drilling-announces-june-2018-mandatory-convertible-preferred-stock-dividend-300646863.html
SOURCE Parker Drilling Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-parker-drilling-announces-june-2018-mandatory-convertible-preferred-stock-dividend.html |
BUDAPEST (Reuters) - Hungary’s government will use its fresh electoral mandate to tighten a bill designed to regulate the activities of non-government organizations more closely, a minister told a Parliament hearing on Monday.
“We need a tighter proposal than the one currently in front of parliament,” Antal Rogan, minister for Prime Minister Viktor Orban’s cabinet office, said of the package, a major bone of contention between Hungary and the West.
It is nicknamed the “Stop Soros” bill as it targets NGOs that receive foreign finding, notably those funded by liberal billionaire George Soros, an advocate of immigration rules at odds with Orban’s hardline stance.
Reporting by Marton Dunai; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/us-hungary-ngos/hungary-to-tighten-ngo-bill-submit-it-to-parliament-by-june-minister-idUSKCN1IF1GM |
NEW YORK, May 8 (Reuters) - The U.S. Energy Information Administration said on Tuesday it expects domestic crude oil production in 2019 to rise by more than previously expected.
In its monthly short-term energy outlook, the agency forecast that U.S. crude oil output will rise by 1.14 million barrels per day (bpd) to 11.86 million bpd next year. Last month, it expected a 750,000 bpd year-over-year increase to 11.44 million bpd. (Reporting By Jessica Resnick-Ault Editing by Marguerita Choy)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-oil-eia-outlook/eia-lifts-2019-u-s-crude-output-growth-forecast-to-1-14-mln-bpd-idUSL1N1SF1BG |
May 21 (Reuters) - Intercontinental Exchange Inc:
* THE NEW YORK STOCK EXCHANGE CONFIRMS THAT STACEY CUNNINGHAM HAS BEEN ELEVATED FROM COO TO PRESIDENT - SPOKESPERSON Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-the-new-york-stock-exchange-confir/brief-the-new-york-stock-exchange-confirms-that-stacey-cunningham-has-been-elevated-from-coo-to-president-spokesperson-idUSFWN1SS0RE |
May 14, 2018 / 4:33 PM / Updated 24 minutes ago Death toll in Gaza protests up to 52: Palestinian health ministry Reuters Staff 1 Min Read
GAZA (Reuters) - The Palestinian death toll from Israeli live fire in protests along the Gaza-Israel border on Monday rose to 52, a Palestinian health ministry official said. Palestinian demonstrators run for cover from Israeli fire and tear gas during a protest against U.S. embassy move to Jerusalem and ahead of the 70th anniversary of Nakba, at the Israel-Gaza border in the southern Gaza Strip May 14, 2018. REUTERS/Ibraheem Abu Mustafa
It was the highest toll in a single day since a series of such protests demanding the right to return to ancestral homes in Israel began on March 30.
Palestinian Health Ministry spokesman Ashraf Al-Qidra said the dead included six children under the age of 18. About 2,400 Palestinians had been wounded, about half of them by live bullets. Writing by Ori Lewis; editing by Andrew Roche | ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-palestinians-protests-casualti/death-toll-in-gaza-protests-up-to-52-palestinian-health-ministry-idUSKCN1IF2BZ |
Kyle Seager hit two home runs, including a grand slam, and had five RBIs as the visiting Seattle Mariners defeated the Toronto Blue Jays 9-3 on Thursday night.
Ryon Healy and Mike Zunino also homered for the Mariners in the rubber match of the three-game series. Jean Segura had four hits and Andrew Romine added three hits for the Mariners to lead a 17-hit attack.
Russell Martin hit a two-run homer for Toronto and Josh Donaldson added three hits.
Mariners starter Mike Leake (4-3) allowed two runs, six hits, one walk and struck out six over seven innings for his second win in his last three outings.
Toronto starter J.A. Happ (4-3) allowed seven runs, 10 hits, two walks and struck out three in 3 1/3 innings to take his second straight loss.
Seager hit his fourth career grand slam in the first inning to put the Mariners ahead 4-0. It came after singles by Segura and Robinson Cano and a walk to Healy.
The Mariners built their lead to 5-0 in the second on Segura’s double and Mitch Haniger’s single.
The Blue Jays struck back in the bottom of the inning with Martin’s fifth homer of the season, which followed Kevin Pillar’s double.
Healy hit his sixth homer of the season in the third.
The Mariners scored again in the fourth when Andrew Romine, Segura and Haniger singled and Cano hit a sacrifice fly to left. Jake Petricka replaced Happ.
Seager led off the fifth against Petricka with his sixth homer of the season, giving him his seventh career multi-homer game.
Marc Rzepczynski replaced Leake for the eighth inning, allowing an infield single to Lourdes Gurriel Jr. and a walk to pinch hitter Anthony Alford. Chasen Bradford took over and yielded a single to Donaldson to load the bases. James Pazos replaced Bradford and induced a double-play grounder by Yangervis Solarte with Gurriel scoring.
Zunino led off the ninth against Tim Mayza with his sixth homer of the season.
Edwin Diaz struck out the side in the ninth for Seattle.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-tor-sea-recap/seagers-huge-night-lifts-mariners-over-blue-jays-9-3-idUSMTZEE5BJL0L37 |
May 8 (Reuters) - LendingClub Corp:
* SEES Q2 2018 REVENUE $162 MILLION TO $172 MILLION * Q1 REVENUE $151.7 MILLION VERSUS I/B/E/S VIEW $152.8 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.01 — THOMSON REUTERS I/B/E/S
* SEES FULL YEAR TOTAL NET REVENUE IN RANGE OF $680 MILLION TO $705 MILLION
* SEES Q2 NET LOSS $20 MILLION TO $10 MILLION * SEES FULL YEAR NET LOSS IN RANGE OF $70 MILLION TO $55 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-lendingclub-reports-q1-adjusted-ea/brief-lendingclub-reports-q1-adjusted-earnings-per-share-0-01-idUSASC0A0ON |
May 10, 2018 / 7:13 AM / Updated 7 minutes ago BRIEF-Hecla Reports Q1 Earnings Per Share Of $0.02 Reuters Staff
May 10 (Reuters) - Hecla Mining Co: * Q1 SALES $139.7 MILLION
* COMPANY’S 2018 ESTIMATES REMAIN UNCHANGED AT THIS TIME
* ANTICIPATED THAT 2018 ESTIMATES WILL BE REVISED AT TIME OF Q2 EARNINGS RESULTS
* QTRLY GOLD PRODUCED OF 57,808 OUNCES VERSUS 56,113 OUNCES
* QTRLY SILVER PRODUCED OF 2.5 MILLION OUNCES VERSUS 3.4 MILLION OUNCES
* Q1 EARNINGS PER SHARE VIEW $0.00, REVENUE VIEW $142.2 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-hecla-reports-q1-earnings-per-shar/brief-hecla-reports-q1-earnings-per-share-of-0-02-idUSASC0A1AF |
May 8 (Reuters) - Venezuela’s state-run PDVSA ordered a tanker carrying Russian oil that was waiting to discharge at its Curacao terminal to divert to Venezuelan waters after ConocoPhillips introduced an order in a Caribbean court to seize its inventories and other assets in the island, according to a shipper and Reuters data on Tuesday.
The Aframax tanker British Cygnet loaded crude at Russia’s Primorsk terminal in April. It arrived in Curacao’s Bullenbay terminal, operated by PDVSA, on Sunday, two days after at least two Caribbean courts ordered the temporary retention of inventories and facilities in Bonaire, Curacao, Aruba and St. Eustatius at U.S. oil firm Conoco’s request to satisfy a $2 billion arbitration award against PDVSA. (Reporting by Marianna Parraga Editing by Marguerita Choy)
| ashraq/financial-news-articles | https://www.reuters.com/article/conocophillips-pdvsa/venezuelas-pdvsa-diverts-crude-tanker-from-curacao-shipper-data-idUSL1N1SF1D5 |
(Repeats with no changes to text)
DUBAI, May 6 (Reuters) - Gulf stock markets opened in positive territory on Sunday, mirroring gains in global stocks late last week and boosted by soaring oil prices.
Weaker-than-expected jobs data in the United States eased worries about a potential acceleration in the pace of U.S interest rate hikes from the Federal Reserve. This, combined with gains in tech shares such as Apple, gave support to U.S. stocks last Friday.
Oil prices hit their highest in more than three years, with Brent crude settling up at $74.87 a barrel, as the market awaited news from Washington on possible new U.S. sanctions against Iran.
This gave support to Saudi petrochemical companies such as National Industrialization Company (Tasnee), Saudi Kayan Petrochemical and blue-chip Saudi Basic Industries Corporation (SABIC), which were up 3.4 percent, 1.1 percent and 0.4 percent, respectively.
The worst performer in early trade was Saudi Industrial Services Co, down 3.9 percent after late last week it announced disappointing first quarter financial results, with Q1 net profit at 0.6 million riyals ($159,991.47)against 22.1 million riyals one year earlier.
The Saudi index was up 0.5 percent after one hour of trading.
In Dubai, the index was up 0.8 percent, lifted by gains from contractor Drake & Scull up 3.7 percent. The company’s shares dropped last week after investors sold on the news that it did not get approval to increase the company’s capital through the entry of a new strategic partner.
But Abu Dhabi investor Tabarak subsequently reassured investors saying in a statement it was committed to maintain its shareholding position in the company and to support it in securing new banking facilities and construction contracts.
The Abu Dhabi index was up 0.6 percent, with Arkan Building Materials up 5 percent after it reported a year-on-year increase in first quarter net profit last week, to 11.7 million dirhams ($3.19 million) from 10.6 million dirham one year earlier.
The Qatari index was up 0.8 percent, with Vodafone Qatar, by large the most traded stock, up 2.9 percent.
The company announced on Sunday it is preparing for the launch of 5G (5th generation wireless systems) services and it expects to implement them by the end of the year. ($1 = 3.7502 riyals) ($1 = 3.6730 UAE dirham) (Reporting by Davide Barbuscia; Editing by Janet Lawrence)
| ashraq/financial-news-articles | https://www.reuters.com/article/mideast-stocks/mideast-stocks-gulf-moves-in-line-with-global-stocks-saudi-petchems-up-on-soaring-oil-idUSL8N1SD05D |
May 3 (Reuters) - Two partners at the hedge fund Deerfield Management and two others were found guilty on Thursday of charges they engaged in an insider trading scheme based on leaks from within a federal healthcare agency.
Rob Olan and Ted Huber, partners at Deerfield Management who are currently on leave, were convicted of counts including wire fraud and conversion of government property. David Blaszczak, founder of political consulting firm Precipio Health Strategies, and Christopher Worrall, who worked for the U.S. Centers for Medicare and Medicaid Services (CMS), were also convicted of related charges. The verdict was handed down by a jury in Manhattan federal court. (Reporting By Brendan Pierson in New York Editing by Tom Brown)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/usa-crime-healthcare/four-found-guilty-in-insider-trading-case-linked-to-u-s-health-agency-idUSL1N1SA26Z |
May 1, 2018 / 10:54 AM / Updated an hour ago Oil to boost Gulf trade surpluses but growth will stay modest: Reuters poll Andrew Torchia 4 Min Read
RIYADH (Reuters) - Higher oil prices are set to boost trade surpluses in the Gulf over the next 18 months but economies will grow only moderately because of government austerity policies, a quarterly Reuters poll of private economists shows. FILE PHOTO: Crude oil is dispensed into a bottle in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File Photo
The Brent oil price, now nearly $75 a barrel, has averaged over $68 so far this year — a leap from last year’s average of just below $55. That is good news for the six wealthy oil-exporting countries of the region.
“If prices stay at their current level that would translate into a $100 billion — 7 percent of gross domestic product — boost to the Gulf’s oil export revenues compared with last year,” London-based Capital Economics wrote in a client note.
“Budget and current account positions would improve, providing governments with scope to ease back on austerity and lend some support to economic growth.”
Many economists don’t think oil prices will stay as high as their current levels into next year.
But they are nevertheless raising their forecasts for the Gulf’s external balances. Bigger surpluses — or in the case of the weakest economies, Oman and Bahrain, smaller deficits — would reduce pressure on countries’ foreign exchange reserves, which were hit by the plunge of oil prices after 2014.
Saudi Arabia, for example, is now expected to run a current account surplus of 3.3 percent of GDP this year, according to the Reuters poll of 15 economists, instead of the 1.9 percent forecast in the previous poll last January. The median forecast for next year has been lifted to 2.6 percent from 2.2 percent.
Oman is now expected to run a current account deficit of 7.5 percent this year, instead of the previous forecast of 8.4 percent.
Because of higher oil prices, Oman’s state budget deficit is now forecast at 8.4 percent of GDP this year and 6.5 percent next year — still unsustainably high in the long run, but better than the previous forecasts for deficits of 11.6 percent and 8.2 percent.
While firm oil prices would bolster state coffers, however, they would not necessarily boost economic growth much. That’s because some economies will continue to labour under recent austerity policies, such as the imposition of 5 percent value-added tax in Saudi Arabia and the United Arab Emirates in January.
Many countries are taking advantage of higher oil prices to raise state spending and water down parts of their austerity programmes; for that reason, Saudi Arabia is now expected to run a state budget deficit of 7.8 percent of GDP in 2018 instead of 7.2 percent, and 6.7 percent in 2019 instead of 6.0 percent.
That may not be enough to stimulate much new growth in the private sector, though.
“GDP data showed that the downturn in Saudi Arabia’s economy deepened at the end of last year. A fading drag from the oil sector appears to have returned the economy to positive growth at the start of this year, but the non-oil sector seems to be suffering,” Capital Economics said.
The median forecast for Saudi Arabia’s GDP growth this year remains unchanged at 1.5 percent, though next year’s prediction has been raised slightly to 2.4 percent from 2.0 percent.
(For other stories from the Reuters global long-term economic outlook polls package see) Polling by Indradip Ghosh and Rahul Karunakar; Editing by Raissa Kasolowsky | ashraq/financial-news-articles | https://in.reuters.com/article/gulf-economy-poll/oil-to-boost-gulf-trade-surpluses-but-growth-will-stay-modest-reuters-poll-idINKBN1I23E7 |
KUALA LUMPUR, May 24 (Reuters) - The government of former Malaysian Prime Minister Najib Razak used funds from a central bank deal to pay for some of the liabilities of beleaguered state fund 1Malaysia Development Berhad (1MDB), two sources with knowledge of the matter told Reuters.
Funds from a land sale made by the government to the central bank for about 2 billion ringgit ($502.51 million) were used to pay for 1MDB’s obligation to Abu Dhabi state fund IPIC, the sources said.
The ministry had made use of government assets to make several payments to bail out 1MDB, one source said.
The sources did not want to be identified as they were not authorized to talk to media.
The payment from the central bank was first reported on Wednesday by the Wall Street Journal.
The central bank and the finance ministry did not immediately respond to requests for comment.
The news comes as Malaysia’s new finance minister said this week that Najib’s government had deceived the public and parliament over the country’s financial situation and 1MDB.
The previous government has been bailing out debt-burdened 1MDB since April 2017, paying a total of 6.98 billion ringgit so far, Lim Guan Eng said, adding that 1MDB directors confirmed the fund was insolvent.
1MDB had agreed to pay $1.2 billion to IPIC as part of a settlement agreement reached in April 2017 after 1MDB defaulted on its bonds.
The total settlement amount was to be paid to IPIC over two instalments – one by the end of July, which 1MDB paid in August – and another by December.
1MDB said on Dec. 27 that it had paid the second tranche and that the entire settlement amount was paid through funds raised by an “on-going rationalisation” programme.
However, the sources said the second instalment to IPIC was paid by the ministry of finance through funds from the land sale agreement with the central bank.
Bank Negara Malaysia said on Jan. 4 that it had agreed to purchase a plot of land from the Malaysian government for about 2 billion ringgit after several months of discussions.
1MDB is the subject of money-laundering investigations in at least six countries, including the United States, Switzerland and Singapore. In civil lawsuits, the U.S. Justice Department has alleged that about $4.5 billion was misappropriated from 1MDB.
The Malaysian fund has denied any wrongdoing and Najib, who founded 1MDB, has denied all allegations of corruption against him.
He was defeated in a general election earlier this month and was succeeded by Mahathir Mohamad, who immediately opened investigations into the state fund and barred Najib from leaving the country. ($1 = 3.9800 ringgit) (Reporting by A. Ananthalakshmi and Joseph Sipalan; Editing by Raju Gopalakrishnan)
| ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-politics-1mdb/najibs-malaysia-govt-used-funds-from-central-bank-land-deal-to-pay-1mdb-dues-sources-idUSL3N1SV1AP |
May 31, 2018 / 4:15 AM / Updated 15 minutes ago Amazon cuts Australia from its U.S. site to avoid sales import tax Byron Kaye 3 Min Read
SYDNEY (Reuters) - Amazon.com Inc said on Thursday it will force Australians to use its Australian website instead of its much larger U.S. site from July 1 to avoid a new sales tax on certain imported goods. FILE PHOTO: The logo of Amazon is pictured inside the company's office in Bengaluru, India, April 20, 2018. Picture taken April 20, 2018. REUTERS/Abhishek N. Chinnappa/File Photo
The online retail giant said it would redirect Australians to the newly launched Australian site once the 10 percent Goods and Services Tax (GST) was applied to imported online goods worth under A$1,000 ($756) from the start of the 2018-2019 financial year.
“While we regret any inconvenience this may cause customers, we have had to assess the workability of the legislation as a global business with multiple international sites,” an Amazon spokesman said in an email.
The move will drive traffic to Amazon’s Australian website, which has drawn criticism for a thin product range and uncompetitive prices since it began taking orders in December.
However it may also benefit Australian retailers which have been hammered by the rise of online shopping and had campaigned to have the GST apply to all goods shipped from overseas.
Until now, GST has applied only to most goods sold in Australia and imported goods worth over A$1,000, making relatively low-cost imported items cheaper than their equivalents in local stores.
“The government doesn’t apologize for ensuring multi-nationals pay a fair amount of tax here in Australia,” a spokeswoman for Treasurer Scott Morrison said in an email.
“A number of other countries are taking a similar approach and adopting a vendor collection model to collect GST from low-value imported goods.”
Shares of local e-commerce site Kogan.com Ltd were up 1.5 percent in mid-session trading, while shares of electronics retailers JB Hi-Fi Ltd and Harvey Norman Holdings Ltd were up about 1 percent. The broader market was up about 0.5 percent.
Some 4.6 million adult Australians visited Amazon’s U.S. site in November 2017, the month before its Australian website went live, according to consumer metrics company The Nielsen Co.
Amazon says its Australian unit offers 60 million products in 23 categories, compared to the more half a billion products on its U.S. site. Reporting by Byron Kaye; Editing by Stephen Coates | ashraq/financial-news-articles | https://uk.reuters.com/article/us-amazon-com-australia/amazon-cuts-australia-from-its-u-s-site-to-avoid-sales-import-tax-idUKKCN1IW0C5 |
What's working: Growth stocks 1 Hour Ago Saira Malik, Nuveen managing director and head of global equities, discusses her top stock picks for growth in volatile markets. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/whats-working-growth-stocks.html |
May 28, 2018 / 3:07 PM / Updated 29 minutes ago Analysis: Italy's fresh election risks being referendum on euro Steve Scherer 5 Min Read
ROME (Reuters) - The euro looked to have dodged a bullet when Italy’s would-be eurosceptic coalition government collapsed at the weekend, but it may turn out to have been the opening salvo in a war over Europe’s single currency. A picture illustration taken with the multiple exposure function of the camera shows a one Euro coin and a map of Europe, January 9, 2013. REUTERS/Kai Pfaffenbach/Files
On Sunday, Italy’s president rejected the nomination of a eurosceptic, Paolo Savona, for the economics ministry by the far-right League and anti-establishment 5-Star Movement because Savona had previously said Italy should leave the euro zone.
But now the two parties, who were rivals in the March vote, are weighing whether to join forces ahead of a fresh election seen in the autumn or early next year.
“The upcoming elections will not be political, but instead a real and true referendum ... between who wants Italy to be a free country and who wants it to be servile and enslaved,” League leader Matteo Salvini said on Monday.
“Today Italy is not free; it is occupied financially by Germans, French and eurocrats.”
The euro, bonds and stocks initially rallied on Monday after President Sergio Mattarella vetoed Savona’s nomination, but relief turned to fear over snap elections. The gap between Italian and German 10-year bond yields, a measure of Italian risk, widened to its highest in over four years.
“The election is going to resemble a referendum, de facto, on the European Union and the euro,” said Francesco Galietti, head of political risk consultancy Policy Sonar in Rome. “It’s an existential threat for the entire euro zone.”
If Italians were to cast a protest vote against the EU and euro at fresh elections, it would deliver the bloc’s biggest challenge since Britain voted to quit the union two years ago and raise questions about the future of the single currency.
As the euro zone’s third-largest economy, heavily indebted Italy also represents a far bigger potential threat to the single currency than the Greek economic crisis.
Polls show the League has gained support since winning 17 percent of the vote in inconclusive March 4 elections, climbing as high as 24 percent. The 5-Star has been drawing about the same 32 percent it got two months ago.
Former prime minister Massimo D’Alema, caught speaking on an open microphone on Saturday, summed up the fears of traditional parties: “If we go back to elections because of a veto on Savona, they (anti-establishment parties) are going to win 80 percent.”
On the street, some voters believe Salvini is right to challenge the president’s veto and go back to the polls.
“I’m really ticked off. The president sold out the country,” said Giancarlo Sacco, 54, owner of a cafe in central Rome. Sacco said he wanted Italy to remain in the euro but that its concerns needed to be taken seriously by EU partners.
“It just has to make itself respected again.”
The president’s veto of Savona as economy minister has put the currency, which was little discussed in the last election campaign, at the centre of the debate.
“Membership of the euro is a fundamental choice,” Mattarella said in a televised speech, explaining his veto. “If we want to discuss it, then we should do so in a serious fashion.”
In February, Salvini railed against the euro, saying it was a “mistake for our economy”.
“We don’t have a euro in our pockets. We have a German mark which they called the euro,” he said.
The 5-Star dropped its previous calls for a non-binding referendum over Italy’s euro membership, though its founder, comic Beppe Grillo, recently revived the idea.
Political tensions are running high, with the League threatening street protests against Mattarella.
On social media, League and 5-Star sympathisers made death threats against the president, while supporters crowding around Salvini and Di Maio during live TV interviews late on Sunday shouted insults at him.
On the other side are Italians who, like many Britons devastated by the Brexit vote, see the country’s relationship with Europe as fundamental.
“I am absolutely pro-European and I believe that Italy is connected, must have a connection with Europe for our future,” said Irene Teramo, a shopper at a street market in Rome, who supported the president’s decision.
Italians will also be weighing concern about their savings as financial markets put the country’s stock market and bonds under pressure and borrowing costs increase.
“In his heart, the average voter will probably be cheering for the anti-establishment forces, but his wallet will be saying the opposite,” said political risk expert Galietti.
“It will be a heart versus wallet election.” Editing by Robin Pomeroy | ashraq/financial-news-articles | https://in.reuters.com/article/italy-politics-euro-election-analysis/analysis-italys-fresh-election-risks-being-referendum-on-euro-idINKCN1IT1IA |
PER’s Miami Lung Cancer Conference® will merge with the Winter Lung Cancer Conference™ to further become a world-class continuing medical education event
CRANBURY, N.J.--(BUSINESS WIRE)-- Physicians’ Education Resource®, LLC, (PER®), the leader in hematology and oncology continuing medical education (CME), has acquired the Winter Lung Cancer Conference™, continuing its commitment to providing the most impactful live continuing medical education programs in the field. As a result, the 2019 upcoming 16 th Annual Winter Lung Cancer Conference™ will merge with PER’s historic Miami Lung Cancer Conference® to further become a world-class continuing medical education event. The meeting will take place in February 2019 in Miami, Fl.
Bringing together The Winter Lung Cancer Conference™ and Miami Lung Cancer Conference® this will become a premier CME conference for oncologists, nurses and other health care professionals in the lung cancer specialty. This fast-paced and highly-interactive 3-day educational event will continue to focus on the most pressing issues in lung cancer, using its historic format of brief presentations panel discussions, and Q&A sessions, while incorporating PER’s well-known Medical Crossfire® exchanges, to help clinicians interpret and apply the latest data into patient care.
The esteemed Winter Lung Cancer Conference™ co-chairs are Dr. Mark Socinski and Dr. Rogerio Lilenbaum. Dr. Socinski is an executive medical director at the Florida Hospital Cancer Institute. He’s a medical oncologist specializing in thoracic malignancies, including small cell and non-small cell lung cancers and mesothelioma. Dr. Lilenbaum is a professor of medicine, medical oncology and chief medical officer of Smilow Cancer Hospital. Joining them will be the Co-Chairs of the Miami Lung Cancer Conference® Dr Heather Wakelee and Dr. Julie Brahmer. Dr. Wakelee serves as a medical oncologist and professor of medicine (oncology) at Stanford University Medical Center. Dr. Brahmer is the director of the Thoracic Oncology Program and professor of Oncology at the Sidney Kimmel Comprehensive Cancer Center at Johns Hopkins. Together, these four Co-Chairs will lead this premier oncology meeting into the future.
“We are excited to add the Winter Lung Cancer Conference™ to our impressive portfolio of CME meetings. We look forward to working with meeting Co-Chairs Dr Mark Socinski and Dr Rogerio Lilenbaum to propel this conference even further and complement our portfolio of annual oncology and hematology conferences,” said Phil Talamo, president of PER®. “The leadership of Drs. Socinski and Lilenbaum, combined with Drs. Wakelee and Brahmer makes for a powerful medical education forum.”
Dr. Brahmer added, “we are looking forward to bringing these two conferences together to create a more impactful CME experience. This conference will be the go-to CME conference for providing updates and advances in current and emerging approaches in treating lung cancer.”
Stay tuned for more information as the agenda and dates get finalized.
For more information, please visit: http://www.gotoper.com/conferences/wlc/meetings/16th-annual-winter-lung-cancer-conference/registration
About PER®:
Since 1995, Physicians’ Education Resource, LLC® (PER®), has been the leading provider of live and online CME activities on oncology and hematology by providing high-quality, evidence-based activities featuring leading experts who focus on the application of practice-changing advances. In 2018, PER® will develop and implement 20 historic annual legacy conferences in the United States and Europe, along with many world-renowned online learning formats such as Medical Crossfire®. PER® is accredited by both the Accreditation Council for Continuing Medical Education (ACCME) and the California Board of Registered Nursing (CBRN). PER® is part of the Cranbury, New Jersey-based MJH Associates, Inc. family of businesses. Learn more at http://www.gotoper.com and http://www.mjhassoc.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006071/en/
PER® Media Contact:
Theresa Burek, 609-325-4811
[email protected]
Source: Physicians’ Education Resource®, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-physiciansa-education-resourcea-acquires-the-annual-winter-lung-cancer-conferencea.html |
May 4, 2018 / 6:01 PM / Updated 35 minutes ago Diet linked to menopause timing Shereen Lehman 4 Min Read
(Reuters Health) - A UK study suggests that diets rich in certain foods may be a factor in the timing of menopause.
Researchers who studied more than 14,000 women found that those whose diets included lots of fish and legumes entered menopause years later, on average, than women who didn’t eat much of these foods.
Conversely, eating more refined carbohydrates, including pasta and rice, was tied to earlier menopause, the research team reports in Journal of Epidemiology and Community Health.
“Evidence shows that while an earlier menopause increases the risk of cardiovascular diseases, osteoporosis, and depression, it also protects against breast, endometrial and ovarian cancer which makes it interesting to investigate whether diet, which is one of the modifiable behavioral factors, is linked to the onset of natural menopause,” lead author Yashvee Dunneram said in an email.
“Several studies have looked into the association between socio-demographic factors such as smoking, socioeconomic status, ethnicity as well as reproductive factors (parity, age at first pregnancy) and age at natural menopause,” said Dunneram, a researcher at the University of Leeds.
“Evidence shows a link between diet and timing of natural menopause as well,” she added. However, very few studies have investigated this association and the findings are also contradictory. “Our findings show that diet can be linked to the timing of natural menopause,” she said.
At the beginning of a long-term study in the UK, researchers examined health and diet information for 14,712 women ages 35 to 69, including 1,874 who were premenopausal and 914 who entered menopause during the next four years.
The average age at menopause, defined as going 12 months without a period, was 50.5 years, and half of women were 51 or older at natural menopause, researchers found.
After accounting for weight, smoking and other factors, each additional average daily portion of legumes was tied to nearly a year’s delay in onset of menopause, while each additional portion of oily fish was tied to a three-year delay.
More vitamin B6 and zinc in the diet were also tied to slightly later onset of menopause, while each additional average daily portion of rice or pasta was linked to onset 1.5 years earlier.
The study wasn’t a controlled experiment and can’t prove whether or how eating particular foods might have influenced menopause timing. The authors speculate that antioxidants in certain foods could offset aging of ovaries, and different diets’ effect on body fat and insulin levels could also affect estrogen levels.
“Since this study does not prove any causality, we would not expect women to change their diet based on these findings,” Dunneram said.
“In my opinion, the study is very well done because it includes a large population and accounts for an important number of cofounders,” said Sandra Arevalo, a registered dietitian at Montefiore Hospital in New York City who wasn’t involved in the research.
“However, the quality of the food can change from region to region and I feel that it is necessary to extrapolate the research to other territories that include different foods origins and ethnicities to learn if the same results prevail for different populations,” Arevalo said in an email.
SOURCE: bit.ly/2FAAuu9 Journal of Epidemiology and Community Health, online April 30, 2018. | ashraq/financial-news-articles | https://in.reuters.com/article/us-health-menopause-diet/diet-linked-to-menopause-timing-idINKBN1I529T |
DOJ probes FBI over tactics on Trump campaign 8 Hours Ago 04:50 04:50 | 1 Hr Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/doj-probes-fbi-over-tactics-on-trump-campaign.html |
May 8, 2018 / 7:48 AM / Updated 43 minutes ago UK housing market cools unexpectedly in April: Halifax Reuters Staff 2 Min Read
LONDON (Reuters) - British house price growth unexpectedly cooled in April, mortgage lender Halifax said on Tuesday, adding to signs of weakness in the housing market and the consumer economy more broadly. A couple view properties for sale in an estate agents window in London, Britain August 22, 2016. REUTERS/Peter Nicholls/File Photo
British house prices were up 2.2 percent year-on-year in April after a 2.7 percent rise in March, undercutting all forecasts in a Reuters poll of economists that had pointed to a reading of 3.3 percent.
On the month, prices fell 3.1 percent after a 1.6 percent rise in March, again weaker than all forecasts and marking the biggest drop since September 2010.
“The Halifax index is by far the most volatile measure of house prices ... so it would be a mistake to sound the alarm over April’s huge fall in prices,” Samuel Tombs, economist at Pantheon Macroeconomics, said.
Still, Tombs said weak consumer confidence and modest rises in mortgage interest rates suggested demand in the housing market would continue to weaken.
“A period of broadly flat house prices, therefore, remains the most likely outcome,” he said. Reporting by Andy Bruce; editing by Michael Holden and John Stonestreet | ashraq/financial-news-articles | https://in.reuters.com/article/us-britain-economy-housepriceshouseprice/uk-housing-market-cools-unexpectedly-in-april-halifax-idINKBN1I90OW |
JAKARTA (Reuters) - Indonesia will make it mandatory for biodiesel to have a bio-content of at least 25 percent from 2019, an energy ministry official said on Thursday, as the country pushes to boost local consumption of palm oil.
New and Renewable Energy Director Rida Mulyana sent a text message saying the policy would start in 2019 in response to questions on the matter from Reuters.
Indonesia is the world’s top producer of palm oil, the raw ingredient for fatty acid methyl ester (FAME), which can be used to make biodiesel.
Mulyana later said he estimates the B25 program, for which guidelines are currently being discussed by the energy ministry, would bring Indonesia’s FAME consumption to between 5.5 million and 6 million kilolitres (kl) in 2019. That would be more than double the last year’s consumption of FAME.
The government is pushing to increase domestic biodiesel usage to reduce oil imports and soak up excess palm oil supply. It is also considering expanding mandatory biodiesel use to include trains and the mining sector.
Rules introduced in 2015 require a 20 percent bio-content in biodiesel for land transportation from January 2016 to January 2020, after which a 30 percent bio-content would be mandatory.
Fadil Hasan, Executive Director of the Indonesian Palm Oil Association (GAPKI), said the B25 mandate would require the additional production of 750,000 kl of FAME annually.
Last month, Mulyana said Indonesia was targeting consumption of between 3.28 million and 3.52 million kl of FAME this year, up from 2.57 million kl in 2017.
Indonesian palm oil producers are facing increasing pressure in markets such as Europe due to concerns over environmental damage related to deforestation.
In the United States, Indonesian biodiesel faces steep anti-subsidy measures, as well as anti-dumping duties.
Reporting by Bernadette Christina Munthe; Additional reporting by Emily Chow in KUALA LUMPUR; Writing by Fergus Jensen; Editing by Joseph Radford and Tom Hogue
| ashraq/financial-news-articles | https://www.reuters.com/article/us-indonesia-biodiesel-rules/indonesia-plans-to-roll-out-25-percent-biodiesel-rule-from-2019-idUSKCN1IP18L |
Oracle CEO: We're gaining material amounts of market share with back-office applications 1 Hour Ago Oracle CEO Mark Hurd speaks with CNBC's Aditi Roy about the company's quarterly earnings and what he sees for the environment for cloud computing and applications. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/oracle-ceo-were-gaining-material-amounts-of-market-share-with-back-office-applications.html |
SOUTH SAN FRANCISCO, Calif. (AP) — Exelixis Inc. (EXEL) on Wednesday reported first-quarter earnings of $115.9 million.
The South San Francisco, California-based company said it had profit of 37 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share.
The drug developer posted revenue of $212.3 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $146.4 million.
Exelixis expects its total costs and operating expenses for the full year will be between $430 million and $460 million.
Exelixis shares have fallen 32 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $20.62, a decrease of 11 percent in the last 12 months.
Elements of this story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on EXEL at https://www.zacks.com/ap/EXEL
This story has been corrected to read that the company expects its full-year total costs and operating expenses will be between $430 million and $460 million, not its full-year revenue. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/the-associated-press-exelixis-1q-earnings-snapshot.html |
Taking care of more things online has made life easier, whether it’s reordering paper towels or viewing the results of medical tests. But many of the added conveniences we’ve grown accustomed to come with their own annoyance: another password to remember.
Remembering dozens of different 14-character passwords isn’t realistic. But coming up with only a few passwords—or just one—and reusing them is a terrible idea from a security standpoint.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/why-you-should-consider-a-password-manager-1527645720 |
May 10, 2018 / 1:50 PM / Updated an hour ago Ziganda to leave Athletic Bilbao at end of season Richard Martin 2 Min Read
BILBAO (Reuters) - Athletic Bilbao coach Jose “Cuco” Zidanda will leave at the end of the season after a disappointing campaign which has left them on course for their lowest La Liga finish in 11 seasons, the club said on Thursday.
“This situation causes us pain but the interests of the club are above everything,” club president Josu Urrutia said at a news conference.
A former coach of the club’s reserve team Bilbao Athletic, Ziganda was promoted to first-team coach last year when Ernesto Valverde left for Barcelona.
Valverde secured European football at Bilbao in each of his four seasons there but Ziganda’s side lie 14th in the standings with two games remaining in the campaign.
They have secured survival but unless they overhaul 13th-placed Alaves they will record their lowest finish in the top flight since coming 17th in 2006/07.
“I felt strong enough to continue but I understand this decision,” said Ziganda.
“I leave feeling proud and grateful to have been at such a unique club.”
Athletic, who select only players with ties to the Basque country, have won eight Liga titles and 23 King’s Cups and are the only team, other than Real Madrid and Barcelona, never to have been relegated.
According to reports in the Spanish media, former Sevilla and Celta Vigo coach Eduardo Berizzo is the frontrunner to succeed Ziganda. Reporting by Richard Martin,; Editing by Neville Dalton | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-spain-atb-ziganda/ziganda-to-leave-athletic-bilbao-at-end-of-season-idUKKBN1IB1ZI |
May 8 (Reuters) - Euroseas Ltd:
* EUROSEAS SUBSIDIARY EURODRY LTD FILES FORM F-1 WITH U.S. SEC
* EURODRY LTD SAYS IT WILL DISTRIBUTE 2.3 MILLION OF ITS SHARES TO EUROSEAS STOCKHOLDERS - SEC FILING
* EURODRY LTD - APPLIED TO LIST COMMON SHARES ON NASDAQ CAPITAL MARKET UNDER SYMBOL “EDRY”
* EURODRY LTD - EUROSEAS WILL DISTRIBUTE ALL OUTSTANDING EURODRY SHARES AS SPECIAL DISTRIBUTION TO HOLDERS OF ITS COMMON SHARES Source text: [ bit.ly/2rtpVEI ] Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-euroseas-subsidiary-eurodry-ltd-fi/brief-euroseas-subsidiary-eurodry-ltd-files-form-f-1-with-u-s-sec-idUSFWN1SF0K6 |
NEW YORK, May 14, 2018 /PRNewswire/ -- egasus Capital Advisors ("Pegasus"), Company Management and minority shareholders have sold their equity interests in Pure Biofuels Del Peru, SAC ("PBF") to a subsidiary of Valero Energy Corporation (NYSE: VLO, "Valero"). PBF, as the third largest fuels importer in Peru, maintains a leading supply platform with a base of over 500 customers, including retailers, miners, and airlines. The transaction, which was funded with cash, also includes refined products terminals in Callao, near Lima, and in Paita, near Piura in northern Peru. Pegasus and Management purchased the equity of Pure Biofuels in April of 2012.
Over the course of its investment, Pegasus partnered with Company Management to deleverage the balance sheet and provide strategic growth capital to drive a very significant ramp-up in PBF's operational capacity and utilization, resulting in an increase from 24 million gallons in 2012 to 270 million in 2017.
"Pegasus' investment in PBF aligned with the firm's focus on sustainability. To meet government-mandated clean fuel requirements set forth to reduce air pollution, the Peruvian refined products market is highly dependent on importing fuels. Our partnership with PBF has transformed a modern but once moribund terminal into a critical, cleaner energy infrastructure asset for Peru," said Alec Machiels, a Partner at Pegasus.
"Pegasus' capabilities in applying ESG principles as drivers of performance together with a skilled and entrepreneurial management team were the foundations of a lasting energy platform which now forms a vital part of Peru's cleaner energy infrastructure," added Craig Cogut, Chairman and CEO at Pegasus.
"PBF was able to quickly and dramatically expand its operations without losing consideration for the environment, the health and safety of our employees and the relationship with the communities in which we operate. Pegasus' flexible capital solution, its entrepreneurial attitude and intellectual capital matched the needs of the opportunity to take PBF to the next chapter of its development," said CEO Alberto Pinto.
About Pegasus Capital Advisors, L.P.:
Pegasus Capital Advisors, L.P. is a private equity firm founded and led by Craig Cogut. Since inception in 1996, Pegasus has invested across five private equity funds and currently manages approximately $1.9 billion in assets. The Firm invests in companies within the sustainability and wellness sectors that are seeking strategic growth capital.
Pegasus Contact Information
Investor Relations Department
Email: [email protected]
Tel: 212-710-2500
View original content: http://www.prnewswire.com/news-releases/pegasus-announces-sale-of-pure-biofuels-del-peru-to-valero-300647942.html
SOURCE Pegasus Capital Advisors | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-pegasus-announces-sale-of-pure-biofuels-del-peru-to-valero.html |
GENEVA (Reuters) - India has launched a complaint against the United States to challenge U.S. President Donald Trump’s tariffs on steel and aluminum, a filing published by the World Trade Organization showed on Wednesday.
A World Trade Organization (WTO) logo is pictured on their headquarters in Geneva, Switzerland, June 3, 2016. REUTERS/Denis Balibouse Indian officials told Reuters last month that their government would open a WTO dispute if the country’s firms were not granted an exemption.
Trump imposed the tariffs in March, levying 25 percent on steel imports and 10 percent on aluminum. He said they were justified by national security concerns and therefore outside the WTO’s remit.
India, China, Russia, Japan, Turkey and the European Union have all dismissed that claim, regarding the U.S. tariffs as “safeguards” under the WTO rules, entitling them to a combined $3.5 billion in annual compensation.
India’s retaliation claim seeks to recoup a cost of $31 million levied on its aluminum exports and $134 million on steel, and it has said it could target U.S. exports of soya oil, palmolein and cashew nuts in its retaliation.
Its latest legal challenge seeks to force the United States to scrap the tariffs entirely. It follows a similar move last month by China, which Washington called “completely baseless”.
Under WTO rules, the United States has 60 days to settle the complaint, after which India could ask the WTO to set up an expert panel to adjudicate.
However, uncertainty is hanging over the WTO’s dispute settlement system because Trump is vetoing the appointment of new appeals judges.
In its complaint, India listed a string of ways the U.S. tariffs violated the WTO rules and unfairly damaged India’s interests.
It said they broke the WTO’s safeguards agreement and the United States was trying to use its tariffs to get other countries to agree to “voluntary export restraints”.
The United States had also exceeded the maximum import tariff allowed by the WTO and the tariffs were not applied uniformly to steel and aluminum imports from all suppliers, breaking a core principle of the WTO rulebook.
Reporting by Tom Miles; Editing by Catherine Evans and David Stamp
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-india/india-takes-u-s-steel-tariffs-complaint-to-the-wto-idUSKCN1IO1WP |
April 30 (Reuters) - Jeronimo Martins SGPS SA:
* SAID ON FRIDAY AGGREGATE OF STANDARD LIFE ABERDEEN PLC REDUCED VOTING RIGHTS IN THE COMPANY TO 1.94 PERCENT FROM 3.68 PERCENT
* VOTING RIGHTS REDUCED AFTER TRANSACTIONS CARRIED OUT ON APRIL 24 AND APRIL 25
Source text: bit.ly/2jfVIVe
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S70Q8 |
BP, Boston Scientific, Madison Square Garden & Dillard's 31 Mins Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/bp-boston-scientific-madison-square-garden-dillards.html |
MARK LYON DIDN’T set out to master the art of forgery.
He was enjoying a lovely little business in Ferrari restoration and spares in a place called Scarletts Farm, fittingly enough, near Reading, west of London, when the 2008 financial crisis fell through the skylight. “I walked out to the engine shop and said, ‘Lads, we could be in for a lean year.’ One of them said, ‘Well, we’ve got all the parts. Why don’t we make our own cars?’”
... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-art-of-faking-a-ferrari-1525963426 |
May 4, 2018 / 6:18 AM / Updated 3 minutes ago National Grid CFO Bonfield steps down Reuters Staff 1 Min Read
(Reuters) - National Grid ( NG.L ) Chief Financial Officer Andrew Bonfield is stepping down to take up a position with a U.S. public company, the British power grid operator said on Friday.
Andy Agg, currently group tax and treasury director, will hold the position on an interim basis while the board looks to identify a permanent successor, National Grid said.
Bonfield, who has been CFO since November 2010, will step down after National Grid’s annual general meeting on July 30. Reporting by Arathy S Nair in Bengaluru; Editing by David Goodman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-national-grid-cfo/national-grid-cfo-bonfield-steps-down-idUKKBN1I50GZ |
May 12, 2018 / 11:03 AM / Updated 10 minutes ago Motor racing: Senna's 1993 McLaren sells for 4.19 million euros in Monaco Reuters Staff 2 Min Read
(Reuters) - A 1993 McLaren Formula One car raced by the late Brazilian world champion Ayrton Senna has sold for 4.19 million euros ($4.90 million) at an auction in Monaco.
Auctioneers Bonhams did not reveal who bought the Ford Cosworth-powered MP4/8A car, with the 4,197,500 euro price including the buyer’s premium, but said it went after a “lengthy and spirited bidding exchange.”
Media reports said former Formula One supremo Bernie Ecclestone, who was in Monaco and has an extensive collection of race cars, had bought it but he told Reuters by telephone that was not the case.
The McLaren was the last Formula One car raced around the street circuit by the triple champion, who died at Italy’s Imola circuit in a Williams in May 1994, and took Senna to his record sixth win in the principality.
Bonhams said the fully-functional car, with the original V8 engine and gearbox, was the most historically important Formula One McLaren had ever presented at auction.
Senna’s first Monaco car, a 1984 Toleman-Hart TG184, also sold at the ‘Les Grandes Marques a Monaco’ auction for 1.6 million euros. Reporting by Alan Baldwin, editing by Ken Ferris | ashraq/financial-news-articles | https://www.reuters.com/article/us-motor-f1-senna-auction/motor-racing-sennas-1993-mclaren-sells-for-4-19-million-euros-in-monaco-idUSKCN1ID0CE |
HOUSTON and LAFAYETTE, La., May 3, 2018 /PRNewswire/ -- Talos Energy LLC ("Talos") and Stone Energy Corporation (NYSE: SGY); ("Stone") today announced that a majority of the stockholders of Stone have approved and adopted the previously announced transaction agreement under which Talos and Stone will combine in an all-stock transaction. As a result, no further action by any Stone stockholder is required under applicable law or otherwise to adopt the transaction agreement.
Subject to satisfaction or waiver of the remaining customary closing conditions in the transaction agreement, the transaction is expected to close on or about May 10, 2018, at which time the common stock of Stone will cease to be traded on the New York Stock Exchange ("NYSE"). The combined company will be named Talos Energy Inc. and is expected to trade on the NYSE under the new ticker symbol "TALO."
About Talos Energy LLC
Talos Energy LLC is a technically driven, independent oil and gas exploration and production company with operations in the United States Gulf of Mexico and in the shallow waters off the coast of Mexico. Talos's expertise in the United States Gulf of Mexico is based on exploring, acquiring, exploiting and developing primarily Deepwater assets near existing infrastructure. The shallow waters off the coast of Mexico provide Talos with high impact exploration opportunities in an emerging basin. The company's website is located at www.talosenergyllc.com .
About Stone Energy Corporation
Stone Energy Corporation is an independent oil and natural gas exploration and production company headquartered in Lafayette, Louisiana with an additional office in New Orleans. Stone is engaged in the acquisition, exploration, development, and production of properties in the Gulf of Mexico basin. The company's website is located at www.stoneenergy.com .
Cautionary Statement Regarding Forward-Looking Information
This communication may contain certain , including certain plans, expectations, goals, projections, and statements about the expected benefits of the proposed transaction, Talos's and Stone's plans, objectives, expectations and intentions, the expected timing of completion of the transaction, and other statements that are not historical facts. Such statements are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are . Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, project, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations.
While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the including: the timing, extent, and volatility of changes in commodity prices for oil and gas; operating risks; liquidity risks; political and regulatory developments and legislation, including developments and legislation relating to Talos's and Stone's operations in the Gulf of Mexico basin; the possibility that the proposed transaction does not close when expected or at all because required regulatory or other approvals are not received or other conditions to the closing, including the successful completion of the notes exchange, are not satisfied or waived on a timely basis or at all; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; uncertainties as to the timing of the transaction; competitive responses to the transaction; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management's attention from ongoing business operations and opportunities; the ability to complete the combination and integration of Talos and Stone successfully; litigation relating to the transaction; and other factors that may affect future results of Talos and Stone. Additional factors that could cause results to differ materially from those described above can be found in Stone's Annual Report on Form 10-K for the year ended December 31, 2017, which is on file with the SEC and available in the "Investor Center" section of Stone's website, www.stoneenergy.com under the heading "SEC Filings" and in other documents Stone files with the SEC.
All speak only as of the date they are made and are based on information available at that time. Neither Talos nor Stone assumes any obligation to update to reflect circumstances or events that occur after the date the were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
Contact
Sergio Maiworm
Director of Investor Relations and Strategic Planning
(713) 328-3008
[email protected]
View original content: http://www.prnewswire.com/news-releases/talos-energy-llc-announces-stockholder-approval-of-transaction-agreement-with-stone-energy-corporation-300642544.html
SOURCE Talos Energy | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-talos-energy-llc-announces-stockholder-approval-of-transaction-agreement-with-stone-energy-corporation.html |
Companies agree to expand board of directors from 11 to 13 directors
Chairman and three other independent directors named to complete 13-member Covia board
CHESTERLAND, Ohio and NEW CANAAN, Conn., May 07, 2018 (GLOBE NEWSWIRE) -- Fairmount Santrol (NYSE:FMSA) and Unimin Corporation (“Unimin”) announced today that following the close of their proposed merger (the “Merger”), the combined company will be known as Covia Holdings Corporation (“Covia”) and will trade on the New York Stock Exchange (“NYSE”) under the ticker symbol “CVIA”.
In addition, Fairmount Santrol, Unimin, SCR‐Sibelco NV (“Sibelco”) and the other parties to the merger agreement governing the terms of the Merger (the “merger agreement”) have agreed to increase the number of Covia board members at closing from 11 directors to 13. The companies have named four additional, independent directors, including Chairman Richard Navarre, to complete the 13-member board.
The two companies are pleased to introduce a new name chosen to signify the introduction of a transformational leader in proppant and industrial materials solutions. “Co” symbolizes the coming together of the two companies, and represents an overall commitment to collaboration and partnership. “Via,” the Latin word for “by way of,” connotes the importance of how the Company will operate, with a focus on responsibility, quality and reliability.
Said Jenniffer Deckard, President and Chief Executive Officer of Fairmount Santrol, who will serve as President and Chief Executive Officer of Covia, “Covia will be a clear leader in our space, best positioned to serve customers in key industrial end-markets and every shale play, with a broad geographically diverse asset base and a full portfolio of high-performance solutions. Covia will further distinguish itself by the way in which it will lead.”
Board of Directors Selections
Upon closing of the Merger, Covia's board of directors will consist of 13 directors:
Seven directors selected by Unimin – Richard Navarre (who will be the Chairman of the Covia board), Kurt Decat, Jean-Luc Deleersnyder, Michel Delloye, Jean-Pierre Labroue, Olivier Lambrechts and Jeffrey Scofield; Five directors selected by Fairmount Santrol – William Conway, Charles Fowler, Stephen Hadden, William Kelly and Matthew LeBaron; and Jenniffer Deckard by virtue of serving as President and Chief Executive Officer of Covia.
Nine of the Covia directors were previously named in Unimin’s Form S-4 filed with the Securities and Exchange Commission (“SEC”) and declared effective on April 26, 2018. The four remaining directors of the Covia board, announced today, will be:
Richard Navarre, who will lead the Covia board as its Chairman, has more than 35 years of diverse international business and finance experience, including 19 years with Peabody Energy Corporation, serving as its President, Chief Commercial Officer, Chief Financial Officer and Executive Vice President of Corporate Development. He is currently an independent director of the Natural Resource Partners LP and Arch Coal boards, as well as chairman of the board of Civeo Corporation. Stephen Hadden, who has over 40 years of experience in the oil and gas industry, having served in various management roles for Texaco Inc., now Chevron Corporation, and more recently as Executive Vice President of Worldwide Exploration and Production for Devon Energy Corporation. He has corporate board experience with Ulterra Drilling Technologies, LINN Energy and Berry Petroleum Company. William Kelly, who served as Chairman and Chief Executive Officer of Unifrax Corporation for over 10 years until 2006. From 2010 to 2015, he served on the Executive Council of American Securities, LLC. He is a board member for privately held Unifrax Corporation and Smart Source Computer Rentals. Jeffrey Scofield, who currently serves as Chief Operating Officer at Lime Rock Partners, where he held positions of increasing responsibility including Managing Director and Associate Director. Before that, Mr. Scofield was Vice President and Senior Associate at Harrison Lovegrove LP, an acquisition, merger and divestiture advisory firm sold to Standard Chartered, and was an analyst at Donaldson, Lufkin & Jenrette energy investment banking group and co-founded C&S Groundworks Ltd.
Richard Navarre, announced Chairman of the Covia board stated, “I have great respect for what Unimin and Fairmount Santrol have accomplished through their dedication to customers, communities, employees and other partners and look forward to continuing this commitment at Covia. Additionally, each of the named directors brings substantial and complementary business, industry and corporate governance experience to the board, to build upon Covia’s industry leadership and create value for all of our stakeholders.”
The nine previously announced directors are as follows:
William Conway , who has more than 40 years of sand industry experience and has served as Chairman of the Fairmount board (emeritus) since 2010. He was a co-founder of Fairmount Minerals, a predecessor entity of Fairmount Santrol. Kurt Decat , who has been the Chief Financial Officer of Sibelco since joining the company in 2015, and, before that, served for 13 years as the Chief Finance Officer and as a director of Taminco Corporation, a global specialty chemical company. Jenniffer Deckard , President and Chief Executive Officer of Fairmount Santrol, who will serve as President and Chief Executive Officer of Covia. She has been with Fairmount Santrol and its predecessor companies for approximately 25 years. Jean-Luc Deleersnyder , who has served as a member of the Unimin board since June 2007 and has been Chief Executive Officer of Sibelco since 2014. Previously, he served an Executive Vice President of Umicore SA and started his career at McKinsey & Company. Michel Delloye , who has been a permanent representative of Cytifinance SA on the board of directors of Sibelco, and the Chairman of the Audit Committee of Sibelco since 2016. Mr. Delloye is currently a member of the board of a number of major companies in Belgium, Luxembourg and Switzerland, including Vandemoortele, Matexi Group Holding and Matexi NV, Brederode, Schréder, Cosucra, Adswizz SA, Beqom and Unified Post, and is the chair of the audit committee at four of those companies. Charles Fowler , who has served as a director of Fairmount Santrol since 1984 and as Chairman of the Executive Committee of the Fairmount Santrol board, was President and Chief Executive Officer of Fairmount Santrol from 1996 until 2013, and is a co-founder of Fairmount Minerals, a predecessor entity of Fairmount Santrol. Olivier Lambrechts , who has served as Executive Vice President, Corporate Development, of Sibelco since 2016, and, before that, in a variety of positions with McKinsey & Company. Matthew LeBaron , who has served as Chairman of the Fairmount Santrol board since 2010. He is a co-founder of LeBaronBrown Industries, a private investment holding company focused on investing in industrial businesses, and was previously a Managing Director at American Securities, LLC. Jean-Pierre Lebroue , who has served as the permanent representative of Calavon Finance SAS on the board of directors of Sibelco since 2017 and as the President of Calavon Finance SAS since its incorporation in May 2017. He previously worked for Solvay, Rhodia, Aventis Pharma SA and Rhône-Poulenc.
Fairmount Santrol Special Stockholder Meeting Information
The Fairmount Santrol board of directors recommends that stockholders vote “FOR” the proposal to adopt the merger agreement at the special meeting of Fairmount Santrol stockholders, which will be held on Friday, May 25, 2018, at 1:30 p.m. ET, at the offices of Jones Day, 901 Lakeside Avenue East, Cleveland, Ohio 44114. All Fairmount Santrol stockholders of record as of the close of business on April 20, 2018 (the “record holders”) will be entitled to vote their shares at the special meeting. The approval of the proposal to adopt the merger agreement requires the affirmative vote of record holders of at least a majority of the outstanding shares.
About Fairmount Santrol
Fairmount Santrol is a leading provider of high-performance sand and sand-based products used by oil and gas exploration and production companies to enhance the productivity of their wells. Fairmount Santrol also provides high-quality products, strong technical leadership and applications knowledge to end users in the foundry, building products, water filtration, glass, and sports and recreation markets. Its expansive logistics capabilities include a wide-ranging network of distribution terminals and railcars that allow Fairmount Santrol to effectively serve customers wherever they operate. As one of the nation’s longest continuously operating mining organizations, Fairmount Santrol has developed a strong commitment to all three pillars of sustainable development, People, Planet and Prosperity. Correspondingly, Fairmount Santrol’s motto and action orientation is: “Do Good. Do Well.” For more information, visit FairmountSantrol.com .
About Unimin
Unimin is an application-focused minerals company providing materials solutions to its customers drawing from a diversified product portfolio and the worldwide production capabilities of Sibelco, its privately held parent organization. Unimin is one of the largest producers of quartz proppants for oil and natural gas stimulation and recovery and is a leading supplier of multi-mineral product offerings to industrial customers in glass, construction, ceramics, coatings, polymers and foundry markets.
Unimin operates a portfolio of strategically located and long life assets with 31 mining facilities with reserves (including one facility currently under construction) and nine processing facilities (one of which is inactive) that span the United States, Mexico and Canada, and serve a variety of energy and industrial customers. Unimin’s broad portfolio of minerals including silica sand, with feldspar, nepheline syenite, lime, clays (incl. kaolin), calcium carbonate and olivine, allows Unimin to offer a multi-mineral product mix to its industrial customers. Unimin has built long-standing relationships with its key customers and has a broad customer base comprised of S&P 500 and blue chip customers. Unimin operates an extensive logistics and distribution network with access to five Class 1 railroads, a large number of in-basin oil and gas operating terminals and strong unit-train capabilities.
Forward-Looking Statements
This press release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those anticipated or implied in forward-looking statements are described in the registration statement on Form S-4 filed by Unimin Corporation (“Unimin”) under "Risk Factors," and in Fairmount Santrol’s Form 10-K under the heading “Cautionary Statement Regarding Forward-Looking Information,” as well as the information included in Fairmount Santrol’s Current Reports on Form 8-K and other factors that are set forth in management’s discussion and analysis of Fairmount Santrol’s most recently filed reports with the SEC. Additional important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties relating to: the Merger not being timely completed, if completed at all; if the merger is completed, the impact of any undertakings required by the parties in order to obtain regulatory approvals; prior to the completion of the Merger, Unimin’s and/or Fairmount Santrol’s respective businesses experiencing disruptions due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, business partners or governmental entities; the industry may be subject to future regulatory or legislative actions that could adversely affect Unimin’s and/or Fairmount Santrol’s respective businesses; and the parties being unable to successfully implement integration strategies. While Unimin and/or Fairmount Santrol may elect to update forward-looking statements at some point in the future, Unimin and Fairmount Santrol specifically disclaim any obligation to do so, even if estimates change and, therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.
Additional Information
FAIRMOUNT SANTROL STOCKHOLDERS ARE ENCOURAGED TO READ THE PROXY STATEMENT, DATED APRIL 26, 2018, FOR THE SPECIAL MEETING OF FAIRMOUNT SANTROL STOCKHOLDERS SCHEDULED TO BE HELD ON MAY 25, 2018 AS FILED WITH THE SEC ON SCHEDULE 14A AND THE UNIMIN REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT/PROSPECTUS THAT IS PART OF THE REGISTRATION STATEMENT BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. The final proxy statement/prospectus will be mailed to stockholders of Fairmount Santrol. Investors and security holders will be able to obtain the documents free of charge at the SEC’s website, www.sec.gov , or from Fairmount Santrol at its website, www.Fairmount Santrol.com , or by contacting Indrani Egleston at 440-214-3219 or Matthew Schlarb at 440-214-3284.
Participants in Solicitation
Fairmount Santrol and its respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the Merger. Information concerning Fairmount Santrol’s participants is set forth in the proxy statement, dated April 6, 2017, for Fairmount Santrol’s 2017 Annual Meeting of stockholders as filed with the SEC on Schedule 14A. Additional information regarding the interests of such participants in the solicitation of proxies in respect of the Merger is included in the registration statement and proxy statement/prospectus and other relevant materials filed with the SEC.
Fairmount Santrol:
Indrani Egleston
+1 440-214-3219
[email protected]
Matthew Schlarb
+1 440-214-3284
[email protected]
Unimin:
Jennifer Fox
+1 203-442-2287
[email protected]
Source:Fairmount Santrol | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-unimin-corporation-and-fairmount-santrol-upon-completion-of-merger-to-become-coviaaa-leading-provider-of-proppants-and.html |
May 26, 2018 / 7:38 PM / Updated an hour ago Alan Bean, U.S. astronaut and moonwalker, dies in Houston at 86: NASA Reuters Staff 1 Min Read
NEW YORK (Reuters) - American astronaut Alan Bean, the fourth person to walk on the moon in 1969 during the Apollo 12 mission and commanded a crew on the Skylab space station in 1973, died in Houston on Saturday, federal officials said. FILE PHOTO: Retired Astronaut Alan Bean, 66, poses for a portrait in his spacesuit at the Johnson Space Center in Houston, Texas, U.S., in this undated photo. Bean, who was the fourth man to walk on the moon in 1969, left NASA in 1981 and made a successful transition from spaceman to a full-time professional artist. REUTERS/Stringer/File Photo
He was 86 years old.
“Alan Bean once said ‘I have the nicest life in the world,’” National Aeronautics and Space Administration (NASA) Administrator Jim Bridenstine said in a statement. “It’s a comforting sentiment to recall as we mourn his passing.” Reporting by Gina Cherelus; Editing by Susan Thomas | ashraq/financial-news-articles | https://www.reuters.com/article/us-people-alan-bean/alan-bean-u-s-astronaut-and-moonwalker-dies-in-houston-at-86-nasa-idUSKCN1IR0PJ |
West Virginia’s highest court has rebuffed a case by consumers trying to hold the makers of a brand-name drug liable for injuries allegedly caused by a generic version of the medication, making it the latest court to rule on so-called innovator liability.
The Friday decision by West Virginia’s Supreme Court of Appeals came down in a lawsuit against Johnson & Johnson by a West Virginia woman who said that she developed acute respiratory distress syndrome after taking a generic version of the company’s antibiotic Levaquin made by Dr. Reddy’s Laboratories.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2wFVHDF
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/products-west-virginia/west-virginia-top-court-finds-no-innovator-liability-for-jj-in-generic-levaquin-lawsuit-idUSL2N1SL1ZE |
WASHINGTON—Secretary of State Mike Pompeo told the House Foreign Affairs Committee Wednesday that the denuclearization of North Korea was the top national security priority.
In his first committee hearing since he was nominated for the position, Mr. Pompeo told members that securing that complete, verifiable and irreversible denuclearization was the final goal.
"A... | ashraq/financial-news-articles | https://www.wsj.com/articles/pompeo-denuclearization-of-north-korea-is-top-security-priority-1527082247 |
May 20, 2018 / 7:22 PM / Updated 9 minutes ago Horse racing: Justify ready for some rest and a run at Triple Crown Reuters Staff 3 Min Read
(Reuters) - Unbeaten Justify headed back to Churchill Downs on Sunday to rest up and train for a June 9 run at U.S. thoroughbred racing’s Triple Crown. May 19, 2018; Baltimore, MD, USA; Mike Smith aboard Justify (7) passes Jose L. Ortiz aboard Good Magic (5) during the 143rd running of the Preakness Stakes at Pimlico Race Course. Mandatory Credit: Tommy Gilligan-USA TODAY Sports
The chestnut colt, the winner of the Kentucky Derby and Preakness Stakes, would become the 13th horse to claim a Triple Crown with a victory in the 1-1/2 mile (12-furlong) Belmont Stakes at Belmont Park in Elmont, New York.
“We’ll just get him back to Kentucky and we’ll see how he trains,” trainer Bob Baffert told reporters in Baltimore as Justify prepared to depart for Louisville.
“He has to be doing really well.”
But there was good news on how the winner of five consecutive races came out of Saturday’s challenging Preakness victory in Baltimore.
“He is good,” Baffert said. “For him, what he’s done, fifth race, it’s pretty incredible really. I’m in awe of the horse.”
And the chances of a run for the Triple Crown?.
“Right now, I don’t see why not,” said Baffert, who with a victory in the Belmont Stakes would earn his second Triple Crown in four years after winning with American Pharoah in 2015.
The Preakness was by far Justify’s toughest race as he endured not only rain and fog but strong competition at Pimlico Race Course.
The three-year-old fought off a lengthy challenge from Kentucky Derby runner-up Good Magic, then withstood hard-charging Bravazo for a half-length victory.
“He really had to work for it and I’m happy we pulled it out,” Baffert said.
“He was blowing. You could tell he was in a fight the whole way. You can only get away with that when you have a superior horse like he is.”
Although Justify did not have his best race and was noticeably tired at the end, Baffert would not necessarily agree that the longer Belmont Stakes would be an opportunity to derail his prized horse.
“I think the next race will be really big,” the trainer said. “You can’t just bring it all the time. This will set him up for the next one.”
Already Preakness runner-up Bravazo and third-place finisher Tenfold are lined up to find out.
Baffert said he planned to train Justify for the Belmont the same way he did American Pharoah.
The colt will work out at Churchill Downs and likely ship to New York three days before the Belmont.
First there will be a few days’ rest. Reporting by Gene Cherry in Raleigh, North Carolina; Editing by Clare Fallon | ashraq/financial-news-articles | https://www.reuters.com/article/us-horseracing-belmont/horse-racing-justify-ready-for-some-rest-and-a-run-at-triple-crown-idUSKCN1IL0S9 |
May 14, 2018 / 7:31 PM / Updated 20 minutes ago U.S. diplomat involved in fatal accident allowed to leave Pakistan Reuters Staff 1 Min Read
WASHINGTON (Reuters) - An American diplomat, who was initially barred from leaving the country after being involved in a fatal traffic accident, has left Pakistan, a U.S. State Department spokesperson said on Monday.
“We can confirm that the American diplomat who was involved in a tragic car accident on April 7 in Islamabad has departed Pakistan,” the spokesperson said in an email to Reuters.
Pakistani authorities initially barred the diplomat, who was not named, from leaving the country. Reporting by Jonathan Landay; Editing by Sandra Maler | ashraq/financial-news-articles | https://www.reuters.com/article/us-pakistan-usa/u-s-diplomat-involved-in-fatal-accident-allowed-to-leave-pakistan-idUSKCN1IF2QH |
Apple's iPhone X demand remains soft while the latest look into its services business growth proved "good not great," according to Nomura Instinet.
Analysis of recent iPhone average selling prices — a key metric offering insight into the generations of iPhones being sold — implied a thinner mix of iPhone X volumes than hoped, analyst Jeffrey Kvaal said in a note to clients Monday.
"iPhone volumes are not deteriorating though iPhone X remains uninspiring," Kvaal wrote. "Apple guidance implied third fiscal-quarter iPhone unit volumes that were better than feared. We do not believe, however, sell through has meaningfully improved."
Kvaal, who maintained his neutral rating on shares of the technology company, said part of the problem stems from a decline in the rate of phone upgrades, with the average upgrade rate at the major U.S. telecommunication companies slipping to 5.3 percent in the first quarter of the calendar year.
The analyst sees Apple slumping 6 percent from last week's close to $175 over the next 12 months.
"We see little reason for [the upgrade rate] to improve in the near term," he added. "None of the carriers appear particularly distraught by the lower gross adds — and lower churn — that accompanies the lower upgrade rate. Verizon expects to remain disciplined and Sprint also expects to be less promotional."
Kvaal also argued that while Apple's services business should continue to grow at a solid pace, Wall Street would be better able to assess the impact of the segment if the company were more forthcoming about its revenue generation.
Services revenue has consistently grown above 20 percent on an annualized basis, with recent strength in licensing, App Store, and AppleCare keeping the progress on track. Still, Kvaal isn't entirely convinced.
"Apple has made several sustainable improvements to the Services growth trajectory," he said, "[but] we believe the tailwind from licensing and from AppleCare may ease in coming quarters. ... We would appreciate better disclosure from Apple on its Services business to help gauge revenue growth."
Shares have gained roughly 10 percent this month, rallying after both strong earnings performance and guidance as well as an additional investment from Warren Buffett , who revealed that Berkshire Hathaway bought an additional 75 million shares.
The stock's price was $186.31 as of Friday's close, implying a market cap of $915 billion and within $20 of making Apple the first company to ever reach a value of $1 trillion. The stock closed at an all-time high of $190.04 on May 10. In was up 1.3 percent Monday morning.
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/apple-shares-to-struggle-over-the-next-12-months-on-weak-iphone-x-demand-instinet-says.html |
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Secretary of State Mike Pompeo drew parallels Monday between the Iran nuclear deal and the one the U.S. hopes to craft with North Korea next month.
In his first public address since becoming America's top diplomat, Pompeo described the growing ballistic missile and nuclear weapons threats of rogue regimes like Tehran and Pyongyang.
He went on to defend President Donald Trump 's decision to withdraw from the Iran nuclear deal and lauded the upcoming talks between the U.S. and North Korea in Singapore.
"Our willingness to meet with Kim Jong Un underscores the Trump administration's commitment to diplomacy and helps solve the greatest challenges even with our staunchest adversaries," Pompeo said during his opening remarks at the Heritage Foundation. "That willingness has been accompanied by a painful pressure campaign and reflects our commitment to resolve this challenge forever."
Pompeo, who spoke for a little over half an hour before departing to assist in the swearing-in ceremony of his CIA successor, Gina Haspel, said the U.S. would impose the "strongest sanctions in history" on Iran for its malign activities.
" Thanks to our colleagues at the Department of Treasury, sanctions are going back in full effect and new ones are coming," he said. "The sting of sanctions will be painful if the regime does not change its course from the unacceptable and unproductive path it has chosen to one that rejoins the league of nations."
He implied that a similar move may be likely if the U.S. does not strike a deal with North Korea.
Some observers say that Trump's decision to leave the agreement with Tehran could undermine nuclear negotiations with Pyongyang.
DJ Peterson, president of Longview Global Advisors, a geopolitics and economic risk advisory group to corporations, investors and political organizations, said the U.S. lost credibility by walking out on the Iran deal.
"[North Korea] doesn't necessarily distinguish between the Obama administration and the Trump administration; that was just a deal with America. That was a deal with the White House," he said.
KCNA | Reuters North Korean leader Kim Jong-un guides a target-striking contest of the special operation forces of the Korean People's Army to occupy islands in Pyongyang on Aug. 25, 2017. Retired U.S. Army Lt. Col. Daniel Davis, a senior defense fellow for Defense Priorities, echoed those sentiments, saying that scrapping one deal on nukes will impact the next deal the U.S. tries to make.
"It would be hard to even come up with a plausible reason why North Korean leader Kim Jong Un would be willing to negotiate in good faith and come up with a deal after this," Davis said.
As it stands, North Korea remains the only nation to test nuclear weapons this century.
Since 2011, Kim has fired more than 90 missiles and conducted four nuclear weapons tests, more than his father, Kim Jong Il, and grandfather, Kim Il Sung, launched over a period of 27 years.
The North's arsenal includes short- and medium-range ballistic missiles, intercontinental ballistic missiles and cruise missiles. The Hwasong-15 intercontinental ballistic missile is the most powerful rocket the North has tested to date.
The missile, also known as KN-22 by the U.S., is believed to have a range capable of hitting the entire continental United States, according to estimates from the Missile Defense Project .
Kim spent much of last year perfecting his arsenal by launching 24 missiles and carrying out North Korea's largest nuclear test. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/pompeo-strikes-parallels-between-north-korea-and-iran-in-speech.html |
BEIJING, May 3 (Reuters) - UBS Group said on Thursday its China joint venture, UBS Securities Co, has submitted an application to China’s stock market regulator seeking approval for UBS to raise its stake in the JV to 51 percent.
The China Securities Regulatory Commission (CSRC) is currently reviewing the application, a UBS spokeswoman said in an emailed statement. (Reporting by Engen Tham and Shu Zhang; Editing by Stephen Coates)
| ashraq/financial-news-articles | https://www.reuters.com/article/ubs-group-china/ubs-applies-to-increase-stake-in-china-joint-venture-to-51-pct-idUSS6N1RF04O |
By Sy Mukherjee May 2, 2018 Hello and happy hump day, readers—This is Sy.
On Tuesday, former Donald Trump doctor Harold Bornstein dropped a bit of a bombshell in a CNN interview , claiming that the glowing doctor note he wrote for then-candidate Trump in 2016 was actually dictated by Trump himself. “He dictated that whole letter. I didn’t write that letter,” Bornstein said Tuesday. If that’s true, and combined with Bornstein’s public revelations to the New York Times about President Trump’s hair growth medication, Bornstein may be in some pretty serious legal and ethical hot water—and “absolutely should lose” his medical license, one of the country’s leading medical ethicists tells Fortune .
Bornstein claims that he faced a “raid” shortly after his February Times interview revealing the hair drug tidbit. That would suggest a major relationship change between Trump and Bornstein from 2016, when the physician’s letter made what many considered to be hyperbolic assertions about the candidate’s health. Bornstein’s note claimed Trump would be the “healthiest individual ever elected” and that his laboratory tests were “astonishingly excellent”—wording that appeared to mimic the vernacular of one Donald Trump.
Now that Bornstein is claiming the original letter was essentially dictated by Trump (a stark turnaround from his previous assertions the physician “really” wrote the letter himself), the gastroenterologist might face censure by the New York medical board, according to Dr. Arthur Caplan, the founding director of the Division of Medical Ethics at the NYU Langone Medical Center in New York and one of the nation’s most prominent bioethicists.
“It does risk Bornstein’s license because it’s fraud,” Caplan told Fortune in an interview Wednesday. “He absolutely should lose his license. In the middle of a presidential campaign, he said he’d written [that letter] a couple of times. That’s fraud and has bigger consequences.” Fortune reached out to Dr. Bornstein through his office, but a representative declined to comment.
Bornstein’s actions could, theoretically, risk both state and federal blowback, Caplan said—although he doesn’t think anything stronger than an official censure or warning is likely. “He talked about Trump’s medications publicly. That’s a big no-no with both ethical and legal implications under HIPAA,” Caplan explained, referencing the federal medical data privacy law. But, he admitted, things aren’t likely to go that far since Trump would have to make a HIPAA violation claim. “Short of rape, murder, or drug dealing, it’s hard to lose a license,” said Caplan.
Dr. Anirban Maitra, an oncologist at the MD Anderson Cancer Center in Houston, pointed out on Twitter that Bornstein’s admission about the dictated doctor note could amount to misconduct under New York law. “Permitting, aiding, or abetting an unlicensed person to perform activities requiring a license” is indeed listed under the state’s Office of the Professions definitions of professional misconduct by doctors.
Regardless of how the Bornstein saga plays out, Caplan asserts that the bigger problem is the way in which presidential candidates’ health is assessed. “We have to have a better system. Presidential candidates should go through independent medical assessment,” he says. That doesn’t mean revealing irrelevant personal details (such as, say, hair growth medication). But an independent evaluation could go a long way toward informing the public while preventing situations like Trump’s allegedly faked doctor note.
Read on for the day’s news.
Sy Mukherjee @the_sy_guy [email protected] DIGITAL HEALTH
Nokia pulls the plug on its digital health unit. Nokia is calling it quits on its digital health hardware and services gambit. The company announced Wednesday that it will sell off the division to its original owner, Eric Carreel, the co-founder of Withings (which Nokia bought back in 2016 for about $200 million). ( TechCrunch )
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Novartis scores another approval for its landmark CAR-T drug. The Food and Drug Administration (FDA) on Tuesday gave Swiss drug giant Novartis a second approval for its pioneering CAR-T cancer therapy, which uses patients’ own immune cells (re-engineered outside the body and then replicated) to destroy blood cancers. This time, the approval is for a type of blood cancer called large B-cell lymphoma. That also means Novartis will be taking on rival Gilead, which is the only other company to have an approved CAR-T therapy on the market (both received the regulatory green light in 2017). ( FiercePharma )
THE BIG PICTURE
Vaping companies get a stern FDA warning. The FDA is cracking down on 13 companies the agency says is selling e-liquids that are used in popular e-cigarette products that may resemble candy or juice and accidentally be consumed by children. “It is easy to see how a child could confuse these e-liquid products for something they believe they’ve consumed before—like a juice box. These are preventable accidents that have the potential to result in serious harm or even death,” said FDA Commissioner Scott Gottlieb in a statement. “Companies selling these products have a responsibility to ensure they aren’t putting children in harm’s way or enticing youth use, and we’ll continue to take action against those who sell tobacco products to youth and market products in this egregious fashion.” ( NPR )
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Hawaii Will Likely Become the First State to Ban Certain Sunscreens , by Aric Jenkins
Produced by Sy Mukherjee @the_sy_guy [email protected] Find past coverage. Sign up for other Fortune newsletters . | ashraq/financial-news-articles | http://fortune.com/2018/05/02/brainstorm-health-daily-05-02-18/ |
BEIRUT (Reuters) - The Syrian army has restored control over all areas surrounding the capital Damascus for the first time since early in the seven-year-old war, after pushing Islamic State militants out of a south Damascus pocket, the military said.
A Syrian army soldier stands on a military vehicle at a damaged site in al-Hajar al-Aswad, Syria May 21, 2018. REUTERS/Omar Sanadiki Pro-Syrian government forces have been battling for weeks to recover al-Hajar al-Aswad district and the adjacent Yarmouk Palestinian refugee camp from Islamic State since driving rebels from eastern Ghouta in April.
In a televised statement Syria’s army high command said al-Hajar al-Aswad and Yarmouk had been cleared of militants.
“Damascus and its surroundings and Damascus countryside and its villages are completely secure areas,” the statement said, adding that the army would continue to fight “terrorism” across Syria.
With its complete capture of the environs of the capital, the government of President Bashar al-Assad is now in by far its strongest position since the early days of the war, which has killed more than half a million people and driven more than half the population from its homes since 2011.
Related Coverage Syrian army says Damascus and surroundings fully secure Anti-Assad rebels now mainly control just two large areas in the northwest and southwest near borders with Turkey and Jordan. Turkey and the United States also have presences in parts of Syria outside government control.
The ultra-hardline jihadist group Islamic State, which was driven from most of the Euphrates River valley last year, now controls only two besieged desert areas in eastern Syria. Another insurgent group that has pledged loyalty to it holds a small enclave in the southwest.
Islamic State also captured a third of neighboring Iraq in 2014 but was largely defeated there last year.
Syrian army soldiers stand on the rubble of damage buildings in al-Hajar al-Aswad, Syria May 21, 2018. REUTERS/Omar Sanadiki FIRING IN CELEBRATION A temporary humanitarian ceasefire had been in place since Sunday night in al-Hajar al-Aswad to allow women, children and old people to leave the area, state media said early on Monday.
Army soldiers fired into the air in celebration and held Syrian flags, against a smashed cityscape of shattered buildings and widespread destruction, state television footage showed.
Buildings and walls were pocked-marked from bullets and shell-fire, metal satellite dishes were bent and scorched, and the dome of a mosque had a gaping hole near its base.
On Sunday, a war monitor said fighters had begun withdrawing from the area towards Islamic State territory in eastern Syria under a surrender deal, but state media said fighting continued.
Slideshow (8 Images) The war monitor, the Britain-based Syrian Observatory for Human Rights, said on Monday that buses had already started leaving south Damascus for Islamic State areas in eastern Syria.
A U.S.-led military coalition fighting Islamic State in Syria and Iraq said in an emailed statement to Reuters it was “aware of reports of an evacuation near Yarmouk and south Damascus” and was monitoring the situation.
While Assad has vowed to win back “every inch” of Syria, the map of the conflict suggests a complicated time ahead.
The U.S. military is in much of the east and northeast, which is controlled by Kurdish groups that want autonomy from Damascus. It has used force to defend the territory from pro-Assad forces.
Turkey has sent forces into the northwest to counter those same Kurdish groups, carving out a buffer zone where anti-Assad rebels have regrouped.
In the southwest, where rebels hold territory at the Israeli and Jordanian border, Assad faces the risk of conflict with Israel, which wants his Iranian-backed allies kept well away from the frontier and has mounted air strikes in Syria.
Reporting by Angus McDowall and Lisa Barrington, Editing by Richard Balmforth, Peter Graff, William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria/temporary-ceasefire-in-damascus-militant-pocket-syrian-state-media-idUSKCN1IM0N5 |
(Corrects minister’s surname in paragraphs 1 and 2)
LILONGWE, May 21 (Reuters) - Malawi’s maize output declined by 19.4 percent in the 2017/18 farming year to 2.8 million tons due to damage caused by drought and crop-eating armyworms, Agriculture Minister Joseph Mwanamvekha said on Monday.
“This (decline) is because of dry spells experienced in some parts of the country and the armyworm invasion,” Mwanamvekha told Reuters. Malawi produced 3.5 million tons of maize in the 2016/17 season.
Maize is Malawi’s staple crop. Armyworms are a pest from Latin America that first threatened African crops late in 2016. (Reporting by Mabvuto Banda Writing by Alexander Winning Editing by Joe Brock)
| ashraq/financial-news-articles | https://www.reuters.com/article/malawi-maize/drought-armyworms-cut-malawi-maize-crop-by-19-pct-minister-idUSJ8N1SI00R |
May 18, 2018 / 12:34 PM / Updated an hour ago Carvalhal leaves Swansea after Premier League relegation Reuters Staff 1 Min Read
(Reuters) - Swansea City have parted company with manager Carlos Carvalhal after they were relegated from the Premier League, the Welsh club said on Friday. FILE PHOTO: Soccer Football - Premier League - Swansea City vs Stoke City - Liberty Stadium, Swansea, Britain - May 13, 2018 Swansea City manager Carlos Carvalhal before the match Action Images via Reuters/Peter Cziborra
The 52-year-old’s contract expired at the end of the campaign and Swansea chairman Huw Jenkins said the club had decided to “move in a new direction”.
Carvalhal was appointed to succeed Paul Clement last December and oversaw an initial improvement in form, which saw Swansea rise to 13th in the table.
But they failed to pick up a victory in their last nine games of the season and finished third-bottom with 33 points.
(This version of the story corrects eight to nine games in para four) Reporting by Hardik Vyas in Bengaluru; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-swa-carvalhal/carvalhal-leaves-swansea-after-premier-league-relegation-idUKKCN1IJ1JP |
April 30 (Reuters) - AK Steel Holding Corp:
* AK STEEL HOLDING CORP SEES Q2 2018 FLAT-ROLLED SHIPMENTS ABOUT 5 PERCENT TO 7 PERCENT HIGHER RELATIVE TO Q1 2018 - SEC FILING
* AK STEEL HOLDING CORP SEES Q2 2018 AVERAGE FLAT-ROLLED SELLING PRICE ABOUT $1,075 PER TON
* AK STEEL HOLDING CORP SEES Q2 2018 DOWNSTREAM REVENUE ABOUT $130 MILLION TO $150 MILLION
* AK STEEL HOLDING CORP SEES Q2 2018 ADJUSTED EBITDA MARGIN ABOUT 150-200 BASIS POINTS HIGHER RELATIVE TO Q1 2018
* AK STEEL HOLDING CORP SEES FY 2018 CAPITAL INVESTMENTS OF ABOUT $160 MILLION
* AK STEEL HOLDING CORP - WORKING CAPITAL EXPECTED TO BE ROUGHLY FLAT FOR FULL-YEAR 2018 Source text: ( bit.ly/2HDKY1y ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ak-steel-holding-corp-sees-q2-2018/brief-ak-steel-holding-corp-sees-q2-2018-flat-rolled-shipments-about-5-pct-to-7-pct-higher-relative-to-q1-2018-idUSFWN1S70YR |
CNBC.com Brendan McDermid | Reuters T-Mobile CEO John Legere speaks on the floor of the New York Stock Exchange, April 30, 2018.
T-Mobile is expected to report first quarter earnings and revenue after market close on Tuesday.
Here's what Wall Street expects: Earnings: 71 cents per share, forecast by Thomson Reuters Revenue: $1 billion, forecast by Thomson Reuters Net adds: 1.27 million, forecast by StreetAccount
On Sunday, the company announced a blockbuster merger agreement with former rival Sprint . The new combined company will boast more than 100 million subscribers and a value of $146 billion.
T-Mobile had previously struggled to keep up with the two largest wireless companies, Verizon and AT&T , but the merger with Sprint promises to boost T-Mobile's odds in the race for customers and technological innovation. The new company is touting the ability to create thousands of U.S. jobs and a large-scale 5G network that could compete with China in the near-term.
The agreement still faces regulatory scrutiny from the Trump administration, which has taken a hard line on telecom mergers. Earlier this year, President Donald Trump scuppered Broadcom's attempt to buy mobile chip maker Qualcomm , and the Department of Justice is suing to stop AT&T 's proposed acquisition of Time Warner .
After Sunday's announcement shares of T-Mobile plunged 6 percent. Shares of the telecom giant are down 4.72 percent year-to-date.
This is breaking news. Please check back for updates. Chloe Aiello News Associate for CNBC.com Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/t-mobile-earnings-q1-2018.html |
LONDON (Reuters) - Royal biographer Andrew Morton has been taken to hospital after becoming unwell while on stage at a speaking event in London, a spokeswoman for his publisher Michael O’Mara Books said on Tuesday.
FILE PHOTO: Royal biographer Andrew Morton speaks during an interview with Reuters journalists in London, Britain April 9, 2018. Picture taken April 9, 2018. REUTERS/Peter Nicholls Morton, best known for an explosive biography of the late Princess Diana 25 years ago, was delivering a speech at a literary lunch organized by The Oldie magazine.
“He became unwell this afternoon, he’s been taken to hospital as a precautionary measure,” said the spokeswoman.
No further details were immediately available.
Morton’s latest book is “Meghan: A Hollywood Princess”, a biography of the new royal-to-be who marries Diana’s younger son Prince Harry on Saturday.
Reporting by James Davey; editing by Stephen Addison
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-royals-morton/uk-royal-biographer-andrew-morton-taken-to-hospital-idUSKCN1IG2LL |
INSIGHT: Preparing the royal wedding cake 2:46am EDT - 01:25
The royal wedding cake designer and her team were busy in Buckingham Palace's kitchens on Thursday (May 17) putting the finishing touches on a ''quintessentially Spring and British'' wedding confectionary fit for a prince and princess. Claire Ptak, who runs a bakery in London, was chosen by Prince Harry and U.S. fiancee Meghan Markle in March to design the cake which will have ''a lemon sponge, a lemon curd filling and an elderflower Swiss spring buttercream'' icing. ▲ Hide Transcript ▶ View Transcript
The royal wedding cake designer and her team were busy in Buckingham Palace's kitchens on Thursday (May 17) putting the finishing touches on a "quintessentially Spring and British" wedding confectionary fit for a prince and princess. Claire Ptak, who runs a bakery in London, was chosen by Prince Harry and U.S. fiancee Meghan Markle in March to design the cake which will have "a lemon sponge, a lemon curd filling and an elderflower Swiss spring buttercream" icing. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KAet1c | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/18/insight-preparing-the-royal-wedding-cake?videoId=427997087 |
MILWAUKEE, Artisan Partners Asset Management Inc. (NYSE:APAM) (the “Company” or “Artisan Partners”) today reported its results for the three months ended March 31, 2018. The full March quarter 2018 earnings release and investor presentation can be viewed at www.apam.com.
Conference Call
The Company will host a conference call on May 2nd, at 11:00 a.m. (Eastern Time) to discuss these results. Hosting the call will be Eric Colson, Chairman and Chief Executive Officer, and C.J. Daley, Chief Financial Officer. Supplemental materials that will be reviewed during the call are available on the Company’s website at www.apam.com . The call will be webcast and can be accessed via the Company’s website. Listeners may also access the call by dialing 877.328.5507 or 412.317.5423 for international callers; the conference ID is 10119282. A replay of the call will be available until May 9, 2018 at 9:00 a.m. (Eastern Time), by dialing 877.344.7529 or 412.317.0088 for international callers; the replay conference ID is 10119282. An audio replay will also be available on the Company’s website.
About Artisan Partners
Artisan Partners is a global investment management firm that provides a broad range of high value-added investment strategies to sophisticated clients around the world. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners’ autonomous investment teams oversee a diverse range of investment strategies across multiple asset classes. Strategies are offered through various investment vehicles to accommodate a broad range of client mandates.
Source: Artisan Partners Asset Management Inc.
Investor Relations Inquiries
Makela Taphorn
866.632.1770
414.908.2176
[email protected]
Source:Artisan Partners Asset Management Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-artisan-partners-asset-management-inc-reports-1q18-results.html |
IRVINE, Calif.--(BUSINESS WIRE)-- AutoGravity , the nation’s leading digital car-buying and financing platform, today announced the appointment of Jason Bonifay as Vice President of Engineering.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180524005205/en/
Jason Bonifay, VP of Engineering for AutoGravity (Photo: Business Wire)
“Jason is a veteran technical leader and has been the driving force behind some of the most impactful technology in the automotive space,” said Andy Hinrichs, Founder and CEO of AutoGravity. “In just two years, AutoGravity has built the strongest engineering team in our industry. Jason's depth of experience and strong track record uniquely position him to galvanize this team, accelerate our engineering efforts and shape the AutoGravity of tomorrow, forever transforming the way people buy and finance their cars.”
Prior to joining AutoGravity, Bonifay served as VP of Development for Product and Engineering at CDK Global. There, he served as a key member of CDK’s executive management team and managed 100+ global associates responsible for engineering, product management, architecture and operations. He also served as the head of technology and mergers and acquisitions while developing a machine-learning strategy for the company creating “quick-start guides” that enabled the average software developer to build basic artificial intelligence into their products.
Prior to CDK Global, Bonifay spent more than five years as VP of Software Engineering at Bankruptcy Management Solutions (BMS), where he was directly responsible for all platform, technology and development methodology decisions. He also established processes, procedures and coding standards for product development using scaled agile methodologies. He went on to serve as an advisor for the BMS executive team. Additionally, he served as Chief Technology Officer at Propero Software, where he led the overall direction for technology, product development, marketing and business strategy.
“AutoGravity has established a reputation as the leading innovator in the automotive industry. The opportunity to join this team and lead the engineering department through a high-growth period is a natural fit for me,” said Bonifay. “The speed at which this company is transforming the car buying experience is unprecedented and I am eager to take the wheel and make AutoGravity the industry standard for digital retailing."
Bonifay earned both undergraduate and graduate degrees in Engineering from Auburn University. He currently lives in Newport Beach, California.
About AutoGravity
AutoGravity technology is revolutionizing the digital car-buying experience. Harnessing the power of the smartphone, AutoGravity’s award-winning platform empowers car shoppers with transparency, convenience and speed. Based in Irvine, California, AutoGravity partners with the world’s leading banks and financial services companies to give car buyers direct control over how they finance or lease their cars, while connecting them to a nationwide network of trusted car dealerships. Available on iOS, Android and Web, AutoGravity provides car buyers with up to four tailored loan or lease offers in minutes. For more information, please visit www.AutoGravity.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524005205/en/
AutoGravity
Ginny Walker, 949-535-1774
[email protected]
Source: AutoGravity | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-autogravity-names-jason-bonifay-as-vice-president-of-engineering.html |
May 9, 2018 / 3:47 PM / in 3 minutes AT&T payments to Trump lawyer more than reported: source Diane Bartz 4 Min Read
WASHINGTON (Reuters) - AT&T Inc paid Essential Consultants, a company set up by President Donald Trump’s lawyer Michael Cohen, more than the $200,000 that came to light late on Tuesday, a source familiar with the matter told Reuters on Wednesday. FILE PHOTO: U.S. President Donald Trump's personal lawyer Michael Cohen exits a hotel in New York City, U.S., April 13, 2018. REUTERS/Jeenah Moon/File Photo
AT&T confirmed the $200,000 payment late on Tuesday, saying it hoped to gain “insights” into the new administration at a time when the telecommunications company sought approval for a major merger, among other issues.
Payments by AT&T, which could total as much as $600,000, were revealed by porn actress Stormy Daniels’ lawyer, Michael Avenatti, who also said a company owned by Russian oligarch Viktor Vekselberg and other corporations had paid Essential Consultants for certain services.
It is not clear how Avenatti knew about the payments. His client Daniels, whose real name is Stephanie Clifford, has said Cohen paid her $130,000 in October 2016, a month before the election, to buy her silence about a 2006 sexual encounter with Trump. Trump has denied the affair.
Avenatti’s document said that AT&T paid Essential Consultants $50,000 in October, November and December of 2017, and another $50,000 in January of 2018 for a total of $200,000.
However, the contract was for a year, the source told Reuters, meaning AT&T likely paid more than $200,000 to Cohen’s company. A full year contract for $50,000 per month would total $600,000. The source declined to give a total for the payments made by AT&T to Cohen’s company.
Shares of AT&T were down slightly at $31.50 at 1:30 p.m. EDT on Wednesday.
While most major American corporations have a range of issues on which they lobby, AT&T has more than most. At the time of the first payment to Cohen, it had a major merger, the purchase of Time Warner for $85 billion, under review by the Justice Department. The department sued in November to stop that deal.
AT&T is also fighting the Federal Trade Commission in court over allegations that the company throttled data for online consumers who used over a certain amount, even after the company’s data plan was advertised as “unlimited.”
Additionally, AT&T had fought net neutrality and supported tax reform.
AT&T hired Cohen when it was looking for a way to understand the new administration after seeing him on television doing interviews to advocate for Trump, the source said.
Cohen served as a long-time legal adviser to Trump in his real estate business, The Trump Corporation. During the presidential campaign, Cohen functioned as a spokesman and point-person on inquiries that related to the company in particular.
In previous interviews, Cohen described his role as a “fixer” for Trump who handled personal legal matters.
Senator Richard Blumenthal, a Democrat, said at a press conference that the Judiciary Committee should review the payments AT&T and other companies made to Cohen.
Blumenthal said those payments “may well have been used to influence the president of the United States, using Michael Cohen and his shell company as a conduit.” Reporting by Diane Bartz. Additional reporting by Ginger Gibson and David Shepardson; Editing by Bill Rigby and Dan Grebler | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-daniels-at-t/att-payments-to-trump-lawyer-more-than-reported-source-idUSKBN1IA2KK |
Weinstein surrenders in sexual misconduct case 1 Hour Ago CNBC's Contessa Brewer reports on the next steps for disgraced Hollywood producer Harvey Weinstein after turning himself into New York City police on sexual assault charges. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/weinstein-surrenders-in-sexual-misconduct-case.html |
May 7 (Reuters) - Astoria Investments Ltd:
* FIRM INTENTION BY RECM AND CALIBRE TO MAKE A VOLUNTARY OFFER TO ACQUIRE SHARES OF ASTORIA AND FURTHER CAUTIONARY
* OFFEROR HAS PROPOSED THAT OFFER PRICE WILL BE SETTLED FIRST WITH A CASH CONSIDERATION OF R355 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-astoria-investments-updates-on-fir/brief-astoria-investments-updates-on-firm-intention-by-recm-calibre-idUSFWN1SE0GK |
May 8 (Reuters) - JELD-WEN Holding Inc:
* JELD-WEN ANNOUNCES FIRST QUARTER 2018 RESULTS, UPDATES 2018 OUTLOOK, AND ANNOUNCES SHARE REPURCHASE AUTHORIZATION
* Q1 EARNINGS PER SHARE $0.37 * Q1 EARNINGS PER SHARE VIEW $0.25 — THOMSON REUTERS I/B/E/S
* UPDATED OUTLOOK FOR FULL 2018 INCLUDES NET REVENUE GROWTH OF 17% TO 19%
* UPDATED OUTLOOK FOR FULL 2018 INCLUDES ADJUSTED EBITDA OF $505 MILLION TO $535 MILLION
* NET REVENUES FOR THREE MONTHS ENDED MARCH 31, 2018 INCREASED $98.3 MILLION, OR 11.6%, TO $946.2 MILLION
* OUTLOOK FOR ADJUSTED EBITDA FOR Q2 OF 2018 IS $135 MILLION TO $145 MILLION
* FULL YEAR 2018 CAPITAL EXPENDITURES ARE EXPECTED TO BE IN RANGE OF $100 MILLION TO $120 MILLION
* JELD-WEN HOLDING - BOARD APPROVED SHARE REPURCHASE PROGRAM PURSUANT TO WHICH CO MAY REPURCHASE UP TO $250 MILLION OF COMMON STOCK.
* TERM OF NEW REPURCHASE PROGRAM EXTENDS THROUGH DECEMBER 31, 2019.
* Q1 REVENUE VIEW $918.0 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jeld-wen-holding-reports-q1-adjust/brief-jeld-wen-holding-reports-q1-adjusted-earnings-per-share-of-0-30-idUSASC0A0BT |
TOKYO--(BUSINESS WIRE)-- Renesas Electronics Corporation (TSE: 6723), a premier supplier of advanced semiconductor solutions, today announced the consolidated financial forecasts for the six months ending June 30, 2018 and forecasts of cash dividends.
1. Consolidated forecasts for the six months ending June 30, 2018
(January 1, 2018 to June 30, 2018)
In millions of yen
Net Sales Operating
Income
Ordinary
Income
Net Income
Attributable to
Shareholders
of Parent
Company
Net
Income
per Share
(Yen)
Original forecasts --- --- --- --- --- Forecasts as of May 11, 2018 382,000 35,000 32,000 34,000 20.39 Increase (decrease) --- --- --- --- --- Percent change --- --- --- --- --- Reference:
Corresponding period of the previous year
(January 1, 2017 to June 30, 2017)
374,553 31,560 30,456 36,281 21.76 The figures of the consolidated forecasts for the six months ending June 30, 2018 are sum of the results of the three months ended March 31, 2018 and the forecasts of the three months ending June 30, 2018.
The consolidated forecasts for the six months ending June 30, 2018 are calculated at the rate of 107 yen per USD and 131 yen per Euro.
2. Forecasts of cash dividends for the fiscal year ending December 31, 2018
Dividends per share At the end
of first
quarter
At the end
of second
quarter
At the end
of third
quarter
At the end
of year
Total Previous forecasts － － － － － Forecasts as of May 11, 2018
0.00 － － － Results for the year ending December 31, 2018 －
Results for the year ended December 31, 2017
－ 0.00 － 0.00 0.00 For the year ending December 31, 2018, while the Group expects to post net income (net income attributable to shareholders of parent company) for the six months ending June 30, 2018, the Group regrettably will forego interim dividend payment for this period.
The Group will divert its retained earnings for strategic investment opportunities that will enable the Group to respond to rapid environmental changes to thrive in the global marketplace, and will aim to increase shareholder profit by improving corporate value. Based on a long-term standpoint, the Group aims to realize stable and sustained growth in profits to allow dividends to be reinstated.
For the year ending December 31, 2018, the plan for year-end dividend payments remain undecided, and the Group will immediately announce it when the decisions are made.
Refer to Renesas Electronics' press release “Renesas Electronics Reports Financial Results for the First Quarter Ended March 31, 2018” issued on May 11, 2018 for more details.
Forward-Looking Statements
The statements in this press release with respect to the plans, strategies and financial outlook of Renesas Electronics and its consolidated subsidiaries (collectively “we”) are forward-looking statements involving risks and uncertainties. We caution you in advance that actual results may differ materially from such forward-looking statements due to several important factors including, but not limited to, general economic conditions in our markets, which are primarily Japan, North America, Asia, and Europe; demand for, and competitive pricing pressure on, products and services in the marketplace; ability to continue to win acceptance of products and services in these highly competitive markets; and fluctuations in currency exchange rates, particularly between the yen and the U.S. dollar. Among other factors, downturn of the world economy; deteriorating financial conditions in world markets, or deterioration in domestic and overseas stock markets, may cause actual results to differ from the projected results forecast.
About Renesas Electronics Corporation
Renesas Electronics Corporation ( TSE: 6723 ) delivers trusted embedded design innovation with complete semiconductor solutions that enable billions of connected, intelligent devices to enhance the way people work and live—securely and safely. The number one global supplier of microcontrollers, and a leader in Analog & Power and SoC products, Renesas provides the expertise, quality, and comprehensive solutions for a broad range of Automotive, Industrial, Home Electronics (HE), Office Automation (OA) and Information Communication Technology (ICT) applications to help shape a limitless future. Learn more at renesas.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006439/en/
Media Contacts
Renesas Electronics Corporation
Kyoko Okamoto, +81 3-6773-3001
[email protected]
or
Investor Contacts
Renesas Electronics Corporation
Makie Uehara, +81 3-6773-3002
[email protected]
Source: Renesas Electronics Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/business-wire-renesas-electronics-announces-consolidated-forecasts-and-forecasts-of-cash-dividends.html |
May 10, 2018 / 12:39 PM / Updated an hour ago Sri Lankan rupee hits record closing low; cbank intervenes Reuters Staff 2 Min Read
COLOMBO, May 10 (Reuters) - The Sri Lankan rupee closed marginally weaker on Thursday and ended at a record closing low, prompting the central bank to sell dollars to support the domestic currency, dealers said.
The rupee ended at its record closing low of 157.90/158.10 per dollar, compared with Wednesday’s close of 157.80/95.
The currency hit an all-time low of 157.90 per dollar on May 2. It has declined 0.2 percent so far this month after a 1.5 percent fall in April.
“The market was dull today as investors are worried over the global uncertainties on top of local issues,” a currency dealer said, asking not to be named.
“The central bank sold to select banks at 157.90 rupees per dollar.”
Officials at the Central Bank of Sri Lanka were not immediately available for comments.
The dollar eased slightly from 2018 highs ahead of U.S. April inflation numbers on Thursday and as currency markets eyed the Bank of England’s policy meeting and inflation report.
The rupee will stabilise and the monetary authority will intervene to smooth high volatility as there is no reason for a weaker currency, Nandalal Weerasinghe, senior deputy governor at the central bank, said last week.
The central bank said on April 26 it would intervene to support the rupee when necessary and that there was no reason for the rupee to be under pressure given the country’s record $10 billion foreign currency reserves.
Dealers said they expect the rupee to gradually weaken and face higher volatility this year due to debt repayments by the government. But Weerasinghe on Thursday said debt repayment by the government will not have an impact on the currency.
Foreign investors sold government securities worth a net 5.7 billion rupees ($36.20 million) in the week ended May 2, bringing the outflow so far this year to 5.8 billion rupees, central bank data showed. ($1 = 157.4500 Sri Lankan rupees) Reporting by Ranga Sirilal and Shihar Aneez; Editing by Vyas Mohan | ashraq/financial-news-articles | https://www.reuters.com/article/sri-lanka-forex/sri-lankan-rupee-hits-record-closing-low-cbank-intervenes-idUSL3N1SH56L |
May 16, 2018 / 12:35 AM / Updated 3 hours ago U.S. investigating Cambridge Analytica: New York Times Reuters Staff 2 Min Read
WASHINGTON (Reuters) - The U.S. Justice Department and the FBI are investigating Cambridge Analytica, a now-defunct political data firm embroiled in a scandal over its handling of Facebook Inc user information, the New York Times reported on Tuesday.
Prosecutors have sought to question former Cambridge Analytica employees and banks that handled its business, the newspaper said, citing an American official and others familiar with the inquiry,
Cambridge Analytica said earlier this month it was shutting down after losing clients and facing mounting legal fees resulting from reports the company harvested personal data about millions of Facebook users beginning in 2014.
Allegations of the improper use of data for 87 million Facebook users by Cambridge Analytica, which was hired by President Donald Trump’s 2016 U.S. election campaign, have prompted multiple investigations in the United States and Europe.
The investigation by the Justice Department and FBI appears to focus on the company’s financial dealings and how it acquired and used personal data pulled from Facebook and other sources, the Times said.
Investigators have contacted Facebook, according to the newspaper.
The FBI, the Justice Department and Facebook declined to comment to Reuters. Former officials with Cambridge Analytica was not immediately available to comment.
Cambridge Analytica was created around 2013, initially with a focus on U.S. elections, with $15 million in backing from billionaire Republican donor Robert Mercer and a name chosen by future Trump White House adviser Steve Bannon, the New York Times has reported. Bannon left the White House on August 2017. Slideshow (4 Images) | ashraq/financial-news-articles | https://www.reuters.com/article/us-facebook-privacy-cambridge-analytica/u-s-investigating-cambridge-analytica-new-york-times-idUSKCN1IH02J |
New York
As we enter his office, Glenn Hubbard apologizes for the building that houses it. Built in 1964, Uris Hall is a jarring structure on a handsome campus. “The architecture faculty protested at the time,” he tells me, “describing its design as fascist. They were right.”
Mr. Hubbard, 59, is dean of Columbia Business School, having... | ashraq/financial-news-articles | https://www.wsj.com/articles/a-conservative-economics-of-dignity-1526679960 |
Trump says Giuliani will 'get his facts straight' 3:30pm EDT - 01:35
U.S. President Donald Trump said Friday that his new chief lawyer, Rudy Giuliani, is ''a great guy'' and ''he'll get his facts straight,'' following a series of curious interviews by the former New York mayor, in which he claimed Trump paid back his lawyer Michael Cohen for a $130,000 payment made to porn star Stormy Daniels.
U.S. President Donald Trump said Friday that his new chief lawyer, Rudy Giuliani, is "a great guy" and "he'll get his facts straight," following a series of curious interviews by the former New York mayor, in which he claimed Trump paid back his lawyer Michael Cohen for a $130,000 payment made to porn star Stormy Daniels. //reut.rs/2KCgoDi | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/04/trump-says-giuliani-will-get-his-facts-s?videoId=423846750 |
NORWALK, Conn., May 2, 2018 /PRNewswire/ -- Diageo, a global leader in beverage alcohol, today announced changes to the leadership team of its North American business.
Ed Pilkington, currently Chief Marketing Officer, Diageo Europe, is to be appointed Chief Marketing and Innovation Officer, Diageo North America. Claudia Schubert, currently General Manager, Diageo Continental Europe and Russia, is to be appointed President U.S. Spirits & Canada.
"We are delighted to welcome two of Diageo's most talented and experienced senior leaders to North America," said Deirdre Mahlan, President, Diageo North America. "Claudia and Ed have both played critical leadership roles in the recent transformation of our Europe business, and both bring world-class multi-market experience that will help drive their respective functions forward."
Pilkington takes the helm of marketing and innovation from James Thompson. During his tenure Thompson has established a strong platform for growth in North America. He has recruited and developed top talent, overseen a step-up in creativity and successfully implemented our refreshed consumer-choice framework. Thompson has decided to return to the U.K. for personal reasons and currently, with no suitable openings within Diageo, has decided to pursue opportunities outside the company.
Pilkington has a long history with Diageo over the course of a 24 year career with the company that has seen him lead its marketing and innovation business in Australia, Latin America and the Caribbean and, prior to his current role, as leader of the company's global vodka, rum and gin category.
Schubert takes on U.S. Spirits and Canada from Tom Looney. After a 30 year career with the business, Looney has decided to retire. During his time with the business, Looney has been a key contributor to the company's strategy, performance, and navigation of distributor alignment. His work has created stronger execution and focus across the U.S. Spirits commercial function.
This marks a return to North America for Schubert, who has spent time in the U.S. and Canada in a number of senior commercial roles, including President, U.S. Control States & Canada. Schubert has most recently led Diageo Continental Europe to strong growth.
"Together Thompson and Looney have a combined 53 years with the business, and we are grateful for the significant impact and legacy they leave with us," continued Mahlan. "Their leadership and passion will be missed, and we wish them the very best for the future."
Pilkington and Schubert will transition to the North America market over the summer, reporting to Mahlan. Thompson will remain through July 31, 2018, and Looney will remain to support the transition through September 30, 2018.
About Diageo
Diageo is a global leader in beverage alcohol with an outstanding collection of brands including Johnnie Walker, Crown Royal, Bulleit and Buchanan's whiskies, Smirnoff, Cîroc and Ketel One vodkas, Captain Morgan, Baileys, Don Julio, Tanqueray and Guinness.
Diageo is listed on both the New York Stock Exchange (DEO) and the London Stock Exchange (DGE) and our products are sold in more than 180 countries around the world. For more information about Diageo, our people, our brands, and performance, visit us at www.diageo.com . Visit Diageo's global responsible drinking resource, www.DRINKiQ.com , for information, initiatives, and ways to share best practice. Follow us on Twitter for news and information about Diageo North America: @Diageo_NA.
Celebrating life, every day, everywhere.
Contact:
Kristen Crofoot
203-229-4223
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/diageo-announces-changes-to-north-america-leadership-300640900.html
SOURCE Diageo North America | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-diageo-announces-changes-to-north-america-leadership.html |
May 11, 2018 / 12:48 PM / in 34 minutes Iraqi Kurdish fortunes reversed in city they longed for as capital John Davison 6 Min Read
KIRKUK, Iraq (Reuters) - An intersection in the northern Iraqi city of Kirkuk paints a vivid picture of the Kurds’ rapid turn of fortune. The towering statue of a fighter who used to brandish a Kurdish sunburst flag now holds the red, white and black of Iraq’s Baghdad government. A man walks past a campaign poster ahead of the parliamentary election in Kirkuk, Iraq May 11, 2018. REUTERS/Ako Rasheed
Opposite, a fortified former headquarters of the Kurdish autonomous region’s ruling party serves as a base for the Iraqi forces that led Kirkuk’s swift recapture in October and dashed hopes of Kurdish independence.
Many Iraqi Kurds long for Kirkuk as the eventual capital of their own state, and as Islamic State went down to defeat in northern Iraq last year the oil-rich city seemed closer than ever to becoming a permanent center of Kurdish power.
That short-lived ascendancy has been reversed, and hopes for a Kurdish Kirkuk have faded ahead of an Iraqi national election on Saturday expected to weaken the main Kurdish parties there.
“We had many dreams for Kurdistan but these have gone - we’ve lost it all,” said Mariwan Ali, a 28-year-old former fighter in the Kurdish peshmerga militia who now works as a cook in Kirkuk.
He said he would boycott the vote. “I refuse to vote in any Iraqi election, for anyone who’s part of the state of Iraq.”
Ali and his comrades helped drive Islamic State out of Kirkuk after Iraqi government forces fled a lightning advance by the jihadist militants in 2014.
With that, the Kurds, who were persecuted for decades under Iraqi dictator Saddam Hussein, controlled Kirkuk for the first time, and the Erbil-based Kurdistan Regional Government (KRG) duly erected the statue of the Kurdish fighter.
The peshmerga, Iraqi military and Shi’ite Muslim militias joined forces to defeat Islamic State in 2017. But with their common enemy gone, the rivalry between the KRG and Baghdad was laid bare, especially in Kirkuk.
A decision to include Kirkuk in a controversial Kurdish referendum in September that voted overwhelmingly for independence sealed its fate. Within weeks, Iraqi government forces had advanced on the city, and captured it in a matter of days.
Now, only the Iraqi flag is permitted to fly.
The city’s takeover was a devastating blow, taking much of the KRG-run autonomous region’s oil revenue, and a symbolic loss that local Kurds say has left them humiliated and considering leaving again.
“I couldn’t bear to see another Kurdish flag ripped up in front of me - I’d rather die,” 67-year-old Ali Majid, another former fighter who volunteered post-retirement to fight against Islamic State, said at his restaurant.
“It’s humiliating to be a Kurd now in Kirkuk. You get harassed at checkpoints, and I had a Kurdish flag sticker taken off my car,” he said. “I also got rid of the gun I kept at home, after repeated searches by Shi’ite militias” who had helped recapture Kirkuk in October.
Majid was one of few Kurds wearing the traditional sash across his waist.
Other expressions of Kurdish nationalism have disappeared. At a school used as a polling station for the September referendum, where Kurds danced at the time, Iraqi federal police filed in on Thursday to cast their early ballots. MUTED NATIONALISM
Majid said that if the election result weakened the Kurds, he would leave Kirkuk.
Saturday’s election - Iraq’s first since Islamic State was driven out - will shape attempts to heal the country’s deep divisions and could shift the regional balance of power.
The three main ethnic and religious groups, the majority Shi’ite Arabs and the minority Sunni Arabs and Kurds, have been at loggerheads for decades.
In Kirkuk, home to many of Iraq’s minorities including Kurds, Turkmen, Sunni Arabs and Assyrian Christians, the distribution of seats across ethnicity and religion is not expected to change.
Kurds, who are scattered across Iraq, Iran, Turkey and Syria, suffered a particularly brutal fate under Saddam, who gassed them, buried them in mass graves and gave their land to Arabs.
With many Kurds disillusioned about the political elites who led the failed independence bid, the election could undermine the grip on power that two ruling parties have enjoyed since Iraq’s Kurdish region gained semi-autonomous status in 1991.
Kurdish campaigning in Kirkuk has been muted. Supporters of Turkmen and Sunni Arab candidates paraded through the city center on Thursday, tooting car horns and waving flags, but no such fanfare was seen in the quieter Kurdish neighborhoods.
Many from Kirkuk’s other minorities say they are happy to be back under the Baghdad government.
“Things are better now, there’s more order. We prefer the Iraqi state to be in control here, since it’s a legal government and not just a non-state actor,” Turkmen oil worker Bashar Aref, 45, said at a shopping center.
“Before October it was tense.”
A return of Kurdish control looks less likely than ever. Local Kurdish media reports that Kurdish security forces might have a future role in the policing of the area have been rejected by Iraqi military officials.
“We have no orders to the effect that the peshmerga will return to Kirkuk,” General Maan Saadi of the elite Counter Terrorism Service said from his office in the former Kurdistan Democratic Party headquarters.
“The city is under control, and more stable than it was under the peshmerga.” Reporting by John Davison, with additional reporting by Mustafa Mahmoud; Editing by Michael Georgy/Mark Heinrich | ashraq/financial-news-articles | https://www.reuters.com/article/us-iraq-election-kirkuk/iraqi-kurdish-fortunes-reversed-in-city-they-longed-for-as-capital-idUSKBN1IC1IA |
(Reuters) - Two-times major champion Doug Ford died in Florida on Monday night at the age of 95, the PGA Tour announced.
No cause of death was given for Ford, who won the 1955 PGA Championship and the 1957 U.S. Masters.
Ford had been the oldest surviving Masters champion.
He won his green jacket by three strokes over Sam Snead.
When asked last year what he thought about being the oldest living Masters champion, Ford told the Augusta Chronicle that he would rather be the youngest.
Ford, the 1955 PGA Player of the Year, was inducted into the World Golf Hall of Fame in 2011. He also played on four Ryder Cup teams.
Reporting by Andrew Both in Cary, North Carolina; Editing by Toby Davis
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-golf-ford-obituary/golf-former-pga-player-of-the-year-ford-dies-at-95-idUSKCN1IG3G3 |
(Reuters) - U.S. Treasury Secretary Steven Mnuchin on Monday said the United States was not seeking to put Russian metals giant Rusal out of business by hitting it with sanctions, according to an interview with Bloomberg News.
Steven Mnuchin, Secretary, U.S. Department of the Treasury speaks at the Milken Institute 21st Global Conference in Beverly Hills, California, U.S., April 30, 2018. REUTERS/Mike Blake "Our objective was not to put Rusal out of business and that's why we extended the license," Mnuchin said, according to the Bloomberg report. ( bloom.bg/2JEpgXO )
Mnuchin added, however, that Rusal’s majority owner Oleg Deripaska must reduce his stake to less than 50 percent.
The sanctions against Rusal were announced in April along with other against Russian businessmen, companies and government officials, striking at associates of President Vladimir Putin in one of Washington’s most aggressive moves to punish Moscow for a range of activities, including alleged meddling in the 2016 U.S. election.
Reporting by Mekhla Raina in Bengaluru
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-russia-sanctions-rusal/mnuchin-says-rusal-sanctions-were-not-to-put-company-out-of-business-bloomberg-idUSKBN1I12F6 |
May 17 (Reuters) - SL Green Realty Corp:
* SL GREEN SIGNS PUMA TO GLOBAL RETAIL FLAGSHIP AT 609 FIFTH AVENUE
* SL GREEN REALTY CORP - SIGNED A 24,000-SQUARE-FOOT RETAIL LEASE AT 609 FIFTH AVENUE WITH PUMA Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sl-green-signs-puma-to-global-reta/brief-sl-green-signs-puma-to-global-retail-flagship-at-609-fifth-avenue-idUSFWN1SO0LE |
Fed releases Beige Book 2 Hours Ago CNBC's Hampton Pearson reports the highlights from the Federal Reserve's view on the U.S. economy as laid out in the Beige Book. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/fed-releases-beige-book.html |
'Economic reality' constrains Italy: Strategist 8 Hours Ago Patrick Chovanec of Silvercrest Asset Management says Italy and the euro zone will likely manage to "kick the can down the road" over calls by the country's populists to exit the single currency. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/economic-reality-constrains-italy-strategist.html |
Opinion: The Economic Growth Debate Arthur Laffer predicts that the U.S. is going to have a lot of productivity increases. | ashraq/financial-news-articles | http://www.wsj.com/video/opinion-the-economic-growth-debate/E8F37B96-F324-4E49-A4DE-BAC016D42F88.html |
May 11, 2018 / 12:48 AM / Updated 12 hours ago Trump plan for drug prices seen largely sparing industry Yasmeen Abutaleb 4 Min Read
WASHINGTON (Reuters) - As U.S. President Donald Trump prepares to deliver a long-anticipated speech on Friday on curbing prescription drug costs, health industry insiders expect little in the way of policies that would hurt the drugmakers he once accused of “getting away with murder.” U.S. President Donald Trump holds a rally with supporters at North Side middle school in Elkhart, Indiana, U.S., May 10, 2018. REUTERS/Leah Millis
The speech will address the high prices set by drugmakers, rising costs for consumers and barriers to negotiating lower prices for seniors in the government’s Medicare program, senior White House officials told reporters.
Health industry sources briefed on the plans expect the policy proposals to have a relatively modest impact on the healthcare system. They also expect Trump to sharply criticise foreign governments for paying less than the United States for prescription drugs.
The president has already abandoned ideas to lower drug prices that he supported during the 2016 election campaign, including allowing the government’s Medicare plan for older Americans to negotiate prices directly with drugmakers.
Critics say the Trump administration has been swayed by the powerful pharmaceutical lobby, which increased its reported spending in Washington by 30 percent last year. Trump’s Health and Human Services Secretary Alex Azar is a former Eli Lilly & Co ( LLY.N ) executive.
Earlier this week, Swiss drugmaker Novartis ( NOVN.S ) admitted it paid $1.2 million to a consulting firm created by Trump lawyer Michael Cohen, who is under investigation over a payment made to a porn star who claims to have had a sexual encounter with Trump more than a decade ago. Trump denies having sex with the actress.
Novartis is not accused of any illegal activity, but the disclosure raised questions over how drugmakers try to gain influence.
“The payments to Cohen are just another indicator of how deep the corrosive influence of the pharmaceutical industry goes in the Trump administration,” said Peter Maybarduk of advocacy group Public Citizen. “It makes sense that proposals we see coming out of the administration would be somewhat limited.”
White House officials say Trump’s strategies would include requiring insurers and pharmacy benefit managers (PBMs) to share a portion of the rebates they get on prescription drugs with consumers to lower their out-of-pocket costs, as well as making it easier for cheaper generic and biosimilar copies of drugs to reach the market. Another proposal would make generic drugs free to low-income seniors.
Wall Street investors are bracing for the possibility that Trump will diverge from these plans. In the last week, Azar and other top health officials suggested that the president might take more aggressive action, some of which could directly impact drugmakers, as well as insurers, PBMs and hospitals.
Drugmakers argue that high prices for prescription medicines are necessary to fund development of much-needed innovative new treatments. But as scrutiny intensified, several pharmaceutical companies placed self-imposed limits on annual price increases. They have also tried to deflect blame for rising consumer costs on middlemen, such as PBMs like Express Scripts Holding ( ESRX.O ), and to hospitals.
Trump has yet to take significant action on drug prices while in office, and a once-promised executive order on pricing never materialized.
Democrats have seized on the inaction as they prepare for congressional elections in October, with polls showing rising concern over healthcare costs among voters.
“Outrageous prescription drug prices are just another example of how President Trump is failing to deliver on his promises to the American people,” Senate Democratic Leader Chuck Schumer said on Thursday. Reporting By Yasmeen Abutaleb; Editing by Bill Berkrot | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-drugpricing/trump-plan-for-drug-prices-seen-largely-sparing-industry-idUKKBN1IC020 |
May 9, 2018 / 9:49 AM / Updated 3 hours ago Hamilton will need to get back on pole in Spain Alan Baldwin 3 Min Read
BARCELONA (Reuters) - Lewis Hamilton is back on top of the world championship as Formula One returns to Europe but the Mercedes driver faces a big battle to stay ahead of Ferrari’s Sebastian Vettel in Sunday’s Spanish Grand Prix. FILE PHOTO: Formula One - F1 - Azerbaijan Grand Prix - Baku City Circuit, Baku, Azerbaijan - April 29, 2018 Mercedes' Lewis Hamilton celebrates on the podium after winning the race REUTERS/David Mdzinarishvili
Vettel is going for his fourth pole position in a row, and at a circuit that should be a proper benchmark of performance after a thrilling and sometimes chaotic first four races of the season.
The German has never before started from the top slot in Barcelona, however, whereas Hamilton — with more poles than anyone in the history of the sport (73) — has done so in three of the last four years and won twice.
Pole matters because only three of the last 17 races at the Circuit de Catalunya, albeit also three of the last seven, have been won from anywhere else on the grid.
Past performance may provide some comfort to Hamilton but he knows his four-point advantage over fellow four times world champion Vettel owes a lot to luck and that Ferrari have true pace.
“There’s two weird races which have kept us within the mix but you can’t rely on those for the 17 or however many are left,” Hamilton said after being gifted the win in Azerbaijan two weeks ago.
“We need ultimate performance and confidence in the car,” added the reigning champion.
“I’ve got the pace within me, the car has got the pace within it but we’re not unlocking it...we’ve definitely got to improve in lots of areas.”
Barcelona, resurfaced with smoother asphalt but holding no surprises after weeks of pre-season testing there, could come as something of a relief to Vettel after two chaotic races off the podium following two wins. Related Coverage Formula One statistics for the Spanish Grand Prix
It is also where the technical battle between the teams, now within easy reach of their factories and enjoying the first use of their palatial paddock ‘motorhomes’ this season, really starts to heat up.
“It’s the first step of the development race that looks like it could run to the very end of the season,” commented Mercedes team boss Toto Wolff.
“It will be interesting to see how much performance the teams can find with their upgrades and what impact those upgrades will have on the team ranking — both at the front and in the midfield.”
Spain is also no stranger to drama, with the two Mercedes drivers colliding in 2016 in a race that saw Dutch teenager Max Verstappen win on his Red Bull debut.
Verstappen arrives this time after being cast in the doghouse along with Australian team mate Daniel Ricciardo for a collision in Baku.
Barcelona, with good memories for both, offers a chance to hit the reset button.
“We have many updates coming, hopefully they will be positive and we can be even closer to the front, but of course everybody else will also bring new parts,” said Verstappen, whose team mate won in China.
“It could be quite a defining moment for the season and I’m interested to see how everyone will perform.” Reporting by Alan Baldwin, editing by Amlan Chakraborty | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-spain/hamilton-will-need-to-get-back-on-pole-in-spain-idUKKBN1IA17Y |
* Profit, revenue lower than expected
* Maintains full-year forecasts
* Expects pricing actions to benefit margins in H2
* Shares down 5.8 pct at 0845 GMT (Recasts with lower than expected results, share fall)
By Radhika Rukmangadhan
May 9 (Reuters) - Compass Group Plc missed first-half earnings expectations on Wednesday hurt by stagnant revenue and a steep decline in margins in Europe, sending shares in the world’s biggest catering firm lower.
Underlying operating profit rose by 4.5 percent to 875 million pounds ($1.18 billion), below the 892 million expected by Morgan Stanley analysts and the 886 million expected by RBS Capital Markets.
In Europe - which makes up about a quarter of Compass’ revenue - profit fell by 9.6 percent on a constant currency basis.
The group’s operating margin declined 10 basis points to 7.5 percent as growth in the UK was offset by inflation and restructuring costs.
“Inflation and cost of change actions in the UK, along with the impact of extreme weather across the region (Europe), were not fully offset by pricing and efficiencies,” Chief Executive Dominic Blakemore said in a trading statement.
Shares in the FTSE 100 listed company fell as much as 6.7 percent to 1,477.50 pence in response, marking their largest intraday percentage decline in nearly 4 years.
The results for Compass follow a well-flagged fall in first-half core operating profit at its nearest rival, France’s Sodexo, which has launched a reboot this year aimed at bolstering sales and margins.
Sodexo last month cut its full-year sales and profit margin outlook after a weaker-than-expected second-quarter. Its organic revenue rose just 1.7 percent in the first half, compared to a 4.8 percent rise at Compass, which was helped by expansion in its business supplying old people’s homes and schools in North America.
“While the company’s description of growth in the healthcare & seniors and education subdivisions in North America was somewhat vague, Compass is certainly not experiencing issues in these businesses to the degree which caused Sodexo to profit warn recently,” Morningstar analysts said in a note.
Sodexo shares, down by a third since the middle of last year, were down 1.2 percent in morning trade in Paris.
Compass, which provides meals for office workers, pensioners, soldiers and school children around the world, lost long-time chief executive Richard Cousins in a seaplane crash on New Year’s Eve.
Cousins was seen as the architect of the company’s success over the last decade and analysts and investors are watching the company’s performance closely under his replacement Blakemore for signs of how business will now pan out.
The company reaffirmed its full-year forecast. It said it expected to see the benefits in the second half from actions it has taken to address cost pressures in its home market.
$1 = 0.7394 pounds $1 = 0.7392 pounds Reporting by Radhika Rukmangadhan in Bengaluru; editing by Patrick Graham and Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/compass-group-results/update-1-uks-compass-group-revenue-grows-on-n-america-strength-idUSL3N1SG2QG |
May 31, 2018 / 10:12 AM / Updated 25 minutes ago Sembcorp Industries to buy UK Power Reserve for $288 mln Reuters Staff 2 Min Read
LONDON (Reuters) - Integrated energy group Sembcorp Industries ( SCIL.SI ) has agreed to buy UK Power Reserve, Britain’s largest flexible power generator, for 216 million pounds.
The Singapore-listed company said on Thursday it was buying UK Power Reserve, which was founded in 2010 to meet growing demand for flexible reserve power capacity, from investment firm Equistone Partners Europe and Inflexion Private Equity.
In Britain, demand for more flexible power generation capacity has grown due to the closure of ageing thermal plants, the rise of variable renewable energy and electric vehicles.
UK Power Reserve has 32 rapid-response power stations with a total capacity of 533 megawatts (MW) in operation, enough to power 375,000 homes.
A further 480 MW of capacity, included 120 MW of battery storage assets, is under construction and development and expected to come online by 2019.
Sembcorp Industries has an energy portfolio of more than 12 gigawatts (GW) worldwide, including thermal power plants and renewable energy assets.
Sembcorp UK, which has 210 MW of combined heat and power, steam power and renewable generation capacity at its Wilton International industrial site in Teesside, northeast England, is also seeking planning approval to develop two combined-cycle gas turbine units of up to 1.7 GW at that site. Reporting by Nina Chestney; Editing by Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-sembcorp-ind-power/sembcorp-industries-to-buy-uk-power-reserve-for-288-mln-idUKKCN1IW17X |
Dante’s ‘Inferno’ reserves hell’s lowest circle for traitors, placing Judas Iscariot and other such fiends in a frozen lake. At its very center stands Satan himself, guilty of treachery against God.
Americans have long seen Benedict Arnold in roughly the same terms—for his betrayal of George Washington and of his fellow colonists fighting for independence. “Since the fall of Lucifer,” Gen. Nathanael Greene wrote soon after the Revolutionary War, “nothing has equaled the fall of Arnold.”
... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-tragedy-of-benedict-arnold-and-turncoat-review-his-own-worst-enemy-1527191454 |
WASHINGTON—President Donald Trump eased trade pressure on top U.S. allies Monday, giving the European Union and some nations outside the bloc more time to negotiate deals that would exempt them from U.S. steel and aluminum tariffs.
The White House said broad tariffs of 25% on steel and 10% on aluminum—already in effect against China, Russia, Japan and others—won’t take effect for the EU Tuesday as previously planned. Instead, Europe will have an additional month to keep talking with the U.S. about a new pact to avoid the tariffs.
... RELATED VIDEO President Trump says China is forcing U.S. companies to transfer their technology secrets to China. WSJ's Shelby Holliday tells you how. Illustration: Adele Morgan | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-postpones-steel-tariff-decision-for-eu-other-u-s-allies-1525130978 |
FRANKFURT, May 8 (Reuters) - Munich Re, the world’s largest reinsurer, said on Tuesday that its first-quarter net profit rose 48 percent as it bounces back from a year of record payouts for natural disasters.
Profit rose to 827 million euros ($985.04 million) in the quarter from 557 million during the same period last year.
In April, the company flagged a consolidated first-quarter profit of over 800 million euros after a lower than expected payout for major losses.
$1 = 0.8396 euros Reporting by Tom Sims Editing by Maria Sheahan
| ashraq/financial-news-articles | https://www.reuters.com/article/munich-re-results/munich-re-q1-net-profit-up-48-pct-amid-low-payouts-for-major-losses-idUSF9N1L9011 |
UNITED NATIONS (Reuters) - Two-thirds of the United Nations Security Council expressed “profound concern” on Monday that a 2016 resolution demanding an end to Israeli settlement building on land that Palestinians want for an independent state was not being implemented.
A letter to Secretary-General Antonio Guterres from 10 members of the 15-member council coincided with the bloodiest single day for Palestinians since 2014. Israeli troops fatally shot dozens of Palestinian protesters on the Gaza border as the Trump administration opened the U.S. Embassy to Israel in Jerusalem.
“The Security Council must stand behind its resolutions and ensure they have meaning; otherwise, we risk undermining the credibility of the international system,” wrote Bolivia, China, Ivory Coast, Equatorial Guinea, France, Kazakhstan, Kuwait, the Netherlands, Peru and Sweden in the letter seen by Reuters.
A month before U.S. President Donald Trump took office in January 2017, the Security Council adopted a resolution demanding an end to Israeli settlements, with 14 votes in favor and one abstention by former U.S. President Barack Obama’s administration. Trump had denounced the resolution and called for the United States to wield its veto.
U.N. Middle East envoy Nickolay Mladenov reported to the Security Council last year that Israel was flouting the demand for an end to settlements, while both parties were ignoring a call to stop provocation, incitement and inflammatory rhetoric.
The signatories to the letter said they were writing “to express our profound concern about the lack of implementation” of the resolution.
The 10 Security Council members also asked Guterres on Monday to start submitting his quarterly reports on the implementation of the resolution in writing instead of orally.
“While there may sometimes be legitimate reasons for oral reports, they should be reserved for exceptional circumstances,” the council members wrote.
The resolution also “underlines that it will not recognize any changes to the 4 June 1967 lines, including with regard to Jerusalem, other than those agreed by the parties through negotiations.”
Israel considers all of Jerusalem to be its capital. Palestinians want the eastern part of the city as the capital of a future independent state of their own.
Most countries consider East Jerusalem, which Israel annexed after capturing it in the 1967 Middle East War, to be occupied territory, including the Old City, home to sites considered holy to Muslims, Jews and Christians alike.
The U.S. Embassy move to Jerusalem fulfilled a pledge by Trump, who in December recognized the city as Israel’s capital.
Reporting by Michelle Nichols; Editing by Peter Cooney
| ashraq/financial-news-articles | https://in.reuters.com/article/israel-palestinians-un/two-thirds-of-u-n-security-council-upset-by-non-implementation-of-mideast-resolution-idINKCN1IG0JS |
Industry mavens to bolster growing technology footprint
TORONTO, May 9, 2018 /PRNewswire/ - Intelex Technologies, a leading global provider of cloud-based Environmental, Health, Safety and Quality (EHSQ) management software, announces the appointments of Chief People Officer Faith Tull, Chief Commercial Officer Steve Johnson and Vice President, Brand Strategy & Marketing Communications, Donna Teggart.
"We are paving new ground in the tech landscape," says Mark Jaine, CEO of Intelex. "It's a careful balance as we scale the organization to build and leverage our internal talent while also injecting external expertise. Intelex is building intense momentum and we're quickly transforming into a world-class company."
Faith Tull previously held the position of Chief People Officer at Ranstad Canada. She has held senior leadership positions at FCT, GlaxoSmithKline and Sanofi Pasteur. Her strong business acumen, strategic vision and deep expertise in talent management strategies makes her an inspirational cross-functional leader.
Steve Johnston formerly President at Vidyard, Chief Revenue Officer at Hootsuite, and has led other tech organizations including Constant Contact and Blackbaud. A veteran in the tech industry, he brings exceptional experience in scaling mid-market volume business and is an expert at go-to-market Strategy, Customer Engagement and Customer Success.
Donna Teggart was recently Global Vice President of Marketing Communications at Ceridian. Prior to Ceridian, she held senior positions at Platform Computing, an IBM company, NATIONAL Public Relations and Autodesk's Alias|Wavefront. Donna is a transformational tech communications executive and a driver for pivoting global brands.
"Finding the caliber of leaders who have the experience of being where Intelex wants to go, and the leadership and values that we embrace as a company, is a challenging yet ultimately rewarding process. With these exceptional new additions to our team, we broaden, strengthen, and further complement the capabilities of an already strong team. Now more than ever we are poised to take on the next stage in our company's growth."
About Intelex Technologies:
With more than 1,000 clients and 1 million users, Intelex Technologies Inc. is a global leader in environmental, health, safety and quality (EHSQ) management software. Since 1992 its scalable, web-based platform and applications have helped clients across all industries improve business performance, mitigate organization-wide risk, and ensure sustained compliance with internationally accepted standards (e.g., ISO 9001, ISO 14001, ISO 45001 and OHSAS 18001) and regulatory requirements. Intelex is one of North America's fastest-growing tech companies, the recipient of Waterstone's Most Admired Corporate Cultures award, Aon Hewitt's best employer award, and previous repeat winner of Deloitte's Best Managed Companies award. For more information, visit www.intelex.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/intelex-announces-the-appointments-of-chief-people-officer-chief-commercial-officer-and-vice-president-brand-strategy--marketing-communications-300645329.html
SOURCE Intelex Technologies | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-intelex-announces-the-appointments-of-chief-people-officer-chief-commercial-officer-and-vice-president-brand-strategy.html |
Strengthens U.S. R&D capabilities for delivering next-generation Protection platforms Purchase price of approximately $7 million
CAMARILLO, Calif., May 02, 2018 (GLOBE NEWSWIRE) -- Semtech Corporation (Nasdaq:SMTC), a leading supplier of high performance analog, mixed-signal semiconductors and advanced algorithms, today announced it has acquired substantially all the assets of IC Interconnect, Inc. (“ICI”), a privately-held, U.S.-based company that provides contract wafer bumping and related services to the electronics industry. The acquisition is expected to add 42 employees located in Colorado Springs, Colo.
Under the terms of the purchase agreement, Semtech acquired ICI assets for a cash purchase price of approximately $7 million and assumed certain obligations going forward. Semtech funded the purchase price using its current cash assets. The Company does not expect the deal to have any material impact to its earnings.
Next-generation Protection platforms require advanced technological capabilities to deliver the right combination of the highest performance and smallest footprint. Semtech and ICI have demonstrated their ability to produce market leading solutions such as the Semtech Z-Pak ™ platform with more than 25 billion Z-Pak-based devices shipped into high-end consumer applications such as smartphones, wearables and tablets.
“The addition of ICI is aimed at further enhancing our U.S. R&D capabilities by developing and ramping our next-generation Z-Pak platform - the Z-Ultra TM platform,” stated Mark Costello, Vice President and General Manager of Semtech’s Protection Products Group. “The “Z-Ultra” platform will significantly enhance Semtech’s ability to address new challenges created by further shrinking of silicon geometries and will drive quantum improvements in system-level performance over our current platform.”
“ICI has combined manufacturing process innovation and operational excellence to deliver cost-effective wafer level packages to Semtech since 2001 and we are now excited to become part of the Company,” stated Curt Erickson, President of ICI.
About ICI
IC Interconnect, Inc. (“ICI”) is a U.S.-based company which provides advanced chip-scale packaging, contract wafer bumping and related services to the electronics industry. ICI was founded in 1998 with headquarters and manufacturing facilities located in Colorado Springs, Colo. High-quality, superior customer service, quick-turn and low cost are the focus of the Company. ICI is certified to the ISO 9001:2008 standard. ICI provides wafer bumping services to customers worldwide, including: North America, Europe, Asia, Central America, and the South Pacific.
About Semtech
Semtech Corporation is a leading supplier of high performance analog, mixed-signal semiconductors and advanced algorithms for high-end consumer, enterprise computing, communications, and industrial equipment. Products are designed to benefit the engineering community as well as the global community. The Company is dedicated to reducing the impact it, and its products, have on the environment. Internal green programs seek to reduce waste through material and manufacturing control, use of green technology and designing for resource reduction. Publicly traded since 1967, Semtech is listed on the NASDAQ Global Select Market under the symbol SMTC. For more information, visit http://www.semtech.com .
Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended, based on the current expectations of Semtech Corporation and its subsidiaries (the “Company”), including, without limitation, statements regarding the Company’s expectation that the acquisition of substantially all the assets of IC Interconnect, Inc. (“ICI”) will not have any material impact on to the Company’s earnings, the expected benefits to the Company and ICI from the acquisition , and statements regarding the Company’s and ICI’s operations, industry, products, performance, and business initiatives. Statements containing words or phrases such as “will,” “expects,” “expected to,” “aimed at,” “designed to,” or other similar expressions constitute forward-looking statements.
Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results and events to differ materially from those projected. Potential factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the integration of the acquired business and ability to realize expected synergies and benefits; the Company’s inability to retain key personnel; problems associated with the acquired business’ operations, systems or technologies; as well as the risk factors disclosed in the “Risk Factors” section and elsewhere in the Company’s Annual Report on Form 10-K for the fiscal year ended January 28, 2018 and in the Company’s other filings with the Securities and Exchange Commission.
In light of the significant risks and uncertainties inherent in the forward-looking information included herein, any such forward-looking information should not be regarded as representations or guarantees by the Company of future performance or results, or that its objectives or plans will be achieved, or that any of its operating expectations or financial forecasts will be realized. Investors are cautioned not to place undue reliance on any forward-looking information contained herein, which reflect management’s analysis only as of the date hereof.
Except as required by law, the Company assumes no obligation to publicly release the results of any update or revision to any forward-looking statements that may be made to reflect new information, events or circumstances after the date hereof or to reflect the occurrence of unanticipated or future events, or otherwise.
Semtech and the Semtech logo are registered marks, and Z-Pak and Z-Ultra are trademarks or service marks, of Semtech Corporation or its affiliates.
SMTC-F
Contact:
Sandy Harrison
Semtech Corporation
(805) 480-2004
[email protected]
Source:Semtech Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-semtech-announces-acquisition-of-ic-interconnect.html |
When Koerner Rombauer began making wine in the early 1980s, his initial offerings included an austere, European-style Chardonnay of the type that might appeal to wine critics. Mr. Rombauer, an airline pilot who bought property near St. Helena, Calif., in Napa Valley to produce his wines, soon switched to an oaky and buttery style that was far more popular. His Rombauer Vineyards became famous for making the kind of wine everybody’s mother loved.
The winery also makes Zinfandel, Merlot and other wines, but “the lead dog in... | ashraq/financial-news-articles | https://www.wsj.com/articles/koerner-rombauer-produced-buttery-chardonnays-that-everyones-mom-loved-1526653800 |
May 10, 2018 / 12:42 AM / Updated an hour ago Dollar, yields slide on soft U.S. inflation, stocks rally Herbert Lash 4 Min Read
NEW YORK (Reuters) - The dollar and U.S. government debt yields fell on Thursday while equity markets rallied after a modest rise in consumer prices in April eased concerns the Federal Reserve might raise interest rates more than expected this year.
The U.S. Labor Department said its Consumer Price Index rose 0.2 percent last month, less than forecasts for 0.3 percent, as a moderation in healthcare prices offset increases in the cost of gasoline and rental accommodations. [L1N1SG1UT]
The dollar fell against the euro, the Japanese yen and a basket of other major currencies, while the Mexican peso and Brazilian real jumped more than 1 percent on the news.
Equity markets rose as the soft inflation data reduced the prospect of the Fed boosting rates three more times in 2018, instead of four times many in the market were forecasting.
Apple hit a record high at $190.37, with all 11 major S&P sectors posting gains.
Benchmark 10-year U.S. Treasury notes rose 8/32 in price to push yields down to 2.964 percent after breaching 3 percent on Wednesday.
“Inflation is going to rise in year-over-year terms over the summer, but the rise remains moderate rather than sharp,” said
Eric Winograd, senior economist at AllianceBernstein LP.
The soft read on inflation should give the Fed comfort that their gradual approach to raising rates is the correct one and ease market concerns, he said.
“I view today’s number as a slight positive for risk assets in the near term,” Winograd said.
However, the broad-based Underlying Inflation Gauge released by staff at the New York Fed later in the session showed inflation at 3.2 percent in April.
“We did have a miss on CPI for this particular month, but I don’t think the overall trend for higher inflation has materially changed,” said Eddy Vataru, a portfolio manager at Osterweis Capital Management in San Francisco.
“With oil prices north of $70, it’s hard for me to believe this is going to be a persistent trend of inflation misses,” he said.
MSCI’s broad gauge of global equity markets rose 0.82 percent and turned positive for the year as it hit three-weeks highs.
Apple, Chinese internet giant Tencent, Microsoft and Facebook led the index’s advance, while the U.S. technology sector lifted Wall Street.
Emerging market stocks rose 1.43 percent, after Asia-Pacific shares outside Japan and the Nikkei in Tokyo both earlier closed higher.
The pan-European FTSEurofirst 300 index of leading regional shares closed down 0.13 percent, but markets in London, Germany and France closed higher.
On Wall Street, the Dow Jones Industrial Average rose 197.78 points, or 0.81 percent, to 24,740.32. The S&P 500 gained 23.12 points, or 0.86 percent, to 2,720.91 and the Nasdaq Composite added 56.36 points, or 0.77 percent, to 7,396.27.
Oil markets were choppy but settled higher as traders eyed further declines in Venezuelan crude production in tandem with bullish drawdowns in U.S. crude inventories.
Brent crude futures rose 26 cents to settle at $77.47 a barrel, after hitting $78 earlier in the day, their highest since November 2014.
U.S. West Texas Intermediate crude futures settled up 22 cents at $71.36.
Gold rose on the weaker dollar and as tensions between the United States and Iran also supported the precious metal.
U.S. gold futures for June delivery settled up $9.30 at $1,322.30 per ounce. FILE PHOTO: A gas station attendant pumps fuel into a customer's car at a gas station in Shanghai, China November 17, 2017. REUTERS/Aly Song/File Photo Reporting by Herbert Lash; Editing by Bernadette Baum and Nick Zieminski | ashraq/financial-news-articles | https://www.reuters.com/article/us-global-markets/asia-stocks-rise-as-crude-oil-extends-rally-on-iran-worries-idUSKBN1IB02F |
ROME (Reuters) - The leader of Italy’s anti-establishment 5-Star Movement said on Monday his party would not back any stop-gap, technocrat government put together to end two months of political deadlock.
FILE PHOTO: FILE PHOTO: Anti-establishment 5-Star Movement Luigi Di Maio looks on during a news conference at the Foreign Press Club in Rome, Italy, March 13, 2018. REUTERS/Tony Gentile/File Photo Speaking to reporters after meeting with President Sergio Mattarella, Luigi Di Maio said if it is not possible to put together a government based on a political deal between 5-Star and the far-right League, then a snap repeat election should be held.
Italian politics have been in limbo since an inconclusive vote on March 4 which saw a center-right alliance led by the anti-immigrant League win the most seats and the 5-Star emerge as the biggest single party.
Di Maio confirmed that he was willing to give up his previous insistence that he become prime minister, a shift in stance he announced on Sunday.
Related Coverage Italy's League leader asks president for mandate to form government “If there is goodwill, a government can still be formed,” he said, while reiterating his refusal to enter into any coalition deal with the League’s main ally, the Forza Italia party led by former prime minister Silvio Berlusconi.
The League’s leader Matteo Salvini has so far refused to split with Berlusconi.
“We are still united,” a senior Forza Italia lawmaker said on Monday following a meeting of the center-right alliance. This was confirmed by another Forza Italia senator.
The center-right leaders will formally announce their position after meeting jointly with Mattarella later on Monday.
Reporting By Gavin Jones; editing by Philip Pullella
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-5star/italys-5-star-says-will-not-back-technocrat-govt-idUSKBN1I80R5 |
Trump has ‘empowered the hardliners in Iran,’ analyst says 8 Hours Ago Nicholas Fitzroy, research analyst at the EIU, discusses President Donald Trump's decision to pull the U.S. from the Iran nuclear accord. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/trump-has-empowered-the-hardliners-in-iran-analyst-says.html |
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